The investment options in a variable annuity are known as “sub-accounts”. These annuity portfolios are not available directly to the public. Rather, they are available only within variable annuities or other products issued by an insurance company. Although they are not publicly available mutual funds or ETFs, annuity portfolios are similar in that they have their own distinctive investment objectives and policies, and they typically offer exposure to stock or bond market returns. The annuity portfolios generally cover different asset classes and investment strategies: equity, fixed income, balanced, and money market funds, as well as value, growth, core, and other strategies. In most contracts, you may transfer in and out of variable investment options. As with any investment, there is potential for loss of principal.