Double is winding down

JJ Maxwell


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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 1st, 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 will 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.
  • 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.
  • Things to Note
    • For a Full Account ACATS Transfer, fractional holdings are generally sold and transferred as cash.
    • 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.

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JJ Maxwell


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Our Tools

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Fee Calculator

With zero AUM fees on Double, see how much savings a portfolio might accumulate compared to a traditional wealth advisor fee or ETF expense ratio.

wealthfront-sm

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0.1%

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0.89%

Tax Bracket Estimator

Estimate the taxes across federal, state, short term and long term for your situation.

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Double is a registered investment adviser with the US Securities and Exchange Commission (SEC). While such registration does not imply a certain level of skill, it does require us to follow federal regulations that protect you, the investor. By law, we must provide investment advice that is in the best interest of our client. Please refer to Double's Form CRS for important additional information.

The publicly available portions of the Platform (i.e., the sections of the Platform that are available to individuals who are not party to a Client Agreement - including double.finance) are provided for educational purposes only and are not intended to provide legal, tax, or financial planning advice. To the extent that any of the content published on publicly available portions of the Platform may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person. Nothing on the publicly available portions of the Platform should be construed as a solicitation or offer, or recommendation, to buy or sell any security. All charts, figures, and graphs on the publicly available websites are for illustrative purposes only. Before investing, you should consider whether any investment, investment strategy, security, other asset, or related transaction is appropriate for you based on your personal investment objectives, financial circumstances, and risk tolerance. You are also encouraged to consult your legal, tax, or investment professional regarding your specific situation. Registration does not imply a certain level of skill or training.

Investing involves risk. The value of your investment will fluctuate, and you may gain or lose money.

The contents of the Platform may contain forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates, and projections about the financial industry, the economy, or Global Predictions itself. Forward-looking statements are not guarantees of the underlying expected actions or future performance and future results may differ significantly from those anticipated by the forward-looking statements. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements.

¹ Data as of July 2024.

² Availability of tax loss harvesting depends on portfolio diversity.

³ This analysis calculator tool is for illustrative purposes only and is not financial advice. We do not guarantee the accuracy of the results or their relevance to your particular circumstances. This calculator uses hypothetical historical data and does not take into account the effect of taxes on a taxable account. Hypothetical historical data is no guarantee of future performance and this calculator is not intended to predict actual performance. The input of different time periods, amounts, and fees will vary calculator results. Average ETF fee is based on the AUM weighted average of US ETFs as of September 2024, see more information. Note that you can purchase ETFs through Double, which may incur additional fees.

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Data displayed in charts and graphics above are for illustrative purposes only and do not reflect actual investment results and are not a guarantee of future results.

By using double.finance, you accept our and . Double is only available to US residents.

See Double Finance Form ADV Part IIA for additional information. Double does not guarantee that the results of its advice, recommendations, or the objectives of its direct index or cash management strategies will be achieved. We make no assurance that the investment process will consistently lead to successful investing. Before you invest, you should carefully review and consider your investment objectives as well as the risks, charges, and expenses of the underlying securities. There is at least a $1,000 account minimum required to participate in Double's strategies, although some strategies may have higher minimums.

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