Do You Include Cryptocurrency in Portfolio Construction?

No.  We do not include Cryptocurrency in our portfolio construction.  We do not regard it as an asset class because there are no tangible underlying fundamentals that may be used to judge present or future values.  Similarly, we do not include alternative investments such as venture capital, private equity, or hedge funds in portfolio construction, as we believe these investments are better suited in terms of cost and risk characteristics for institutional investors rather than the individual consumers we serve.