Double is winding down

To our clients,

I am writing to you today with some difficult news. We will be winding down the operations of Double in the coming weeks.

The simple reason is that we did not attract enough customers to be on a path towards building a sustainable business. In the world of investing, a company must ultimately stand on its own feet. Despite our best efforts, it has become clear that the demand for our particular low cost approach to automated portfolio investing is not sufficient to do so.

Your money is safe. Our primary goal now is to ensure a smooth and orderly transition of your assets to another firm. You can initiate a cash withdrawal or transfer your assets to another brokerage. We ask that you do this by July 31, 2025. In the meantime, we will continue to operate as normal and trade within your account until July 31st, 2025. You can manually turn off trading if you’d like by going to settings and turning “Auto Trading Enabled” to False.

Here are the things to know:

• Timeline:
  • As of today July 2nd, 2025, we will no longer accept inbound transfers and deposits or new account creations.
  • Automated Trading on the platform, including Liquidations, Rebalancing and Tax Loss Harvesting, will continue until July 30th, 2025.
  • We ask that you please liquidate or initiate the outgoing transfer of your account by July 31st, 2025.
  • Any remaining accounts still open past July 31st, 2025 may require you to contact Apex to transfer your account out. We are exploring an automatic transfer program and will notify you as we approach this date.
  • After July 31st, 2025, the Double Website will have limited functionality.
• How to Liquidate & Withdraw Cash
  • Create a Liquidation change
  • The next trading day, we will sell all your holdings.
  • You should be able to withdraw that cash to your Bank Account (https://double.finance/transfer/withdraw) the day after we sell your holdings.
    • Note there may be realized capital gains associated with liquidating your portfolio.
  • Once your withdrawal is complete, your account with Apex will be closed. The Double website will have limited functionality when you login (e.g. you can access statements).
• How to Initiate an ACATS Transfer
  • Turn off Automated Trading at Double by setting “Auto Trading Enabled” to False in Settings (link)
  • Open an account of the same type (Individual, Joint, Trust, RIA) at a similar brokerage firm like M1, Frec, Wealthfront, Betterment, Fidelity, Schwab, Robinhood, Public.
  • With your other brokerage, request a Transfer of all or part of your assets. Search for Apex Clearing, and find your account number on the setting page within Double. Please contact us prior to an outgoing ACATS and we will cover the outgoing $75 ACATS fee charged by Apex Clearing.
    • Frec
    • Surmount
    • M1
    • Wealthfront
    • Betterment
    • Fidelity
    • Schwab
    • Interactive Brokers
    • Surmount AI
    • Arta Finance - For accredited investors only
• Things to Note
  • For a Full Account ACATS Transfer, fractional holdings are generally sold and transferred as cash.
  • Your assets are with Apex Clearing and their DTC number is 0158
  • Download your Holdings in CSV format here: https://double.finance/holdings
  • If you are technical, we are open sourcing our optimization engine, Oracle, which does our daily Tax Loss Harvesting and rebalancing. You may be able to use this to set up your own trading bot on Alpaca. You will need to contact Alpaca support to request an ACATS of your current assets held at Double.
    • Note that ETF Holding data, corporate action data, and possibly factor model data would be required to reproduce Double’s Direct Index strategies. Unfortunately this data is not generally free and would require a fair bit of work to get Oracle working.
• Apex Account Creation: Create an account directly with Apex to ensure you always have access to your account documents. Here are the steps to do this: https://help.double.finance/en/articles/10262406-how-can-i-verify-my-holdings-at-apex
• Recommended Transfer Destinations
  • When considering where to transfer your assets, the composition of your portfolio is the key factor.
    • For those of you who utilized our direct indexing strategies for the S&P 500, you might consider firms like Wealthfront or Frec. They offer a similar approach with direct indexing as an option.
      • Different direct indexing providers have different minimums, which may impact your ability to transfer your accounts there. Frec has a $20,000 minimum for their S&P 500 strategy, compared to Wealthfront’s $5k minimum.
    • If you are invested in our curated "Strategies," such as the Large Market Beaters or Small Cap High Performance, you will find that brokerage firms like M1 Finance, Fidelity Basket Portfolios or Interactive Brokers provide the closest experience to Double.
    • Any other large brokerage like Fidelity, Charles Schwab, Robinhood, Public should be able to handle all of the assets Double holds, although they will generally not be managed/traded automatically for you.

It has been a privilege to serve you, and we are sorry for any inconvenience this shutdown may cause. We wish you all the best and can be reached at support@double.finance with any questions or concerns.

Sincerely,

JJ, Mark and the rest of the Double Team.