CBOE Fee Schedule Amendment, User Fee Exemption and Non-Display Usage Definition

Item 1. Text of the Proposed Rule Change

(a) Cboe Exchange, Inc. (the "Exchange" or "Cboe Options") proposes to amend its Fee Schedule to codify a User Fee exemption and the amended definition of "Non-Display Usage" in its Fee Schedule. The text of the proposed rule change is provided in Exhibit 5. (b) Not applicable. (c) Not applicable.

Item 2. Procedures of the Self-Regulatory Organization

(a) The Exchange's President (or designee) pursuant to delegated authority approved the proposed rule change on March 20, 2026. (b) Please refer questions and comments on the proposed rule change to Pat Sexton, Executive Vice President, General Counsel, and Corporate Secretary, (312) 786- 7467, or Allyson Van Marter, (312) 786-7098, Cboe Exchange, Inc., 433 West Van Buren Street, Chicago, Illinois 60607.

Item 3. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change

(a) Purpose The Exchange proposes to codify (i) an existing User Fee exemption to the Market Data section of its Fee Schedule and (ii) the amended definition of "Non-Display Usage" under the Market Data section of its Fee Schedule. As discussed further below, both the 1 User Fee exemption and the amended definition of Non-Display Usage are currently

The Exchange initially submitted the proposed rule change on April 1, 2026 (SR-CBOE-2026-030). 1 On April 13, 2026, the Exchange withdrew that filing and submitted SR-CBOE-2026-031. On April 21, 2026, the Exchange withdrew that filing and submitted this filing.

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contained in the Cboe Global Markets North American Data Policies, the Exchange now proposes to codify both concepts in its Fee Schedule. First, the Exchange proposes to codify that Controlled Distributors, are exempt from Display Usage fees for the market data products listed on the Exchange's Fee 2 Schedule (each, a "Data Product") where the sole purpose of receiving the data is for software development, quality assurance, testing, sales support relating to redistribution, or for technical monitoring of systems using a Product and not in support of other commercial/business functions (collectively, the "Permitted Purposes). In connection with codifying the Display Usage exemption, the Exchange also proposes to codify the definitions of Controlled Distributor, Display Usage and Uncontrolled Distributor within 3 its Fee Schedule for clarity; all definitions currently exist within the Cboe North American Data Policies. The Exchange has previously applied the User Fee exemption, and while there is no substantive change to how the Exchange applies this, it proposes to formally codify this practice to be within its Fee Schedule. By way of background, Controlled Distributors both (i) provide data to a User and (ii) control the entitlements of and display of information to such User. Meaning, Controlled 4

Display Usage means the access to and/or use of a Market Data product by User via a graphical user 2 interface, application or other medium which displays data. See Cboe Global Markets North American Data Policies. The Exchange proposes to codify the definition of "Displayed Usage" in the Definitions section of the Market Data Fees schedule in the Exchange's Fees Schedule for transparency and clarity. Display Usage fees refer to Processional and Non-Professional User fees, as well as Enterprise or Digital Media fees, that are assessed for the Exchange Market Data products set forth in the Exchange's Fee Schedule, as applicable. Uncontrolled Distributors are defined as External Distributors that do not control the entitlements 3 of and display of information to its Users. See Cboe Global Markets North American Data Policies. The Exchange proposes to codify the definition of "Uncontrolled Distributors" in the Definitions section of the Market Data Fees schedule in the Exchange's Fees Schedule for transparency and clarity. See Cboe Global Markets North American Data Policies. The Exchange proposes to codify the 4 definition of an "Controlled Distributor" in the Definitions section of the Market Data Fees schedule in the Exchange's Fees Schedule for transparency and clarity.

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Distributors entitle individual Users to view the data on a pre-existing Display application. Controlled Distributors are charged with tracking the Users which it enables and, is assessed the appropriate corresponding Professional and/or Non-Professional user fees, as applicable. The Exchange now proposes to specify in its Fee schedule that when a Data 5 Product is used for a Permitted Purpose, Users shall not be charged a Display Usage fee. Second, the Exchange also proposes to codify the amended definition of "Non-Display Usage" as any method of accessing, or facilitating access to, a Market Data product that involves access or use by a machine or automated device for a purpose that is not solely in support of display for a natural person or persons. The Exchange previously applied the 6 prior definition of Non-Display Usage that was in the Cboe Global Markets North American Data Policies. This definition stated that Non-Display Usage meant any method of accessing a Market Data product that involved access or use by a machine or automated device without access or use of a display by a natural person or persons. This definition was also previously in the Exchange's affiliated equities exchanges fee schedules. The proposed definition adopted in Cboe Global Markets North American Data Policies (effective April 1, 2026) now states that, Non-Display Usage means any method of accessing, or facilitating access to, a Market Data product that involves access or use by a machine or automated device for a purpose that is not solely in support of display for a

See Cboe Options Fee Schedule. As noted above, Display Usage fees are assessed at different rates 5 depending on (i) if the User is a Professional user or a Non-Professional and (ii) for the specific Data Product as set for the Exchange's Market Data. The term "Non-Display Usage" is defined in Cboe Global Markets' North American Data Policies. 6 See Cboe Global Markets North American Data Policies. The term is also defined in the fee schedules of the Exchange's affiliated equities exchanges. See e.g., Cboe BYX Equities Fee Schedule. The Exchange now proposes to codify the definition of "Non-Display Usage" in the Definitions section of Market Data Fees in the Exchange's Fees Schedule for transparency and clarity. The Exchange seeks to adopt the definition of "Non-Display Usage" contained in Cboe Global Markets' North American Data Policies.

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natural person or persons. As discussed further below, the proposed definition is intended to capture changes in the evolving landscape of technology with firms more frequently leveraging Large Language Models ("LLMs"). In conjunction with the proposed revision to the Non-Display Usage definition, the Exchange proposes to codify this amended, up-to-date version to be within its Fee Schedule. The Exchange's affiliated options and equities exchanges are also codifying and amending this definition (as applicable) in their respective fee schedules. (b) Statutory Basis The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (the "Act") and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act. Specifically, 7 the Exchange also believes the proposed rule change is consistent with Section 6(b)(4) of the Act, which requires that Exchange rules provide for the equitable allocation of 8 reasonable dues, fees, and other charges among its Members and other persons using its facilities. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) requirement that the rules of an exchange not be designed to permit 9 unfair discrimination between customers, issuers, brokers, or dealers. User Fee Exemption In particular, the proposed exemption is designed to provide for the equitable allocation of reasonable dues, fees and other charges among its members and other recipients of Exchange data. For example, Display Usage of Data Products solely for the

15 U.S.C. 78f(b). 7 15 U.S.C. 78f(b)(4). 8 15 U.S.C. 78f(b)(5). 9

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enumerated Permitted Purposes does not directly generate revenue. As such, the Exchange believes it equitable to not charge for such usage. Other exchanges and market data offerings have also taken a similar approach when charging for these uses and such 10 exemptions for these purposes are generally accepted within the industry to not be fee liable. The Exchange believes that codifying this exemption is reasonable as no fees will be assessed where there are Permitted Purposes. The Exchange notes that all of the Data Products are distributed and purchased on a voluntary basis, in that neither the Exchange nor market data distributors are required by

Additionally, the Exchange believes the proposed exemption is equitable and non- discriminatory in that it applies uniformly to similarly situated market participants (i.e., all Controlled Distributors whose Users use a Data Product solely for a Permitted Purpose). Further, the Exchange notes that it is equitable and not unfairly discriminatory for this to only apply to Display Usage fees of Controlled Distributors, as Uncontrolled Distributors only distribute Data Products where Display Usage fees are not applicable. The Exchange believes that codifying the definitions of Display Usage, Controlled Distributor, and Uncontrolled Distributor in its Fee Schedule provides further clarity for

See e.g., MIAX Exchange Group Market Data Policies, Section 10 and UTP Plan Administration 10 Data Policies, Administrative Usage Policy - Internal Use Only.

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market participants. With all relevant terms for the Display Usage exemption defined within the Fee Schedule, market participants will be better able to ascertain if this exemption is applicable to them and the specific terms of this exemption. Non-Display Usage Definition In particular, the codification of the amended definition of "Non-Display Usage" contained in Cboe Global Markets' North American Data Policies is designed to (i) provide transparency by including this definition in the Fee Schedule directly (as opposed to only having this within the Cboe Global Markets North American Data Policies) and (ii) provide for the equitable allocation of reasonable dues, fees and other charges among its members and other recipients of Exchange Data through the proposed amendments to the prior definition that was applied (and was previously in the Cboe Global Markets North American Data Policies). Specifically, the amended definition of Non-Display Usage means any method of accessing, or facilitating access to, a Market Data product that involves access or use by a machine or automated device for a purpose that is not solely in support of display for a natural person or persons. As noted above, the prior definition that was used (and was contained in Cboe Global Markets' North American Data Policies) stated that: 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. The codification of the amended definition of "Non-Display Usage," and other terms, are intended to add transparency and clarity to the Exchange's Fee Schedule. The 11

Supra notes 2, 3 and 4. 11

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proposed amended definition is intended to capture changes in the evolving landscape of technology with firms more frequently leveraging Large Language Models ("LLMs"). Firms that facilitate the transmission of Data Products into "black box" solutions (which include LLMs), may now need to obtain non-display licensing for usage of the Data Product. For example, the prior definition in Cboe Global Markets North American Data Policies did not include "facilitating access to" in the Non-Display Usage definition. This meant that if a firm directly ingested a Data Product for the purpose of feeding the data directly into an automated trading strategy, it would be required to procure a license for Non-Display. However, under the prior definition, a firm that ingested a Data Product for training or operating a LLM or that facilitated transmission of a Data Product may not explicitly fall under the definition of Non-Display Usage, despite the firm ingesting the data for a non-display purpose. In order to facilitate more equitable outcomes between firms, the Exchange proposes to include this in its amended definition to ensure that Non- Display Usage better covers the intended audience. The intent of this revised definition is not to introduce a new or novel concept, it is instead intended to provide further clarity on firms that should be covered under this license with new uses of Data Products in mind. The Exchange notes that this update better aligns itself with industry standards as well. 12

See e.g., NASDAQ Data - Artificial Intelligence Policy (Market Data - DataAIPolicy-12 NASDAQ.pdf - All Documents), stating that "Any use of or access to Nasdaq Information including for training of AI models must strictly adhere to the terms of the license governing access to such Nasdaq Information, including maintaining appropriate licenses with redistributors and service facilitators. This includes any use that would subject the data to the following environments outside the license."

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The Exchange notes that all the Data Products are distributed and purchased on a voluntary basis, in that neither the Exchange nor market data distributors are required by

Additionally, the Exchange believes the amended definition of "Non-Display Usage" that it proposes to include in its Fee Schedule is equitable and non-discriminatory in that it applies uniformly to similarly situated market participants. Adding this definition to the Fee Schedule only provides further clarity and transparency for market participants. As noted above, the Exchange's affiliated equities exchanges already have a "Non-Display Usage" definition codified within their respective schedules. In conjunction with this filing, the Exchange's affiliated equities exchanges are also proposing to amend the existing Non- Display Usage definition within their fee schedules to align with the revised Cboe North America Market Data Policies and with the Exchange's proposed definition. The Exchange's affiliated options exchanges are also proposing to adopt this updated definition within their fee schedules as well.

Item 4. Self-Regulatory Organization's Statement on Burden on Competition

The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule changes are grounded in the Exchange's efforts to compete more effectively (e.g., by updating its definition of Non-Display to conform with changes in the

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industry). As a result, the Exchange believes this proposed rule change permits fair competition among national securities exchanges. Further, the Exchange believes that these changes will not cause any unnecessary or inappropriate burden on intramarket competition, as the exemption applies uniformly to all Controlled Distributors, and in turn, the ultimate end Users are not utilizing the applicable Data Product(s) for commercial or business purposes. Further, the proposed change to codify the User Fee exemption is not designed to address any competitive issues. Indeed, this proposal does not create an unnecessary or inappropriate inter-market burden on competition because it merely clarifies the Exchange's internal process (as stated in the Cboe Global Markets North American Data Policies) on applying the User Fee exemption.

Item 5. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received from Members, Participants, or Others

The Exchange neither solicited nor received comments on the proposed rule change.

Item 6. Extension of Time Period for Commission Action

Not applicable.

Item 7. Basis for Summary Effectiveness Pursuant to Section 19(b)(3) or for Accelerated Effectiveness Pursuant to Section 19(b)(2) or Section 19(b)(7)(D)

(a) The proposed rule change is filed for immediate effectiveness pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-4(f)(2) thereunder. 13 14 (b) The Exchange designates that the proposed rule change establishes or changes a due, fee, or other charge imposed by the Exchange, which renders the proposed rule change effective upon filing with the Securities and Exchange Commission (the

15 U.S.C. 78s(b)(3)(A). 13 17 CFR 240.19b-4(f)(2). 14

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"Commission"). At any time within 60 days of the filing of this proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission will institute proceedings to determine whether the proposed rule change should be approved or disapproved. (c) Not applicable. (d) Not applicable.

Item 8. Proposed Rule Change Based on Rules of Another Self-Regulatory Organization or of the Commission

The proposed rule change is not based on a rule either of another self-regulatory organization or of the Commission.

Item 9. Security-Based Swap Submissions Filed Pursuant to Section 3C of the Act

Not applicable.

Item 10. Advance Notices Filed Pursuant to Section 806(e) of the Payment, Clearing and Settlement Supervision Act

Not applicable.

Item 11. Exhibits

Exhibit 1. Completed Notice of Proposed Rule Change for publication in the Federal Register. Exhibit 5. Proposed rule text.

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Page 13 of 25 EXHIBIT 1

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34- ; File No. SR-CBOE-2026-040] [Insert date] Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend its Fee Schedule to Codify a User Fee Exemption and the Amended Definition of "Non-Display Usage" in its Fee Schedule Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the "Act"), 1 and Rule 19b-4 thereunder, notice is hereby given that on [insert date], Cboe Exchange, 2 Inc. (the "Exchange" or "Cboe Options") filed with the Securities and Exchange Commission (the "Commission") the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.

1. Self-Regulatory Organization's Statement of the Terms of Substance of the

Proposed Rule Change

Cboe Exchange, Inc. (the "Exchange" or "Cboe Options") proposes to amend its Fee Schedule to codify a User fee exemption and the amended definition of "Non-Display Usage" in its Fee Schedule. The text of the proposed rule change is provided in Exhibit 5. The text of the proposed rule change is also available on the Commission's website (https://www.sec.gov/rules/sro.shtml), the Exchange's website (https://www.cboe.com/us/options/regulation/rule_filings/bzx/), and at the principal office of the Exchange.

15 U.S.C. 78s(b)(1). 1 17 CFR 240.19b-4. 2

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1. Self-Regulatory Organization's Statement of the Purpose of, and Statutory

Basis for, the Proposed Rule Change

In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements.

1. Self-Regulatory Organization's Statement of the Purpose of, and Statutory
   Basis for, the Proposed Rule Change

2. Purpose
   The Exchange proposes to codify (i) an existing User Fee exemption to the Market Data section of its Fee Schedule and (ii) the amended definition of "Non-Display Usage" under the Market Data section of its Fee Schedule. As discussed further below, both the 3 User Fee exemption and the amended definition of Non-Display Usage are currently contained in the Cboe Global Markets North American Data Policies, the Exchange now proposes to codify both concepts in its Fee Schedule. First, the Exchange proposes to codify that Controlled Distributors, are exempt from Display Usage fees for the market data products listed on the Exchange's Fee 4 Schedule (each, a "Data Product") where the sole purpose of receiving the data is for

The Exchange initially submitted the proposed rule change on April 1, 2026 (SR-CBOE-2026-030). 3 On April 13, 2026, the Exchange withdrew that filing and submitted SR-CBOE-2026-031. On April 21, 2026, the Exchange withdrew that filing and submitted this filing. Display Usage means the access to and/or use of a Market Data product by User via a graphical user 4 interface, application or other medium which displays data. See Cboe Global Markets North American Data Policies. The Exchange proposes to codify the definition of "Displayed Usage" in the Definitions section of the Market Data Fees schedule in the Exchange's Fees Schedule for transparency and clarity. Display Usage fees refer to Processional and Non-Professional User fees, as well as Enterprise or Digital Media fees, that are assessed for the Exchange Market Data products set forth in the Exchange's Fee Schedule, as applicable.

Page 15 of 25 software development, quality assurance, testing, sales support relating to redistribution, or for technical monitoring of systems using a Product and not in support of other commercial/business functions (collectively, the "Permitted Purposes). In connection with codifying the Display Usage exemption, the Exchange also proposes to codify the definitions of Controlled Distributor, Display Usage and Uncontrolled Distributor within 5 its Fee Schedule for clarity; both definitions currently exist within the Cboe North American Data Policies. The Exchange has previously applied the User Fee exemption, and while there is no substantive change to how the Exchange applies this, it proposes to formally codify this practice to be within its Fee Schedule. By way of background, Controlled Distributors both (i) provide data to a User and (ii) control the entitlements of and display of information to such User. Meaning, Controlled 6 Distributors entitle individual Users to view the data on a pre-existing Display application. Controlled Distributors are charged with tracking the Users which it enables and, is assessed the appropriate corresponding Professional and/or Non-Professional user fees, as applicable. The Exchange now proposes to specify in its Fee schedule that when a Data 7 Product is used for a Permitted Purpose, Users shall not be charged a Display Usage fee.

Uncontrolled Distributors are defined as External Distributors that do not control the entitlements 5 of and display of information to its Users. See Cboe Global Markets North American Data Policies. The Exchange proposes to codify the definition of "Uncontrolled Distributors" in the Definitions section of the Market Data Fees schedule in the Exchange's Fees Schedule for transparency and clarity. See Cboe Global Markets North American Data Policies. The Exchange proposes to codify the 6 definition of an "Controlled Distributor" in the Definitions section of the Market Data Fees schedule in the Exchange's Fees Schedule for transparency and clarity. See Cboe Options Fee Schedule. As noted above, Display Usage fees are assessed at different rates 7 depending on (i) if the User is a Professional user or a Non-Professional and (ii) for the specific Data Product as set for the Exchange's Market Data.

Page 16 of 25 Second, the Exchange also proposes to codify the amended definition of "Non-Display Usage" as any method of accessing, or facilitating access to, a Market Data product that involves access or use by a machine or automated device for a purpose that is not solely in support of display for a natural person or persons. The Exchange previously applied the 8 prior definition of Non-Display Usage that was in the Cboe Global Markets North American Data Policies. This definition stated that Non-Display Usage meant any method of accessing a Market Data product that involved access or use by a machine or automated device without access or use of a display by a natural person or persons. This definition was also previously in the Exchange's affiliated equities exchanges fee schedules. The proposed definition adopted in Cboe Global Markets North American Data Policies (effective April 1, 2026) now states that, Non-Display Usage means any method of accessing, or facilitating access to, a Market Data product that involves access or use by a machine or automated device for a purpose that is not solely in support of display for a natural person or persons. As discussed further below, the proposed definition is intended to capture changes in the evolving landscape of technology with firms more frequently leveraging Large Language Models ("LLMs"). In conjunction with the proposed revision to the Non-Display Usage definition, the Exchange proposes to codify this amended, up-to-date version to be within its Fee

The term "Non-Display Usage" is defined in Cboe Global Markets' North American Data Policies. 8 See Cboe Global Markets North American Data Policies. The term is also defined in the fee schedules of the Exchange's affiliated equities exchanges. See e.g., Cboe BYX Equities Fee Schedule. The Exchange now proposes to codify the definition of "Non-Display Usage" in the Definitions section of Market Data Fees in the Exchange's Fees Schedule for transparency and clarity. The Exchange seeks to adopt the definition of "Non-Display Usage" contained in Cboe Global Markets' North American Data Policies.

Page 17 of 25 Schedule. The Exchange's affiliated options and equities exchanges are also codifying and amending this definition (as applicable) in their respective fee schedules.

1. Statutory Basis The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 (the "Act") and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act. Specifically, 9 the Exchange also believes the proposed rule change is consistent with Section 6(b)(4) of the Act, which requires that Exchange rules provide for the equitable allocation of 10 reasonable dues, fees, and other charges among its Members and other persons using its facilities. Additionally, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5) requirement that the rules of an exchange not be designed to permit 11 unfair discrimination between customers, issuers, brokers, or dealers. User Fee Exemption In particular, the proposed exemption is designed to provide for the equitable allocation of reasonable dues, fees and other charges among its members and other recipients of Exchange data. For example, Display Usage of Data Products solely for the enumerated Permitted Purposes does not directly generate revenue. As such, the Exchange believes it equitable to not charge for such usage. Other exchanges and market data offerings have also taken a similar approach when charging for these uses and such 12 exemptions for these purposes are generally accepted within the industry to not be fee

15 U.S.C. 78f(b). 9 15 U.S.C. 78f(b)(4). 10 15 U.S.C. 78f(b)(5). 11 See e.g., MIAX Exchange Group Market Data Policies, Section 10 and UTP Plan Administration 12 Data Policies, Administrative Usage Policy - Internal Use Only.

Page 18 of 25 liable. The Exchange believes that codifying this exemption is reasonable as no fees will be assessed where there are Permitted Purposes. The Exchange notes that all of the Data Products are distributed and purchased on a voluntary basis, in that neither the Exchange nor market data distributors are required by

Additionally, the Exchange believes the proposed exemption is equitable and non- discriminatory in that it applies uniformly to similarly situated market participants (i.e., all Controlled Distributors whose Users use a Data Product solely for a Permitted Purpose). Further, the Exchange notes that it is equitable and not unfairly discriminatory for this to only apply to Display Usage fees of Controlled Distributors, as Uncontrolled Distributors only distribute Data Products where Display Usage fees are not applicable. The Exchange believes that codifying the definitions of Display Usage Controlled Distributor, and Uncontrolled Distributor in its Fee Schedule provides further clarity for market participants. With all relevant terms for the Display Usage exemption defined within the Fee Schedule, market participants will be better able to ascertain if this exemption is applicable to them and the specific terms of this exemption. Non-Display Usage Definition In particular, the codification of the amended definition of "Non-Display Usage" contained in Cboe Global Markets' North American Data Policies is designed to (i) provide

Page 19 of 25 transparency by including this definition in the Fee Schedule directly (as opposed to only having this within the Cboe Global Markets North American Data Policies) and (ii) provide for the equitable allocation of reasonable dues, fees and other charges among its members and other recipients of Exchange Data through the proposed amendments to the prior definition that was applied (and was previously in the Cboe Global Markets North American Data Policies). Specifically, the amended definition of Non-Display Usage means any method of accessing, or facilitating access to, a Market Data product that involves access or use by a machine or automated device for a purpose that is not solely in support of display for a natural person or persons. As noted above, the prior definition that was used (and was contained in Cboe Global Markets' North American Data Policies) stated that: 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. The codification of the amended definition of "Non-Display Usage," and other terms, are intended to add transparency and clarity to the Exchange's Fee Schedule. The 13 proposed amended definition is intended to capture changes in the evolving landscape of technology with firms more frequently leveraging Large Language Models ("LLMs"). Firms that facilitate the transmission of Data Products into "black box" solutions (which include LLMs), may now need to obtain non-display licensing for usage of the Data Product.

Supra notes 4, 5 and 6. 13

Page 20 of 25 For example, the prior definition in Cboe Global Markets North American Data Policies did not include "facilitating access to" in the Non-Display Usage definition. This meant that if a firm directly ingested a Data Product for the purpose of feeding the data directly into an automated trading strategy, it would be required to procure a license for Non-Display. However, under the prior definition, a firm that ingested a Data Product for training or operating a LLM or that facilitated transmission of a Data Product may not explicitly fall under the definition of Non-Display Usage, despite the firm ingesting the data for a non-display purpose. In order to facilitate more equitable outcomes between firms, the Exchange proposes to include this in its amended definition to ensure that Non- Display Usage better covers the intended audience. The intent of this revised definition is not to introduce a new or novel concept, it is instead intended to provide further clarity on firms that should be covered under this license with new uses of Data Products in mind. The Exchange notes that this update better aligns itself with industry standards as well. 14 The Exchange notes that all the Data Products are distributed and purchased on a voluntary basis, in that neither the Exchange nor market data distributors are required by

See e.g., NASDAQ Data - Artificial Intelligence Policy (Market Data - DataAIPolicy-14 NASDAQ.pdf - All Documents), stating that "Any use of or access to Nasdaq Information including for training of AI models must strictly adhere to the terms of the license governing access to such Nasdaq Information, including maintaining appropriate licenses with redistributors and service facilitators. This includes any use that would subject the data to the following environments outside the license."

Page 21 of 25

Additionally, the Exchange believes the amended definition of "Non-Display Usage" that it proposes to include in its Fee Schedule is equitable and non-discriminatory in that it applies uniformly to similarly situated market participants. Adding this definition to the Fee Schedule only provides further clarity and transparency for market participants. As noted above, the Exchange's affiliated equities exchanges already have a "Non-Display Usage" definition codified within their respective schedules. In conjunction with this filing, the Exchange's affiliated equities exchanges are also proposing to amend the existing Non- Display Usage definition within their fee schedules to align with the revised Cboe North America Market Data Policies and with the Exchange's proposed definition. The Exchange's affiliated options exchanges are also proposing to adopt this updated definition within their fee schedules as well.

1. Self-Regulatory Organization's Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule changes are grounded in the Exchange's efforts to compete more effectively (e.g., by updating its definition of Non-Display to conform with changes in the industry). As a result, the Exchange believes this proposed rule change permits fair competition among national securities exchanges. Further, the Exchange believes that these changes will not cause any unnecessary or inappropriate burden on intramarket competition, as the exemption applies uniformly to all Controlled Distributors, and in turn, the ultimate end Users are not utilizing the applicable Data Product(s) for commercial or

Page 22 of 25 business purposes. Further, the proposed change to codify the User Fee exemption is not designed to address any competitive issues. Indeed, this proposal does not create an unnecessary or inappropriate inter-market burden on competition because it merely clarifies the Exchange's internal process (as stated in the Cboe Global Markets North American Data Policies) on applying the User Fee exemption

1. Self-Regulatory Organization's Statement on Comments on the Proposed
   Rule Change Received from Members, Participants, or Others The Exchange neither solicited nor received comments on the proposed rule change.

2. Date of Effectiveness of the Proposed Rule Change and Timing for Commission

Action

The foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act and paragraph (f) of Rule 19b-4 thereunder. At any time within 60 days of the 15 16 filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act. If the Commission takes such action, the Commission will institute proceedings to determine whether the proposed rule change should be approved or disapproved.

1. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods:

15 U.S.C. 78s(b)(3)(A). 15 17 CFR 240.19b-4(f). 16

Page 23 of 25 Electronic Comments:

• Use the Commission's internet comment form
  (https://www.sec.gov/rules/sro.shtml); or

• Send an email to rule-comments@sec.gov. Please include file number
  SR-CBOE-2026-040 on the subject line. Paper Comments:

• Send paper comments in triplicate to Secretary, Securities and Exchange
  Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to file number SR-CBOE-2026-040. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's internet website (https://www.sec.gov/rules/sro.shtml). Copies of the filing will be available for inspection and copying at the principal office of the Exchange. Do not include personal identifiable information in submissions; you should submit only information that you wish to make available publicly. We may redact in part or withhold entirely from publication submitted material that is obscene or subject to copyright protection. All submissions should refer to file number SR-CBOE-2026-040 and should be submitted on or before [INSERT DATE 21 DAYS AFTER DATE OF PUBLICATION IN THE FEDERAL REGISTER]. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 17

17 CFR 200.30-3(a)(12). 17

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Sherry R. Haywood, Assistant Secretary.

Cboe Exchange, Inc.Fees Schedule - April [13] 21 , 2026 Page 25 of 25

For purposes of this Program, "Retail" volume will be defined as Customer orders ("C" capacity code) for which the original order size (in the case of a simple order) or largest leg size (in the case of a complex order) is 20 contracts or less). Additionally "Qualifying Classes" will be defined as SPX (including SPXW), VIX, RUT, MXEA, MXEF, MXACW, MXUSA & MXWLD. To determine an Originating Firm's Discount Tier, an Originating Firm's Retail volume in the Qualifying Classes will be divided by total Retail volume in the Qualifying Classes executed on the 48Exchange. The Clearing Trading Permit Holder that is billed for an Originating Firm's transactions under this program will receive the applicable discounts. If there is more than one Clearing Trading Permit Holder that is billed for an Originating Firm's transactions under this program, then the discounts will be applied on a pro rata basis. Orders in which the capacity is changed to "Customer" on post-trade records using the Clearing Editor and single leg orders created by hard-edits to complex orders using the Clearing Editor are excluded from the Program.

• 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 Controlled Distributor of an Exchange Market Data product is a Distributor that both (i) provides data to a User and (ii) controls the entitlements of and display of information to such User.
• An Uncontrolled 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.
• Non-Display Usage means any method of accessing, or facilitating access to, a Market Data product that involves access or use by a machine or automated device for a purpose that is not solely in support of display for a natural person or persons.
• Display Usage means the access to and/or use of a Market Data product by an individual User via a graphical user interface, application or other medium which displays data.
• 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
  49 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 natural person recipient of an Exchange Market Data product who is not 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.
  for use on the Cboe Options trading floor. *A "Floor Broker User" is a person or entity registered with Cboe Options as a floor broker pursuant to Cboe Options Rules. First-time Users and Distributors of Exchange Market Data Products 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.50 Controlled Data Distributors will be exempt from Display Usage fees (i.e., Professional and Non-Professional User fees) for Users using an Exchange Market Data product solely for the purpose of software development, quality assurance testing, sales support relating to redistribution, or for technical monitoring of systems using an Exchange Market Data product and not in support of other commercial/business functions.

• 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.
  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

• An "Approved Third-Party 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 that has been provided by a third-party and that has been approved, by Cboe Options,

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