Cboe U.S. Options 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.

Standard Rates:

Fee Codes and Associated Fees:

Definitions:

• All references to "per contract" mean "per contract executed".
• "ADAV" means average daily added volume calculated as the number of contracts added and "ADV" means average daily volume calculated as the number of contracts added or removed, combined, per day.
  • ADAV and ADV are calculated on a monthly basis, excluding contracts 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") and on any day with a scheduled early market close.
  • Routed contracts 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 or who have been appointed as an Appointed OEF or Appointed MM.
• An "Appointed MM" is a Market Maker who has been appointed by an OEF and an "Appointed OEF" is an OEF who has been appointed by a Market Maker as set forth below.
  • Designating an Appointed OEF/Appointed MM: A Market Maker appoints an OEF and an OEF appoints a Market Maker, for the purposes of the Fee Schedule, by each completing and sending an executed Volume Aggregation and Volume Details Request form by email to [email protected]. Transmittal of the executed form to the Exchange will be viewed as acceptance of the appointment. The Exchange will recognize one such designation for each party. A party may make a designation not more than once every 12 months, which designation shall remain in effect unless or until the Exchange receives written notice from either party indicating that the appointment has been terminated.
• “Away Market Maker” applies to any order for the account of a market maker on another options exchange.
• "AIM" and "AIM Auction" refer to the Automated Improvement Mechanism. The following additional definitions are applicable to AIM Auctions:
  • "AIM Agency Order" is an order represented as agent by a Member on behalf of another party and submitted to AIM for potential price improvement pursuant to Rule 21.19 and 21.22.
  • "AIM Contra Order" or "Initiating Order" is an order submitted by a Member entering an AIM Agency Order for execution within AIM that will potentially execute against the AIM Agency Order pursuant to Rule 21.19 and 21.22.
  • "AIM Customer-to-Customer Immediate Cross" relates to the process defined in Rule 21.19(c).
  • "AIM Response Order" includes any order submitted in response to and specifically designated to participate in an AIM Auction as well as unrelated orders that are received by the Exchange after an AIM Auction has begun.
• “Broker Dealer” applies to any order for the account of a broker dealer, including a foreign broker dealer.
• “Customer” applies to any order for the account of a Priority Customer.
• “Firm” applies to any order for the proprietary account of an OCC clearing member.
• “Joint Back Office” applies to any order for a joint back office account.
• “Market Maker” applies to any order for the account of a registered Market Maker.
• "Non-Customer" applies to any transaction that is not a Customer order.
• "OCC Customer Volume" or "OCV" 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.
• "OEF" means Order Entry Firm as defined in Rule 16.1.
• "Penny Program Securities" are those issues quoted pursuant to Exchange Rule 21.5(e).
• “Professional” applies to any order for the account of a Professional.
• "QCC" refers to Qualified Contingent Cross Orders. The following additional definitions are applicable to Qualified Contingent Cross Orders:
  • "QCC Agency" is a Qualified Contingent Cross Order represented as agent by a Member on behalf of another party and submitted for execution pursuant to Rule 21.1.
  • "QCC Contra" is a Qualified Contingent Cross Order submitted by a Member for execution that will potentially execute against the QCC Agency Order pursuant to Rule 21.1.
• “SAM” and “SAM Auction” refer to the Solicitation Auction Mechanism. The following additional definitions are applicable to SAM Auctions:
  • “SAM Agency Order” is an order represented as agent by a Member on behalf of another party and submitted to SAM for potential price improvement pursuant to Rule 21.21 and 21.23.
  • “SAM Contra Order” or “Initiating Order” is an order submitted by a Member entering a SAM Agency Order for execution within SAM that will potentially execute against the SAM Agency Order pursuant to Rule 21.21 and 21.23.
  • “SAM Response Order” includes any order submitted in response to and specifically designated to participate in a SAM Auction as well as unrelated orders that are received by the Exchange after a SAM Auction has begun.
• "Step-Up ADAV" means ADAV in the relevant baseline month subtracted from current ADAV.
• "TCV" means total consolidated volume calculated as the volume reported by all exchanges to the consolidated transaction reporting plan 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.

Footnotes:

1. Customer Volume Tiers

   Applicable to fee codes PC, NC and CA.

   Tier	Rebate Per Contract	Required Criteria
   Tier 1	($0.10)	Member has an ADV in Customer Non-Crossing orders ≥ 0.35% of average OCV
   Tier 2	($0.13)	Member has an ADV in Customer Non-Crossing orders ≥ 0.45% of average OCV
   Tier 3	($0.17)	Member has an ADV in Customer orders ≥ 1.00% of average OCV; and Member has an ADV in Customer Non-Crossing orders of ≥ 0.75% of average OCV; and Member has an ADAV in Simple Customer Non-Crossing orders yielding fee code CA ≥ 0.45% of average OCV
   Tier 4	($0.18)	Member has an ADV in Customer orders ≥ 1.50% of average OCV; and Member has an ADAV in Simple Customer Non-Crossing orders yielding fee code CA ≥ 0.65% of average OCV
   Tier 5	($0.22)	Member has an ADV in Customer orders of ≥ 2.00% of average OCV; and Member has an ADAV in Simple Customer Non-Crossing orders yielding fee code CA ≥ 1.25% of average OCV; and Member has a QCC agency Volume of ≥ 2,000,000 contracts per month, with both sides of each transaction being Non-Customer, Non-Professional.
   Customer Cross-Asset Tier	($0.18)	Member has an ADV in Customer orders of ≥ 1.75% of average OCV; and Member has an ADAV in Simple Customer Non-Crossing orders yielding fee code CA ≥ 0.55% of average OCV; and Member has an ADV in Firm orders ≥ 0.20% of average OCV; and Member has on EDGX Equities an ADAV ≥ 0.45% of average TCV.

   Applicable to fee code ZA.

   Complex Customer Penny Tier	Rebate Per Contract	Required Criteria
   Tier 1	($0.40)	Member has an ADV in Complex Non-Crossing orders ≥ 0.10% of average OCV; or Member has an ADV in Customer orders ≥ 0.25% of average OCV
   Tier 2	($0.45)	Member has an ADV in Complex Non-Crossing orders ≥ 0.25% of average OCV; or Member has an ADV in Customer orders ≥ 0.50% of average OCV
   Tier 3	($0.47)	Member has an ADV in Complex Non-Crossing orders ≥ 0.45% of average OCV; or Member has an ADV in Customer orders ≥ 0.75% of average OCV
   Tier 4	($0.49)	Member has an ADV in Complex Non-Crossing orders ≥ 0.60% of average OCV; or Member has an ADV in Customer orders ≥ 1.00% of average OCV
   Tier 5	($0.50)	Member has an ADV in Complex Non-Crossing orders ≥ 1.00% of average OCV; or Member has an ADV in Customer orders ≥ 2.00% of average OCV

   Applicable to fee code ZB.

   Complex Customer Non-Penny Tier	Rebate Per Contract	Required Criteria
   Tier 1	($0.80)	Member has an ADV in Complex Non-Crossing orders ≥ 0.25% of average OCV; or Member has an ADV in Customer orders ≥ 0.50% of average OCV
   Tier 2	($0.85)	Member has an ADV in Complex Non-Crossing orders ≥ 0.45% of average OCV; or Member has an ADV in Customer orders ≥ 0.75% of average OCV
   Tier 3	($0.95)	Member has an ADV in Complex Non-Crossing orders ≥ 0.60% of average OCV; or Member has an ADV in Customer orders ≥ 1.00% of average OCV
   Tier 4	($1.00)	Member has an ADV in Complex Non-Crossing orders ≥ 1.00% of average OCV; or Member has an ADV in Customer orders ≥ 2.00% of average OCV

2. Market Maker Volume Tiers

   Applicable to fee codes PM and NM.

   Tier	Fee/Rebate Per Contract	Required Criteria
   Tier 1	$0.17	Member has an ADV in Market Maker orders ≥ 0.10% of average OCV
   Tier 2	$0.13	Member has an ADV in Market Maker orders ≥ 0.15% of average OCV; Member has a step up ADAV in Market Maker orders from July 2019 ≥ 0.10% of average OCV; and Member has on EDGX Equities an ADAV ≥ 0.30% of average TCV
   Tier 3	$0.13	Member has an ADV in Market Maker orders ≥ 0.25% of average OCV
   Tier 4	$0.08	Member has an ADV in Market Maker orders ≥ 0.50% of average OCV
   Tier 5	$0.04	Member has an ADV in Market Maker orders ≥ 1.20% of average OCV
   Tier 6	$0.02	Member has an ADV in Market Maker orders ≥ 1.45% of average OCV

3. Reserved

4. Firm Penny Program Cross-Asset Tier

   Applicable to fee code PF.

   Tier	Fee Per Contract	Required Criteria
   Tier 1	$0.32	Member has an ADV in Firm orders ≥ 0.15% of average OCV; and Member has on EDGX Equities an ADAV ≥ 0.12% of average TCV

5. Orders Submitted with a Designated Give Up

   Applicable to fee codes BC, CA, NC, PC, SC, QA, QM, QO, ZA, and ZB.

   When a Designated Give Up, as defined in Rule 21.12(b)(1), is specified on an order, applicable rebates for orders routed to and executed on the Exchange are provided to the Member who routed the order to the Exchange.

6. AIM and SAM Pricing

   Applicable to fee codes BA, BB, BC, BD, BE, BF, BG, CC, SA, SB, SC, SD, SE, SF, SG, and SH.

   When an Agency Order trades in an AIM or SAM Auction against either a Contra Order or a Response Order, the following fee codes and rates apply.

   	Agency*		Contra		Response
   	Code	Rate	Code	Rate	Code	Rate
   Customer**	BC BG SC	($0.06) FREE FREE	BB BF SB	$0.05 $0.02 FREE	BD BE SD SE	$0.50 $1.15 $0.50 $1.05
   Non-Customer	BA	$0.20	BB	$0.05
   Non-Customer, Non-Professional	SA	$0.18	SF	$0.18
   Non-Customer, Professional	SG	$0.04	SH	$0.04
   AIM Customer-to-Customer Immediate Cross	CC	FREE	CC	FREE

   * When an Agency Order executes against one or more resting orders that were already on the Exchange’s order book when the Agency Order was received by the Exchange, the Agency Order and the resting order(s) would receive the Standard Fee Rates.

   ** Except when both the AIM Agency Order and the AIM Contra Order are Customer orders, in which case fee code CC would be assigned.

   AIM and SAM Break-Up Credits:

   The Exchange will apply a Break-Up Credit to the Member that submitted an Agency Order, including a Member who routed an order to the Exchange with a Designated Give Up, when the Agency Order trades with a Response Order.

   Symbols	Credit Per Contract
   	SAM	AIM
   Penny Program Securities	($0.15)	($0.25)
   Non-Penny Program Securities	($0.15)	($1.06)

7. QCC Initiator/Solicitation Rebate Tiers

   Applicable to fee codes QA, QM, QO, SA, SC and SG.

   The Exchange will apply a QCC Initiator/Solicitation Rebate to the Member that submit QCC Agency Orders or Solicitation Agency Orders, including a Member who routed orders to the Exchange with a Designated Give Up, when at least one side of the transaction is of Non-Customer, Non-Professional capacity. When only one side of the transaction is of Non-Customer, Non-Professional capacity, Rebate 1 will apply. When both sides of the transaction are of Non-Customer, Non-Professional capacity, Rebate 2 will apply.

   Tier	Volume Threshold (per month)	Rebate 1 Per Contract	Rebate 2 Per Contract
   1	0 to 999,999 contracts	($0.16)	($0.24)
   2	1,000,000 to 1,999,999 contracts	($0.18)	($0.28)
   3	2,000,000+	($0.19)	($0.30)

8. Complex Order Types

   Applicable to fee codes ZA, ZB, ZC, ZD, ZF, ZG, ZH, ZJ, ZM, ZN, ZR, and ZT.

   The following rates shall apply for executions on the Exchange’s complex order book. With the exception of fee code ZD, standard fee codes shall apply for orders that leg into the Simple Book. As defined in Rule 21.20, the Simple Book is the Exchange’s regular electronic book of orders.

   Counter Party: Customer

   	Penny Pilot Securities		Non-Penny Pilot Securities
   	Code	Rate	Code	Rate
   Customer	ZC	FREE	ZC	FREE
   Market Maker	ZM	$0.50	ZN	$1.10
   Pro/Firm/BD/JBO/Away MM	ZT	$0.50	ZR	$1.10
   All Capacities on the Complex Order Book Open	OC	FREE	OC	FREE

   Counter Party: Non-Customer

   	Penny Pilot Securities		Non-Penny Pilot Securities
   	Code	Rate	Code	Rate
   Customer	ZA	($0.39)	ZB	($0.75)
   Non-Customer Add	ZF	$0.10	ZH	$0.10
   Non-Customer Remove	ZG	$0.47	ZJ	$0.75
   All Capacities on the Complex Order Book Open	OC	FREE	OC	FREE

   • For an execution that occurs within a Complex Order Auction ("COA") against an unrelated order received after the COA was initiated or a COA response, for the purpose of assigning fee codes the initiating order is considered the adder and the unrelated order or COA response is considered the remover.
   • For an execution that occurs within a COA against an unrelated order that was resting on the Exchange's order book when the COA was initiated, for the purpose of assigning fee codes the initiating order is considered the remover and the unrelated order is considered the adder.

9. Automated Improvement Mechanism (“AIM”) Penny Tiers

   Applicable to fee code BC.

   Tier	Rebate Per Contract	Required Criteria
   Tier 1	($0.09)	Member has an ADV in Customer Orders ≥ 0.30% of average OCV
   Tier 2	($0.10)	Member has an ADV in Customer Orders ≥ 0.50% of average OCV

Applicable to fee code BC. The Exchange will apply the additional rebate to the Member that submitted an Agency Order, including a Member who routed an order to the Exchange with a Designated Give Up, when the Agency Order trades with a Response Order. The additional rebate is applied on order-by-order basis.

Tier	Additional Rebate Per Contract	Required Criteria
Supplemental AIM Tier 1	($0.02)	Member has an ADV in Customer Orders ≥ 0.50% of average OCV; and Order has an Interaction Rate ≥ 51% and < 70%
Supplemental AIM Tier 2	($0.03)	Member has an ADV in Customer Orders ≥ 0.50% of average OCV; and Order has an Interaction Rate ≥ 30% and < 51%
Supplemental AIM Tier 3	($0.05)	Member has an ADV in Customer Orders ≥ 0.50% of average OCV; and Order has an Interaction Rate ≥ 0% and < 30%

• Interaction Rate is the percentage of the Penny Agency Order that trades against the Initiating Order.

Marketing Fees:

Fee Code	Symbols	Fee per Contract
P	Penny Program Securities	$0.25
N	Non-Penny Program Securities	$0.70
X	Not Eligible for Marketing Fees	No Charge

• Marketing fees are charged to all Market Makers who are counterparties to a trade with a Customer. Marketing fees shall not apply to executions of: orders subject to AIM and SAM Pricing set forth in footnote 6, Qualified Contingent Cross Orders, or complex orders on the Exchange’s complex order book.
• Each Primary Market Maker (PMM) and Directed Market Maker (DMM) will have a marketing fee pool into which the Exchange will deposit the applicable per-contract marketing fee. For orders directed to DMMs, the applicable marketing fees are allocated to the DMM pool. For non-directed orders, the applicable marketing fees are allocated to the PMM pool. All Market Makers that participated in such transaction will pay the applicable marketing fees to the Exchange, which will allocate such funds to the Market Maker that controls the distribution of the marketing fee pool. Each month the Market Maker will provide instruction to the Exchange describing how Exchange is to distribute the marketing fees in the pool to the order flow provider, who submit as agent, Customer orders to the Exchange.
• The total balance of the undispersed marketing fees for a PMM pool or DMM pool cannot exceed $250,000. Each month, undisbursed marketing fees in excess of $250,000 will be reimbursed to the Market Makers that contributed to the pool based upon a one month look back and their pro-rata portion of the entire amount of marketing fee collected during that month.
• Each month, the Exchange will assess an administrative fee of .45% on the total amount of the funds collected each month.

Membership Fees:

Participant Fees

Participant Fee	$500 per month
Market Maker Participant Fee	$750 per month

Participant fees are non-refundable. If a firm becomes a Member during a calendar month after the first trading day of the month, the participant fee for the Member for that calendar month is prorated based on the remaining trading days in the calendar month. Market Makers will be assessed an additional fee for acting as a Market Maker (i.e., Market Makers will be assessed a total monthly fee of $1,250 for Participant and Market Maker Participant Fees).

Market Maker Appointments Sliding Scale

Appointment Units	Monthly Fee
1	$0
2	$500
3-5	$350
>6	$100

Appointment Unit Tier	Option Class	Appointment Weight
AA	IWM	.50
	SPY	.50
	VXX	.100
A*	Classes 1 - 60	.100
B*	Classes 61 - 120	.060
C*	Classes 121 - 345	.040
D*	Classes 346 - 570	.025
E*	Classes 571 - 999	.015
F*	All Remaining Classes	.001

* Excludes Tier AA

An Options Market Maker may select class appointments to make markets in those classes during all trading sessions. All classes are placed within a specific tier according to national average daily volume (except for the AA tier) and assigned an “appointment weight” depending upon its tier location as set forth above. Appointment weights for each assigned class will be aggregated for each Market Maker ID used to trade to obtain the total number of Appointment Units. If the sum of appointments is a fractional amount, the total will be rounded up to the next highest whole Appointment Unit. Total quantity is determined by the highest quantity used at any point during the month. The Exchange will rebalance the tiers (excluding the “AA” tier) once each calendar quarter, which may result in additions or deletions to their composition and announces such rebalances pursuant to Exchange Rule 16.3 at least 10 business days before the rebalance takes effect. When a class changes tiers, it is assigned the appointment cost of that tier.

Options Logical Port Fees:

Service	Fee
Logical Ports (excluding Purge Ports, Multicast PITCH Spin Server Port GRP Port or Bulk Ports)	$750/port/month
Purge Ports	$850/port/month
Multicast PITCH Spin Server	$750/set of primary (A or C feed)
GRP Ports	$750/set of primary (A or C feed)
Ports with Bulk Quoting Capabilities	$1,000/port/month
Certification Logical Ports	$250/port/month

• Logical port fees are limited to logical ports within the primary data center. No logical port fees will be assessed for redundant secondary data center ports.
• 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 logical port type is also available in the production environment.

Options Physical Connection 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

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.

All Physical Connectivity fees will be prorated based on the remaining trading days in the calendar month. Physical ports (other than Disaster Recovery physical ports) may be used to connect to C2 Options, Cboe BZX, Cboe BYX and Cboe EDGA. Disaster Recovery physical ports may be used to connect to the Disaster Recovery Systems for C2 Options, Cboe BZX, Cboe BYX, Cboe EDGA, Cboe Options and CFE. Members and non-Members will only be assessed a single fee for any physical port or Disaster Recovery physical port that accesses the identified exchanges, respectively.

Market Maker Order-to-Trade Ratio Fees:

Tier	Order-to-Trade Ratio	Fee
Tier 1	0 to 999	$0
Tier 2	1,000 to 1,999	$2500
Tier 3	2,000 to 4,999	$5,000
Tier 4	5,000 to 9,999	$10,500
Tier 5	10,000 to 14,999	$35,000
Tier 6	15,000 to 19,999	$100,000
Tier 7	20,000 and above	$150,000

Order-to-Trade Ratio fees will apply only to participants registered as Market Makers on EDGX Options. The Order-to-Trade ratio will be calculated monthly based on the total number of orders (including messages to modify orders) submitted to EDGX Options, regardless of capacity, divided by the total number of trades occurring on orders. The calculation of the ratio will not include quotes or trades resulting from such quotes. A Market Maker’s order flow will be aggregated together with any affiliated Members sharing at least 75% common ownership.

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.
• 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.

Trial Usage:

First-time Users and Distributors are eligible for a free trial and will not be charged any applicable fees (or receive any applicable credits) 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.

EDGX Options Top:

Internal Distribution Fee*	$500/month
External Distribution Fee*	$500/month
Professional User Fee**	$5.00/month/user
Non-Professional User Fee	$0.10/month/user
Enterprise Fee**	0 - 1,500,000 Users	$20,000/month	1,500,001 - 2,500,000 Users	$40,000/month	Greater than 2,500,000 Users	$60,000/month

* Distributors of any one of EDGX Options Top, EDGX Options Depth, EDGX Options Auction Feed, EDGX Options Complex Top, EDGX Options Complex Depth, and/or EDGX Options Complex Auction Feed may receive, at no additional charge, access to any or all of the other aforementioned market data products. New External Distributors of EDGX Options Top will not be charged the External Distribution Fee for their first three (3) months (the "New External Distributor Credit"). Any trial usage period for EDGX Options Top will not be counted towards the first three (3) months. Each External Distributor of EDGX Options Top will also be eligible to receive a credit against its monthly External Distributor Fee for the EDGX Options Top equal to the amount of its monthly User Fees or Enterprise Fee up to a maximum of the External Distributor Fee for the EDGX Options Top (the “Distributor Fee Credit”). External Distributors of EDGX Options Top will not be eligible to receive the Distributor Fee Credit during an External Distributor’s trial usage period for EDGX Options Top or while they are receiving the New External Distributor Credit. The New External Distributor Credit and the Distributor Fee Credit apply only to the External Distribution Fee for EDGX Options Top and any External Distributor that also distributes EDGX Options Depth, EDGX Options Auction Feed, EDGX Options Complex Top, EDGX Options Complex Depth, and/or EDGX Options Complex Auction Feed, will still be subject to the full External Distribution Fee applicable to such products.

** As an alternative to Professional and Non-Professional User fees, a Distributor may purchase a monthly Enterprise license to receive the EDGX Options Top for distribution to a defined number of Professional and Non-Professional Users. A Distributor must pay a separate Enterprise Fee for each entity for which it controls the display of the EDGX Options Top if it wishes for such entity’s Users to be covered by the Enterprise Fee. Tiers 1 and 2 will be subject to monthly reporting requirements and Tier 3 will be required to report every 6-months.The Enterprise Fee is in addition to the Distributor Fee and is non-progressive. Distributors may purchase an Enterprise license on a monthly or annual basis. Annual Enterprise licenses will receive a 5% discount.

EDGX Options Depth, Auction, Complex Top, Complex Depth, and Complex Auction Feeds:

Internal Distribution Fee*	$500/month
External Distribution Fee*	$500/month
Professional User Fee**	$10/month/user
Non-Professional User Fee**	$1.00/month/user

* Distributors of any one of EDGX Options Top, EDGX Options Depth, EDGX Options Auction Feed, EDGX Options Complex Top, EDGX Options Complex Depth, and/or EDGX Options Complex Auction Feed may receive, at no additional charge, access to any or all of the other aforementioned market data products.

** Users of any one of EDGX Options Depth, EDGX Options Auction Feed, EDGX Options Complex Top, EDGX Options Complex Depth, and/or EDGX Options Complex Auction Feed may receive, at no additional charge, access to any or all of the other aforementioned market data products.

Cboe One Options Feed:

Internal Distribution Fee	$15,000/month
External Distribution Fee*	$10,000/month
Professional User Fee	$30.50/month/user
Non-Professional User Fee	$0.60/month/user
Enterprise Fee**	0 - 1,500,000 Users	$350,000/month	1,500,001 - 2,500,000 Users	$550,000/month	Greater than 2,500,000 Users	$750,000/month
Data Consolidation Fee	$500/month

* New External Distributors will not be charged an External Distribution Fee for their first three (3) months (the "New External Distributor Credit"). Any trial usage period for Cboe One Options will not be counted towards the first three (3) months. Each External Distributor will also be eligible to receive a credit against its monthly Distributor Fee for the Cboe One Options equal to the amount of its monthly User Fees or Enterprise Fee up to a maximum of the External Distributor Fee for the Cboe One Options (the “Distributor Fee Credit”). External Distributors will not be eligible to receive the Distributor Fee Credit during an External Distributor’s trial usage period for Cboe One Options or while they are receiving the New External Distributor Credit.

** As an alternative to Professional and Non-Professional User fees, a Distributor may purchase a monthly Enterprise license to receive the Cboe One Options for distribution to a defined number of Professional and Non-Professional Users. A Distributor must pay a separate Enterprise Fee for each entity for which it controls the display of the Cboe One Options if it wishes for such entity’s Users to be covered by the Enterprise Fee. Tiers 1 and 2 will be subject to monthly reporting requirements and Tier 3 will be required to report every 6-months. The Enterprise Fee is in addition to the Distributor Fee and is non-progressive. Distributors may purchase an Enterprise license on a monthly or annual basis. Annual Enterprise licenses will receive a 5% discount.

Historical Depth Data:

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

From July 28, 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 Timestamping Service*

Missed Liquidity Report

Per Member

$3,500/month

Missed Cancels Report

Per Member

$1,500/month

All Cancels Report

Per Member

$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.

Cboe LiveVol, LLC Market Data Fees

Open-Close Data:

The fees for the End-of-Day and Intraday Open-Close Data are payable by all Members and Non-Members that subscribe to such data.

"Derived Data" is pricing data or other data that (i) is created in whole or in part from Data, (ii) is not an index or financial product, and (iii) cannot be readily reverse-engineered to recreate Data or used to create other data that is a reasonable facsimile or substitute for Data.

*From April 23, 2025 through June 30, 2025, any single purchase of End-of-Day Ad-hoc Request (historical data) and/or Intraday Ad-hoc Request (historical data) totaling $20,000 or more will receive a 20% discount (for example, a qualifying order of $25,000 would be discounted to $20,000, i.e. receive a 20% discount of $5,000). This discount cannot be combined with any other discount offered by the Exchange, including the academic discount provided for Qualifying Academic Purchasers of historical Open-Close Data.

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.

Options Regulatory Fee:

The per-contract Options Regulatory Fee ("ORF") is assessed by EDGX Options to each Member for options transactions cleared by the Member that are cleared by The Options Clearing Corporation (OCC) in the "customer" range, regardless of the exchange on which the transaction occurs. The Exchange uses reports from OCC when assessing and collecting the ORF. The ORF is collected by OCC on behalf of EDGX Options from the Clearing Member or non-Clearing Member that ultimately clears the transaction. With respect to linkage transactions, the Exchange reimburses its routing brokers providing Routing Services for options regulatory fees it incurs in connection with the Routing Services it provides. Pursuant to EDGX Options Rule 24.1, solely for purposes of ORF billing, Members must provide EDGX Options with a complete list of its OCC clearing numbers and keep such information up to date with EDGX Options.

Options Regulatory Fee (ORF)	Fee Per Executed Contract Side
All Classes	$0.0001