Cboe C2 Options Exchange Fee Schedule

Market Maker Volume Tiers

Applicable to fee code SM

Tier	Fee/Rebate Per Contract	Required Criteria
Tier 1	($0.30)	TPH has an ADAV in Market-Maker orders in SPY, AAPL, QQQ, IWM, SLV, AMC, AMD, AMZN, HYG, PLTR, TSLA, and XLF (i.e., yielding fee codes SM or SL) ≥ 0.35% of Average OCV
Tier 2	($0.32)	TPH has an ADAV in Market-Maker orders in SPY, AAPL, QQQ, IWM, SLV, AMC, AMD, AMZN, HYG, PLTR, TSLA, and XLF (i.e., yielding fee codes SM or SL) ≥ 0.65% of Average OCV
Tier 3	($0.34)	TPH has an ADAV in Market-Maker orders in SPY, AAPL, QQQ, IWM, SLV, AMC, AMD, AMZN, HYG, PLTR, TSLA, and XLF (i.e., yielding fee codes SM or SL) ≥ 0.85% of Average OCV
Tier 4	($0.36)	TPH has an ADAV in Market-Maker orders in SPY, AAPL, QQQ, IWM, SLV, AMC, AMD, AMZN, HYG, PLTR, TSLA, and XLF (i.e., yielding fee codes SM or SL) ≥ 1.05% of Average OCV

Market-Maker (NBBO Joiner or NBBO Setter) Volume Tiers

Applicable to fee code SL

Tier	Fee/Rebate Per Contract	Required Criteria
Tier 1	($0.34)	TPH has an ADAV in Market-Maker orders in SPY, AAPL, QQQ, IWM, SLV, AMC, AMD, AMZN, HYG, PLTR, TSLA, and XLF (i.e., yielding fee codes SM or SL) ≥ 0.85% of Average OCV
Tier 2	($0.36)	TPH has an ADAV in Market-Maker orders in SPY, AAPL, QQQ, IWM, SLV, AMC, AMD, AMZN, HYG, PLTR, TSLA, and XLF (i.e., yielding fee codes SM or SL) ≥ 1.05% of Average OCV

Access Fees:

Type of Permit	Cost per Month
Market-Maker Permit	$5,000
Electronic Access Permit	$1,000

Market-Maker Permit- Entitles the holder to act as a Market-Maker. This permit provides an appointment credit of 1.0 and Trading Permit Holder status.

Electronic Access Permit- Entitles the holder to access to the Exchange. Holders must be broker-dealers registered with the Exchange and are allowed to submit orders to the Exchange. The EAP provides Trading Permit Holder status.

Access fees are non-refundable and are assessed through the integrated billing system during the first week of the following month. If a Trading Permit is issued during a calendar month after the first trading day of the month, the access fee for the Trading Permit for that calendar month is prorated based on the remaining trading days in the calendar month. Trading Permits will be renewed automatically for the next month unless the Trading Permit Holder submits written notification to the Membership Services Department by 4 p.m. on the second-to-last business day of the prior month to cancel the Trading Permit effective at or prior to the end of the applicable month. Trading Permit Holders will only be assessed a single monthly fee for each type of Trading Permit it holds. For example, a Trading Permit Holder with one Market-Maker Permits and one Electronic Access Permit would be assessed a total of $6,000 per month ($5,000 for a Market-Maker Permit and $1,000 for an Electronic Access Permit).

Sponsored User Fees:

Registration Fee*

$2,500 (one-time)

* This fee is a one-time fee payable by a Trading Permit Holder for the registration of each of its Sponsored Users. The Sponsored User Program is governed by C2 Rule 3.15.

Sales Value Fee:

The Sales Value Fee is assessed by C2 to each Trading Permit Holder for sales of securities in the following circumstances: (i) when a sale in option securities occurs with respect to which C2 is obligated to pay a fee to the SEC under Section 31 of the Exchange Act, and (ii) when a sell order in option securities is routed for execution at a market other than on C2, resulting in a covered sale on that market and an obligation of the routing broker providing Routing Services for C2, as described in C2 Rule 636, to pay the related sales fee of that market. To the extent there may be any excess monies collected under this section, C2 may retain those monies to help fund its general operating expenses. The Exchange may reimburse its routing broker for all Section 31-related fees incurred by the routing broker in connection with the Routing Services it provides. The sales transactions to which the Fee applies are sales of options (other than options on a security index). The Sales Value Fee is collected indirectly from Trading Permit Holders through their clearing firms by OCC on behalf of C2 with respect to options sales and options exercises. The amount of the Sales Value Fee is calculated as described below.

Calculation of Fee for Options Sales and Options Exercises: The Sales Value Fee is equal to (i) the Section 31 fee rate multiplied by (ii) the Trading Permit Holder's aggregate dollar amount of covered sales resulting from options transactions occurring on the Exchange during any computational period.

Application-Related Fees:

Organizations*	$5,000
Sole Proprietors*	$3,000
Joint Account*	$1,000
Engage in Customer Business*	$3,000
Associated Person*	$500
Renewal for Organizations	$2,500
Renewal for Sole Proprietors	$500
Exam	$500
Statutory Disqualification	$5,000
Rule 19h-1 Change in Status	$1,650
Fingerprint	$60
Permit Transfer Fee	$500
Responsible Person**	$500

* These fees are not applicable to Cboe Options Trading Permit Holders in connection with obtaining an initial C2 Trading Permit.

** This fee will not be assessed for a Responsible Person who is also an Associated Person with the same Trading Permit Holder.

Regulatory Fees:

Web CRDSM Fees:

The following fees will be collected and retained by FINRA via the Web CRDSM registration system for the registration of associated persons of Exchange Trading Permit Holders that are not also FINRA members:

General Registration Fees:

$125	FINRA Non-Member Processing Fee*
$155	FINRA Disclosure Processing Fee** (U-4, U-5, Form BD and amendments)
$45	FINRA Annual System Processing Fee assessed only during Renewals (through December 31, 2023)
$70	FINRA Annual System Processing Fee assessed only during Renewals (effective January 2, 2024)

* For all Initial, Transfer, Relicense, and Dual Registration Form U-4 filings. This fee will also be generated upon refiling to Web CRDSM of C2 - only registered individuals.

** For all registration, transfer, or termination filings with new or amended disclosure information or that require certification as well as any amendment to disclosure information.

Fingerprint Processing Fees:

$41.25	per paper card Initial Submission
$30.00	per paper card Second Submission
$41.25	per paper card Third Submission
$31.25	per electronic initial submission
$20.00	per electronic second submission
$31.25	per electronic third submission
$30.00	per card submitted by Trading Permit Holders on behalf of their associated persons who have had their prints processed through a self-regulatory organization (“SRO”) other than FINRA.

Continuing Education Fees:

There shall be a session fee of $18 for each individual who is required to complete the Regulatory Element of the Continuing Education Requirements pursuant to Rule 9.3A.

Communication Review Fee:

Regular review - 1) for printed material reviewed, $150 per submission, plus $25 for each page reviewed in excess of 5 pages; and 2) for video and audio media reviewed, $150 per submission, plus $25 per minute for each minute of tape reviewed in excess of 5 minutes.

Expedited review - 1) for printed material reviewed, $1,000 per submission, plus $50 for each page reviewed in excess of 5 pages; and 2) for video and audio media reviewed, $1,000 per submission, plus $50 per minute for each minute of tape reviewed in excess of 5 minutes.

Expedited review will be completed within five business days, not including the date the item is received by the Exchange, unless a shorter or longer period is agreed to by the Exchange. The Exchange may, in its sole discretion, refuse requests for expedited review.

Options Regulatory Fee:

$0.0002 per contract*

* The Options Regulatory Fee is assessed to each Trading Permit Holder for options transactions cleared by the Trading Permit Holder that are cleared by The Options Clearing Corporation (OCC) in the customer range, regardless of the exchange on which the transaction occurs. C2 uses reports from OCC when assessing and collecting the ORF. The fee is collected by OCC on behalf of C2 from the Clearing Participant or non-Clearing Participant that ultimately clears the transaction. With respect to linkage transactions, C2 reimburses its routing broker providing Routing Services pursuant to C2 Options Rule 5.36 for options regulatory fees it incurs in connection with the Routing Services it provides. Pursuant to Cboe Options Rule 7.1 (which applies to C2 Trading Permit Holders), solely for purposes of ORF billing, Trading Permit Holders must provide C2 with a complete list of its OCC clearing numbers and keep such information up to date with C2.

Qualification Examination Waiver Request Fee:

$200 per exam waiver request

This fee is assessed to a Trading Permit Holder for each waiver request of a non-FINRA examination (e.g., Series 57 examination) submitted by the Trading Permit Holder.

Physical Connectivity Fees:

Assessed to TPHs and non-TPHs

Fee	Cost per Month
Physical Port 1 Gbps	$2,500 per port
Physical Port 10 Gbps	$8,500 per port
Physical Port 1 Gbps (Disaster Recovery)	$2,000 per port
Physical Port 10 Gbps (Disaster Recovery)	$6,000 per port

TPHs and non-TPHs connect to C2’s trading system via Physical Ports. All Physical Port 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 Cboe BZX, Cboe BYX, Cboe EDGX, and Cboe EDGA. Disaster Recovery Physical Ports may be used to connect to the Disaster Recovery Systems for Cboe BZX, Cboe BYX, Cboe EDGX, Cboe EDGA, Cboe Options and CFE. TPHs and non-TPHs will only be assessed a single fee for any Physical Port or Disaster Recovery Physical Port that accesses the identified exchanges, respectively. 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.

Logical Connectivity Fees:

Service	Cost per Month
Logical Ports (BOE, FIX, Drop)	$650 per port
Bulk BOE Ports 1-5	$1,500 per port
Bulk BOE Ports >5	$2,500 per port
Purge ports	$750 per port
GRP Ports	$650/primary (A or C Feed)
Multicast PITCH/Top Spin Server Ports	$650/set of primary (A or C feed)
Certification Logical Ports	$250 per port

Logical Ports (BOE and FIX): Each BOE or FIX Logical Port will incur the logical port fee indicated in the table above when used to enter up to 70,000 orders per trading day per logical port as measured on average in a single month. Each incremental usage of up to 70,000 per day per logical port will incur an additional logical port fee of $650 per month. Incremental usage will be determined on a monthly basis based on the average orders per day entered in a single month across all of a market participant’s subscribed BOE and FIX Logical Ports.

Bulk BOE Ports: Each Bulk BOE Logical Port will incur the logical port fee indicated in the table above when used to enter up to 30,000,000 orders per trading day per logical port as measured on average in a single month. Each incremental usage of up to 30,000,000 orders per day per BOE Bulk Logical Port will incur an additional logical port fee of $2,500 per month. Incremental usage will be determined on a monthly basis based on the average orders per day entered in a single month across all of a market participant’s subscribed BOE Bulk Logical Ports.

Bulk BOE Ports Discount: A Market-Maker will receive a 30% discount on its monthly Bulk BOE Logical Port fees, excluding incremental usage fees, where the Market-Maker (1) has a Step-Up ADAV equal to or greater than 0.03% of OCV from September 2022 and (2) has a “Make Rate” equal to or greater than 97%. A Market-Maker will receive a 40% discount on its monthly Bulk BOE Logical Port fees, excluding incremental usage fees, where the Market-Maker (1) has a Step-Up ADAV equal to or greater than 0.05% of OCV from September 2022 and (2) has a “Make Rate” equal to or greater than 97%. The “Make Rate” shall be derived from a Market-Makers volume the previous month in all symbols using the following formula: (i) the Market-Maker’s total simple add volume divided by (ii) the Market-Maker’s total simple volume. Trades on the open and complex orders will be excluded from the Make Rate calculation. The Exchange will aggregate the trading activity of separate Market-Maker firms for purposes of the discount tier and make rate calculation if there is at least 75% common ownership between the firms as reflected on each firm's Form BD, Schedule A.

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.

Multicast PITCH/Top is available through one of two primary feeds, either the A or C feed. All secondary feed Multicast PITCH/Top 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. The port fees for BOE, FIX, BOE BULK and Drop ports will be pro-rated.

Certification Logical Ports: Users will be entitled to receive one Certification Logical Port free of charge per each logical port type.

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.

A “Display Only Service” allows a natural person end-user to view and manipulate data using the Distributor’s computerized service, but not to save, copy, export or transfer the data or any results of the manipulation to any other computer hardware, software or media, except for printing it to paper or other non-magnetic media..

A “Device” means any computer, workstation or other item of equipment, fixed or portable, that receives, accesses and/or displays data in visual, audible or other form.”

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.

C2 Options Top:

Distribution Fee*	$2,500/month
Professional User Fee	$5/month/user
Non-Professional User Fee**	$0.10/month/user
Enterprise Fee**	0 - 1,500,000 Users	$10,000	1,500,001 – 2,500,000 Users	$20,000	Greater than 2,500,000 Users	$30,000

* Distribution Fee applies for Internal and/or External distribution. New External Distributors of C2 Options Top will not be charged any Distribution Fee for their first three (3) months (the "New External Distributor Credit"). Any trial usage period for C2 Options Top will not be counted towards the first three (3) months. Each External Distributor of C2 Options Top will also be eligible to receive a credit against its monthly Distributor Fee for the C2 Options Top equal to the amount of its monthly User Fees or Enterprise Fee up to a maximum of the Distributor Fee for the C2 Options Top. External Distributors of C2 Options Top will not be eligible to receive the credit during an External Distributor’s trial usage period for C2 Options Top 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 C2 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 C2 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.

C2 Options Depth:

Distribution Fee*	$2,500/month
User Fee**	$50/month/Device or User ID

*Distribution Fee applies for Internal and/or External distribution. The Distribution Fee for the C2 Options Depth Feed is waived for Distributors of C2 Options Top Feed.

** User Fee applies only for “external” Display Only Service users (i.e., Devices or user IDs of Display Only Service users who receive data from a Distributor and are not employees or natural person independent contractors of the Distributor, the Distributor’s affiliates or an authorized service facilitator).

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	1,500,001 – 2,500,000 Users	$550,000	Greater than 2,500,000 Users	$750,000
Data Consolidation Fee	$500/month

Historical Depth Data:

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

From October 18, 2024 through December 31, 2024, 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.

* 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. External Distributors will not be eligible to receive the 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.

C2 Complex Order Book (COB):

Distribution Fee*	$1,000/month
User Fee**	$25/month/Device or User ID

*Distributor Fee applies for Internal and/or External distribution. The Distribution Fee for the C2 COB Feed is waived for Distributors of C2 Options Top and/or C2 Depth Feeds.

** User Fee applies for both “internal” Professional Users (Devices or user IDs of employees of a Distributor) and “external” Professional Users (Devices or user IDs of Professional Users who receive the Data from a Distributor and are not employed by the Distributor). No User fee is assessed for Non-Professional Users.

Systems Fees:

Direct Data Access Fee: $1,000/per data source/month

Direct Data Access Fee. The Direct Data Access fee is payable by any Distributor that receives data through a direct connection to the Exchange or through a connection to the Exchange provided by an extranet service provider. The port fee applies to receipt of any C2 Options data feed but is only assessed once per data source.

Cboe LiveVol, LLC Market Data Fees:

Open-Close Data:

End-of-Day Subscription	$500 per month
End-of-Day Ad-hoc Request (historical data)	$400 per request per month. An ad-hoc request can be for any number of months beginning with January 2018 for which the data is available.*	Qualifying Academic Purchasers will be charged $500 per year for the first year. Each additional month purchased thereafter will be prorated based on the $500 per year rate.
Intraday Subscription	$1,000 per month or $12,000 per year
Intraday Ad-hoc Request (historical data)	$500 per request month*	Qualifying Academic Purchasers will be charged $1,000 per year for the first year. Each additional month purchased thereafter will be prorated based on the $1,000 per year rate.
External Distribution of Derived Data	$5,000 per month Fees for external distribution of Derived Data from Open-Close Data are in addition to fees for the End-of-Day product or the Intraday product, or both, as applicable.

Fees for End-of-Day and Intraday Open-Close Data are payable by all TPHs and Non-TPHs 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 October 10, 2024 through December 31, 2024, 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. 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.