Core Insights - Robinhood's customer base remains stable with 26.7 million funded customers, flat month-over-month but up 2.4 million year-over-year [1][2] - Total platform assets increased to $304 billion, a 2% rise from July and a 112% increase compared to August 2024 [2] - Net deposits for August reached $4.8 billion, reflecting a 19% annualized growth rate [2] Customer Metrics - The brokerage experienced a slight decline in new accounts due to the escheatment of approximately 180,000 low-balance accounts [1] - Year-over-year growth in customer numbers indicates strong retention and acquisition strategies [1][2] Trading Activity - Equity notional volumes totaled $199.2 billion, down 5% from July but more than double compared to a year earlier [3] - Options trading remained stable at 195.5 million contracts, representing a 33% increase year-over-year [3][4] - Crypto trading volumes showed mixed results, with $13.7 billion in notional volume, down 18% from July but up 154% year-over-year [3] Daily Average Revenue Trades (DARTs) - Equity DARTs fell 7% month-on-month to 2.5 million, while options DARTs rose 9% to 1.2 million [4] - Crypto DARTs decreased 14% to 0.6 million but still doubled compared to August 2024 [4] Margin and Cash Balances - Margin balances grew to $12.5 billion, a 10% increase from July and a 127% rise year-over-year [5] - Cash sweep balances reached $34.1 billion, up 1% from the previous month and 50% higher than a year ago [5][6] Securities Lending - Securities lending revenue for August was $53 million, a 13% decline from July but up 165% compared to August 2024 [7] - The year-on-year growth indicates strong demand for stock borrow despite monthly fluctuations [7] Overall Outlook - Robinhood's August results indicate a platform that is expanding its assets and margin activity, with mixed trading volumes across asset classes [8] - The addition of Bitstamp is positively impacting crypto flows, while increased cash sweep balances and lending revenues suggest effective monetization of customer balances [8][9] - With a 112% year-over-year asset growth, Robinhood is positioned for continued scaling ahead of its next quarterly update [9]

Core Points - BlackRock Canada announced updates to investment risk ratings, management fee reductions, and the commencement of securities lending transactions for certain iShares ETFs [1][5]. Risk Rating Changes - The investment risk ratings for specific iShares ETFs have been updated, effective June 26, 2025: - iShares Core MSCI US Quality Dividend Index ETF (XDU) changed from Medium to Low to Medium - iShares Japan Fundamental Index Fund (CJP) changed from Medium to High to Medium - iShares US Fundamental Index ETF (CLU) changed from Medium to Medium to High [2][3]. Annual Management Fee Reductions - Effective July 2, 2025, BlackRock Canada reduced the annual management fees for the following iShares ETFs: - iShares 0-5 TIPS Bond Index ETF (XSTP, XSTP.U) from 0.15% to 0.10% - iShares 0-5 TIPS Bond Index ETF (CAD Hedged) (XSTH) from 0.15% to 0.10% [4]. Securities Lending Transactions - BlackRock Canada may engage in securities lending transactions for the iShares Bitcoin ETF (IBIT), with a notice period of 60 days to unitholders before transactions commence on or after August 25, 2025 [5].

Core Viewpoint - Interactive Brokers Group, Inc. reported a quarterly earnings miss primarily due to a decline in net interest income, which was affected by weaker securities lending revenue [1][2]. Financial Performance - The company reported quarterly earnings of $1.88 per share, missing the analyst consensus estimate of $1.92 [1]. - Net interest income increased by 3% to $770 million, driven by higher average customer margin loans and customer credit balances [2]. Adjustments and Dividends - Non-GAAP results excluded a $5 million loss from the currency diversification strategy and a $3 million mark-to-market adjustment on investments [3]. - The quarterly dividend was raised from 25 cents to 32 cents, and a 4-for-1 forward stock split was declared, effective June 16, 2025 [3]. Analyst Ratings and Price Forecasts - Keefe, Bruyette & Woods analyst Kyle Voigt maintained a Market Perform rating with a price forecast of $181 [1]. - BofA Securities analyst Craig Siegenthaler maintained a Buy rating but lowered the price forecast from $265 to $243 [4]. - IBKR stock has gained over 45% in the past year [4]. Stock Performance - As of the latest check, IBKR shares were trading lower by 9.94% at $156.19 [5].