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Registered number: 10800516 ETF STREAM LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
ETF STREAM LIMITED CONTENTS
| Page
Company information | 1
Balance sheet | 2 - 3
Notes to the financial statements | 4 - 14
ETF STREAM LIMITED COMPANY INFORMATION
Directors | S M Beck
| T L Hendrickson
| E J Pickard
Registered number | 10800516
Registered office | 2 Gresham Street
| London
| England
| EC2V 7AD
Independent auditor | Blick Rothenberg Audit LLP
| Chartered Accountants & Statutory Auditor
| 16 Great Queen Street
| Covent Garden
| London
| WC2B 5AH
Page 1
|  | REGISTERED NUMBER:10800516
ETF STREAM LIMITED BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 4 |  | 196,384 |  | 155,847
Tangible assets | 5 |  | 48,781 |  | 7,562
|  |  | 245,165 |  | 163,409
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 1,170,179 |  | 563,212 |
Cash at bank and in hand |  | 175,376 |  | 65,039 |
|  | 1,345,555 |  | 628,251 |
Creditors: amounts falling due within one year | 7 | (1,336,774) |  | (2,442,183) |
Net current assets/(liabilities) |  |  | 8,781 |  | (1,813,932)
Total assets less current liabilities |  |  | 253,946 |  | (1,650,523)
Creditors: amounts falling due after more than one year | 8 |  | (45,073) |  | -
Net assets/(liabilities) |  |  | 208,873 |  | (1,650,523)
Page 2
|  | REGISTERED NUMBER:10800516
ETF STREAM LIMITED BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Capital and reserves |  |  |  |  |
Called up share capital | 9 |  | 2,176 |  | 1,555
Share premium account | 10 |  | 2,383,385 |  | 751,400
Other reserves | 10 |  | 2,757,062 |  | 2,007,062
Profit and loss account | 10 |  | (4,933,750) |  | (4,410,540)
Total shareholders' equity/(deficit) |  |  | 208,873 |  | (1,650,523)
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
S M Beck
Director
Date: 16 July 2026
The notes on pages 4 to 14 form part of these financial statements. Page 3
ETF STREAM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
ETF Stream Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 2 Gresham Street, London, EC2V 7AD. The financial statements are presented in Sterling (£), which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Going concern
The financial statements have been prepared on a going concern basis. The directors consider this basis to be appropriate for the following reasons: ∙the directors have prepared cash flow forecasts which indicate that, taking account of reasonably possible downsides, through its funding from its ultimate parent company TMX Group Limited, the Company will have sufficient funds to meet its liabilities as they fall due for at least 12 months from the date of approval of the Company's financial statements for the year ended 31 December 2025; and ∙those forecasts are dependent on TMX Group Limited providing additional financial support during that period. TMX Group Limited has indicated its intention to continue to make available such funds as are needed by the Company for the period covered by the forecasts by issuing a letter of support to the directors. Consequently, the directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis. Page 4
ETF STREAM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses are presented in the Profit and loss account within 'Administrative expenses'.
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably. The majority of the Company's turnover relates to event sponsorship and website advertising campaigns. Event sponsorship contracts typically give rise to single performance obligations which are satisfied on the event occuring. Website advertising campaigns are typically delivered over an agreed period and the income is recognised over the period the service is delivered to the customer.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 5
ETF STREAM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.9 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Website development costs | - | 5 | years
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Office equipment | - | 33% |
|  |  |  | Computer equipment | - | 33% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. Page 6
ETF STREAM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.11 | Cash
Cash is represented by cash in hand and deposits with financial institutions accessible without penalty on notice of not more than 24 hours.
| 2.12 | Holiday pay accrual
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.
| 2.13 | Financial instruments
The Company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. Financial assets and financial liabilities are recognised when the Company becomes party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Financial assets Basic financial assets, including trade and other debtors and cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. Financial liabilities Basic financial liabilities, including trade and other creditors and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Page 7
ETF STREAM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued) Financial instruments (continued) Impairment of financial assets Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the Company would receive for the asset if it were to be sold at the reporting date. For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Derecognition of financial assets and financial liabilities Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting of financial assets and financial liabilities Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Page 8
ETF STREAM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.14 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.15 | Share capital
Ordinary shares are classified as equity.
| 2.16 | Capital contributions
Capital contributions are amounts received from shareholders that are not repayable and do not involve the issue of shares; they are recognised when receivable at fair value and recorded directly in equity within a separate reserve, without affecting profit or loss, and are treated as non-distributable unless permitted by law.
3. | Employees
| The average monthly number of employees, including directors, during the year was 21 (2024 - 20).
Page 9
ETF STREAM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | Intangible assets
|  | Website development
|  | £
| Cost |
| At 1 January 2025 | 239,050
| Additions | 82,064
| At 31 December 2025 | 321,114
| Amortisation |
| At 1 January 2025 | 83,203
| Charge for the year | 41,527
| At 31 December 2025 | 124,730
| Net book value |
| At 31 December 2025 | 196,384
| At 31 December 2024 | 155,847
Page 10
ETF STREAM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Tangible fixed assets
|  | Office equipment | Computer equipment | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 January 2025 | 3,386 | 26,312 | 29,698
| Additions | 438 | 49,860 | 50,298
| Disposals | (3,824) | - | (3,824)
| At 31 December 2025 | - | 76,172 | 76,172
| Depreciation |  |  |
| At 1 January 2025 | 1,756 | 20,380 | 22,136
| Charge for the year | 564 | 7,011 | 7,575
| Disposals | (2,320) | - | (2,320)
| At 31 December 2025 | - | 27,391 | 27,391
| Net book value |  |  |
| At 31 December 2025 | - | 48,781 | 48,781
| At 31 December 2024 | 1,630 | 5,932 | 7,562
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,084,891 | 358,322
| Other debtors | 45,009 | 84,525
| Prepayments and accrued income | 40,279 | 120,365
|  | 1,170,179 | 563,212
Page 11
ETF STREAM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
7. | Creditors: amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 45,342 | 40,166
| Amounts owed to group undertakings | 32,744 | 1,620,739
| Other taxation and social security | 128,470 | 4,052
| Other creditors | 19,639 | 952
| Accruals and deferred income | 1,110,579 | 776,274
|  | 1,336,774 | 2,442,183
| In the current year, amounts due to group undertakings are interest free, have no fixed repayment date and are repayable on demand. In the prior year, included within amounts owed to group undertakings were loans of £1,500,000 that accrue compound interest at 8%. Interest payable on the loans amounted to £119,919. The loans were converted to equity in 2025.
8. | Creditors: amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other creditors | 45,073 | -
9. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 10,000 (2024 - 10,000) A Ordinary shares of £0.0100 each | 100 | 100
|  | 205,852 (2024 -143,846) B Ordinary shares of £0.0100 each | 2,059 | 1,438
|  | 17,094 (2024 - 17,094) Growth shares of £0.0010- each | 17 | 17
|  |  | 2,176 | 1,555
On 6 February 2025, ETF Stream Limited issued 62,006 B Ordinary shares. The Ordinary shares were issued for a consideration of £1,632,618, being the conversion of intercompany loans provided to the Company to share capital. Page 12
ETF STREAM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Reserves
Share premium account The share premium account is used to record the aggregate amount or value of premiums paid when the Company's shares are issued at an amount in excess of nominal value. Other reserves This reserve relates to capital contributions made to the Company by the immediate parent entity.
11. | Commitments under operating leases
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | - | 180,000
12. | Related party transactions
A company related by common control paid costs of £13,442 (2024 - £24,427) on behalf of the Company aswell as providing the Company with office support services amounting to £4,710 (2024 - 23,912). The balance outstanding as at 31 December 2025 was £nil (2024 - £5,530). The immediate parent undertaking, ETFS Capital Holdings Limited, provided the Company with financial and HR services which incurred total charges in the year of £nil (2024 - £26,733). The amount outstanding as at 31 December 2025 was £nil (2024 - £26,733). In 2025, the immediate parent undertaking, ETFS Capital Holdings Limited, was issued 62,006 Ordinary B shares for a consideration of £1,632,618, being the conversion of loans to share capital. Included in creditors falling due within one year is a balance of £nil (2024 - £1,619,919) owed to a company related by common control. The £1,500,000 loan balance in 2024 was unsecured and subject to an interest rate per annum of 8%. Interest payable amounts to £nil (2024 - £119,919) which included compound interest of £nil (2024 - £84,165). The loans were converted to equity during 2025. Director remuneration was paid through a company 100% owned by a director and his family. Total amounts incurred during the year for remuneration and expenses was £24,000 (2024 - £24,000). The amount outstanding as at 31 December 2025 was £Nil (2024 - £Nil). An event sponsorship sales was made during the year to a company that ETFS Capital Holdings Limited has significant influence over, totalling £nil (2024 - £9,581). The amount outstanding as at 31 December 2025 was £Nil (2024 - £Nil).
13. | Controlling party
The ultimate controlling party changed to TMX Group Limited. The registered office address of TMX Group Limited is 100 Adelaide Street West, Toronto, Ontario, Canada. Page 13
ETF STREAM LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Auditor's information
The auditor's report on the financial statements for the year ended 31 December 2025 was unqualified. The audit report was signed on 16 July 2026 by Jaykishan Shah (Senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.
Page 14