Cboe U.S. Equities Fee Schedules

All fees and rebates assessed prior to the three full calendar months before the month in which the Exchange becomes aware of a billing error shall be considered final. Any dispute concerning fees or rebates billed by the Exchange must be submitted to the Exchange in writing and must be accompanied by supporting documentation.

Transaction Fees:

• Rebates indicated by parentheses ( ).
• The rates listed in the Standard Rates table apply unless a Member's transaction is assigned a fee code other than a standard fee code. If a Member's transaction is assigned a fee code other than a standard fee code, the rates listed in the Fee Codes table will apply.
• Footnotes provide further explanatory text or, where annotated to fee codes, indicate variable rate changes, provided the conditions in the footnote are met.
• Unless otherwise noted, all routing fees or rebates in the Fee Codes and Associated Fees table are for removing liquidity from the destination venue.

Standard Rates:

Category	Adding Liquidity	Removing Liquidity	Routing Liquidity
Securities at or above $1.00	($0.0016)	$0.0030	$0.0030
Securities below $1.00	FREE	0.30% of total dollar value	0.30% of total dollar value
Standard Fee Codes	B, V, Y	N, W, BB	X

Fee Codes and Associated Fees:

Definitions:

• All references to "per share" mean "per share executed."
• "ADAV" means average daily added volume calculated as the number of shares added per day and "ADV" means average daily volume calculated as the number of shares added or removed, combined, per day. ADAV and ADV are calculated on a monthly basis.
  • The Exchange excludes from its calculation of ADAV and ADV shares added or removed on any day that the Exchange's system experiences a disruption that lasts for more than 60 minutes during regular trading hours ("Exchange System Disruption"), on any day with a scheduled early market close and on the fourth Friday in June (the "Russell Reconstitution Day").
  • Routed shares are not included in ADAV or ADV calculation.
  • With prior notice to the Exchange, a Member may aggregate ADAV or ADV with other Members that control, are controlled by, or are under common control with such Member (as evidenced on such Member's Form BD).
• "CADV" means consolidated average daily volume calculated as the average daily volume reported for a security by all exchanges and trade reporting facilities to a consolidated transaction reporting plan for the three calendar months preceding the month for which the fees apply and excludes volume on days when the market closes early and on the Russell Reconstitution Day.
• "Displayed Size Time" means the percentage of time during regular trading hours during which the Member maintains at least 2,500 displayed shares on the bid and separately maintains at least 2,500 displayed shares on the offer that are priced no more than 2% away from the NBB and NBO, respectively.
• “Ex-Subdollar ADAV” means ADAV that excludes executions in securities priced below $1.00.
• “Ex-Subdollar ADV” means ADV that excludes executions in securities priced below $1.00.
• “Ex-Subdollar TCV” means TCV that excludes executions in securities that have an average daily price below $1.00.
• “LEP Securities” means a list of Single-Stock ETFs included in the Liquidity Enhancement Program, the universe of which will be determined by the Exchange and published in a circular distributed to Members and on the Exchange’s website. Such LEP Securities will include all Cboe-listed Single-Stock ETFs, including options-based ETFs in a single underlying equity security, for which the Exchange wants to incentivize Members to provide enhanced market quality. The Exchange will not remove a security from the list of LEP Securities without 30 days prior notice
• “LMM Securities” means BZX-listed securities for which a Member is an LMM.
• "LMP Securities" means a list of securities included in the Liquidity Management Program, the universe of which will be determined by the Exchange and published in a circular distributed to Members and on the Exchange's website. Such LMP Securities will include all Cboe-listed ETPs and certain non-Cboe-listed ETPs for which the Exchange wants to incentivize Members to provide enhanced market quality. All Cboe-listed securities will be LMP Securities immediately upon listing on the Exchange. The Exchange will not remove a security from the list of LMP Securities without 30 days prior notice.
• "NBBO Size Time" means the percentage of time during regular trading hours during which there are size-setting quotes at the NBBO on the Exchange.
• "NBBO Time" means the average of the percentage of time during regular trading hours during which the Member maintains at least 100 shares at each of the NBB and NBO.
• “Notional Depth” means the notional value of bids of at least 100 shares that are within $0.05 of the NBB or offers of at least 100 shares that are within $0.05 of the NBO.
• "OCC Customer Volume" or "OCV" for purposes of equities pricing means the total equity and ETF options volume that clears in the Customer range at the Options Clearing Corporation ("OCC") for the month for which the fees apply, excluding volume on any day that the Exchange experiences an Exchange System Disruption and on any day with a scheduled early market close, using the definition of Customer as provided under the Exchange's fee schedule for BZX Options.
• "Options Add OCV" for purposes of equities pricing means ADAV as a percentage of OCV, using the definitions of ADAV and OCV as provided under the Exchange's fee schedule for BZX Options.
• "Options Customer Add OCV" for purposes of equities pricing means ADAV resulting from Customer orders as a percentage of OCV, using the definitions of ADAV, Customer and OCV as provided under the Exchange's fee schedule for BZX Options.
• "Options Customer Remove OCV" for purposes of equities pricing means ADV resulting from Customer orders that remove liquidity as a percentage of OCV, using the definitions of ADV, Customer and OCV as provided under the Exchange's fee schedule for BZX Options.
• "Options Market Maker Add OCV" for purposes of equities pricing means ADAV resulting from Market Maker orders as a percentage of OCV, using the definitions of ADAV, Market Maker and OCV as provided under the Exchange's fee schedule for BZX Options.
• "Options Step-Up Add OCV" for purposes of equities pricing means ADAV as a percentage of OCV in January 2014 subtracted from current ADAV as a percentage of OCV, using the definitions of ADAV and OCV as provided under the Exchange's fee schedule for BZX Options.
• “Qualified ETP LMM” means an LMM in a BZX-listed ETP or Closed-End Fund security that meets Qualified ETP LMM performance standards set forth in Rule 11.8(e)(1)(E). Such Minimum Performance Standards for Closed-End Funds are defined in Rule 11.8(e)(1)(E)(ii).
• "Qualified LMM" means an LMM that meets the Minimum Performance Standards, as defined in Rule 11.8(e)(1)(E)(i).
• "Step-Up ADAV" means ADAV in the relevant baseline month subtracted from current ADAV.
• "Step-Up ADV" means ADV in the relevant baseline month subtracted from current day ADV.
• "Step-Up Add TCV" means ADAV as a percentage of TCV in the relevant baseline month subtracted from current ADAV as a percentage of TCV.
• "Step-Up Remove TCV" means ADV resulting from orders that remove liquidity as a percentage of TCV in the relevant baseline month subtracted from current ADV resulting from orders that remove liquidity as a percentage of TCV.
• "Tape B Step-Up Add TCV" means ADAV in Tape B securities as a percentage of TCV in the relevant baseline month subtracted from current ADAV in Tape B securities as a percentage of TCV.
• "TCV" means total consolidated volume calculated as the volume reported by all exchanges and trade reporting facilities to a consolidated transaction reporting plan for the month for which the fees apply.
  • The Exchange excludes from its calculation of TCV volume on any day that the Exchange experiences an Exchange System Disruption, on any day with a scheduled early market close and the Russell Reconstitution Day.

General Notes:

• Unless otherwise indicated, rebates and charges for adding, removing or routing liquidity are listed as per share rebates and charges.
• The Exchange notes that to the extent a Member does not qualify for any of the tiers listed below, the rates listed in the above section titled "Fee Codes and Associated Fees" will apply.
• To the extent a Member qualifies for higher rebates and/or lower fees than those provided by a tier for which such Member qualifies, the higher rebates and/or lower fees shall apply.
• Unless otherwise indicated, variable rates provided by tiers apply only to executions in securities priced at or above $1.00.
• Fee codes applicable to orders routed to NYSE Arca will be applied to orders routed to the NYSE or NYSE American where, pursuant to NYSE and NYSE American Rule 49, the NYSE or NYSE American have designated NYSE Arca as their backup facility to receive and process bids and offers and to execute orders on behalf of the NYSE or NYSE American.

Footnotes:

1. Add/Remove Volume Tiers

   Applicable to the following fee codes: B, V and Y.

   Tier	Rebate Per Share to Add	Required Criteria
   Tier 1	($0.0020)	Member has an ADAV as a percentage of TCV ≥ 0.06% or Member has an Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 0.06%
   Tier 2	($0.0023)	Member has an ADAV as a percentage of TCV ≥ 0.20% or Member has an Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 0.20%
   Tier 3	($0.0028)	Member has an ADAV as a percentage of TCV ≥ 0.25% or Member has an Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 0.25%
   Tier 4	($0.0028)	Member is enrolled in at least 50 BZX-listed LMP Securities for which it meets the following criteria for at least 50% of the trading days in the applicable month: (i) Member has an NBBO Time ≥ 15% or an NBBO Size ≥ 25%; and (ii) Member has a Displayed Size Time ≥ 90%; and Member is enrolled in at least 30 LMM Securities; and Member has an ADAV as a percentage of TCV ≥ 0.15%.
   Tier 5	($0.0029)	Member has an ADAV as a percentage of TCV ≥ 0.35% or Member has an Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 0.35%
   Tier 6	($0.0030)	Member has an ADAV as a percentage of TCV ≥ 0.60% or Member has an Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 0.60%
   Tier 7	($0.0031)	Member has an ADAV as a percentage of TCV ≥ 1.00% or Member has an Ex-Subdollar ADAV as a percentage of Ex-Subdollar TCV ≥ 1.00%
   Tier 8	($0.0032)	Member has an ADAV as a percentage of TCV ≥ 0.40%; and Member has a Tape C ADV ≥ 0.50% of the Tape C TCV; and Member has an ADAV ≥ 0.10% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY
   Tier 9	($0.0032)	Member has an ADAV as a percentage of TCV ≥ 0.42%; and Member has a Tape B ADV ≥ 1.50% of the Tape B TCV; and Member has a Remove ADV ≥ 0.20% of the TCV
   Cross Asset Tier	($0.0027)	Member has a Primary Peg ADV ≥ 300,000; and Member has an ADAV ≥ 0.015% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY; and Member has an ADV in Customer orders on BZX Options ≥ 0.05% of the average OCV

   Applicable to the following fee codes: HB, HV or HY.

   Tier	Rebate Per Share to Add	Required Criteria
   Non-Displayed Add Volume Tier 1	($0.0018)	Member adds an ADV ≥ 0.06% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY
   Non-Displayed Add Volume Tier 2	($0.0020)	Member adds an ADV ≥ 0.10% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY
   Non-Displayed Add Volume Tier 3	($0.0025)	Member adds an ADV ≥ 0.15% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY
   Non-Displayed Add Volume Tier 4	($0.0027)	Member adds an ADV ≥ 0.20% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY

2. Step-Up Tiers

   Applicable to the following fee codes: B, V and Y.

   * This tier will expire no later than March 31, 2026.

   Tier	Rebate Per Share to Add	Required Criteria
   Tier 1*	($0.0028)	Member has a Step-Up Displayed Add TCV from September 2025 ≥ 0.11%; and Member has an Ex-Subdollar Displayed ADAV as a percentage of Ex-Subdollar TCV ≥ 0.16%
   Tier 2	($0.0032)	MPID has a Step-Up Add TCV from May 2019 ≥ 0.10%; and MPID has an ADV ≥ 0.50% of the TCV

3. Reserved

4. Single MPID Investor Tiers

   Applicable to the following fee codes: B, V and Y.

   Tier	Rebate Per Share to Add	Required Criteria
   Tier 1	Tape B: ($0.0032) Tapes A & C: ($0.0033)	MPID has an ADAV as a percentage of TCV ≥ 0.45%; or MPID has an ADAV ≥ 55,000,000; and MPID has an ADAV ≥ 0.05% of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY
   Tier 2	Tape B: ($0.0032) Tapes A & C: ($0.0033)	MPID removes an ADV ≥ 0.60% of the TCV; and MPID has an ADAV ≥ 0.05%; of the TCV as Non-Displayed orders that yield fee codes HB, HI, HV or HY

5. The non-displayed rebate does not apply to Reserve or Discretionary orders.

6. Remove liquidity from BZX for securities priced below $1.00: 0.30% charge of the total dollar value.

7. Add liquidity to BZX for securities priced below $1.00: no charge or rebate.

8. Add or remove liquidity in securities priced below $1.00 for Parallel D, Parallel 2D, ROUT, ROUX, and Post to Away routed executions: 0.30% charge of the total dollar value.

9. Remove liquidity in securities priced below $1.00 for Parallel T and SWPA routed executions: 0.33% charge of the total dollar value.

10. Add liquidity in securities priced below $1.00 for RDOT and Post to Away routed executions: no charge or rebate.

11. For securities priced below $1.00: no charge or rebate.

12. Reserved

13. Tape B Volume and Quoting Tiers

    Applicable to the following fee code: B.

    Tier	Additional Rebate Per Share to Add	Required Criteria
    LMP Tier 1	($0.0001)	Member is enrolled in at least 50 BZX-listed LMP Securities, for which it meets the following criteria for at least 50% of the trading days in the applicable month: Member has a NBBO Time ≥ 15% or a NBBO Size Time ≥ 25%; and Member has a Displayed Size Time ≥ 90%
    LMP Tier 2	($0.0002)	(i) Member is enrolled in at least 100 BZX-listed LMP Securities for which it meets the following criteria for at least 50% of the trading days in the applicable month: Member has a NBBO Time ≥ 15% or a NBBO Size Time ≥ 25%; and Member has a Displayed Size Time ≥ 90%; and (ii) Member adds a Tape B ADV ≥ 1.50% of the Tape B TCV

    Applicable to the following fee code: B.

    Tier	Rebate Per Share to Add	Required Criteria
    LEP Tier 1	($0.0025)	(i) Member is enrolled in at least 5 BZX-listed LEP Securities, for which it meets the following criteria for at least 75% of the trading days in the applicable month: Member has NBBO Time ≥ 20%; and Member has bids and offers with a Notional Depth of $75,000 on each side for at least 90% of the trading day; and The difference in the NBB and NBO spread for each LEP Security is no wider than 0.50% for at least 95% of the trading day.

14. Lead Market Maker ("LMM") Pricing

    (A) Corporate LMM Liquidity Provision Rates

    Qualified LMMs in BZX-listed primary equity securities (“Corporate Securities”) are eligible to receive the Corporate LMM Add Liquidity Rebate for such Corporate Securities for a calendar month on a security-by-security basis. For each calendar month the Qualified LMM will receive a rebate of $0.0030 per share.

    (B) ETP and Closed-End Fund LMM Liquidity Provision Rates:

    (i) Standard Rates. LMMs in BZX-listed ETP and Closed-End Fund securities (“ETP LMMs”) will receive the following rates on a daily basis per security for which the LMM is a Qualified ETP LMM (a “Qualified ETP Security”) based on the average aggregate daily auction volume of the BZX-listed securities for which the Member is the ETP LMM (“ETP LMM Securities”):

    	Average Aggregate Daily Auction Volume in ETP LMM Securities
    	0-10,000	10,001-100,000	100,001-500,000	500,001-1,000,000	1,000,001 or greater
    Daily Incentive for each Qualified ETP Security 1-5	$10	$25	$40	$50	$100
    Daily Incentive for each Qualified ETP Security 6-25	$10	$25	$25	$30	$70
    Daily Incentive for each Qualified ETP Security 26-50	$10	$10	$20	$25	$50
    Daily Incentive for each Qualified ETP Security 51-100	$10	$10	$15	$20	$25
    Daily Incentive for each Qualified ETP Security Greater Than 100	$10	$10	$15	$15	$20

    (ii) Enhanced Rates. LMMs in BZX-listed ETP and Closed-End Fund securities will receive the following rates on a daily basis per Qualified ETP Security for which they also meet certain enhanced market quality standards (an “Enhanced ETP Security”) in addition to the Standard Rates above:

    	Average Aggregate Daily Auction Volume in ETP LMM Securities
    	0-10,000	10,001-100,000	100,001-500,000	500,001-1,000,000	1,000,001 or greater
    Daily Incentive for each Enhanced ETP Security 1-5	$3	$7.50	$12	$15	$30
    Daily Incentive for each Enhanced ETP Security 6-25	$3	$7.50	$7.50	$9	$21
    Daily Incentive for each Enhanced ETP Security 26-50	$3	$3	$6	$7.50	$15
    Daily Incentive for each Enhanced ETP Security 51-100	$3	$3	$4.50	$6	$7.50
    Daily Incentive for each Enhanced ETP Security Greater Than 100	$3	$3	$4.50	$4.50	$6

    (C) Reserved.

    (D) LMM Auction Rates:

    Applicable to the following fee codes: AC, AL, and AN.

    LMMs in BZX-listed securities will transact for free in the Closing Auction in their LMM Securities, including continuous book orders executed during the Closing Auction.

    Applicable to the following fee code: AN

    LMMs in BZX-listed securities will transact for free in continuous book orders executing during the Opening Auction in their LMM Securities.

    (E) LMM Add Volume Tiers:

    LMMs in BZX-listed securities will receive the following additional rebate when adding displayed liquidity:

    Applicable to the following fee codes: B, V, and Y

    Tier	Additional Rebate Per Share to Add	Required Criteria
    LMM Add Volume Tier 1	($0.0001)	Member has an ADAV ≥ 0.20% of the TCV; Member has an Average Aggregate Daily Auction Volume in LMM Securities ≥ 500,000; and Member is enrolled in at least 75 LMM Securities

    Applicable to the following fee codes: V and HV

    Tier	Additional Rebate Per Share to Add		Required Criteria
    	Securities at or Above $1.00	Securities Below $1.00
    LMM Add Volume Tier 2	($0.0006)	($0.15%) of total dollar value	Member is enrolled in at least 50 LMM Securities; and Member has a Tape A ADAV ≥ 0.20% of the Tape A TCV

    Applicable to the following fee codes: B and HB

    Tier	Additional Rebate Per Share to Add		Required Criteria
    	Securities at or Above $1.00	Securities Below $1.00
    LMM Add Volume Tier 3	($0.0003)	($0.15%) of total dollar value	Member is enrolled in at least 50 LMM Securities; and Member has a Tape B ADAV ≥ 0.35% of the Tape B TCV

    Applicable to the following fee codes: Y and HY

    Tier	Additional Rebate Per Share to Add		Required Criteria
    	Securities at or Above $1.00	Securities Below $1.00
    LMM Add Volume Tier 4	($0.0006)	($0.15%) of total dollar value	Member is enrolled in at least 50 LMM Securities; and Member has a Tape C ADAV ≥ 0.20% of the Tape C TCV

15. Remove liquidity from EDGA using ALLB routing strategy for securities priced below $1.00: no charge or rebate.

16. Remove liquidity from EDGX using ALLB routing strategy for securities priced below $1.00: 0.30% charge of the total dollar value.

17. Remove liquidity from BYX using ALLB routing strategy for securities priced below $1.00: 0.10% charge of the total dollar value.

18. For securities priced below $1.00: 0.30% charge of the total dollar value.

19. Add liquidity to BZX for securities priced below $1.00: FREE.

20. Reserved

Match Capacity Fees:

Allocation of 5,000 messages per second: $550 per month per allocation

• Match capacity fees are assessed based on capacity (i.e., messages per second) requested for order entry in the primary data center. No fee will be assessed for redundant capacity in the secondary data center.
• New requests will be prorated for the first month of service. Cancellation requests are billed in full month increments as firms are required to pay for the service for the remainder of the month, unless the session is terminated within the first month of service.

Purge and Market Data Logical Port Fees:

Service	Fee
Purge Ports	$650/port/month
Multicast PITCH Spin Server	$550/set of primary (A or C feed)
Multicast PITCH GRP Ports	$550/primary (A or C feed)
Other Logical Ports*	$550/port/month
Certification Logical Ports	$250/port/month

* Other Logical Ports includes: Cboe Auction Feed Ports, FIXDROP Ports, Order Drop Ports, Last Sale Ports, PITCH Ports, and TOP Ports.

• Purge and market data logical port fees are limited to logical ports within the primary data center. No fee will be assessed for redundant secondary data center ports.
• Multicast PITCH is available through one of two primary feeds, either the A or C feed. All secondary feed Multicast PITCH Spin Server and GRP Ports are provided for redundancy at no additional cost.
• New requests will be prorated for the first month of service, except for Certification Logical Ports. Cancellation requests are billed in full month increments as firms are required to pay for the service for the remainder of the month, unless the session is terminated within the first month of service.
• Users will be entitled to receive one Certification Logical Port free of charge per each logical port type. Certification Logical Port fees only apply if the corresponding port type is also available in the production environment.

Dedicated Cores:

Tier	Quantity	Fee Per Dedicated Core
1	1 - 2 Dedicated Cores	$0/month
2	3 - 15 Dedicated Cores	$650/month
3	16 - 30 Dedicated Cores	$850/month
4	31 or more Dedicated Cores	$1,050/month

Note: Members will be limited to 120 Dedicated Cores. Sponsoring Members will be limited to 35 Dedicated Cores for each of their Sponsored Access relationships. Dedicated Core Fees are progressive. For example, a firm that chooses to purchase 16 Dedicated Cores will be assessed a total monthly fee of $9,300 (i.e., $0 x 2 Dedicated Cores, $650 x 13 Dedicated Cores, and $850 x 1 Dedicated Core). The monthly fees are assessed and applied in their entirety and are not prorated.

Physical Connectivity Fees:

Service	Fee per Physical Port
1Gb physical port	$2,500/month
10Gb physical port	$8,500/month
1Gb physical port (Disaster Recovery)	$2,000/month
10Gb physical port (Disaster Recovery)	$6,000/month

• A Member that is a registered Lead Market Maker shall have Physical Connectivity Fees waived for a single 1 Gb physical port that is connected solely to the BZX Equities Disaster Recovery data center for the first twelve months following the Member establishing such physical connectivity.

Note: The Exchange will pass-through in full any fees or costs in excess of $1,000.00 incurred by the Exchange to complete a cross-connect.

Market Data Fees:

Definitions

• A Distributor of an Exchange Market Data product is any entity that receives the Exchange Market Data product directly from the Exchange or indirectly through another entity and then distributes it internally or externally to a third party.
• An Internal Distributor of an Exchange Market Data product is a Distributor that receives the Exchange Market Data product and then distributes that data to one or more Users within the Distributor's own entity.
• An External Distributor of an Exchange Market Data product is a Distributor that receives the Exchange Market Data product and then distributes that data to a third party or one or more Users outside the Distributor's own entity.
• An Uncontrolled External Distributor of an Exchange Market Data Product is an External Distributor that does not control the entitlements of and display of information to its Users outside the Distributor’s own entity.
• A User of an Exchange Market Data product is a natural person, a proprietorship, corporation, partnership, or entity, or device (computer or other automated service), that is entitled to receive Exchange data.
• A "Non-Professional User" of an Exchange Market Data product is a natural person or qualifying trust that uses Data only for personal purposes and not for any commercial purpose and, for a natural person who works in the United States, is not: (i) registered or qualified in any capacity with the Securities and Exchange Commission, the Commodities Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association; (ii) engaged as an "investment adviser" as that term is defined in Section 202(a)(11) of the Investment Advisors Act of 1940 (whether or not registered or qualified under that Act); or (iii) employed by a bank or other organization exempt from registration under federal or state securities laws to perform functions that would require registration or qualification if such functions were performed for an organization not so exempt; or, for a natural person who works outside of the United States, does not perform the same functions as would disqualify such person as a Non-Professional User if he or she worked in the United States.
• A Professional User of an Exchange Market Data product is any User other than a Non-Professional User.
• Non-Display Usage means any method of accessing a Market Data product that involves access or use by a machine or automated device without access or use of a display by a natural person or persons.
• A Trading Platform is any execution platform operated as or by a registered National Securities Exchange (as defined in Section 3(a)(1) of the Exchange Act), an Alternative Trading System (as defined in Rule 300(a) of Regulation ATS), or an Electronic Communications Network (as defined in Rule 600(b)(23) of Regulation NMS).
• A Managed Non-Display Service Provider is a Distributor that host a subscriber's applications that utilizes a Market Data Product within the Managed Non-Display Service Provider's space/cage; fully manages and controls access to the Market Data Product, and does not permit further redistribution of the Market Data Product internally or externally.
• An “API Service” is a type of data feed distribution in which a Distributor delivers an API or similar distribution mechanism to a third-party entity for use within one or more platforms. The service allows Distributors to provide Derived Data to a third-party entity for use within one or more downstream platforms that are operated and maintained by the third-party entity. The Distributor maintains control of the entitlements, but does not maintain technical control of the usage or the display.
• A “Platform Service” is a type of hosted display solution in which a Distributor provides derivative products to Platform Service Data Users within their infrastructure. The service allows Distributors to make Derived Data available as part of a platform, providing users remote access to derivative products based in whole or in part on Exchange Data.
• A "White Label Service" is a type of hosted display solution in which a Distributor hosts or maintains a website or platform on behalf of a third-party entity. The service allows Distributors to make Derived Data available on a platform that is branded with a third-party brand, or co-branded with a third party and a Distributor. The Distributor maintains control of the application's data, entitlements and display.
• "Derived Data" is pricing data or other data that (i) is created in whole or in part from Exchange Data, (ii) is not an index or financial product, and (iii) cannot be readily reverse-engineered to recreate Exchange Data or used to create other data that is a reasonable facsimile or substitute for Exchange Data.

Trial Usage:

First-time Users and Distributors are eligible for a free trial and will not be charged any applicable fees for 30 days for each of the real-time market data products listed on this Fee Schedule (“Product”). A first-time User would be any User that has not previously subscribed to a particular Product. A first-time Distributor would be any firm that has not previously distributed, internally or externally, a particular Product. The free trial would be for the 30 days starting on the date a User or Distributor is approved to receive trial access to Exchange market data. The Exchange will provide the 30-day free trial for each particular product to each User or Distributor once.

BZX Depth:

Delivery	Fee
Internal Distributor	$1,500/month
External Distributor	$5,000/month
Non-Display Usage not by Trading Platforms*	$2,000/month
Non-Display Usage by Trading Platforms**	$5,000/month
Professional User Fee	$40.00/month
Non-Professional User Fee	$5.00/month
Enterprise Fee***	$100,000/month

* Subscribers that use an Exchange approved Managed Non-Display Service Provider would be exempt from proposed Non-Display Usage Fee. In order to qualify for the exemption, the subscriber must meet the following requirements: (i) any subscriber applications that utilize BZX Depth must be hosted within the Managed Non-Display Service Provider's space/cage; (ii) the subscriber's access to BZX Depth is fully managed and controlled by the Managed Non-Display Service Provider, and no further redistribution of the Exchange Data internally or externally is permitted; and (iii) the subscriber is supported solely by one Managed Non-Display Service Provider, is not hosted by multiple Managed Non-Display Service Providers, and does not have their own data center-hosted environment that also receives BZX Depth.

** Fee is charged per subscriber that uses the data within a Trading Platform. The fee represents the maximum charge per subscriber regardless of the number of Trading Platforms operated by the subscriber that receives the data for Non-Display Usage.

*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive the BZX Depth Feed from a Distributor for distribution to an unlimited number of Professional and Non-Professional Users. A recipient firm must pay a separate Enterprise Fee for each Distributor that controls the display of the BZX Depth Feed if it wishes such User to be covered by the Enterprise Fee. The Enterprise Fee is in addition to the Distributor Fee.

BZX Summary Depth:

1 New External Distributor Credit. New External Distributors of the BZX Summary Depth Feed will not be charged an External Distributor Fee for their first three (3) months in order to allow them to enlist new Users to receive the BZX Summary Depth Feed.

2 Each External Distributor will be eligible to receive a credit against its monthly Distributor Fee for the BZX Summary Depth Feed equal to the amount of its monthly User Fees up to a maximum of the External Distributor Fee for the BZX Summary Depth Feed.

3 As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive the BZX Summary Depth Feed from an External Distributor for distribution to an unlimited number of Professional and Non-Professional Users. A recipient firm must pay a separate Enterprise Fee for each External Distributor that controls the display of the BZX Summary Depth Feed if it wishes such User to be covered by the Enterprise Fee. The Enterprise Fee is in addition to the Distributor Fee.

4 As an alternative to User fees, a recipient firm may purchase a monthly Digital Media Enterprise license to receive the BZX Summary Depth Feed from an External Distributor for distribution to an unlimited number of Users for viewing via television, websites, and mobile devices for informational and non-trading purposes only.

5 New Uncontrolled External Distributor Fee Waiver. New Uncontrolled External Distributors of the BZX Summary Depth Feed will not be charged an External Distributor Fee for BZX Summary Depth Feed until such time they enlist one or more Users to receive the BZX Summary Depth Feed. To be eligible for the fee waiver, a new Uncontrolled External Distributor must not have received the BZX Summary Depth Feed within the last 18 months.

BZX Book Viewer:*

* Fees applicable for distribution other than viewing via this website.

** Each External Distributor will be eligible to receive a credit against its monthly Distributor Fee for BZX Book Viewer equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for BZX Book Viewer.

*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive BZX Book Viewer from an External Distributor for distribution to an unlimited number of Professional and Non-Professional Users. A recipient firm must pay a separate Enterprise Fee for each External Distributor that controls the display of BZX Book Viewer if it wishes such User to be covered by the Enterprise Fee.

**** As an alternative to User fees, a recipient firm may purchase a monthly Digital Media Enterprise license to receive BZX Book Viewer from an External Distributor for distribution to an unlimited number of Users for viewing via television, websites, and mobile devices for informational and non-trading purposes only.

BZX Top:

Subscribers to BZX Top may also receive, upon request and at no additional charge, access to BZX Last Sale (as described in Rule 11.22(g)).

¹ New External Distributor Credit. New External Distributors of BZX Top will not be charged an External Distributor Fee for their first one (1) month.

² Each External Distributor will be eligible to receive a credit against its monthly Distributor Fee for BZX Top equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for BZX Top.

³ As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive BZX Top from an External Distributor for distribution to an unlimited number of Professional and Non-Professional Users. A recipient firm must pay a separate Enterprise Fee for each External Distributor that controls the display of BZX Top if it wishes such User to be covered by the Enterprise Fee.

⁴ As an alternative to User fees, a recipient firm may purchase a monthly Digital Media Enterprise license to receive BZX Top from an External Distributor for distribution to an unlimited number of Users for viewing via television, websites, and mobile devices for informational and non-trading purposes only.

5 New Uncontrolled External Distributor Fee Waiver. New Uncontrolled External Distributors of the BZX Top Feed will not be charged an External Distributor Fee for BZX Top Depth until such time they enlist one or more Users to receive the BZX Top Feed. To be eligible for the fee waiver, a new Uncontrolled External Distributor must not have received the BZX Top Feed within the last 18 months.

Financial Product Distribution Program:*

BZX Top Derived Data White Label Service:

External Subscriber Fee**	1-5 External Subscribers	$300 / month / External Subscriber
	6-10 External Subscribers	$250 / month / External Subscriber
	11+ External Subscribers	$200 / month / External Subscriber
Professional User Fee		$4.00 / month
Non-Professional User Fee		$0 / month

BZX Top Derived Data API Service:

External Subscriber Fee***	1-5 External Subscribers	$2,500 / month / External Subscriber
	6-20 External Subscribers	$2,000 / month / External Subscriber
	21+ External Subscribers	$1,500 / month / External Subscriber
Professional User Fee		$4.00 / month
Non-Professional User Fee		$0 / month

Cboe One Summary Derived Data White Label Service:

External Subscriber Fee	1-5 External Subscribers	$1,000 / month / External Subscriber
	6-10 External Subscribers	$750 / month / External Subscriber
	11+ External Subscribers	$500 / month / External Subscriber
Professional User Fee		$10.00 / month
Non-Professional User Fee		$0 / month

Cboe One Summary Derived Data API Service:

External Subscriber Fee***	1-5 External Subscribers	$3,000 / month / External Subscriber
	6-20 External Subscribers	$2,500 / month / External Subscriber
	21+ External Subscribers	$2,000 / month / External Subscriber
Professional User Fee		$10.00 / month
Non-Professional User Fee		$0 / month

Derived Data Platform Service

A Distributor that provides derivative products based on BZX Top or Cboe One Summary through an approved Derived Data Platform Service will be subject to the normal external distribution fees applicable for the distribution of BZX Top or Cboe One Summary except that they will not be subject to the Non-Professional User fees normally applicable for the distribution of BZX Top or Cboe One Summary. For Cboe One Summary, the Data Consolidation fee will also apply.

* A Distributor that provides a White Label Service, API Service, or Platform Service for Derived Data taken from BZX Top or Cboe One Summary is liable for these fees instead of the fees normally applicable for the distribution of BZX Top or Cboe One Summary. A Distributor that provides a White Label Service, API Service, or Platform Service for BZX Top or Cboe One Summary data that is not Derived Data or distributes Derived Data through a platform other than an approved White Label Service, API Service, or Platform Service would be liable for the fees normally applicable for the distribution of BZX Top or Cboe One Summary.

** The External Subscriber Fee is non-progressive and is based on the number of White Label Service Platforms (i.e., "External Subscribers") that receive Derived Data from the Distributor. For example, a Distributor providing Derived Data based on BZX Top to six External Subscribers that are White Label Service Platforms would be charged a monthly fee of $1,500 (i.e., 6 External Subscribers x $250 each). Similarly, a Distributor providing Derived Data based on Cboe One Summary to six External Subscribers that are White Label Service Platforms would be charged a monthly fee of $4,500 (i.e., 6 External Subscribers x $750 each).

*** The External Subscriber Fee is non-progressive and is based on the number of API Service Platforms (i.e., "External Subscribers") that receive Derived Data from the Distributor. For example, a Distributor providing Derived Data based on BZX Top to six External Subscribers that are API Service Platforms would be charged a monthly fee of $12,000 (i.e., 6 External Subscribers x $2,000 each). Similarly, a Distributor providing Derived Data based on Cboe One Summary to six External Subscribers that are API Service Platforms would be charged a monthly fee of $15,000 (i.e., 6 External Subscribers x $2,500 each).

BZX Last Sale:

Subscribers to BZX Last Sale may also receive, upon request and at no additional charge, access to BZX Top (as described in Rule 11.22(d)).

*New External Distributor Credit. New External Distributors of BZX Last Sale will not be charged an External Distributor Fee for their first one (1) month.

** Each External Distributor will be eligible to receive a credit against its monthly Distributor Fee for BZX Last Sale equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for BZX Last Sale.

*** As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive BZX Last Sale from an External Distributor for distribution to an unlimited number of Professional and Non-Professional Users. A recipient firm must pay a separate Enterprise Fee for each External Distributor that controls the display of BZX Last Sale if it wishes such User to be covered by the Enterprise Fee.

**** As an alternative to User fees, a recipient firm may purchase a monthly Digital Media Enterprise license to receive BZX Last Sale from an External Distributor for distribution to an unlimited number of Users for viewing via television, websites, and mobile devices for informational and non-trading purposes only.

BZX Historical Top or Historical Last Sale Data:

Delivery (Internal Use Only)	Fee (per data product)
Per Month of Access Data	$500

BZX Historical Depth Data:*

Delivery (Internal Use Only)	Fee (per data product)
Per Month of Access Data	$1,000

*From July 30, 2025 through September 30, 2025, any single purchase of historical data totaling $20,000 or more will receive a 20% discount. This discount cannot be combined with any other discount offered by the Exchange.

Cboe One Feed^SM:

Internal Distribution

	Cboe One Summary	Cboe One Premium
Distribution Fee	$1,500/month	$15,000/month
Professional User Fee	$10.00/month	$0/month
Non-Professional User Fee	$0.25/month	$0/month
Enterprise Fee3	$50,000/month	N/A

External Distribution^4,7

	Cboe One Summary6,8	Cboe One Premium
Distribution Fee	$5,000/month1,7	$12,500/month1,7
Professional User Fee2	$10/month	$15/month
Non-Professional User Fee2	$0.25/month	$0.50/month
Enterprise Fee3	$50,000/month	$100,000/month
Digital Media Enterprise Fee5	$15,000/month	$25,000/month

1 New External Distributor Credit. New External Distributors of the Cboe One Summary Feed will not be charged an External Distributor Fee for their first one (1) month in order to allow them to enlist new Users to receive the Cboe One Summary Feed. New External Distributors of the Cboe One Premium Feed will not be charged an External Distributor Fee for their first three (3) months in order to allow them to enlist new Users to receive the Cboe One Premium Feed.

2 Each External Distributor will be eligible to receive a credit against its monthly Distributor Fee for the Cboe One Feed equal to the amount of its monthly User Fees up to a maximum of the Distributor Fee for the Cboe One Feed.

3 As an alternative to User fees, a recipient firm may purchase a monthly Enterprise license to receive the Cboe One Feed from a Distributor for distribution to an unlimited number of Professional and Non-Professional Users. A recipient firm must pay a separate Enterprise Fee for each Distributor that controls the display of the Cboe One Feed if it wishes such User to be covered by the Enterprise Fee.

4 Data Consolidation Fee. $1,000/month

5 As an alternative to User fees, a recipient firm may purchase a monthly Digital Media Enterprise license to receive the Cboe One Feed from an External Distributor for distribution to an unlimited number of Users for viewing via television, websites, and mobile devices for informational and non-trading purposes only.

6 Small Retail Broker Distribution Program. External Distributors of the Cboe One Summary Feed that meet the following criteria will be charged a Distribution Fee of $3,500/month and a Data Consolidation Fee of $350/month:

• Distributor is a broker-dealer distributing Cboe One Summary Data to Non-Professional Data Users with whom the broker-dealer has a brokerage relationship.
• At least 90% of the Distributor's total subscriber population must consist of Non-Professional subscribers, inclusive of any subscribers not receiving Cboe One Summary Data.
• Distributor distributes Cboe One Summary Data to no more than 10,000 Non-Professional Data Users.

7 New Uncontrolled External Distributor Fee Waiver. New Uncontrolled External Distributors of the of the Cboe One Summary Feed or Cboe One Premium Feed will not be charged the (i) External Distribution Fee nor (ii) the Data Consolidation Fee, until such time they enlist one or more Users to receive the Cboe One Summary Feed or Cboe One Premium Feed as applicable. The fee waiver will apply to Cboe One Summary Feed and Cboe One Premium Feed separately. To be eligible for the fee waiver for the applicable feed(s) (Cboe One Summary and/or Cboe One Premium), the new Uncontrolled External Distributor must not have received the applicable data feed(s) for which it seeks a waiver within the last 18 months.

8 Small Retail Broker Hosted Solution Program: If an External Distributor meets the eligibility requirements below and it distributes Cboe One Summary Feed to an External Hosted Subscriber that also meets the criteria as set forth below, the $3,500/month Distribution Fee is waived once the first External Hosted Subscriber is subscribed. This waiver shall be applied so long as the External Distributor maintains at least one External Hosted Subscriber.

Additionally, if an External Hosted Subscriber meets the below criteria, they shall also receive a waiver of the $3,500/month Distribution Fee and the $350/month Data Consolidation Fee and, in lieu of paying the Non-Professional User fee of $0.25/month for each user, the External Distributor shall be billed a fixed monthly cost of $850. The External Distributor shall be billed separately for the External Hosted Subscriber’s Professional User Fee monthly costs. Once an External Hosted Subscriber has more than 10,000 Non-Professional Data Users, it is no longer eligible to be considered an External Hosted Subscriber.

If an eligible External Distributor joins this program mid-month, its fees shall be prorated for the month based on the initial date of the subscription; however, the External Hosted Subscriber’s fees shall not be prorated.

Eligibility Requirements for External Hosted Subscriber and External Distributor:

• Distributor is a broker-dealer distributing Cboe One Summary Data to Non-Professional Data Users with whom the broker-dealer has a brokerage relationship.
• At least 90% of the Distributor’s total subscriber population must consist of Non-Professional subscribers, inclusive of any subscribers not receiving Cboe One Summary Data.
• Distributor distributes Cboe One Summary Data to no more than 10,000 Non-Professional Data Users.

US Equity Short Volume & Trades Report¹

Delivery	Fee
Monthly Fee per Internal Distributor	$750
Monthly Fee per External Distributor	$1,250
Fee per Month of Historical Data2,3	$500

¹The US Equity Short Volume & Trades Report is available for purchase on a monthly basis or on an annual basis. A User of the US Equity Short Volume & Trades Report will receive access to the end-of-day report beginning on the date of subscription and will receive the end-of-month report for the subscription month on the last business day of the month during which the User subscribed.

²The US Equity Short Volume & Trades Report provided on a historical basis is only for display use redistribution. Users who subscribe on an annual basis will receive 12 months of historical data included at no extra charge. Users who subscribe on a monthly basis would have the option of purchasing historical data on a per month basis. From July 29, 2025 through September 30, 2025, any single purchase of historical data totaling $20,000 or more will receive a 20% discount. This discount cannot be combined with any other discount offered by the Exchange.

³Qualifying Academic Purchasers shall be charged the greater of (i) a 50% discount off of their total purchase of historical data or (ii) $500. For example, if a Qualifying Academic Purchaser purchases a month and a half of data, for a total cost of $750 before the discount (for a discounted price of $375), they will be charged the greater fee of $500.

Cboe Timestamping Service

Missed Liquidity Report*

Number of Order Entry Ports for a Member or Sponsored Participant (FIX or BOE)	Fee
1- 10 Ports	$1,500/month
11-20 Ports	$2,000/month
≥ 21 Ports	$2,500/month

*Fee is not progressive (i.e., 20 ports selected will be charged a total of $2,000/month).

Missed Cancels Report

Per Member or Sponsored Participant

$1,000/month

All Cancels Report

Per Member or Sponsored Participant

$1,000/month

Missed Cancels Report and All Cancels Report

Per Member or Sponsored Participant

$1,500/month

Mid-Month Subscriptions. For the initial month of the Timestamping Service, the service(s) shall be prorated for the month based on the initial date of the subscription. For determining the appropriate tier for the Missed Liquidity Report, the subscriber shall be charged based on the maximum number of subscribing Ports for the Missed Liquidity Report at any time during the month – a change of tiers shall not be prorated.

Either a Member or a Sponsored Participant may directly subscribe to either report.

Cboe Connect:

Market Data Connectivity*:

Data Feed	Fee Per Month
UQDF/UTDF/OMDF	$1,200
CQS/CTS	$1,400
OPRA	$4,500
Nasdaq Glimpse	$250
Nasdaq TotalView	$1,500
Nasdaq BX TotalView	$1,000
Nasdaq PSX TotalView	$750
NYSE OpenBook Ultra	$1,750
NYSE Integrated	$14,500
NYSE ArcaBook	$1,250
NYSE ArcaBook Refresh	$250
NYSE American OpenBook Ultra	$500
NYSE Alerts	$500
NYSE American Alerts	$500
NYSE Imbalances	$500
NYSE American Imbalances	$1,000
NYSE Trades	$500
NYSE Arca Trades	$500
NYSE American Trades	$1,000
BBDS/TDDS	$500
U.S. Equity Select + SIP Bundle (40% Discount)**	$5,910
OPRA + SIP Bundle (10% Discount)***	$6,390
BZX/BYX/EDGX/EDGA	FREE

* Fee covers both A and B feeds (over independent cross-connects) and is for connectivity only.

** U.S. Equity Select + SIP Bundle includes the following market data products: UQDF/UTDF/OMDF, CQS/CTS, Nasdaq TotalView, Nasdaq BX TotalView, Nasdaq PSX TotalView, NYSE OpenBook Ultra, NYSE ArcaBook, NYSE American OpenBook Ultra, and BBDS/TDDS.

*** OPRA + SIP Bundle includes the following market data products: OPRA, UQDF/UTDF/OMDF, and CQS/CTS.

Firms are required to pay any exchange related data fees directly to that exchange.

Unicast Access Order Entry:

Bandwidth	Fee Per Month
1Mb	$500
5Mb	$1,000
10Mb	$1,250
25Mb	$1,500
50Mb	$2,500
100Mb	$3,500

The Unicast Access Order Entry fee shall not be charged for bandwidth required to access BZX, BYX, EDGA, EDGX, BZX Options, and EDGX Options.

Membership Fees:

Description	Fee
Annual Membership	$2,500/year

Note: If a Member is pending a voluntary termination of rights as a Member pursuant to Rule 2.8 prior to the date any Annual Membership Fee for a given year will be assessed (i.e., January 1, 2015) and the Member does not utilize the facilities of the Exchange while such voluntary termination of rights is pending, then the Member will not be obligated to pay the Annual Membership Fee.

Market Participant Identifier (“MPID”) Fees:

Description	Fee
Monthly Fee per MPID per Member	$450

A Member’s first MPID is provided free of charge.

MPID Fees for additional MPIDs are prorated for the first month during which the MPID becomes effective. If an MPID is cancelled on or after the first business day of the month, the Member is required to pay the entire MPID Fee for that month.

Cboe Premium Exchange Tools

Description	Fee
Monthly Fee per User Login	$65

Short Interest Report*

Delivery	Fee
Monthly Fee - Access	$250	Monthly Fee -Access (Historical Data)	$250	Monthly Fee per Internal Distributor	$500	Monthly Fee Internal Distributor (Historical Data)	$500	Monthly Fee per External Distributor**	$750	Monthly Fee External Distributor (Historical Data)	$750

*The Short Interest Report is available for purchase on a monthly basis or on an annual basis.

**The Short Interest Report provided for External Distribution is only for display use redistribution.