Document:

EX-10.1

 Exhibit 10.1 

FIRST AMENDMENT TO CREDIT AGREEMENT 

This First Amendment to Credit Agreement (the “Amendment”) is entered into as of June 5, 2017 by and among KCG Americas
LLC, a Delaware limited liability company (the “Borrower”), KCG Holdings, Inc., a Delaware corporation (the “Parent”), as Guarantor, the several financial institutions party to this Amendment, as Lenders, and BMO
Harris Bank N.A., as Administrative Agent (the “Administrative Agent”). 
 PRELIMINARY
STATEMENTS 
 A.     The Borrower, the Parent, the Lenders party thereto and the Administrative Agent
entered into a certain Credit Agreement, dated as of June 5, 2015 (the “Credit Agreement”). All capitalized terms used herein without definition shall have the same meanings herein as such terms have in the Credit Agreement.

 B.     The Borrower has requested that the Lenders make certain amendments to the Credit Agreement, and the Lenders
are willing to do so under the terms and conditions set forth in this Amendment. 
 NOW, THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

SECTION 1.     AMENDMENTS. 

Subject to the satisfaction of the conditions precedent set forth in Section 2 below, the Credit Agreement shall be and hereby is amended
as follows: 
 1.1.     Section 1.1(b)(i) of the Credit Agreement shall be and hereby is amended by deleting
the amount “$500,000,000” appearing therein and inserting in its place the amount “$360,000,000”.  

1.2.     The last sentence appearing in Section 1.13(a)(iv) of the Credit Agreement shall be amended and restated to
read in its entirety as follows: 
 Subject to Section 13.24 hereof, no reallocation hereunder shall constitute a waiver
or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. 

1.3.     Each of the following defined terms in Section 5.1 of the Credit Agreement shall be amended and restated to
read in its entirety as follows: 

 “Applicable Margin” means, a rate per annum equal to: 

(i) 1.25% with respect to Revolving A Loans, whether such Revolving A Loans are Base Rate Loans or Eurodollar Loans; 

(ii) 2.25% with respect to Revolving B Loans; 

(iii) 1.25% with respect to Revolving A Swing Loans; 

(iv) 2.25% with respect to Revolving B Swing Loans; and 

(v) 0.30% with respect to the commitment fee set forth in Section 2.1 hereof. 

“Commitment” means, as to any Lender, the obligation of such Lender to make Revolving Loans and to participate
in Swing Loans in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Lender’s name on Schedule 1 attached hereto and made a part hereof, as the same may be reduced or modified at any
time or from time to time pursuant to the terms hereof. The Borrower and the Lenders acknowledge and agree that the Commitments of the Lenders aggregate $260,000,000 as of June 5, 2017. 

“Defaulting Lender” means, subject to Section 1.13(b), any Lender that (a) has failed to
(i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of
such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay
to the Administrative Agent, the Swing Line Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Swing Loans) within two Business Days of the date when due, (b) has
notified the Borrower, the Administrative Agent or the Swing Line Lender in writing that it does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing or public statement
relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable default,
shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the
Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written
confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect 

  
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parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator,
assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a
capacity, or (iii) become the subject of a Bail-in Action; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent
company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of
attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting
Lender under clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 1.13(b)) upon delivery of written notice of such
determination to the Borrower, the Swing Line Lender and each Lender. 
 “Revolving B Sublimit” means
$100,000,000. 
 “Termination Date” means June 4, 2018, or such earlier date on which the Commitments
are terminated in whole pursuant to Section 1.11, 9.2 or 9.3 hereof. 
 1.4.     Section 5.1 of the Credit
Agreement shall be and hereby is amended by inserting new defined terms in their appropriate alphabetical order, each such new defined term to read as follows: 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution
Authority in respect of any liability of an EEA Financial Institution. 
 “Bail-In Legislation” means, with
respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU
Bail-In Legislation Schedule. 
 “EEA Financial Institution” means (a) any credit institution or
investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of
this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its
parent. 

  
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 “EEA Member Country” means any of the member states of the
European Union, Iceland, Liechtenstein, and Norway. 
 “EEA Resolution Authority” means any public
administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market
Association (or any successor Person), as in effect from time to time. 
 “Write-Down and Conversion Powers”
means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers
are described in the EU Bail-In Legislation Schedule. 
 1.5.     Section 6.6 of the Credit Agreement shall be and
hereby is amended by deleting the date “December 31, 2014” appearing therein and inserting in its place the date “December 31, 2016”. 

1.6.     Section 8.21(c) of the Credit Agreement shall be amended and restated to read in its entirety as follows:

 (c) Minimum Excess Net Capital. The Borrower shall, at all times, maintain Excess Net Capital of not less than
$100,000,000. 
 1.7.     Section 11.10 of the Credit Agreement shall be amended and restated to read in its
entirety as follows: 
 Section 11.10. Authorization to Release Liens. The Administrative Agent is hereby
irrevocably authorized by each of the Lenders and the Administrative Agent (a) to release any Lien covering any Collateral that is sold, transferred, or otherwise disposed of in accordance with the terms and conditions of this Agreement
(including a sale, transfer, or disposition permitted by the terms of Section 4.5 or Section 8.10 hereof or which has otherwise been consented to in accordance with Section 13.12 hereof), provided that, if the proceeds from such sale,
transfer or disposal (i) take the form of cash or Eligible Securities and (ii) have been identified by the Borrower to be received by it on the same day, the Administrative Agent may release such Lien prior to receipt of such cash proceeds
or Eligible Securities, and (b) release Liens on the Collateral following termination or expiration of the Commitments and payment in full in cash of the Obligations 

  
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 1.8.     Section 13 of the Credit Agreement shall be and hereby is
amended by inserting a new Section 13.24 immediately after Section 13.23 to read in its entirety as follows: 

Section 13.24. Acknowledgement and Consent to Bail-In of EEA Financial Institutions. Notwithstanding anything to
the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto (including any party becoming a party hereto by virtue of an Assignment and Assumption) acknowledges that any
liability of any EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and agrees and consents to, and acknowledges
and agrees to be bound by: 
 (a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to
any such liabilities arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

(b) the effects of any Bail-in Action on any such liability, including, if applicable: 

(i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such
liability under this Agreement or any other Loan Document; or 
 (iii) the variation of the terms of such liability in
connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 
 1.9.     Each of
Exhibit D, Exhibit E, Schedule 1, Schedule 5.1, Schedule 6.2, Schedule 6.11 and Schedule 13.11 of the Credit Agreement shall be amended and restated in the form of Exhibit D, Exhibit E, Schedule 5.1, Schedule 6.2, Schedule 6.11 and Schedule 13.11,
respectively, attached hereto. 
 1.10.     Notwithstanding anything contained in the Credit Agreement or any Loan
Document to the contrary, (a) Bank of America, N.A. shall no longer be acting in its capacity as Syndication Agent, and all references to Bank of America, N.A. in such 

  
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capacity appearing in the Credit Agreement and the other Loan Documents shall be deleted, (b) Merrill Lynch, Pierce, Fenner & Smith Incorporated shall no longer be a Joint Lead
Arranger and Joint Book Runner, and all references to Merrill Lynch, Pierce, Fenner & Smith Incorporated appearing in the Credit Agreement and the other Loan Documents shall be deleted, and (c) BMO Capital Markets shall be deemed to be
the Sole Lead Arranger and Sole Book Runner. 
 SECTION 2.     CONDITIONS PRECEDENT.

 This Amendment shall become effective upon receipt by the Administrative Agent each of the following: 

2.1.     this Amendment duly executed by the Borrower, the Parent and the Lenders; 

2.2.     copies of each Loan Party’s articles of formation and operating agreement (or comparable organizational
documents) and any amendments thereto, certified in each instance by such Loan Party’s Secretary or Assistant Secretary; 

2.3.     copies of resolutions of each Loan Party’s Board of Directors, Members or Managers (or similar governing
body) authorizing the execution, delivery and performance of this Agreement and the other Loan Documents and the consummation of the transactions contemplated hereby and thereby, together with specimen signatures of the persons authorized to execute
such documents on such Loan Party’s behalf, all certified in each instance by its Secretary or Assistant Secretary; 

2.4.     copies of the certificates of good standing for the Loan Parties (dated no earlier than 30 days prior to the
date hereof) from the office of the secretary of the state of its organization and of each state in which such Loan Party is qualified to do business as a foreign corporation or organization; 

2.5.     financing statement, tax, and judgment lien search results against the Property of the Loan Parties evidencing the
absence of Liens on their Property except as permitted by Section 8.8 hereof; 
 2.6.     the written opinion of
counsel to the Loan Parties, in form and substance reasonably satisfactory to the Administrative Agent; 
 2.7.     since
December 31, 2016, there has been no change in the operation, business, Property or financial condition of the Borrower except those occurring in the ordinary course of business, none of which individually or in the aggregate could reasonably
be expected to have a Material Adverse Effect; and 
 2.8.     the Administrative Agent shall have received the fees
required to be paid pursuant to that certain fee letter dated May 8, 2017 by and among the Borrower, the Administrative Agent and BMO Capital Markets Corp., in its capacity as a Joint Lead Arranger. 

  
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 SECTION 3.     REPRESENTATIONS. 

In order to induce the Lenders to execute and deliver this Amendment, the Loan Parties hereby represent to the Administrative Agent and the
Lenders that as of the date hereof (a) the representations and warranties set forth in Section 6 of the Credit Agreement are and shall be true and correct in all material respects as of the date hereof (except that the representations
contained in Section 6.5 shall be deemed to refer to the most recent financial statements of the Loan Parties delivered to the Lenders); provided, that with respect to any representation or warranty that is qualified by materiality or
Material Adverse Effect, such representation or warranty shall be true and correct as of the date hereof (except that the representations contained in Section 6.5 shall be deemed to refer to the most recent financial statements of the Loan
Parties delivered to the Administrative Agent) and (b) no Default or Event of Default has occurred and is continuing under the Credit Agreement or shall result after giving effect to this Amendment. 

SECTION 4.     MISCELLANEOUS. 

4.1.     The Loan Parties hereby acknowledge and agree that, except as otherwise specifically set forth herein,
(a) the Liens created and provided for by the Credit Agreement continue to secure the Obligations arising under the Credit Agreement as amended hereby; and (b) the Credit Agreement and the rights and remedies of the Administrative Agent
and the Lenders thereunder, the obligations of the Loan Parties thereunder, and the Liens created and provided for thereunder remain in full force and effect and shall not be affected, impaired or discharged hereby. Nothing herein contained shall in
any manner affect or impair the priority of the liens and security interests created and provided for by the Credit Agreement as to the indebtedness which would be secured thereby prior to giving effect to this Amendment. 

4.2.     Except as specifically amended herein, the Credit Agreement, including the Guarantees set forth in
Section 12 thereof and the Commitments of the Lenders thereunder, and the other Loan Documents shall continue in full force and effect in accordance with its original terms and are hereby ratified and affirmed. Reference to this specific
Amendment need not be made in the Credit Agreement, any Note, any other Loan Document or in any certificate, letter or communication issued or made pursuant to or with respect to the Credit Agreement, any reference in any of such items to the Credit
Agreement being sufficient to refer to the Credit Agreement as amended hereby. 
 4.3.     The Loan Parties agree to pay
on demand all costs and expenses of or incurred by the Administrative Agent in connection with the negotiation, preparation, execution and delivery of this Amendment as required by Section 13.14 of the Credit Agreement, including the reasonable
fees and expenses of counsel for the Administrative Agent. 
 4.4.     This Amendment may be executed in any number of
counterparts, and by the different parties on different counterpart signature pages, all of which taken together shall constitute one and the same agreement. Any of the parties hereto may execute this Amendment by signing any such counterpart and
each of such counterparts shall for all purposes be deemed to be an original. Delivery of executed counterparts of this Amendment by telecopy shall be 

  
 -7- 

 
effective as an original. This Amendment shall be governed by the internal laws of the State of Illinois. This Amendment shall be deemed a Loan Document. 

[SIGNATURE PAGE TO FOLLOW] 

  
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 This First Amendment to Credit Agreement is entered into as of the date and year first above
written. 
  

					
	 “BORROWER”
  

KCG AMERICAS LLC

		
	By:	 	/s/ Jeffrey Krasner
		 	Name:	 	Jeffrey Krasner
		 	Title:	 	Treasurer

  

					
	 “GUARANTOR”
  

KCG HOLDINGS, INC.

		
	By:	 	/s/ Steffen Parratt
		 	Name:	 	Steffen Parratt
		 	Title:	 	Chief Financial Officer

  
 [Signature
Page to First Amendment to Credit Agreement] 

 Accepted and agreed to. 

 

					
	 “ADMINISTRATIVE AGENT AND LENDERS”

 
 BMO HARRIS BANK N.A., as Administrative

Agent, as Swing Line Lender, as a Lender,

and as Settlement Bank

		
	By:	 	/s/ Adam Tarr
		 	Name:	 	Adam Tarr
		 	Title:	 	Director

  
 [Signature
Page to First Amendment to Credit Agreement] 

 
					
	BANK OF AMERICA, N.A.
		
	By:	 	/s/ Sherman Wong
		 	Name:	 	Sherman Wong
		 	Title:	 	Director

  
 [Signature
Page to First Amendment to Credit Agreement] 

 
					
	BNP PARIBAS
		
	By:	 	/s/ David Seaman
		 	Name:	 	David Seaman
		 	Title:	 	Director
		
	By:	 	/s/ Frank Chiofalo
		 	Name:	 	Frank Chiofalo
		 	Title:	 	Vice President

  
 [Signature
Page to First Amendment to Credit Agreement] 

 
					
	THE PRIVATE BANK AND TRUST COMPANY
		
	By:	 	/s/ Daniel A. Palmer
		 	Name:	 	Daniel A. Palmer
		 	Title:	 	Managing Director

  
 [Signature
Page to First Amendment to Credit Agreement] 

 
					
	SIGNATURE BANK
		
	By:	 	/s/ Richard Ohl
		 	Name:	 	Richard Ohl
		 	Title:	 	Vice President, Sr. Lender

  
 [Signature
Page to First Amendment to Credit Agreement] 

 EXHIBIT D 

KCG AMERICAS LLC 

COMPLIANCE CERTIFICATE 
  

	To:	BMO Harris Bank N.A., as 
Administrative Agent under, and the 
Lenders party to, the Credit Agreement 
described below 

This Compliance Certificate is furnished to the Administrative Agent, and the Lenders pursuant to that certain Credit Agreement dated as of
June 5, 2015, among us (as extended, renewed, amended or restated from time to time, the “Credit Agreement”). Unless otherwise defined herein, the terms used in this Compliance Certificate have the meanings ascribed
thereto in the Credit Agreement. 
 THE UNDERSIGNED HEREBY CERTIFIES
THAT: 
 1. I am the duly elected
                         of KCG Americas LLC (the “Borrower”); 

2. I have reviewed the terms of the Credit Agreement and I have made, or have caused to be made under my supervision, a detailed review of the
transactions and conditions of the Borrower during the accounting period covered by the attached financial statements; 
 3. The examinations
described in paragraph 2 did not disclose, and I have no knowledge of, the existence of any condition or the occurrence of any event which constitutes a Default or Event of Default during or at the end of the accounting period covered by the
attached financial statements or as of the date of this Compliance Certificate, except as set forth below; 
 4. The financial statements
required by Section 8.5 of the Credit Agreement and being furnished to you concurrently with this Compliance Certificate are true, correct and complete as of the date and for the periods covered thereby; 

5. Schedule I hereto sets forth financial data and computations evidencing the Parent’s and the Borrower’s compliance with
certain covenants of the Credit Agreement, all of which data and computations are, to the best of my knowledge, true, complete and correct and have been made in accordance with the relevant Sections of the Credit Agreement; 

6. Schedule II hereto lists exchange traded funds that shall be designated as Approved ETFs or Leverage ETFs, and each such fund satisfies the
definition of an Approved ETF or Leverage ETF, as applicable; and 

 7. Schedule III hereto lists Persons that the Borrower wishes to designate as a Disqualified
Assignee, and each such Person is not a commercial bank or any Affiliate thereof. 
 Described below are the exceptions, if any, to
paragraph 3 by listing, in detail, the nature of the condition or event, the period during which it has existed and the action which the Borrower has taken, is taking, or proposes to take with respect to each such condition or event: 

 
  

 
  

 
  

 
  

The foregoing certifications, together with the computations set forth in Schedule I hereto and the financial statements delivered with
this Certificate in support hereof, are made and delivered this              day of
                                    
201    . 
  

					
	KCG AMERICAS LLC
		
	By:	 	 
		 	Name:	 	 
		 	Title:	 	 

 SCHEDULE I 

TO COMPLIANCE CERTIFICATE 

KCG AMERICAS LLC 

COMPLIANCE CALCULATIONS 

FOR CREDIT AGREEMENT 

DATED AS OF JUNE 5, 2015 

CALCULATIONS AS OF
                          , 201     

 
  

 
  

			
	 A.     Minimum Total Regulatory Capital
(Section 8.21(a)
	  	
	 1.      Total Regulatory Capital
	  	$___________
	 2.      Line A1 shall not be less than
	  	$650,000,000
	 3.      The Borrower is in compliance (circle yes or no)
	  	yes/no
		
	 B.     Maximum Total Assets to Total Regulatory Capital
Ratio
(Section 8.21(b))
	  	
	 1.      Total assets
	  	$___________
	 2.      Allowable Receivables
	  	$___________
	 3.      Cash
	  	$___________
	 4.      Cash Equivalents
	  	$___________
	 5.      Rebate Receivables
	  	$___________
	 6.      Sum of Lines B2, B3, B4 and B5
	  	$___________
	 7.      Securities and options sold, but not yet purchased
	  	$___________
	 8.      Line B1 plus Line B7 minus Line B6
	  	$___________
	 9.      Total Regulatory Capital
	  	$___________
	 10.    Ratio of Line B8 to line B9
	  	___ to ___
	 11.    Line B10 ratio must not be more than
	  	20.0 to 1.0
	 12.    The Borrower is in compliance (circle yes or no)
	  	yes / no
		
	 C.     Minimum Excess Net Capital (Section 8.21(c))
	  	

			
	 1.      Excess Net Capital
	  	$___________
	 2.      Line C1 shall not be less than
	  	$100,000,000
	 3.      The Borrower is in compliance (circle yes or no)
	  	yes/no
		
	 D.     Liquidity (Section 8.21(d))
	  	
	 1.      Unencumbered marketable securities
	  	$___________
	 2.      Unencumbered cash
	  	$___________
	 3.      NSCC Margin Deposits1
	  	$___________
	 4.      Sum of Lines D1, D2 and D3
	  	$___________
	 5.      Unsecured Indebtedness
	  	$___________
	 6.      Ratio of Line D4 to line D5
	  	___ to ___
	 7.      Line D6 ratio must not be less than
	  	1.0 to 1.0
	 8.      The Borrower is in compliance (circle yes or no)
	  	yes / no
		
	 E.     Minimum Tangible Net Worth (Section 8.21(e))
	  	
	 1.      Tangible Net Worth of Parent
	  	$___________
	 2.      Line H1 shall not be less than
	  	$900,000,000
	 3.      Parent is in compliance (circle yes or no)
	  	yes / no

  

	1 	Solely to the extent of the lesser of (x) the amount, if any, by which the Borrowing Base B at such time exceeds the aggregate outstanding amount of Revolving B Loans and (y) the Unused Commitments.

 SCHEDULE II 

TO COMPLIANCE CERTIFICATE 

KCG AMERICAS LLC 

APPROVED ETFS / LEVERAGED ETFS 

 

																													
	 

SYMBOL
	  	

BLOOMBERG
UNIQUE ID	 	  	
NUMBER
OF
HOLDINGS	 	  	

ADV
(3M)	 	  	

DESCRIPTION	 	  	
APPROVED
ETF 
(YES / NO)	 	  	LEVERAGED
ETF 2X
(YES/NO)	 	  	LEVERAGED
ETF 3X 
(YES / NO)	 
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			
		  				  				  				  				  				  				  			

 SCHEDULE III 

TO COMPLIANCE CERTIFICATE 

KCG AMERICAS LLC 

DISQUALIFIED ASSIGNEE 

DRW Holdings, LLC 
 Infinium Capital Management, LLC 

Jane Street Capital, LLC 
 Jump Trading, LLC 

AQR Capital Management, LLC 
 D. E. Shaw & Co.,
L.P. 
 Optiver 
 RGM Advisors, LLC 

Tower Research Capital LLC 
 Quantlab Financial, LLC 

IMC Group 
 Citadel LLC 

Renaissance Technologies LLC 
 Two Sigma Investments, LLC 

Hudson River Trading LLC 
 Teza Technologies LLC 

  
 -2- 

 EXHIBIT E 

ASSIGNMENT AND ASSUMPTION 

This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is
entered into by and between [the][each]2 Assignor identified in item 1 below ([the][each, an] “Assignor”) and [the][each]3 Assignee identified in item 2 below ([the][each, an] “Assignee”). [It is understood and agreed that the rights and obligations of [the Assignors][the
Assignees]4 hereunder are several and not joint.]5 Capitalized terms used but not defined herein shall have the meanings
given to them in the Credit Agreement identified below (as amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by [the][each] Assignee. The Standard Terms and Conditions set forth
in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 

For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective
Assignees], and [the][each] Assignee hereby irrevocably purchases and assumes from [the Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the
Effective Date inserted by the Administrative Agent as contemplated below (i) all of [the Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as
Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the
Assignor][the respective Assignors] under the respective facilities identified below (including without limitation any letters of credit, guarantees, and swingline loans included in such facilities), and (ii) to the extent permitted to be
assigned under applicable law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)][the respective Assignors (in their respective capacities as Lenders)] against any Person, whether known or
unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including, but not
limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and  

 

	2 	For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first bracketed language. If the assignment is from multiple Assignors, choose
the second bracketed language. 

	3 	For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed language. If the assignment is to multiple Assignees, choose the
second bracketed language. 

	4 	Select as appropriate. 

	5 	 Include bracketed language if there are either multiple Assignors or multiple Assignees.

  
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obligations sold and assigned by [the][any] Assignor to [the][any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as
[the][an] “Assigned Interest”). Each such sale and assignment is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by
[the][any] Assignor. 
  

							
	        1.	 	Assignor[s]:	  	      
	 	
		 		  	      
	 	
		 	[Assignor [is] [is not] a Defaulting Lender]
				
	        2.	 	Assignee[s]:	  	      
	 	
		 		  	      
	 	
		 	[for each Assignee, indicate [Affiliate][Approved Fund] of [identify Lender]
		
	        3.	 	Borrower: KCG Americas LLC
		
	        4.	 	Administrative Agent: BMO Harris Bank N.A., as the administrative agent under the Credit Agreement
		
	        5.	 	Credit Agreement: Credit Agreement dated as of _______ among KCG Americas LLC, the Lenders parties thereto, and BMO Harris Bank N.A., as Administrative Agent
			
	        6.	 	Assigned Interest[s]:	 	

  

																	
	 ASSIGNOR[S]6
	  	ASSIGNEE[S]7	 	  	AGGREGATE
AMOUNT OF
COMMITMENT/
LOANS FOR
ALL
LENDERS8	 	  	AMOUNT OF
COMMITMENT/
LOANS ASSIGNED8	 	  	PERCENTAGE
ASSIGNED OF
COMMITMENT/
LOANS9	 
		  				  	$		 	  	$		 	  	 	            	% 
		  				  	$		 	  	$		 	  	 	            	% 
		  				  	$	                        	 	  	$	                        	 	  	 	            	% 

  

	        [7.	Trade Date: ______________]10 

 

	6 	List each Assignor, as appropriate. 

	7 	List each Assignee, as appropriate. 

	8 	Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date. 

	9 	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

	10 	To be completed if the Assignor(s) and the Assignee(s) intend that the minimum assignment amount is to be determined as of the Trade Date. 

  
 -4- 

 Effective Date:
                                , 20      
[To be inserted by Administrative Agent and which shall be the effective date of recordation of transfer in the register therefor.] 

The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

					
	ASSIGNOR[S]11
		
	By	 	 
		 	Name	 	 
		 	Title	 	 

  

					
	[NAME OF ASSIGNOR]
		
	By	 	 
		 	Name	 	 
		 	Title	 	 

  

					
	 ASSIGNEE[S]12

 
 [NAME OF ASSIGNEE]

		
	By	 	 
		 	Name	 	 
		 	Title	 	 

  

					
	[NAME OF ASSIGNEE]
		
	By	 	 
		 	Name	 	 
		 	Title	 	 

 [Consented to and]13 Accepted: 

 

	11 	Add additional signature blocks as needed. Include both Fund/Pension Plan and manager making the trade (if applicable). 

	12 	Add additional signature blocks as needed. Include both Fund/Pension Plan and manager making the trade (if applicable). 

	13 	To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement. 

  
 -5- 

					
	 BMO HARRIS BANK N.A., as

Administrative Agent

		
	By	 	 
		 	Name	 	 
		 	Title	 	 

  

					
	 [Consented to:]14

 
 [NAME OF RELEVANT
PARTY]

		
	By	 	 
		 	Name	 	 
		 	Title	 	 

  

	14 	To be added only if the consent of the Borrower and/or other parties (e.g. Swingline Lender) is required by the terms of the Credit Agreement. 

  
 -6- 

 ANNEX 1 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 

SECTION 1. REPRESENTATIONS AND WARRANTIES. 

Section 1.1. Assignor[s]. [The][Each] Assignor (a) represents and warrants that (i) it is the legal and
beneficial owner of [the][the relevant] Assigned Interest, (ii) [the][such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all
action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect to
(i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan
Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document, or (iv) the performance or observance by the
Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. 

Section 1.2. Assignee[s]. [The][Each] Assignee (a) represents and warrants that (i) it has full power and
authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all the requirements to
be an assignee under Section 13.11(a)(iii), (v) and (vi) of the Credit Agreement (subject to such consents, if any, as may be required under Section 13.11(a)(iii) of the Credit Agreement), (iii) from and after the Effective
Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of [the][the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with
respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type,
(v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to receive copies of the most recent financial statements delivered pursuant to Section 8.5 thereof, as applicable, and such other
documents and information as it deems appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, (vi) it has, independently and without reliance
upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such]
Assigned Interest, and (vii) attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by [the][such] Assignee; and
(b) agrees that (i) it will, independently and without reliance on the Administrative Agent, [the][any] Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to
make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as
a Lender. 

 SECTION 2. PAYMENTS. 

From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the][each] Assigned Interest
(including payments of principal, interest, fees and other amounts) to [the][the relevant] Assignee whether such amounts have accrued prior to, on or after the Effective Date. The Assignor[s] and the Assignee[s] shall make all
appropriate adjustments in payments by the Administrative Agent for periods prior to the Effective Date or with respect to the making of this assignment directly between themselves. Notwithstanding the foregoing, the Administrative Agent shall make
all payments of interest, fees or other amounts paid or payable in kind from and after the Effective Date to [the][the relevant] Assignee. 

SECTION 3. GENERAL PROVISIONS. 

This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and
assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be
effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of Illinois. 

 SCHEDULE 1 

COMMITMENTS 
  

					
	NAME OF LENDER	  	COMMITMENTS	 
		
	 BMO Harris Bank N.A.
	  	$	130,000,000	 
		
	 Bank of America, N.A.
	  	$	75,000,000	 
		
	 BNP Paribas
	  	$	25,000,000	 
		
	 The Private Bank and Trust Company
	  	$	20,000,000	 
		
	 Signature Bank
	  	$	10,000,000	 
		
	 TOTAL
	  	$	260,000,000	 
		  	  
	  
	 

 SCHEDULE 5.1 

APPROVED ETFS / LEVERAGED ETFS 

 

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 SPY
	  	SPY US Equity	  	 	506	 	  	 	78,390,432	 	  	SPDR S&P 500	  	Yes	  	No	  	No
								
	 XLF
	  	XLF US Equity	  	 	66	 	  	 	75,991,712	 	  	SPDR Select Sector Fund – Financial	  	Yes	  	No	  	No
								
	 GDX
	  	GDX US Equity	  	 	52	 	  	 	62,730,096	 	  	VanEck Vectors Gold Miners ETF	  	Yes	  	No	  	No
								
	 EEM
	  	EEM US Equity	  	 	840	 	  	 	54,730,260	 	  	iShares MSCI Emerging Index Fund	  	Yes	  	No	  	No
								
	 IWM
	  	IWM US Equity	  	 	1942	 	  	 	29,184,900	 	  	iShares Russell 2000 ETF	  	Yes	  	No	  	No
								
	 USO
	  	USO US Equity	  	 	32	 	  	 	25,275,834	 	  	United States Oil Fund	  	Yes	  	No	  	No
								
	 GDXJ
	  	GDXJ US Equity	  	 	56	 	  	 	23,282,784	 	  	VanEck Vectors Junior Gold Miners ETF	  	Yes	  	No	  	No
								
	 QQQ
	  	QQQ US Equity	  	 	107	 	  	 	19,107,150	 	  	PowerShares QQQ Trust, Series 1	  	Yes	  	No	  	No
								
	 EFA
	  	EFA US Equity	  	 	939	 	  	 	18,865,530	 	  	iShares MSCI EAFE ETF	  	Yes	  	No	  	No

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 XOP
	  	XOP US Equity	  	 	63	 	  	 	16,372,653	 	  	SPDR S&P Oil & Gas Explor & Product	  	Yes	  	No	  	No
								
	 XLE
	  	XLE US Equity	  	 	35	 	  	 	15,360,484	 	  	SPDR Select Sector Fund – Energy Select Sector	  	Yes	  	No	  	No
								
	 FXI
	  	FXI US Equity	  	 	51	 	  	 	15,344,917	 	  	iShares China Large-Cap ETF	  	Yes	  	No	  	No
								
	 EWZ
	  	EWZ US Equity	  	 	59	 	  	 	14,817,336	 	  	iShares MSCI Brazil Capped Index Fund	  	Yes	  	No	  	No
								
	 XLU
	  	XLU US Equity	  	 	29	 	  	 	13,716,370	 	  	SPDR Select Sector Fund – Utilities	  	Yes	  	No	  	No
								
	 VWO
	  	VWO US Equity	  	 	3854	 	  	 	12,020,950	 	  	Vanguard FTSE Emerging Markets ETF	  	Yes	  	No	  	No
								
	 UNG
	  	UNG US Equity	  	 	28	 	  	 	11,289,335	 	  	United States Natural Gas Fund LP	  	Yes	  	No	  	No
								
	 HYG
	  	HYG US Equity	  	 	1027	 	  	 	11,215,573	 	  	iShares iBoxx $ High Yield Corporate Bond ETF	  	Yes	  	No	  	No
								
	 JNK
	  	JNK US Equity	  	 	848	 	  	 	10,470,976	 	  	SPDR Bloomberg Barclays High Yield Bond ETF	  	Yes	  	No	  	No

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 XLI
	  	XLI US Equity	  	 	68	 	  	 	9,915,156	 	  	SPDR Select Sector Fund – Industrial	  	Yes	  	No	  	No
								
	 XLP
	  	XLP US Equity	  	 	38	 	  	 	9,156,577	 	  	SPDR Select Sector Fund – Consumer Staples	  	Yes	  	No	  	No
								
	 TLT
	  	TLT US Equity	  	 	33	 	  	 	8,647,524	 	  	iShares 20+ Year Treasury Bond ETF	  	Yes	  	No	  	No
								
	 RSX
	  	RSX US Equity	  	 	30	 	  	 	8,580,384	 	  	VanEck Vectors Russia ETF	  	Yes	  	No	  	No
								
	 AMLP
	  	AMLP US Equity	  	 	26	 	  	 	8,181,513	 	  	Alerian MLP ETF	  	Yes	  	No	  	No
								
	 VEA
	  	VEA US Equity	  	 	3,815.00	 	  	 	8,092,432	 	  	Vanguard FTSE Developed Markets ETF	  	Yes	  	No	  	No
								
	 XLV
	  	XLV US Equity	  	 	62	 	  	 	7,855,770	 	  	SPDR Select Sector Fund – Health Care	  	Yes	  	No	  	No
								
	 KRE
	  	KRE US Equity	  	 	100	 	  	 	7,847,720	 	  	SPDR S&P Regional Banking ETF	  	Yes	  	No	  	No
								
	 XLK
	  	XLK US Equity	  	 	74	 	  	 	7,845,314	 	  	SPDR Select Sector Fund – Technology	  	Yes	  	No	  	No
								
	 IEMG
	  	IEMG US Equity	  	 	1883	 	  	 	7,791,855	 	  	iShares Core MSCI Emerging Markets ETF	  	Yes	  	No	  	No

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 IYR
	  	IYR US Equity	  	 	127	 	  	 	7,358,362	 	  	iShares U.S. Real Estate ETF	  	Yes	  	No	  	No
								
	 EZU
	  	EZU US Equity	  	 	245	 	  	 	6,604,648	 	  	iShares MSCI EMU Index Fund	  	Yes	  	No	  	No
								
	 EWJ
	  	EWJ US Equity	  	 	322	 	  	 	6,077,204	 	  	iShares MSCI Japan Index Fund	  	Yes	  	No	  	No
								
	 XRT
	  	XRT US Equity	  	 	102	 	  	 	5,895,749	 	  	SPDR S&P Retail ETF	  	Yes	  	No	  	No
								
	 OIH
	  	OIH US Equity	  	 	25	 	  	 	5,230,606	 	  	VanEck Vectors Oil Services ETF	  	Yes	  	No	  	No
								
	 BKLN
	  	BKLN US Equity	  	 	117	 	  	 	4,625,752	 	  	PowerShares Exchange-Traded Fund Trust ETF	  	Yes	  	No	  	No
								
	 VNQ
	  	VNQ US Equity	  	 	159	 	  	 	4,549,730	 	  	Vanguard REIT ETF – DNQ	  	Yes	  	No	  	No
								
	 XLB
	  	XLB US Equity	  	 	26	 	  	 	4,454,059	 	  	Materials Select Sector SPDR	  	Yes	  	No	  	No
								
	 XBI
	  	XBI US Equity	  	 	94	 	  	 	4,229,034	 	  	SPDR Series Trust SPDR S&P Biotech ETF	  	Yes	  	No	  	No
								
	 EWT
	  	EWT US Equity	  	 	91	 	  	 	4,177,989	 	  	iShares MSCI Taiwan Capped ETF	  	Yes	  	No	  	No
								
	 XME
	  	XME US Equity	  	 	28	 	  	 	4,150,093	 	  	SPDR S&P Metals & Mining ETF	  	Yes	  	No	  	No

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 IEFA
	  	IEFA US Equity	  	 	2,536.00	 	  	 	4,140,085	 	  	iShares Core MSCI EAFE ETF	  	Yes	  	No	  	No
								
	 XLY
	  	XLY US Equity	  	 	86	 	  	 	4,064,445	 	  	SPDR Select Sector Fund – Consumer Discretionary	  	Yes	  	No	  	No
								
	 LQD
	  	LQD US Equity	  	 	1,768.00	 	  	 	3,971,643	 	  	iShares iBoxx $ Investment Grade Corporate Bond ETF	  	Yes	  	No	  	No
								
	 DXJ
	  	DXJ US Equity	  	 	349	 	  	 	3,608,691	 	  	WisdomTree Japan Hedged Equity Fund	  	Yes	  	No	  	No
								
	 VGK
	  	VGK US Equity	  	 	1267	 	  	 	3,586,295	 	  	Vanguard FTSEEuropean ETF	  	Yes	  	No	  	No
								
	 EWG
	  	EWG US Equity	  	 	61	 	  	 	3,546,866	 	  	iShares MSCI Germany Index Fund	  	Yes	  	No	  	No
								
	 IVV
	  	IVV US Equity	  	 	507	 	  	 	3,519,033	 	  	iShares Core S&P 500 ETF	  	Yes	  	No	  	No
								
	 IJR
	  	IJR US Equity	  	 	602.00	 	  	 	3,298,349	 	  	iShares Core S&P Small-Cap ETF	  	Yes	  	No	  	No
								
	 DIA
	  	DIA US Equity	  	 	31.00	 	  	 	3,263,656	 	  	SPDR Dow Jones Industrial Average ETF	  	Yes	  	No	  	No

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 EWW
	  	EWW US Equity	  	 	62	 	  	 	3,159,046	 	  	iShares MSCI Mexico Capped Investable Market Index Fund	  	Yes	  	No	  	No
								
	 INDA
	  	INDA US Equity	  	 	78	 	  	 	3,014,340	 	  	iShares MSCI India ETF	  	Yes	  	No	  	No
								
	 IEF
	  	IEF US Equity	  	 	18	 	  	 	2,112,961	 	  	iShares 7-10 Year Treasury Bond ETF	  	Yes	  	No	  	No
								
	 GOVT
	  	GOVT US Equity	  	 	118	 	  	 	1,123,184	 	  	iShares U.S. Treasury Bond ETF	  	Yes	  	No	  	No
								
	 SHY
	  	SHY US Equity	  	 	77	 	  	 	950,565	 	  	iShares 1-3 Year Treasury Bond ETF	  	Yes	  	No	  	No
								
	 BWX
	  	BWX US Equity	  	 	859	 	  	 	636,381	 	  	SPDR Bloomberg Barclays Intl Treasury Bd	  	Yes	  	No	  	No
								
	 SHV
	  	SHV US Equity	  	 	30	 	  	 	625,666	 	  	iShares Short Treasury Bond ETF	  	Yes	  	No	  	No
								
	 TBF
	  	TBF US Equity	  	 	—  	 	  	 	441,671	 	  	ProShares Short 20+ Year Treasury	  	Yes	  	No	  	No
								
	 IEI
	  	IEI US Equity	  	 	67	 	  	 	384,640	 	  	iShares 3-7 Year Treasury Bond ETF	  	Yes	  	No	  	No

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 SCHO
	  	SCHO US Equity	  	 	95	 	  	 	289,100	 	  	Schwab Short-Term U.S. Treasury ETF	  	Yes	  	No	  	No
								
	 SCHR
	  	SCHR US Equity	  	 	118	 	  	 	110,417	 	  	Schwab Intermediate-Term U.S. Treasury ETF	  	Yes	  	No	  	No
								
	 TLO
	  	TLO US Equity	  	 	47.00	 	  	 	80,418	 	  	SPDR Bloomberg Barclays Long Term Treasury ETF	  	Yes	  	No	  	No
								
	 IGOV
	  	IGOV US Equity	  	 	694	 	  	 	73,431	 	  	iShares S&P/Citigroup International Treasury Bond Fund	  	Yes	  	No	  	No
								
	 EDV
	  	EDV US Equity	  	 	76	 	  	 	51,568	 	  	Vanguard Extended Duration Treasury ETF	  	Yes	  	No	  	No
								
	 SST
	  	SST US Equity	  	 	157	 	  	 	45,173	 	  	SPDR Bloomberg Barclays Short Term Treasury ETF	  	Yes	  	No	  	No
								
	 ITE
	  	ITE US Equity	  	 	212	 	  	 	42,240	 	  	SPDR Bloomberg Barclays Intermediate Term Treasury ETF	  	Yes	  	No	  	No

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 TLH
	  	TLH US Equity	  	 	12	 	  	 	41,289	 	  	iShares 10-20 Year Treasury Bond ETF	  	Yes	  	No	  	No
								
	 BWZ
	  	BWZ US Equity	  	 	206	 	  	 	28,914	 	  	SPDR Bloomberg Barclays Short Term International Treasury Bond	  	Yes	  	No	  	No
								
	 ZROZ
	  	ZROZ US Equity	  	 	20	 	  	 	28,313	 	  	PIMCO 25 Year Zero Coupon U.S. Treasury Index Exchange-Traded	  	Yes	  	No	  	No
								
	 DTYS
	  	DTYS US Equity	  	 	0	 	  	 	27,295	 	  	iPath US Treasury 10-year Bear ETN	  	Yes	  	No	  	No
								
	 PLW
	  	PLW US Equity	  	 	27	 	  	 	24,178	 	  	PowerShares 1-30 Laddered Treasury Portfolio	  	Yes	  	No	  	No
								
	 TBX
	  	TBX US Equity	  	 	0	 	  	 	19,421	 	  	ProShares Short 7 10 Year Treasury	  	Yes	  	No	  	No
								
	 TUZ
	  	TUZ US Equity	  	 	25	 	  	 	18,788	 	  	PIMCO 1-3 Year US Treasury Index Exchage-Traded Fund	  	Yes	  	No	  	No

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 STPP
	  	STPP US Equity	  	 	0	 	  	 	9,664	 	  	iPath US Treasury Steepener ETN	  	Yes	  	No	  	No
								
	 FLAT
	  	FLAT US Equity	  	 	0	 	  	 	5,988	 	  	iPath US Treasury Flattener ETN	  	Yes	  	No	  	No
								
	 ISHG
	  	ISHG US Equity	  	 	94	 	  	 	5,822	 	  	iShares S&P/Citigroup 1-3 Year International Treasury Bond Fun	  	Yes	  	No	  	No
								
	 DLBS
	  	DLBS US Equity	  	 	0	 	  	 	3,608	 	  	iPath US Treasury Long Bond Bear ETN	  	Yes	  	No	  	No
								
	 TFLO
	  	TFLO US Equity	  	 	9	 	  	 	3,088	 	  	iShares Treasury Floating Rate Bond ETF	  	Yes	  	No	  	No
								
	 TYBS
	  	TYBS US Equity	  	 	1	 	  	 	1,197	 	  	Direxion Daily 20 Year Treasury Bear 1X Shares	  	Yes	  	No	  	No
								
	 TAPR
	  	TAPR US Equity	  	 	0	 	  	 	1,060	 	  	Barclays Inverse US Treasury Composite ETN	  	Yes	  	No	  	No
								
	 DTUS
	  	DTUS US Equity	  	 	0	 	  	 	1,019	 	  	iPath US Treasury 2-year Bear ETN	  	Yes	  	No	  	No

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 DFVS
	  	DFVS US Equity	  	 	0	 	  	 	609	 	  	iPath US Treasury 5-year Bear Exchange Traded Note	  	Yes	  	No	  	No
								
	 TYNS
	  	TYNS US Equity	  	 	1	 	  	 	380	 	  	Direxion Daily 7 10 Year Treasury Bear 1X Shares	  	Yes	  	No	  	No
								
	 THHY
	  	THHY US Equity	  	 	128	 	  	 	366	 	  	VanEck Vectors Treasury-Hedged High Yield Bond ETF	  	Yes	  	No	  	No
								
	 USFR
	  	USFR US Equity	  	 	4	 	  	 	270	 	  	WisdomTree Bloomberg Floating Rate Treasury Fund	  	Yes	  	No	  	No
								
	 DFVL
	  	DFVL US Equity	  	 	0	 	  	 	44	 	  	iPath US Treasury 5-year Bull ETN	  	Yes	  	No	  	No
								
	 DTYL
	  	DTYL US Equity	  	 	0	 	  	 	34	 	  	iPath US Treasury 10-year Bull ETN	  	Yes	  	No	  	No
								
	 DTUL
	  	DTUL US Equity	  	 	0	 	  	 	29	 	  	iPath US Treasury 2-year Bull ETN	  	Yes	  	No	  	No
								
	 DLBL
	  	DLBL US Equity	  	 	0	 	  	 	13	 	  	iPath US Treasury Long Bond Bull ETN	  	Yes	  	No	  	No

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 UVXY
	  	UVXY US Equity	  	 	12	 	  	 	26,759,598	 	  	ProShares Trust Ultra VIX Short Term Futures ETF	  	No	  	Yes	  	No
								
	 SDS
	  	SDS US Equity	  	 	0	 	  	 	8,198,354	 	  	ProShares UltraShort S&P500	  	No	  	Yes	  	No
								
	 UCO
	  	UCO US Equity	  	 	15	 	  	 	7,765,597	 	  	ProShares Ultra Bloomberg Crude Oil	  	No	  	Yes	  	No
								
	 TVIX
	  	TVIX US Equity	  	 	0	 	  	 	3,804,217	 	  	VelocityShares Daily 2x VIX Short Term ETN	  	No	  	Yes	  	No
								
	 SSO
	  	SSO US Equity	  	 	506	 	  	 	2,302,967	 	  	ProShares Ultra S&P500	  	No	  	Yes	  	No
								
	 SCO
	  	SCO US Equity	  	 	11	 	  	 	2,095,279	 	  	ProShares UltraShort Bloomberg Crude Oil	  	No	  	Yes	  	No
								
	 QID
	  	QID US Equity	  	 	0	 	  	 	1,796,778	 	  	ProShares UltraShort QQQ	  	No	  	Yes	  	No
								
	 DXD
	  	DXD US Equity	  	 	0	 	  	 	1,671,650	 	  	ProShares UltraShort Dow30	  	No	  	Yes	  	No
								
	 TWM
	  	TWM US Equity	  	 	0	 	  	 	1,439,122	 	  	ProShares UltraShort Russell2000	  	No	  	Yes	  	No
								
	 QLD
	  	QLD US Equity	  	 	108	 	  	 	749,342	 	  	ProShares Ultra QQQ	  	No	  	Yes	  	No

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 BZQ
	  	BZQ US Equity	  	 	0	 	  	 	338,217	 	  	ProShares UltraShort MSCI Brazil Capped	  	No	  	Yes	  	No
								
	 BIB
	  	BIB US Equity	  	 	162	 	  	 	325,253	 	  	ProShares Ultra Nasdaq Biotechnology	  	No	  	Yes	  	No
								
	 MORL
	  	MORL US Equity	  	 	0	 	  	 	316,100	 	  	ETRACS Monthly Pay 2x Leveraged Mortgage REIT ETN	  	No	  	Yes	  	No
								
	 EUO
	  	EUO US Equity	  	 	13	 	  	 	268,576	 	  	ProShares UltraShort Euro	  	No	  	Yes	  	No
								
	 DZZ
	  	DZZ US Equity	  	 	0	 	  	 	228,899	 	  	PowerShares DB Gold Double Short ETN	  	No	  	Yes	  	No
								
	 EEV
	  	EEV US Equity	  	 	—  	 	  	 	222,941	 	  	ProShares UltraShort MSCI Emerging Markets	  	No	  	Yes	  	No
								
	 CEFL
	  	CEFL US Equity	  	 	0	 	  	 	220,754	 	  	ETRACS Monthly Pay 2xLeveraged Closed-End Fund ETN	  	No	  	Yes	  	No
								
	 BOIL
	  	BOIL US Equity	  	 	5	 	  	 	213,223	 	  	ProShares Ultra Bloomberg Natural Gas	  	No	  	Yes	  	No
								
	 DDM
	  	DDM US Equity	  	 	31	 	  	 	201,498	 	  	ProShares Ultra Dow30	  	No	  	Yes	  	No

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 AGQ
	  	AGQ US Equity	  	 	10	 	  	 	181,230	 	  	ProShares Ultra Silver	  	No	  	Yes	  	No
								
	 UWM
	  	UWM US Equity	  	 	1941	 	  	 	179,534	 	  	ProShares Ultra Russell2000	  	No	  	Yes	  	No
								
	 BDCL
	  	BDCL US Equity	  	 	0	 	  	 	159,166	 	  	ETRACS 2X Leveraged Long Wells Fargo Business Development Comp	  	No	  	Yes	  	No
								
	 DIG
	  	DIG US Equity	  	 	70	 	  	 	134,789	 	  	ProShares Ultra Oil & Gas	  	No	  	Yes	  	No
								
	 BIS
	  	BIS US Equity	  	 	0	 	  	 	107,033	 	  	ProShares UltraShort Nasdaq Biotechnology	  	No	  	Yes	  	No
								
	 SRS
	  	SRS US Equity	  	 	—  	 	  	 	94,563	 	  	ProShares UltraShort Real Estate	  	No	  	Yes	  	No
								
	 DUG
	  	DUG US Equity	  	 	0	 	  	 	88,176	 	  	ProShares UltraShort Oil & Gas	  	No	  	Yes	  	No
								
	 YCS
	  	YCS US Equity	  	 	9	 	  	 	77,976	 	  	ProShares UltraShort Yen New	  	No	  	Yes	  	No
								
	 UYG
	  	UYG US Equity	  	 	288.00	 	  	 	74,661	 	  	ProShares Ultra Financials	  	No	  	Yes	  	No
								
	 ZSL
	  	ZSL US Equity	  	 	6	 	  	 	65,389	 	  	ProShares UltraShort Silver	  	No	  	Yes	  	No

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 FXP
	  	FXP US Equity	  	 	0	 	  	 	63,199	 	  	ProShares Ultrashort FTSE China 50	  	No	  	Yes	  	No
								
	 MVV
	  	MVV US Equity	  	 	401	 	  	 	56,371	 	  	ProShares Ultra MidCap400	  	No	  	Yes	  	No
								
	 UGL
	  	UGL US Equity	  	 	5	 	  	 	55,318	 	  	ProShares Ultra Gold	  	No	  	Yes	  	No
								
	 SKF
	  	SKF US Equity	  	 	0	 	  	 	52,178	 	  	ProShares UltraShort Financials	  	No	  	Yes	  	No
								
	 GDXS
	  	GDXS US Equity	  	 	0	 	  	 	51,553	 	  	ProShares UltraShort Gold Miners ETF	  	No	  	Yes	  	No
								
	 CHAU
	  	CHAU US Equity	  	 	4	 	  	 	50,562	 	  	Direxion Daily CSI 300 China A Share Bull 2X Shares	  	No	  	Yes	  	No
								
	 URE
	  	URE US Equity	  	 	127	 	  	 	40,588	 	  	ProShares Ultra Real Estate	  	No	  	Yes	  	No
								
	 GLL
	  	GLL US Equity	  	 	4	 	  	 	39,764	 	  	ProShares UltraShort Gold	  	No	  	Yes	  	No
								
	 LMLP
	  	LMLP US Equity	  	 	0	 	  	 	38,303	 	  	ETRACS Monthly Pay 2xLeveraged Wells Fargo MLP Ex-Energy ETN	  	No	  	Yes	  	No
								
	 ULE
	  	ULE US Equity	  	 	3	 	  	 	32,247	 	  	ProShares Ultra Euro	  	No	  	Yes	  	No

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 SMHD
	  	SMHD US Equity	  	 	0	 	  	 	30,062	 	  	ETRACS Monthly Pay 2x Leveraged US Small Cap High Dividend ETN	  	No	  	Yes	  	No
								
	 DGP
	  	DGP US Equity	  	 	0	 	  	 	27,847	 	  	PowerShares DB Gold Double Long ETN	  	No	  	Yes	  	No
								
	 DVHL
	  	DVHL US Equity	  	 	0	 	  	 	27,088	 	  	ETRACS Monthly Pay 2xLeveraged Diversified High Income ETN	  	No	  	Yes	  	No
								
	 KOLD
	  	KOLD US Equity	  	 	2	 	  	 	25,518	 	  	ProShares UltraShort Bloomberg Natural Gas	  	No	  	Yes	  	No
								
	 SHNY
	  	SHNY US Equity	  	 	3.00	 	  	 	15,085	 	  	Direxion Funds ETF	  	No	  	Yes	  	No
								
	 DAG
	  	DAG US Equity	  	 	0	 	  	 	13,525	 	  	PowerShares DB Agriculture Double Long ETN	  	No	  	Yes	  	No
								
	 GDJJ
	  	GDJJ US Equity	  	 	1	 	  	 	13,207	 	  	ProShares Ultra Junior Miners	  	No	  	Yes	  	No
								
	 XPP
	  	XPP US Equity	  	 	—  	 	  	 	12,991	 	  	ProShares Ultra FTSE China 50	  	No	  	Yes	  	No

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 EPV
	  	EPV US Equity	  	 	0	 	  	 	11,633	 	  	ProShares UltraShort FTSE Europe ETF	  	No	  	Yes	  	No
								
	 FLGE
	  	FLGE US Equity	  	 	0	 	  	 	10,837	 	  	Credit Suisse FI Large Cap Growth Enhanced ETN	  	No	  	Yes	  	No
								
	 ROM
	  	ROM US Equity	  	 	138	 	  	 	10,306	 	  	ProShares Ultra Technology	  	No	  	Yes	  	No
								
	 UYM
	  	UYM US Equity	  	 	50	 	  	 	10,102	 	  	ProShares Ultra Basic Materials	  	No	  	Yes	  	No
								
	 SMN
	  	SMN US Equity	  	 	0	 	  	 	10,089	 	  	ProShares UltraShort Basic Materials	  	No	  	Yes	  	No
								
	 HDLV
	  	HDLV US Equity	  	 	0	 	  	 	8,621	 	  	ETRACS Monthly Pay 2xLeveraged US High Dividend Low Volatility	  	No	  	Yes	  	No
								
	 DTO
	  	DTO US Equity	  	 	0	 	  	 	8,521	 	  	PowerShares DB Crude Oil Double Short ETN	  	No	  	Yes	  	No
								
	 FBGX
	  	FBGX US Equity	  	 	0	 	  	 	8,435	 	  	FI Enhanced Large Cap Growth ETN	  	No	  	Yes	  	No
								
	 TVIZ
	  	TVIZ US Equity	  	 	0	 	  	 	7,956	 	  	VelocityShares Daily 2x VIX Medium Term ETN	  	No	  	Yes	  	No

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 MRRL
	  	MRRL US Equity	  	 	0	 	  	 	7,592	 	  	ETRACS Monthly Pay 2xLeveraged Mortgage REIT ETN Series B	  	No	  	Yes	  	No
								
	 EET
	  	EET US Equity	  	 	—  	 	  	 	7,053	 	  	ProShares Ultra MSCI Emerging Markets	  	No	  	Yes	  	No
								
	 RXL
	  	RXL US Equity	  	 	126	 	  	 	6,861	 	  	ProShares Ultra Health Care	  	No	  	Yes	  	No
								
	 BDD
	  	BDD US Equity	  	 	0	 	  	 	6,751	 	  	PowerShares DB Base Metals Double Long ETN	  	No	  	Yes	  	No
								
	 UMX
	  	UMX US Equity	  	 	0	 	  	 	6,647	 	  	ProShares Ultra MSCI Mexico Capped IMI	  	No	  	Yes	  	No
								
	 SDP
	  	SDP US Equity	  	 	0	 	  	 	6,183	 	  	ProShares UltraShort Utilities	  	No	  	Yes	  	No
								
	 FIGY
	  	FIGY US Equity	  	 	0	 	  	 	6,126	 	  	Barclays ETN FI Enhanced Global High Yield ETN	  	No	  	Yes	  	No
								
	 FLEU
	  	FLEU US Equity	  	 	0	 	  	 	5,820	 	  	Barclays ETN FI Enhanced Europe 50 ETN Series B	  	No	  	Yes	  	No

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 SSG
	  	SSG US Equity	  	 	0	 	  	 	5,139	 	  	ProShares UltraShort Semiconductors	  	No	  	Yes	  	No
								
	 FEEU
	  	FEEU US Equity	  	 	0	 	  	 	5,052	 	  	Barclays ETN FI Enhanced Europe 50 ETN	  	No	  	Yes	  	No
								
	 DVYL
	  	DVYL US Equity	  	 	—  	 	  	 	5,000	 	  	ETRACS Monthly Pay 2x Leveraged Dow Jones Select Dividend ETN	  	No	  	Yes	  	No
								
	 USD
	  	USD US Equity	  	 	30	 	  	 	4,864	 	  	ProShares Ultra Semiconductors	  	No	  	Yes	  	No
								
	 HOML
	  	HOML US Equity	  	 	0	 	  	 	4,539	 	  	ETRACS Monthly Reset 2xLeveraged ISE Exclusively Homebuilders	  	No	  	Yes	  	No
								
	 LTL
	  	LTL US Equity	  	 	21	 	  	 	4,410	 	  	ProShares Ultra Telecommunications ProShares	  	No	  	Yes	  	No
								
	 KRU
	  	KRU US Equity	  	 	99	 	  	 	4,376	 	  	ProShares Ultra S&P Regional Banking	  	No	  	Yes	  	No

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 LRET
	  	LRET US Equity	  	 	0	 	  	 	4,009	 	  	ETRACS Monthly Pay 2xLeveraged MSCI US REIT Index ETN	  	No	  	Yes	  	No
								
	 UBR
	  	UBR US Equity	  	 	0	 	  	 	3,820	 	  	ProShares Ultra MSCI Brazil Capped	  	No	  	Yes	  	No
								
	 SDYL
	  	SDYL US Equity	  	 	0	 	  	 	3,693	 	  	ETRACS Monthly Pay 2x Leveraged S&P Dividend ETN	  	No	  	Yes	  	No
								
	 UXI
	  	UXI US Equity	  	 	208	 	  	 	3,673	 	  	ProShares Ultra Industrials	  	No	  	Yes	  	No
								
	 UPW
	  	UPW US Equity	  	 	52	 	  	 	3,626	 	  	ProShares Ultra Utilities	  	No	  	Yes	  	No
								
	 DYY
	  	DYY US Equity	  	 	0	 	  	 	2,861	 	  	PowerShares DB Commodity Double Long ETN	  	No	  	Yes	  	No
								
	 MZZ
	  	MZZ US Equity	  	 	0	 	  	 	2,362	 	  	ProShares UltraShort MidCap400	  	No	  	Yes	  	No
								
	 EWV
	  	EWV US Equity	  	 	0	 	  	 	2,308	 	  	ProShares UltraShort MSCI Japan	  	No	  	Yes	  	No
								
	 CWEB
	  	CWEB US Equity	  	 	3	 	  	 	2,269	 	  	Direxion Daily CSI China Internet Index Bull 2X Shares	  	No	  	Yes	  	No

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 UGE
	  	UGE US Equity	  	 	114	 	  	 	2,069	 	  	ProShares Ultra Consumer Goods	  	No	  	Yes	  	No
								
	 SAA
	  	SAA US Equity	  	 	608	 	  	 	1,918	 	  	ProShares Ultra SmallCap600	  	No	  	Yes	  	No
								
	 UCC
	  	UCC US Equity	  	 	186.00	 	  	 	1,885	 	  	ProShares Ultra Consumer Services	  	No	  	Yes	  	No
								
	 FIEU
	  	FIEU US Equity	  	 	0	 	  	 	1,830	 	  	CS FI Enhanced Europe 50 ETN	  	No	  	Yes	  	No
								
	 YCL
	  	YCL US Equity	  	 	1	 	  	 	1,787	 	  	ProShares Ultra Yen	  	No	  	Yes	  	No
								
	 EFO
	  	EFO US Equity	  	 	0	 	  	 	1,780	 	  	ProShares Ultra MSCI EAFE	  	No	  	Yes	  	No
								
	 HYDD
	  	HYDD US Equity	  	 	1	 	  	 	1,635	 	  	Direxion Daily High Yield Bear 2X Shares	  	No	  	Yes	  	No
								
	 SMK
	  	SMK US Equity	  	 	0	 	  	 	1,593	 	  	ProShares UltraShort MSCI Mexico Capped IMI	  	No	  	Yes	  	No
								
	 UPV
	  	UPV US Equity	  	 	0	 	  	 	1,572	 	  	ProShares Ultra FTSE Europe	  	No	  	Yes	  	No
								
	 CROC
	  	CROC US Equity	  	 	1	 	  	 	1,515	 	  	ProShares UltraShort Australian Dollar	  	No	  	Yes	  	No

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 DRR
	  	DRR US Equity	  	 	0	 	  	 	1,415	 	  	Market Vectors Double Short Euro ETN	  	No	  	Yes	  	No
								
	 SPUU
	  	SPUU US Equity	  	 	4	 	  	 	1,369	 	  	Direxion Daily S&P 500 Bull 2X Shares	  	No	  	Yes	  	No
								
	 HAKK
	  	HAKK US Equity	  	 	2	 	  	 	1,255	 	  	Direxion Daily Cyber Security & IT Bull 2X Shares	  	No	  	Yes	  	No
								
	 EUFL
	  	EUFL US Equity	  	 	3.00	 	  	 	1,119	 	  	Direxion Daily European Financials Bull 2X Shares	  	No	  	Yes	  	No
								
	 RXD
	  	RXD US Equity	  	 	0	 	  	 	998	 	  	ProShares UltraShort Health Care	  	No	  	Yes	  	No
								
	 DULL
	  	DULL US Equity	  	 	1.00	 	  	 	864	 	  	Direxion Funds ETF	  	No	  	Yes	  	No
								
	 SDD
	  	SDD US Equity	  	 	0	 	  	 	776	 	  	ProShares UltraShort SmallCap600	  	No	  	Yes	  	No
								
	 EZJ
	  	EZJ US Equity	  	 	0	 	  	 	707	 	  	ProShares Ultra MSCI Japan	  	No	  	Yes	  	No
								
	 LBDC
	  	LBDC US Equity	  	 	0	 	  	 	703	 	  	ETRACS 2x Monthly Leveraged Wells Fargo BDC ETN Series B	  	No	  	Yes	  	No

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 BOM
	  	BOM US Equity	  	 	0	 	  	 	668	 	  	PowerShares DB Base Metals Double Short ETN	  	No	  	Yes	  	No
								
	 EFU
	  	EFU US Equity	  	 	—  	 	  	 	665	 	  	ProShares UltraShort MSCI EAFE	  	No	  	Yes	  	No
								
	 REW
	  	REW US Equity	  	 	0	 	  	 	655	 	  	ProShares UltraShort Technology	  	No	  	Yes	  	No
								
	 SIJ
	  	SIJ US Equity	  	 	0	 	  	 	637	 	  	ProShares UltraShort Industrials	  	No	  	Yes	  	No
								
	 SPLX
	  	SPLX US Equity	  	 	0	 	  	 	594	 	  	ETRACS Monthly Reset 2xLeveraged S&P 500 Total Return ETN	  	No	  	Yes	  	No
								
	 SZK
	  	SZK US Equity	  	 	—  	 	  	 	579	 	  	ProShares UltraShort Consumer Goods	  	No	  	Yes	  	No
								
	 URR
	  	URR US Equity	  	 	0	 	  	 	418	 	  	Market Vectors Double Long Euro ETN	  	No	  	Yes	  	No
								
	 UOP
	  	UOP US Equity	  	 	62	 	  	 	407	 	  	ProShares Ultra Oil & Gas Exploration & Production	  	No	  	Yes	  	No

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 FIBG
	  	FIBG US Equity	  	 	0	 	  	 	307	 	  	CS FI Enhanced Big Cap Growth ETN	  	No	  	Yes	  	No
								
	 SCC
	  	SCC US Equity	  	 	0	 	  	 	297	 	  	ProShares UltraShort Consumer Services	  	No	  	Yes	  	No
								
	 SMLL
	  	SMLL US Equity	  	 	4	 	  	 	260	 	  	Direxion Daily Small Cap Bull 2X Shares	  	No	  	Yes	  	No
								
	 SOP
	  	SOP US Equity	  	 	0	 	  	 	235	 	  	ProShares UltraShort Oil & Gas Exploration & Production	  	No	  	Yes	  	No
								
	 FIEG
	  	FIEG US Equity	  	 	0	 	  	 	231	 	  	FI Enhanced Global High Yield ETN Linked to MSCI World High Di	  	No	  	Yes	  	No
								
	 AGA
	  	AGA US Equity	  	 	—  	 	  	 	108	 	  	PowerShares DB Agriculture Double Short ETN	  	No	  	Yes	  	No
								
	 UJB
	  	UJB US Equity	  	 	1	 	  	 	106	 	  	ProShares Ultra High Yield ETF	  	No	  	Yes	  	No
								
	 TPS
	  	TPS US Equity	  	 	0	 	  	 	63	 	  	ProShares UltraShort TIPS	  	No	  	Yes	  	No

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 EMLB
	  	EMLB US Equity	  	 	0	 	  	 	2	 	  	iPath Long Enhanced MSCI Emerging Markets Index ETN	  	No	  	Yes	  	No
								
	 DEE
	  	DEE US Equity	  	 	0	 	  	 	2	 	  	PowerShares DB Commodity Double Short ETN	  	No	  	Yes	  	No
								
	 EMSA
	  	EMSA US Equity	  	 	0	 	  	 	—  	 	  	iPath Short Enhanced MSCI Emerging Markets Index ETN	  	No	  	Yes	  	No
								
	 HAKD
	  	HAKD US Equity	  	 	0	 	  	 	—  	 	  	Direxion Daily Cyber Security & IT Bear 2X Shares	  	No	  	Yes	  	No
								
	 PILL
	  	PILL US Equity	  	 	0	 	  	 	—  	 	  	Direxion Daily Pharmaceutical & Medical Bull 2X Shares	  	No	  	Yes	  	No
								
	 PILS
	  	PILS US Equity	  	 	1	 	  	 	—  	 	  	Direxion Daily Pharmaceutical & Medical Bear 2X Shares	  	No	  	Yes	  	No
								
	 JNUG
	  	JNUG US Equity	  	 	8	 	  	 	16,041,813	 	  	Direxion Daily Junior Gold Miners Index Bull 3X Shares	  	No	  	No	  	Yes

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 NUGT
	  	NUGT US Equity	  	 	6	 	  	 	11,026,000	 	  	Direxion Daily Gold Miners Index Bull 3X Shares	  	No	  	No	  	Yes
								
	 TZA
	  	TZA US Equity	  	 	4	 	  	 	10,397,792	 	  	Direxion Small Cap Bear 3X Shares	  	No	  	No	  	Yes
								
	 DUST
	  	DUST US Equity	  	 	3	 	  	 	8,930,595	 	  	Direxion Daily Gold Miners Index Bear 3X Shares	  	No	  	No	  	Yes
								
	 UGAZ
	  	UGAZ US Equity	  	 	—  	 	  	 	7,496,454	 	  	VelocityShares 3X Long Natural Gas ETN	  	No	  	No	  	Yes
								
	 TNA
	  	TNA US Equity	  	 	6	 	  	 	6,275,234	 	  	Direxion Small Cap Bull 3X Shares	  	No	  	No	  	Yes
								
	 DGAZ
	  	DGAZ US Equity	  	 	—  	 	  	 	5,924,060	 	  	VelocityShares 3X Inverse Natural Gas ETN	  	No	  	No	  	Yes
								
	 SPXU
	  	SPXU US Equity	  	 	—  	 	  	 	4,582,198	 	  	ProShares UltraPro Short S&P500	  	No	  	No	  	Yes
								
	 JDST
	  	JDST US Equity	  	 	4	 	  	 	4,299,272	 	  	Direxion Daily Junior Gold Miners Index Bear 3X Shares	  	No	  	No	  	Yes
								
	 LABD
	  	LABD US Equity	  	 	4	 	  	 	3,807,495	 	  	Direxion Daily S&P Biotech Bear 3X Shares	  	No	  	No	  	Yes

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 FAS
	  	FAS US Equity	  	 	248	 	  	 	3,430,894	 	  	Direxion Financial Bull 3X Shares	  	No	  	No	  	Yes
								
	 SPXL
	  	SPXL US Equity	  	 	5	 	  	 	2,850,508	 	  	Direxion Daily S&P 500 Bull 3X Shares	  	No	  	No	  	Yes
								
	 SQQQ
	  	SQQQ US Equity	  	 	—  	 	  	 	2,496,493	 	  	ProShares UltraPro Short QQQ	  	No	  	No	  	Yes
								
	 TQQQ
	  	TQQQ US Equity	  	 	108	 	  	 	2,373,304	 	  	ProShares UltraPro QQQ	  	No	  	No	  	Yes
								
	 ERX
	  	ERX US Equity	  	 	6	 	  	 	2,283,003	 	  	Direxion Energy Bull 3X Shares	  	No	  	No	  	Yes
								
	 FAZ
	  	FAZ US Equity	  	 	3	 	  	 	2,164,109	 	  	Direxion Financial Bear 3X Shares	  	No	  	No	  	Yes
								
	 USLV
	  	USLV US Equity	  	 	—  	 	  	 	1,867,382	 	  	VelocityShares 3x Long Silver ETN linked to the S&P GSCI Silve	  	No	  	No	  	Yes
								
	 LABU
	  	LABU US Equity	  	 	4	 	  	 	1,775,542	 	  	Direxion Daily S&P Biotech Bull 3X Shares	  	No	  	No	  	Yes
								
	 UPRO
	  	UPRO US Equity	  	 	512	 	  	 	1,564,307	 	  	ProShares UltraPro S&P 500	  	No	  	No	  	Yes
								
	 ERY
	  	ERY US Equity	  	 	3	 	  	 	1,312,178	 	  	Direxion Daily Energy Bear 3X Shares	  	No	  	No	  	Yes

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 SDOW
	  	SDOW US Equity	  	 	—  	 	  	 	1,040,898	 	  	UltraPro Short Dow30	  	No	  	No	  	Yes
								
	 SPXS
	  	SPXS US Equity	  	 	5	 	  	 	860,967	 	  	Direxion Daily S&P 500 Bear 3X	  	No	  	No	  	Yes
								
	 SRTY
	  	SRTY US Equity	  	 	—  	 	  	 	850,791	 	  	ProShares UltraPro Short Russell2000	  	No	  	No	  	Yes
								
	 DRIP
	  	DRIP US Equity	  	 	4	 	  	 	827,979	 	  	Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 3X Shares	  	No	  	No	  	Yes
								
	 YINN
	  	YINN US Equity	  	 	5	 	  	 	827,426	 	  	Direxion Daily FTSE China Bull 3x Shares	  	No	  	No	  	Yes
								
	 GUSH
	  	GUSH US Equity	  	 	5	 	  	 	816,582	 	  	Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 3X Shares	  	No	  	No	  	Yes
								
	 EDZ
	  	EDZ US Equity	  	 	4	 	  	 	767,125	 	  	Direxion Emerging Markets Bear 3X Shares	  	No	  	No	  	Yes
								
	 UGLD
	  	UGLD US Equity	  	 	—  	 	  	 	589,936	 	  	VelocityShares 3x Long Gold ETN linked to the S&P GSCI Gold In	  	No	  	No	  	Yes

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 YANG
	  	YANG US Equity	  	 	3	 	  	 	390,196	 	  	Direxion Daily FTSE China Bear 3x Shares	  	No	  	No	  	Yes
								
	 EDC
	  	EDC US Equity	  	 	4	 	  	 	347,003	 	  	Direxion Emerging Markets Bull 3X Shares	  	No	  	No	  	Yes
								
	 RUSL
	  	RUSL US Equity	  	 	5	 	  	 	310,347	 	  	Direxion Daily Russia Bull 3x Shares	  	No	  	No	  	Yes
								
	 SOXL
	  	SOXL US Equity	  	 	35	 	  	 	302,956	 	  	Direxion Daily Semiconductor Bull 3x Shares	  	No	  	No	  	Yes
								
	 UDOW
	  	UDOW US Equity	  	 	31	 	  	 	302,533	 	  	ProShares UltraPro Dow30	  	No	  	No	  	Yes
								
	 DSLV
	  	DSLV US Equity	  	 	—  	 	  	 	273,762	 	  	VelocityShares 3x Inverse Silver ETN linked to S&P GSCI Silver	  	No	  	No	  	Yes
								
	 BRZU
	  	BRZU US Equity	  	 	5	 	  	 	269,119	 	  	Direxion Daily Brazil Bull 3X Shares	  	No	  	No	  	Yes
								
	 URTY
	  	URTY US Equity	  	 	1,939	 	  	 	218,425	 	  	ProShares UltraPro Russell2000	  	No	  	No	  	Yes
								
	 DRN
	  	DRN US Equity	  	 	4	 	  	 	177,888	 	  	Direxion Daily Real Estate Bull 3x Shares	  	No	  	No	  	Yes

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 RUSS
	  	RUSS US Equity	  	 	3	 	  	 	168,282	 	  	Direxion Daily Russia Bear 3x Shares	  	No	  	No	  	Yes
								
	 SOXS
	  	SOXS US Equity	  	 	4	 	  	 	165,709	 	  	Direxion Daily Semiconductor Bear 3x Shares	  	No	  	No	  	Yes
								
	 CURE
	  	CURE US Equity	  	 	4	 	  	 	136,961	 	  	Direxion Daily Healthcare Bull 3X Shares	  	No	  	No	  	Yes
								
	 TECL
	  	TECL US Equity	  	 	5	 	  	 	131,675	 	  	Direxion Technology Bull 3X Shares	  	No	  	No	  	Yes
								
	 GASL
	  	GASL US Equity	  	 	39	 	  	 	130,928	 	  	Direxion Daily Natural Gas Related Bull 3X Shares	  	No	  	No	  	Yes
								
	 DGLD
	  	DGLD US Equity	  	 	—  	 	  	 	94,442	 	  	VelocityShares 3x Inverse Gold ETN linked to S&P GSCI Gold Ind	  	No	  	No	  	Yes
								
	 TECS
	  	TECS US Equity	  	 	4	 	  	 	88,552	 	  	Direxion Technology Bear 3X Shares	  	No	  	No	  	Yes
								
	 UBIO
	  	UBIO US Equity	  	 	164	 	  	 	87,237	 	  	Proshares UltraPro Nasdaq Biotechnology	  	No	  	No	  	Yes
								
	 DRV
	  	DRV US Equity	  	 	3	 	  	 	82,112	 	  	Drexion Daily Real Estate Bear 3x Shares	  	No	  	No	  	Yes

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 INDL
	  	INDL US Equity	  	 	4	 	  	 	49,699	 	  	Direxion Daily MSCI India Bull 3x Shares	  	No	  	No	  	Yes
								
	 MIDU
	  	MIDU US Equity	  	 	5	 	  	 	40,667	 	  	Direxion Mid Cap Bull 3X Shares	  	No	  	No	  	Yes
								
	 DPST
	  	DPST US Equity	  	 	4	 	  	 	34,969	 	  	Direxion Daily Regional Banks Bull 3X Shares	  	No	  	No	  	Yes
								
	 EURL
	  	EURL US Equity	  	 	4	 	  	 	34,227	 	  	Direxion Daily FTSE Europe Bull 3x Shares	  	No	  	No	  	Yes
								
	 ZBIO
	  	ZBIO US Equity	  	 	—  	 	  	 	23,937	 	  	ProShares UltraPro Short NASDAQ Biotechnology	  	No	  	No	  	Yes
								
	 RETL
	  	RETL US Equity	  	 	4	 	  	 	22,971	 	  	Direxion Daily Retail Bull 3X Shares ETF	  	No	  	No	  	Yes
								
	 GASX
	  	GASX US Equity	  	 	3	 	  	 	19,772	 	  	Direxion Daily Natural Gas Related Bear 3X Shares	  	No	  	No	  	Yes
								
	 FINU
	  	FINU US Equity	  	 	66	 	  	 	13,782	 	  	ProShares UltraPro Financial Select Sector	  	No	  	No	  	Yes
								
	 MIDZ
	  	MIDZ US Equity	  	 	3	 	  	 	12,387	 	  	Direxion Mid Cap Bear 3X Shares	  	No	  	No	  	Yes

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 LBJ
	  	LBJ US Equity	  	 	5	 	  	 	10,909	 	  	Direxion Daily Latin America 3x Bull Shares	  	No	  	No	  	Yes
								
	 NAIL
	  	NAIL US Equity	  	 	4	 	  	 	9,246	 	  	Direxion Daily Homebuilders & Supplies Bull 3X Shares	  	No	  	No	  	Yes
								
	 SMDD
	  	SMDD US Equity	  	 	—  	 	  	 	9,091	 	  	UltraPro Short MidCap400	  	No	  	No	  	Yes
								
	 DPK
	  	DPK US Equity	  	 	3	 	  	 	6,992	 	  	Direxion Developed Markets Bear 3x Shares	  	No	  	No	  	Yes
								
	 UMDD
	  	UMDD US Equity	  	 	403	 	  	 	5,824	 	  	UltraPro MidCap400	  	No	  	No	  	Yes
								
	 KORU
	  	KORU US Equity	  	 	3	 	  	 	5,041	 	  	Direxion Daily South Korea Bull 3X Shares	  	No	  	No	  	Yes
								
	 DZK
	  	DZK US Equity	  	 	4	 	  	 	4,115	 	  	Direxion Developed Markets Bull 3x Shares	  	No	  	No	  	Yes
								
	 FINZ
	  	FINZ US Equity	  	 	—  	 	  	 	3,809	 	  	ProShares UltraPro Short Financial Select Sector	  	No	  	No	  	Yes
								
	 JPNL
	  	JPNL US Equity	  	 	4	 	  	 	3,556	 	  	Direxion Daily Japan Bull 3X ETF	  	No	  	No	  	Yes

																			
	 SYMBOL
	  	 BLOOMBERG
UNIQUE ID
	  	NUMBER
OF
HOLDINGS	 	  	ADV (3M)	 	  	 DESCRIPTION
	  	 APPROVED
ETF
(YES/NO)
	  	 LEVERAGED
ETF 2X
(YES/NO)
	  	 LEVERAGED
ETF 3X
(YES/NO)

	 CLAW
	  	CLAW US Equity	  	 	3	 	  	 	2,408	 	  	Direxion Daily Homebuilders & Supplies Bear 3X Shares	  	No	  	No	  	Yes
								
	 WDRW
	  	WDRW US Equity	  	 	3	 	  	 	1,657	 	  	Direxion Daily Regional Banks Bear 3X Shares	  	No	  	No	  	Yes
								
	 SICK
	  	SICK US Equity	  	 	3	 	  	 	1,535	 	  	Direxion Daily Healthcare Bear 3X Shares	  	No	  	No	  	Yes
								
	 ROLA
	  	ROLA US Equity	  	 	—  	 	  	 	13	 	  	iPath Long Extended Russell 1000 TR Index ETN	  	No	  	No	  	Yes
								
	 SFLA
	  	SFLA US Equity	  	 	—  	 	  	 	10	 	  	iPath Long Extended S&P 500 TR Index ETN	  	No	  	No	  	Yes
								
	 RTLA
	  	RTLA US Equity	  	 	—  	 	  	 	2	 	  	iPath Short Extended Russell 1000 TR Index ETN	  	No	  	No	  	Yes

 SCHEDULE 6.2 

BORROWER AND SUBSIDIARIES 

 

											
	 Borrower Name*
	  	 Owner
	  	 Class of Equity
	  	Percentage
Owned	 	 	 Jurisdiction of
Organization

	 KCG Americas LLC*
	  	 KCG Strategic
 Holdings LLC
	  	Common Units	  	 	100	% 	 	Delaware

  

	*	The Borrower has no Subsidiaries 

 SCHEDULE 6.11 

LITIGATION 
 The discussion
of legal proceedings in (i) Item 1 of Part II of KCG Holdings, Inc.’s Quarterly Report on Form 10-Q for the quarter ended on March 31, 2017 and (ii) Item 3 of Part I of KCG
Holdings, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2016 are incorporated herein by reference. 

 SCHEDULE 13.11 

DISQUALIFIED ASSIGNEES 

DRW Holdings, LLC 
 Infinium Capital Management, LLC 

Jane Street Capital, LLC 
 Jump Trading, LLC 

AQR Capital Management, LLC 
 D. E. Shaw & Co., L.P. 

Optiver 
 RGM Advisors, LLC 

Tower Research Capital LLC 
 Quantlab Financial, LLC 

IMC Group 
 Citadel LLC 

Renaissance Technologies LLC 
 Two Sigma Investments, LLC 

Hundson River Trading LLC 
 Teza Technologies LLCExhibit 10.1

 

Waiver of Class A Preemptive Rights Holders

 

and

 

Option to Purchase Class C Preferred Units

 

June 6, 2017

 

Waiver

 

Each of the undersigned, in its capacity as a Class A Preemptive Rights Holder (as such term is defined in the Third Amended and Restated Agreement of Limited Partnership of NGL Energy Partners LP (the “Partnership”), dated as of June 24, 2016 (the “Partnership Agreement”)), hereby waives any preemptive rights it may hold pursuant to Section 5.12(g) of the Partnership Agreement and Section 6 of the 2016 Warrants (as defined in the Partnership Agreement), in each case, with respect to, and consents to the amendment and restatement of the Partnership Agreement in connection with, the Partnership’s proposed registered public offering and sale (the “Class B Preferred Units Offering”) of an undetermined number of Class B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units (“Class B Preferred Units”) representing limited partner interests of the Partnership (and any common units representing limited partner interests of the Partnership issuable upon conversion of any Class B Preferred Units), with such rights, preferences, privileges and powers as described in the preliminary prospectus supplement relating to the Class B Preferred Units, as filed with the United States Securities and Exchange Commission (the “SEC”) on June 6, 2017 pursuant to Rule 424(b) of the rules and regulations promulgated under the Securities Act of 1933, as amended, and the Partnership’s term sheet relating to the Class B Preferred Units filed with the SEC as a free writing prospectus; provided, however, that this waiver shall be null and void ab initio in the event that either (i) the Class B Preferred Units are issued with an initial yield (based on the public offering price per Class B Preferred Unit and the applicable distribution rate in respect thereof) greater than 9.5% or (ii) the closing of the Class B Preferred Units Offering fails to occur prior to June 20, 2017.

 

Option

 

In connection with each closing (an “Offering Closing”) of the Class B Preferred Units Offering, the Partnership hereby grants to the Option Holders (as defined below) an option to purchase up to a number of Class C Preferred Units (as defined below) equal to 41.6777% of the number of Class B Preferred Units issued and sold at such Offering Closing.  Each such option relating to an Offering Closing shall be exercisable once (and not more than once) by providing written notice to the Partnership not more than 10 business days after the date of such Offering Closing.  If exercised, each such option shall be settled on a date to be agreed upon with the Partnership, which shall not be less than 10 business days nor more than 15 business days after the date of exercise.  The price to be paid per Class C Preferred Unit issued and sold pursuant to each such option shall be equal to the public offering price per Class B Preferred Unit in the Class B Preferred Units Offering.  As used herein (i) the term “Option Holders” means Highstar NGL Prism/IV-A Interco LLC, Highstar NGL Main Interco LLC, NGL CIV A, LLC and NGL Prism/IV-A Blocker LLC (the “Highstar Entities”) and each entity or account managed, advised

 

 

or sub-advised, directly or indirectly by the Highstar Entities and (ii) the term “Class C Preferred Units” means a new separate class of preferred limited partner interests in the Partnership constituting a separate class of equity interests with designations, preferences, rights and powers substantially similar to those of the Class B Preferred Units.  For purposes of each such option, the entities comprising the Option Holders shall act as a single entity, and each exercise of each such option shall be made pursuant to not more than one written notice provided by or on behalf of the Option Holders.

 

IN WITNESS WHEREOF, each of the undersigned have executed this instrument, effective as of the date first above written.

 

	
 
    	
HIGHSTAR NGL PRISM/IV-A INTERCO LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By: Highstar Capital GP   IV, L.P.,
    
	
 
    	
       its   managing member
    
	
 
    	
 
    
	
 
    	
By: Highstar Capital GP   IV, LLC,
    
	
 
    	
       its   general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jared Parker
    
	
 
    	
Name:
    	
Jared Parker
    
	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jared Parker
    
	
 
    	
Name:
    	
Jared Parker
    
	
 
    	
Title:
    	
Authorized Signatory
    

 

Waiver and Option

 

 

	
 
    	
HIGHSTAR NGL MAIN INTERCO LLC
    
	
 
    	
 
    
	
 
    	
By: Highstar Capital GP   IV, L.P.,
    
	
 
    	
       its   manager
    
	
 
    	
 
    	
 
    
	
 
    	
By: Highstar Capital GP   IV, LLC,
    
	
 
    	
       its   general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jared Parker
    
	
 
    	
Name:
    	
Jared Parker
    
	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jared Parker
    
	
 
    	
Name:
    	
Jared Parker
    
	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
NGL CIV A, LLC
    
	
 
    	
 
    
	
 
    	
By: Highstar Capital   NGL Co-Invest Manager LLC,
    
	
 
    	
       its   managing member
    
	
 
    	
 
    
	
 
    	
By: Highstar Capital GP   IV, L.P.,
    
	
 
    	
       its   managing member
    
	
 
    	
 
    	
 
    
	
 
    	
By: Highstar Capital GP   IV, LLC,
    
	
 
    	
       its   general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jared Parker
    
	
 
    	
Name:
    	
Jared Parker
    
	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jared Parker
    
	
 
    	
Name:
    	
Jared Parker
    
	
 
    	
Title:
    	
Authorized Signatory
    

 

Waiver and Option

 

 

	
 
    	
NGL PRISM/IV-A BLOCKER, LLC
    
	
 
    	
 
    
	
 
    	
By: Highstar Capital GP   IV, L.P.,
    
	
 
    	
       its   managing member
    
	
 
    	
 
    
	
 
    	
By: Highstar Capital GP   IV, LLC,
    
	
 
    	
       its   general partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jared Parker
    
	
 
    	
Name:
    	
Jared Parker
    
	
 
    	
Title:
    	
Authorized Signatory
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/ Jared Parker
    
	
 
    	
Name:
    	
Jared Parker
    
	
 
    	
Title:
    	
Authorized Signatory
    

 

Waiver and Option

 

 

	
 
    	
NGL   ENERGY PARTNERS LP
    
	
 
    	
 
    	
 
    
	
 
    	
By: 
    	
NGL Energy Holdings   LLC,
    
	
 
    	
 
    	
its general partner
    
	
 
    	
 
    	
 
    
	
 
    	
By
    	
/s/ Robert W. Karlovich   III
    
	
 
    	
 
    	
Name:
    	
Robert W. Karlovich III
    
	
 
    	
 
    	
Title:
    	
Executive Vice   President and Chief Financial Officer
    

 

Waiver and Option

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00272-of-00352.parquet"}]]