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Original page1 O P E N T O T HE P UBL IC INV E S T ING , INC. CUS T O ME R RE L AT IO NS HIP S UMM ARY E F F E CT IV E DE CE MBE R 11 , 2025 1 T h is Cus to m e r Re l a tio n sh i p S u m m a r y d e sc r ib e s t h e b r o ke r a g e s e r vic e s p r o vi d e d via th e P u b li c p l a tf o r m b y P u b li c I n ve stin g . P u b li c A d viso r s L L C, a n a f fili a t e o f P u b li c I n v e sti n g , is a n SEC - r e g iste r e d in ve stm e n t a d vis o r t h a t p r o vid e s in v e stm e n t a d vis o r y se r v ice s via th e P u b li c p lat f o r m . T h o se se r vice s a r e d e scr i b e d in th e P u b li c A d vis o r s Cu sto m e r Rela tio n sh i p S u m m a r y b e low. Int r o d u ctio n ) i s r e gi s tered wi th th e S ec urit i e s a nd E x c hang e Com mi s s i on - 1 B r ok erage and i nv es tme nt ad v i s o r y s erv i c e s and fees di ffer, and i t i s i mp ortant for y ou to und ers tand thos e di fferenc es . F r ee a nd s i mp l e too l s are a v ai l ab l e for y ou to r es earc h fi r ms and fi nanc i al profes s i o nal s at Inv e s tor.gov /CRS , whi c h al s o prov i des edu c ati onal ma teri al s abo ut brok er - deal ers , i nv e s tme nt ad v i s ers , and i nv es ti ng. P l eas e read our Conv ers ati on S tarter s for more i nformati on. W h at i n vest men t ser vice s ca n you p r o vide m e ? - l i s ted s toc k s and ex c hang e - tr aded orate and U.S . gov ernment bond s , and opti ons . W e al s o s uppo r t m argi n pl atform to ope n a s eparate brok erage ac c ount wi th J i k o S ec urit i es , In c . and m ak e rec urr i ng i nv es tme nts i n 6 - mo nth Tr eas ury bi l l s . Thos e brok erage s erv i c es are not prov i ded by P ubl i c Inv e s ti ng; pl eas e c ons u l t the J i k o S ec urit i es For m CRS for more i nformati on. P ubl i c Inv es t i n g do es not hav e ac c ount m i n i mu ms . P ubl i c In v es t i ng i s an i ntroduc i ng b r ok er - deal er. W hen y ou p l ac e a t r ade wi th P ubl i c In v es ti ng, t hat o r der i s by A pex . P ubl i c In v es ti ng d e l i v ers tr ade c onfi r ma ti on s and ac c ount s tatem ents i n el e c tr oni c format. P l eas e v i s i t our app o r the P ubl i c webs i te at publ i c .c om , as wel l as pub l i c .c om /di s c l os ures for more i nformati on. Conv ers ati on s tarter s : G i v en my fi nanc i al s i tuati on, s houl d I c hoos e a b r ok erage s erv i c e? W hy or why not? How wi l l y ou c hoos e i nv es tme nt s to rec om me nd to me ? W hat i s y our r el ev ant e x peri enc e, i nc l udi ng y our l i c en s es , educ ati on, a nd o ther qual i fi c ati ons ? W hat d o the s e qu al i fi c ati ons me an? W h at f ees w ill I p ay? W h at add i t ion al cost s sh o u ld I expect in con n ec t ion w it h my accou n t ? Y ou m ay i nc ur c ertai n fee s o r c os ts i n c onne c ti on w i th y o ur br ok erage ac c ount wi th P ubl i c In v es ti ng. W e de s c r i be s om e of the m os t c om mo n fe es and c os t s bel ow, bu t pl ea s e s ee o ur F ee S c hedu l e for a c om prehens i v e l i s t. US - L isted S t o cks a n d E T F s: F or s om e trades of US - l i s ted s toc k s and E T F s , y ou c an c hoos e ho w y our or ders are r oute d. Y ou m ay nee d to pay an e x ec uti on fe e for c ert ai n routes . E xten d ed Ho u r s & O T C S ecurities: W hen y ou p l ac e a t r ade outs i de n ormal ma r k et ho urs or for an O T C s ec urit y , we c harge $2.9 9 pe r trade. Thi s fee i s wai v ed fo r P r em i um me mb ers . Invest me n t P lans : c harge a c om mi s s i on fo r Inv es tme nt P l an trans ac t i ons . T hi s fee i s wai v ed fo r P r em i u m m em bers . Bo n d s : W e c harge a m ark up o r ma r k down o n ea c h bo nd trade. Ind ex O p t io n s: W e c harge a pe r - c ontrac t fee for eac h i ndex opti on c ontrac t ex e c uted . Inst an t W i t h d r aw als: Y ou c an wi thdraw c as h to y our bank ac c ount v i a A CH for fr ee. Y ou m ay al s o m a k e an Ma r g in In t er es t : W e c harge i nteres t on the f unds y ou b orr ow i n a m argi n ac c ount . P u b lic P r emiu m : W e c harg e a m onth l y s ubs c r i pti on fe e for Pub l i c P r em i um . Thi s s er v i c e g i v es y ou a c c es s to adv anc ed m ark et da ta an d po r tfol i o m anag em ent t ool s , a nd a l l ows y ou to a v oi d c ertai n tradi ng fe es . O t h er F ees : W e pa s s al ong c ertai n regul atory and ex c ha nge fees on y our tr ans ac ti on s , and c harge fees for c ertai n ac c ount ac t i v i ti es \ e.g ., wi r es , pap er s tatem ents , a nd c hec k s \ or for ac c ount i nac ti v i ty . S ee o ur F ee S c hedu l e for detai l s . Un d er lying F ees Ass o ciate d W it h Inves t men t s : Y ou wi l l pay ma nage me nt fe es \ ex p ens e rati o) or othe r Y ou wi l l pa y fees and c o s ts r egardl es s of whe ther y ou m ak e or l os e m oney on y our i n v es tme nts . Fees and c os t s wi l l r educ e an y am ount of m oney y ou m ak e on y our i n v e s tme nts ov er ti me . P l eas e un ders tand al l fees and c o s ts . Conv ers ati on S tarter s : Hel p me und ers tand how th es e fee s and c os t s mi ght a ffec t m y i nv es tme nt s ? If I gi v e y ou $10,000 to inv es t, how muc h wil l go to fees and c os ts , an d how muc h wil l be i nv es ted for me? W h at ar e you r legal o b ligat i o n s t o me w h en p r o vidi n g r ecom men d ati o n s? W e d o no t prov i de rec om me ndat i ons . T he way we m ak e m oney doe s c r eate s om e c onf l i c t s wi th y our i nteres ts . Y ou s hou l d u nders tand and as k us abo ut thes e c onfl i c ts be c aus e the y c an a ffec t the s erv i c es we pr ov i de y ou. He r e are ex am pl e s to h el p y ou u nders tand what th i s me ans :
2 Ho w else do es y o u r f ir m m ake m o n ey and w h at co n f lic t s o f int er es t do y o u h ave? If y ou d epos i t c a s h i nto a Hi g h - T hos e ba nk s pay P ub l i c In v e s ti ng a n ad mi ni s tr ati v e fee a nd p ay y ou i nteres t on y our s wept d epos i ts . The i nteres t y ou e arn i s l es s than i t woul d ha v e be en i f the ba nk s di d no t pay u s a fe e. S ee our Hi gh - Y i el d Cas h A c c ount Ter ms for more i nformati on. If y ou h ol d c as h i n a P ubl i c I nv es ti ng b r ok erage ac c ount othe r than y our HYCA ac c ount , P ubl i c In v es t i ng e arns i nteres t on thi s c as h, bu t y ou do n ot. Y ou c an e l ec t to p arti c i pate i n A pex 's ful l y - pai d s e c urit i e s l endi ng p r ogram. A pex and P ubl i c In v es t i ng e arn fees when A pex l oans out s e c urit i es i n y our br ok erage ac c ount . Thi s i s a c onfl i c t bec au s e s ec urit i es l endi ng p os e s c ertai n ri s k s , and y our fee s h ar e woul d be greater i f we di d no t rec ei v e an y fee. Lea r n m ore about the progr am and r i s k s . W e work wi th A pex to route y our or ders to th i r d - party ma r k et c ente r s for ex ec uti on. S om e of thos e v enue s pay a res ul t, P ubl i c Inv e s ti ng a nd A pex ar e i nc enti v i z ed to di r ec t c us tom er or ders to th e m ark et c ente r s that prov i de pay me nts or r ebat es , s ubj ec t to o ur bes t ex ec uti on requi r em ents . W e m i ti gate th i s c on fl i c t of i nteres t through di s c l os ure and by s e l ec ti ng e x ec uti on v enue s bas ed o n w hi c h v enue wi l l gi v e the c u s t om er or der the be s t fi l l , r athe r than any ben efi t to P ubl i c In v es ti ng. Y ou p ay us a c om m i s s i on o r ma r k - up o n c ertai n trades , for ex am pl e on bon ds , O T C s ec urit i es , and i ndex opti ons . S ee F ee S c hedu l e f or fur ther detai l s . T r ans ac ti on - bas ed fe es c r eate a c onfl i c t of i nteres t bec aus e we hav e i nc enti v e for y ou to trade mo r e. P ubl i c In v es t i ng c harges i nte r es t on the f unds y ou b orr ow on ma r gi n, an d bo th A pex and P ubl i c In v es ti ng e arn fees by l endi ng s ec urit i es y o u pu r c has e on ma r gi n. Thi s c r eate s a c onfl i c t bec aus e m a r gi n tradi ng p os es c ertai n r i s k s , and we be nefi t from y o u m ai n tai ni ng a hi gher margi n ba l anc e an d pu r c has i ng s t oc k s on m argi n. S ee th e Ma r gi n A greemen t , Ma r gi n Di s c l os ure Sta tem ent , and F ee S c hedu l e for detai l s . O ur affi l i ate, P ubl i c A dv i s ors LLC, i s a regi s tered i nv e s tm ent a dv i s er that prov i des d i s c r eti onary i nv e s tme nt - bas ed fe e. Cus tom ers c an c hoos e to m ak e rec urr i ng i nv es tme nt s i n 6 - mo nth Tr eas ury B i l l s by u s i ng th e P ubl i c p l atform to open a s epar ate br ok er age a c c ount with J i k o Se c ur i ti e s . J i k o pay s us a r efer r al fee. A ddi ti onal i nformati on a bout our fi r m i s av ai l abl e at publ i c . c om /di s c l os ures . Conv ers ati on S tarter s : How m i ght y our c onfl i c ts of i nteres t affe c t m e, an d ho w wi l l y o u ad dres s them ? Ho w do yo u r f inan cial p r o f essi o n als make mo n ey ? W e em pl oy fi nan c i a l profes s i onal s that are pai d s al arie s , di s c r eti onary bon us e s and s t oc k opti ons . S om e em pl oy ees m a y r ec ei v e i nc e nti v es t i ed to the ov eral l s uc c es s of c ertai n produc ts or l i n es of b us i nes s . Comp ens ati on i s not t i ed to t he s al e of s pec i fi c s ec urit i es or s al es c om m i s s i ons . Do you o r you r f inan cial p r o f essi o n als have legal o r discip li n ar y h isto r y? Y es . V i s i t Inv e s tor.gov /CRS or https ://brok erc hec k .fi nra.o r g/ for a fr ee a nd s i mp l e s earc h too l to res earc h us and our fi nanc i al profes s i onal s . It em 9 of our Cl i ent B r oc hure al s o c onta i n s thi s i nformati on . Conv ers ati on S tarter s : A s a f i nanc i a l profes s i ona l , do y ou hav e an y di s c i p l i nary hi s tory ? For what t y pe o f c ondu c t? Ad d it i o n al Inf o r ma t ion F or addi ti onal i nformati on a b out o ur pr oduc ts and s erv i c e s , pl eas e v i s i t the P ubl i c web s i te at publ i c .c om and publ i c . c om /di s c l o s ures . Y ou c an a l s o reques t up - to - date i nformati on, s end i nqui r i es , a nd reques t a wri tten c opy of our F orm CRS by c onta c ti ng P ubl i c at he l l o@publ i c .c om . Conv ers ati on S tarter s : W ho i s my pri ma r y c onta c t pers on ? Is he o r s he a r epres enta ti v e of a brok er - deal er? W ho c an I tal k to i f I ha v e c on c erns abo ut ho w thi s pers on i s treati ng m e?
3 PUB LI C AD VISO RS LL C CU STOM ER RELATION SHIP SUM M AR Y EFF ECTIVE DEC EM BER 1 1 , 2 0 2 5 2 T h is Cus to m e r Re l a tio n sh i p S u m m a r y d e sc r ib e s t h e i n ve s tm e n t a d viso r y s e r vi ce s p r o vi d e d b y P u b li c A d vi so r s. P u b li c A d viso r s m a n a g e s b r o ke r a g e a cco u n t s f o r o u r c u st o m e r s, wh ic h a cco u n ts a r e o p e n e d b y c u sto m e r s a t P u b li c I n ve stin g , o u r a ff il i a te d b r o ke r - d e a l e r . T h e b r o k e r a g e se r vic e s p r o vi d e d b y P u b li c I n ve stin g a r e d e s cr ib e d in t h e ir C u sto m e r R e lat i o n s h ip S u m m a r y, w h ich is t h e f i r st s e cti o n o f t h is d o cu m e n t. In trodu c tio n Com m i s s i o n . Bro k e ra g e a n d i n v e s tm e n t a d v i s o r y s e rv i c e s a n d f e e s d i ff e r , a n d i t i s i m p o rta n t th a t y o u u n d e r s ta n d t h e s e d i ff e r e n c e s . 2 Fre e a n d s i m p l e t o o l s a re a v a i l a b l e fo r y o u t o re s e a r c h f i rm s a n d f i n a n c i a l p ro f e s s i o n a l s a t In v e s to r. g o v /CRS , whi c h a l s o p ro v i d e s e d u c a t i o n a l m a te r i a l s a b o u t b ro k e r - d e a l e rs , i n v e s t m e n t a d v i s e r s , a n d i n v e s ti n g . An s wers t o t h e Co n v e r s a t i o n Sta rte rs c a n b e f o u n d a t p u b l i c .c o m /d i s c l o s u re s /c o n v e r s a t i o n - s ta rte r s . Wh a t i nv e s tm e nt s e rvi c e s a nd a dv ic e c a n y ou prov id e m e ? We p ro v i d e a u to m a te d , s o ft wa re - b a s e d i n v e s t m e n t a d v i s o ry s e rv i c e s t o re ta i l i n v e s t o rs e x c l u s i v e l y t h r o u g h o u r w e b s i te G e n e ra te d As s e t s Ac c o u n d i s c re ti o n a r y b a s i s , wh i c h a l l o ws u s to d i re c t tra d i n g i n y o u r Ac c o u n t wit h o u t h a v i n g t o o b ta i n y o u r a p p ro v a l b e fo re e a c h tra d e . Th e m i n i m u m i n i t i a l d e p o s i t to o p e n a n A c c o u n t i s $ 1 , 0 0 0 . ra n g e o f m a tu r i ti e s . Cl i e n t s c a n c h o o s e f ro m a s e l e c t i o n o f l a d d e rs d e v e l o p e d b y P u b l i c A d v i s o rs o r c o n fi g u re th e i r o wn. Aft e r s e l e c ti n g a l a d d e r, y o u c a n s e l e c t h o w m a t u ri t y a n d c o u p o n p a y m e n ts a re re i n v e s t e d , i f a t a l l . Pu b l i c Ad v i s o rs e x e r c i s e s o u r d i s c re t i o n a r y a u t h o ri t y wh e n we b u y a n d s e l l T r e a s u r i e s e a c h t i m e t h e r e i s a d e p o s i t, wi th d ra wa l , o r m a tu r i ty / c o u p o n p a y m e n t. Th ro u g h a DI A c c o u n t , y o u c a n i n v e s t d i r e c t l y i n t h e i n d i v i d u a l s t o c k s th a t c o m p ri s e o n e o f th e b e n c h m a r k i n d e x e s t h a t Pu b l i c Ad v i s o rs h a s l i c e n s e d f r o m t h i rd - p e rfo r m a n c e o f y o u r s e l e c te d i n d e x wh i l e p e r m i t ti n g c e r ta i n c u s to m i z a ti o n s , s u c h a s th e a b i l i ty t o re s tri c t s p e c i fi c s to c k s fro m y o u r p o rtf o l i o . Ea c h t i m e y o u r DI A c c o u n t i s re b a l a n c e d o r e x p e ri e n c e s c a s h i n fl o w/ o u t fl o w, Pu b l i c Ad v i s o rs w i l l a p p l y a u to m a te d t a x l o s s h a r v e s - p e rfo r m a n c e a l i g n e d w i th t h e b e n c h m a r k i n d e x wi t h i n a re a s o n a b l e t ra c k i n g e rro r. We e x e r c i s e o u r d i s c re ti o n a ry a u th o r i ty w h e n we t ra d e : (a ) i n re s p o n s e t o c a s h i n f l o ws o r o u tf l o w s ; (b ) to re b a l a n c e y o u r p o rtf o l i o ; (c ) t o e x e c u te T L H; a n d (d \ t o o th e rwi s e k e e p , i n a t a x - p e rfo r m a n c e a n d wi t h y o u r a l l o c a t i o n s , c u s t o m i z a t i o n s , a n d re s tri c ti o n s . o u tp u t f ro m Gen A, i n c l u d i n g y o u r GA In d e x , i s g e n e ra te d a t y o u r d i re c ti o n a n d i s f o r i n f o rm a ti o n a l p u rp o s e s o n l y . S u c h o u tp u t s h o u l d not b e c o n s i d e r e d i n d i v i d u a l i z e d i n v e s tm e n t a d v i c e o r re c o m m e n d a ti o n s b y Pu b l i c Ad v i s o rs . Yo u a re s o l e l y r e s p o n s i b l e f o r d e t e rm i n i n g wh e th e r to i n v e s t i n t h e s to c k s c o m p r o m i s i n g y o u r GA In d e x . If y o u e l e c t t o d o s o , To k e e p y o u r p o rtf o l i o a l i g n e d o r o u tf l o ws ; a n d (b ) t o re b a l a n c e y o u r p o rtf o l i o . Pu b l i c Ad v i s o rs w i l l p e ri o d i c a l l y a d v i s e y o u t o re v i e w a n d u p d a te y o u r p ro f i l e i n fo r m a t i o n , a n d we m o n i to r A c c o u n t s o n a p e ri o d i c b a s i s t o e n s u re th a t o u r t ra d e s a re c o n s i s te n t wi th y o u r p o rtf o l i o s e l e c ti o n s a n d c u s to m i z a ti o n s . Pl e a s e s e e It e m s 4 a n d 7 i n o u r F i rm Br o c h u re fo r m o r e d e ta i l e d i n fo r m a ti o n a b o u t o u r s e r v i c e s . Con v e r s a ti o n s ta rt e rs : G i v e n m y f i n a n c i a l s i tu a ti o n , s h o u l d I c h o o s e a n i n v e s tm e n t a d v i s o r y s e r v i c e ? W h y o r wh y n o t? How wi l l y o u c h o o s e i n v e s tm e n ts t o re c o m m e n d t o m e ? W h a t i s y o u r re l e v a n t e x p e ri e n c e , i n c l u d i n g y o u r l i c e n s e s , e d u c a ti o n a n d o t h e r q u a l i fi c a ti o n s ? W h a t d o th e s e q u a l i fi c a ti o n s m e a n ? Wh a t fe e s w il l I pa y ? c a l c u l a te t h e M a n a g e m e n t Fe e o n a d a i l y b a s i s a n d c h a rg e y o u r A c c o u n t m o n th l y i n a rre a r s . Fo r DI Ac c o u n ts , o u r a n n u a l M a n a g e m e n t Fe e i s 0 .1 9 % . F o r GA Ac c o u n ts , o u r a n n u a l M a n a g e m e n t F e e i s 0 .4 9 % .F o r Tre a s u ry A c c o u n t s , we a p p l y d i ff e r e n t ra te s a c c o rd i n g to t h e s c h e d u l e b e l o w: Ti e r Tre a s ury Ac c ou nt P ortfo li o Va lu e Annu a l M a na g e m e nt Fe e 1 Th e f i r s t $ 2 5 , 0 0 0 0 .2 9 % 2 Th e n e x t $ 7 5 , 0 0 0 , u p t o $ 1 0 0 , 0 0 0 0 .2 4 % 3 Th e n e x t $ 9 0 0 ,0 0 0 , u p t o $ 1 ,0 0 0 ,0 0 0 0 .1 9 % 4 Th e n e x t $ 4 m i l l i o n , u p t o $ 5 ,0 0 0 ,0 0 0 0 .1 4 % 5 As s e t s o v e r $ 5 ,0 0 0 ,0 0 0 0 .0 9 % Im p o rt a n t l y , o u r M a n a g e m e n t Fe e i s not a wra p fe e . Yo u r A c c o u n t, wh i c h i s m a n a g e d b y P u b l i c Ad v i s o rs , i s a b ro k e r a g e a c c o u n t wit h Pu b l i c In v e s ti n g , o u r a ff i l i a te d b ro k e r - d e a l e r . Th e M a n a g e m e n t F e e c o v e rs o n l y t h e a d v i s o ry s e rv i c e s p r o v i d e d b y P u b l i c A d v i s o rs , a n d n o t a n y o f t h e b r o k e ra g e s e r v i c e s p ro v i d e d b y Pu b l i c I n v e s ti n g . Fo r e x a m p l e , Pu b l i c I n v e s ti n g c h a rg e s a m a rk u p o r m a rk d o wn e a c h ti m e P u b l i c Ad v i s o rs b u y s o r s e l l s , re s p e c ti v e l y , a Tre a s u r y f o r
4 y o u r T r e a s u ry A c c o u n t . Pu b l i c In v e s ti n g m a y a l s o c h a rg e o t h e r b ro k e ra g e s e rv i c e fe e s f o r y o u r Ac c o u n t, s u c h a s wi re tra n s f e r f e e s , p a p e r s t a te m e n t fe e s , a n d i n a c ti v i t y f e e s . Fo r a fu l l l i s t o f P u b l i c I n v e s ti n g f e e s , s e e th e F e e S c h e d u l e . Yo u wi l l p a y f e e s a n d c o s ts w h e th e r y o u m a k e o r l o s e m o n e y o n y o u r i n v e s t m e n t s . F e e s a n d c o s ts wi l l re d u c e a n y a m o u n t o f m o n e y y o u m a k e o n y o u r i n v e s tm e n t s o v e r t i m e . Pl e a s e m a k e s u r e y o u u n d e r s t a n d a l l o f th e s e fe e s . Pl e a s e s e e I te m 5 o f o u r Fi rm Bro c h u r e fo r a d d i t i o n a l d e ta i l s a b o u t fe e s . Con v e r s a ti o n St a rte r s : Hel p m e u n d e rs t a n d h o w th e s e f e e s a n d c o s t s m i g h t a ff e c t m y i n v e s tm e n ts . If I g i v e y o u $ 1 0 ,0 0 0 t o i n v e s t, h o w m u c h wil l g o t o fe e s a n d c o s t s , a n d h o w m u c h wi l l b e i n v e s te d f o r m e ? Wh a t a re y ou r le ga l o bl ig a t io ns t o m e whe n a c tin g a s m y i nv e s tm e nt a dv is e r? How e l s e d o e s y ou r firm m a k e m on e y a nd w ha t c on fli c t s o f in te res t d o y ou ha v e ? Wh e n we a c t a s y o u r i n v e s tm e n t a d v i s e r, we h a v e t o a c t i n y o u r b e s t i n te r e s t a n d n o t p u t o u r i n t e re s t a h e a d o f y o u rs . At th e s a m e t i m e , t h e wa y we m a k e m o n e y c r e a t e s s o m e c o n fl i c ts wi th y o u r i n te r e s t s . Yo u s h o u l d u n d e rs ta n d a n d a s k u s a b o u t th e s e c o n f l i c ts b e c a u s e th e y c a n a ff e c t t h e i n v e s t m e n t a d v i c e we p ro v i d e y o u . Her e a re e x a m p l e s t o h e l p y o u u n d e r s ta n d wh a t t h i s m e a n s . M a na g e m e nt Fe e s . T h e m o re a s s e ts t h e r e a re i n y o u r Ac c o u n t, t h e m o re y o u w i l l p a y i n M a n a g e m e n t Fe e s . Th e re f o re , we h a v e a n i n c e n ti v e t o e n c o u ra g e y o u to i n c re a s e t h e a s s e ts i n y o u r A c c o u n t. Affili a te d Br ok e rag e . Bro k e ra g e s e rv i c e s f o r y o u r Ac c o u n t, whi c h i s m a n a g e d b y Pu b l i c A d v i s o rs , a re p ro v i d e d b y Pu b l i c I n v e s ti n g , o u r a ff i l i a te d b ro k e r - d e a l e r. Yo u d o n o t h a v e t h e o p ti o n o f o p e n i n g a n Ac c o u n t wi th a n o th e r b ro k e r - d e a l e r . O th e r b ro k e r - d e a l e r s m a y o ff e r d i ff e re n t s e r v i c e s , p r o d u c ts , c a p a b i l i ti e s , o r f e e s . Cas h. An y f u n d s d e p o s i te d i n a T re a s u r y Ac c o u n t th a t i s n o t s u ff i c i e n t t o p u r c h a s e th e n e x t a p p ro p r i a t e T re a s u r y f o r y o u r l a d d e r wi l l re m a i n a s c a s h i n y o u r A c c o u n t . W e a l s o m a i n ta i n a c a s h b u ff e r i n y o u r DI a n d GA Ac c o u n t a t a l l ti m e s t o e n s u re s u ff i c i e n t f u n d s f o r p a y m e n t o f M a n a g e m e n t Fe e s . Yo u d o n o t e a r n i n te re s t o n a n y c a s h i n y o u r Ac c o u n t, b u t o u r a f fi l i a te P u b l i c I n v e s ti n g d o e s . Tre a s ury Ac c ou nt s o Tra n s a c t i o n F e e s . We h a v e d i s c re t i o n a ry a u th o ri t y t o tra d e T re a s u r i e s f o r y o u r T re a s u r y Ac c o u n t. O u r a ff i l i a te d b ro k e r - d e a l e r, Pu b l i c I n v e s ti n g , c h a r g e s a m a rk - u p o r m a r k - d o wn o n e a c h t ra d e . T h i s i s a c o n fl i c t o f i n te re s t b e c a u s e Pu b l i c In v e s t i n g m a k e s m o n e y t h e m o re we tra d e o n y o u r Ac c o u n t, b u t e x c e s s i v e tra d i n g l e a d s t o h i g h e r tra n s a c t i o n c o s ts , wh i c h m a y e ro d e y i e l d . o L i q u i d i t y Pro v i d e r . Pu b l i c I n v e s ti n g i s a n i n tro d u c i n g b r o k e r - d e a l e r, a n d t ra d e s f o r Pu b l i c I n v e s ti n g b r o k e r a g e n d Pu b l i c I n v e s ti n g a re i n v e s to rs i n M o m e n t M a r k e t s . DI a nd GA Ac c ou nts o Pa y m e n t f o r Orde r F l o w . W e h a v e d i s c re t i o n a ry a u th o ri t y t o t ra d e e q u i t y s e c u ri ti e s fo r y o u r DI o r GA Ac c o u n t . Ap e x , th e c l e a ri n g b ro k e r f o r s u c h t r a n s a c t i o n s , e a rn s re v e n u e f ro m s u c h t ra d e a c ti v i t y . Ap e x s h a re s a p o rt i o n o f th i s r e v e n u e wi th P u b l i c I n v e s t i n g , o u r a f fi l i a te d b ro k e r - d e a l e r . Th i s i s a c o n f l i c t o f i n t e re s t b e c a u s e s u c h p a y m e n t s to Pu b l i c In v e s t i n g a re p r o p o r ti o n a l to t h e v o l u m e o f o u r t ra d i n g . o Se c u ri ti e s L e n d i n g . I f y o u r DI o r GA Ac c o u n t i s e n ro l l e d i n o u r Se c u ri ti e s L e n d i n g Pro g ra m , Ap e x m a y e a rn i n te re s t b y l o a n i n g o u t s to c k h e l d i n y o u r DI o r GA Ac c o u n t t o o th e r i n v e s to r s a n d i n s ti t u ti o n s . Ap e x s h a r e s a p o rti o n o f th i s i n te re s t wit h y o u , b u t a l s o wi th Pu b l i c I n v e s t i n g , o u r a ff i l i a te d b ro k e r - d e a l e r. Pl e a s e s e e o u r Fi r m Bro c h u r e fo r m o r e d e ta i l s a b o u t o u r c o n f l i c t s o f i n t e re s t. Con v e r s a ti o n St a rte r s : How m i g h t y o u r c o n f l i c ts o f i n te re s t a ff e c t m e , a n d h o w wil l y o u a d d r e s s th e m ? How d o y ou r fin a nc i a l profe s s io na ls m a k e m on e y ? Pu b l i c Ad v i s o rs p ro fe s s i o n a l s r e c e i v e s a l a ri e s a n d s to c k o p ti o n s t h a t a r e b a s e d o n t h e i r o v e r a l l j o b re s p o n s i b i l i ti e s a n d p e rfo r m a n c e . Cer ta i n p e r s o n n e l m a y a l s o b e e l i g i b l e f o r v a ri a b l e c o m p e n s a t i o n b a s e d o n i n d i v i d u a l p e rfo r m a n c e o r g ro wth d r i v e n b y t h e i r re s p e c ti v e t e a m s t o P u b l i c Ho l d i n g s a n d i t s a ff i l i a te s . Co m p e n s a t i o n i s n o t ti e d t o t h e s a l e o f s p e c i fi c s e c u ri ti e s , s a l e s c o m m i s s i o n s , o r s p e c i fi c i n v e s t m e n t re c o m m e n d a ti o n s . Con f l i c ts o f i n te re s t e x i s t a s s u c h p e rs o n n e l h a v e a n i n c e n ti v e t o b ri n g a s s e t s o n to Pu b l i c Ad v i s o rs o r o u r a ff i l i a t e s . Do y ou o r y ou r fin a nc i a l profe s s io na ls ha v e le ga l or di s c ip l in a ry hi s tory ? Ye s . Vi s i t In v e s t o r.g o v /CRS o r h tt p s :/ /b r o k e r c h e c k .f i n r a .o rg / f o r a f re e a n d s i m p l e s e a r c h t o o l t o r e s e a rc h u s a n d o u r fi n a n c i a l p r o fe s s i o n a l s . It e m 9 o f o u r Fi rm Bro c h u re a l s o c o n t a i n s t h i s i n fo r m a ti o n . Con v e r s a ti o n St a rte r s : As a f i n a n c i a l p r o fe s s i o n a l , d o y o u h a v e a n y d i s c i p l i n a ry h i s to ry ? F o r wh a t t y p e o f c o n d u c t? Addi tio na l In form a tio n Fo r a d d i ti o n a l i n f o rm a ti o n a b o u t o u r i n v e s t m e n t a d v i s o r y s e r v i c e s , o r t o re q u e s t a c o p y o f t h i s r e l a t i o n s h i p s u m m a ry , p l e a s e e m a i l u s a t s u p p o rt@ p u b l i c .c o m , c a l l u s a t 2 1 2 - 401 - 6 9 4 6 , o r v i s i t o u r D i s c l o s u re L i b ra ry a t p u b l i c . c o m /d i s c l o s u re s . Con v e r s a ti o n St a rte r s : Wh o i s m y p ri m a ry c o n ta c t p e r s o n ? I s h e o r s h e a re p re s e n ta ti v e o f a n i n v e s tm e n t a d v i s e r o r a b ro k e r - d e a l e r? Wh o c a n I t a l k to i f I h a v e c o n c e rn s a b o u t h o w th i s p e r s o n i s t r e a t i n g m e ?
2 Ho w else do es y o u r f ir m m ake m o n ey and w h at co n f lic t s o f int er es t do y o u h ave? If y ou d epos i t c a s h i nto a Hi g h - T hos e ba nk s pay P ub l i c In v e s ti ng a n ad mi ni s tr ati v e fee a nd p ay y ou i nteres t on y our s wept d epos i ts . The i nteres t y ou e arn i s l es s than i t woul d ha v e be en i f the ba nk s di d no t pay u s a fe e. S ee our Hi gh - Y i el d Cas h A c c ount Ter ms for more i nformati on. If y ou h ol d c as h i n a P ubl i c I nv es ti ng b r ok erage ac c ount othe r than y our HYCA ac c ount , P ubl i c In v es t i ng e arns i nteres t on thi s c as h, bu t y ou do n ot. Y ou c an e l ec t to p arti c i pate i n A pex 's ful l y - pai d s e c urit i e s l endi ng p r ogram. A pex and P ubl i c In v es t i ng e arn fees when A pex l oans out s e c urit i es i n y our br ok erage ac c ount . Thi s i s a c onfl i c t bec au s e s ec urit i es l endi ng p os e s c ertai n ri s k s , and y our fee s h ar e woul d be greater i f we di d no t rec ei v e an y fee. Lea r n m ore about the progr am and r i s k s . W e work wi th A pex to route y our or ders to th i r d - party ma r k et c ente r s for ex ec uti on. S om e of thos e v enue s pay a res ul t, P ubl i c Inv e s ti ng a nd A pex ar e i nc enti v i z ed to di r ec t c us tom er or ders to th e m ark et c ente r s that prov i de pay me nts or r ebat es , s ubj ec t to o ur bes t ex ec uti on requi r em ents . W e m i ti gate th i s c on fl i c t of i nteres t through di s c l os ure and by s e l ec ti ng e x ec uti on v enue s bas ed o n w hi c h v enue wi l l gi v e the c u s t om er or der the be s t fi l l , r athe r than any ben efi t to P ubl i c In v es ti ng. Y ou p ay us a c om m i s s i on o r ma r k - up o n c ertai n trades , for ex am pl e on bon ds , O T C s ec urit i es , and i ndex opti ons . S ee F ee S c hedu l e f or fur ther detai l s . T r ans ac ti on - bas ed fe es c r eate a c onfl i c t of i nteres t bec aus e we hav e i nc enti v e for y ou to trade mo r e. P ubl i c In v es t i ng c harges i nte r es t on the f unds y ou b orr ow on ma r gi n, an d bo th A pex and P ubl i c In v es ti ng e arn fees by l endi ng s ec urit i es y o u pu r c has e on ma r gi n. Thi s c r eate s a c onfl i c t bec aus e m a r gi n tradi ng p os es c ertai n r i s k s , and we be nefi t from y o u m ai n tai ni ng a hi gher margi n ba l anc e an d pu r c has i ng s t oc k s on m argi n. S ee th e Ma r gi n A greemen t , Ma r gi n Di s c l os ure Sta tem ent , and F ee S c hedu l e for detai l s . O ur affi l i ate, P ubl i c A dv i s ors LLC, i s a regi s tered i nv e s tm ent a dv i s er that prov i des d i s c r eti onary i nv e s tme nt - bas ed fe e. Cus tom ers c an c hoos e to m ak e rec urr i ng i nv es tme nt s i n 6 - mo nth Tr eas ury B i l l s by u s i ng th e P ubl i c p l atform to open a s epar ate br ok er age a c c ount with J i k o Se c ur i ti e s . J i k o pay s us a r efer r al fee. A ddi ti onal i nformati on a bout our fi r m i s av ai l abl e at publ i c . c om /di s c l os ures . Conv ers ati on S tarter s : How m i ght y our c onfl i c ts of i nteres t affe c t m e, an d ho w wi l l y o u ad dres s them ? Ho w do yo u r f inan cial p r o f essi o n als make mo n ey ? W e em pl oy fi nan c i a l profes s i onal s that are pai d s al arie s , di s c r eti onary bon us e s and s t oc k opti ons . S om e em pl oy ees m a y r ec ei v e i nc e nti v es t i ed to the ov eral l s uc c es s of c ertai n produc ts or l i n es of b us i nes s . Comp ens ati on i s not t i ed to t he s al e of s pec i fi c s ec urit i es or s al es c om m i s s i ons . Do you o r you r f inan cial p r o f essi o n als have legal o r discip li n ar y h isto r y? Y es . V i s i t Inv e s tor.gov /CRS or https ://brok erc hec k .fi nra.o r g/ for a fr ee a nd s i mp l e s earc h too l to res earc h us and our fi nanc i al profes s i onal s . It em 9 of our Cl i ent B r oc hure al s o c onta i n s thi s i nformati on . Conv ers ati on S tarter s : A s a f i nanc i a l profes s i ona l , do y ou hav e an y di s c i p l i nary hi s tory ? For what t y pe o f c ondu c t? Ad d it i o n al Inf o r ma t ion F or addi ti onal i nformati on a b out o ur pr oduc ts and s erv i c e s , pl eas e v i s i t the P ubl i c web s i te at publ i c .c om and publ i c . c om /di s c l o s ures . Y ou c an a l s o reques t up - to - date i nformati on, s end i nqui r i es , a nd reques t a wri tten c opy of our F orm CRS by c onta c ti ng P ubl i c at he l l o@publ i c .c om . Conv ers ati on S tarter s : W ho i s my pri ma r y c onta c t pers on ? Is he o r s he a r epres enta ti v e of a brok er - deal er? W ho c an I tal k to i f I ha v e c on c erns abo ut ho w thi s pers on i s treati ng m e?
3 PUB LI C AD VISO RS LL C CU STOM ER RELATION SHIP SUM M AR Y EFF ECTIVE DEC EM BER 1 1 , 2 0 2 5 2 T h is Cus to m e r Re l a tio n sh i p S u m m a r y d e sc r ib e s t h e i n ve s tm e n t a d viso r y s e r vi ce s p r o vi d e d b y P u b li c A d vi so r s. P u b li c A d viso r s m a n a g e s b r o ke r a g e a cco u n t s f o r o u r c u st o m e r s, wh ic h a cco u n ts a r e o p e n e d b y c u sto m e r s a t P u b li c I n ve stin g , o u r a ff il i a te d b r o ke r - d e a l e r . T h e b r o k e r a g e se r vic e s p r o vi d e d b y P u b li c I n ve stin g a r e d e s cr ib e d in t h e ir C u sto m e r R e lat i o n s h ip S u m m a r y, w h ich is t h e f i r st s e cti o n o f t h is d o cu m e n t. In trodu c tio n Com m i s s i o n . Bro k e ra g e a n d i n v e s tm e n t a d v i s o r y s e rv i c e s a n d f e e s d i ff e r , a n d i t i s i m p o rta n t th a t y o u u n d e r s ta n d t h e s e d i ff e r e n c e s . 2 Fre e a n d s i m p l e t o o l s a re a v a i l a b l e fo r y o u t o re s e a r c h f i rm s a n d f i n a n c i a l p ro f e s s i o n a l s a t In v e s to r. g o v /CRS , whi c h a l s o p ro v i d e s e d u c a t i o n a l m a te r i a l s a b o u t b ro k e r - d e a l e rs , i n v e s t m e n t a d v i s e r s , a n d i n v e s ti n g . An s wers t o t h e Co n v e r s a t i o n Sta rte rs c a n b e f o u n d a t p u b l i c .c o m /d i s c l o s u re s /c o n v e r s a t i o n - s ta rte r s . Wh a t i nv e s tm e nt s e rvi c e s a nd a dv ic e c a n y ou prov id e m e ? We p ro v i d e a u to m a te d , s o ft wa re - b a s e d i n v e s t m e n t a d v i s o ry s e rv i c e s t o re ta i l i n v e s t o rs e x c l u s i v e l y t h r o u g h o u r w e b s i te G e n e ra te d As s e t s Ac c o u n d i s c re ti o n a r y b a s i s , wh i c h a l l o ws u s to d i re c t tra d i n g i n y o u r Ac c o u n t wit h o u t h a v i n g t o o b ta i n y o u r a p p ro v a l b e fo re e a c h tra d e . Th e m i n i m u m i n i t i a l d e p o s i t to o p e n a n A c c o u n t i s $ 1 , 0 0 0 . ra n g e o f m a tu r i ti e s . Cl i e n t s c a n c h o o s e f ro m a s e l e c t i o n o f l a d d e rs d e v e l o p e d b y P u b l i c A d v i s o rs o r c o n fi g u re th e i r o wn. Aft e r s e l e c ti n g a l a d d e r, y o u c a n s e l e c t h o w m a t u ri t y a n d c o u p o n p a y m e n ts a re re i n v e s t e d , i f a t a l l . Pu b l i c Ad v i s o rs e x e r c i s e s o u r d i s c re t i o n a r y a u t h o ri t y wh e n we b u y a n d s e l l T r e a s u r i e s e a c h t i m e t h e r e i s a d e p o s i t, wi th d ra wa l , o r m a tu r i ty / c o u p o n p a y m e n t. Th ro u g h a DI A c c o u n t , y o u c a n i n v e s t d i r e c t l y i n t h e i n d i v i d u a l s t o c k s th a t c o m p ri s e o n e o f th e b e n c h m a r k i n d e x e s t h a t Pu b l i c Ad v i s o rs h a s l i c e n s e d f r o m t h i rd - p e rfo r m a n c e o f y o u r s e l e c te d i n d e x wh i l e p e r m i t ti n g c e r ta i n c u s to m i z a ti o n s , s u c h a s th e a b i l i ty t o re s tri c t s p e c i fi c s to c k s fro m y o u r p o rtf o l i o . Ea c h t i m e y o u r DI A c c o u n t i s re b a l a n c e d o r e x p e ri e n c e s c a s h i n fl o w/ o u t fl o w, Pu b l i c Ad v i s o rs w i l l a p p l y a u to m a te d t a x l o s s h a r v e s - p e rfo r m a n c e a l i g n e d w i th t h e b e n c h m a r k i n d e x wi t h i n a re a s o n a b l e t ra c k i n g e rro r. We e x e r c i s e o u r d i s c re ti o n a ry a u th o r i ty w h e n we t ra d e : (a ) i n re s p o n s e t o c a s h i n f l o ws o r o u tf l o w s ; (b ) to re b a l a n c e y o u r p o rtf o l i o ; (c ) t o e x e c u te T L H; a n d (d \ t o o th e rwi s e k e e p , i n a t a x - p e rfo r m a n c e a n d wi t h y o u r a l l o c a t i o n s , c u s t o m i z a t i o n s , a n d re s tri c ti o n s . o u tp u t f ro m Gen A, i n c l u d i n g y o u r GA In d e x , i s g e n e ra te d a t y o u r d i re c ti o n a n d i s f o r i n f o rm a ti o n a l p u rp o s e s o n l y . S u c h o u tp u t s h o u l d not b e c o n s i d e r e d i n d i v i d u a l i z e d i n v e s tm e n t a d v i c e o r re c o m m e n d a ti o n s b y Pu b l i c Ad v i s o rs . Yo u a re s o l e l y r e s p o n s i b l e f o r d e t e rm i n i n g wh e th e r to i n v e s t i n t h e s to c k s c o m p r o m i s i n g y o u r GA In d e x . If y o u e l e c t t o d o s o , To k e e p y o u r p o rtf o l i o a l i g n e d o r o u tf l o ws ; a n d (b ) t o re b a l a n c e y o u r p o rtf o l i o . Pu b l i c Ad v i s o rs w i l l p e ri o d i c a l l y a d v i s e y o u t o re v i e w a n d u p d a te y o u r p ro f i l e i n fo r m a t i o n , a n d we m o n i to r A c c o u n t s o n a p e ri o d i c b a s i s t o e n s u re th a t o u r t ra d e s a re c o n s i s te n t wi th y o u r p o rtf o l i o s e l e c ti o n s a n d c u s to m i z a ti o n s . Pl e a s e s e e It e m s 4 a n d 7 i n o u r F i rm Br o c h u re fo r m o r e d e ta i l e d i n fo r m a ti o n a b o u t o u r s e r v i c e s . Con v e r s a ti o n s ta rt e rs : G i v e n m y f i n a n c i a l s i tu a ti o n , s h o u l d I c h o o s e a n i n v e s tm e n t a d v i s o r y s e r v i c e ? W h y o r wh y n o t? How wi l l y o u c h o o s e i n v e s tm e n ts t o re c o m m e n d t o m e ? W h a t i s y o u r re l e v a n t e x p e ri e n c e , i n c l u d i n g y o u r l i c e n s e s , e d u c a ti o n a n d o t h e r q u a l i fi c a ti o n s ? W h a t d o th e s e q u a l i fi c a ti o n s m e a n ? Wh a t fe e s w il l I pa y ? c a l c u l a te t h e M a n a g e m e n t Fe e o n a d a i l y b a s i s a n d c h a rg e y o u r A c c o u n t m o n th l y i n a rre a r s . Fo r DI Ac c o u n ts , o u r a n n u a l M a n a g e m e n t Fe e i s 0 .1 9 % . F o r GA Ac c o u n ts , o u r a n n u a l M a n a g e m e n t F e e i s 0 .4 9 % .F o r Tre a s u ry A c c o u n t s , we a p p l y d i ff e r e n t ra te s a c c o rd i n g to t h e s c h e d u l e b e l o w: Ti e r Tre a s ury Ac c ou nt P ortfo li o Va lu e Annu a l M a na g e m e nt Fe e 1 Th e f i r s t $ 2 5 , 0 0 0 0 .2 9 % 2 Th e n e x t $ 7 5 , 0 0 0 , u p t o $ 1 0 0 , 0 0 0 0 .2 4 % 3 Th e n e x t $ 9 0 0 ,0 0 0 , u p t o $ 1 ,0 0 0 ,0 0 0 0 .1 9 % 4 Th e n e x t $ 4 m i l l i o n , u p t o $ 5 ,0 0 0 ,0 0 0 0 .1 4 % 5 As s e t s o v e r $ 5 ,0 0 0 ,0 0 0 0 .0 9 % Im p o rt a n t l y , o u r M a n a g e m e n t Fe e i s not a wra p fe e . Yo u r A c c o u n t, wh i c h i s m a n a g e d b y P u b l i c Ad v i s o rs , i s a b ro k e r a g e a c c o u n t wit h Pu b l i c In v e s ti n g , o u r a ff i l i a te d b ro k e r - d e a l e r . Th e M a n a g e m e n t F e e c o v e rs o n l y t h e a d v i s o ry s e rv i c e s p r o v i d e d b y P u b l i c A d v i s o rs , a n d n o t a n y o f t h e b r o k e ra g e s e r v i c e s p ro v i d e d b y Pu b l i c I n v e s ti n g . Fo r e x a m p l e , Pu b l i c I n v e s ti n g c h a rg e s a m a rk u p o r m a rk d o wn e a c h ti m e P u b l i c Ad v i s o rs b u y s o r s e l l s , re s p e c ti v e l y , a Tre a s u r y f o r
4 y o u r T r e a s u ry A c c o u n t . Pu b l i c In v e s ti n g m a y a l s o c h a rg e o t h e r b ro k e ra g e s e rv i c e fe e s f o r y o u r Ac c o u n t, s u c h a s wi re tra n s f e r f e e s , p a p e r s t a te m e n t fe e s , a n d i n a c ti v i t y f e e s . Fo r a fu l l l i s t o f P u b l i c I n v e s ti n g f e e s , s e e th e F e e S c h e d u l e . Yo u wi l l p a y f e e s a n d c o s ts w h e th e r y o u m a k e o r l o s e m o n e y o n y o u r i n v e s t m e n t s . F e e s a n d c o s ts wi l l re d u c e a n y a m o u n t o f m o n e y y o u m a k e o n y o u r i n v e s tm e n t s o v e r t i m e . Pl e a s e m a k e s u r e y o u u n d e r s t a n d a l l o f th e s e fe e s . Pl e a s e s e e I te m 5 o f o u r Fi rm Bro c h u r e fo r a d d i t i o n a l d e ta i l s a b o u t fe e s . Con v e r s a ti o n St a rte r s : Hel p m e u n d e rs t a n d h o w th e s e f e e s a n d c o s t s m i g h t a ff e c t m y i n v e s tm e n ts . If I g i v e y o u $ 1 0 ,0 0 0 t o i n v e s t, h o w m u c h wil l g o t o fe e s a n d c o s t s , a n d h o w m u c h wi l l b e i n v e s te d f o r m e ? Wh a t a re y ou r le ga l o bl ig a t io ns t o m e whe n a c tin g a s m y i nv e s tm e nt a dv is e r? How e l s e d o e s y ou r firm m a k e m on e y a nd w ha t c on fli c t s o f in te res t d o y ou ha v e ? Wh e n we a c t a s y o u r i n v e s tm e n t a d v i s e r, we h a v e t o a c t i n y o u r b e s t i n te r e s t a n d n o t p u t o u r i n t e re s t a h e a d o f y o u rs . At th e s a m e t i m e , t h e wa y we m a k e m o n e y c r e a t e s s o m e c o n fl i c ts wi th y o u r i n te r e s t s . Yo u s h o u l d u n d e rs ta n d a n d a s k u s a b o u t th e s e c o n f l i c ts b e c a u s e th e y c a n a ff e c t t h e i n v e s t m e n t a d v i c e we p ro v i d e y o u . Her e a re e x a m p l e s t o h e l p y o u u n d e r s ta n d wh a t t h i s m e a n s . M a na g e m e nt Fe e s . T h e m o re a s s e ts t h e r e a re i n y o u r Ac c o u n t, t h e m o re y o u w i l l p a y i n M a n a g e m e n t Fe e s . Th e re f o re , we h a v e a n i n c e n ti v e t o e n c o u ra g e y o u to i n c re a s e t h e a s s e ts i n y o u r A c c o u n t. Affili a te d Br ok e rag e . Bro k e ra g e s e rv i c e s f o r y o u r Ac c o u n t, whi c h i s m a n a g e d b y Pu b l i c A d v i s o rs , a re p ro v i d e d b y Pu b l i c I n v e s ti n g , o u r a ff i l i a te d b ro k e r - d e a l e r. Yo u d o n o t h a v e t h e o p ti o n o f o p e n i n g a n Ac c o u n t wi th a n o th e r b ro k e r - d e a l e r . O th e r b ro k e r - d e a l e r s m a y o ff e r d i ff e re n t s e r v i c e s , p r o d u c ts , c a p a b i l i ti e s , o r f e e s . Cas h. An y f u n d s d e p o s i te d i n a T re a s u r y Ac c o u n t th a t i s n o t s u ff i c i e n t t o p u r c h a s e th e n e x t a p p ro p r i a t e T re a s u r y f o r y o u r l a d d e r wi l l re m a i n a s c a s h i n y o u r A c c o u n t . W e a l s o m a i n ta i n a c a s h b u ff e r i n y o u r DI a n d GA Ac c o u n t a t a l l ti m e s t o e n s u re s u ff i c i e n t f u n d s f o r p a y m e n t o f M a n a g e m e n t Fe e s . Yo u d o n o t e a r n i n te re s t o n a n y c a s h i n y o u r Ac c o u n t, b u t o u r a f fi l i a te P u b l i c I n v e s ti n g d o e s . Tre a s ury Ac c ou nt s o Tra n s a c t i o n F e e s . We h a v e d i s c re t i o n a ry a u th o ri t y t o tra d e T re a s u r i e s f o r y o u r T re a s u r y Ac c o u n t. O u r a ff i l i a te d b ro k e r - d e a l e r, Pu b l i c I n v e s ti n g , c h a r g e s a m a rk - u p o r m a r k - d o wn o n e a c h t ra d e . T h i s i s a c o n fl i c t o f i n te re s t b e c a u s e Pu b l i c In v e s t i n g m a k e s m o n e y t h e m o re we tra d e o n y o u r Ac c o u n t, b u t e x c e s s i v e tra d i n g l e a d s t o h i g h e r tra n s a c t i o n c o s ts , wh i c h m a y e ro d e y i e l d . o L i q u i d i t y Pro v i d e r . Pu b l i c I n v e s ti n g i s a n i n tro d u c i n g b r o k e r - d e a l e r, a n d t ra d e s f o r Pu b l i c I n v e s ti n g b r o k e r a g e n d Pu b l i c I n v e s ti n g a re i n v e s to rs i n M o m e n t M a r k e t s . DI a nd GA Ac c ou nts o Pa y m e n t f o r Orde r F l o w . W e h a v e d i s c re t i o n a ry a u th o ri t y t o t ra d e e q u i t y s e c u ri ti e s fo r y o u r DI o r GA Ac c o u n t . Ap e x , th e c l e a ri n g b ro k e r f o r s u c h t r a n s a c t i o n s , e a rn s re v e n u e f ro m s u c h t ra d e a c ti v i t y . Ap e x s h a re s a p o rt i o n o f th i s r e v e n u e wi th P u b l i c I n v e s t i n g , o u r a f fi l i a te d b ro k e r - d e a l e r . Th i s i s a c o n f l i c t o f i n t e re s t b e c a u s e s u c h p a y m e n t s to Pu b l i c In v e s t i n g a re p r o p o r ti o n a l to t h e v o l u m e o f o u r t ra d i n g . o Se c u ri ti e s L e n d i n g . I f y o u r DI o r GA Ac c o u n t i s e n ro l l e d i n o u r Se c u ri ti e s L e n d i n g Pro g ra m , Ap e x m a y e a rn i n te re s t b y l o a n i n g o u t s to c k h e l d i n y o u r DI o r GA Ac c o u n t t o o th e r i n v e s to r s a n d i n s ti t u ti o n s . Ap e x s h a r e s a p o rti o n o f th i s i n te re s t wit h y o u , b u t a l s o wi th Pu b l i c I n v e s t i n g , o u r a ff i l i a te d b ro k e r - d e a l e r. Pl e a s e s e e o u r Fi r m Bro c h u r e fo r m o r e d e ta i l s a b o u t o u r c o n f l i c t s o f i n t e re s t. Con v e r s a ti o n St a rte r s : How m i g h t y o u r c o n f l i c ts o f i n te re s t a ff e c t m e , a n d h o w wil l y o u a d d r e s s th e m ? How d o y ou r fin a nc i a l profe s s io na ls m a k e m on e y ? Pu b l i c Ad v i s o rs p ro fe s s i o n a l s r e c e i v e s a l a ri e s a n d s to c k o p ti o n s t h a t a r e b a s e d o n t h e i r o v e r a l l j o b re s p o n s i b i l i ti e s a n d p e rfo r m a n c e . Cer ta i n p e r s o n n e l m a y a l s o b e e l i g i b l e f o r v a ri a b l e c o m p e n s a t i o n b a s e d o n i n d i v i d u a l p e rfo r m a n c e o r g ro wth d r i v e n b y t h e i r re s p e c ti v e t e a m s t o P u b l i c Ho l d i n g s a n d i t s a ff i l i a te s . Co m p e n s a t i o n i s n o t ti e d t o t h e s a l e o f s p e c i fi c s e c u ri ti e s , s a l e s c o m m i s s i o n s , o r s p e c i fi c i n v e s t m e n t re c o m m e n d a ti o n s . Con f l i c ts o f i n te re s t e x i s t a s s u c h p e rs o n n e l h a v e a n i n c e n ti v e t o b ri n g a s s e t s o n to Pu b l i c Ad v i s o rs o r o u r a ff i l i a t e s . Do y ou o r y ou r fin a nc i a l profe s s io na ls ha v e le ga l or di s c ip l in a ry hi s tory ? Ye s . Vi s i t In v e s t o r.g o v /CRS o r h tt p s :/ /b r o k e r c h e c k .f i n r a .o rg / f o r a f re e a n d s i m p l e s e a r c h t o o l t o r e s e a rc h u s a n d o u r fi n a n c i a l p r o fe s s i o n a l s . It e m 9 o f o u r Fi rm Bro c h u re a l s o c o n t a i n s t h i s i n fo r m a ti o n . Con v e r s a ti o n St a rte r s : As a f i n a n c i a l p r o fe s s i o n a l , d o y o u h a v e a n y d i s c i p l i n a ry h i s to ry ? F o r wh a t t y p e o f c o n d u c t? Addi tio na l In form a tio n Fo r a d d i ti o n a l i n f o rm a ti o n a b o u t o u r i n v e s t m e n t a d v i s o r y s e r v i c e s , o r t o re q u e s t a c o p y o f t h i s r e l a t i o n s h i p s u m m a ry , p l e a s e e m a i l u s a t s u p p o rt@ p u b l i c .c o m , c a l l u s a t 2 1 2 - 401 - 6 9 4 6 , o r v i s i t o u r D i s c l o s u re L i b ra ry a t p u b l i c . c o m /d i s c l o s u re s . Con v e r s a ti o n St a rte r s : Wh o i s m y p ri m a ry c o n ta c t p e r s o n ? I s h e o r s h e a re p re s e n ta ti v e o f a n i n v e s tm e n t a d v i s e r o r a b ro k e r - d e a l e r? Wh o c a n I t a l k to i f I h a v e c o n c e rn s a b o u t h o w th i s p e r s o n i s t r e a t i n g m e ?
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