Jason Warnick: Yes, it’s really pretty broad-based across inflows and outflows and common firm names as you’d expect. One thing we like is that the trends are improving for us as we continue to improve user experience.
Ken Worthington: Great. Thank you very much.
Jason Warnick: Thanks, Ken.
Operator: Thank you. And we have time for one more question. One moment please. And it’s from the line of Benjamin Budish from Barclays. Please proceed.
Unidentified Analyst: This is Chris O’Brien on for Ben. I wanted to ask you about the options takeout. It looks like it came down 4 basis points or so quarter-over-quarter. Is there anything you can share regarding the drivers here as to what’s driving the change in the take rate?
Jason Warnick: Yeah. So first of all, the take rate was $0.41 this quarter. There’s two primary things that go into the take rate that we realized on option contracts. What I’d point to is volatility and then it’s also a mix of contracts, specifically we’re seeing increasing mix as we have for some time now of SPY contracts over individual name contracts, and that has been a headwind for us on the take rate.
Unidentified Analyst: Okay. Very helpful. And I also just wanted to follow up on the international expansion. When we think about the launch of the UK product, like what kind of products will be available on day one? How long of a ramp will it take to kind of fully get capabilities up to something like we might see in the US?
Vlad Tenev: Yeah, I’ll field that one. So I did mention that equities trading, in particular, 24-hour market will be available at launch. In terms of the other value props, again, would rather not run ahead of the announcement, like we’ll find out very soon. The benefits of doing our international expansion organically is we can leverage the same platform. That’s why Robinhood 24 Hour Market is available at launch. It’s all on the same platform. So there’s really no technical limitation to making our services available anywhere that we operate. It’s all just a matter of licensure and making sure that we have the appropriate licenses for all the different products we offer. And I think you’re really going to start to see the organic strategy paying dividends as we continue to expand across multiple jurisdictions, and we add things here in the US and we add — we connect to different market centers overseas.
You’ll see that the value accrue both to our US customers and the customers in new jurisdictions.
Jason Warnick: And Chris, one more follow-up on the options take rate. We’ve seen that mix continue into October and actually accelerate just a little bit and the take rate moved to $0.39 a contract in October. We’ll see how the rest of the quarter plays out, but I thought I would highlight that for you.
Unidentified Analyst: Awesome. Thanks so much. Appreciate it.
Operator: Excellent. Thank you. One moment please for one more question. It’s from the line of Michael Cyprys, please proceed from Morgan Stanley.
Michael Cyprys: Thanks for taking the question. Having some technical difficulties with the phone before. It’s not sure if you answered this question just around index options. I think you had mentioned previously that was coming in the first half of ’24. Just wondering if you had a more specific update there that you could share? And just more broadly on that, I was hoping you could maybe share your thoughts around the opportunity set, how you see that playing out with index options. Thank you.
Vlad Tenev: Yeah. I mean, one of the things that we’re focused on, on our path to number on — being number one in active trader market share is systematically going through all of the product gaps, making sure that if customers want a particular asset that we make that available. This includes index options, things like shorting, multiple account types like joint accounts. There’s just a long list of things that we’re prioritizing and building. As for index options, in particular, right now, that’s slated for about midyear 2024.
Michael Cyprys: Got it. Okay. And then just a follow-up question, if I could, just on advice. Just curious if you’re thinking about the opportunity set there for providing customers with financial advice. How do you think about where there’s sort of space in the marketplace? What are the pain points that you might look to address? And how do you think about what the right level of pricing should be?
Vlad Tenev: Yeah. Theres — these are important questions. And what I can tell you is that Robinhood has historically been like a company that values the individual and their autonomy and making decisions and controlling their finances, I think as a self-directed platform, one of the things we pride ourselves in is putting people in the driver seat and in control over their finances. And I think as we think about advisory, we definitely don’t want to build another me-too robo that just puts you into a basket of ETFs and does tax loss harvesting and things like that. We think there’s a real opportunity to give customers the type of high-end financial advice that if you’re the CEO of a company or a high net worth individual, you could get by paying a lot of money, except we want to offer that at a really attractive price point using modern technology and make that available to everyone.
So that’s kind of the ethos behind the product and we’ll definitely share more as we get closer to unveiling that.
Michael Cyprys: Great. Thank you.
Operator: Thank you. And this concludes the Q&A period. I will turn it back to Vladimir Tenev for final remarks.
Vlad Tenev: Yeah. Thank you, everyone. Very excited to have you listening to this call. And we’re only at the beginning of our journey. So much more to build. So we’re going to get back to work. Thank you.
Operator: Thank you all for joining. You may now disconnect.
