Documents that describe the risks and rules of trading in a self-directed Aries account. Brokerage services are offered through RAM Financial LLC (doing business as Aries), an SEC-registered broker-dealer and member of FINRA and SIPC. Securities accounts are carried by Apex Clearing Corporation, member FINRA and SIPC.

On this page

• Use and Risk Disclosures

• Margin Disclosure Statement

• Day Trading Risk Disclosure

• Extended Hours Trading Disclosure

• Fractional Shares Trading Disclosure

• Order Routing and Payment for Order Flow (separate page)

• FINRA notices

• Apex Clearing and options documents

Use and Risk Disclosures

RAM Financial LLC · Updated 9 April 2026 · PDF

IT IS VERY IMPORTANT THAT YOU READ AND FULLY UNDERSTAND THE FOLLOWING RISKS OF TRADING AND INVESTING IN YOUR SELF-DIRECTED RAM FINANCIAL LLC ACCOUNT.

Use of Self-Directed Trading Accounts

All Customer Accounts are self-directed. Accordingly, Customers are solely responsible for any and all orders placed in their Accounts and understand that all orders entered by them are unsolicited and based on their own investment decisions or the investment decisions of their duly authorized representative or agent. Consequently, any Customer of Ram Financial LLC agrees that neither Ram Financial LLC nor any of its employees, agents, principals or representatives:

• provide investment advice in connection with a Customer Account;

• recommend any security, transaction or order;

• solicit orders;

• act as a market maker in any security;

• make discretionary trades; and

• produce or provide research. To the extent research materials or similar information is available through Ram Financial LLC or the websites of any of its affiliates, these materials are intended for informational and educational purposes only and they do not constitute a recommendation to enter into any securities transactions or to engage in any investment strategies.

In addition, after the market has closed for the day Customers of Ram Financial LLC have the ability to place in a queue, order requests to be executed the following day upon the opening of the market ("Queued Order"). These Queued Order requests are prioritized based on the order in which they are received and are sent out for execution the next day of trading shortly after the market opens. Each Queued Order request is sent per customer and per security as Ram Financial LLC market orders (described above), and they are not aggregated.

General Risks of Trading and Investing

All securities trading, whether in stocks, exchange-traded funds ("ETFs"), options, or other investment vehicles, is speculative in nature and involves substantial risk of loss. Ram Financial LLC encourages its Customers to invest carefully and to use the information available at the websites of the SEC at www.sec.gov and FINRA at FINRA.org. Customers can review public companies' filings at the SEC's EDGAR page. FINRA has published information on how to invest carefully at its website. Ram Financial LLC may also make some of this information available on its website. Ram Financial LLC believes it is very important that every Customer understands all of the risks of any form of trading or investing prior to trading or investing real dollars. Past performance is not necessarily indicative of future results. By investing their money in securities through Ram Financial LLC, Customers are taking full responsibility for all trading actions and should make every effort to understand the risks involved.

1. You may lose money trading and investing.

Trading and investing in securities is always risky. For that reason, Customers should trade or invest only with money they can afford to lose. Trading stocks, ETFs and stock options involves higher risk, and there is the potential for you to lose most or all your money. Margin trading involves interest charges and additional risks, including the potential to lose more than deposited or the need to deposit additional collateral in a falling market. Before using margin, customers must determine whether this type of trading strategy is right for them given their specific investment objectives, experience, risk tolerance, and financial situation.

2. Past performance is not necessarily indicative of future results.

All investments carry risk, and all trading decisions of an individual remain the responsibility of that individual. There is no guarantee that systems, indicators, or trading signals will result in profits or that they will not result in losses. All Customers are advised to fully understand all risks associated with any kind of trading or investing they choose to do.

3. Investment Advice

Neither Ram Financial LLC nor its affiliates provide any trading or investment advice. Aries Financial, Inc provides technology, technology support and administrative services, and it does not offer trading or investment advice or recommend the purchase or sale of any securities. Therefore, Customers need to depend on their own understanding and knowledge of the details of trading and investing in order to handle situations that may arise, including the consultation of their own advisors as they deem appropriate.

4. Stop orders may reduce, but not eliminate, your trading risk.

A stop market order is an order, placed with your broker, to buy or sell a particular stock at the market price if and when the price reaches a specified level. Stop orders are often used by traders in an effort to limit the amount they might lose. If and when the market reaches whatever price you specify, a stop order becomes an order to execute the desired trade at the best price immediately obtainable. There can be no guarantee, however, that it will be possible under all market conditions to execute the order at the price specified. In an active, volatile market, the market price may be declining (or rising) so rapidly that there is no opportunity to liquidate your position at the stop price you have designated. Under these circumstances, the broker's only obligation is to execute your order at the best price that is available. Therefore, stop orders may reduce, but not eliminate, your trading risk.

Risks of Investing in Stocks and ETFs

Investments always entail some degree of risk. Be aware that:

• Some investments in stock cannot easily be sold or converted to cash. Check to see if there is any penalty or charge if you must sell an investment quickly.

• Investments in stock issued by a company with little or no operating history or published information involves greater risk than investing in a public company with an operating history and extensive public information.

• Stock investments are not federally insured against a loss in market value.

• Stock you own may be subject to tender offers, mergers, reorganizations, or third-party actions that can affect the value of your ownership interest. Pay careful attention to public announcements and information sent to you about such transactions. They involve complex investment decisions. Be sure you fully understand the terms of any offer to exchange or sell your shares before you act. In some cases, such as partial or two-tier tender offers, failure to act can have detrimental effects on your investment.

• Investors should consider the investment objectives and unique risk profile of an ETF carefully before investing. ETFs are subject to risks similar to those of other diversified portfolios. Leveraged and Inverse ETFs may not be suitable for all investors and may increase exposure to volatility through the use of leverage, short sales of securities, derivatives and other complex investment strategies. Although ETFs are designed to provide investment results that generally correspond to the performance of their respective underlying indices, they may not be able to exactly replicate the performance of the indices because of expenses and other factors. A prospectus contains this and other information about the ETF and should be read carefully before investing. Customers should obtain prospectuses from issuers and/or their third party agents who distribute and make prospectuses available for review. ETFs are required to distribute portfolio gains to shareholders at year end. These gains may be generated by portfolio rebalancing or the need to meet diversification requirements. ETF trading will also generate tax consequences.

Margin Disclosure Statement

RAM Financial LLC · Updated 13 April 2026 · PDF

Margin Risk Disclosures

Ram Financial LLC ("Ram Financial," "we," "us," "our") is furnishing this document to provide you with basic facts about purchasing securities on margin and to alert you to the risks involved with trading in a margin account. Before trading in a margin account, you should carefully review this Margin Disclosure Statement, your Apex Customer Margin Account Agreement, and our Day Trading Risk Disclosure. Contact us at support@aries.com with any questions or concerns regarding your margin account.

When you purchase securities, you may pay in full or borrow part of the purchase price from our clearing firm, Apex Clearing Corporation ("Apex"). If you choose to borrow funds, you will open a margin account. The securities purchased serve as collateral for the loan. If the securities in your account decline in value, so does the value of the collateral, and as a result, we or Apex can take action—such as issuing a margin call and/or selling securities in your account—to maintain the required equity.

It is important that you fully understand the risks involved in trading securities on margin. These risks include the following:

• You can lose more funds than you deposit in the margin account. A decline in the value of securities purchased on margin may require you to provide additional funds to Ram Financial or Apex to avoid a forced sale of those securities or other securities in your account.

• Ram Financial or Apex can force the sale of securities in your account. If the equity in your account falls below the maintenance margin requirements under the law, or Ram Financial's or Apex's higher house requirements, your securities can be sold to cover the margin deficiency. You will also be responsible for any shortfall in the account after such a sale.

• Ram Financial or Apex can sell your securities without contacting you. Some investors mistakenly believe that a firm must contact them for a margin call to be valid, and that the firm cannot liquidate securities unless it has contacted them first. This is not the case. While most firms will attempt to notify customers of margin calls, they are not required to do so. Even if Ram Financial or Apex has contacted you and provided a specific date to meet a margin call, either may still take immediate action to protect its financial interest, including selling securities without notice.

• You are not entitled to choose which security is liquidated or sold to meet a margin call. Because the securities are collateral for the margin loan, Ram Financial or Apex has the right to decide which security to sell to protect its interests.

• Ram Financial or Apex can increase its house maintenance margin requirement at any time and is not required to provide you advance written notice. These changes often take effect immediately and may result in a maintenance margin call. Your failure to satisfy the call may cause Ram Financial or Apex to liquidate or sell securities in your account.

• You are not entitled to an extension of time on a margin call. While an extension of time to meet margin requirements may be available under certain conditions, you do not have a right to the extension.

• Dividend payments on loaned securities are treated as substitute payments. The IRS requires broker-dealers to treat dividend payments on loaned securities positions as a "substitute payment" in lieu of a dividend. A substitute payment is not a "qualified dividend" and is taxed as ordinary income.

• Your voting rights may be limited. Industry regulations may limit, in whole or in part, your ability to exercise voting rights of securities that have been lent or pledged to others. You may receive proxy materials indicating voting rights for fewer shares than are in your account, or you may not receive any proxy materials.

Margin Credit Terms & Policies

The following disclosure of Margin Credit Terms and Policies is required by the Securities and Exchange Commission and is part of your Apex Customer Margin Account Agreement. It describes the terms under which Apex extends credit and charges interest and how your obligations are secured by property in your account. Ram Financial or Apex reserves the right to amend these terms at any time.

Interest Charges. Apex charges interest on a daily basis on the credit it extends to you. The rate of interest charged by Apex is set by Ram Financial. Your daily interest charges are calculated by multiplying your "Daily Adjusted Debit Balance" by the "Daily Margin Interest Rate." The Daily Margin Interest Rate is subject to change at any time. For current margin interest rates, please refer to the Fee Schedule.

Your Daily Adjusted Debit Balance is generally the actual settled debit balance in your margin account, increased by the value of securities held short and reduced by the amount of any settled credit balance carried in your cash account. It is recalculated each day by adjusting your previous day's balance by any debits and credits to your account and by changes in the value of short positions. If your Daily Adjusted Debit Balance is reduced because you deposit a check or other item that is later returned unpaid, your account may be adjusted to reflect the interest charges incurred.

Apex reserves the right to charge interest on debit balances in your cash account. Periodically, you will receive a comprehensive statement showing account activity, including applicable interest charges, interest rates, and adjusted daily debit balances.

Daily Margin Interest Rate. The Daily Margin Interest Rate is based on a 360-day year and is calculated each day by dividing the applicable margin interest rate by 360. Note that the use of a 360-day year results in a higher effective rate of interest than if a 365-day year were used.

Ram Financial and Apex set the Base Rate at our discretion with reference to commercially recognized interest rates, industry conditions relating to the extension of margin credit, and general credit market conditions. Your margin interest rate will be adjusted automatically and without notice to reflect any change in the Base Rate. If your interest rate increases for any reason other than a change in the Base Rate, Ram Financial or Apex will give you written notice at least 30 days prior to that change.

Compounding Interest Charges. Apex compounds interest on a daily basis. Interest charges accrue to your account each day and are included in the next day's opening debit balance. The interest rates described above do not reflect the compounding of unpaid interest charges; the effective interest rate, taking into account such compounding, will be higher.

Initial Margin Requirements. The Federal Reserve Board and various stock exchanges determine margin loan rules and regulations. When you purchase securities on margin, you agree to deposit the required initial equity by the settlement date and to maintain your equity at the required levels. The maximum amount currently available for common stock (equity) securities is 50% of the value of marginable securities purchased in your margin account; different requirements apply to non-equity securities, such as bonds or options.

If the market value of stock held as collateral increases after you have met the initial margin requirements, your available credit may increase proportionately. Conversely, if the market value decreases, your available credit may proportionately decrease.

Initial margin requirements may change without prior notice. Ram Financial or Apex may impose more stringent requirements at any time and without prior notice on positions that, in our sole discretion, involve higher levels of risk—for example, thinly traded, speculative, or volatile securities, or concentrated positions.

You may purchase only certain securities on margin or use them as collateral in your Margin and Short Account. Most stocks traded on national securities exchanges and some over-the-counter (OTC) securities are marginable. At our or Apex's discretion, we reserve the right not to extend credit on any security.

Equity securities with a market value of less than $3 per share may not be purchased on margin or deposited as margin collateral. If a security's market value drops below $3 per share, it will not be assigned any value as collateral to secure your margin obligations.

Margin Maintenance Requirements. You must maintain a minimum amount of equity in your account to collateralize your outstanding loans and other obligations. Margin maintenance requirements are set:

• By the rules and regulations of the New York Stock Exchange, the American Stock Exchange, and other regulatory agencies to whose jurisdiction Ram Financial or Apex are subject; and

• According to Ram Financial's or Apex's sole discretion and judgment.

You agree to maintain in your Margin and Short Account collateral of the type and amount required by applicable exchange rules, federal regulations, and this Credit Terms & Policies section, or as otherwise required by Ram Financial or Apex. Margin maintenance requirements may change without prior notice.

Ram Financial or Apex may issue a "margin call" (a notification to deposit additional collateral) if your account equity falls below the margin maintenance requirement. The most common reasons are a decrease in the value of long securities held as collateral or an increase in the value of securities held short.

As a general guideline and when it is practicable to do so, Ram Financial or Apex may (but are not required to) issue a margin call when the equity in your Margin and Short Account falls below a predetermined percentage of the market value of assets at risk (that is, the sum of the market values of the long and short equity security positions) in your account. The amount of additional collateral required is usually sufficient to raise your equity to minimum standards.

Ram Financial or Apex retain absolute discretion to determine whether, when, and in what amounts additional collateral will be required. A higher level of equity may be required if, for example, an account contains:

• Only one security or a large concentration of one or more securities; or

• Low-priced, thinly traded, or volatile securities; or

• Collateral that is or becomes restricted, non-negotiable, or non-marginable.

Ram Financial or Apex also may consider market conditions and your financial resources.

For questions or concerns regarding your margin account, margin calls, or current equity requirements, contact support@aries.com.

Day Trading Risk Disclosure

RAM Financial LLC · Updated 10 April 2026 · PDF

This Day Trading Risk Disclosure applies to all margin accounts by Ram Financial LLC ("Ram"). Ram DOES NOT PROMOTE DAY TRADING. Investors should consider their investment objectives and risks carefully before investing. If a customer engages in day trading via a margin account, the following rules apply.

Day Trading Rules

Definition. A "Day Trade" is the purchase and sale of the same stock or ETF on the same business day in a margin account. You'll be flagged as a "Pattern Day Trader" if you execute four (4) or more Day Trades within five (5) consecutive business days.

Minimum Account Equity. If the trading activity in your account results in a "Pattern Day Trader" designation, you must close the business day with at least $25,000 in cash and securities (exclusive of Treasury bills, cryptocurrencies, or alternative assets) to maintain day trading privileges for the following trading day.

If you are marked as a Pattern Day Trader and you do not maintain the minimum $25,000 requirement, then your next Day Trade will result in your account being restricted to "Sell Only" status until ninety (90) days have passed since your last Day Trade.

Day-Trading Risk Disclosure Statement

You should consider the following points before engaging in a day-trading strategy. For purposes of this notice, a "day trading strategy" means an overall trading strategy characterized by the regular transmission by a customer of intra-day orders to effect both purchase and sale transactions in the same security or securities.

Day trading can be extremely risky. Day trading, generally, is not appropriate for someone of limited resources and limited investment or trading experience and low risk tolerance. You should be prepared to lose all of the funds that you use for day trading. In particular, you should not fund day-trading activities with retirement savings, student loans, second mortgages, emergency funds, funds set aside for purposes such as education or home ownership or funds required to meet your living expenses. Further, certain evidence indicates that an investment of less than $50,000 will significantly impair the ability of a day trader to make a profit. Of course, an investment of $50,000 or more in no way guarantees success.

Be cautious of claims of large profits from day trading. You should be wary of advertisements or other statements that emphasize the potential for large profits as a result of day trading. Day trading can lead to large and immediate financial losses.

Day trading requires knowledge of securities markets. Day trading requires in-depth knowledge of the securities markets and trading techniques and strategies. In attempting to profit through day trading, you must compete with professional, licensed traders employed by securities firms. You should have appropriate experience before engaging in day trading.

Day trading requires knowledge of a firm's operations. You should be familiar with a securities firm's business practices, including the operation of the firm's order execution systems and procedures. Under certain market conditions, you may find it difficult or impossible to liquidate a position quickly at a reasonable price. This can occur, for example, when the market for a stock suddenly drops, or if trading is halted due to recent news events or unusual trading activity. The more volatile a stock is, the greater the likelihood that problems may be encountered in executing a transaction. In addition to normal market risks, you may experience losses due to system failures.

Day trading will generate substantial commissions, even if the per trade cost is low. Day trading involves aggressive trading, and generally you will pay commissions on each trade. The total daily commissions that you pay on your trades will add to your losses or significantly reduce your earnings.

Day trading on margin or short selling may result in losses beyond your initial investment. When you day trade with funds borrowed from a firm or someone else, you can lose more than the funds you originally placed at risk. A decline in the value of the securities that are purchased may require you to provide additional funds to the firm to avoid the forced sale of those securities or other securities in your account. Short selling as part of your day trading strategy also may lead to extraordinary losses, because you may have to purchase a stock at a very high price in order to cover a short position.

Potential Registration Requirements. Persons providing investment advice for others or managing securities accounts for others may need to register as either an "Investment Advisor" under the Investment Advisors Act of 1940 or as a "Broker" or "Dealer" under the Securities Exchange Act of 1934. Such activities may also trigger state registration requirements.

Extended Hours Trading Disclosure

RAM Financial LLC · Updated 27 July 2026 · PDF

Ram Financial LLC, doing business as Aries, offers extended hours trading in certain eligible securities.

Extended hours trading includes trading before and after the regular market session. Regular market hours are generally 9:30 a.m. to 4:00 p.m. Eastern Time.

Aries currently supports:

• Pre-market trading from 4:00 a.m. to 9:30 a.m. ET

• After-hours trading from 4:00 p.m. to 8:00 p.m. ET

Extended hours trading may not be available for every security. Trading hours and availability may also change based on market conditions, holidays, system availability, or trading venue restrictions.

Only eligible limit orders may be executed during extended hours. Fractional share orders, market orders, stop orders, and other order types may not be eligible.

Before placing an extended hours order, you should understand the following risks.

Lower Liquidity. There may be fewer buyers and sellers during extended hours. This may make it harder to execute your order. Your order may only be partially filled or may not be filled at all.

Higher Volatility. Prices may change more quickly during extended hours. A security's price may move significantly over a short period of time.

Wider Spreads. The difference between the bid price and ask price may be wider during extended hours. This may cause you to pay more when buying or receive less when selling.

Changing Prices. Prices during extended hours may be different from the security's closing price or the price available when the regular market opens.

Unlinked Markets. Extended hours trading may occur across different trading venues. The price shown on one venue may be different from the price available on another venue.

News Announcements. Companies often release earnings reports and other important news outside regular market hours. This news may cause significant price changes when fewer market participants are trading.

Quotes and Executions. A displayed quote does not guarantee that your order will be executed at that price. Quotes may change before your order reaches the market, and the number of shares available may be limited. A limit order will only execute at your limit price or better. However, a limit order does not guarantee execution.

Order Cancellations. You may request to cancel an open order, but cancellation is not guaranteed. Your order may be partially or fully executed before the cancellation request is processed.

System Issues. System delays, market data issues, internet problems, trading venue outages, or other technical issues may delay or prevent the entry, cancellation, or execution of an order.

Customer Responsibility. Aries accounts are self-directed. You are responsible for reviewing your order, including the security, quantity, limit price, trading session, and order status.

Extended hours trading involves additional risks and may not be appropriate for every investor. By placing an extended hours order, you acknowledge that you have read and understand this disclosure.

Brokerage services are offered through Ram Financial LLC, doing business as Aries, a registered broker-dealer and member of FINRA and SIPC.

Fractional Shares Trading Disclosure

RAM Financial LLC · Updated 13 April 2026 · PDF

This disclosure is an addendum to your Customer Account Agreement and describes the terms, risks, and limitations of purchasing and selling fractional interests of certain securities ("Fractional Shares") through Ram Financial LLC ("Ram Financial") and Apex Clearing Corporation ("Apex Clearing"). In the case of conflict with the Customer Account Agreement, this disclosure controls. By trading Fractional Shares, you agree that Ram Financial and Apex Clearing shall not be held liable for risks disclosed herein, including risks in connection with the execution, handling, purchasing, and selling of Fractional Shares.

Orders and Eligible Securities. Not all securities are eligible for Fractional Share trading. Fractional Share trading is available only for certain equities and ETFs as determined by Apex Clearing based on market capitalization, volume, liquidity, and volatility. Ram Financial reserves the right to limit available securities at any time. Ram Financial will not accept Fractional Share purchase orders of less than $5.00 or sell orders of less than $1.00. Only market orders are accepted for Fractional Shares — limit orders are not permitted. Fractional Share orders may only be placed during regular market hours (9:30 a.m. – 4:00 p.m. Eastern). The actual amount of an executed order may be higher or lower than the amount requested.

Execution. Apex Clearing administers the purchase, sale, and holding of Fractional Shares. For the Fractional Share component of any transaction, Apex Clearing (or an affiliate) generally acts as principal or riskless principal. Apex Clearing executes Fractional Share orders at the price it receives in the market by rounding up to the next whole share, executing the whole share order, and allocating the fractional portion to your account. As a result, buy orders may appear as principal trades and sell orders may appear as short sales on your trade confirmations.

Rounding, Dividends, and Corporate Actions. Apex Clearing rounds Fractional Share holdings to the fifth decimal place and rounds values and dividends to the nearest $0.01. This may affect your ability to be credited for dividends and stock splits. You will receive dividend payments on Fractional Shares on the same terms as whole shares (rounded to the nearest $0.01) and will participate in stock splits, mergers, and other mandatory corporate actions. However, you will not be able to make voluntary elections on corporate actions — including tender offers and rights offerings — with respect to Fractional Shares, and Apex Clearing cannot provide shareholder documentation for holdings of less than one share.

Liquidity and Transferability. Fractional Shares are unmarketable and illiquid outside of the Aries platform and cannot be transferred in-kind to another brokerage. If you transfer your account via ACATS, whole shares will transfer in-kind and Fractional Shares will be liquidated, with cash proceeds transferred to your new brokerage. This liquidation may result in tax consequences.

Voting. You may vote your Fractional Shares. Apex Clearing will aggregate proxy votes for Fractional Shares of Ram Financial customers and report them to the issuer or its designated vote tabulator. However, the issuer or vote tabulator may not fully count such votes.

FINRA Notices

Customer Identification Program Notice

Important information you need to know about opening a new account. To help the government fight the funding of terrorism and money laundering activities, federal law requires financial institutions to obtain, verify and record information that identifies each person who opens an account. This notice answers some questions about your firm's Customer Identification Program.

What types of information will I need to provide? When you open an account, your firm is required to collect the following information:

• Name

• Date of birth

• Address

• Identification number — U.S. citizen: taxpayer identification number (Social Security number or employer identification number); non-U.S. citizen: taxpayer identification number; passport number and country of issuance; alien identification card number; or government-issued identification showing nationality, residence and a photograph of you.

You may also need to show your driver's license or other identifying documents. A corporation, partnership, trust or other legal entity may need to provide other information, such as its principal place of business, local office, employer identification number, certified articles of incorporation, government-issued business license, a partnership agreement or a trust agreement.

U.S. Department of the Treasury, Securities and Exchange Commission, and FINRA rules already require you to provide most of this information. These rules also may require you to provide additional information, such as your net worth, annual income, occupation, employment information, investment experience and objectives and risk tolerance.

What happens if I don't provide the information requested or my identity can't be verified? Your firm may not be able to open an account or carry out transactions for you. If your firm has already opened an account for you, they may have to close it.

Source: FINRA — Customer Identification Program Notice

Public Disclosure Program (BrokerCheck)

FINRA's BrokerCheck Hotline provides certain information regarding the disciplinary history of FINRA members and their associated persons in response to written inquiries, electronic inquiries, or telephonic inquiries via FINRA's (1) toll-free telephone listing (1-800-289-9999), or (2) website (www.finra.org). Additionally, FINRA has prepared an investor brochure that includes information describing BrokerCheck. FINRA Public Disclosure Program (PDF)

Check the background of RAM Financial LLC and Apex Clearing Corporation on FINRA's BrokerCheck: RAM Financial LLC · Apex Clearing Corporation.

Apex Clearing and Options Documents

Documents published by Apex Clearing Corporation, The Options Clearing Corporation and RAM Financial that are provided as PDFs.

Options involve risk, including loss of the entire investment, and are not suitable for all investors. Read the options disclosure (Characteristics and Risks of Standardized Options) before trading.