A Covestor trial account is for demonstration purposes only, with functionality limited to the following:
Covestor Ltd. provides discretionary investment advisory services, as disclosed in our Investment Management Agreement and Informational Brochure, found at http://site.covestor.com/agreements
Clients authorize Covestor to make investment decisions for their assets under Covestor’s management.
All Covestor.com client account pages are available and functional for Covestor clients, including the following:
The investment account results displayed on these Covestor.com client account pages reflect the actual investment results of the client’s assets as managed by Covestor.
Covestor and a trial account subscriber do not enter into an investment services contract.
A Covestor trial account may be established upon registration at Covestor.com with a valid email address.
Covestor trial accounts require the use of a unique email address. If trial account users wish to become clients of Covestor and use the same email address, they must terminate their trial account prior to establishing their actual managed client account.
Clients wishing to open a Covestor client account must execute Covestor's Investment Management Agreement and complete the online sign-up process at Covestor.com to obtain Covestor’s discretionary investment advisory services.
If you are considering engaging Covestor as your investment adviser, go to http://site.covestor.com/why-covestor
Active for 30 days, starting on the date the trial account is established.
Covestor trial accounts will be deactivated by Covestor at the end of the 30-day time period.
The Investment Management Agreement is in force until terminated by either the client or Covestor.
No brokerage account is required or used in connection with the Covestor trial account
No actual funds are held or invested in the trial account.
A separate brokerage account is required to be opened and funded by the client. Currently, clients must open a brokerage account with Interactive Brokers and authorize Covestor’s use of that account.
For more information on Interactive Brokers, see http://www.interactivebrokers.com/ibg/main.php.
Virtual funds for demonstration purposes only ($100,000).
Brokerage account must be funded by client in US dollars.
Virtual (fake) dollars ($100,000)
Minimum account requirement: US $5,000.
Recommended for day trading account: US $30,000.
Covestor management fees are not charged on trial accounts and are shown as a deduction from the account for illustrative purposes only.
Sample billing statements will be generated for demonstration purposes only.
Covestor advisory fees are estimated based on current portfolio management fees applicable to the specific portfolio selected for investment.
Estimated trial account fees are applied the first day of each month and calculated based on the valuations for each investment as of the last day of the previous month.
Covestor’s investment fees are a percentage of funds invested in each portfolio and vary by portfolio. Investment fees are billed monthly and debited directly from client’s brokerage account.
For more information on fees, see: http://site.covestor.com/why-covestor/low-fees
Estimated brokerage commissions are not charged on trial accounts but the simulated performance and account valuation for trial accounts is based on the manager returns net of fees and commissions.
Actual client accounts will incur brokerage commissions including commissions associated with establishing and redeeming individual investments, which will vary from the brokerage commissions used for purposes of simulating the performance and account valuation of trial accounts.
Client account costs are subject to a separate brokerage account agreement and includes all applicable trade commissions and account activity fees incurred by the client.
Actual client accounts will incur additional expenses (e.g., commissions) associated with establishing and redeeming individual investments (holdings).
Simulated risk score:
Covestor calculates a risk score, based on answers provided by clients to a risk questionnaire.
But, unlike in an actual managed client account, clients cannot exclude specific securities from the results of a trial account.
Actual client risk score:
Covestor calculates a risk score, based on answers provided by clients to a risk questionnaire. Clients are also able to specify individual security exclusions or investment restrictions.
Net account value in the trial account is the sum of the latest value of the investments and unallocated cash.
Daily valuations of investments are estimated based on:
Investments in trial accounts will not result in any replicated trade activity and are not included in the count of actual investments into portfolios.
Trial account valuations are calculated using the manager return net of fees, reflecting the deduction of actual brokerage fees incurred and a simulated Covestor advisory fee that would be charged to an actual Covestor client account. The impact of these expenses may be understated or overstated.
Trial account performance returns are limited to the calculation of simple returns for investment gain or loss in investment value divided by initial investment amount, calculated on a nonaccrual basis.
Actual client results and performance will vary from activity shown in the trial account.
Net account value in the client account is the sum of the latest value of the investments and unallocated cash.
Daily valuations of investments in client accounts are based on actual investment activity in the client’s account (holdings and current market prices).
For more information on Covestor performance, go to http://site.covestor.com/help/disclosures
Actual client results will vary. Sources of this variation may include:
Limited services & functionality:
Full service & functionality:
Limited by Covestor for demonstration purposes, generally based on the manager and Covestor’s decision to make a trial account available for a specific portfolio.
All active portfolios available for investment, subject to Covestor suitability evaluation and risk score matching.