1005 | 06/01/2022

DISCLOSURE OF RISKS OF MARGIN TRADINGInteractive Brokers (“IB”) is furnishing this document to you to provide some basic facts about purchasing securities andfutures contracts on margin, and to alert you to the risks involved with trading in a margin account. “Margin trading” canmean engaging in a transaction in which securities are purchased partially through a margin loan extended to you by IB,for which the securities act as collateral. Margin trading can also mean trading investment products such as futures oroptions in which an initial “margin” deposit is made to secure your obligations and further margin may be required tosecure your obligations as the value of your positions changes.
This document also describes special risks associated with trading on margin in an IRA account, as described below.
Before trading stocks, futures or other investment products in a margin account, you should carefully review the marginagreement provided by IB and you should consult IB regarding any questions or concerns you may have with your marginaccounts.
When you purchase securities, you may pay for the securities in full or you may borrow part of the purchase price from IB.
If you choose to borrow funds from IB, you will open a margin account with the firm. The securities purchased are IB’s
collateral for the loan to you. If the securities or futures contracts in your account decline in value, so does the value of thecollateral supporting your loan, and, as a result, IB can take action, such as sell securities or other assets in any of youraccounts held with IB or issue a margin call, in order to maintain the required equity in the account.
You should understand that pursuant to the IB Margin Agreement, IB generally will not issue margin calls, that IB will notcredit your account to meet intraday margin deficiencies, and that IB generally will liquidate positions in your account inorder to satisfy margin requirements without prior notice to you and without an opportunity for you to choose the positions
to be liquidated or the timing or order of liquidation.
In addition, it is important that you fully understand the risks involved in trading securities or futures contracts on margin.
These risks include the following:•You can lose more funds than you deposit in the margin account. A decline in the value of securities or futurescontracts that are purchased on margin may require you to provide additional funds to IB or you must put up
margin to avoid the forced sale of those securities or futures contracts or other assets in your account(s).

•IB can force the sale of securities or other assets in your account(s). If the equity in your account falls below themaintenance margin requirements, or if IB has higher “house” requirements, IB can sell the securities or futurescontracts or other assets in any of your accounts held at the firm to cover the margin deficiency. You also will be
responsible for any shortfall in the account after such a sale.

•IB can sell your securities or other assets without contacting you. Some investors mistakenly believe that a firmmust contact them for a margin call to be valid, and that the firm cannot liquidate securities or other assets in theiraccounts to meet the call unless the firm has contacted them first. This is not the case. As noted above, IB
generally will not issue margin calls and can immediately sell your securities or futures contracts without notice toyou in the event that your account has insufficient margin.

•You are not entitled to choose which securities or futures contracts or other assets in your account(s) areliquidated or sold to meet a margin call. IB has the right to decide which positions to sell in order to protect itsinterests.

•IB can increase its “house” maintenance margin requirements at any time and is not required to provide you withadvance written notice. These changes in firm policy often take effect immediately. Your failure to maintainadequate margin in the event of an increased margin rate generally will cause IB to liquidate or sell securities or
futures contracts in your account(s).

•If IB chooses to issue a margin call rather than immediately liquidating undermargined positions, you are notentitled to an extension of time on the margin call.

•You will pay interest on your margin loan at the rates disclosed on the IB website, which can increase or
decrease over time. These margin interest costs reduce your return on investment. For details on IB's margin
rates, please visit ibkr.com/margin.

•Special Risks of Trading on Margin in an IRA Account:••Margin Trading in an IRA Account May Not Be Suitable Depending on Your Financial
Circumstances. Trading requiring margin (including futures trading and short option trading) involves ahigh degree of risk and may result in a loss of funds greater than the amount you have deposited in yourIRA account. You must determine whether trading on margin in an IRA account is advisable based onyour financial circumstances, your tolerance for risk, the number of years until your retirement, and otherfactors. You should consult a professional financial advisor to determine if margin trading in your IRA
account is consistent with your financial goals.

•You Must Closely Monitor Your Account and Your Trading to Avoid Adverse Tax Consequences:
Trading requiring margin (including futures trading and short option trading) may require the deposit ofadditional funds to your account to maintain sufficient margin. At the same time, provisions of the Internal
Revenue Code place limits on the amount of funds that can be deposited to an IRA account. Deposits tothe account in excess of such limits may cause adverse tax consequences, including but not limited to,forfeiture of the tax­advantaged status of the IRA account and/or penalties. As described above, IB will
liquidate positions in your account in the event that you cannot or do not deposit sufficient funds to satisfy
margin requirements.

Special Risks of Short Selling:
There are additional risks associated with short selling stocks that may expose you to significant losses. Thisstrategy is not suitable for all customers. Fees associated with short selling are available on the IB website.
Please read the following carefully. For details regarding short­selling at IB, please review the information
available on the IB website at https://ibkr.info/article/2880.

•Short sales must be done in a margin account and are subject to IB's margin requirements. IB may closeout your short position by buying the stock if you do not maintain adequate margin in your account. Thismay expose you to substantial losses if the price of the stock is above the price at which you sold it short.
Short selling carries unlimited market risk and could lead to extraordinary losses because you may haveto purchase a stock at a higher price than you sold it for in order to cover a short position, and there isno limit to how high the price of a stock can go.

•When you sell a stock short IB must lend you the shares either from its own inventory or from shares itsources from various stock­loan counterparties. You are charged interest in connection with borrowing
securities in order to maintain a short position. Interest rates paid to, or rates and fees collected from,clients in connection with borrowing or lending securities are subject to frequent change without notice
and will vary based on the nature of the security being sold short (i.e., the interest charge to finance a
short position in a hard­to­borrow stock may be more costly than a stock that is not hard­to­borrow).
Please refer to the IB website for details on short sale costs.

•Before selling short, IB must confirm that it can locate shares of the stock to borrow for delivery to thebuyer. Borrowed stock is subject to recall without notice. Stock lenders retain the right to recall their stockat any time. IB may buy­in stock on your behalf, without notice to you, to cover short positions in theevent that IB cannot borrow stock or re­borrow stock after a recall notice. You are liable for any losses orcosts incurred in the event of a buy­in, including any associated trade commissions or fees. Please referto the IB website for additional details on short selling, recalls and buy­ins.

•You may be liable for dividend payments and certain other corporate actions. If you are maintaining ashort settled position as of the close of business two business days prior to the Record Date (or one
business day prior to the Ex­Dividend date) you will be liable to the lender for the dividend.