Exhibit 7: Apex Clearing Corporation Form CRS, Customer Relationship Summary (April 14, 2021) (Dkt. 491-8, S.D. Fla.)

Summary

Exhibit 7 (Document 491-8) in Case 1:21-md-02989-CMA, entered June 22, 2022 (3 pages): the Apex Clearing Corporation Form CRS, Customer Relationship Summary, dated April 14, 2021. Apex describes itself as a broker-dealer registered with the Securities and Exchange Commission and a member of FINRA and SIPC that typically acts only as a clearing firm servicing accounts introduced by an introducing broker or investment advisor, never acting as an investment advisor, with fees determined by the introducing broker-dealer or advisor. The form explains brokerage versus advisory accounts, lists additional fees such as account maintenance and inactivity fees, and closes with the conversation-starter questions that Form CRS requires, including how the firm makes money and whether it has a disciplinary history.

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Case 1:21-md-02989-CMA Document 491-8 Entered on FLSD Docket 06/22/2022 Page 1 of 3




                          Exhibit 7
Case 1:21-md-02989-CMA Document 491-8 Entered on FLSD Docket 06/22/2022 Page 2 of 3



                                     APEX CLEARING CORPORATION
                              FORM CRS – CUSTOMER RELATIONSHIP SUMMARY
                                             APRIL 14, 2021

    Is a Brokerage Account Right for You?
    There are different ways you can get help with your investments. You should carefully consider which types of
    accounts and services are right for you.

    We are a broker‐dealer, registered with the Securities and Exchange Commission (SEC) and a member
    of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection
    Corporation (SIPC), and we provide brokerage accounts and services rather than advisory services.
    Brokerage and investment advisory services differ and it is important for you to understand the differences. Free
    and simple tools are available for you research firms and financial professionals at Investor.gov/CRS, which also
    provides educational materials about broker-dealers, investment advisers, and investing.

    This document gives you a summary of the types of services we provide and how you pay. We typically act only
    as a clearing firm, servicing the accounts that are introduced to us by an introducing broker or investment advisor.
    We never act as an investment advisor or provide you investment advice. If you have an introducing broker or
    investment advisor, please ask them for more information. Occasionally, we may act as a full-service introducing
    broker offering you additional services to assist you in executing your investment strategy and accessing you
    account. In such case we may charge a transaction-based fee, generally referred to as a commission, when you
    buy or sell or a commission.

    Relationships and Services. What investment services and advice can you provide me?
          We offer brokerage services and custody of assets to investors. We do not offer investment
             advice or monitor the frequency or details of your transactions and investments on your behalf.
          If you open an account, we may receive fees from you and/or your introducing firm.
          If you have an investment advisor, they may make recommendations and transact in your account.
          We will deliver account statements to you each month or quarter in paper or electronically.

    Fees and Costs. Fees and costs affect the value of your account over time. Please ask your financial
    professional to give you personalized information on the fees and costs that you will pay.
          The fee you pay is determined by your introducing broker-dealer or investment advisor. In the event
              we are your direct broker-dealer and you do not have an investment advisor, we will provide you a list
              of the fees we will charge your account.
          Some investments (such as mutual funds) impose additional fees that may reduce the value of your
              investment over time.
          We may charge you or your introducing firm additional fees, such as account maintenance fees
              and account inactivity fees.
          You will pay fees and costs whether you make or lose money on your investments. Fees and costs
              will reduce any amount of money you make on your investments over time. Please make sure you
              understand what fees and costs you are paying.

    Information Regarding Typical Advisory Accounts.
    If you open an advisory account (also known as a discretionary account as defined below) with an investment
    adviser that maintains trading or monetary discretion over your account, you may pay an ongoing asset‐based
    fee that is based on the value of the cash and investments in your advisory account (an assets under management
    or “AUM” fee). Features of a typical advisory account include:
           Advisers provide advice, transact in your account, and may rebalance your account, on a regular
                basis. They design a strategy to achieve your investment goals and are responsible for monitoring
                your account.


    Member FINRA, NYSE and SIPC
Case 1:21-md-02989-CMA Document 491-8 Entered on FLSD Docket 06/22/2022 Page 3 of 3




             You can choose an account that allows the adviser to buy and sell investments in your account
              without asking you in advance (a “discretionary account”) or the adviser may give you advice and
              you decide what investments to buy and sell (a “non‐discretionary account”).
             Advisers are held to a fiduciary standard that covers the entire investment advisory
              relationship. For example, advisers are required to monitor your portfolio, investment strategy and
              investments on an ongoing basis.
             If you were to pay an asset‐based fee in an advisory account, you would pay the fee periodically even
              if you do not buy or sell. You may also choose to work with an investment adviser who provides
              investment advice for an hourly fee, or provides a financial plan for a one‐time fee.
             For an adviser that charges an asset‐based fee, the more assets you have in an advisory account,
              often including cash, the more you will pay the adviser. So, the adviser may have an incentive to
              increase the assets in your account in order to increase its fees.

    Conflicts of Interest. We, your broker-dealer, and your investment advisor may benefit from certain activities.
         We can buy investments from you, and sell investments to you, from our own accounts (called
             “acting as principal”).
         We do not provide recommendations. The way we and, if applicable, your introducing broker-
             dealer or investment advisor make money can create some conflicts with your interests.
         You should understand and agree to ask Apex, your introducing broker-dealer, and/or investment
             advisor about potential conflicts because it can affect the services we and they provide you

    Additional Information. We encourage you to seek additional information.
         We have past legal and disciplinary events. Visit BrokerCheck.FINRA.com or Investor.gov for
            a free and simple search tool to research our firm.
         For additional information about our services, visit Investor.gov, BrokerCheck
            (BrokerCheck.Finra.org), our web site (apexclearing.com), and your account agreement.
         To report a problem to the SEC, visit Investor.gov or call the SEC’s toll‐free investor assistance line
            at (800) 732‐0330.

    Key Questions to Ask. Ask the financial professionals at Apex, your introducing broker-dealer, and/or
    investment advisor these key questions about our investment services and accounts.
          1. Given my financial situation, why or why not should I choose a brokerage account?
          2. What is your relevant experience, including your licenses, education, and other qualifications? What
             do these qualifications mean?
          3. How much would I pay per year for a typical brokerage account? What would make those fees
             more or less? What services will I receive for those fees? What additional costs should I expect in
             connection with my account?
          4. How might your conflicts of interest affect me, and how will you address them? What are the most
             common conflicts of interest in your brokerage accounts?
          5. Tell me how you and your firm make money in connection with my account. Do you or your firm
             receive any payments from anyone besides me in connection with my investments?
          6. Do you or your firm have a disciplinary history? For what type of conduct?
          7. Who is the primary contact person for my account? What can you tell me about his or her legal
             obligations to me? If I have concerns about how this person is treating me, who can I talk to?




    Member FINRA, NYSE and SIPC


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