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2026Q2 2026Q1

Preview Report: 2026Q2 Routing × 2026Q3 Benchmarks

Preview, not a Rule 5310 review quarter. Routing and PFOF come from 2026Q2 (606, latest month in that quarter); execution quality comes from 2026Q3 amended 605 benchmarks. Route shares from one period are applied to benchmarks from another.

CRD #172393 Review Period: 2026Q2 Filing: Direct 606 filer

AXOS INVEST LLC (CRD #172393) — Quarterly Rule 606 vs. Amended Rule 605 Competing Market Review

Name: AXOS INVEST LLC (CRD #172393) 2026Q2 Execution Quality Benchmark
Creator: Execution Reports
License: https://executionreports.com/methodology

• 0 COMPETING-MARKET EXCEPTIONS DETECTED (>1.0 BPS THRESHOLD)

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Primary Routed Venues (606)

1. Two Sigma Securities, LLC(305.4%)

2. Dash/IMC Financial Markets(300.0%)

3. UBS Securities, LLC(290.3%)

Top routed order shares

Disclosed PFOF / Rebates

$130,604.21

Avg 17.84 ¢

Competing-Market Exceptions

0 of 0

Scored cells with >1.0 bps shortfall

Data Coverage

1 mo • 1 build

Months: 202608

Rule 5310.09 Exceptions Preview (0 Total)

All scored order size and routing buckets where venue net price improvement trailed mix-adjusted peers by > 1.0 bps.

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No statistically significant competing-market shortfalls exceeding 1.0 bps were detected in this quarter’s scored cells.

FINRA Rule 5310.09 Review Packet

AXOS INVEST LLC

CRD Number: 172393 • Quarter: 2026Q2 • Generated: Wed, 14 Oct 2026 19:30:26 GMT

Methodology: exq-2

Status: IN-PROGRESS / PREVIEW

Resolved Rule 606 Source Filings

Author / Clearing Firm	CRD	Variant / Context	Version	SHA-256 Digest	Source Document
Axos Invest LLC	172393	WISE	V1	16fd3553a6f23ab03ea9ce4d2681d5c582997846688053ae9586dd4c6b703888	Download XML ↗

Benchmark Builds Applied

• Month 202608: build 202608-20261001T134852Z (exq-2) • S&P constituent source: public_constituent_list (2026Q3) • NPI row exclusions: 224

1. SEC Rule 606(a)(1) Order Routing

Quarterly non-directed customer order routing shares and net PFOF/rebates by section and venue.

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Month	Section	Execution Venue	605 Reporter	Route %	Market %	Mkt Limit %	Non-Mkt %	PFOF Mkt (¢/100)	PFOF Limit (¢/100)
202604	options	Dash/IMC Financial Markets	Unmapped	100.0%	0.0%	0.0%	0.0%	40.00 ¢	40.00 ¢
202604	other_stocks	Two Sigma Securities, LLC	Unmapped	51.7%	49.1%	46.1%	52.6%	10.00 ¢	10.00 ¢
202604	other_stocks	UBS Securities, LLC	Unmapped	48.2%	50.9%	53.9%	47.4%	14.26 ¢	7.86 ¢
202604	sp500	Two Sigma Securities, LLC	Unmapped	50.9%	44.8%	50.0%	52.0%	10.00 ¢	10.00 ¢
202604	sp500	UBS Securities, LLC	Unmapped	49.1%	55.2%	50.0%	48.0%	15.00 ¢	15.00 ¢
202605	options	Dash/IMC Financial Markets	Unmapped	100.0%	0.0%	0.0%	0.0%	40.00 ¢	40.00 ¢
202605	other_stocks	Two Sigma Securities, LLC	Unmapped	50.5%	47.8%	49.6%	51.8%	10.00 ¢	10.00 ¢
202605	other_stocks	UBS Securities, LLC	Unmapped	49.3%	52.2%	50.3%	47.7%	14.04 ¢	15.00 ¢
202605	sp500	Two Sigma Securities, LLC	Unmapped	50.1%	52.8%	46.3%	44.6%	10.00 ¢	10.00 ¢
202605	sp500	UBS Securities, LLC	Unmapped	47.1%	47.2%	53.7%	52.9%	15.00 ¢	15.00 ¢
202606	options	Dash/IMC Financial Markets	Unmapped	100.0%	0.0%	0.0%	0.0%	40.00 ¢	40.00 ¢
202606	other_stocks	Two Sigma Securities, LLC	Unmapped	50.3%	53.0%	49.8%	49.6%	10.00 ¢	10.00 ¢
202606	other_stocks	UBS Securities, LLC	Unmapped	49.5%	47.0%	50.2%	49.8%	14.27 ¢	15.00 ¢
202606	sp500	Two Sigma Securities, LLC	Unmapped	51.9%	48.0%	42.2%	52.1%	10.00 ¢	10.00 ¢
202606	sp500	UBS Securities, LLC	Unmapped	47.1%	52.0%	54.7%	46.5%	15.00 ¢	15.00 ¢

2. Venue Scorecards (Amended Rule 605)

Execution quality metrics for routed venues benchmarked against mix-adjusted competitors on identical symbols and size tiers.

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Month	Venue	Class	Notional × Lot	Fill Rate	PI Rate	NPI (bps)	Peer Bench (bps)	Coverage	Rank Pctl	Eff Spread	Speed <1s

3. Routing-Weighted Composite Quality

Implied execution quality achieved by the firm’s routing mix across the 24 amended size tiers, compared against the best and median competing venues.

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Month	Class	Notional × Lot	Metric	Firm Composite	Best Competing	Best Venue	Median Competing	Mapped Flow

4. Payment for Order Flow vs. Execution Quality

Addresses FINRA 5310.09 conflicts: comparing PFOF received (¢/100 sh) against net price improvement shortfall vs mix-adjusted peers.

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Month	Venue	Order Class	Route %	606 Net PFOF (¢/100)	NPI (bps)	Peer Bench (bps)	Delta (bps)	Ref Price	Delta (¢/100 sh)	Conflict Flag
202608	Two Sigma Securities, LLC	market	48.0%	10.00 ¢	—	—	—	—	—	No conflict
202608	Two Sigma Securities, LLC	marketable_limit	42.2%	10.00 ¢	—	—	—	—	—	No conflict
202608	Two Sigma Securities, LLC	nonmarketable_limit	52.1%	10.00 ¢	—	—	—	—	—	No conflict
202608	UBS Securities, LLC	market	52.0%	15.00 ¢	—	—	—	—	—	No conflict
202608	UBS Securities, LLC	marketable_limit	54.7%	15.00 ¢	—	—	—	—	—	No conflict
202608	UBS Securities, LLC	nonmarketable_limit	46.5%	15.00 ¢	—	—	—	—	—	No conflict
202608	Two Sigma Securities, LLC	market	53.0%	10.00 ¢	—	—	—	—	—	No conflict
202608	Two Sigma Securities, LLC	marketable_limit	49.8%	10.00 ¢	—	—	—	—	—	No conflict
202608	Two Sigma Securities, LLC	nonmarketable_limit	49.6%	10.00 ¢	—	—	—	—	—	No conflict
202608	UBS Securities, LLC	market	47.0%	14.27 ¢	—	—	—	—	—	No conflict
202608	UBS Securities, LLC	marketable_limit	50.2%	15.00 ¢	—	—	—	—	—	No conflict
202608	UBS Securities, LLC	nonmarketable_limit	49.8%	15.00 ¢	—	—	—	—	—	No conflict

Conflict Methodology Note: Quality delta (¢/100 sh) is estimated as Δ_bps × ref_price. A positive PFOF beside a negative delta indicates the firm received payment while the venue delivered less price improvement than competing market centers on identical symbols and size tiers.

5. Material Changes Since Prior Quarter

Changes in routing share (≥ 5 pp), newly added/dropped venues, and PFOF rate shifts since 2026Q1.

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Section	Venue	Type of Change	Order Class	Prior Value	Current Value	Net Shift
sp500	UBS Securities, LLC	pfof_rate	market	14.85 ¢	15.00 ¢	0.15 ¢
sp500	UBS Securities, LLC	pfof_rate	marketable_limit	14.02 ¢	15.00 ¢	0.98 ¢
sp500	UBS Securities, LLC	pfof_rate	non_marketable_limit	14.88 ¢	15.00 ¢	0.12 ¢
sp500	UBS Securities, LLC	pfof_rate	other	15.00 ¢	10.00 ¢	-5.00 ¢
other_stocks	UBS Securities, LLC	pfof_rate	market	12.92 ¢	14.19 ¢	1.27 ¢
other_stocks	UBS Securities, LLC	pfof_rate	marketable_limit	14.83 ¢	12.62 ¢	-2.22 ¢
other_stocks	UBS Securities, LLC	pfof_rate	non_marketable_limit	14.86 ¢	14.24 ¢	-0.62 ¢
other_stocks	UBS Securities, LLC	pfof_rate	other	15.00 ¢	10.00 ¢	-5.00 ¢
options	Dash/IMC Financial Markets	pfof_rate	market	30.56 ¢	40.00 ¢	9.44 ¢
options	Dash/IMC Financial Markets	pfof_rate	marketable_limit	39.58 ¢	40.00 ¢	0.42 ¢
options	Dash/IMC Financial Markets	pfof_rate	other	40.00 ¢	26.67 ¢	-13.33 ¢

6. Coverage, Exclusions & Standing Limitations

Mandatory regulatory disclosure of data availability, unmapped destinations, and methodological caveats.

Suppressed Cells

Cells with < 100 covered orders

Unmapped Venues

606 destinations without 605 match

Challenged / Missing 605

Venues missing monthly 605 report

Unmapped Routing Destinations:

Two Sigma Securities, LLC (name:TWO SIGMA SECURITIES), UBS Securities, LLC (name:UBS SECURITIES)

Standing Review Limitations:

A venue's Rule 605 statistics describe all flow it handled, not this firm's orders.
606 route shares are per order, not per share, and list only the top 10 venues plus any venue with at least 5% of non-directed orders.
FINRA Rule 5310.09 also requires the firm's own order-level review of its executions.
This report is not legal or compliance advice.
Net price improvement is in basis points of executed notional (quote midpoint × shares). The PFOF comparison converts the difference to ¢/100 sh at the venue's average executed price; it is an estimate.