Merrill Guided Investing strategies are actively managed and are not rebalanced on timed intervals or periods. Merrill may update your strategy's allocation based on overall market conditions and potential opportunities to lower or take on more risk. Like all securities, the value of the ETFs and mutual funds in your account will rise and fall over time. Our portfolio managersFootnote * will monitor your account for any changes from your strategy's target asset allocation and rebalance your account as needed. Your account may also be rebalanced due to contributions or withdrawals or other flows of assets into or out of your account. Additionally. Merrill Guided Investing requires clients to complete a periodic review to confirm that their portfolio is still aligned with their goals. If your recommendation changes and you accept the change, your portfolio will be automatically adjusted to the new recommendation. * The Chief Investment Office (CIO) develops the investment strategies for Merrill Guided Investing, including providing its recommendations of ETFs, mutual funds, and related asset allocations. Managed Account Advisors LLC (MAA), Merrill's affiliate, is the overlay portfolio manager responsible for implementing the Merrill Guided Investing strategies for client accounts, including facilitating the purchase & sale of ETFs and mutual funds in client accounts and updating account asset allocations when the CIO's recommendations change while also implementing any applicable individual client or firm restriction(s).