4289 | 20 March 2024

INTERACTIVE BROKERS FRACTIONALSHARE TRADING DISCLOSURE
Interactive Brokers ("IBKR") allows its brokerage clients, directly or through their
independent investment advisor or Introducing Broker (including affiliates of IBKR), topurchase certain stocks and ETFs (where available) ("Shares") in fractional Shares rather
than whole Share quantities. This disclosure outlines the unique features, limitations, andrisks associated with trading in and holding fractional Shares.
Capacity - In connection with any fractional Share component of any purchase or saletransaction, an IBKR affiliate will generally act as a counterparty and will execute that
portion of the trade as principal or riskless principal. Orders for whole shares will continue
to be handled in an agency capacity except where executed by an IBKR affiliate, in whichcase the IBKR affiliate will act as principal. The client will always be the beneficial ownerof any fractional Shares in their account and all fractional Shares owned by a client aresegregated in IBKR's books and records in the same manner and to the same extent as
whole shares owned by such client.
Transfer of Fractional Shares - While clients maintain complete day-to-day control of
any fractional Shares in their account, fractional shares are not transferable to anotherbroker. If a client wants to transfer the holdings in an account to another brokerage firm,
the fractional Share holdings cannot be transferred and will need to be liquidated before
transfer, which may have tax consequences and will result in commission charges. To
effect a request for a transfer, IBKR will purchase the fractional Shares from the client's
account using the pricing mechanism described above and charge commissions on theseclosing trades, then transfer the remaining whole Share quantities.
Insolvency - In the unlikely event IBKR becomes insolvent, clients will still hold theirfractional interest. However, if the appointed insolvency practitioner (oradministrator/liquidator) cannot transfer fractional entitlements to another broker (orcustodian) they may need to liquidate (sell) the fractional interest and return the monetary
value to the client instead.
Available Order Types - IBKR will only accept certain types of orders for fractional
Shares (e.g., market orders, limit orders, stop orders, stop limit orders, etc.). In the eventthat a client chooses to place a non-marketable limit order with a fractional Sharecomponent, the fractional component may not execute until the order becomesmarketable (and therefore may not execute at all), even if the fractional Share componentof the order might have executed earlier if submitted for a whole Share quantity. Pleasecontact us if you have any questions about order types available for fractional trading.

Voting Rights - Clients will not have voting rights for any of the fractional Shares held in
their account, will not be able to make voluntary elections on any corporate action(including, without limitation, any tender offers or rights offerings) with respect to such
fractional Shares, and IBKR cannot provide clients any other shareholder documentation
for any holdings of less than one Share. Clients will, however, receive payments ofdividends, or in some cases in connection with stock dividends, either dividend shares orvalue commensurate to the dividend Shares, and will otherwise participate normally inany stock splits, mergers or other mandatory corporate actions.
Four-Decimal Place Recording - IBKR records the quantity of fractional Shares tradedor otherwise held in a brokerage account down to four decimal places.