Disclosures

Alpaca's Instant Tokenization Network is owned and developed by AlpacaDB, Inc. and Alpaca Crypto LLC.

Additional geographic restrictions may apply for tokenization services based on local regulatory requirements. Neither Alpaca Crypto LLC nor Alpaca Securities LLC are the issuer of, nor directly involved in, the tokenization of any assets. Tokenization is performed by a third party. Tokenized assets do not represent direct equity ownership in any underlying company or issuer. Instead, tokenized assets generally provide economic exposure to the equity securities of an underlying issuer. As such, holders of tokenized assets have no voting rights, dividend entitlements, or legal claims to the underlying company shares or any residual assets in the event of the underlying company’s liquidation or insolvency, unless explicitly stated otherwise. All investments involve risk. For more information, please see our Tokenization Risk Disclosure.

Orders placed outside regular trading hours (9:30 a.m. – 4:00 p.m. ET) may experience price fluctuations, partial executions, or delays due to lower liquidity and higher volatility.

Orders not designated for extended hours execution will be queued for the next trading session. Additionally, fractional trading may be limited during extended hours. For more details, please review Alpaca Extended Hours & Overnight Trading Risk Disclosure.

Options trading is not suitable for all investors due to its inherent high risk, which can potentially result in significant losses. Please read Characteristics and Risks of Standardized Options before investing in options.

Please read Important Risk Disclosures With Respect To Participating In Fully Paid Securities Lending Transactions carefully before deciding whether to participate in lending Fully Paid Securities (Stock Lending) or agreeing to enter into a Master Securities Lending Agreement with Alpaca Securities LLC.

These disclosures describe important characteristics of, and risks associated with engaging in, securities-lending transactions.

The OmniSub product is offered by AlpacaDB, Inc. as a technology service for sub-accounting related to omnibus clearing services. Approval for this technology service is subject to Alpaca Securities LLC due diligence review.

Alpaca Securities offers a cash management program pursuant to the FDIC Bank Sweep. Customer funds are treated differently and are subject to separate regulatory regimes depending on whether customer funds are held in their brokerage account or within the FDIC Bank Sweep. Alpaca Securities is a member of the Securities Investor Protection Corporation (SIPC), which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). The Federal Deposit Insurance Corporation (FDIC) insures up to $250,000 per deposit against the failure of an FDIC member bank. Customer funds held in brokerage accounts are SIPC insured, but are not eligible for FDIC insurance coverage. Funds maintained in the FDIC Bank Sweep are intended to be eligible for pass-through FDIC insurance coverage but are not covered by SIPC. FDIC insurance does not protect against the failure of Alpaca, Alpaca Securities, or their affiliates, nor against malfeasance by their employees. Program banks that participate in the FDIC Bank Sweep are not members of SIPC, and therefore, funds held in the Program are not SIPC protected. Please see alpaca.markets/disclosures for important additional disclosures regarding Alpaca Securities brokerage offering, as well as FDIC Bank Sweep terms and conditions.