Exchange Traded Funds (ETFs) offer exposure to a group of securities made up of stocks and /or bonds. ETFs trade like a stock, so prices change throughout the day. Investors can buy and sell at any time during market hours, providing more liquidity and flexibility. The ETFs selected for Guided Investing portfolios must pass a rigorous screening by the Chief Investment Office ('CIO').* Our investment professionals choose exchange traded funds (ETFs) that fulfill the asset allocation for each strategy. The goal is to look for ETFs in each asset class that have the potential to contribute to the portfolio's returns. Please note, while Merrill Guided Investing allows clients to reasonably restrict investments in ETFs, the program does not allow clients to invest in individual securities. * 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).