When you buy securities through our US Investing service, you own the securities. However, most brokers in the US, including Spaceship's brokerage provider, operate on a custodian model.

The custodian model refers to a structure where a custodian, typically a financial institution, holds and safeguards investment assets on behalf of investors. The custodian's role is to ensure the safekeeping, administration, and settlement of securities while maintaining accurate records of ownership.

Securities you hold with Spaceship's US Investing service are held in custody by Alpaca Securities (Alpaca) and the books and records (nominating these shares as being in your name) are managed by our US broker-dealer Alpaca. You will retain legal and beneficial ownership of the securities.