ETFC - E*TRADE Securities LLC ("E*TRADE") is pleased to announce that the current program for uninvested cash in your brokerage account, the Cash Balance Program ("CBP"), is being replaced by the JP Morgan Liquid Assets Money Market Fund E*TRADE Class, ticker symbol JLEXX ("JPM MMF" or the "Fund"). This change is being made pursuant to Section 4(i) of the E*TRADE Brokerage Customer Agreement.
No action is required on your part for this change.
On or around December 21, 2012, any cash balances in your CBP will be automatically transferred to purchase shares of the JPM MMF. There will be no change in access to funds in your E*TRADE account — you can continue to add funds, write checks or use your ATM/Debit Card as you do today.
Currently, the cash in the CBP program is protected up to $250,000 by the Securities Investor Protection Corporation ("SIPC"). SIPC covers up to $500,000 for securities and cash including a maximum of $250,000 for claims of cash. SIPC coverage also applies to the JPM MMF shares as securities. Please visit www.sipc.org for more information.
The CBP currently pays interest at a rate of 0.01%. The JPM MMF is a money market mutual fund that makes investments in securities and other assets. Its investment objective is to seek current income with liquidity and stability of principal by investing in high-quality, short-term money market instruments. The 7-day yield for the Fund as of market close on 11/9/12 was 0.05%.¹
Investments in JPM MMF are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Please review the enclosed summary prospectus for further information about the Fund's performance, investment objectives, risks, charges and expenses. The full prospectus for the Fund and the Statement of Additional Information can be found online at www.etrade.com/prospectus and can also be provided free of charge by calling 1-800-387-2331. The information in the prospectus should be considered carefully before making your decision.
There will be no cost to you and E*TRADE will comply with U.S. Securities and Exchange Commission Regulation S-P (Privacy of Consumer Financial Information) in connection with the transfer.
For more information, please review the following enclosed documents:
• Frequently Asked Questions – this document (shown below) details the change that will be happening within your account as well as additional information about the Fund.
• Summary Prospectus for the JPM MMF.
If you do not select a different option before December 21, 2012, the program for uninvested cash in your brokerage account will be changed to the JPM MMF. However, you may elect to change this option at any time in the future with no cost, subject to the availability of alternative programs at that time (please visit www.etrade.com/sweepoptions for all the options that may be available to you). If you have any questions about this change or you wish to remain in the Cash Balance Program, please call us at 1-800-ETRADE-1 (1-800-387-2331) from 7 a.m. until midnight ET, any day of the week.
Thank you and we look forward to continuing to serve you for all your investing needs.
Sincerely,
Michael J. Curcio
CEO, E*TRADE Securities LLC
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