Real estate investment seems expensive. The general consensus is that you need to have a massive down payment, a mortgage, renters, property inspections and thousands of dollars in emergency reserves before you can even get started.
And that’s particularly true when you’re buying a rental property direct. There are several types of real estate investment vehicles.
A REIT (real estate investment trust) is a firm that owns and manages income-generating properties and delivers them to individual investors through an investment account. Instead of buying an apartment complex, warehouse, medical center or shopping mall directly, you can buy shares in a firm that owns or lends money for these buildings.
REITs remove the headache of real estate investing but don’t make it risk-free. Share prices can go down, property markets can drop, renters can fail on their rent, debt can be expensive and dividends can be cut.
In this post, you’ll learn: The ins and outs of REITs How REITs make money How to invest in real estate with $500 What beginners should check for before buying
Short Answer
A REIT is a company that owns, operates or finances income-producing real estate.
A publicly traded REIT is something you can buy shares of for $ 500 or you can buy a diversified REIT ETF or buy fractional shares to spread your money across several real estate enterprises .
Publicly traded REITs provide an opportunity to have exposure to real estate, potential dividend income, and are easier to purchase than physical property. But they are traded on the stock market so prices can fall. There’s no assurance with REITs as they are subject to interest rates, debt, occupancy, property values and economic situations.
For many beginning investors, picking a single REIT is harder than choosing a large diversified REIT ETF.
Key Takeaways
| Recap | Highlights |
|---|---|
| REITs give you exposure to real estate | Invest without the headaches of directly owning or managing property. |
| Little Can Go Far | You can buy public REITs and REIT ETFs for $500 or less. |
| REITs typically pay dividends | Income payments are typical, but may vary. |
| Public REITs have more liquidity | Like other publicly traded companies, shares of a REIT are traded regularly on stock markets. |
| The varied sectors of property | The different risks for residences, offices, warehouses, hotels and data centers. |
| Debt concerns | The high cost of debt can eat into profitability and financial flexibility. |
| Diversification is good | A REIT ETF reduces dependence on a single company or property sector. |
What is a Real Estate Investment Trust (REIT)?
REIT means a real estate investment trust.
A REIT is a company that owns, operates or finances real estate that creates income. A REIT may own dozens, hundreds or even thousands of properties depending on its strategy.
Common property classifications for REITs include:
- Residential communities
- Warehousing & Distribution Centers
- Office Building*
- Shopping centers
- Hotels & Resorts
- Medical practitioners
- *Elderly Care
- Self storage facilities
- Data centers
- *Cellphone towers
- Timberland.
- Mobile home communities.
- Mortgage and mortgage-backed securities
REITs provide individual investors an opportunity to invest in large-scale income producing real estate in their investment portfolios without having to buy commercial real estate. — Investor.gov’s guide to real estate investment trusts
When you buy shares in a publicly traded REIT, you own shares in that company. You don’t own a particular apartment or warehouse or motel.
The management staff of the REIT sets the:
- Buying and Selling Properties
- Lease negotiation .
- Acquisition financing
- Keeping buildings up
- Getting the rent
- Property improvements or Development
- Handling debt.
- Dividend payout
That means you can buy property without the hassle of tenants, answering maintenance requests or arranging property finance yourself.
How Do REITS Earn Money?
A REIT’s income depends upon the type of real estate company it runs.
An equity REIT can collect rent from its tenants. Mortgage REITs can earn revenue via real estate loans and mortgage-backed securities . A hotel REIT can produce income from the management of hotels.
| Type Of REIT | Main Source Of Revenue |
|---|---|
| Equity REIT | Rent & Property Operations |
| Mortgage REIT | Interest income from mortgages and real estate loans |
| Hybrid REIT | Property and real estate financing hybrid |
| REIT ETF | Basket of REIT holdings’ dividends and price movement |
Income from rents
Generally equity REITs have contracts with tenants and obtain stable rent.
Say, for example, a logistics company and some retailers may rent warehouses from an industrial REIT. A residential REIT can collect rents from tenants of flats. Healthcare REITs can lease premises to hospitals, medical companies or senior-care organizations.
This money is used by the REIT to pay operating expenditures, interest expense, property taxes, administration expenses and other charges.
Some of the leftover income can be paid out to the shareholders.
Property Valuation
A REIT can also benefit from growth in the value of its holdings.
If management sells a property for more than the REIT paid, the firm might register a gain. But property prices might fall and it takes time to sell real estate.
Rebuilding and Construction
Some REITs create new property and some refurbish what’s already there.
A successful project can translate into new tenants, increased rents or an increase in the value of the property. Development also involves hazards including construction delays, cost overruns, financing issues and insufficient tenant demand.
Mortgage Interest Rates
Mortgage REITs generally invest in mortgages, real estate loans or mortgage-backed securities rather than actual constructions.
Profit is the difference between the income the assets create and the cost of financing.
Mortgage REITs are far more leveraged than stock REITs and are therefore more subject to interest rates, credit conditions and financing markets.
Why REITs Distribute Dividends
To qualify for REIT tax status, an organization must meet certain legal and financial requirements.
It is essential that the REIT’s deduction for dividends paid generally be at least 90% of its taxable income (excluding net capital gains that it may chose to retain)
REITS have specific qualification and distribution rules; see the IRS guidelines for Form 1120-REIT.
One reason REITs are famous for paying dividends.
But it is good to understand what the regulation does not do.
This is not to suggest that a REIT must distribute 90% of
- Rental revenue
- Its entire cash flow
- Its value of property owned
- Stock market rallies
- All sums paid by the tenants
The requirement is dependent on the taxable income as determined by the applicable tax law.
Based only on reported accounting profit, a REIT can pay out more or less cash than a beginner might expect. Management can also change the payout if the financial state deteriorates.
Being a REIT does not guarantee that a company will pay a dividend.
Main REIT Investment Types
Before you invest, determine what form of REIT you are being offered.
REITs That Trade Publicly
Publicly traded REITs are registered with the Securities and Exchange Commission and are traded on major stock exchanges.
You can usually buy or sell their shares using a brokerage account during normal market hours.
The advantages are:
- Small initial quantities
- Prices in the market
- Financial reporting on a periodic basis
- More easily bought and sold
- Offered in most brokerage accounts
Prices can still be all over the place. A publicly traded REIT might decline for property market reasons, interest rate reasons, company performance or a broader stock market sell-off.
Publicly listed REITs are typically more liquid than non-traded REITs, as their shares trade on public exchanges and prices are readily available, according to Investor.gov.
Non-Listed Public REITs –
A public non-traded REIT is registered with the SEC, but not traded on a national stock exchange.
Such investments may also include other concerns such as:
- Limited sales possibilities
- Unclear value of shares
- Initial cost is high
- Redemptions – restrictive
- Managing internal conflicts
- Distributions, partially backed by borrowing or investor equity
“Non-traded REITs may be illiquid and have high front-end fees,” warns Investor.gov. Some may also pay distributions from revenues of the offering or borrowed money, not merely from the activities of the property.
Large distribution is not advertised as the investment doing well.
Private Real Estate Investment Trusts
Private REITs are not traded on the public markets and can rely on exemptions from the SEC’s standard registration requirements.
They might provide less financial info, require large minimum investments, and be limited to investors that match particular financial criteria.
Private REITs are often more complex than the publicly traded REITs most rookie investors are familiar with.
REIT Mutual Funds & ETFs
A REIT fund is a fund that invests in a portfolio of REITs.
The REIT ETF is an exchange traded fund that can track an index of real estate enterprises. You can own more than one firm. With one investment you receive exposure to a portfolio of REITs.
A REIT ETF can comprise companies from multiple sectors, such as:
- Real estate housing
- Industrial units
- Malls
- Healthcare real estate
- Data centres
- Personal Storage Devices
- The hotels
- Offices *
However, the fund continues to be subject to market and real estate risk. It also has an expenditure ratio which is deducted over time from fund assets.
$500 To Invest In Real Estate – Is It Enough
But you have to be realistic. Yes.
Investing $500 in REITs doesn’t imply you own a rental home or you’ll see significant passive income right now. It means you are buying a slice of one or more businesses or funds that are tied to real estate.
Your starting value will depend on:
- The share price
- Fractional shares available through your brokerage
- All trading fees
- ETF expense ratio
- How you split the cash
- Future market outlook
Say a REIT ETF is trading at 90 bucks. You could buy five entire shares at $450, and still have $50 uninvested for $500.
If fractional shares are available, you could be able to invest the full $500 rather than have to buy entire shares only.
Shortly after purchasing, the value of the investment may go down or up.
$500 REITs Investment
Step 1: Build Your Financial Foundation
“Don’t invest until you have your basic financial needs sorted out”
You may want to look at:
- Basic monthly expenses
- Emergency fund for start-up
- Minimal debt payments
- Credit card debt with a high interest rate
- Insurance needs
- Retirement Plans – Employer Contributions
- Short-term financial goals
Don’t invest money you might need for rent, food, medical costs, debt payments or emergencies.
REITs can go down in value and you may have to sell at a loss if you need cash in an emergency.
Step 2: Select the Appropriate Investment Account
REITs and REIT ETFs are publicly traded and can normally be bought through a brokerage account.
Some of the common account kinds are:
Brokerage Account That Is Subject To Tax
Many brokerage accounts are taxable accounts, so you can buy and sell investments without the limits of retirement-account withdrawals.
But dividends and realized gains can incur a current tax liability.
Traditional IRA
A traditional IRA may offer tax-deferred investment growth. Depending on your situation, contributions may be deductible.
Withdrawals are generally taxable and are subject to retirement account rules.
Roth IRA
A Roth IRA is funded with after-tax money. Tax-free qualified withdrawals
Limits on income and contribution.
The right account relies on your tax position, time frame and aspirations. The brokerage or retirement account is the wrapper and a REIT is an investment.
Step 3: Choose Between REIT ETF or Individual REITs
A REIT ETF could be easier for a beginner as one fund can own numerous firms .
With an individual REIT, specialized exposure but more specific company risk.
| Option | Potential Benefit | Major Risk |
|---|---|---|
| A broad REIT ETF | Simple diversification | Management fees and real estate risk through the market |
| 1 REIT | Simple administration | All investment is in one company |
| Several single REITs | More control on sectors | Need more research |
| ETF & REITS | broader coverage but selective | difficult and potentially overlapping |
It is also crucial for newcomers to understand that just because you have two firms does not guarantee you have enough diversification. They may be related to the same property sector, geographical area or economic trend.
Step 4. Evaluate the Investment
Read before you buy:
- real estate industry
- Concentration by geography
- Concentration of tenants
- Occupied
- Structure of the lease
- Credits
- Date recorded
- Payments sustainability
- Quality of management
- latest buys
- Pipeline de desarrollo
- How much are the shares worth
- Fees on funds
Look at the REIT’s annual report and quarterly performance. Look at an ETF’s holdings, the index strategy, expense ratio and sector concentration.
Step 5. Place the Order
Most brokerage platforms offer both market and limit orders.
A market order is an order to buy shares at the best available price at the time of the order. The price you order at could be somewhat different to the final checkout price.
A limit order tells the market the most you are willing to spend, but you may not get the purchase if the market never reaches that level.
Beginners need to understand the order type before entering a transaction.
Step 6: Select Dividend Reinvestment
Many brokerages have automatic dividend reinvestment.
If selected, cash payments will be reinvested in further shares or fractional shares of the investment
Reinvesting can help you compound over the long term, but it won’t protect you from losses. The dividend is reinvested in more of the same investments, which might increase concentration.
Step 7: Continue Adding Money
You can continue once the first $500 is invested.
You could invest a little bit every month like:
- $25
- $50
- $100
- Another amount that fits your budget
Maybe it’s more sustainable to give regularly, instead than waiting to acquire enough cash for a huge commitment.
Things You Can Do With $500
The pictures are educational representations, not suggestions for investment.
Option 1: A single large real estate investment trust ETF
You invest all $500 in a diversified REIT ETF.
This is helpful for a rookie wanting:
- Easy to use
- Multiple REITs exposure
- Fewer people researching companies
- Automatic Diversification in Real Estate
The ETF could still be top-heavy in specific industries or large companies, so check its holdings.
Option 2: ETF + Individual REITs
Your writing:
- Broad REIT ETF, $300
- $100 in a personal REIT
- $100 in some other individual REIT.
It provides a diversified base with selective sector exposure.
But there could be overlap since the individual REITs could also be in the ETF. So there is not really any additional variety.
Option 3: Investing for the Long Term
You put $100 in today and then keep putting $50 in every month until you get to $500.
This strategy can help you get used to market swings and not dump the whole investment in one day.
There is no guarantee of a greater average price or profit.
How Much Dividend Income Can You Generate With $500?
The dividend income will depend on the yield of the investment and the yield may fluctuate.
For example, you spend $500 in a REIT investment that generates 4% dividend every year.
The dividend to be expected each year will be:
$500 × 4% = $20
That’s around $1.67 per month on average, although you could be paid quarterly, monthly, or irregularly.
If the yield was 6%, the annual dividend would be
$500 × 6% = $30
These are indicative calculations only.
Actual value may be different owing to:
- Changes in share price
- Changes in dividends
- payments are not evenly distributed
- Taxes may apply.
- Fund expenses weigh on returns
- Dividends reinvested buy shares at varying prices
High yield shouldn’t be your main motivation to want to invest.
Taxation of REIT Dividends
REIT dividends are generally taxed at different rates than dividends of regular corporations.
Dividends paid by REITs are normally taxed as ordinary income and generally do not qualify for the reduced federal tax rates that may apply to qualified dividends paid by companies, according to Investor.gov.
A REIT payout can be composed of:
- Dividends other than special dividends
- Capital gain distribution
- Repayment of capital
Your brokerage normally provides you with tax reporting data showing how the payments were classified.
Tax treatment varies with the investment, the account, the holding periods, income and the tax law. If you have REIT investments in a tax-advantaged retirement plan, it could delay or alter the timing of taxes, but you’ll also need to examine the constraints of the retirement account.
Please consult a competent tax professional for guidance on your specific situation.
How to Value a REIT
When looking into individual REITs, it’s not just about the dividend yield.
Real Estate Sector
Step one is to figure out what the REIT owns.
| Sector | Factors that may impact performance |
|---|---|
| Apartments | Housing availability, rent growth, jobs |
| Offices | Office demand, lease expiry, remote working |
| Industrial | E-commerce, logistics operating, new development |
| Retail | Tenant health, Location, Consumer spend |
| Hotels | Travel demand, room rates, economic conditions |
| Healthcare | Demographics, Operator Finances, Regulation |
| Data centers | Technical requirement, power supply, cost of buildings |
| Self storage | Housing activity, local supply, consumer mobility |
In a weak property market, a strong company can be affected by forces outside of management’s control.
Employment
Occupancy is the amount of space in the property that is rented. It is stated as a percentage of the space available.
High occupancy may indicate excellent demand, however the number must be compared with:
- Past years
- Similar REITs
- Market environment at the local level
- Lease expiries within 12 months
A property can be inhabited but underperforming when tenants are paying below market rent or are financially poor.
Tenants’ Concentration
If a REIT has a big concentration in one tenant, that tenant closing stores, renegotiating its lease or going bankrupt could hurt the REIT.
See how much rent is collected by the largest renters.
Lease Termination
A large number of leases coming to an end at the same time can create risk.
If the demand is not strong, management may have to bend in and accept lower rent or leave space vacant.
Interest and Debt Expense
Real estate companies usually borrow money to purchase and develop real estate.
Debt is not a bad thing, but the troubles come when you borrow too much and:
- higher interest rates
- Loans are repaid
- Property values drop
- Rental growth slows
- Lenders strengthen credit standards: IMF
Review the REIT’s debt maturity schedule, the mix of fixed and variable rate borrowings, liquidity and access to finance.
Funds From Operations (FFO)
Traditional net income interpretation often hurts real estate enterprises. Accounting rules permit structures to be depreciated even when the market value of a well-maintained building might increase.
Therefore, REIT investors often look to a different measure of success, funds from operations or FFO.
Adjusted Funds From Operations, or AFFO, may be looking to incorporate recurring property expenses, in addition to other changes.
These are useful measures but not the same for all companies. Read how management finds it out, not by looking at labels.
Distribution of Dividends
Compare the dividend to the REIT’s ability to generate recurring cash.
A very large payout can leave little money for:
- Corrections.
- Paying off debt
- Improvement of property
- New entries
- Surprising first moves
A consistent increase in dividends is beneficial, but past payouts are not necessarily indicative of future dividends.
Significant Benefits of Investing in REITs
Low Initial Expense
You can get started with a whole lot less money buying publicly traded REITs than it would take to buy property.
Liquidity
In general, shares in public REITs may be bought or sold during exchange trading hours.
Selling a physical property can be a lengthy process taking weeks or months, with legal, inspection, finance and closing procedures.
How much can you earn?
Many REITs pay dividends regularly based on income from rental or real estate financing activities.
Professional Management
You are not physically involved in lease negotiations, rent collection, upkeep or tenant complaints.
Access to Big Estates
REITs can give you exposure to properties that you could never own on your own, such as data centers, hospitals, warehouses, hotels and regional malls.
Diversify Your Bets
“Real estate may respond differently than other businesses in certain market conditions.
But REITs are still publicly traded investments and could decline with the broader stock market.
Key Risks of Investing in REITs
Risks of interest rates
Higher interest rates make borrowing more expensive and make dividend-paying assets less attractive than bonds or savings products .
REITs respond in different ways based on their leases, their debt structure, and their capacity to raise rent.
Risk on the real estate market
Weak local demand could affect rents, occupancy and property prices.
Monetary Risks
Hotels and shopping malls could feel the pinch. Firms should trim space, possibly hurting office demand. Residential REITs could be hurt by an overstock or affordability constraints.
Credit risk credit risk
A heavily-indebted REIT may have trouble refinancing its loans, or raising capital for future investments.
Dividend Payout Risk
Dividends from a REIT could be cut or stopped. A firm can desire to conserve funds in case of a recession, tenant failure, refinancing issues or property slump.
Market risk
Public REIT shares are traded on stock exchanges. Their market prices may fluctuate more than the assessed values of their buildings.
Risk Management
Shareholders are paying for faulty acquisitions, for paying executives too much, for questionable leasing decisions or conflicts of interest.
Credit risk
A REIT that specializes in a certain city, tenant or type of property might be decimated if that area has issues.
Risks of the ETF
A REIT ETF reduces single company risk, but doesn’t completely remove it:
- Property risk
- Market risks
- Risk of interest rates
- Concentration por sector
- Management charge.
REITs vs. Buying Rental Property
| Feature | Public REITs | Rental Property |
|---|---|---|
| Starting amount | Can be rather modest | Requires a significant amount of cash most of the time |
| Management | Professional Management | Owner or property manager |
| Liquidity | Shares are usually sold quickly | Sales can take months |
| Control | Limited shareholder control | Owner controls decision on property |
| Diversification | Can be done with funds | Highly concentrated in a single property |
| Financing | REIT-managed | Investor takes Mortgage |
| Repairs | Not directly responsible for Investor’s | Owner’s liability |
| Shareholder contacts | No | May require direct involvement |
| Price Transparency | Visibility of Market Price | Need for Property Valuation |
| Investment Tax Reporting | Rental Income, Costs, Depreciation, Sale Rules | Tax Complexity |
Neither approach is inherently superior.
A rental property gives you the benefit of direct control and the use of mortgage finance, but it also takes more money, time and responsibility.
REITs are easy and accessible, but they provide less control and less protection against price movements in the stock market.
Common Mistakes to Avoid When Investing in REITs
Only buy for the high yield
A high dividend yield can be a warning that a company’s share price is falling, not its business strengthening.
The market may be signalling that investors are preparing for a dividend cut.
Not Paying Off Debt
In a weak credit situation, if there is a lot of debt due, a REIT could have great assets but be in financial troubles.
REITs: They’re Not All the Same
An apartment REIT is very different than a mortgage REIT, an office REIT, and a hotel REIT.
Heavy bets on property
REITs are a diversification tool for stock-bond portfolios, however full allocation to REITs leads to sector concentration.
The Mess: Public and Non-Traded REITs
Exiting a non-listed REIT might be far more difficult and costly than a publicly quoted REIT.
Assuming Dividends are guaranteed
The 90% payout requirement does not prevent a REIT from cutting its dividend if its taxable income or financial conditions change.
Ignoring Fund Overlaps
But if you have more than one REIT ETF, you may not be getting a lot of diversity if they share a lot of the same companies.
Taxes & Fees You May Have Missed
Consider items like expense ratios, brokerage fees, advisory fees, and any tax consequences before investing.
What REIT Investors Should Know
Start small
A wide REIT ETF could be less complex and less demanding to manage than a basket of specialist companies.
Check Out the Property Industry
Never buy a REIT without understanding what it owns and how the properties turn a profit.
Analyze the Balance Sheet
Look at debt, interest expense, loan maturities, cash reserves and access to credit.
Dividend Yield Is Not All
Look at total return, the change in share price plus dividends.
Invest Smarter, Again
Reinvesting dividends can improve the compounding process but do check from time to time to determine whether the position has gotten too large in your portfolio.
Thinking Long Term
The real estate markets are cyclical. REITs are for the long haul, not the quick term.
Maintain the diversification
REITs could be one of the stocks, bonds, cash and other investments that make up a portfolio that meets your goals.
Conduct Regular Investment Reviews
Look for any new details on the REIT’s debt, occupancy, dividend, management plan and property outlook.
Questions and Answers
Can I buy REITs for $500?
Yes. There are several of publicly traded REITs and REIT ETFs that you may buy for $500 or less. Fractional-share investment lets you invest all the money when a full share is too pricey.
Are REITs beginner friendly?
For newbies, REITs are a wonderful way to get some exposure to real estate without having to manage a property yourself. A diversified REIT ETF may be simpler to examine than a single company.
REITs are dangerous investments, however.
REIT dividends are paid out weekly.
Some REITs pay dividends monthly, some quarterly. There is nothing in the payment schedule to tell us how robust the investment is financially.
Are REIT dividends safe?
No The REIT can reduce, suspend or change its dividend.
Why do REITs have to distribute 90% of earnings?
The distribution requirement is one of the requirements to qualify for REIT tax status. It frequently means taxable income in some tax calculations . Not entire revenue or value of an asset .
Are REITs Safer Than Regular Stocks?
REITs are traded on the open market and prices might fall sharply. They are vulnerable to property-specific risks along with typical stock-market risks.
The best approach to acquire REITs
The simplest way is usually to buy a publicly traded REIT or REIT ETF in a brokerage account.
Are REIT ETFs better than individual REITs?
A REIT ETF may provide more diversification and less company research. One REIT means concentrated exposure but also increased risk if that firm performs poorly.
Can REITs fail?
Yeah. Share prices can collapse, property values can fall, tenants can quit, the cost of debt can go up, dividends can be cut.
Can I be held liable for properties?
No. REIT stockholders do not physically oversee buildings, tenants, leases or maintenance.
Are Mortgage REITs More Risky Than Equity REITs?
Mortgage REITs often leverage more and are more sensitive to interest rates, credit conditions and mortgage market movements. They should not be held to the same standards as property-owning equity REITs.
Should I Hold REITs in My Retirement Account?
Retirement accounts do give tax advantages, but they also have regulations on contributions and withdrawals. Which account is best based on your financial and tax situation.
How many REITs should a beginner invest in?
There is no magic number for all people. One diversified REIT ETF might own dozens or more companies. If investors decide to select individual REITs, they should be diversified enough that they don’t become overexposed to any single company, property sector or geographic region.
Are REITs a kind of passive income?
REIT dividends give investment income without the bother of property management. Income is not guaranteed and the value of the investment can go down.
Conclusion
REITs make getting into real estate far more difficult than buying an entire property, getting a mortgage, finding renters and handling repairs.
If you want to diversify between REITs you might spend $500 on shares of a publicly traded REIT, buy a diversified REIT ETF or use fractional shares.
For many beginning investors, the quickest approach to get started is with a wide REIT ETF, which can provide exposure to several real estate businesses but reduce the risk of the problems of one REIT dictating the total result.
But diversification doesn’t reduce risk.
REIT performance can be affected by a variety of factors, including interest rates, debt, occupancy, tenant quality, property prices, economic conditions and management decisions. Dividends are desirable but not certain. A high yield is not always an unusually excellent opportunity, but rather a sign of financial distress.
First, sort out your financial house. So before you invest, understand about the property company, costs and debt and how REITs fit into the rest of your portfolio.
$500 won’t make you rich tomorrow, but it will get you started on obtaining some real estate exposure, and creating some disciplined, long-term investment habits without the inconvenience of owning the property yourself.
Education Disclaimer
This material is for educational and informational reasons only and should not be considered financial, tax, legal, real estate or investment advice. REITs are vulnerable to the risk of loss of principal, changes in dividend distributions, depreciation in market value and restrictions on liquidity. Tax treatment and investment laws are specific to your own circumstances and can be subject to change. This is not an offer or solicitation to purchase or sell any security or other financial instrument or asset.
