1 Source: Cerulli: The Case for Direct Indexing: Differentiation in a Competitive Marketplace. Projected growth of direct indexing versus ETFs, separate accounts and mutual funds.
2 Source: Cerulli: The Cerulli Edge: U.S. Managed Accounts Edition - The State of the Industry Issue: 2Q 2023.
The Aperio strategies discussed are made available by Aperio Group, LLC, a registered investment advisor, which is an indirect, wholly-owned subsidiary of BlackRock, Inc. Aperio was purchased by BlackRock in February 2021.
Aperio Group, LLC, provides this presentation for informational purposes only and for the sole use of the recipient. The information is provided with the understanding that we do not guarantee its accuracy, and are not engaged in rendering legal, accounting, or tax services. We recommend that all investors seek out the services of competent professionals in these areas. The strategies and/or investments referenced may not be suitable for all investors because the appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives. None of the examples should be considered advice tailored to the needs of any specific investor or a recommendation to buy or sell any securities.
Investing involves risk, including possible loss of principal. Asset allocation and diversification may not protect against market risk, loss of principal or volatility of returns. There is no guarantee that any investment strategy discussed herein will work under all market conditions. Many factors affect performance, including changes in market conditions and interest rates, as well as other economic, political, or financial developments.
You should not assume that investment decisions we make in the future will be profitable or will equal the investment performance of the past. With respect to the description of any investment strategies, simulations, or investment recommendations, we cannot provide any assurances that they will perform as expected and as described in our materials. Past performance is not indicative of future results.
Additional information about Aperio and our fees/expenses is included in Part 2A of our Form ADV.
Any tax information provided herein is for illustrative purposes only and does not constitute the provision of tax advice by Aperio. Due to the complexity of tax law, not every single taxpayer will face the situations described herein exactly as calculated or stated, i.e., the examples and calculations are intended to be representative of some, but not all, taxpayers. Since each investor’s situation may be different in terms of income tax, estate tax, and asset allocation, there may be situations in which the calculations would not apply. Please discuss any individual situation with tax and investment advisors first before proceeding. For those clients using tax advantaged indexing, taxpayers paying lower tax rates than those assumed, or without taxable income, would earn smaller tax benefits from tax-advantaged indexing (or even none at all) compared to those described.
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