Very low-cost index mutual funds and ETFs have become so popular that financial firms are introducing new products to generate income. The old playbook for generating more fee revenue was Actively Managed Mutual Funds and ETFs. While Actively Managed funds are still available - despite significantly higher fees - the vast majority underperform the passively managed index funds. The new products include Separately Managed Accounts (SMAs), Structured Notes, Interval Funds, Custom or Direct Indexing, Buffer or Defined Outcome ETFs, Business Development Companies (BDCs) and Annuities. They all promise better performance or limited/no risk of loss with upside market participation. Some of these products might be appropriate for certain investor circumstances. Our best advice is to be sure to understand both the upside, downside, expenses, and liquidity restrictions in what are often complex investment vehicles. The only certain thing is that the financial firms will make more money when you invest.