Filed by TradeStation Group, Inc.
Pursuant to Rule 425 under the Securities Act
of 1933
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of 1934
Subject Company: Quantum FinTech Acquisition Corporation
Commission File No.: 001-40009
TradeStation Reports Brokerage Metrics for May 2022
PLANTATION, FL, June 8, 2022 – TradeStation Group, Inc.
(“TradeStation”), the parent company of award-winning self-clearing online brokerages for trading stocks, ETFs, equity and
index options, futures, futures options and cryptocurrencies, today reported certain monthly business metrics for May 2022:
| ● | 186,149 Total Customer Accounts at May 31, 2022, 21.0% higher than
prior year |
| ● | 6,590 Gross New Accounts opened, 10.7% lower than prior year |
| ● | $10.8 billion Total Customer Assets, 0.5% higher than prior year |
| ● | $2.9 billion of Total Customer Cash, 0.3% higher than prior year |
| ● | 241,336 Daily Average Revenue Trades (DARTs), 13.2% higher than prior year |
Comparisons to the prior year mean a comparison
of the month or month-end, as applicable, of May 2022 to the month or month-end, as applicable, of May 2021.
Total Customer Accounts is the number of
customer brokerage accounts with a positive account balance at the end of the period presented. Total Customer Accounts does not include
approximately 57,000 customer cryptocurrency accounts that were opened through a promotion that began December 20, 2021 and ended
on April 30, 2022 in which TradeStation made the initial account funding for the customer ($10.00 value in bitcoin) but which had
no other customer account activity as of May 31, 2022. TradeStation previously included these TradeStation-only funded, but otherwise
inactive, accounts in Total Customer Accounts in published reports of its metrics for prior periods. Following an evaluation of the overall
results of the promotion, TradeStation determined it is more appropriate to exclude them from such reports. If, and when, additional customer
activity occurs in any such account, those accounts will be included in Total Customer Accounts.
Gross New Accounts is the total number
of approved customer brokerage accounts funded during the period presented, and includes accounts funded during the period presented that
were opened and approved (but not funded) in a prior period, as well as accounts that were opened and funded in a prior period, but then
went to a zero balance and were subtracted from Total Customer Accounts, but then were again funded during the period presented.
Total Customer Assets is total cash and
assets held in customer brokerage accounts at the end of the period presented.
Total Customer Cash is the aggregate cash
held in customer brokerage accounts (equities and futures accounts – no cash is held in customer cryptocurrency accounts) at the
end of the period presented.
Daily Average Revenue Trades (DARTs) means
daily average revenue trades made by customers. A revenue trade means one completed customer equities, options, futures, or crypto trade,
regardless of the number of shares, contracts, or units included in such trade, and includes trades completed under TradeStation’s
“zero commission” plans (which are supported by payment-for-order-flow, or “PFOF,” revenue). Each “side”
of a futures trade is counted as one revenue trade. Partial fills of an equities order on the same day are aggregated and counted as one
revenue trade. DARTs are calculated by dividing the total number of revenue trades in the period presented by the total number of “Trading
Days” in the period presented. A “Trading Day” means each day during the period presented that trading is open on NYSE
and Nasdaq markets. A day on which such markets close early, such as the Friday after Thanksgiving, is counted as half a day. DARTs is
a general indicator, as each of the asset classes TradeStation offers has a different fee structure and level of profitability.
More information, including historical results
for each of the above metrics, are attached. The historical results for Total Customer Accounts and Gross New Accounts in the attached
have been restated (as compared to prior metrics reports) for the months of December 2021 and January, February, March and April 2022
to exclude customer cryptocurrency accounts that were opened through the promotion described above under Total Customer Accounts
that began December 20, 2021 (and ended April 30, 2022) in which TradeStation made the initial account funding for the customer
($10.00 value in bitcoin) but which had no other customer account activity as of the end of the monthly period presented. As stated above,
the relevant metrics for May 2022 also exclude these customer cryptocurrency accounts.
About TradeStation Group, Inc.
TradeStation has, for decades, provided innovative
fintech decision-support analysis and order-placement tools that support self-directed traders and investors in their journeys to claim
their financial edge. TradeStation provides award-winning trading and analysis platforms and self-clearing online brokerage services for
stocks, ETFs, equity and index options, commodity and financial futures, futures options, and cryptocurrencies. These trading platforms
are accessible on desktop, Web and mobile, as well as via API technologies which seamlessly provide access to TradeStation’s brokerage
environment through third-party platforms. TradeStation’s offerings also include deep and growing learning content designed to build
confidence among those new to investing and hone the skills of seasoned traders.
TradeStation
Securities, Inc. (Member NYSE, FINRA, SIPC, NSCC, DTC, OCC, NFA & CME) offers self-clearing equities, options, futures and
futures options brokerage services as a licensed securities broker-dealer and futures commission merchant (FCM) and is a member of major
equities and futures exchanges in the United States.
TradeStation
Crypto, Inc. offers self-clearing cryptocurrency brokerage services under federal and state money services business, money-transmitter
and similar registrations and licenses. TradeStation Crypto, Inc. is not subject to NFA’s regulatory oversight and examinations.
TRADESTATION
SECURITIES, INC. IS A MEMBER OF NFA AND IS SUBJECT TO NFA’S REGULATORY OVERSIGHT AND EXAMINATIONS. HOWEVER, YOU SHOULD BE AWARE
THAT THE NFA DOES NOT HAVE REGULATORY OVERSIGHT AUTHORITY OVER UNDERLYING OR SPOT VIRTUAL CURRENCY PRODUCTS OR TRANSACTIONS OR VIRTUAL
CURRENCY EXCHANGES, CUSTODIANS OR MARKETS.
Proposed Business Combination
As previously announced, TradeStation and Quantum
FinTech Acquisition Corporation (“Quantum”) have entered into agreements to effect a business combination (the “Business
Combination”). This document does not constitute (i) a solicitation of a proxy, consent or authorization with respect to any
securities or in respect of the Business Combination or (ii) an offer to sell, a solicitation of an offer to buy, or a recommendation
to purchase, any securities of TradeStation, Quantum, the combined company or any of their respective affiliates. No offering of securities
shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or
an exemption therefrom, nor shall any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would
be unlawful prior to registration or qualification under the securities laws of any such jurisdiction be effected. No securities commission
or securities regulatory authority in the United States or any other jurisdiction has in any way passed upon the merits of the Business
Combination or the accuracy or adequacy of this document.
In connection with the proposed Business Combination
between TradeStation and Quantum, TradeStation has filed a registration statement on Form S-4 (the “Registration Statement”)
with the U.S. Securities and Exchange Commission (the “SEC”) that includes a proxy statement / prospectus relating to the
offer of the securities to be issued by TradeStation. Investors, security holders and other interested persons are advised to read the
Registration Statement and proxy statement / prospectus and any amendments thereto, and other relevant documents that are filed with the
SEC carefully and in their entirety because they will contain important information about TradeStation, Quantum and the proposed Business
Combination. The definitive proxy statement / prospectus will be mailed to stockholders of Quantum as of a record date to be established
for voting on the proposed Business Combination. Investors, security holders and other interested persons are able to obtain copies of
the Registration Statement and other documents containing important information about the Business Combination and the parties to the
Business Combination as such documents are filed with the SEC, without charge, at the SEC’s website at www.sec.gov, or by directing
a request to: Quantum FinTech Acquisition Corp., 4221 W. Boy Scout Blvd., Suite 300, Tampa, FL 33607, Attention: Investor Relations
or by email at IR@qftacorp.com.
Quantum and TradeStation, their respective directors
and executive officers and certain investors may be considered participants in the solicitation of proxies with respect to the proposed
Business Combination under the rules of the SEC. Information about the directors and executive officers of Quantum and their ownership
is set forth in Quantum’s filings with the SEC, including its final prospectus relating to its initial public offering in February 2021
and the Registration Statement filed by TradeStation, which are available free of charge at the SEC’s website at www.sec.gov. Additional
information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of the Quantum
shareholders in connection with the proposed Business Combination, including TradeStation’s directors and executive officers and
certain investors, are contained in the Registration Statement for the Business Combination.
Cautionary Statement Regarding Forward-Looking
Statements
This communication contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, regarding the Business Combination. The forward-looking
statements contained in this communication related to the Business Combination are based on the current expectations of TradeStation and
its management and are subject to risks and uncertainties. No assurance can be given that future developments affecting TradeStation,
the Business Combination, or other parties to the Business Combination, will be those that are anticipated. Actual results may differ
materially from current expectations due to changes in global, regional or local economic, business, competitive, market, regulatory and
other factors, risks and uncertainties, including those under the heading “Risk Factors” in publicly-available SEC filings
made by TradeStation. Should one or more of these risks or uncertainties materialize, actual results may vary in material respects from
those projected in these forward-looking statements about the Business Combination, including whether or not the consummation of the Business
Combination will occur as planned or otherwise currently anticipated. Factors that could cause actual results to differ may emerge from
time to time, and it is not possible to predict all of them.
Contacts
Investors:
ir@tradestation.com
Media:
Madison Roberts
281-684-9857
madison.roberts@fleishman.com
Certain Business Metrics
Fiscal Year-Ended March 31, 2023 Business Metrics1
(Total Customer Assets and Total
Customer Cash, in Millions) | |
Apr | | |
May | | |
Jun | | |
Jul | | |
Aug | | |
Sep | | |
Oct | | |
Nov | | |
Dec | | |
Jan | | |
Feb | | |
Mar | |
| Trading Days2 | |
| 20.0 | | |
| 21.0 | | |
| 21.0 | | |
| 20.0 | | |
| 23.0 | | |
| 21.0 | | |
| 21.0 | | |
| 21.0 | | |
| 21.0 | | |
| 20.0 | | |
| 19.0 | | |
| 23.0 | |
| Total Customer Accounts3 | |
| 182,992 | | |
| 184,489 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Gross New Accounts4 | |
| 7,391 | | |
| 6,590 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total Customer Assets5 | |
| 10,767 | | |
| 10,794 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total Customer Cash6 | |
| 2,803 | | |
| 2,897 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| DARTs7 | |
| 226,760 | | |
| 241,336 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
1
TradeStation’s fiscal year is from April 1 through March 31.
2 A “Trading Day” means
each day during the period presented that trading is open on NYSE and Nasdaq markets. A day on which such markets close early, such as
the Friday after Thanksgiving, is counted as half a day.
3 “Total Customer Accounts”
is the number of customer brokerage accounts with a positive account balance at the end of the period presented. Not included in Total
Customer Accounts for April 2022 and May 2022 are approximately 57,000 customer cryptocurrency accounts that were opened
through a promotion that began December 20, 2021 and ended on April 30, 2022 in which TradeStation made the initial account
funding for the customer ($10.00 value in bitcoin) but which had no other customer account activity from the date of account opening
through April 30, 2022.
4 “Gross New Accounts”
is the total number of approved customer brokerage accounts funded during the period presented, and includes accounts funded during the
period presented that were opened and approved (but not funded) in a prior period, as well as accounts that were opened and funded in
a prior period, but then went to a zero balance and were subtracted from Total Customer Accounts, but then were again funded during the
period presented. Not included in Gross New Accounts for April 2022 are approximately 12,400 customer cryptocurrency accounts opened
in April 2022 under a promotion that began December 20, 2021 and was terminated on April 30, 2022 in which TradeStation
made the initial cryptocurrency account funding for the customer ($10.00 value in bitcoin) but which had no other customer account activity
from the date of account opening through April 30, 2022.
5 “Total Customer Assets”
is total cash and assets held in customer brokerage accounts at the end of the period presented.
6 “Total Customer Cash”
is the aggregate cash held in customer brokerage accounts (equities and futures accounts – no cash is held in customer cryptocurrency
accounts) at the end of the period presented.
7 “DARTs” means daily average revenue trades
made by our customers. A revenue trade means one completed customer equities, options, futures, or crypto trade, regardless of the number
of shares, contracts, or units included in such trade, and includes trades completed under TradeStation’s “zero commission”
plans (which are supported by payment-for-order-flow, or “PFOF,” revenue). Each “side” of a futures trade is counted
as one revenue trade. Partial fills of an equities order on the same day are aggregated and counted as one revenue trade. DARTs are calculated
by dividing the total number of revenue trades in the period presented by the total number of Trading Days in the period presented. DARTs
is a general indicator, as each of the asset classes TradeStation offers has a different fee structure and level of profitability.
Certain Business Metrics
Fiscal Year-Ended March 31, 2022 Business Metrics1
(Total
Customer Assets and Total
Customer Cash, in Millions) | |
Apr | | |
May | | |
Jun | | |
Jul | | |
Aug | | |
Sep | | |
Oct | | |
Nov | | |
Dec | | |
Jan | | |
Feb | | |
Mar | |
| Trading
Days2 | |
| 21.0 | | |
| 20.0 | | |
| 22.0 | | |
| 21.0 | | |
| 22.0 | | |
| 21.0 | | |
| 21.0 | | |
| 20.5 | | |
| 22.0 | | |
| 20.0 | | |
| 19.0 | | |
| 23.0 | |
| Total
Customer Accounts3 | |
| 150,319 | | |
| 153,885 | | |
| 156,961 | | |
| 158,612 | | |
| 160,532 | | |
| 162,751 | | |
| 165,811 | | |
| 170,597 | | |
| 173,890 | | |
| 177,846 | | |
| 178,714 | | |
| 182,992 | |
| Gross
New Accounts4 | |
| 8,176 | | |
| 7,380 | | |
| 6,737 | | |
| 5,596 | | |
| 5,564 | | |
| 5,663 | | |
| 6,528 | | |
| 8,701 | | |
| 7,210 | | |
| 7,715 | | |
| 7,197 | | |
| 8,930 | |
| Total
Customer Assets5 | |
| 10,842 | | |
| 10,746 | | |
| 11,359 | | |
| 11,179 | | |
| 11,780 | | |
| 11,269 | | |
| 12,393 | | |
| 12,344 | | |
| 12,286 | | |
| 11,505 | | |
| 11,605 | | |
| 12,029 | |
| Total
Customer Cash6 | |
| 2,924 | | |
| 2,889 | | |
| 2,886 | | |
| 2,892 | | |
| 2,915 | | |
| 2,883 | | |
| 2,937 | | |
| 2,915 | | |
| 2,984 | | |
| 2,962 | | |
| 2,909 | | |
| 2,908 | |
| DARTs7 | |
| 217,317 | | |
| 213,286 | | |
| 213,008 | | |
| 202,925 | | |
| 197,460 | | |
| 209,704 | | |
| 210,529 | | |
| 231,653 | | |
| 202,857 | | |
| 239,227 | | |
| 242,846 | | |
| 232,104 | |
1
TradeStation’s fiscal year is from April 1 through March 31.
2 A “Trading
Day” means each day during the period presented that trading is open on NYSE and Nasdaq markets. A day on which such markets close
early, such as the Friday after Thanksgiving, is counted as half a day.
3 “Total
Customer Accounts” is the number of customer brokerage accounts with a positive account balance at the end of the period presented.
Not included in Total Customer Accounts for December 2021 and January, February and March 2022 are approximately 5,000,
13,300, 12,600 and 13,000 customer cryptocurrency accounts opened in December 2021, January 2022, February 2022
and March 2022, respectively, that were opened through a promotion that began December 20, 2021 and ended on April 30,
2022 in which TradeStation made the initial account funding for the customer ($10.00 value in bitcoin) but which had no other customer
account activity from the date of account opening through April 30, 2022 which had no other customer account activity from the date
of account opening through the end of such respective monthly period.
4 “Gross
New Accounts” is the total number of approved customer brokerage accounts funded during the period presented, and includes accounts
funded during the period presented that were opened and approved (but not funded) in a prior period, as well as accounts that were opened
and funded in a prior period, but then went to a zero balance and were subtracted from Total Customer Accounts, but then were again funded
during the period presented. Not included in Gross New Accounts for December 2021 and January, February and March 2022
are approximately 5,000, 13,300, 12,600 and 13,000 customer cryptocurrency accounts opened in December 2021, January 2022,
February 2022 and March 2022, respectively, under the promotion described above in “Total Customer Accounts” but
which had no other customer account activity from the date of account opening through the end of such respective monthly period.
5 “Total
Customer Assets” is total cash and assets held in customer brokerage accounts at the end of the period presented.
6 “Total
Customer Cash” is the aggregate cash held in customer brokerage accounts (equities and futures accounts – no cash is held
in customer cryptocurrency accounts) at the end of the period presented.
7 “DARTs”
means daily average revenue trades made by our customers. A revenue trade means one completed customer equities, options, futures, or
crypto trade, regardless of the number of shares, contracts, or units included in such trade, and includes trades completed under TradeStation’s
“zero commission” plans (which are supported by payment-for-order-flow, or “PFOF,” revenue). Each “side”
of a futures trade is counted as one revenue trade. Partial fills of an equities order on the same day are aggregated and counted as
one revenue trade. DARTs are calculated by dividing the total number of revenue trades in the period presented by the total number of
Trading Days in the period presented. DARTs is a general indicator, as each of the asset classes TradeStation offers has a different
fee structure and level of profitability.
Certain Business Metrics
Fiscal Year-Ended March 31, 2021 Business Metrics1
(Total
Customer Assets and Total
Customer Cash, in Millions) | |
Apr | | |
May | | |
Jun | | |
Jul | | |
Aug | | |
Sep | | |
Oct | | |
Nov | | |
Dec | | |
Jan | | |
Feb | | |
Mar | |
| Trading
Days2 | |
| 21.0 | | |
| 20.0 | | |
| 22.0 | | |
| 22.0 | | |
| 21.0 | | |
| 21.0 | | |
| 22.0 | | |
| 19.5 | | |
| 21.5 | | |
| 19.0 | | |
| 19.0 | | |
| 23.0 | |
| Total
Customer Accounts3 | |
| 111,317 | | |
| 114,289 | | |
| 118,219 | | |
| 119,222 | | |
| 122,843 | | |
| 126,078 | | |
| 128,428 | | |
| 128,641 | | |
| 131,431 | | |
| 135,402 | | |
| 139,354 | | |
| 145,887 | |
| Gross
New Accounts4 | |
| 6,435 | | |
| 5,933 | | |
| 6,446 | | |
| 5,544 | | |
| 6,371 | | |
| 5,952 | | |
| 5,198 | | |
| 4,589 | | |
| 5,360 | | |
| 6,615 | | |
| 10,658 | | |
| 9,988 | |
| Total
Customer Assets5 | |
| 6,028 | | |
| 6,303 | | |
| 6,702 | | |
| 7,264 | | |
| 7,895 | | |
| 7,826 | | |
| 7,738 | | |
| 8,722 | | |
| 9,259 | | |
| 9,856 | | |
| 10,106 | | |
| 10,336 | |
| Total
Customer Cash6 | |
| 2,157 | | |
| 2,169 | | |
| 2,235 | | |
| 2,365 | | |
| 2,457 | | |
| 2,405 | | |
| 2,437 | | |
| 2,552 | | |
| 2,641 | | |
| 2,796 | | |
| 2,820 | | |
| 2,795 | |
| DARTs7 | |
| 176,967 | | |
| 178,577 | | |
| 201,831 | | |
| 199,988 | | |
| 202,220 | | |
| 255,006 | | |
| 231,096 | | |
| 249,533 | | |
| 237,796 | | |
| 273,166 | | |
| 287,875 | | |
| 271,075 | |
1
TradeStation’s fiscal year is from April 1 through March 31.
2 A “Trading
Day” means each day during the period presented that trading is open on NYSE and Nasdaq markets. A day on which such markets close
early, such as the Friday after Thanksgiving, is counted as half a day.
3 “Total
Customer Accounts” is the number of customer brokerage accounts with a positive account balance at the end of the period presented.
4 “Gross
New Accounts” is the total number of approved customer brokerage accounts funded during the period presented, and includes accounts
funded during the period presented that were opened and approved (but not funded) in a prior period, as well as accounts that were opened
and funded in a prior period, but then went to a zero balance and were subtracted from Total Customer Accounts, but then were again funded
during the period presented.
5 “Total
Customer Assets” is total cash and assets held in customer brokerage accounts at the end of the period presented.
6 “Total
Customer Cash” is the aggregate cash held in customer brokerage accounts (equities and futures accounts – no cash is held
in customer cryptocurrency accounts) at the end of the period presented.
7 “DARTs”
means daily average revenue trades made by our customers. A revenue trade means one completed customer equities, options, futures, or
crypto trade, regardless of the number of shares, contracts, or units included in such trade, and includes trades completed under TradeStation’s
“zero commission” plans (which are supported by payment-for-order-flow, or “PFOF,” revenue). Each “side”
of a futures trade is counted as one revenue trade. Partial fills of an equities order on the same day are aggregated and counted as
one revenue trade. DARTs are calculated by dividing the total number of revenue trades in the period presented by the total number of
Trading Days in the period presented. DARTs is a general indicator, as each of the asset classes TradeStation offers has a different
fee structure and level of profitability.
Certain Business Metrics
Fiscal Year-Ended March 31, 2020 Business Metrics1
(Total
Customer Assets and Total
Customer Cash, in Millions) | |
Apr | | |
May | | |
Jun | | |
Jul | | |
Aug | | |
Sep | | |
Oct | | |
Nov | | |
Dec | | |
Jan | | |
Feb | | |
Mar | |
| Trading
Days2 | |
| 21.0 | | |
| 22.0 | | |
| 20.0 | | |
| 21.5 | | |
| 22.0 | | |
| 20.0 | | |
| 23.0 | | |
| 19.5 | | |
| 20.5 | | |
| 21.0 | | |
| 19.0 | | |
| 22.0 | |
| Total Customer Accounts3 | |
| 98,054 | | |
| 98,706 | | |
| 99,826 | | |
| 101,362 | | |
| 102,932 | | |
| 103,792 | | |
| 104,138 | | |
| 102,654 | | |
| 102,601 | | |
| 103,425 | | |
| 104,128 | | |
| 107,692 | |
| Gross
New Accounts4 | |
| 2,880 | | |
| 2,751 | | |
| 2,643 | | |
| 3,096 | | |
| 3,137 | | |
| 2,401 | | |
| 2,460 | | |
| 2,129 | | |
| 2,250 | | |
| 3,080 | | |
| 3,094 | | |
| 5,622 | |
| Total Customer Assets5 | |
| 5,627 | | |
| 5,355 | | |
| 5,556 | | |
| 5,622 | | |
| 5,647 | | |
| 5,627 | | |
| 5,693 | | |
| 5,843 | | |
| 5,969 | | |
| 6,005 | | |
| 5,735 | | |
| 5,420 | |
| Total Customer Cash6 | |
| 2,093 | | |
| 2,034 | | |
| 2,084 | | |
| 2,079 | | |
| 2,090 | | |
| 2,122 | | |
| 2,075 | | |
| 2,049 | | |
| 2,090 | | |
| 2,107 | | |
| 2,077 | | |
| 2,089 | |
| DARTs7 | |
| 69,696 | | |
| 88,938 | | |
| 80,292 | | |
| 79,185 | | |
| 96,844 | | |
| 84,991 | | |
| 82,924 | | |
| 80,059 | | |
| 76,830 | | |
| 105,140 | | |
| 131,609 | | |
| 182,978 | |
1
TradeStation’s fiscal year is from April 1 through March 31.
2 A “Trading
Day” means each day during the period presented that trading is open on NYSE and Nasdaq markets. A day on which such markets close
early, such as the Friday after Thanksgiving, is counted as half a day.
3 “Total
Customer Accounts” is the number of customer brokerage accounts with a positive account balance at the end of the period presented.
4 “Gross
New Accounts” is the total number of approved customer brokerage accounts funded during the period presented, and includes accounts
funded during the period presented that were opened and approved (but not funded) in a prior period, as well as accounts that were opened
and funded in a prior period, but then went to a zero balance and were subtracted from Total Customer Accounts, but then were again funded
during the period presented.
5 “Total
Customer Assets” is total cash and assets held in customer brokerage accounts at the end of the period presented.
6 “Total
Customer Cash” is the aggregate cash held in customer brokerage accounts (equities and futures accounts – no cash is held
in customer cryptocurrency accounts) at the end of the period presented.
7 “DARTs”
means daily average revenue trades made by our customers. A revenue trade means one completed customer equities, options, futures, or
crypto trade, regardless of the number of shares, contracts, or units included in such trade, and includes trades completed under TradeStation’s
“zero commission” plans (which are supported by payment-for-order-flow, or “PFOF,” revenue). Each “side”
of a futures trade is counted as one revenue trade. Partial fills of an equities order on the same day are aggregated and counted as
one revenue trade. DARTs are calculated by dividing the total number of revenue trades in the period presented by the total number of
Trading Days in the period presented. DARTs is a general indicator, as each of the asset classes TradeStation offers has a different
fee structure and level of profitability.
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