Margin Risk Disclosure Statement
We are furnishing this document to you to provide some basic facts about purchasing securities on margin,
and to alert you to the risks involved with trading securities in a margin account. Before trading stocks ina margin account, you should carefully review the margin agreement provided by your broker. Consult us
at service@firstrade.com regarding any questions or concerns you may have with your margin accounts.
When you purchase securities, you may pay for the securities in full or you may borrow part of thepurchase price from our clearing firm, Apex Clearing Corporation (“Apex”). If you choose to borrow funds
from Apex, you will open a margin account. The securities purchased are the firm’s collateral for the loan
to you. If the securities in your account decline in value, so does the value of the collateral supportingyour loan, and as a result, we or Apex can take action, such as issue a margin call and/or sell securities inyour account, in order to maintain the required equity in the account.
It is important that you fully understand the risks involved in trading securities on margin. These risks
include the following:You can lose more funds than you deposit in the margin account. A decline in the value ofsecurities that are purchased on margin may require you to provide additional funds to the firmthat has made the loan to avoid forced sale of those securities or other securities in your account.

The firm can force the sale of securities in your account. If the equity in your account falls below
the maintenance margin requirements under the law, or the firm’s higher house requirements,
the firm can sell the securities in your account to cover the margin deficiency. You also will be
responsible for any shortfall in the account after such a sale.

The firm can sell your securities without contacting you. Some investors mistakenly believe thata firm must contact them for a margin call to be valid, and that the firm cannot liquidate securities
in their accounts to meet the call unless the firm has contacted them first. This is not the case.
Most firms will attempt to notify their customers of margin calls, but they are not required to doso. However, even if a firm has contacted a customer and provided a specific date by which thecustomer can meet a margin call, the firm can still take necessary steps to protect its financial
interest, including immediately selling the securities without notice to the customer.

You are not entitled to choose which security in your margin account is liquidated or sold tomeet a margin call. Because the securities are collateral for the margin loan, the firm has theright to decide which security to sell in order to protect its interests.

The firm can increase its house maintenance margin requirement at any time and is not required
to provide you advance written notice. These changes in firm policy often take effectimmediately and may result in the issuance of a maintenance margin call. Your failure to satisfy
the call may cause the member to liquidate or sell securities in your account.

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

You are not entitled to an extension of time on a margin call. While an extension of time to meetmargin requirements may be available to customers under certain conditions, a customer does
not have a right to the extension.

The IRS requires Broker Dealers to treat dividend payments on loaned securities positions as a
substitute payment in lieu of a dividend. A substitute payment is not, a qualified dividend and istaxed as ordinary income.

Industry regulations may limit, in whole or in part, your ability to exercise voting rights ofsecurities that have been lent or pledged to others. You may receive proxy materials indicating
voting rights for a fewer number of shares than are in your account, or you may not receive any
proxy materials.

CREDIT TERMS & POLICIESThe following Disclosure of Credit Terms and Policies is required by the Securities and Exchange
Commission and is part of your Customer Account Agreement. It describes the terms under which Apex
Clearing Corporation extends credit and charges interest and how your obligations are secured byproperty in your Account.
Interest Charges. Apex will charge interest on a daily basis on the credit it extends to you. The rate ofinterest charged by Apex is set by us and can be found at https://www.firstrade.com/content/enus/pricing/marginrate. The daily interest charges are calculated by multiplying your "daily adjusted
debit balance" by the "daily margin interest rate." Generally speaking, your daily adjusted debit balanceis the actual settled debit balance in your Margin and Short Account, increased by the value of securities
held short and reduced by the amount of any settled credit balance carried in your Cash Account.
Your daily-adjusted debit balance is calculated each day by adjusting your previous day's balance by any
debits and credits to your account and by changes in the value of short positions. If your daily-adjusted
debit balance is reduced because you deposit a check or other item that is later returned to us unpaid,
your account may be adjusted to reflect interest charges you have incurred.
Apex reserves the right to charge interest on debit balances in the Cash Account. Periodically, we orApex will send you a comprehensive statement showing the activity in your account, including
applicable interest charges, interest rates and adjusted daily debit balances.
Please read clearing firm, Apex Clearing Corporation’s Margin Disclosure Statement for additional
margin information and credit terms & policies.

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DISCLOSURE
MARGIN RISK DISCLOSURE STATEMENTFINRA Rule 2264

Apex is furnishing this document to provide you with basic facts about purchasing securities on margin,
and to alert you to the risks involved with trading securities in a margin account. Before trading in amargin account, you should carefully review the margin agreement provided by your broker. Consult yourbroker regarding any questions or concerns you may have with your margin accounts. When you purchasesecurities, you may pay for the securities in full or you may borrow part of the purchase price from yourbrokerage firm. If you choose to borrow funds from your firm, you will open a margin account with thefirm. The securities purchased are the firm’s collateral for the loan to you. If the securities in your accountdecline in value, so does the value of the collateral supporting your loan, and as a result, the firm can takeaction, such as issue a margin call and/or sell securities in your account, in order to maintain the required
equity in the account.
It is important that you fully understand the risks involved in trading securities on margin. These risks
include the following:You can lose more funds than you deposit in the margin accountA decline in the value of securities that are purchased on margin may require you to provide
additional funds to the firm that has made the loan to avoid the forced sale of those securities
or other securities in your account.

The firm can force the sale of securities in your accountIf the equity in your account falls below the maintenance margin requirements under the law,or the firm’s higher “house” requirements, the firm can sell the securities in your account tocover the margin deficiency. You also will be responsible for any shortfall in the account after
such a sale.

The firm can sell your securities without contacting you
Some investors mistakenly believe that a firm must contact them for a margin call to be valid,
and that the firm cannot liquidate securities in their accounts to meet the call unless the firm
has contacted them first. This is not the case. Most firms will attempt to notify their customersof margin calls, but they are not required to do so. However, even if a firm has contacted acustomer and provided a specific date by which the customer can meet a margin call, the firm
can still take necessary steps to protect its financial interest, including immediately selling thesecurities without notice to the customer.
Disclosure – Margin Risk Disclosure Statement
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Rev. 09/27/2022

You are not entitled to choose which security in your margin account is liquidated or soldto meet a margin call
Because the securities are collateral for the margin loan, the firm has the right to decide which
security to sell in order to protect its interests.

The firm can increase its “house” maintenance margin requirement at any time and is not
required to provide you advance written notice
These changes in firm policy often take effect immediately and may result in the issuance ofa maintenance margin call. Your failure to satisfy the call may cause the member to liquidate
or sell securities in your account.



You are not entitled to an extension of time on a margin call
While an extension of time to meet margin requirements may be available to customers
under certain conditions, a customer does not have a right to the extension.

The IRS requires Broker Dealers to treat dividend payments on loaned securities positions
as a “substitute payment” in lieu of a dividend
A substitute payment is not, a “qualified dividend” and is not taxed as ordinary income.

Industry regulations may limit, in whole or in part, your ability to exercise voting rights ofsecurities that have been lent or pledged to others
You may receive proxy materials indicating voting rights for a fewer number of shares thanare in your account, or you may not receive any proxy materials.

APEX CREDIT TERMS AND POLICIESThe following Disclosure of Credit Terms and Policies is required by the Securities and Exchange
Commission and is part of your Apex Account - Customer Account Agreement. It describes the terms
under which Apex Clearing extends credit and charges interest and how your obligations are secured byproperty in your Account.
Interest Charges
Apex Clearing will charge interest on a daily basis on the credit extended to you. The daily interest charges
are calculated by multiplying your "daily adjusted debit balance" by the "daily margin interest rate."
Generally speaking, your daily adjusted debit balance is the actual settled debit balance in your Margin
and Short Account, increased by the value of securities held short and reduced by the amount of any
settled credit balance carried in your Cash Account.
Apex Clearing calculates your daily-adjusted debit balance each day by adjusting your previous day'sbalance by any debits and credits to your account and by changes in the value of short positions. If yourdaily-adjusted debit balance is reduced because you deposit a check or other item that is later returned
to Apex Clearing unpaid, Apex Clearing may adjust your account to reflect interest charges you haveincurred.
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Rev. 09/27/2022

Apex Clearing reserves the right to charge interest on debit balances in the Cash Account. Periodically,Apex Clearing will send you a comprehensive statement showing the activity in your account, including
applicable interest charges, interest rates and adjusted daily debit balances.
Daily Margin Interest Rate
The "daily margin interest rate" is based on a 360-day year. It is calculated for each day by dividing theapplicable margin interest rate shown in the table below by 360. Note that the use of a 360-day year
results in a higher effective rate of interest than if a year of 365 days were used.
Apex Clearing sets the Base Rate at its discretion with reference to commercially recognized interest rates,industry conditions relating to the extension of margin credit and general credit market conditions.
Your margin interest rate will be adjusted automatically and without notice to reflect any change in theBase Rate. If your interest rate increases for any reason other than a change in the Base Rate, Apex
Clearing will give you written notice at least 30 days prior to that change.
Compounding Interest Charges
Apex Clearing compounds interest on a daily basis. Interest charges will accrue to your account each day.
Apex Clearing will include the charges in the next day's opening debit balance and charge interestaccordingly. The interest rates described above do not reflect compounding of unpaid interest charges;
the effective interest rate, taking into effect such compounding, will be higher.
Initial Margin Requirements
The Federal Reserve Board and various stock exchanges determine margin loan rules and regulations.
When you purchase securities on margin, you agree to depos it the required initial equity by thesettlement date and to maintain your equity at the required levels. The maximum amount Apex Clearing
currently may loan for common stock (equity) securities is 50% of the value of marginable securities
purchased in your Margin and Short Account; different requirements apply to nonequity securities, suchas bonds or options. If the market value of stock held as collateral increases after you have met the initial
margin requirements, your available credit may increase proportionately. Conversely, if the market value
decreases, your available credit may proportionately decrease.
Initial margin requirements may change without prior notice. Apex Clearing may impose anytime andwithout prior notice more stringent requirements on positions that in our sole discretion involve higher
levels of risk; for example, higher limits may apply for thinly traded, speculative or volatile securities, orconcentrated positions of securities.
You may purchase only certain securities on margin or use them as collateral in your Margin and Short
Account. Most stocks traded on national securities exchanges, and some over-the-counter (OTC)
securities are marginable. At our discretion, Apex Clearing reserves the right not to extend credit on any
security.
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Equity securities with a market value of less than $3 per share may not be purchased on margin or
deposited as margin collateral. If the market value of a security drops below $3.00 per share, the security
will not be assigned any value as collateral to secure your margin obligations.
Margin Maintenance Requirements
You must maintain a minimum amount of equity in your account to collateralize your outstanding loans
and other obligations. Margin maintenance requirements are set:

By the rules and regulations of the New York Stock Exchange, the American Stock Exchange,and other regulatory agencies to the jurisdiction of which Apex Clearing are subject; andAccording to our sole discretion and judgment

You agree to maintain in your Margin and Short Account collateral of the type and amount required by:
 Applicable exchange rules and federal regulations
 Our Disclosure of Credit Terms and Policies; or As required by Apex Clearing, at Apex Clearing’s discretion
Margin maintenance requirements may change without prior notice.
Apex Clearing may issue a "margin call" (that is, a notification to deposit additional collateral) if youraccount equity falls below the margin maintenance requirement. This can happen for various reasons.
The most common reasons are a decrease in the value of long securities held as collateral or an increasein the value of securities held short.
As a general guideline and when it is practicable to do so, Apex Clearing may (but is not required to) issue
a margin call when the equity in your Margin and Short Account falls below a predetermined percentageof the market value of assets at risk (that is, the sum of the market values of the long and short equitysecurity positions) in your Margin and Short Account. The amount of additional collateral Apex Clearing
requires usually is an amount sufficient to raise your equity to minimum standards. For information on
the current equity requirements, please contact Apex.
Apex Clearing retains absolute discretion to determine whether, when and in what amounts Apex Clearing
will require additional collateral. In some situations, Apex Clearing may find it necessary to require ahigher level of equity in your account. For example, Apex Clearing may require additional collateral if an
account contains:Only one security or a large concentration of one or more securities; orLow-priced, thinly traded, or volatile securities; or if
Some of your collateral is or becomes restricted or non-negotiable or non- marginable

Apex Clearing also may consider market conditions and your financial resources.

Disclosure – Margin Risk Disclosure Statement
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