You understand and acknowledge that in using Prebuilt ETF Portfolios, you are choosing to enter a series of market orders allocated across a group of ETFs that you have selected. You further understand and acknowledge that any orders entered following the close of regular market hours (generally 4:00 p.m. ET) or prior to the official open of the market (generally 9:30 a.m. ET) on the next subsequent business day will be executed at or shortly following the official opening of the market. E*TRADE has developed an ETF Screener to help you learn more about and search for additional ETFs. This screener may be found at https://www.etrade.wallst.com/Research/Screener/ETF/.

You understand that the Prebuilt ETF Portfolios program is a self-directed program designed to assist you in identifying investment strategies and allocations based solely on criteria that you define. This program is not designed to yield results specific to your financial situation, risk tolerance, or liquidity needs and should not be relied upon, in any way, to determine the suitability of an investment for you. Before buying or selling any investment, you should carefully consider your financial situation, risk tolerance, and liquidity needs, and determine on your own whether the investment strategy, including the particular ETFs and allocations, is suitable for you. Past performance is not indicative of future results.

Diversification and asset allocation strategies do not ensure profit or protect against loss. Investments in securities and other instruments involve risk and will not always be profitable. Prebuilt Investment Portfolios do not utilize any rebalancing methodologies. Also, these portfolios will not be rebalanced when deposits or withdrawals are made. A rebalancing strategy seeks to minimize relative risk by aligning the portfolio to a target asset allocation as the portfolio's asset allocation changes. Not rebalancing a portfolio may over time change its risk and return characteristics. Furthermore, strategies that do not rebalance may not address prolonged changes in market conditions. You are responsible for monitoring your investments and their performance.

Morgan Stanley Smith Barney LLC and its affiliates do not provide tax advice, and you always should consult your own tax advisor regarding your personal circumstances before taking any action that may have tax consequences.

The investment return and principal value of an investment will fluctuate, so that an investor's assets, when sold, may be worth more or less than their original cost. Investors should carefully consider the investment objectives, risks, charges, fees and expenses of any ETF before investing. For more detailed discussion about the risks of investing in an ETF, as well as the fund's investment objectives, policies, charges, and expenses, please read the fund's prospectus. To obtain the most recent prospectus, please visit the Exchange-Traded Funds Center at www.etrade.com/etf.

ETF investors buy and sell shares of the products on exchanges, as opposed to transacting with the fund itself. As a result, ETF investors are exposed to the risk, among others, that the market price of an ETF's shares will not be equivalent to the daily net asset value (NAV) of the ETF's share.

The individual investments in each portfolio, which may include Choice List ETFs, are handpicked by the investment strategy team at Morgan Stanley Smith Barney LLC. The investment strategy team consists of seasoned financial service industry professionals each with a minimum of 10 years of experience. This team, part of Morgan Stanley's Global Investment Office, supports the Investment Policy Committee, constructs allocations for managed portfolios, establishes rebalancing methodologies, and conducts ongoing due diligence on model managers, portfolio managers, co-advisors and investment portfolios.

The Choice ETF List is a cost- and volatility-aware list of select exchange-traded funds (ETFs) across certain asset categories designed to help you with investing. The selected ETFs on the Choice ETF List typically have greater than $20 million in assets and compare favorably against their peers based on historical returns, risk, expenses, manager tenure, style consistency, asset size, and liquidity. The Choice ETF List is selected from the universe of ETFs offered through E*TRADE. An assessment, performed by our affiliate, Morgan Stanley Smith Barney, LLC, evaluates each ETF’s investment philosophy and process, risk management, and the managing investment firm. The list can include affiliated products as further described below. The List excludes leveraged ETFs, inverse ETFs, exchange-traded notes, and ETFs with less than 6 months of trading history. The Choice ETF List can be amended at any time upon our discretion. E*TRADE will not notify you if we have added or removed an ETF from the Choice ETF List.

The List’s calculation framework takes into consideration the following factors, applied on a weighted average: composite long-term performance relative to the applicable peer group; composite risk score of applicable peer group average, the fund manager’s success ratio (the percentage of funds that rank above average over a 3-year period) and average and long-term manager tenure, the applicable peer group expense ratio rank; the composite style score relative to the applicable peer group; and the length of the track record. Thereafter, MSSB conducts a qualitative review to further hone the List.