The SEC’s Office of Investor Education and Assistance is issuing this Investor Bulletin to provide investors with information about business development companies, or BDCs, whose shares are not traded on national securities exchanges. It is important to understand them before investing. Learn more about BDCs whose shares are traded on national securities exchanges at Publicly Traded Business Development Companies (BDCs): Investor Bulletin.

The SEC’s Office of Investor Education and Advocacy (OIEA) urges investors to weigh carefully the potential risks and benefits if considering any investment product that provides exposure to the price of bitcoin or ether. Investors should understand that bitcoin and ether are highly speculative investments. This includes when exposure is gained through an exchange-traded product (ETP). Investors should consider the volatility of the price of bitcoin and ether.

An increasing number of investment advisers are charging clients subscription-based fees, rather than more traditional asset-based fees, for their investment management services. Many of these advisers are robo-advisers who market their services to new investors who may not yet have an investment account or may only have a small amount to invest. The SEC’s Office of Investor Education and Advocacy is issuing this Investor Bulletin to educate investors, especially new investors, about these types of fees.

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.

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.

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.”