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Cash deposited in our FDIC Insured Bank Deposit Program (Program) receives FDIC Insurance coverage. Cash can be allocated within any folio using the ticker symbol FDIC.CASH. Separately, non-folio cash deposits over $25,000 may be eligible for higher interest rates through the FDIC.PLUS product. Cash balances held in your accounts but not invested in FDIC.CASH or FDIC.PLUS are aggregated into and pay interest through the Cash Sweep Program. Subject to certain limits, the FDIC covers both the principal and accrued interest deposited in banks through the Program. If you would like more information about FDIC insurance, please visit www.fdic.gov or call the FDIC Consumer Hotline at 1-877-ASK-FDIC (1-877-275-3342). SIPC insurance does not apply to any cash amounts deposited through the Program.
IMPORTANT: With respect to any non-publicly-traded alternative investment positions, including REIT’s, held in your account, the estimated value is shown as provided by the issuer, sponsor or other unaffiliated third party, and may have been determined using the net investment method for valuation. Any distribution that represents a return of capital reduces the estimated per-unit value shown. The classification of distributions as income or return of capital in whole or in part, is subject to final accounting by such party(ies) and will be reported on a Form 1099 or K-1, as applicable. Activity in an alternative investment security will not be reflected as a “confirmed transaction” in your account until it has been confirmed by the Asset Manager and/or their agents.
SEC Rule 606 Quarterly Order Routing Reports
In accordance with U.S. Securities and Exchange Commission (SEC) Rule 606, we are publishing this quarterly report on our order routing practices. The report provides information on the venues where we route our non-directed orders in NMS stocks that are submitted to us on a held basis. A non-directed order means that we decide where the order is executed, in contrast to directed orders where the customer decides where the order is routed. At this time, we do not accept directed orders, so all of our orders are non-directed. Furthermore, orders submitted to us for execution during our Trading Windows are not held orders and thus are not included in the reports. The only orders included in our reports are orders submitted to us for execution outside of our Trading Windows. We refer to these orders as Direct Trades. Please see our customer agreement for a description of our Trading Windows and Direct Trades. This report is divided into three sections for each calendar month in the quarter: one for NMS securities that are included in the S&P 500 Index as of the first day of that quarter (“S&P 500 Stocks”); one for securities that are not included in the S&P 500 Index as of the first day of that quarter (“Non-S&P 500 Stocks”); and one for NMS securities that are option contracts (“Options”). For each section, this report identifies the venues most often selected by us, shows the percentage of various types of orders routed to the venues, and discusses the material aspects of our relationship with the venues.
Current Quarterly Routing Report
Historical Quarterly Routing Reports
Second Quarter of 2024
First Quarter of 2024
Fourth Quarter of 2023
Third Quarter of 2023
Second Quarter of 2023
First Quarter of 2023
Fourth Quarter of 2022
Third Quarter of 2022
Second Quarter of 2022
First Quarter of 2022
Fourth Quarter of 2021
Third Quarter of 2021
Second Quarter of 2021
First Quarter of 2021
Fourth Quarter of 2020
Third Quarter of 2020
Second Quarter of 2020
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Markets can be very volatile during periods of significant expansion and contraction, and there have been periods of significant down markets. You should carefully consider your risk tolerance, time horizon, and financial objectives before making investment decisions.
Market Risk
The value of equity securities fluctuates in response to issuer, political, market, and economic developments. In the short term, equity prices can fluctuate dramatically in response to these developments. Different parts of the market and different types of equity securities can react differently to these developments. Issuer, political, or economic developments can affect a single issuer, issuers within an industry or economic sector or geographic region, or the market as a whole. Weather, terrorism and other geo-political risks have led, and may in the future lead, to increased short-term market volatility and may have adverse long-term effects on world economies and markets generally.
Foreign Investment Risk
Foreign securities, foreign currencies, and securities issued by U.S. entities with substantial foreign operations can involve additional risks relating to political, economic, or regulatory conditions in foreign countries. These risks include fluctuations in foreign currencies; withholding or other taxes; trading, settlement, custodial, and other operational risks; and less stringent investor protection and disclosure standards in some foreign markets. All of these factors can make foreign investments, especially those in emerging markets, more volatile and potentially less liquid than U.S. investments. In addition, foreign markets can perform differently from the U.S. market.
Investing Style Risks
GROWTH INVESTING
Growth stocks can react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks. Growth stocks tend to be more expensive relative to their earnings or assets compared to other types of stocks. As a result, growth stocks tend to be more sensitive to changes in their earnings and more volatile than other types of stocks.
VALUE INVESTING
Value stocks can react differently to issuer, political, market, and economic developments than the market as a whole and other types of stocks. Value stocks tend to be inexpensive relative to their earnings or assets compared to other types of stocks. However, value stocks can continue to be inexpensive for long periods of time and may not ever realize their full value.
CONCENTRATION RISK
Sector/Industry stocks have different risks based on their primary business operations and how they are affected by economic cycles. Certain industries/sectors are cyclical, meaning that they closely follow the economic cycle. For example, when there is an economic downturn, cyclical stocks tend to lose value. Other industries/sectors are non-cyclical and are generally less affected by market cycles, such as economic downturns. Sectors/Industries face risks such as industry specific government regulation, input price changes, interest rate changes, intense competition, lower consumer demand, patent expirations and more.
Inverse and Leveraged ETFs
DISCLOSURE
The Securities and Exchange Commission (SEC) and FINRA, the organizations which regulate the securities industry, issued an Investor Alert on June 31, 2009 advising retail investors of the risks associated with “leveraged and inverse ETFs”. Specifically, they warn that these instruments tend to deviate from—and may underperform relative to—their benchmarks for periods longer than one trading day by design. These deviations may be substantial for longer periods.
WHAT ARE INVERSE AND LEVERAGED ETFS?
Leveraged ETFs are securities that attempt to replicate multiples of the performance of an underlying financial index. Inverse ETFs are designed to replicate the opposite direction of these same indices, often at a multiple. These ETFs often use a combination of futures, swaps, short sales, and other derivatives to achieve these objectives.
WHY DON’T THEY TRACK THEIR INDICES WELL OVER LONGER PERIODS OF TIME?
Most leveraged and inverse ETFs are designed to achieve these results on a daily basis only. This means that over periods longer than a trading day, the value of these ETFs can and usually do deviate from the performance of the index they are designed to track. Over longer periods of time or in situations of high volatility, these deviations can be substantial.
WHAT YOU SHOULD KNOW
Customers should carefully evaluate leveraged and inverse ETFs by looking closely at their prospectuses and considering their own financial goals and risk tolerance before trading these securities. Buy-and-hold investors should be particularly cautious when evaluating these investments, because they may not track their underlying indices over longer periods of time and may have additional risks inherent to the nature of their underlying assets. Even experienced retail investors should reflect carefully before retaining these securities longer than one trading day.
Cash or Cash Equivalents Risk
Inflation Risk: The risk that the value of an account, including interest, does not keep pace with inflation, thus reducing purchasing power.
Fixed Income Investing Risk
LIQUIDITY
The chance that an investor will not be able to sell bonds at desired prices and that large purchases or sales of high-yield bond issues may cause substantial price swings.
INTEREST RATE RISK
Interest Rate increases (decreases) can cause the price of a debt security to decrease (increase). Longer-maturity bonds typically decline more than those with short maturities based on changing interest rate risks.
TYPES OF CREDIT RISK
This document has not covered all of the risks that you take on by investing online. Please read the customer agreement carefully to learn more about the risks of investing online.
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