• There is no assurance that your securities will be lent or that a market for lending them exists.
• When securities are borrowed for a short sale, there is a possibility that their market price will decline.
• When you lend your securities, you will temporarily lose voting rights, as they are transferred to the borrower during the loan period.
• Income earned from lending your securities may have tax consequences, which could affect your overall returns.
• Securities lending is not protected by the Securities Investor Protection Corporation (SIPC), which means the loaned assets are not covered by SIPC.
• 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 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.

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 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. 

All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. There is no guarantee that any investment strategy will achieve its objectives. Please note that diversification does not assure a profit, or protect against loss. There is always the potential of losing money when you invest in securities, or other financial products. Investors should consider their investment objectives and risks carefully before investing.