Exhibit 4.4



 Exhibit 4.4 
 FOURTH SUPPLEMENTAL INDENTURE 
 dated as of June 15, 2011, 

among 
 E*TRADE
Financial Corporation 
 and 
 The Guaranteeing Subsidiaries Party Hereto 
 and 

The Bank of New York Mellon, 
 as Trustee 
 12.5% Springing Lien Notes Due 2017 







 THIS FOURTH SUPPLEMENTAL INDENTURE (this “Fourth Supplemental Indenture”),
entered into as of June 15, 2011, by and among E*TRADE Financial Corporation, a Delaware corporation (the “Company”), the Restricted Subsidiaries of the Company listed on the signature pages hereof (the “Guaranteeing
Subsidiaries”) and The Bank of New York Mellon, as trustee (the “Trustee”). 
 RECITALS 

WHEREAS, the Company and the Trustee entered into the Indenture, dated as of November 29, 2007 (the “Base
Indenture”), the First Supplemental Indenture, dated as of December 27, 2007 (the “First Supplemental Indenture”), the Second Supplemental Indenture, dated as of January 18, 2008 (the “Second Supplemental
Indenture”) and the Third Supplemental Indenture, dated as of July 9, 2009 (the “Third Supplemental Indenture” and, together with the Base Indenture, the First Supplemental Indenture and the Second Supplemental
Indenture, the “Indenture”), relating to the Company’s 12.5% Springing Lien Notes Due 2017 (the “Notes”); 
 WHEREAS, as a condition to the Trustee entering into the Indenture and the purchase of the Notes by the Holders, the Company agreed to cause its Restricted Subsidiaries to provide Guarantees pursuant to
Section 4.07 of the Indenture on the Trigger Date; 
 WHEREAS, the Trigger Date has occurred as of the date hereof;

 WHEREAS, Sections 9.01(b) and (g) of the Indenture provide that the Company and the Trustee may amend or supplement the
Indenture or the Notes without notice to or consent of any Holder to comply with Section 4.07 of the Indenture or to add Guarantees with respect to the Notes in accordance with the applicable provisions of the Indenture; 

WHEREAS, the amendments contained herein are necessary to comply with Section 4.07 of the Indenture and to add Guarantees with
respect to the Notes in accordance with the applicable provisions of the Indenture; 
 WHEREAS, all acts and requirements
necessary to make this Fourth Supplemental Indenture a valid and binding instrument in accordance with its terms have been duly performed and complied with, the execution and delivery of this Fourth Supplemental Indenture have been duly authorized
in all respects and the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel as required by Sections 9.04, 11.04 and 11.05 of the Indenture. 

  








 AGREEMENT 
 NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and intending to be legally bound, the parties to this Fourth Supplemental Indenture hereby agree as follows:

 Section 1.01. Definitions. Subject to Section 1.02 hereof, capitalized terms used herein and not otherwise
defined herein are used as defined in the Indenture. 
 Section 1.02. Amendment Pursuant to Section 4.07 of the
Indenture. Each Guaranteeing Subsidiary, by its execution of this Supplemental Indenture, agrees to give a Guarantee of payment of the Notes under the Indenture and to be bound by the terms of the Indenture applicable to Guarantors, including,
but not limited to, Article 10 thereof. For purposes of Article 10 of the Indenture only, the definition of “Subsidiary Guarantor” in Section 1.01 of the Indenture shall be deemed to include each Guaranteeing Subsidiary party hereto.

 Section 1.03. Governing Law. This Fourth Supplemental Indenture shall be governed by and construed in accordance with
the laws of the State of New York. 
 Section 1.04. Counterparts. This Fourth Supplemental Indenture may be signed in
various counterparts which together will constitute one and the same instrument. 
 Section 1.05. Effectiveness; Full Force
and Effect. This Fourth Supplemental Indenture is effective as of the date hereof. This Fourth Supplemental Indenture is an amendment supplemental to the Indenture and the Indenture and this Fourth Supplemental Indenture henceforth will be read
together. Except as amended hereby, each provision of the Indenture shall remain in full force and effect and, as amended hereby, the Indenture is in all respects agreed to, ratified and confirmed by the Company and the Trustee. 

Section 1.06. Trustee Not Responsible for Recitals. The Recitals herein are statements of the Company, and the Trustee assumes no
responsibility as to the correctness thereof. The Trustee makes no representations as to the validity or sufficiency of this Fourth Supplemental Indenture. 
 *    *    *    *    * 

  
 2 








 IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture to be
duly executed as of the date first above written. 
  

			
	E*TRADE FINANCIAL CORPORATION, as Issuer
		
	By:	 	/s/ Matthew J. Audette
	Name:	 	Matthew J. Audette
	Title:	 	 Executive Vice President and

Chief Financial Officer

	
	E*TRADE INSTITUTIONAL HOLDINGS INC., as Guaranteeing Subsidiary
		
	By:	 	/s/ Dave Grove
	Name:	 	Dave Grove
	Title:	 	President and Chief Executive Officer
	
	E*TRADE FINANCIAL ADVISORY SERVICES, INC., as Guaranteeing Subsidiary
		
	By:	 	 /s/ Michael Curcio

	Name:	 	 Michael Curcio

	Title:	 	 President and Chief Executive Officer

	
	E*TRADE INSIGHT MANAGEMENT, INC., as Guaranteeing Subsidiary
		
	By:	 	/s/ Michael Curcio
	Name:	 	Michael Curcio
	Title:	 	Chief Executive Officer



  
 [Signature
Page to Fourth Supplemental Indenture] 








 
			
	ETRADE SECURITIES LIMITED, as Guaranteeing Subsidiary
		
	By:	 	/s/ Willie So
	Name:	 	Willie So
	Title:	 	Director
	
	CONVERGING ARROWS, INC., as Guaranteeing Subsidiary
		
	By:	 	/s/ Lori Sher
	Name:	 	Lori Sher
	Title:	 	Secretary
	
	E*TRADE BROKERAGE SERVICES, INC., as Guaranteeing Subsidiary
		
	By:	 	/s/ Michael Curcio
	Name:	 	Michael Curcio
	Title:	 	President
	
	TIR (HOLDINGS) LIMITED, as Guaranteeing Subsidiary
		
	By:	 	/s/ Michelle Ellingson
	Name:	 	Michelle Ellingson
	Title:	 	Director
	
	E*TRADE FINANCIAL CORPORATE SERVICES INC., as Guaranteeing Subsidiary
		
	By:	 	/s/ James Wulforst
	Name:	 	James Wulforst
	Title:	 	President



  
 [Signature
Page to Fourth Supplemental Indenture] 








 
			
	E*TRADE SECURITIES CORPORATION, as Guaranteeing Subsidiary
		
	By:	 	/s/ Joe Anthony Y. Gagui
	Name:	 	Joe Anthony Y. Gagui
	Title:	 	Director
	
	E*TRADE MAURITIUS LIMITED, as Guaranteeing Subsidiary
		
	By:	 	/s/ Michelle Ellingson
	Name:	 	Michelle Ellingson
	Title:	 	Director
	
	ETCF ASSET FUNDING CORPORATION, as Guaranteeing Subsidiary
		
	By:	 	/s/ Peter Knitzer
	Name:	 	Peter Knitzer
	Title:	 	President and Chief Executive Officer



  
 [Signature
Page to Fourth Supplemental Indenture] 








 
			
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	/s/ Raymond K. O’Neill
	Name:	 	Raymond K. O’Neill
	Title:	 	Senior Associate



  
 [Signature
Page to Fourth Supplemental Indenture]