Updated Investor Bulletin: Leveraged and Inverse ETFs

Feb 23, 2023
The SEC staff and FINRA are issuing this Alert because we believe individual investors may be confused about the performance objectives of leveraged and inverse exchange-traded funds (ETFs).
CategoryInvestment Management

Investment Adviser Advertisements

Nov 8, 2022
In recent years there have been changes in the technology used for communications between advisers and clients/prospective clients, the expectations of investors shopping for advisory services, and the nature of the investment advisory industry. The SEC’s Office of Investor Education and Advocacy is issuing this Investor Bulletin to help investors understand what to expect in advertisements from advisers, especially in online reviews or on social media, in this changed landscape.
CategoryInvestment Management

Investor Resilience – World Investor Week 2022: Investor Bulletin

Oct 3, 2022
For World Investor Week 2022, investors, investment professionals, teachers, parents, researchers, and others are encouraged to make a special effort to promote investor resilience and sustainable finance.
CategoryCorporation Finance
Enforcement
Investment Management
Trading and Markets

Investor Bulletin: Performance Claims

Sep 15, 2022
The SEC’s Office of Investor Education and Advocacy is issuing this Investor Bulletin to educate investors about investment performance claims.  If you are in the market for an investment, you will likely come across sales and marketing materials that describe an investment’s performance.  You should know that performance information can be presented in many different ways.  Before making a decision, always make sure you understand how any performance claim is calculated and presented – and whether or not the claim is reliable and applies to your particular circumstances.  Here are a few…
CategoryInvestment Management
Trading and Markets

Investor Bulletin: Fund Liquidation

Dec 17, 2021
The SEC's Office of Investor Education and Advocacy is issuing this bulletin to help investors understand what happens when a fund closes and distributes its assets, or “liquidates.”  
CategoryInvestment Management

Key Topics for World Investor Week 2021: Investor Bulletin

Oct 4, 2021
The SEC’s Office of Investor Education and Advocacy, the Commodity Futures Trading Commission (CFTC), the Financial Industry Regulatory Authority (FINRA), the National Futures Association (NFA), and the North American Securities Administrators Association (NASAA) are issuing this Investor Bulletin to highlight some key topics for World Investor Week 2021, a global campaign to raise awareness about the importance of investor education and protection.  From October 4-10, 2021, investors, investment professionals, teachers, parents, researchers, and others are enc
CategoryCorporation Finance
Enforcement
Investment Management
Trading and Markets

Investor Bulletin: Publicly Traded Closed-End Funds

Sep 25, 2020
The SEC’s Office of Investor Education and Advocacy is issuing this Investor Bulletin to provide investors information about closed-end funds that are traded on national securities exchanges. It is important to understand them and their risks before investing.  
CategoryInvestment Management

Investor Bulletin: Publicly Traded Business Development Companies (BDCs)

Sep 25, 2020
The SEC’s Office of Investor Education and Advocacy is issuing this Investor Bulletin to provide investors information about business development companies, or BDCs, that are traded on national securities exchanges. It is important to understand them before investing.  
CategoryInvestment Management

Investor Bulletin: Interval Funds

Sep 25, 2020
The SEC’s Office of Investor Education and Advocacy is issuing this Investor Bulletin to provide investors information about interval funds. Interval funds are legally classified as closed-end funds, a type of investment company, but they have some distinctive features that make them different from typical closed-end funds. Some important features of interval funds are:                                                              
CategoryInvestment Management

Updated Investor Bulletin: Indexed Annuities

Jul 31, 2020
The SEC's Office of Investor Education and Advocacy is issuing this bulletin to educate investors about indexed annuities. Indexed annuities are complex products. Investors should carefully read the indexed annuity contract, and any prospectus, before deciding whether to buy the annuity.
CategoryInvestment Management

Leveraged Loan Funds – Investor Bulletin

Nov 20, 2019
The SEC’s Office of Investor Education and Advocacy is issuing this Investor Bulletin to provide investors information about funds that invest in leveraged loans. As with any investment, we urge you to make sure you understand these products and their risks before investing.
CategoryInvestment Management

Investor Bulletin: Variable Life Insurance

Oct 30, 2018
The SEC's Office of Investor Education and Advocacy is issuing this Investor Bulletin to educate investors about variable life insurance and how it works. This bulletin provides a general description of variable life insurance. The features of each policy may vary by product and by state.
CategoryInvestment Management

Investor Bulletin: Index Funds

Aug 6, 2018
The SEC’s Office of Investor Education and Advocacy is issuing this Investor Bulletin to provide investors basic information about index funds.
CategoryInvestment Management

Investor Bulletin: Smart Beta, Quant Funds and other Non- Traditional Index Funds

Aug 6, 2018
The SEC’s Office of Investor Education and Advocacy is issuing this Investor Bulletin to inform investors about features and potential risks of non-traditional index funds.
CategoryInvestment Management

Investor Bulletin: 10 Questions to Consider Before Opening a 529 Account

May 29, 2018
The SEC’s Office of Investor Education and Advocacy is issuing this Investor Bulletin to answer questions that may arise when investing in a 529 plan account. Please also see our companion Bulletin, An Introduction to 529 Plans, for background information on the plans.
CategoryInvestment Management

Investor Bulletin: An Introduction to 529 Plans

May 29, 2018
The SEC’s Office of Investor Education and Advocacy is issuing this Investor Bulletin to provide investors with background information on 529 plans. Please also see our companion Bulletin for a few questions to consider before opening a 529 plan account.
CategoryInvestment Management

Investor Bulletin: Investment Adviser Sponsored Wrap Fee Programs

Dec 7, 2017
The SEC’s Office of Investor Education and Advocacy is issuing this Investor Bulletin to provide investors information about investment adviser sponsored wrap fee programs.  This bulletin provides basic information about wrap fee programs and some questions to consider asking your investment adviser before choosing to open an account in a wrap fee program.
CategoryInvestment Management

Investor Bulletin: Opening an Investment Advisory Account

Sep 25, 2017
The SEC’s Office of Investor Education and Advocacy is issuing this Investor Bulletin to provide tips on what to consider when opening an investment advisory account.   Investment advisory accounts differ from brokerage accounts, which generally are governed by different rules and regulations.  For information on opening a brokerage account, please see our bulletin: How to Open a Brokerage Account. Before opening an account with any financial professional, you should always remember to check the individual or entity’s background and disciplinary history.  You can do this using the IAPD…
CategoryInvestment Management

Investor Bulletin: Form ADV – Investment Adviser Brochure and Brochure Supplement

Jun 24, 2016
Investment advisers provide a wide range of advisory services and play an important role in helping individuals and institutions make significant financial decisions. To allow clients and prospective clients to evaluate the risks associated with a particular investment adviser, its business practices, and its investment strategies, it is essential that clients and prospective clients have clear disclosure that they are likely to read and understand.  Part 2 of Form ADV requires investment advisers to provide new and prospective clients with a brochure and brochure supplements written in plain…
CategoryInvestment Management

Investor Bulletin: What is IAPD (Investment Adviser Public Disclosure)?

May 21, 2014
The SEC’s Office of Investor Education and Advocacy is issuing this Investor Bulletin to provide investors with a short overview of the SEC’s IAPD database.  The IAPD database can be accessed through the Check Out Your Investment Professional search tool on Investor.gov. For information about checking out the background of financial professionals more generally, please see our Investor Bulletin, How to Select an Investment Professional.
CategoryInvestment Management

Investor Bulletin: Mutual Fund Fees and Expenses

May 12, 2014
The SEC’s Office of Investor Education and Advocacy is issuing this Investor Bulletin to explain some of the most common mutual fund fees and expenses. As a general introduction to mutual fund fees and expenses, this Investor Bulletin does not identify all of the fees that you may pay to buy and own shares in a mutual fund. This Investor Bulletin will, however, familiarize you with some typical mutual fund fees and expenses and show you how those fees and expenses reduce the value of your fund’s investment return.
CategoryInvestment Management