Alpha is intended for investors who want to evaluate an advanced short-overlay configuration alongside the long-only direct-indexing foundation. It is not the right choice for every investor or account.
What Alpha adds
What does Alpha add beyond Autopilot?
Alpha adds an advanced short-overlay configuration, tools for considering concentrated positions, and configurable gain-budget planning. Availability depends on the connected broker, account eligibility, and the active product configuration.
- Short-overlay evaluation. A long-and-short configuration changes the account's complexity and risks from a long-only approach.
- Concentrated-position planning. The product can help organize planning considerations around concentrated holdings.
- Gain-budget planning. Investors can consider a gain budget as part of their own tax planning process.
Limits and risks
What should an investor consider before evaluating Alpha?
Short selling can create losses, borrowing costs, margin requirements, and risks that are not present in a long-only account. Broker eligibility, account terms, and the investor's own tax circumstances matter. The investor should not treat the configuration as return alpha or as a promise of tax savings.
Choosing an advanced configuration
How should an investor decide whether Alpha is appropriate?
Review the connected account, broker eligibility, concentration risk, borrowing costs, and the investor's own tax circumstances. A short overlay may be inappropriate where the added complexity or risk is not acceptable.
Investors can use the available product controls to review an advanced configuration before authorizing real activity. They remain responsible for every order they authorize and should consult qualified professionals about tax and investment decisions.
For related background, see how Guided begins with human confirmation, what Autopilot changes, and what direct indexing can require.