Espalier Global Management LLC

Holdings History for SPDR S&P 500 ETF TRUST - TR UNIT (SPY)

Symbol: SPY on NYSE
Investment type: Equity / TR UNIT

Shares, Excluding Options vs Price

Value, Excluding Options

Holdings date	Option	Weight	Change	Value $	Shares	Change	Activity %	Price	All Holders
31 Dec 2016			-21%	$0	0	-300,000	-100%	$681.27	Q4 2016
30 Sep 2016		21%	+21%	$64,890,000	300,000	+300,000	NEW	$216.30	Q3 2016
30 Jun 2016	call		-0.59%	$0	0	-20,000	-100%	$681.27	Q2 2016
30 Jun 2016	put		-70%	$0	0	-2,375,000	-100%	$681.27	Q2 2016
31 Mar 2016	call	0.59%	+0.59%	$4,110,000	20,000	+20,000	NEW	$205.50	Q1 2016
31 Mar 2016	put	70%	+67%	$488,110,000	2,375,000	+2,250,000	+1800%	$205.52	Q1 2016
31 Dec 2015	call		-14%	$0	0	-312,500	-100%	$681.27	Q4 2015
31 Dec 2015	put	9.9%	-9.9%	$25,484,000	125,000	-125,000	-50%	$203.87	Q4 2015
30 Sep 2015	call	14%	-8.2%	$59,884,000	312,500	-187,500	-38%	$191.63	Q3 2015
30 Sep 2015	put	11%	-11%	$47,908,000	250,000	-240,000	-49%	$191.63	Q3 2015
30 Jun 2015	call	23%	-11%	$102,925,000	500,000	-250,000	-33%	$205.85	Q2 2015
30 Jun 2015	put	22%	-35%	$100,867,000	490,000	-760,000	-61%	$205.85	Q2 2015
31 Mar 2015	call	21%	+21%	$154,823,000	750,000	+750,000	NEW	$206.43	Q1 2015
31 Mar 2015	put	35%	+28%	$258,038,000	1,250,000	+1,000,000	+400%	$206.43	Q1 2015
31 Dec 2014	put	14%	-129%	$51,385,000	250,000	-2,250,000	-90%	$205.54	Q4 2014
30 Sep 2014	put	34%	+20%	$492,550,000	2,500,000	+1,500,000	+150%	$197.02	Q3 2014
30 Jun 2014	put	25%	-69%	$195,720,000	1,000,000	-2,750,000	-73%	$195.72	Q2 2014
31 Mar 2014	put	54%	+47%	$701,288,000	3,750,000	+3,250,000	+650%	$187.01	Q1 2014
31 Dec 2013	put	20%	0%	$92,345,000	500,000	0		$184.69	Q4 2013

* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
An asterisk sign (*) next to the price indicates that the price is likely invalid.