Investment Edge® 21.0
Equitable Financial Life Insurance Company of America
Equitable Financial Life Insurance Company
Issued through: Equitable America Variable Account No. 70A and Separate Account No. 70
Contract Classes: Investment Edge®, Investment Edge® Select and Investment Edge® ADV
Summary Prospectus for Existing Investors
May 1, 2024
This summary prospectus (the “Summary Prospectus”) summarizes key features of the contract. The statutory prospectus (the “Prospectus”) and Statement of Additional Information ("SAI") for the contract contain more information about the contract’s features, benefits, and risks. The Prospectus and SAI are incorporated by reference into this updating summary prospectus. You can find the current Prospectus, SAI and other information about the contract online at www.equitable.com/ICSR#EQH161810. You can also obtain this information at no cost by calling 1-877-522-5035, by sending an email request to EquitableFunds@dfinsolutions.com, or by calling your financial intermediary.
The Investment Edge® 21.0 are variable and index-linked individual and group flexible premium deferred annuity contracts. This Summary Prospectus only describes Investment Edge®, Investment Edge® Select and Investment Edge® ADV. The contracts provide for the accumulation of retirement savings and for income. The contracts offer income and death benefit protection as well. They also offer a number of payout options.
Additional information about certain investment products, including variable annuities, has been prepared by the Securities and Exchange Commission’s staff and is available at Investor.gov.
Updated Information About Your Contract
The information in this Summary Prospectus is a summary of certain contract features that have changed since the Prospectus dated May 1, 2023. This may not reflect all of the changes that have occurred since you entered into your contract.
INVESTMENT OPTIONS
There have been changes to the Appendix “Portfolio Companies available under the contract” in this Summary Prospectus.
Investment Options Added: EQ/American Century Moderate Growth Allocation Portfolio; EQ/Goldman Sachs Growth Allocation Portfolio; EQ/Goldman Sachs Mid-Cap Value Portfolio; EQ/Goldman Sachs Moderate Growth Allocation Portfolio; EQ/Intermediate Corporate Bond Portfolio; EQ/Invesco Comstock Portfolio; EQ/JPMorgan Growth Allocation Portfolio; EQ/Long-Term Bond Portfolio; Invesco V.I. Main Street Mid Cap Fund®.
Investment Options No Longer Available for Applications Signed On or After November 13, 2023 (subject to regulatory or other necessary approvals): First Trust Multi Income Allocation Portfolio; Franklin Allocation VIP Fund; Macquarie VIP Emerging Markets Series (formerly Delaware VIP® Emerging Markets Series); MFS® Investors Trust Series; Putnam VT Global Asset Allocation Fund.
Portfolio Substitution: Shares of the EQ/Intermediate Government Bond Portfolio were substituted for shares of the American Century VP Inflation Protection Fund.
Portfolio Reorganization: Certain portfolios of the EQ Premier VIP Trust (the “Acquired Trust Portfolios”) were reorganized into substantially identical, newly created portfolios of the EQ Advisors Trust (the “Acquiring Trust Portfolios”). The investment objectives, policies, principal strategies, principal risks, and the fees and expenses of the Acquired Trust Portfolios and corresponding Acquiring Trust Portfolios are substantially identical, and their Investment Manager did not change. The Acquired Trust Portfolios under your contract were removed as investment options, and the corresponding Acquiring Trust Portfolios were added as available investment options (subject to any applicable allocation restrictions) without impacting your account value, investment allocations, or expenses.
Investment Option Name Changes: EQ/JPMorgan Growth Stock Portfolio (formerly EQ/T. Rowe Price Growth Stock Portfolio); Macquarie VIP Emerging Markets Series (formerly Delaware VIP® Emerging Markets Series).
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Important Information You Should Consider About The Contract
| FEES AND EXPENSES | ||
| Charges for Early Withdrawals | Each series of the contract provides for different withdrawal charge periods and percentages.
Investment Edge® — If you surrender your contract, apply your cash value to a non-life contingent annuity payment option, or withdraw money from an Investment Edge® contract within 5 years following your last contribution, you will be assessed a withdrawal charge of up to 6% of contributions withdrawn. For example, if you make a withdrawal in the first year, you could pay a withdrawal charge of up to $6,000 on a $100,000 investment.
Investment Edge® Select — No withdrawal charge.
Investment Edge® ADV — No withdrawal charge.
There is an interim value adjustment for amounts withdrawn from a Segment of the SIO before Segment maturity which could result in up to a 100% loss of the Segment Investment. See the SIO prospectus for more information.
For additional information about charges for surrenders and early withdrawals see “Withdrawal charge” in “Charges and expenses” in the Prospectus. | |
| Transaction Charges | In addition to withdrawal charges, you may also be charged for other transactions (for special requests such as wire transfers, express mail, duplicate contracts, preparing checks, third-party transfers or exchanges, or when you transfer between investment options in excess a certain number).
For additional information about transaction charges see “Charges that the Company deducts” in “Charges and expenses” in the Prospectus. | |
| Ongoing Fees and Expenses (annual charges) | Each series of the contract provides for different ongoing fees and expenses. The table below describes the fees and expenses that you may pay each year under the contract, depending on the options you choose. For Investment Edge® ADV contracts, the fees and expenses in the table below do not reflect any advisory fees paid to financial intermediaries from the contract value or other assets of the owner; if such fees were reflected the below fees and charges would be higher. Please refer to your contract specifications page for information about the specific fees you will pay each year based on the options you have elected. | |
| Annual Fee | Minimum | Maximum | ||
| Base Contract (varies by contract series)(1) | 0.00% | 1.25% | ||
| Investment options (Portfolio fees and expenses)(2) | 0.57% | 2.65% | ||
| Optional benefits available for an additional charge (for a single optional benefit, if elected)(3) | 0.30% | 0.50% | ||
|
(1) Expressed as an annual percent of daily net assets in the variable investment options and as a percentage of the rate of return for Segments in the SIO. (2) Expressed as an annual percentage of daily net assets in the Portfolio. This range is for the year ended December 31, 2023 and could change from year to year. (3) Expressed as an annual percentage of the applicable benefit base. | ||
| Because your contract is customizable, the choices you make affect how much you will pay. To help you understand the cost of owning your contract, the following table shows the lowest and highest cost you could pay each year, based on current charges. This estimate assumes that you do not take withdrawals from the contract or make any other transactions, which could add withdrawal charges that substantially increase costs. | ||
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| Lowest Annual Cost $1,017 |
Highest Annual Cost $3,611 | |
| Assumes: • Investment of $100,000 • 5% annual appreciation • Least expensive combination of contract series and Portfolio fees and expenses • No sales charges or advisory fees • No additional contributions, transfers or withdrawals |
Assumes: • Investment of $100,000 • 5% annual appreciation • Most expensive combination of contract series (Investment Edge® Select), optional benefits (Return of Premium death benefit) and Portfolio fees and expenses • No sales charges or advisory fees • No additional contributions, transfers or withdrawals | |
| For additional information about ongoing fees and expenses see “Fee Table” in the Prospectus. | ||
| RISKS | ||
| Risk of Loss | The contract is subject to the risk of loss. You could lose some or all of your account value.
For additional information about the risk of loss see “Principal risks of investing in the contract” in the Prospectus. | |
| Not a Short-Term Investment | The contract is not a short-term investment and is not appropriate for an investor who needs ready access to cash because the contract is designed to provide for the accumulation of retirement savings and income on a long-term basis. As such, you should not use the contract as a short-term investment or savings vehicle. A withdrawal charge may apply in certain circumstances and any withdrawals may also be subject to federal and state income taxes and tax penalties.
For additional information about the investment profile of the contract see “Fee Table” in the Prospectus. | |
| Risks Associated with Investment Options | An investment in the contract is subject to the risk of poor investment performance and can vary depending on the performance of the variable investment options (e.g., the Portfolios) and the SIO. Each investment option, including the SIO, available under the contract, has its own unique risks. You should review the investment options and Segments of the SIO available under the contract before making an investment decision.
For additional information about the risks associated with investment options see “Variable investment options” and “Portfolios of the Trusts” in “Purchasing the contract” in the Prospectus, as well as, “Risks factors” and “Structured Investment Option” in “Description of the Structured Investment Option” in the SIO prospectus. See also Appendix “Portfolio Companies available under the contract” in the Prospectus. | |
| Insurance Company Risks | An investment in the contract is subject to the risks related to the Company. The Company is solely responsible to the contract owner for the contract’s account value. The general obligations, including the SIO, under the contract are supported by our general account and are subject to our claims-paying ability. An owner should look solely to our financial strength for our claims-paying ability. More information about the Company, including our financial strength ratings, may be obtained at https://equitable.com/about-us/financial-strength-ratings.
For additional information about insurance company risks see “About the general account” in “More information” in the Prospectus. | |
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| RESTRICTIONS | ||
| Investments | We may, at any time, exercise our rights to limit or terminate your contributions, allocations and transfers to any of the investment options and to limit the number of investment options which you may select. Such rights include, among others, combining any two or more investment options and transferring account value from any investment option to another investment option.
For more information see “The Separate Account” in “More information” in the Prospectus.
Currently, we do not charge for transfers among investment options under the contract. However, we reserve the right to charge for any transfers in excess of 12 per contract year. We will provide you with advance notice if we decide to assess the transfer charge, which will never exceed $35 per transfer.
For additional information about the investment options, including information regarding volatility management strategies and techniques, see “Transfer charge” in “Charges and expenses” and “Portfolios of the Trusts” in “Purchasing the contract” in the Prospectus. See also the SIO prospectus. | |
| Optional Benefits | At any time, we have the right to limit or terminate your ability to contribute to any of the investment options. If you have one or more guaranteed benefits like the Return of Premium Death Benefit or Income Edge payment program (which are also known as optional benefits) and we exercise our right to discontinue the acceptance of, and/or place additional limitations on, contributions to the contract, you may no longer be able to fund your guaranteed benefit(s).
If you elect the Return of Premium death benefit you generally cannot make additional contributions to your contract once you reach age 76.
Withdrawals, including withdrawals to pay advisory fees, that exceed limits specified by the terms of an optional benefit may affect the availability of the benefit by reducing the benefit by an amount greater than the value withdrawn, and/or could terminate the benefit.
If you purchase an Investment Edge® ADV contract and you elect to pay the advisory fee from your account value, then this deduction will be treated as a withdrawal and will reduce the standard death benefit, the Return of Premium death benefit, and payments under the Income Edge payment program, and may also be subject to federal and state income taxes and a 10% federal penalty tax. See “Fee based programs” in “Purchasing the contract” in the Prospectus.
For additional information about the optional benefits see “How you can purchase and contribute to your contract” in “Purchasing the contract” and “Benefits available under the contract” in the Prospectus. | |
| TAXES | ||
| Tax Implications | You should consult with a tax professional to determine the tax implications of an investment in, and payments received under, the contract. There is no additional tax benefit to you if the contract is purchased through a tax-qualified plan or individual retirement account (IRA). Withdrawals will be subject to ordinary income tax and may be subject to tax penalties. Generally, you are not taxed until you make a withdrawal from the contract.
For additional information about tax implications see “Tax information” in the Prospectus. | |
| CONFLICTS OF INTEREST | ||
| Investment Professional Compensation | Some financial professionals may receive compensation for selling the contract to you, both in the form of commissions or in the form of contribution-based compensation. Financial professionals may also receive additional compensation for enhanced marketing opportunities and other services (commonly referred to as “marketing allowances”). This conflict of interest may influence the financial professional to recommend this contract over another investment.
For additional information about compensation to financial professionals see “Distribution of the contracts” in “More information” in the Prospectus. | |
| Exchanges | Some financial professionals may have a financial incentive to offer a new contract in place of the one you already own. You should only exchange your contract if you determine, after comparing the features, fees, and risks of both contracts, that it is preferable to purchase the new contract rather than continue to own your existing contract.
For additional information about exchanges see “Charge for third-party transfer or exchange” in “Charges and expenses” in the Prospectus. | |
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Appendix: Portfolio Companies available under the contract
The following is a list of Portfolio Companies available under the contract. More information about the Portfolio Companies is available in the prospectuses for the Portfolio Companies, which may be amended from time to time and can be found online at www.equitable.com/ICSR#EQH161810. You can request this information at no cost by calling 1-877-522-5035 or by sending an email request to EquitableFunds@dfinsolutions.com.
The current expenses and performance information below reflects fee and expenses of the Portfolios, but do not reflect the other fees and expenses that your contract may charge. Expenses would be higher and performance would be lower if these other charges were included. Each Portfolio’s past performance is not necessarily an indication of future performance.
Affiliated Portfolio Companies:
| Average Annual Total Returns (as of 12/31/2023) |
||||||||||||||||||
| TYPE | Portfolio Company — Investment Adviser; Sub-Adviser(s), as applicable | Current Expenses |
1 year | 5 year | 10 year | |||||||||||||
|
Specialty |
1290 VT Convertible Securities — Equitable Investment Management Group, LLC (“EIMG”); SSGA Funds Management, Inc. |
0.90 | %^ | 13.73% | 9.37% | 6.84% | ||||||||||||
|
Fixed Income |
1290 VT DoubleLine Opportunistic Bond — EIMG; DoubleLine Capital LP |
0.91 | %^ | 6.60% | 0.72% | — | ||||||||||||
|
Equity |
1290 VT Equity Income — EIMG; Barrow, Hanley, Mewhinney & Strauss, LLC d/b/a Barrow Hanley Global Investors |
0.95 | %^ | 5.49% | 10.25% | 7.23% | ||||||||||||
|
Specialty |
1290 VT GAMCO Mergers & Acquisitions — EIMG; GAMCO Asset Management, Inc. |
1.29 | %^ | 9.53% | 4.22% | 3.39% | ||||||||||||
|
Equity |
1290 VT GAMCO Small Company Value — EIMG; GAMCO Asset Management, Inc. |
1.06 | % | 21.04% | 12.82% | 7.94% | ||||||||||||
|
Fixed Income |
1290 VT High Yield Bond — EIMG; AXA Investment Managers US Inc., Post Advisory Group, LLC |
1.03 | %^ | 12.39% | 4.73% | 3.76% | ||||||||||||
|
Equity |
1290 VT Micro Cap — EIMG; BlackRock Investment Management, LLC, Lord, Abbett & Co. LLC |
1.15 | %^ | 7.62% | 11.41% | — | ||||||||||||
|
Specialty |
1290 VT Multi-Alternative Strategies — EIMG |
1.54 | %^ | 5.13% | 1.57% | — | ||||||||||||
|
Specialty |
1290 VT Natural Resources — EIMG; AllianceBernstein L.P. |
0.90 | %^ | 1.17% | 10.31% | 2.80% | ||||||||||||
|
Specialty |
1290 VT Real Estate — EIMG; AllianceBernstein L.P. |
0.90 | %^ | 9.46% | 2.74% | 3.61% | ||||||||||||
|
Equity |
1290 VT Small Cap Value — EIMG; BlackRock Investment Management, LLC, Horizon Kinetics Asset Management LLC |
1.17 | %^ | 5.79% | 12.69% | — | ||||||||||||
|
Equity |
1290 VT SmartBeta Equity ESG — EIMG; AXA Investment Managers US Inc. |
1.10 | %^ | 16.49% | 11.53% | 8.52% | ||||||||||||
|
Equity |
1290 VT Socially Responsible — EIMG; BlackRock Investment Management, LLC |
0.92 | % | 27.50% | 15.12% | 11.32% | ||||||||||||
|
Equity |
EQ/500 Managed Volatility† — EIMG; AllianceBernstein L.P., BlackRock Investment Management, LLC |
0.81 | % | 25.27% | 14.21% | 10.71% | ||||||||||||
|
Asset Allocation |
EQ/AB Dynamic Moderate GrowthΔ — EIMG; AllianceBernstein L.P. |
1.13 | % | 12.96% | 5.50% | 4.15% | ||||||||||||
|
Fixed Income |
EQ/AB Short Duration Government Bond — EIMG; AllianceBernstein L.P. |
0.77 | %^ | 4.35% | 1.11% | 0.60% | ||||||||||||
|
Equity |
EQ/AB Small Cap Growth — EIMG; AllianceBernstein L.P. |
0.93 | % | 17.70% | 10.59% | 7.78% | ||||||||||||
|
Equity |
EQ/AB Sustainable U.S. Thematic — EIMG; AllianceBernstein L.P. |
1.00 | %^ | 20.56% | — | — | ||||||||||||
|
Asset Allocation |
EQ/Aggressive Allocation† — EIMG |
1.18 | % | 18.37% | 10.23% | 7.07% | ||||||||||||
|
Asset Allocation |
EQ/All Asset Growth Allocation — EIMG |
1.25 | %^ | 14.15% | 7.70% | 5.27% | ||||||||||||
|
Equity |
EQ/American Century Mid Cap Value — EIMG; American Century Investment Management, Inc. |
1.00 | %^ | 5.98% | 10.88% | — | ||||||||||||
|
Asset Allocation |
EQ/American Century Moderate Growth AllocationΔ — EIMG; American Century Investment Management, Inc. |
1.15 | %^ | 15.62% | — | — | ||||||||||||
|
Equity |
EQ/ClearBridge Large Cap Growth ESG — EIMG; ClearBridge Investments, LLC |
1.00 | %^ | 45.91% | 15.78% | 10.70% | ||||||||||||
|
Equity |
EQ/ClearBridge Select Equity Managed Volatility† — EIMG; BlackRock Investment Management, LLC, ClearBridge Investments, LLC |
1.06 | %^ | 24.58% | 15.63% | 9.90% | ||||||||||||
|
Equity |
EQ/Common Stock Index — EIMG; AllianceBernstein L.P. |
0.67 | %^ | 25.13% | 14.45% | 10.79% | ||||||||||||
|
Asset Allocation |
EQ/Conservative Allocation† — EIMG |
1.00 | %^ | 8.02% | 2.60% | 2.15% | ||||||||||||
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| Average Annual Total Returns (as of 12/31/2023) |
||||||||||||||||||
| TYPE | Portfolio Company — Investment Adviser; Sub-Adviser(s), as applicable | Current Expenses |
1 year | 5 year | 10 year | |||||||||||||
|
Fixed Income |
EQ/Core Bond Index — EIMG; SSGA Funds Management, Inc. |
0.64 | %^ | 4.51% | 1.02% | 1.11% | ||||||||||||
|
Fixed Income |
EQ/Core Plus Bond — EIMG; Brandywine Global Investment Management, LLC, Loomis, Sayles & Company, L.P. |
0.93 | %^ | 4.51% | 1.94% | 1.60% | ||||||||||||
|
Equity |
EQ/Emerging Markets Equity PLUS — EIMG; AllianceBernstein L.P., EARNEST Partners, LLC |
1.20 | %^ | 10.34% | 4.02% | 1.86% | ||||||||||||
|
Equity |
EQ/Equity 500 Index — EIMG; AllianceBernstein L.P. |
0.54 | %^ | 25.57% | 15.03% | 11.37% | ||||||||||||
|
Equity |
EQ/Fidelity Institutional AM® Large Cap — EIMG; FIAM LLC |
0.87 | %^ | 31.38% | 16.55% | — | ||||||||||||
|
Equity |
EQ/Franklin Rising Dividends — EIMG; Franklin Advisers, Inc. |
0.87 | %^ | 12.13% | 13.88% | — | ||||||||||||
|
Asset Allocation |
EQ/Goldman Sachs Growth AllocationΔ — EIMG; Goldman Sachs Asset Management L.P. |
1.15 | %^ | 17.62% | — | — | ||||||||||||
|
Equity |
EQ/Goldman Sachs Mid Cap Value — EIMG; Goldman Sachs Asset Management L.P. |
1.09 | %^ | 11.22% | 12.97% | — | ||||||||||||
|
Asset Allocation |
EQ/Goldman Sachs Moderate Growth AllocationΔ — EIMG; Goldman Sachs Asset Management L.P. |
1.15 | %^ | 13.97% | 5.55% | — | ||||||||||||
|
Fixed Income |
EQ/Intermediate Corporate Bond — EIMG; AllianceBernstein L.P. |
0.65 | %^ | — | — | — | ||||||||||||
|
Fixed Income |
EQ/Intermediate Government Bond — EIMG; SSGA Funds Management, Inc. |
0.64 | %^ | 3.87% | 0.39% | 0.56% | ||||||||||||
|
Equity |
EQ/International Equity Index — EIMG; AllianceBernstein L.P. |
0.72 | %^ | 19.04% | 8.10% | 3.69% | ||||||||||||
|
Equity |
EQ/Invesco Comstock — EIMG; Invesco Advisers, Inc. |
1.00 | %^ | 12.01% | 13.18% | 8.70% | ||||||||||||
|
Equity |
EQ/Invesco Global — EIMG; Invesco Advisers, Inc. |
1.10 | %^ | 33.79% | 11.76% | 7.95% | ||||||||||||
|
Specialty |
EQ/Invesco Global Real Assets — EIMG; Invesco Advisers, Inc. |
1.16 | % | 10.08% | 5.45% | — | ||||||||||||
|
Equity |
EQ/Janus Enterprise — EIMG; Janus Henderson Investors US LLC |
1.05 | % | 17.01% | 13.08% | 7.62% | ||||||||||||
|
Asset Allocation |
EQ/JPMorgan Growth AllocationΔ — EIMG; J.P. Morgan Investment Management Inc. |
1.15 | %^ | 13.86% | 6.97% | — | ||||||||||||
|
Equity |
EQ/JPMorgan Growth Stock — EIMG; J.P. Morgan Investment Management Inc. |
0.96 | %^ | 46.33% | 12.84% | 11.28% | ||||||||||||
|
Equity |
EQ/JPMorgan Value Opportunities — EIMG; J.P. Morgan Investment Management Inc. |
0.96 | % | 10.90% | 14.17% | 10.12% | ||||||||||||
|
Equity |
EQ/Large Cap Growth Index — EIMG; AllianceBernstein L.P. |
0.73 | % | 41.54% | 18.63% | 14.02% | ||||||||||||
|
Equity |
EQ/Large Cap Value Index — EIMG; AllianceBernstein L.P. |
0.74 | % | 10.71% | 10.15% | 7.66% | ||||||||||||
|
Equity |
EQ/Lazard Emerging Markets Equity — EIMG; Lazard Asset Management LLC |
1.35 | %^ | 21.68% | 5.11% | — | ||||||||||||
|
Fixed Income |
EQ/Long-Term Bond — EIMG |
0.65 | %^ | 6.35% | — | — | ||||||||||||
|
Equity |
EQ/Loomis Sayles Growth — EIMG; Loomis, Sayles & Company, L.P. |
1.05 | %^ | 43.89% | 15.66% | 13.24% | ||||||||||||
|
Equity |
EQ/MFS International Growth — EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management |
1.10 | %^ | 14.52% | 9.28% | 6.12% | ||||||||||||
|
Equity |
EQ/MFS International Intrinsic Value — EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management |
1.15 | %^ | 17.37% | 8.29% | — | ||||||||||||
|
Specialty |
EQ/MFS Technology — EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management |
1.14 | % | 54.10% | 17.38% | — | ||||||||||||
|
Specialty |
EQ/MFS Utilities Series — EIMG; Massachusetts Financial Services Company d/b/a MFS Investment Management |
1.05 | %^ | -2.36% | 8.01% | — | ||||||||||||
|
Equity |
EQ/Mid Cap Index — EIMG; AllianceBernstein L.P. |
0.65 | %^ | 15.77% | 11.88% | 8.54% | ||||||||||||
|
Asset Allocation |
EQ/Moderate Allocation† — EIMG |
1.11 | % | 12.31% | 5.76% | 4.17% | ||||||||||||
|
Asset Allocation |
EQ/Moderate-Plus Allocation† — EIMG |
1.13 | % | 15.36% | 8.10% | 5.67% | ||||||||||||
|
Cash/Cash Equivalent |
EQ/Money Market* — EIMG; Dreyfus, a division of Mellon Investments Corporation |
0.69 | % | 4.47% | 1.48% | 0.90% | ||||||||||||
|
Fixed Income |
EQ/PIMCO Global Real Return — EIMG; Pacific Investment Management Company LLC |
2.36 | %^ | 4.09% | 1.62% | 2.49% | ||||||||||||
|
Fixed Income |
EQ/PIMCO Total Return ESG — EIMG; Pacific Investment Management Company LLC |
0.87 | %^ | 5.63% | 1.11% | — | ||||||||||||
|
Fixed Income |
EQ/PIMCO Ultra Short Bond — EIMG; Pacific Investment Management Company LLC |
0.88 | %^ | 5.56% | 1.61% | 1.25% | ||||||||||||
|
Equity |
EQ/Small Company Index — EIMG; AllianceBernstein L.P. |
0.64 | % | 16.72% | 10.06% | 7.01% | ||||||||||||
|
Specialty |
EQ/T. Rowe Price Health Sciences — EIMG; T. Rowe Price Associates, Inc. |
1.20 | %^ | 3.99% | 9.94% | — | ||||||||||||
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| Average Annual Total Returns (as of 12/31/2023) |
||||||||||||||||||
| TYPE | Portfolio Company — Investment Adviser; Sub-Adviser(s), as applicable | Current Expenses |
1 year | 5 year | 10 year | |||||||||||||
|
Equity |
EQ/Value Equity — EIMG; Aristotle Capital Management, LLC |
0.92 | % | 19.52% | 10.06% | 6.90% | ||||||||||||
|
Specialty |
EQ/Wellington Energy — EIMG; Wellington Management Company LLP |
1.19 | %^ | 5.99% | 3.78% | — | ||||||||||||
|
Asset Allocation |
Equitable Conservative Growth MF/ETF Portfolio — EIMG |
1.10 | %^ | 9.86% | 7.20% | 4.77% | ||||||||||||
|
Asset Allocation |
Equitable Growth MF/ETF — EIMG |
1.15 | %^ | 14.23% | — | — | ||||||||||||
|
Asset Allocation |
Equitable Moderate Growth MF/ETF — EIMG |
1.10 | %^ | 12.01% | — | — | ||||||||||||
|
Specialty |
Multimanager Technology — EIMG; AllianceBernstein L.P., FIAM LLC, Wellington Management Company LLP |
1.24 | %^ | 49.53% | 19.07% | 16.18% | ||||||||||||
| ^ | This Portfolio’s annual expenses reflect temporary fee reductions. |
| Δ | Certain other affiliated Portfolios, as well as unaffiliated Portfolios, may utilize volatility management techniques that differ from the EQ volatility management strategy. Affiliated Portfolios that utilize these volatility management techniques are identified in the chart by a “Δ”. Any such unaffiliated Portfolio is not identified in the chart. See “Portfolios of the Trusts” for more information regarding volatility management. |
| † | EQ Managed Volatility Portfolios that include the EQ volatility management strategy as part of their investment objective and/or principal investment strategy, and the EQ/affiliated Fund of Fund Portfolios that invest in Portfolios that use the EQ volatility management strategy, are identified in the chart by a “†“. See “Portfolios of the Trusts” for more information regarding volatility management. |
| * | The Portfolio operates as a “government money market fund.” The Portfolio will invest at least 99.5% of its total assets in U.S. government securities, cash, and/or repurchase agreements that are fully collateralized by U.S. government securities or cash. |
Unaffiliated Portfolio Companies:
| Average Annual Total Returns (as of 12/31/2023) |
||||||||||||||||||
| TYPE | Portfolio Company — Investment Adviser; Sub-Adviser(s), as applicable | Current Expenses |
1 year | 5 year | 10 year | |||||||||||||
|
Equity |
AB VPS Discovery Value Portfolio — AllianceBernstein L.P. |
1.06 | % | 16.86% | 10.51% | 7.29% | ||||||||||||
|
Equity |
AB VPS Relative Value Portfolio — AllianceBernstein L.P. |
0.86 | %^ | 11.72% | 11.57% | 9.05% | ||||||||||||
|
Equity |
AB VPS Sustainable Global Thematic Portfolio — AllianceBernstein L.P. |
1.17 | %^ | 15.70% | 13.27% | 9.33% | ||||||||||||
|
Asset Allocation |
American Funds Insurance Series® Asset Allocation Fund — Capital Research and Management Company |
0.80 | % | 14.02% | 8.93% | 6.98% | ||||||||||||
|
Equity |
American Funds Insurance Series® Global Growth Fund — Capital Research and Management Company |
0.91 | %^ | 22.29% | 13.36% | 9.30% | ||||||||||||
|
Equity |
American Funds Insurance Series® Global Small Capitalization Fund — Capital Research and Management Company |
1.16 | %^ | 15.79% | 8.03% | 5.51% | ||||||||||||
|
Equity |
American Funds Insurance Series® Growth-Income Fund — Capital Research and Management Company |
0.78 | % | 25.82% | 13.08% | 10.63% | ||||||||||||
|
Equity |
American Funds Insurance Series® International Growth and Income Fund — Capital Research and Management Company |
1.06 | % | 15.66% | 5.86% | 3.06% | ||||||||||||
|
Equity |
American Funds Insurance Series® New World Fund® — Capital Research and Management Company |
1.07 | %^ | 15.67% | 8.37% | 4.43% | ||||||||||||
|
Asset Allocation |
BlackRock Global Allocation V.I. Fund — BlackRock Advisors, LLC; BlackRock International Limited, BlackRock (Singapore) Limited |
1.02 | %^ | 12.49% | 7.39% | 4.63% | ||||||||||||
|
Specialty |
Eaton Vance VT Floating-Rate Income Fund — Eaton Vance Management |
1.17 | % | 11.21% | 4.13% | 3.22% | ||||||||||||
|
Fixed Income |
Federated Hermes High Income Bond Fund II — Federated Investment Management Company |
1.06 | %^ | 12.47% | 4.49% | 3.87% | ||||||||||||
|
Equity |
Federated Hermes Kaufmann Fund II — Federated Equity Management Company of Pennsylvania; Federated Global Investment Management Corporation |
1.80 | %^ | 14.86% | 7.04% | 8.39% | ||||||||||||
|
Equity |
Fidelity® VIP Mid Cap Portfolio — Fidelity Management and Research Company (FMR) |
0.82 | % | 14.80% | 12.17% | 7.86% | ||||||||||||
|
Fixed Income |
Fidelity® VIP Strategic Income Portfolio — Fidelity Management and Research Company (FMR) |
0.90 | % | 9.18% | 3.47% | 3.10% | ||||||||||||
|
Asset Allocation |
First Trust Multi Income Allocation Portfolio(2) — First Trust Advisors L.P.; Stonebridge Advisors LLC, Energy Income Partners, LLC |
1.14 | %^ | 8.94% | 6.25% | — | ||||||||||||
|
Asset Allocation |
First Trust/Dow Jones Dividend & Income Allocation Portfolio — First Trust Advisors L.P. |
1.19 | % | 10.51% | 7.23% | 6.53% | ||||||||||||
|
Asset Allocation |
Franklin Allocation VIP Fund(2) — Franklin Advisers, Inc. |
0.82 | %^ | 14.61% | 7.57% | 4.75% | ||||||||||||
|
Asset Allocation |
Franklin Income VIP Fund — Franklin Advisers, Inc. |
0.71 | %^ | 8.62% | 6.98% | 5.01% | ||||||||||||
|
Asset Allocation |
Invesco V.I. Balanced-Risk Allocation Fund — Invesco Advisers, Inc. |
1.13 | %^ | 6.40% | 4.66% | 3.79% | ||||||||||||
8
| Average Annual Total Returns (as of 12/31/2023) |
||||||||||||||||||
| TYPE | Portfolio Company — Investment Adviser; Sub-Adviser(s), as applicable | Current Expenses |
1 year | 5 year | 10 year | |||||||||||||
|
Specialty |
Invesco V.I. Health Care Fund — Invesco Advisers, Inc. |
1.23 | % | 2.77% | 8.49% | 6.60% | ||||||||||||
|
Fixed Income |
Invesco V.I. High Yield Fund — Invesco Advisers, Inc. |
1.15 | % | 9.77% | 3.76% | 2.96% | ||||||||||||
|
Equity |
Invesco V.I. Main Street Mid Cap Fund® — Invesco Advisers, Inc. |
1.19 | % | 14.14% | 10.32% | 6.45% | ||||||||||||
|
Equity |
Invesco V.I. Small Cap Equity Fund — Invesco Advisers, Inc. |
1.20 | % | 16.26% | 12.14% | 6.28% | ||||||||||||
|
Asset Allocation |
Janus Henderson Balanced Portfolio — Janus Henderson Investors US LLC |
0.87 | % | 15.13% | 9.37% | 7.73% | ||||||||||||
|
Fixed Income |
Janus Henderson Flexible Bond Portfolio — Janus Henderson Investors US LLC |
0.82 | %^ | 5.29% | 1.55% | 1.66% | ||||||||||||
|
Fixed Income |
Lord Abbett Bond Debenture Portfolio (VC) — Lord, Abbett & Co. LLC |
0.90 | % | 6.55% | 3.14% | 3.49% | ||||||||||||
|
Equity |
Macquarie VIP Emerging Markets Series(1)(2) — Delaware Management Company; Macquarie Investment Management Global Limited |
1.48 | %^ | 13.44% | 3.87% | 2.38% | ||||||||||||
|
Equity |
MFS® Investors Trust Series(2) — Massachusetts Financial Services Company |
1.03 | %^ | 18.66% | 13.27% | 10.00% | ||||||||||||
|
Equity |
MFS® Value Series — Massachusetts Financial Services Company |
0.94 | %^ | 7.63% | 11.07% | 8.25% | ||||||||||||
|
Specialty |
PIMCO CommodityRealReturn® Strategy Portfolio — Pacific Investment Management Company LLC |
1.58 | %^ | -7.93% | 8.46% | -0.90% | ||||||||||||
|
Specialty |
PIMCO Emerging Markets Bond Portfolio — Pacific Investment Management Company LLC |
1.37 | % | 11.00% | 2.14% | 2.67% | ||||||||||||
|
Fixed Income |
PIMCO Global Bond Opportunities Portfolio (Unhedged) — Pacific Investment Management Company LLC |
1.01 | % | 5.26% | 0.97% | 1.09% | ||||||||||||
|
Asset Allocation |
PIMCO Global Managed Asset Allocation Portfolio — Pacific Investment Management Company LLC |
1.34 | %^ | 12.85% | 7.20% | 5.14% | ||||||||||||
|
Fixed Income |
PIMCO Income Portfolio — Pacific Investment Management Company LLC |
1.13 | % | 8.14% | 3.22% | — | ||||||||||||
|
Equity |
Principal VC Blue Chip Account — Principal Global Investors, LLC (“PGI”) |
1.05 | %^ | 39.09% | — | — | ||||||||||||
|
Equity |
Principal VC Equity Income Account — Principal Global Investors, LLC (“PGI”) |
0.89 | % | 11.00% | — | — | ||||||||||||
|
Asset Allocation |
Putnam VT Global Asset Allocation Fund(2) — Putnam Investment Management, LLC; Putnam Investments Limited, The Putnam Advisory Company, LLC |
1.11 | %^ | 17.48% | 8.14% | 6.35% | ||||||||||||
|
Equity |
Putnam VT Research Fund — Putnam Investment Management, LLC; Putnam Investments Limited, The Putnam Advisory Company, LLC |
0.99 | % | 28.86% | 16.15% | 11.95% | ||||||||||||
|
Equity |
T. Rowe Price Equity Income Portfolio - II — T. Rowe Price Associates, Inc. |
0.99 | % | 9.31% | 10.92% | 7.57% | ||||||||||||
|
Fixed Income |
Templeton Global Bond VIP Fund — Franklin Advisers, Inc. |
0.75 | %^ | 2.88% | -2.13% | -0.66% | ||||||||||||
| ^ | This Portfolio’s annual expenses reflect temporary fee reductions. |
| (1) | This is the variable investment option’s new name. The variable investment option’s former name is Delaware VIP® Emerging Markets Series which may continue to be used in certain documents for a period of time after the date of this prospectus. |
| (2) | This investment option is only available if you purchased your contract before approximately November 13, 2023. |
9
Investment Edge® 21.0
Issued by
| Equitable Financial Life Insurance Company of America | Equitable Financial Life Insurance Company |
We have filed with the Securities and Exchange Commission a Prospectus and a Statement of Additional Information (“SAI”) that include additional information about Investment Edge® 21.0, Equitable Financial Life Insurance Company of America and Equitable America Variable Account No. 70A, and Equitable Financial Life Insurance Company and Separate Account No. 70. The Prospectus and SAI each dated May 1, 2024 are incorporated by reference into this Summary Prospectus. The Prospectus and SAI are available free of charge. To request a copy of either document, to ask about your contract, or to make other investor inquiries, please call 1-800-789-7771. The Prospectus and SAI are also available at our website, www.equitable.com/ICSR#EQH161810.
Class/Contract Identifier: C0000237241; C000223169
| (#579404) |