jjmaxwell4

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by jjmaxwell4 2y ago
Yeah it's an interesting point. Due to the redemption mechanism of ETFs, my understanding is that an ETF's bid-ask spread is basically the weighted average of the bid ask spread of it's underlying holdings. Which to answer yo
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by jjmaxwell4 2y ago
You can do this quite easily with Double. If you pick the US 500, you and completely remove the Energy Sector. We are working on getting some more ESG focused portfolios directly live but it's very very do-able right now.
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by jjmaxwell4 2y ago
This is an older version of our Form ADV - we're fixing this now. We've updated our ADV with the SEC but this link remains attached to our older one. This is our current latest filed with the SEC: https://files.adviseri
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by jjmaxwell4 2y ago
Sorry about that - we will try and make this clearer. I am happy to delete your account for you. Please email us at support@double.finance.
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by jjmaxwell4 2y ago
You are correct in your understanding. Apex Clearing's website is here: https://apexfintechsolutions.com/ They have 19M brokerage accounts and a lot of brands you've heard of got their start with Apex (Robinhood,
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by jjmaxwell4 2y ago
Appreciate the thoughtful response. I hear you on switching costs being quite high for a brokerage and its very much a considered purchase. I'd love for Double to be considered in the future.
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by jjmaxwell4 2y ago
We use fractional shares. But otherwise you are correct, our minimums are set to allow you to buy at least $5 of each member of the US 500. We do not charge trade commissions. There are some SEC fees charged for trading across most major br
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by jjmaxwell4 2y ago
Your account is in your name at Apex Clearing - they are our Custodian and Broker Dealer. They power a lot of modern brokerage products like WeBull, TastyTrade, Composer, SoFi. Robinhood and Wealthfront both started their business on Apex a
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by jjmaxwell4 2y ago
We charge $1/month. Longer term, we think there are additional revenue streams we can enable that are similar to existing broker-dealers like Robinhood, Fidelity and Schwab. That means things like cash float, margin lending, stock lend
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Launch HN: Double (YC W24) – Index Investing with 0% Expense Ratios
443 points by jjmaxwell4 2y ago|413 comments
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by jjmaxwell4 2y ago
It's nuts how large and different the attack surfaces have gotten with AI
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by jjmaxwell4 2y ago
Appreciate all the feedback. Will look into both points.
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by jjmaxwell4 2y ago
So right now a Direct Index version of VTI is not live on the site. You want a pretty large account size in order for this type of direct indexing to make sense. Also right now we only support fractional securities and about 3% of VTI is no
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by jjmaxwell4 2y ago
I'd love to earn your business.
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by jjmaxwell4 2y ago
Short answer is yes there is a potential tax impact while rebalancing, but this is often a benefit due to the opportunities it presents to tax loss harvest, which we enable on accounts that are sufficiently diversified. With an ETF there is
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by jjmaxwell4 2y ago
As far as I'm aware, M1 does not offer automatic portfolio rebalancing or optimization. I also don't think you can really do any sort of direct indexing as you cannot lower the weights of any stock below 1%. I think we have a few
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by jjmaxwell4 2y ago
Yes we can handle this already. You can customize our broad market indexes by removing or lowering the weights of specific stocks (or sectors although you asked about stocks).
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by jjmaxwell4 2y ago
Not a stupid question at all. Short answer for your simple scenario is yes it would rebalance. The longer answer is it depends on the output of our optimization engine. Our optimizer tries it's best to make the portfolio better, taking
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by jjmaxwell4 2y ago
Yes we handle corporate actions and index additions or deletions and weight changes over time for you. The guts of this get a bit complicated and I want to make a blog post about how we achieve this for adjustments.
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by jjmaxwell4 2y ago
Optimistically. If you're interested shoot me an email jmaxwell at double dot finance
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by jjmaxwell4 2y ago
I'm a bit confused by your question, but we do not plan to charge any AUM fees. By direct indexing you get a lot more flexibility to customize the index on a stock/sector/factor level. Thanks for checking us out.
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by jjmaxwell4 2y ago
Yes we'd love to allow for sharing and we've got some ideas for that already.
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by jjmaxwell4 2y ago
Yes, we support ACATS. You can initiate these through the app under Transfer Funds.
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by jjmaxwell4 2y ago
Thanks. I know of and have always respected Motif. Would love to chat about any hard learned lessons along the way if you're up for it - founders@double.finance
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by jjmaxwell4 2y ago
At this time no but if you have a index or strategy you want to see on Double please email me at founders@double.finance
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by jjmaxwell4 2y ago
I'd love to make some of our tools available outside a brokerage relationship, but this isn't something that's on our roadmap right now. If you want to chat about how you might be able to do this more effectively yourself, pl
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by jjmaxwell4 2y ago
"Will anyone move $5m from their top tier brokerage to Double yet?" I have! But I understand that yes this is a hard thing to get people to move and trust, safety and trading mechanics are incredibly important. We are trying to be
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by jjmaxwell4 2y ago
Yes we support fractional shares! The fraction of a stock you can buy is currently based on a dollar amount. In our case right now it's $5.10 per stock ($5 with $0.10 of room to allow for fluctuations in prices). We are looking to lowe
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by jjmaxwell4 2y ago
Unfortunately this is not on our immediate road map. Sorry about that. I'm Canadian myself and I really wish we could.
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by jjmaxwell4 2y ago
We eventually will charge a monthly fee as described in our Form CRS, but we are waiving this fee for the time being. Eventually we plan on making money like Robinhood, M1 and other commission free trading pioneers. This means PFOF, Stock L

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