Tax-Aware
Provider Comparison

How the tax-aware long/short providers compare

Tax-aware long/short strategies have moved from institutional portfolios into the separately managed account market. A growing number of firms now run them for individual investors. This page compares six providers investors encounter most often. It is not an exhaustive list and will be updated.

As of October 2026

Provider	Founded	Approach	Leverage	Minimum	Manager fee*	Advisor fee	Access
NinePointTwo PrismOur strategy	2018	In-house alpha models	Up to 300/200	$1M	0.50% to 2.00%	None required	Direct or with an advisor
AQR Flex^1,2	1998	In-house alpha models	Not published	$1M+	Not disclosed	Typically 0.50% to 1.25%²	Through an advisor
Quantinno^2,3	2018	Quantitative forecasts	Not published	$1M+	Not disclosed	Typically 0.50% to 1.25%²	Through an advisor
Aperio by BlackRock^2,4	1999	Factor-tilted indexing	Up to 200/100	$1M	0.55% to 0.90%	Typically 0.50% to 1.25%²	Through an advisor
Cache⁵	2022	Sub-advised via BKLN	Up to 145/45	$10M	0.50% to 0.60%	None required	Direct
Frec⁶	2021	Factor-tilted indexing	Up to 250/150	$100K	0.50% to 1.30%	None required	Direct

* Fees shown are each provider's own published management fee. The advisor fee range is illustrative and is not any provider's terms. Confirm current terms with each provider. Full table notes

About This Comparison

What the comparison covers

The comparison covers each provider's minimum, fee range, leverage, custody, and access channel.

NinePointTwo runs one of the strategies listed. Facts about other providers come from public filings, websites, and press coverage as of the date at the top of this page. Terms change, so confirm them with each provider directly. See disclosures at the end of this page for more information.

Read our page on How to evaluate a tax-aware long/short manager for questions to ask any manager and a comparison of working direct vs. through an advisor.

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The Providers

NinePointTwo Prism

Approach: In-house alpha models
Minimum: $1M
Fee: 0.50% to 2.00%
Advisor fee: None required
All-in management fee: 0.50% to 2.00%
Leverage: Up to 300/200
Custody: Interactive Brokers
Access: Direct or with an advisor

NinePointTwo is a Los Angeles investment manager founded in 2018. The firm runs tax-agnostic quantitative hedge fund strategies alongside wealth management, and Prism is its tax-aware long/short strategy for separately managed accounts. Prism draws on the same in-house alpha and tax models, built and run by the firm's own team. NinePointTwo has managed quantitative strategies since 2018 and tax-aware long/short strategies since 2025.

Prism runs from 130/30 to 300/200, with leverage, tracking error, and benchmark set around each client's circumstances. Accounts are custodied at Interactive Brokers, which has announced no restriction comparable to the 2026 retail caps. The strategy seeks pre-tax alpha alongside loss generation, and the firm does not run it for tax benefits alone.

Clients work directly with the team that builds the models, with no platform layer in between. An investor who prefers to keep an existing advisor can do that as well. The management fee runs from 0.50 to 2.00 percent. It is negotiated based on account size and the configuration selected, and full terms appear in our Form ADV Part 2A. NinePointTwo does not publish performance for Prism, its tax-aware long/short strategy, on its website, consistent with its compliance policies. Prospective clients and their advisors can request that performance information directly.

AQR Flex^1,2

Approach: In-house alpha models
Minimum: $1M+¹
Fee: Not disclosed¹
Advisor fee: 0.50% to 1.25%²
All-in management fee: Not disclosed
Leverage: Not published
Custody: Multiple custodians
Access: Through an advisor

AQR is a systematic manager founded in 1998, and its research group wrote much of the published work behind tax-aware long/short investing. Flex is its long/short suite for taxable separately managed accounts.

Flex is distributed through advisors and wirehouses. AQR does not publish tier-level terms, and its Flex materials are restricted to investment professionals. Its Form CRS for AQR Flex states that fees for retail separately managed accounts run up to 2.50 percent per year, negotiated between AQR and the advisor, with the advisor's own fee on top. AQR does not publish Flex performance on its public pages. It cites its years of experience running long/short and tax-aware long/short strategies instead.

Quantinno^2,3

Approach: Quantitative forecasts³
Minimum: $1M+³
Fee: Not disclosed³
Advisor fee: 0.50% to 1.25%²
All-in management fee: Not disclosed
Leverage: Not published
Custody: Multiple custodians
Access: Through an advisor

Quantinno is a quantitative manager focused on taxable investors, founded in 2018 by Hoon Kim, formerly of AQR's quantitative equity group. Its DEALS platform covers a core long/short extension, a transition strategy for concentrated positions, and a long/short overlay on holdings the investor does not want to sell. The firm describes its offering as personalized long/short solutions aimed at maximizing after-tax wealth.

DEALS is available through advisors, with no direct channel. Quantinno's Form ADV brochure, dated September 8, 2026, states that its standard management fee generally begins at 0.45 percent and varies with the leverage used, the mandate, and the size of the relationship. No schedule or upper bound is disclosed, so the comparison shows its fee as not disclosed. Its Form CRS states that minimums typically start at $1 million and may be waived. Quantinno does not publish leverage terms. It does not publish DEALS performance on its public pages. It offers prospective clients a customized transition analysis on request.

Aperio by BlackRock^2,4,7

Approach: Factor-tilted indexing
Minimum: $1M
Fee: 0.55% to 0.90%⁴
Advisor fee: 0.50% to 1.25%²
All-in management fee: 1.05% to 2.15%²
Leverage: Up to 200/100⁴
Custody: Fidelity and Schwab
Access: Through an advisor

Aperio built one of the first large direct indexing businesses and was acquired by BlackRock in 2021. Its long/short extension strategies add short positions to that harvesting engine. Its published configurations run from 130/30 to 200/100.

The strategies are available through advisors, with accounts custodied at Fidelity and Schwab. Aperio's Form ADV brochure discloses long/short fee schedules set by the account's gross exposure, running from 0.55 percent for configurations up to 150/50 to as much as 0.90 percent above them, charged on net account value. An advisor's own fee typically applies on top. Both custodians now restrict new accounts. Fidelity is paused, and Schwab requires $10 million of funding and Regulation T margin for new long/short accounts. BlackRock publishes hypothetical backtests of its long/short extensions on its site for financial professionals. It does not publish live account results. Aperio suits an advised investor who wants a modest extension from a large direct indexing platform rather than a levered program.

Cache^5,7

Approach: Sub-advised via BKLN
Minimum: $10M⁵
Fee: 0.50% to 0.60%
Advisor fee: None required
All-in management fee: 0.50% to 0.60%
Leverage: Up to 145/45
Custody: Schwab
Access: Direct

Cache is a newer firm that began with exchange funds and added a tax-aware long/short product. The product is sub-advised by Brooklyn Indexing (BKLN), a trade name of Nuveen Asset Management, and custodied at Schwab. Cache describes the strategy as using a multi-factor alpha model that seeks pre-tax returns with tax-aware implementation. Investors can enroll directly online. The arrangement is self-directed. No advisor is involved. The investor chooses the configuration and coordinates the tax outcome with their own tax advisor.

Cache publishes its terms in full. Fees run from 0.50 to 0.60 percent by leverage tier, with a standard $1 million minimum. At present Cache is accepting only accounts of $10 million and up, and it has said it expects to resume onboarding at $1 million later in 2026. Cache now publishes 130/30 and 145/45 extensions, consistent with Schwab's Regulation T limit for new accounts. Cache publishes hypothetical estimates of harvested losses by leverage tier and does not publish account returns on its public pages. The product fits an investor who wants direct enrollment at a retail custodian and does not need the larger configurations.

Frec⁶

Approach: Factor-tilted indexing
Minimum: $100K
Fee: 0.50% to 1.30%
Advisor fee: None required
All-in management fee: 0.50% to 1.30%
Leverage: Up to 250/150
Custody: Apex Clearing
Access: Direct

Frec is a direct-to-consumer platform that started in direct indexing and added long/short strategies in October 2025. Accounts clear through Apex, and enrollment is fully online. The arrangement is self-directed and automated. No advisor is involved. The investor chooses the index, tilt, and leverage tier and coordinates the tax outcome with their own tax advisor.

Minimums start at $100,000, the lowest in the category, and rise with the leverage tier. Fees run from 0.50 to 1.30 percent. Apex has announced no cap, so Frec still offers 250/150 to new accounts. Its published performance material consists of hypothetical backtests. Frec opens the category to accounts smaller than the other providers accept. It suits investors who want a low minimum and a fully automated, self-directed account.

Also Notable

Two recent entrants

Franklin Templeton Canvas⁸

Franklin Templeton added tax-aware long/short strategies to its Canvas platform in September 2025, starting with a US large cap 130/30. Canvas is an advisor platform, and the firm has said further leverage tiers will follow.

Parametric⁹

Parametric, part of Morgan Stanley, offers tax-managed long/short extension strategies through advisors. The strategies sit inside a platform known mainly for direct indexing.

Suitability

Matching the provider to the investor

No single provider suits every investor. Account size, channel preference, and the configuration sought decide most cases. For some investors another firm on this page is the better fit.

NinePointTwo

Accounts of $1 million and up
Configurations up to 300/200 for new accounts
A direct relationship with the team that builds and runs the models
A mandate built around your gains, risk tolerance, and other holdings
Pre-tax alpha sought alongside the tax benefit

The direct platforms

Accounts below $1 million, which Frec accepts from $100,000
Comfort with fully online enrollment
Comfort selecting and monitoring the configuration without an advisor
Configurations at or below 145/45 at Cache, or 250/150 at Frec
Setting up the account yourself from the provider's published options

The advisor-channel managers

An advisor already in place to select and monitor the manager
Access to AQR, Aperio, or Quantinno through that relationship
Acceptance of an advisor fee layered on the manager's fee
Comfort delegating configuration choices to the advisor
Terms largely negotiated through the advisor rather than published

Why NinePointTwo

Why work with NinePointTwo?

NinePointTwo was founded as a quantitative firm specializing in long/short strategies. Below is what sets our tax-aware offering apart.

Direct access to the team

Clients work with the investment professionals who build and run the models. No platform or distribution layer sits in between.

A single fee layer

No advisor is required, so a direct client pays one management fee. An investor who values an existing advisor relationship can keep it.

A mandate calibrated to the client

Leverage, tracking error, benchmark, and stock universe are set around each client's circumstances. The calibration is revisited as gains, risk tolerance, and the broader portfolio change.

In-house alpha models

The return forecasts and risk models behind Prism are built and run inside the firm. The strategy seeks pre-tax alpha alongside loss generation.

Long/short is the firm's core work

NinePointTwo also runs similar long/short strategies with no tax objective. The investment case stands on its own, with the tax benefit alongside.

Advisor and manager in one

The firm advises on the setup itself. That covers tracking error, leverage, benchmark and stock universe, wash sale management, and planning for an eventual unwind. The same team then manages the strategy, from stock selection to proprietary risk modeling and research.

FAQ

Common Questions

What is a tax-aware long/short strategy?

It is a separately managed account that holds long and short positions around a benchmark index. The short side lets the account harvest losses in most markets, including rising ones, while overall exposure stays close to the index. Harvested losses may offset gains elsewhere, and the strategies seek pre-tax alpha as well. Loss generation depends on market conditions and is not guaranteed.

Do all providers run the same kind of strategy?

No. The approach column summarizes the difference. NinePointTwo and AQR are quantitative managers that also run tax-agnostic hedge fund strategies, and their tax-aware accounts draw on in-house alpha models that forecast returns. Cache's product is sub-advised by Brooklyn Indexing (BKLN), a trade name of Nuveen Asset Management, and is described as using a multi-factor alpha model with tax-aware implementation. Frec tracks a chosen index with a growth, quality, or value tilt the investor selects, and Aperio extends its factor-tilted direct indexing with short positions. Quantinno, founded by an AQR alumnus, describes its process in its Form ADV brochure as quantitative return forecasting with tax-aware portfolio optimization, and describes its platform as personalized long/short solutions aimed at maximizing after-tax wealth. Each characterization is drawn from the provider's own published descriptions. The distinction matters because the long/short extension should be an investment an investor wants on its own merits, with the tax benefit alongside.

What do these strategies cost?

Management fees in the category run from roughly 0.45 to 2.50 percent, and some managers publish only a starting rate or disclose terms only through advisors. Financing, stock borrow, and trading costs apply on top and grow with the size of the extension. Advisor-channel products add the advisor's own fee, which published research puts near one percent for many accounts, declining with size. Quoted cost figures follow different conventions, so comparisons need care.

What are the typical minimums?

Published minimums run from $100,000 at Frec to $1 million at most of the providers listed here. The Form CRS filings of AQR Flex and Quantinno say their minimums typically start at $1 million, and Cache is accepting only accounts of $10 million and up at present. Typical accounts often run larger than the stated floor.

What did the 2026 custodian changes do?

Schwab capped new enrollments and incoming transfers in tax-aware long/short strategies at 200/100 leverage in April 2026 and added heightened maintenance standards in June. In September 2026 it raised the funding minimum for certain new long/short accounts to $10 million and limited new accounts to Regulation T margin, with existing accounts unaffected. Fidelity paused new long/short account openings entirely, beginning in late 2025 and indefinitely from early 2026, and raised financing costs on some existing accounts from May 2026. Apex and Interactive Brokers, which custody Frec and NinePointTwo accounts, have announced no comparable restriction.

Is an advisor required?

It depends on the provider. AQR, Aperio, and Quantinno distribute through advisors and wirehouses. Cache, Frec, and NinePointTwo accept investors directly, and NinePointTwo also works alongside an existing advisor when a client prefers that.

Is more leverage better?

Not by itself. Larger extensions can generate more losses, and they carry more tracking error and higher financing costs at the same time. The configuration should match the investor's gains, risk tolerance, and time horizon rather than default to the largest available.

Why does this page exclude performance figures?

Performance presentations in this category are mostly hypothetical or simulated, and each firm's figures rest on its own assumptions. Placing them side by side would imply a precision the underlying numbers do not carry. None of the six providers publishes live performance for its tax-aware long/short accounts on its public website. Frec and BlackRock publish hypothetical backtests, and Cache publishes hypothetical loss estimates. NinePointTwo does not publish performance for Prism, its tax-aware long/short strategy, consistent with its compliance policies. Prospective clients and their advisors can request that performance information from NinePointTwo directly. Each provider shares its own materials and assumptions with prospective clients.

Market Context

Custodian limits now shape access

Schwab · April 2026: 200/100; New enrollments and incoming transfers capped at 200/100 leverage.
Schwab · September 2026: $10M; Funding minimum for certain new long/short accounts, with Regulation T margin only.
Fidelity · since late 2025: Paused; New long/short account openings paused, indefinitely from early 2026.

Most tax-aware long/short accounts for individuals sit at retail brokerages. Schwab tightened its terms three times in 2026. In April it capped new enrollments and incoming transfers in these strategies at 200/100 leverage, and limited long/short accounts to 30 percent of an advisor's assets at Schwab. In June it added heightened maintenance standards for all long/short accounts it holds. In September it raised the funding minimum for certain new long/short accounts to $10 million from $1 million, effective September 16, and stopped opening portfolio margin accounts or accepting new money into them. New accounts there can use only Regulation T margin, which generally limits an account to about 150/50. The September changes apply only to new accounts. Fidelity went further and paused new long/short account openings altogether, a pause that began in late 2025 and became indefinite in early 2026. From May 2026 it also raised financing costs on some existing long/short accounts, to 1.52 percent or more in reported cases.⁷

The changes matter because loss generation and tracking error both scale with the size of the long/short extension, and because the minimum now decides who can open an account at all. A provider whose custodian allows new accounts only Regulation T margin and $10 million of funding cannot offer its larger configurations, or its own published minimum, to a new client there, regardless of what its models support.

Two of the providers on this page are outside these limits. Frec clears through Apex, which has announced no comparable restriction. NinePointTwo custodies accounts at Interactive Brokers, which has announced no comparable restriction either, so its full range remains open to new accounts.

Comparison Table Notes

Fees shown are each provider's own published management fee range. AQR and Quantinno do not disclose a fee schedule, so the table shows both as not disclosed. AQR Flex's Form CRS states only a retail cap of up to 2.50 percent. Quantinno's Form ADV brochure states only that its fee generally begins at 0.45 percent and rises with leverage. Neither figure describes a typical account. The advisor-only channels add the advisor's own fee on top. Published benchmarks put typical advisory fees near one percent, declining with account size, and the typical range shown, 0.50% to 1.25%, is drawn from that research rather than any provider's quoted terms. Approaches range from factor-tilted indexing to proprietary return forecasting, so fees are best read alongside the approach column. Fee ranges span each provider's available configurations, which differ, so the low end of one range generally reflects a smaller long/short extension than the high end of another. Cache's standard minimum is $1 million, and it is accepting only accounts of $10 million and up at present. The leverage column shows each provider's highest published configuration. Custodian rules may limit what a new account can obtain, as described under Market Context. The approach labels are short characterizations drawn from each provider's own published descriptions. BKLN is Brooklyn Indexing, a trade name of Nuveen Asset Management and the name Cache uses for the sub-advisor. Financing, borrow, and trading costs apply at every provider and are not shown. NinePointTwo requires no advisor, and an investor who chooses to work with NinePointTwo through one pays that advisor's fee as well. NinePointTwo's fee is negotiated based on account size and the configuration selected, and full terms appear in our Form ADV Part 2A. Facts about other providers were checked in October 2026, and sources are listed below. Confirm current terms with each provider.

Sources

Facts about other providers are drawn from the public materials below.

1.AQR Capital Management, Tax-Aware Investing pages at aqr.com. AQR moved Flex into a separate adviser, AQR Flex Management, LLC, registered with the SEC effective September 30, 2026. Its Form CRS dated August 25, 2026, published at aqr.com, states that AQR Flex typically charges retail investors up to 2.50 percent per year, negotiated between AQR Flex and the client's advisor, and its Form ADV Part 2A brochure dated August 13, 2026 states that fees generally range up to 2.50 percent. Both state only that minimum account sizes are typically $1 million, depending on the strategy and custodian, and may be waived. AQR restricts its Flex strategy materials to investment professionals and does not publish its leverage configurations or tier-level terms. AQR's public Flex pages, at flex.aqr.com, show no strategy performance and describe the firm's years managing long/short and tax-aware long/short strategies (checked October 2026). The firm's 1998 founding is from its public materials. aqr.com
2.The advisor fee range shown for the advisor-only channels, in the table and the profiles, is illustrative rather than any provider's quoted terms, and the all-in management fee rows that include it are illustrative to the same extent. All-in management fees exclude financing, borrow, and trading costs, which are additional at every provider. Kitces Research reports median advisory fees of 1.00 percent of assets on accounts up to $1 million, stepping down to roughly 0.80 percent at $5 million. In Cerulli Associates research reported by Financial Planning, advisors expect the average fee for a client with $10 million in investable assets to be 0.66 percent by 2026. Actual advisor fees vary by firm, account size, and services provided. kitces.com
3.Quantinno, quantinno.com, including its description of personalized long/short managed account solutions aimed at maximizing after-tax wealth. Quantinno's Form ADV Part 2A brochure dated September 8, 2026, available through adviserinfo.sec.gov, states that its standard management fee for separately managed accounts generally begins at 0.45 percent annually and varies with the leverage used, the mandate, the level of customization, and the size of the relationship, with no schedule or upper bound published. Its Form CRS dated September 14, 2026, published at quantinno.com, states that account minimums typically start at $1,000,000 and may be waived. Leverage terms are not published. Quantinno's website and FAQ show no DEALS performance and offer customized transition analysis by email (checked October 2026). The firm's founding (operations commenced October 1, 2018, per the brochure) and founder background are from quantinno.com/about and the brochure. quantinno.com
4.Aperio (BlackRock), tax-managed equity SMA and long/short strategy pages at blackrock.com, and Aperio's Form ADV Part 2A brochure dated March 31, 2026, available through adviserinfo.sec.gov. The brochure discloses long/short advisory fees by gross exposure level, charged on net account value and negotiable: a 0.20 or 0.40 percent short advisory fee atop base index fees of 0.35 to 0.50 percent, which puts a US-benchmark configuration at or below 200 percent gross exposure at 0.55 percent, and a separate flat schedule of 0.45 or 0.90 percent for certain factor-tilted long/short strategies. The range shown starts at the composed 0.55 percent rate because the brochure does not specify which strategies receive the flat rate. Aperio's fact sheet for the US Large Cap 130-30 Quality Value strategy, no longer available at aperiogroup.com, listed the same 0.55 percent, and the ~0.55 percent figure is also reported in the Frec comparison cited below. Aperio's Form CRS dated March 31, 2026 recommends a minimum investment portfolio of $1 million, and the brochure describes its custodial arrangements with Fidelity and Schwab. Aperio's highest published configuration, 200/100, is from BlackRock's public long/short commentary, which presents 130/30 and 200/100 accounts, and is consistent with the brochure's fee band above 200 percent gross exposure and with the Cache and Frec comparisons cited below. Aperio's Form CRS describes its services as primarily offered indirectly through third parties such as wealth managers and consultants. Aperio's 1999 founding and BlackRock's acquisition, completed February 1, 2021, are from the brochure. BlackRock's long/short commentary for financial professionals, at blackrock.com/us/financial-professionals/insights/diversify-with-long-short, presents results from hypothetical back-tests and states that the data do not reflect actual investments (checked October 2026). blackrock.com
5.Cache, product and provider comparison pages at usecache.com, including its published fee schedule, leverage tiers, minimum, custody, sub-advisor, and the description of the strategy's multi-factor alpha model. Cache's product page states that Cache Long/Short is currently open to accounts of $10 million and up and that it expects to resume onboarding at $1 million later in 2026. The firm's 2022 founding is from its published company history, and Brooklyn Investment Group's acquisition by Nuveen is from Nuveen's 2025 announcement. Brooklyn Investment Group merged into Nuveen Asset Management effective May 1, 2026, and the strategy now runs under the Brooklyn Indexing (BKLN) trade name, per Nuveen's product pages and Cache's product page. Cache's product page presents estimated harvested losses by leverage tier as hypothetical projections based on historical simulations, and no account returns appear on its public pages (checked October 2026). usecache.com
6.Frec, product pages and provider comparison at frec.com, updated July 2026, including its published fees, minimums, leverage tiers, strategy description, and Apex Clearing custody. Frec's homepage and long/short pages present hypothetical backtested results, labeled as hypothetical (checked October 2026). The firm's 2021 founding is as reported in the Cache comparison cited above. frec.com
7.Schwab's April 2026 notice capping new tax-aware long/short enrollments and incoming transfers at 200/100 and limiting long/short accounts to 30 percent of an advisor's assets at Schwab, its June 2026 notice adding heightened maintenance standards for long/short accounts, its September 2026 letter to advisors raising the funding minimum for certain new long/short accounts to $10 million and ending new portfolio margin enrollment, effective September 16, 2026, Fidelity's pause on new long/short account openings, and Fidelity's increase in financing costs for some existing long/short accounts effective May 1, 2026, as reported by Bloomberg (April 23 and September 2, 2026), AdvisorHub (April 24, 2026), InvestmentNews, Tax Alpha Insider (Fidelity's December 2025 pause and its February 19, 2026 extension, Fidelity's financing change on March 26, 2026, and Schwab's June notice on June 17, 2026), and the Frec comparison cited above. advisorhub.com
8.Franklin Templeton, press release of September 23, 2025, announcing tax-aware long/short strategies on the Canvas platform, also published at nasdaq.com. businesswire.com
9.Parametric Portfolio Associates, Custom Extension SMA page for wealth managers and long-short equity strategy pages at parametricportfolio.com. parametricportfolio.com

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Disclosures

Information about other providers is drawn from public filings, websites, and press coverage as of the date at the top of this page. Terms change, and this page may lag them. Confirm current terms directly with each provider. The advisor fee range shown for advisor-channel providers in the profiles is an illustrative range drawn from published advisory fee benchmarks rather than any provider's quoted terms, and the all-in management fee rows that include it are illustrative to the same extent. An investor who works with NinePointTwo through an advisor pays that advisor's fee as well. NinePointTwo is not affiliated with any other provider named on this page and does not endorse them. No other provider has reviewed or approved this material.

NinePointTwo earns management fees on its own strategies and earns nothing when an investor chooses another provider. That is a material conflict of interest in any comparison we publish. Our Form ADV Part 2A describes our fees and conflicts in full.

This page is informational and is not an offer, a solicitation, or investment, tax, or legal advice. It is not a recommendation of any provider, including NinePointTwo. Whether any strategy fits depends on facts specific to the investor.

Investing involves substantial risk, including the possible loss of principal. Tax-aware long/short strategies involve unique risks, including short selling and leverage, and may not be suitable for all investors. The effectiveness of tax management strategies depends on individual taxpayer circumstances and may vary. Past performance is not indicative of future results. See our Disclosures page for additional important information.

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