UP Fintech Holding Limited

Ladies and gentlemen, thank you for standing by and welcome to the AppFintech Holding Limited Second Quarter 2025 earnings conference call. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question and answer session. I must advise you that this conference is being recorded today, August 27th, 2025. I would now like to hand the conference over to your first speaker today, Mr. Aaron Lee, the Head of Investor Relations. Thank you. Please go ahead.

Thank you, Albrecht. Hello, everyone, and thank you for joining us for the call today. UpFintech Coding Limited's second quarter 2025 earnings relief was disputed earlier today and is available on our IR website at ir.itigerup.com as well as Globe Newsware Services. On the call today from UpFintech, Mr. Wu Tianhua, Chairman and Chief Executive Officer Mr. Zhang Zeng, Chief Financial Officer, Mr. Huang Lei, CEO of U.S. Tiger Securities, and Mr. Kenny Zhao, our Financial Controller. Mr. Wu will give an overview of our business operations and discuss corporate highlights. Mr. Zeng will then discuss our financial results. They will both be available to answer your questions during the Q&A session that follows. Now let me cover the safe harbor. The statements we are about to make contain forward-looking statements. This is the meaning of the U.S. private security litigation reform act of 1995. A number of factors could cause actual results to differ materially from those contained in any forelooking statement. For more information about factors that could cause actual results to materially differ from those in forelooking statements, please refer to our Form 6-K furnished today, August 27th, 2025, and our annual report on Form 27 on April 23rd, 2025. We undertake no obligation to update any forelooking statement, except as required under applicable law. It is my pleasure to now introduce our Chairman and Chief Executive Officer, Mr. Wu. Mr. Wu will make remarks in Chinese, which will be followed by an English translation.

Mr. Wu, please go ahead with your remarks.

Hello, everyone. Thank you for joining the Tiger Brokers second quarter 2025 earnings conference call.

Thank you for joining the Tiger Brokers second quarter 2025 earnings conference call. The exchange rate rose by 13.1%, and the exchange rate rose by 840 billion US dollars. The cash income rose by 90.1%, and the exchange rate rose by 11.1%, reaching 64.8 million US dollars. At the same time, the scale of the second-tier condensed milk business has increased by 65.3%, reaching 5.7 billion US dollars. The second-level net income reached $58.69 million, achieving a 32.8% net profit growth. 3D rendering, the continued expansion of the customer size and the increase in the number of products, further thinned the cost of the middle and back end, bringing a stronger profit performance. The second-level net profit of the parent company is $41.4 million, which is 36.2% of the net profit, which was 16 times last year. The non-GAAP net profit has reached $44.5 million, a 23.5% increase, which is 8.6 times what it was last year. The non-GAAP net profit rate has reached 32% in the second quarter, and has risen for four consecutive quarters, creating a new record. In the first half of this year, the company's net profit and net profit have exceeded the total of last year. This fully shows that the company's overall profit capacity has risen to a healthier level.

In the second quarter, driven by the growth in our user base and client assets, as well as enhancements in product offerings, our total revenue, trading volume, commission income, interest income, and other income all reached record high. Our total revenue for the quarter reached $139 million, representing a 58.7% year-over-year increase and a 13.1% quarter-over-quarter growth. Trading volume significantly surged both year-over-year and quarter-over-quarter, reaching $284 billion, which contributed to a 90.1% year-over-year increase and a 11.1% quarter-over-quarter increase in commission income, reaching $64.8 million. Meanwhile, the margin financing and securities lending balance further expanded to $5.7 billion, reflecting a 65.3% year-over-year growth. That interest income for the second quarter amounted to $58.7 million, representing a 32.8% year-over-year increase. Benefiting from expanded user base and increase in ARPU, Our net income attributed to up fintech to the second quarter was $41.4 million, up 36.2% from the previous quarter, and 16 times higher than the same quarter last year. Non-GAAP net income reached $44.5 million, increasing 23.5% sequentially, and 8.6 times the number in the same quarter last year. The non-GAAP net profit margin in the second quarter increased to 32%, set another record high, and has increased four consecutive quarters. Additionally, for the first half of the year, our operating profit and net profit have already exceeded the total of last year, indicating a more stable and healthy business model. Through our ongoing efforts to penetrate existing markets and expand our high-quality user base, We are better positioned to navigate the market turbulence in a constantly changing environment.

第二季度新增入境用户38,900人 新加坡和香港为主要的贡献市场 今年上半年累计新增入境用户超过了10万人 已完成全年15万新增目标的三分之二以上 截止到第二季度末 累计入境用户达到119万2700人 In the second quarter, we added 38,900 new funded accounts.

with Singapore and Hong Kong being the primary contributing markets. In the first half of the year, we have acquired more than 100,000 new funded accounts, more than two-thirds of our three-year target of 150,000 in 2025. As of the end of the second quarter, the total number of funded accounts reached 1,192,700, representing a 21.4% year-over-year increase. In addition, we are glad to see that the quality of newly funded users continue to improve in the second quarter, with the average net asset inflow of newly acquired clients exceeding 20,000 US dollars, reaching a historic high. Notably, the average net asset inflow of newly acquired clients in Hong Kong and Singapore is substantially higher at around 30,000 US dollars.

In terms of client capital, Jin Rourou maintains a strong trend. The second quarter achieved a net income of $3 billion. More than 70% came from retail users. That adds up the entire market. Approximately $3.2 billion in net profit and loss. Customer total assets skyrocketed. And created a record high. Reached $5.21 billion. The net profit increased by 13.5%. The net profit increased by 36.3%. And achieved an increase of 11 quarters in a row. The second quarter. The company's entire market's customer assets. Regarding total client assets, NetAsset inflows remain robust, reaching US$3 billion in the second quarter, over 70% of which came from retail investors.

Coupled with approximately $3.2 billion in the market gain, total client assets reached a new record of $52.1 billion, up 13.5% quarter per quarter and 36.3% year over year, marking 11 consecutive quarters of growth. In the second quarter, all markets saw double-digit sequential increases in client assets, with Hong Kong and Singapore experiencing around 50% and 20% quarter-per-quarter growth respectively. Additionally, client assets in the Australia, New Zealand, and U.S. market increased by over 30% quarter-per-quarter.

第二季度,老股利持续优化成品功能,不断提升用户体验。 我们在新加坡推出的中央公积金CPF账户交易和补充养老计划SIS账户交易功能 This new service allows investors who meet the conditions to use part of the CPF's regular account deposit and retirement fund to invest in financial products such as stocks listed in Singapore, and at the same time enjoy tax benefits. In the second quarter, the company also upgraded its full-fledged trading function to further improve users' experience in different scenarios. First of all, the latest full-fledged trading added a reminder of rebranding. At the end of the day or the day before the exchange, when you enter the receipt, if the user still has a pre-ordered order, the system will take the initiative to send a reminder through the app and text message to prevent unnecessary infringement or forced infringement because of the pre-ordered order. In addition, we also added and supported the function of adding conditions to the pre-ordered order. The user can set the relevant parameters such as price, time, landmark, conditions, etc. when ordering. In the second quarter, we continue to optimize product features and enhance user experience.

In Singapore, we launched the central provision of fund account trading and supplementary retirement scheme account trading measures in July. These new offerings enable eligible clients to utilize the portion of their CPF Ordinary Account Saving and Retirement Funds to invest in approved financial products, such as selected Singapore-listed stocks, while enjoying tax benefits. We keep investing in auction features to better serve our high-value users. We added pending order reminders for expiry date auctions. alerting users through the app or message that they have unfulfilled orders approaching expiration to prevent unnecessary exercise of forced liquidation in consideration to a better user experience. We also introduced conditional market order for single-leg options, allowing users to set parameters such as price, time, and underlying conditions. When triggered, the system automatically submits corresponding single-leg market orders to help users build position or close position, reducing the hassles for constant manual monitoring.

老武国际的2B业务保持迅猛的发展势头。 投行业务测,低级度我们承销了7个港国IPO和4个美国IPO项目。 助力公司和其他的业务收入创下的单级动力是新高。 China China China China China China China China Our 2B business also maintains strong momentum.

In the second quarter, we underwrote 7 Hong Kong IPOs and 4 U.S. IPOs, helping to boost our other revenue to a new quarterly high. Notable IPOs include Chargy and Zhou Liufu Jewelry. With Chargy becoming the first Nasdaq-listed Chinese tea beverage brand, attracting over 30,000 subscribers, setting a new record for US IPO subscription in the past three years. In our use of business, we added 30 new clients in the second quarter, bringing the total to 663, a year-over-year increase of 15%. Now we'd like to invite our CFO, Zhang, to go over our financials.

Great. Thanks, Tianhua and Aaron. Let me go through our financial performance for the second quarter. All numbers are in U.S. dollars. We saw encouraging growth in all revenue components this quarter. Commission income was 64.8 million, increased 90% year-over-year and 11% quarter-over-quarter. Interest income was 58.7 million, increased 33% year-over-year, and 9% quarter-over-quarter. In nine ways, our sequential increased margin financing and a secure lending balance. Total revenue reached 138.7 million, up 59% year-over-year, and 13% quarter-over-quarter. Cash equity take rate was 6.4 bps this quarter, slightly decreased from 6.7 bps of last quarter. As the US market went up in the second quarter, contributed to a higher average price per share. Within commission revenue, about 65% comes from cash equities, 28% from options, and the rest from futures and other products. Regarding cost, interest expense was $17.3 million, increased 28% year-over-year, in line with the increase in our interest income and margin and securities lending business. Execution and carrying expense were $5.4 million, increased 92% from the same period of last year, in light of the increase in commission and trading volume. Employee compensation and benefits expense were $35.8 million, an increase of 25% year-over-year due to headcount increase in overseas offices and R&D. Occupancy, depreciation, and amortization expense were 2.7 million, increased 29% year-over-year due to the increase in office space and relevant fiscal improvements. Communication and market data expense were 10.4 million, an increase of 18% year-over-year due to the increase in user base and IT-related service piece. Marketing expense were 9.9 million this quarter, increased 54% year over year, as we expanded our marketing activities versus a year ago. General and administrative expense were 6.7 million, a decrease of 67% year over year, as last year we had a one-time bad debt provision of 13.2 million. Total operating costs were 71 million, an increase of 3% from the same quarter of last year. As a result, bottom line increased on both GAAP and non-GAAP basis. GAAP-related income were $41.4 million, up 36% quarter-over-quarter, and 15 times higher year-over-year. Non-GAAP-related income were $44.5 million, a 24% increase quarter-over-quarter, and eight times higher year-over-year. The long-gap lead profit margin further extended to 32% in the second quarter. Now I have concluded our presentation. Operator, please open the line for Q&A. Thanks.

Thank you. To ask a question, please press star 1 1 on your telephone and wait for your name to be announced. To answer your question, please press star 1 1 again. We will now take the first question. From the line of Cindy Wang from China Renaissance, please go ahead.

Thank you for giving me the opportunity to ask this question. Congratulations to the company for having a very bright performance in the second quarter. I have two questions here. The first is that we saw that the tax revenue of the company in the second quarter rose by 25%. But the cost of the tax is decreasing. We see that the tax rate has also dropped to about 15%. Can you tell us why this main decline? And is this 15% real? And the other one is that we also see a significant rise in other business income. Is the main contribution from investment? The second question is to ask about encrypted currency. I want to know how the company is currently developing its encrypted currency business. We also heard that the company has introduced this strategic investor to build this area together. In addition, what is your plan and opinion on the development of Hong Kong's virtual currency market? 那是否有计划在新加坡和美国这边获得牌照? 那我很快来翻译一下我的问题。 Thanks for taking my questions and congrats for great Q2 results. I have two questions here. First, the company's pre-tax profit increased sequentially, but income taxes expenses decreased sequentially. And also the effective tax rate dropped to around 15%. So what is the reasoning behind it and whether is it sustainable? And also the other revenue rose strongly is in many contributed from investment banking business. Second is regarding to the crypto business. So how is the company's cryptocurrency business progressing? And we've heard that the company has brought in strategic investors to jointly develop this area. So what are your plans and views on the development of the Hong Kong crypto market? And do you have any plans to obtain licenses in Singapore and the United States? Thank you.

Okay.

Cindy, thank you for your question. I will answer your first question first. There are two main reasons for the decline in effective tax rate. One is that the tax revenue of all the companies in the second quarter has risen, which has reduced the ratio of the U.S.主体在税前利润中的占比, 由于美国的所得税在各个主体里面是最高的, 因此美国占比的降低就拉提到集团整体的 The second reason is that we have applied for a higher tax rate in Singapore. The second quarter Singapore's tax rate has dropped from 17% to 13.5%. As for the increase in other business income, it is mainly due to the increase in investment income. The second quarter company sold four U.S. shares of IPO, two of which are the only group, so the economics will be relatively higher. In addition, the exchange rate has been So there are two primary reasons for the decline in the effective tax rate. First, pre-tax profit rose across all licensed subsidiaries in the second quarter, which reduced the weighting of our U.S. subsidiary in terms of total group profit. Since the U.S. has the highest tax rate, this reduced weighting helped to lower the overall group's tax rate. Another reason is now we secure more favorable tax rates in Singapore, reducing it from 17% to 13.5% in the second quarter. And regarding the substantial increase in other income, the growth in investment banking was indeed a major contributor. In the second quarter, we underwrote four U.S. IPOs, out of which two of them were the sole book-runners. In addition, foreign exchange income saw a quarter-over-quarter increase due to market volatility. Our gross management revenue also rose by about 70% due to rapid growth in AUM.

Thanks. Thank you. The second question. We always believe that digital currency transactions will be one of the most mainstream transactions in the future. We also strive to create a one-stop service platform to connect traditional financial assets and digital assets. And we also pay great attention to the continuous expansion in the digital field. Product experience is also the most fundamental factor that has kept us successful for a long time. Although the traditional Web2 transactions in the Web3 field This is a relatively new field, but we hope that the product function can still maintain the high standard of the tiger. Therefore, we have included very senior investors in the Web3 ecosystem. They are also very successful entrepreneurs in digital currency trading in the early stages. We hope to be able to work closely with these partners to complement the advantages and disadvantages of the company's technology securities in Web2 in the field of digital assets to create trading products that are leading in the global market. Currently, this income is still very low in the overall income of the entire company. But as we continue to expand in the Hong Kong market, and experience the top-line performance of digital currency storage and other leading functions, we also see that the digital currency exchange volume on the old Hong Kong platform and the size of our exchange have significantly improved. In the second quarter alone, the exchange rate of digital assets increased by about 65%. I will translate for the

Second question. We firmly believe that digital asset is now established as a major asset class, and we are committed to expanding our presence in the digital asset market. Our goal is to develop a comprehensive one-stop platform that seamlessly connects traditional financial assets with digital ones. Product experience has always been the key to Tiger's long-term success. Well, Web3 is still a relatively new area compared to the traditional Web2 trading. We are committed to maintaining Tiger's high standards in product functionalities. To further these efforts, we have partnered with seasoned strategic investors in the Web3 ecosystem who are also pioneers and successful entrepreneurs in the early days of the digital asset exchange. So by combining their expertise with our experience in Web2 fintech, we aspire to jointly develop leading-edge digital asset trading products that will stand out in the global market. Although this business still accounts for only a small part of our total revenue, we are seeing strong growth, especially as we keep expanding in Hong Kong and roll out industry-leading features like digital asset deposit and withdrawal. We've seen a significant increase in trading volume on our Hong Kong platform and growth in the digital asset under custody. In the second quarter, digital asset trading volume increased around 65% quarter-to-quarter, and asset under custody on our exchange nearly doubled sequentially. As for the global market, we've got digital asset trading license in 14 states in the U.S., and our application in Singapore is actively progressing. So moving forward, we plan to focus more resources on improving our product and supporting more trading features, aiming to offer our user a more comprehensive and seamless trading experience. Thank you. And operator, please move on to the next question.

Thank you. We will now take the next question. From the line of Judy Tsang from Citi, please go ahead.

Thank you for giving me the opportunity to ask this question. I am Julie Zhang, an analyst at Huaqi Bank. Congratulations to Guan Licheng for achieving a very good performance. I have two main questions. The first question is to ask about the situation of the company's third quarter so far, especially in terms of the change in the amount of transactions, the change in the assets of the customers, and the growth of the new income customers. The second question is to ask Please share with us the current expansion of the Hong Kong market, including the situation of the second and third quarter to the present. We have also seen that since the tiger entered the Hong Kong market, the customer's assets have increased very quickly from the local customer side. Thank you for taking my question. I have two questions. The first question is regarding on the company's rent rate so far in CQ quarter to date. Specifically, could you share with us any early trends around trading volume, client asset, and the new paying customers growth? The second question is can you update us on your progress in the Hong Kong market during second quarter and the third quarter, quarter debate. We have noticed that since entering, Tiger entering Hong Kong market, the company's assets from local clients have been rapidly increasing. So the company has also mentioned that the quality of the local clients is excellent. Given this satisfied ROI, what does Kiger plan to enhance the customer acquisition and advertising efforts in Hong Kong? How is it going to impact on the company's tech going forward? Thank you.

Thank you. I will answer the first question, and then answer the Hong Kong question. In general, we are quite satisfied with the performance of the third quarter so far. In terms of the activity of the transaction, the monthly transaction share on the platform two months ago exceeded the average level of the second quarter. Because we also collect commission based on the transaction share, we also have a good performance in terms of commission income. In terms of customer assets, compared to the end of the second quarter, there is a high growth in the number of customers. Among them, the market gain has been of great help. The trend of entry-level customers is generally good, especially due to the large contribution of entry-level customers from retail users. We also look forward to continuing this trend in September. In terms of entry-level customer numbers, the company will continue the second quarter's customer quality and entry-level customers priority strategy. OK.

So overall, we are quite satisfied with our operating performance quarter today. In terms of trading activity, the average monthly number of shares traded on our platform in the, say, past two months has been higher than the monthly average in the second quarter. Since we earned commissions based on the numbers of shares traded in the U.S. stock market, commission revenue so far in the third quarter has been on target. Regarding client assets, There has been a high single-digit increase compared to the end of the second quarter. A significant part of this increase has been driven by market gains. The trend in the net asset inflow is also quite positive, especially with retail clients contributing a large portion of this growth. As for the new funded accounts, we remain committed to our second quarter customer acquisition strategy of prioritizing user quality and net asset inflows. We are glad to see a meaningful improvement in the contribution from the Hong Kong market, which now almost matches the contribution from Singapore. Since the quality of users in Hong Kong is the highest across all the markets we've entered, we are confident in maintaining the user quality of the new Florida towns in the third quarter.

Okay, I'm going to answer your second question, which is about Hong Kong. In the second quarter and recently in the third quarter, we have increased the degree of low investment, held and participated in many offline activities and exhibitions, and deeply integrated into the local community. The goal of this market promotion is to improve brand popularity, strengthen customer participation, and then through these online and offline combinations, plus innovative financial technology solutions and favorable opening policy, we have successfully brought more local investors to Hong Kong. We also observed that customer quality and business size have been further improved. For example, in the second quarter, the number of new entry-level customers in Hong Kong reached 30,000 US dollars on average in the third quarter, which led to a growth of about 50% in the overall size of Hong Kong customer assets. Then entered the third quarter, as of now, the number of new entry-level customers in Hong Kong is equal to the growth figure in the Singapore market. Then we will speed up the layout in Hong Kong, not only for the company, but also for the company to bring a healthier and more sustainable growth structure, which also allows us to accumulate significant improvements in Hong Kong stock products and user understanding. Over the past two and a half years, we have made good feedback and growth in the Hong Kong market in recent months. In the future, we will continue to speed up the layout in Hong Kong. Everyone will see that the tiger will have more activities in Hong Kong. Then about the cost of goods, as the second quarter begins to increase the cost of goods in Hong Kong, the total cost of goods in the Hong Kong market in the quarter is more than 400 US dollars. We think that based on the quality of the users in Hong Kong, the payback is still very healthy. In terms of the current market environment, it can be paid back in about two quarters. In the third quarter or the second half of the year, we think that the total cost of goods in Hong Kong will fluctuate with dynamic adjustment and brand investment, but the total cost of goods in Hong Kong will remain in this area. So in the second quarter and third quarter so far, we stepped up our investment in the Hong Kong market. We organized and participated in numerous offline events and exhibitions, actively engaging with the local community. Our goal is to boost brand awareness and increase customer engagement. Combining offline activities with innovative FinTech solutions and incentives, we were able to reach a bigger pie of local investors. We have seen tangible results, both in the user quality and client asset. For example, in the second quarter, the average net asset inflow per new Hong Kong-funded users reached around $30,000, which contributed to a roughly 50% quarter-over-quarter increase in overall client assets in Hong Kong. So far in the third quarter, the number of new-funded accounts in Hong Kong has now nearly matched the growth we have seen in Singapore. Our accelerated expansion in Hong Kong not only creates a healthier, more sustainable growth, but also deepen our understanding of the local market. Over the past two years, our dedicated efforts have started to pay off. Going forward, we will continue to speed up our efforts in Hong Kong and you will see more Tiger events to drive user growth and brand awareness. Regarding CAC, Since we started ramping up our customer acquisition in Hong Kong in the second quarter, the average CSE is around 400 plus. It's relatively higher than other markets, but the payback period remains quite healthy, about two quarters under current market conditions. For third quarter and the rest of the year, we expect the average CSE in Hong Kong to fluctuate based on our marketing strategy. We anticipate it will stay around this level. Thanks.

Thank you. Let's proceed to the next question.

Thank you. We will now take the next question. From the line of Dennis Bai from UBS, please go ahead.

Okay, thank you for giving me the opportunity to ask this question. Congratulations to the company for its strong performance in the second quarter. I am Dennis from UBS. I have two questions. So big congratulations to the set of strong results. And I'm Dennis from UBS. I have two questions. The first is about Could you please give a breakdown of the newly added customers with deposits across different regional markets? And the second is, we've noticed that the newly added customers with deposits in the second quarter declined quarter-by-quarter. What's the reasons behind? And how do you view the growth looking forward? Thank you.

Thank you. Of the newly added customers in the second quarter, about 50% came from Singapore and Southeast Asia. About 30% is from Hong Kong and other Central Asian countries. About 15% is from Auxin, and about 5% is from the US market.

For the first question about the regional breakdown of new funded accounts, in the second quarter, about 50% of newly funded accounts came from Singapore and Southeast Asia region. Approximately 30% were from Hong Kong and the greater China area. 15% from Australia and New Zealand market, and around 5% from the U.S. market.

第二个问题关于新增入金用户数的情况。 那首先,第二季度新增入金用户数接近4万。 我们认为无论是从公司的年度目标还是获客的节奏来讲, 这一数字基本达到预期。 From another point of view, although it has decreased compared to the first quarter, in addition to some of the emotions that were affected by the April trade war, the most central reason is that we have made some targeted adjustments to the goods and channels. For example, we have closed some channels with lower capacity and not ideal ROI. In order to prevent some of the users from being affected, we have also suspended some of the ads on the scene in Xiamen. From the result, I am satisfied with this adjustment. Because the most important thing for us has always been the increase of the entire client's assets, and the structure of the entry fee. As I mentioned before, the second quarter of the group, the average entry fee of new entry users in the period has broken the historical high of about 20,000 US dollars, and the high level of about 30,000 US dollars has been reached in the Hong Kong region of Singapore. . . . . . . . In the second quarter, we added nearly 40,000 new users.

They believe this number fully meets our expectations, both in terms of annual targets and customer acquisition pace. From another perspective, though the number is a bit lower than the first quarter, The main reason includes the impact of tariff war in April. Some investor sentiment fluctuates. And most importantly, targeted adjustments were made to our customer acquisition channels. This included shutting down some low-quality, low ROI channels and posting certain online advertisements in Singapore to ensure the high-quality user base. Overall, these adjustments have been proved to be effective. We place great emphasis on increasing client access and maintaining a healthy net asset inflow mix. As mentioned earlier, the average net asset inflow of newly acquired clients exceeded 20,000 US dollars, and in Singapore and Hong Kong, it even reached about 30,000. More importantly, the nearly 40,000 new users in Q2 contributed more net asset inflow in that quarter than the over 60,000 new users in the first quarter. Additionally, our overall customer acquisition cost decreased by about 10% compared to the first quarter. So looking ahead, whether from an efficiency perspective or on a profitability standpoint, we plan to continue optimizing and dynamically adjust our customer acquisition strategies that focus on user quality and client access. Thanks, Dennis. Operator, is there any other questions?

There's no further questions. I would now like to turn the conference back to Aaron Lee for closing remarks.

Okay. I'd like to thank everyone for joining our call today. I'm now closing the call on behalf of the management team here at Tiger. We do appreciate your participation in today's call. If you have any further questions, please reach out to our investor relations team. This concludes the call, and thank you very much for your time. Bye-bye.

This concludes today's conference call. Thank you for participating. You may now disconnect.