How does the Apex Fully Paid Securities Lending Program work?

Our clearing firm, Apex Clearing, operates a fully-paid securities lending

program (the “Program”). If you are enrolled in the Program, Apex can loan

out whole shares in your account to investors and institutions (e.g., retail

investors, banks, market makers, institutional investors). These borrowers

pay a market-driven interest rate to Apex. Apex then provides us with a

portion of the interest they receive. Shares loaned out by Apex are typically

used by borrowers to facilitate short sales.

How does participation in the Program affect me?

If shares you own are loaned out by Apex, you continue to have the same

investment exposure, meaning you keep all gains or losses with respect to

those loaned shares. You are always able to sell your shares.

That said, loaning out shares does affect you in some ways. If Apex has

loaned out your shares, you waive voting right in those shares while they are

out on loan, you may receive payments in lieu of dividends, and those loaned

shares may not be covered by SIPC protection. Please see Apex’s Fully Paid

Securities Lending Disclosures for more information on the mechanics and

risks of the Apex Fully Paid Securities Lending Program.

Can I leave the Program?

You may opt out of the Program at any time by emailing us at

support@public.com with “Securities Lending Opt-Out” in the subject.

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