Last updated July 2024
Investment-Related Disclosures
The financial insights and calculations presented in Wealth Tracker are based solely on information provided by you as a user of our services, including data from accounts held at third-party financial institutions that you have linked as well as historical market returns and the assumptions shown or selected.
All of the information presented by Wealth Tracker is provided for illustrative purposes only and as a courtesy to you. We do not represent, warrant, or guarantee the accuracy of any information presented in Wealth Tracker, including but not limited to estimates or calculations. Accordingly, none of the information presented by Wealth Tracker is intended to be, nor should it be considered or relied upon as, investment or financial advice. Similarly, information presented to you in Wealth Tracker should not be construed as either an offer to sell or a solicitation of an offer to buy any securities. While the insights we provide may help you better understand your finances, the insights displayed are based on the limited information provided by you and may not be indicative of your entire financial picture. You should always consult with a professional advisor before making any investment decisions or changes to your personal investment, financial, or tax planning strategies. As always, past investment performance is not a guarantee of future returns, nor is it necessarily indicative of future performance, which may be less favorable or negative. As explained further in the Terms of Use that govern your use of Wealth Tracker, we shall not be liable for losses of any kind related in any way to your use of Wealth Tracker.
Excluded Assets Disclosure
In order to provide a more accurate assessment of your portfolio’s current risk and potential for future growth, we rely on various capital market assumptions for each asset class. Due to the composition of certain asset classes, we are unable to provide accurate Standard Deviation or Return assumptions. These asset classes include: Foreign Currency, Other/Unclassified Fixed Income, Options, Other/Unclassified Equity, Managed Futures, Multi-Asset Class Alternatives, Other/Unclassified Alternatives, Structured Products, Multi-Asset Class Other, Other/Unclassified, and Unknown.
If any of your holdings are classified on the Account Details – Holdings page as an excluded asset class, we will not include those in the following Investment Analysis panels: Overview Page – Risk Comparison; Risk Review Page – Risk Comparison; 20-Year Range of Returns; Risk vs. Reward; Upside/Downside and Risk Characteristics; and Portfolio Simulation Page.
Data included in the Investment Analysis pages can be delayed, and account information displayed will be the most recent data available.
Portfolio Simulation
The Portfolio Simulation provides you with a simulated range of possible investment outcomes based on a random sampling of historical returns using certain assumptions, which are further explained below. The Portfolio Simulation illustrated in Wealth Tracker generated 1,000 iterations, resulting in a range of values that is further analyzed to demonstrate three outcomes. The Growth Median (Average outcome) demonstrates a hypothetical value that arises in 50% of the iterations. The Optimistic demonstrates a hypothetical value that arises at the beginning of the highest decile (90th percentile), while the Pessimistic demonstrates a hypothetical value that arises at the beginning of the lowest decile (10th percentile).
The Portfolio Simulation calculations in this illustration are based on the portfolio rate of return and the portfolio standard deviation (volatility) of the Current and Target Portfolios, the Total Investments value, and the historical time period analyzed (which is 10 years or less, depending upon the availability of historical portfolio data) without adjusting for historical inflation, cash flows, or fees and expenses. Changing any of these variables will impact the probability of achieving outcomes.
IMPORTANT: The information generated by Portfolio Simulation analysis tools regarding the likelihood of various investment outcomes is hypothetical in nature, does not reflect actual investment results, and is not a guarantee or projection of future results. This Portfolio Simulation is included for illustrative purposes to demonstrate the effects of volatility and uncertainty over time and should be reviewed carefully with your financial advisor. Results may vary with each use and, over time, market volatility may be more extreme than what is represented by the Portfolio Simulation. You should also note that the accuracy of the simulation is reduced in periods of market crisis. Do not rely upon the results of this report to predict actual future performance of any investment or investment strategy.
Risk Profile
Risk Profiles help to identify an investor’s comfort level with the uncertainties, complexities, and underlying volatility inherent in the investment markets and have been considered in the development of your Target Risk Score. Some of the main factors that influence a Risk Profile are an investor’s: (1) age and investment time horizon, (2) present financial condition and future economic outlook, (3) investment objective, and (4) income/investment choices and comfort with market variability. Taken together, these and other factors suggest an investor’s willingness to accept a certain level of investment risk in order to meet their long-term financial goals.
The return assumptions are not reflective of any specific product and do not include any fees or expenses that may be incurred by investing in specific products. The actual returns of a specific product may be more or less than the returns displayed. Financial forecasts, rates of return, risk, inflation, and other assumptions may be used as the basis for illustrations. Results may vary with each use and over time.
Risk Profile Definitions
Conservative: A Conservative investor values protecting principal over seeking appreciation. This investor is comfortable accepting lower returns for a higher degree of liquidity and/or stability. Typically, a Conservative investor primarily seeks to minimize risk and loss of principal.
Moderately Conservative: A Moderately Conservative investor values principal preservation, but is comfortable accepting a small degree of risk and volatility to seek some degree of appreciation. This investor desires greater liquidity, is willing to accept lower returns, and is willing to accept minimal losses.
Moderate: A Moderate investor values reducing risks and enhancing returns equally. This investor is willing to accept modest risks to seek higher long-term returns. A Moderate investor may endure a short-term loss of principal and lower degree of liquidity in exchange for long-term appreciation.
Moderate Growth: A Moderate Growth investor values higher long-term returns and is willing to accept considerable risk. This investor is comfortable with short-term fluctuations in exchange for seeking long-term appreciation. The Moderate Growth investor is willing to endure larger short-term losses of principal in exchange for the potential of higher long-term returns. Liquidity is a secondary concern to a Moderate Growth investor.
Moderately Aggressive: A Moderately Aggressive investor primarily values higher long-term returns and is willing to accept significant risk. This investor believes higher long-term returns are more important than protecting principal. A Moderately Aggressive investor may endure large losses in favor of potentially higher long-term returns. Liquidity may not be a concern to a Moderately Aggressive investor.
Aggressive: An Aggressive investor values maximizing returns and is willing to accept substantial risk. This investor believes maximizing long-term returns is more important than protecting principal. An Aggressive investor may endure extensive volatility and significant losses. Liquidity is generally not a concern to an Aggressive investor.
Risk Profile Target Portfolios
| Asset Category | Conservative | Moderately Conservative | Moderate | Moderate Growth | Moderately Aggressive | Aggressive |
|---|---|---|---|---|---|---|
| Cash | 0% | 0% | 0% | 0% | 0% | 0% |
| U.S. Government Fixed Income | 45% | 33% | 23% | 16% | 8% | 0% |
| U.S. Corporate Fixed Income | 24% | 17% | 13% | 8% | 6% | 0% |
| High-Yield Bonds | 6% | 4% | 3% | 2% | 1% | 0% |
| U.S. Large Cap Equity | 12% | 22% | 29% | 35% | 40% | 47.5% |
| U.S. Small Cap Equity | 1% | 2% | 3% | 4% | 5% | 5% |
| International Developed Equity | 9% | 17% | 23% | 27% | 31% | 37.7% |
| Emerging Markets Equity | 3% | 5% | 6% | 8% | 9% | 9.8% |
Asset Class Risk Disclosures
Fixed Income – When investing in bonds and interest rate-sensitive securities, it is important to note that as interest rates rise, bond prices will fall. High-Yield Bonds – High-yield bonds have greater credit risk than higher-quality bonds. Small Cap Equity – Small company stocks may be riskier and more volatile than larger, more established company stocks. International – International investing is subject to the risk of currency fluctuations and political and economic events. Emerging Markets – Investing in emerging markets may involve greater risk and volatility than investing in more developed countries.
The asset classes below may also be represented in investors’ holdings and would entail risks that correspond to those particular investments.
Index Descriptions
Calculations are based on the long-term historical performance of asset class benchmark proxies:
| Asset Class | Benchmark Proxy | Benchmark Definition |
|---|---|---|
| Cash and Equivalents | Bloomberg U.S. 1-3 Month Treasury | The Bloomberg U.S. Government/Credit 1-3 Year Bond Index includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between one and three years and are publicly issued. |
| Foreign Currency | Bloomberg U.S. 1-3 Month Treasury | The Bloomberg U.S. Government/Credit 1-3 Year Bond Index includes all medium and larger issues of U.S. government, investment-grade corporate, and investment-grade international dollar-denominated bonds that have maturities of between one and three years and are publicly issued. |
| U.S. Corporate Fixed Income | Bloomberg U.S. Corporate IG | The Bloomberg U.S. Corporate Index covers U.S. dollar-denominated, investment-grade, fixed-rate, taxable securities sold by industrial, utility, and financial issuers. It includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. Securities in the index roll up to the U.S. Credit and U.S. Aggregate Indices. |
| U.S. Government Fixed Income | Bloomberg U.S. Government | Includes all bonds that are in the Bloomberg Government Bond Index and the Bloomberg Credit Bond Index. The Bloomberg Government Bond Index is a measurement of all publicly issued debt securities issued by the U.S. government or its agencies, as well as quasi-federal corporations or corporate debt guaranteed by the U.S. government. The Bloomberg Credit Bond Index includes all publicly issued, fixed-rate, nonconvertible, investment-grade, dollar-denominated, SEC-registered corporate debt. |
| U.S. Municipal Fixed Income | Bloomberg U.S. Muni Bond | The Bloomberg U.S. Municipal Bond Index covers the U.S. dollar-denominated, long-term, tax-exempt bond market. The index has four main sectors: state and local general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds. |
| High-Yield Fixed Income | Bloomberg U.S. Corporate High Yield | The Bloomberg U.S. Corporate High-Yield Bond Index covers the U.S. dollar-denominated, non-investment-grade, fixed-rate, taxable corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB+/BB+ or below. The index excludes Emerging Markets debt. The U.S. Corporate High-Yield Bond Index is part of the U.S. Universal and Global High-Yield Indices. |
| International Fixed Income | Bloomberg Global Agg ex-USD | A market value-weighted index inclusive of accrued interest that covers the most liquid portion of the global investment-grade, fixed-rate bond market, including government, credit, and collateralized securities, excluding those issued in the United States. |
| Convertible Bonds | Bloomberg U.S. Convertible Bond | The Bloomberg U.S. Convertible Composite is comprised of the convertible component of the U.S. Corporate High-Yield Index. |
| Multi Asset Class Fixed Income | Bloomberg U.S. Aggregate | The Bloomberg U.S. Aggregate Index is comprised of the Bloomberg Capital U.S. Government/Credit Index and the Barclay Capital Mortgage-Backed Securities Index. All issues in the index are rated investment grade or higher, have at least one year to maturity, and have an outstanding par value of at least $100 million. |
| Other/Unclassified Fixed Income | Bloomberg U.S. Aggregate | The Bloomberg U.S. Aggregate Index is comprised of the Bloomberg Capital U.S. Government/Credit Index and the Barclay Capital Mortgage-Backed Securities Index. All issues in the index are rated investment grade or higher, have at least one year to maturity, and have an outstanding par value of at least $100 million. |
| U.S. Large Cap Equity | Bloomberg 1000 | The Bloomberg U.S. 1000 Index is a float market-cap-weighted benchmark of the 1,000 most highly capitalized U.S. companies. |
| U.S. Mid Cap Equity | Bloomberg Mid Cap | The Bloomberg U.S. Mid Cap Index is a float market-cap-weighted benchmark of the lower 800 in capitalization of the Bloomberg U.S. 1000 Index. |
| U.S. Small Cap Equity | Bloomberg 2000 | The Bloomberg U.S. 2000 Index is a float market-cap-weighted benchmark of the lower 2,000 in capitalization of the Bloomberg U.S. 3000 Index. |
| International Developed Equity | MSCI EAFE (Gross) | The MSCI EAFE Index (Europe, Australasia, and the Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. |
| Emerging Markets Equity | MSCI EM (Gross) | The Europe, Middle East, and Africa Index is a free float-adjusted, market capitalization-weighted index that is designed to measure the equity market performance of the emerging market countries of Europe, the Middle East, and Africa. |
| Options | S&P 500 Index | The Standard & Poor’s 500 Index is a capitalization-weighted index that is generally considered representative of the U.S. large capitalization market. |
| Preferred Stocks | S&P Preferred Stock Index | The S&P U.S. Preferred Stock Index is designed to serve the investment community's need for an investable benchmark representing the U.S. preferred stock market. Preferred stocks are a class of capital stock that pays dividends at a specified rate and has a preference over common stock in the payment of dividends and the liquidation of assets. |
| Multi Asset Class Equity | Bloomberg 3000 Index | The Bloomberg U.S. 3000 Index is a float market-cap-weighted benchmark of the 3,000 most highly capitalized U.S. companies. |
| Other/Unclassified Equity | MSCI AC World (Gross) | The MSCI World Index is a free float-adjusted, market capitalization-weighted index that is designed to measure the equity market performance of developed markets. |
| Commodities | Bloomberg Commodity | Calculated on an excess return basis and reflects commodity futures price movements. The index rebalances annually, weighted two-thirds by trading volume and one-third by world production, and weight-capitalizations are applied at the commodity, sector, and group level for diversification. The weightings for each commodity included in BCOM are calculated in accordance with rules that ensure that the relative proportion of each of the underlying individual commodities reflects its global economic significance and market liquidity. |
| Real Estate | NCREIF Property | The NCREIF Property Index is a quarterly time series composite total rate of return measure of investment performance of a very large pool of individual commercial real estate properties acquired in the private market for investment purposes only. |
| Managed Futures | HFRI Macro (Total) | The HFRI Macro (Total) Index represents investment managers that trade a broad range of strategies in which the investment process is predicated on movements in underlying economic variables and the impact these have on the equity, fixed income, hard currency, and commodity markets. Managers employ a variety of techniques, both discretionary and systematic analysis, combinations of top down and bottom up theses, quantitative and fundamental approaches, and long-term and short-term holding periods. Although some strategies employ relative value techniques, macro strategies are distinct from relative value strategies in that the primary investment thesis is predicated on predicted or future movements in the underlying instruments, rather than realization of a valuation discrepancy between securities. In a similar way, while both macro and equity hedge managers may hold equity securities, the overriding investment thesis is predicated on the impact movements in underlying macroeconomic variables may have on security prices, as opposed to equity hedge, in which the fundamental characteristics on the company are the most significant and are integral to investment thesis. |
| Structured Products | MSCI AC World (Gross) | The MSCI World Index is a free float-adjusted, market capitalization-weighted index that is designed to measure the equity market performance of developed markets. |
| Private Assets | Bloomberg Micro Cap | The Bloomberg U.S. Micro Cap Index is a float market-cap-weighted benchmark of those securities in the U.S. Aggregate Equity Index with a market capitalization ranking of lower than 2,500. |
| Directional Alternatives | HFRI Macro (Total) | The HFRI Macro (Total) Index represents investment managers that trade a broad range of strategies in which the investment process is predicated on movements in underlying economic variables and the impact these have on the equity, fixed income, hard currency, and commodity markets. Managers employ a variety of techniques, both discretionary and systematic analysis, combinations of top down and bottom up theses, quantitative and fundamental approaches, and long-term and short-term holding periods. Although some strategies employ relative value techniques, macro strategies are distinct from relative value strategies in that the primary investment thesis is predicated on predicted or future movements in the underlying instruments, rather than realization of a valuation discrepancy between securities. In a similar way, while both macro and equity hedge managers may hold equity securities, the overriding investment thesis is predicated on the impact movements in underlying macroeconomic variables may have on security prices, as opposed to equity hedge, in which the fundamental characteristics on the company are the most significant and are integral to investment thesis. |
| Non-Directional Alternatives | HFRI RV: Multistrategy | Multi-Strategies employ an investment thesis predicated on realization of a spread between related yield instruments in which one or multiple components of the spread contain a fixed income, derivative, equity, real estate, master limited partnership, or combination of these or other instruments. Strategies are typically quantitatively driven to measure the existing relationship between instruments and, in some cases, identify attractive positions in which the risk-adjusted spread between these instruments represents an attractive opportunity for the investment manager. In many cases, these strategies may exist as distinct strategies across which a vehicle allocates directly, or may exist as related strategies over which a single individual or decision-making process manages. Multi-strategy is not intended to provide broadest-based mass market investor appeal, but are most frequently distinguished from other arbitrage strategies in that they expect to maintain over 30% of portfolio exposure in two or more strategies meaningfully distinct from each other that are expected to respond to diverse market influences. |
| Multi Asset Class Alternatives | HFRI Fund Weighted Composite | The HFRI Fund Weighted Composite Index is an equal-weighted index utilized by numerous hedge fund managers as a benchmark for their own hedge funds. All single-manager HFRI Index constituents are included in the HFRI Fund Weighted Composite Index, which accounts for over 2,200 funds listed on the HFR database. Funds included in the index must report monthly returns, report net of all fees returns, report assets in U.S. dollars, and have at least $50 million under management or have been actively trading for at least 12 months. |
| Other/Unclassified Alternatives | HFRI Fund Weighted Composite | The HFRI Fund Weighted Composite Index is an equal-weighted index utilized by numerous hedge fund managers as a benchmark for their own hedge funds. All single-manager HFRI Index constituents are included in the HFRI Fund Weighted Composite Index, which accounts for over 2,200 funds listed on the HFR database. Funds included in the index must report monthly returns, report net of all fees returns, report assets in U.S. dollars, and have at least $50 million under management or have been actively trading for at least 12 months. |
| Multi Asset Class Other | MSCI AC World (Gross) | The MSCI World Index is a free float-adjusted, market capitalization-weighted index that is designed to measure the equity market performance of developed markets. |
| Other/Unclassified | MSCI AC World (Gross) | The MSCI World Index is a free float-adjusted, market capitalization-weighted index that is designed to measure the equity market performance of developed markets. |
Returns do not account for fees or trading costs. Indices are unmanaged, and it is not possible to invest directly in an index. For simplicity, we assume no taxes on portfolio growth.
Exchange Traded Funds
Investors should consider an ETF’s investment objective, risks, charges, and expenses carefully before investing. The prospectus, which contains this and other important information, is available from the investment company’s website and should be read carefully before investing.
$10,000 Growth Chart Disclosure
This graph represents the growth of a hypothetical investment of $10,000. It assumes reinvestment of dividends and capital gains and reflects ongoing fund expenses, but does not reflect sales loads, redemption fees, or the effects of taxes on any capital gains and/or distributions. Sales charges and taxation would reduce the performance shown. If the inception date of the Fund is less than the time period shown above, the Since Inception period is shown. The graph is plotted on a logarithmic scale and is scaled so that the full length of the vertical axis represents a tenfold increase in investment value. For securities with returns that have exhibited greater than a tenfold increase over the period shown in the graph, the vertical axis has been compressed accordingly.
Pricing and Fees Disclosures
Front-End Sales Load- A sales load is like a commission investors pay when they purchase any type of security from a broker. Although sales loads most frequently are used to compensate outside brokers that distribute fund shares, some funds that do not use outside brokers still charge sales loads. Investors pay a front-end sales load when they purchase fund shares, which is deducted from the initial investment amount.
Back-End Sales Load- A sales load is like a commission investors pay when they purchase any type of security from a broker. Although sales loads most frequently are used to compensate outside brokers that distribute fund shares, some funds that do not use outside brokers still charge sales loads. Investors pay a back-end or deferred sales load when they redeem their shares, which is deducted from the redemption proceeds.
Net Expense Ratio- The expense ratio reflects the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets. The net expense ratio represents the net fund expenses after any expenses were waived and/or partially absorbed by fund management.
Management Fee- Management fees are fees that are paid out of fund assets to the fund’s investment adviser (or its affiliates) for managing the fund’s investment portfolio and administrative fees payable to the investment adviser.
12b-1 Expense Fee- A 12b-1 fee is charged by the mutual fund company to pay for marketing, advertising, and distribution services.
Gross Expense Ratio - The expense ratio reflects the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets. The gross expense ratio represents the actual fund expenses as stated in the fund prospectus.
Data Sources
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