4215 | 3/8/2021

Important Characteristics and Risks of Participating in InteractiveBrokers LLC's Fully­Paid Securities Lending Program
You should read these disclosures together with the (i) Interactive Brokers Master Securities Lending
Agreement for Fully-Paid Lending Program (the "Agreement") and the (ii) Securities Account Control
Agreement (the "Collateral Agreement") carefully before deciding to participate in IB's Fully-PaidSecurities Lending Program.
Introduction
Interactive Brokers LLC ("IB") offers eligible customers the ability to lend certain of their fully paid andexcess margin securities to IB for on-lending to other IB customers or to other market participants whowish to use these shares for short selling, to make required deliveries or other purposes. "Fully-paid
securities" are securities in your account that have been completely paid for. "Excess-margin
securities" are any securities in your account that, in aggregate, have a market value that exceeds
140% of your account's debit balance(s). In this disclosure and in the relevant agreements, wecollectively refer to fully-paid and excess margin securities as "Fully-Paid Securities" or"Fully-Paid Shares". Lending your Fully-Paid Shares may be a way to increase the yield on yourportfolio, because some shares are in high demand in the securities-lending market and borrowers arewilling to pay for the use of your shares.
Securities Loaned Out By You May Not Be Protected by SIPC
The provisions of the Securities Investor Protection Act of 1970 ("SIPA") may not protect you as alender with respect to securities loan transactions in which you lend your Fully-Paid Securities toIB. Therefore, the collateral delivered to you (and indicated on your account statement) may
constitute the only source of satisfaction of IB's obligation in the event that IB fails to return thesecurities.
Stock Yield Enhancement Program: In the IB Stock Yield Enhancement Program, you permit IB toborrow any Fully-Paid Securities in your account and loan these securities out in the securities lendingmarket. By participating in the IB Stock Yield Enhancement Program, you are granting to IB thediscretion to borrow your Fully-Paid Securities without contacting you, obtaining your prior approval ofany given loan or the amount of interest you will be paid for lending your Fully-Paid Securities. You will
still be able to sell any securities in your account at any time, regardless whether they are currently on
loan to IB. You will also be able to terminate your participation in the Stock Yield Enhancement Programat any time, automatically terminating any outstanding loans of Fully-Paid Securities. IB will pay you
interest in connection with its borrowing of your Fully-Paid Securities. The interest rate IB pays you willapproximate a percentage of the net income received by IB for lending your securities. IB's net income
may be less than the gross income received by IB for relending your securities because of certain
deductions and charges, as explained below. IB may make certain assumptions in computing the netamounts.
Basic Mechanics of a Fully-Paid Lending Transaction
When the lending transaction takes place, the securities borrowed will be debited from your account,though they will still be reflected on your account statements as securities on loan to IB. IB will provide
you with collateral to secure IB's obligation to return the securities upon termination of the loan.
By participating in the Stock Yield Enhancement Program, you are not lending your Fully-Paid Securitiesdirectly to the ultimate borrower. IB will be the borrower in respect of each loan and will be responsible
as principal for returning your securities to you upon termination of the loan, providing you collateralduring the term of the loan and paying you interest monthly in respect of securities loaned to IB.
Securities Loaned Out by You Are Typically Used to Facilitate Short Sales
The type of securities that are generally attractive to borrowers in the securities lending market, andwhich generate the highest income potential, are "hard to borrow" securities. When you lend yourFully-Paid Securities, it is likely that such securities will be used to facilitate one or more short sales orsatisfy delivery requirements resulting from short sales. Since you are holding the shares "long" in youraccount, the activity of short sellers potentially could affect the value of your holdings. You may elect notto permit securities that are the subject of a loan to be used in connection with a short sale of the subjectsecurities. If you elect not to permit your securities to be used in connection with a short sale of thesubject securities, IB will terminate any then-outstanding loan and un-enroll your account from the Stock
Yield Enhancement Program to prevent the borrowing of the security for that purpose. If you do not wantyour fully-paid securities used to facilitate short sales, you should NOT participate in IB's Fully PaidSecurities Lending Program.
You Continue to Own Loaned Shares and Have Market Risk on Those Shares
When you lend securities to IB, you continue to own the securities and you continue to have the market
exposure inherent in ownership of the securities (i.e., if the share price increases while you own the shares
but are lending them out, the value of the securities you are entitled to receive back upon termination of
the loan will increase; if the share price goes down, the value of the securities you are entitled to receive
back upon termination of the loan will decrease).
You Can Sell Your Loaned Securities At Any TimeEven though you have loaned your securities out, you can sell those securities at any time, just like anyother securities in your IB account. Your sale of the securities will constitute a termination of the loan
effective on the settlement date of the sale. You do not have to take any other action to terminate the loan
or wait for the shares to be returned prior to selling them. Even if the shares are not returned in time tosettle your sale of the shares, IB will be responsible for settling the sale, not you, and you will receive theproceeds from the sale of the shares on the normal settlement date for the sale.
Collateral for Loaned Securities
Pursuant to the Agreement, in exchange for the loaned securities, IB will deliver collateral to you.
Collateral provided to you in respect of loaned securities will consist of cash and/or U.S. Treasury
securities deposited in an account (the "Pledge Account") carried by IBKR Securities Services LLC (the"Securities Intermediary"), an affiliate of IB registered as a broker-dealer pursuant to section 15 of theSecurities Exchange Act of 1934, as amended. The Securities Intermediary establishes the Pledge
Account in the name of IB pledged for your benefit. Pursuant to the Agreement, funds and securities
deposited in the Pledge Account are pledged as collateral to secure IB's obligation to return loaned
securities to you. The Securities Intermediary, in accordance with the terms of the Collateral Agreement,
maintains the Pledge Account and, in the event of an uncured default by IB, upon delivery of a notice of
exclusive control by you to the Securities Intermediary, will accept instructions from you to deliver thecollateral to you.
Prior to any delivery by you of a notice of exclusive control, pursuant to the Agreement and the CollateralAgreement, you authorize IB to make deposits to and withdrawals from the Pledge Account without
further consent by you. Pursuant to the Agreement and applicable regulations, IB will mark the loaned
securities to market at the close of trading on each business day and, if necessary, will either provide you
additional collateral or withdraw excess collateral on the next business day so that the market value of thecollateral is at least equal to 100% of the prior day's market value of the loaned securities. There is therisk that IB will default in some way, for example by becoming insolvent, which could result in IB failingto return borrowed securities to you. If IB's default results from something other than an act of insolvency,
IB will have the right to cure that default.
If IB defaults and the market value of the loaned securities increases in value, the collateral provided by
IB may be insufficient to fully collateralize the loaned securities. Because it acts as the custodian of thecollateral in the Pledge Account, you may also be impacted by any default or insolvency of the Securities
Intermediary. The most recent statement of financial condition of the Securities Intermediary is available
at https://www.interactivebrokers.com/en/index.php?f=289.
You will not receive separate notices from the Securities Intermediary with respect to deposits to andwithdrawals from the Pledge Account. Your IB account statement will reflect the current cash balance andU.S. Treasury securities custodied in the Pledge Account as of the statement date and will reflect all
deposits to and withdrawals from the Pledge Account during the statement period. You may obtain
information about the Pledge Account and confirm balances and positions in the Pledge Account directlywith Securities Intermediary by email to ibkrss_saca_questions@ibkr.com.
You have a lien on collateral held in the Pledge Account granted to you under the Agreement, but you do
not own the collateral and are not entitled to any market price increase in the collateral. The collateralmust be returned to IB upon termination of the securities loan. A portion of the collateral will count as"buying power" for your IB securities account, however, neither the collateral in the Pledge Account nor
any loaned securities will count as "equity" in your IB account for the purposes of initial margin ormaintenance margin under the margin rules, including Regulation T of the Board of Governors of theFederal Reserve System and Rule 4210 of the Financial Industry Regulatory Authority.
Loan Rates (and therefore the Interest Rate You Will Receive) Are Subject to Frequent Change andCan Go Down (or Up) SignificantlyRates for "hard to borrow" and other securities change frequently, even daily, in the securities-lendingmarket and this can reduce (or increase) the loan interest IB pays you. Likewise, IB may change the rate it
pays you compared to the income that IB receives when it lends your securities to third parties. You will
not have direct control over when to initiate or terminate loans of specific shares (including based on ratechanges). However, you can always terminate your participation in the program (which will terminate allof your lending transactions) if you are unhappy with the interest rates you are receiving or the nature or
frequency of rate changes. Please note, though, that if you terminate your participation in the Stock Yield
Enhancement Program, you may not be permitted to re-join the program, or you may have to wait acertain length of time to re-join.
Potential Adverse Tax Consequences from Receiving Substitute Payments or Payments in Lieu ofDistributions on Loaned Securities 1
When you lend your Fully-Paid Securities, you will be entitled to receive all distributions (as that term isdefined in the Agreement) made on or in respect of the securities, such as cash or securities dividends,
interest payments, securities received as a result of splits, spin-offs or similar distributions, and rights topurchase additional securities. In the event that the holder of a security borrowed from you is entitled toelect the type of distribution to be received from two or more alternatives, you shall be entitled to makesuch election by timely notification to IB. However, you will receive substitute payments (e.g., a cash
substitute payment) in lieu of receiving dividends or other types of distributions directly from the issuer.
Certain unique distributions may not be capable of being exactly replicated as a manufactured payment byIB. For example, cash payments in lieu of dividends may not be afforded the same treatment as qualified
dividends for tax purposes and are likely to be taxed at a higher tax rate for U.S. taxpayers instead of thepreferential qualified dividend rate. Special tax considerations may apply to loans of master limited
partnerships, publicly traded partnerships or other securities with pass-through tax characteristics. IB may
be required to withhold tax on payments in lieu of dividends on U.S. and foreign stocks and loan interest
paid to you unless an exception applies. IB intends to treat the loan interest payments to you as interest
payments, but different tax authorities may treat such payments differently.

You should consult a tax advisor regarding the tax implications of entering into the Agreement andlending securities to IB, the receipt of substitute payments under applicable federal, state and local tax
laws, as well as any foreign tax regulations, circumstances where a securities loan could be treated as ataxable disposition of the loaned securities, and treatment of loan interest.
If you permit IB to borrow securities from you through the IB Stock Yield Enhancement Program and you
are a U.S. taxpayer, IB may recall loaned shares from the borrower prior to a dividend, so as to reduce
potential negative tax consequences to you. However, it is solely within IB's discretion to recall a loan
and IB makes no guarantee it will recall a loan prior to a dividend. With respect to other corporate actions
affecting loaned shares, non-cash distributions that you are entitled to receive in connection withownership of loaned securities will be added to the loaned securities on the date of distribution and willbe transferred to you at termination of the loan.
Loan Termination
IB may terminate your loan at any time in its sole discretion. When the loan is terminated, shares will bereturned to your account. If you permit IB to borrow securities through the IB Stock Yield Enhancement
Program, you will not have direct control over when to initiate loans of specific shares or when IB may
choose to terminate any loan. You may terminate a loan at any time by selling the security that is thesubject of the loan or requesting delivery or transfer of the security to another custodian. Under the termsof the Agreement, you may also terminate a loan by notice to IB; please note, however, that if the security
remains in your account with IB and your account remains enrolled in the IB Stock Yield Enhancement
Program, the security may be promptly re-borrowed by IB. If you would like to terminate a loan andprevent it from being reborrowed by IB, you can terminate your participation in the program (which willterminate all of your lending transactions) by unenrolling under "Stock Yield Enhancement Program"within the "Account Settings" section of the Client Portal.
Conflicts; Non-Exclusive Arrangement; IB Discretion to Borrow; Payments to Third Parties
IB is not required to borrow your securities and may, in its sole discretion, borrow from other parties
securities equivalent to securities available to be borrowed from you. IB's choices both on the securities itborrows and how it chooses to use those securities impact the loan interest payable by IB to you. If you
participate in the Stock Yield Enhancement Program and maintain a debit balance in your account, IBmay rehypothecate your securities in accordance with your margin account agreement with IB without
paying you loan interest, rather than borrow your securities pursuant to the Agreement. Similarly, if IB
borrows securities from you pursuant to the Agreement and you thereafter incur a margin debit balance,
IB may terminate the Loan and then rehypothecate the securities that had previously been the subject of aloan without paying you loan interest. IB may pay part of the loan income it earns on shares borrowed
from you to third parties such as your financial advisor or introducing broker who may introduce youraccount to IB. These payments may reduce the interest rate you receive for the entire duration of the loan.
Key Factors Influencing the Amount of Compensation IB May Earn
The key factors that influence the amount of compensation IB may earn from borrowing securities loaned
by you are (i) the availability of the securities for lending in the marketplace relative to the demand toborrow such securities; (ii) then-current interest rates, which impact what IB may earn from re-investing
cash collateral received from counterparties to which it lends securities; (iii) commissions, interest andother fees IB may earn from customers that borrow securities from IB to sell short through IB or inaccounts carried by IB.
Key Factors Influencing Loan Interest Paid to You
You will be paid loan interest by IB for the loan of your securities. The interest payable to you in respectof any particular loan as of a given date is detailed on your daily account statement. You will not receive
any portion of any other compensation IB may earn in connection with the re-lending of your securities,including, without limitation, any interest IB may earn on collateral provided to you, any interest IB may

earn on collateral provided to it by counterparties to which it re-lends the loaned securities, any fees IB
may earn from counterparties to which it re-lends the loaned securities, or any commissions IB may
receive in connection with any executions of transactions for the account of parties that borrow securities
from IB. The key factors that influence the amount of loan interest paid to you is (i) the availability of thesecurities for lending in the marketplace relative to the demand to borrow such securities; (ii) the averageloan interest earned by IB in lending securities of the same class to third parties during the term of yourloan; (iii) current interest rates; and (iv) whether IB shares a portion of the compensation it earns fromre-lending securities borrowed from you with a third party such as your introducing broker or financial
advisor. The loan interest rate may be changed from time to time in IB's sole discretion and different rates
may be paid to different customers based on a variety of factors, including the size of the customers' loan
portfolios and the types of Fully-Paid Securities available in the customers' accounts. If you participate in
the IB Stock Yield Enhancement Program and IB borrows your Fully-Paid Securities, IB will accrue
interest for your account daily and credit your account with the loan interest monthly.
There Is No Guarantee That You Will Receive the Best Loan Rates for Your Shares The securities
lending market is not a standardized or transparent market. Securities lending transactions generally takeplace "over the counter" rather than on organized exchanges where prices and transactions aretransparent. IB cannot and does not guarantee that it will pay the highest rate for borrowing your shares.
IB may not have access to the markets or counterparties that are offering the most favorable rates, or may
be unaware of the most favorable rates. IB, or its affiliates through which it conducts certain
securities-lending activities, will typically receive a higher rate from its securities-lending counterparties
than it pays to you for the loan of your securities, thus earning a spread. You may always terminate yourparticipation in the program if you are unhappy with the rates you are receiving.
Loss of Voting Rights With Respect to Loaned Securities
You may lose the right to vote, or to provide any consent or to take any similar action with respect to,loaned securities in the event that the record date or deadline for such vote, consent, or other action falls
during the term of any loan.
IB's Right to Liquidate Securities Upon Your Default
IB will have the right to liquidate any securities loan upon an event of Default (as that term is defined inthe Agreement) by you, which include, without limitation, your: (a) applying for or consenting to, orbecoming the subject of an application for, the appointment of or the taking of possession by a receiver,custodian, trustee, or liquidator of all or a substantial part of your property; (b) admitting in writing yourinability, or becoming generally unable, to pay your debts as such debts become due; (c) making a generalassignment for the benefit of your creditors; or (d) filing, or having filed against you, a petition underTitle 11 of the United States Code (the Bankruptcy Code), or having filed against you an application for aprotective decree under Section 5 of SIPA, unless the right to liquidate such transaction is stayed,
avoided, or otherwise limited by an order authorized under the provisions of SIPA or any statuteadministered by the SEC.
NOTES
1. IB does not provide any investment, tax or trading advice. The information in this paragraph is general
information only and does not take into account your personal circumstances. You should speak to anindependent tax expert to understand the tax implication to you (if any) as a result of participating in theprogram.
A. The Collateral provisions of this disclosure will apply upon transition of your account to the newcollateral arrangement for IB's Fully-Paid Securities Lending Program, which will take place on or prior
to April 22, 2021. Prior to the transition of your account, please see the Collateral provisions of theDisclosure at https://www.interactivebrokers.com/Universal/servlet/Registration_v2.formSampleView?
formdb=4059