Business Metrics

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. The decline in Total Customer Accounts from February 2024 to March 2024 is primarily attributed to the liquidation or transfer out of customer assets in connection with the discontinuation of services by TradeStation Crypto, Inc. during February 2024. 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 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. Gross New Accounts for February 2024 includes 9,933 equities accounts that were newly funded as a result of the liquidation of customer assets in cryptocurrency accounts in connection with the discontinuation of services by TradeStation Crypto, Inc. 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.
8. DARTs previously were under-reported by 4-7% for the months of October 2023 through February 2025. DARTs data was restated on April 2, 2025 to correct the previous under-reported DARTs data. The restatement of DARTs data had no impact on results reported in Monex Group’s financial statements.

Note: Certain refinements have been made to the numbers in previously-published metrics tables for Total Customer Accounts and Gross New Accounts for the months November 2021 through May 2022. These changes round down to a 0% difference for Total Customer Accounts for each of the months November 2021 through March 31, 2022, and less than 1% for each of the months of April and May 2022.  For Gross New Accounts, (i) for the months of November 2021 through February 2022, the percentage variances ranged from 0.2% to 1.5% , (ii) for the months of March, April and May 2022, they ranged from 4.8% to 6.7%, and for each of those three months the corrected numbers are higher Gross New Accounts than the numbers previously published. The percentage variances for the aggregated periods of (a) the fiscal quarter ended March 31, 2022, (b) the fiscal year ended March 31, 2022, and (c) the entire November 2021 – May 2022 period, were 1.4%, 0.7% and 2.1%, respectively, in each case with the corrected numbers showing higher Gross New Accounts than previously published.

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. he decline in Total Customer Accounts from February 2024 to March 2024 is primarily attributed to the liquidation or transfer out of customer assets in connection with the discontinuation of services by TradeStation Crypto, Inc. during February 2024. 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 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. Gross New Accounts for February 2024 includes 9,933 equities accounts that were newly funded as a result of the the liquidation of customer assets in cryptocurrency accounts in connection with the discontinuation of services by TradeStation Crypto, Inc. 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.
8. DARTs previously were under-reported by 4-7% for the months of October 2023 through February 2025. DARTs data was restated on April 2, 2025 to correct the previous under-reported DARTs data. The restatement of DARTs data had no impact on results reported in Monex Group’s financial statements.

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 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.

Note: Certain refinements have been made to the numbers in previously‐published metrics tables for Total Customer Accounts and Gross New Accounts for the months November 2021 through May 2022. For Total Customer Accounts, these changes round down to a 0% difference for each of the months November 2021 through March 31, 2022, and less than 1% for each of the months of April and May 2022. For Gross New Accounts, (i) for the months of November 2021 through February 2022, the percentage variances ranged from 0.2% to 1.5%, (ii) for the months of March, April and May 2022, they ranged from 4.8% to 6.7%, and for each of those three months the corrected numbers are higher Gross New Accounts than the numbers previously published. The percentage variances for the aggregated periods of (a) the fiscal quarter ended March 31, 2022, (b) the fiscal year ended March 31, 2022, and (c) the entire November 2021 – May 2022 period, were 1.4%, 0.7% and 2.1%, respectively, in each case with the corrected numbers showing higher Gross New Accounts than previously published.

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 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.

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.

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.

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.