Investment Decisions: Your Guide to Decision Making


1 E*TRADE brokerage accounts are offered by E*TRADE Securities LLC, a registered broker-dealer. E*TRADE charges $0 commission for online trades in US-listed stocks, ETFs and options. Exceptions may apply and E*TRADE reserves the right to charge variable commissions. The standard options contract fee is $0.65 per contract (or $0.50 per contract for clients who execute at least 30 stock, ETF and option trades per quarter). The $0 retail online commission does not apply to over-the-counter (OTC), foreign stock transactions, large block transactions requiring special processing, mutual funds with transaction fees, futures or fixed income investments. Service charges apply to trades made through a broker ($25). Stock plan account transactions are subject to a separate commission schedule. Additional regulatory and exchange fees may apply. For more information on pricing, visit

Equity securities may fluctuate in response to news about companies, industries, market conditions and the general economic environment. Dividend paying companies can reduce or stop payments at any time.

2 The underlying portfolios are offered through E*TRADE Capital Management, LLC and a broker-dealer affiliate of E*TRADE and Morgan Stanley. Before opening an account with Core Portfolios, please read Wrap Fee Programs Brochure for more information on the advisory fee, rebalancing methodologies, portfolio management, partnerships and services offered.

An investment in an exchange-traded fund involves risks similar to those of investing in a broad-based portfolio of equity securities traded on the exchange of the relevant securities market, such as market fluctuations caused by factors such as economic and political developments, changes in interest rates and the perceived trends in stock prices. Investment returns and the principal value of ETF investments will vary, so an investor’s ETF shares, if or when they are sold, may be worth more or less than the original price.

Investors should carefully consider the investment objectives, risks, fees and expenses of a mutual fund and exchange-traded fund (ETF) before investing. The prospectus contains this and other information about the mutual fund and the ETF. To obtain a prospectus, contact your financial advisor or visit the mutual fund and ETF company’s website. Please read the prospectus carefully before investing.

ESG strategies that include impact investing and/or environmental, social and governance (ESG) factors could result in relative investment performance deviating from other strategies or broad market benchmarks, depending on whether such sectors or investments are in or at a disadvantage in the market. As a result, there is no guarantee that ESG strategies can lead to more favorable investment results.

Securities products and services offered by E*TRADE Securities LLC, member SIPC. Investment advisory services offered by E*TRADE Capital Management, LLC, a registered investment adviser. E*TRADE Securities LLC and E*TRADE Capital Management, LLC, are separate but related subsidiaries of Morgan Stanley.

Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT A BANK GUARANTEE | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

This material has been prepared for informational purposes only. It does not provide individually tailored investment advice. It is prepared without regard to the individual financial circumstances and goals of the recipients. Morgan Stanley Smith Barney LLC (“Morgan Stanley”) recommends that investors make independent evaluations of specific investments and strategies and encourages investors to seek the advice of a Morgan Stanley financial advisor. The suitability of a particular investment or strategy will depend on the individual circumstances and goals of the investor.

Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor regarding taxation and tax planning matters and their attorney regarding trust and estate planning matters and other legal matters.

Morgan Stanley offers a wide range of brokerage and advisory services to its clients, each of which may create a different type of relationship with different obligations to you. Please consult your financial advisor to understand these differences.

© 2022 Morgan Stanley Smith Barney LLC. Member of SIPC.

CRC#4761972 (06/2022)

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