NYSE American Options Fee Schedule Rule Change Filing

Required fields are shown with yellow backgrounds and asterisks.Page 1 of *WASHINGTON, D.C. 20549 Form 19b-4File No. * SR - - * Amendment No. (req. for Amendments *)Filing by NYSE American LLCPursuant to Rule 19b-4 under the Securities Exchange Act of 1934Initial *Amendment *Withdrawal✔Section 19(b)(2) *Section 19(b)(3)(A) *Section 19(b)(3)(B) *✔RulePilotExtension of Time Period for Commission Action *Date Expires *19b-4(f)(1)✔19b-4(f)(2)19b-4(f)(3)19b-4(f)(4)19b-4(f)(5)19b-4(f)(6)Notice of proposed change pursuant to the Payment, Clearing, and Settlement Act of 2010 Security-Based Swap Submission pursuant to the Securities Exchange Act of 1934 Section 3C(b)(2) * Section 806(e)(1) *Section 806(e)(2) *Exhibit 2 Sent As Paper DocumentExhibit 3 Sent As Paper DocumentDescriptionProvide a brief description of the action (limit 250 characters, required when Initial is checked *).Proposal to modify the NYSE American Options Fee Schedule Contact InformationProvide the name, telephone number, and e-mail address of the person on the staff of the self-regulatory organization prepared to respond to questions and comments on the action.First Name *Michael BautzLast Name *Michael BautzTitle *Senior Counsel, NYSE Group Inc.E-mail *Michael.Bautz@ice.comTelephone *(212) 656-2077Fax(212) 656-8101SignaturePursuant to the requirements of the Securities Exchange of 1934, has duly caused this filing to be signed on its behalf by the undersigned thereunto duly authorized. NYSE American LLCDate03/18/2026(Title *)ByDavid De GregorioAssociate General Counsel(Name *)NOTE: Clicking the signature block at right will initiate digitally signing the form. A digital signature is as legally binding as a physical signature, and once signed, this form cannot be changed.

. Required fields are shown with yellow backgrounds and astericks.WASHINGTON, D.C. 20549 For complete Form 19b-4 instructions please refer to the EFFS website.Form 19b-4 Information *The self-regulatory organization must provide all required information, presented in a clear and comprehensible manner, to enable the public to provide meaningful comment on the proposal and for the Commission to determine whether the proposal is consistent with the Act and applicable rules and regulations under the Act.AddRemoveView19b-4 - NYSE American Options - March 2026 Fee Filing (3 18 26).docx Exhibit 1 - Notice of Proposed Rule Change *The Notice section of this Form 19b-4 must comply with the guidelines for publication in the Federal Register as well as any requirements for electronic filing as published by the Commission (if applicable). The Office of the Federal Register (OFR) offers guidance on Federal Register publication requirements in the Federal Register Document Drafting Handbook, October 1998 Revision. For example, all references to the federal securities laws must include the corresponding cite to the United States Code in a footnote. All references to SEC rules must include the corresponding cite to the Code of Federal Regulations in a footnote. All references to Securities Exchange Act Releases must include the release number, release date, Federal Register cite, Federal Register date, and corresponding file number (e.g., SR-[SRO]-xx-xx). A material failure to comply with these guidelines will result in the proposed rule change being deemed not properly filed. See also Rule 0-3 under the Act (17 CFR 240.0-3)AddRemoveViewExhibit 1 - NYSE American Options - March 2026 Fee Filing (3 18 26).docx Exhibit 1A - Notice of Proposed Rule Change, Security-Based Swap Submission, or Advanced Notice by Clearing Agencies *The Notice section of this Form 19b-4 must comply with the guidelines for publication in the Federal Register as well as any requirements for electronic filing as published by the Commission (if applicable). The Office of the Federal Register (OFR) offers guidance on Federal Register publication requirements in the Federal Register Document Drafting Handbook, October 1998 Revision. For example, all references to the federal securities laws must include the corresponding cite to the United States Code in a footnote. All references to SEC rules must include the corresponding cite to the Code of Federal Regulations in a footnote. All references to Securities Exchange Act Releases must include the release number, release date, Federal Register cite, Federal Register date, and corresponding file number (e.g., SR-[SRO]-xx-xx). A material failure to comply with these guidelines will result in the proposed rule change being deemed not properly filed. See also Rule 0-3 under the Act (17 CFR 240.0-3) AddRemoveViewExhibit 2- Notices, Written Comments, Transcripts, Other CommunicationsCopies of notices, written comments, transcripts, other communications. If such documents cannot be filed electronically in accordance with Instruction F, they shall be filed in accordance with Instruction G.AddRemoveViewExhibit Sent As Paper DocumentExhibit 3 - Form, Report, or QuestionnaireCopies of any form, report, or questionnaire that the self-regulatory organization proposes to use to help implement or operate the proposed rule change, or that is referred to by the proposed rule change.AddRemoveViewExhibit Sent As Paper DocumentExhibit 4 - Marked CopiesThe full text shall be marked, in any convenient manner, to indicate additions to and deletions from the immediately preceding filing. The purpose of Exhibit 4 is to permit the staff to identify immediately the changes made from the text of the rule with which it has been working.AddRemoveViewExhibit 5 - Proposed Rule TextThe self-regulatory organization may choose to attach as Exhibit 5 proposed changes to rule text in place of providing it in Item I and which may otherwise be more easily readable if provided separately from Form 19b-4. Exhibit 5 shall be considered part of the proposed rule changeAddRemoveViewEx 5 - NYSE American Options - March 2026 - Fee Filing (3 18 26).docx Partial AmendmentIf the self-regulatory organization is amending only part of the text of a lengthy proposed rule change, it may, with the Commission's permission, file only those portions of the text of the proposed rule change in which changes are being made if the filing (i.e. partial amendment) is clearly understandable on its face. Such partial amendment shall be clearly identified and marked to show deletions and additions. AddRemoveView

1. Text of the Proposed Rule ChangePursuant to the provisions of Section 19(b)(1) of the Securities Exchange Act of 1934(the “Act”)and Rule 19b-4 thereunder,NYSE American, Inc. (“NYSE American” orthe “Exchange”) proposes to modify the NYSE American Options Fee Schedule (“FeeSchedule”) regarding: (i) the limit on the maximum combined Floor Broker credits paidfor QCC trades and rebates paid through the Manual Billable Rebate Program (the “FBCap”); (ii) a pricing incentive designed to encourage Floor Broker participation in tradingAON Single and AON Complex CUBE Auction options on NYSE American (the “FBAON CUBE Rebate”); and (iii) an ATP Credit Simple/Complex Customer Electronicrebate (“ATP Electronic Rebate”). The Exchange proposes to implement the fee changeseffective March 18, 2026.(a) A notice of the proposed rule change for publication in the Federal Register isattached hereto as Exhibit 1, and the text of the proposed rule change is attachedas Exhibit 5.(b) The Exchange does not believe that the proposed rule change would have anydirect effect, or any significant indirect effect, on any other Exchange rule ineffect at the time of this filing.(c) Not applicable.2. Procedures of the Self-Regulatory OrganizationSenior management has approved the proposed rule change pursuant to authoritydelegated to it by the Board of the Exchange. No further action is required under theExchange’s governing documents. Therefore, the Exchange’s internal procedures withrespect to the proposed rule change are complete.The person on the Exchange staff prepared to respond to questions and comments on theproposed rule change is:Michael BautzSenior CounselNYSE Group, Inc.(212) 656-20773. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, theProposed Rule Change(a) Purpose15 U.S.C. 78s(b)(1). The Exchange proposes to modify the Fee Schedule to: (i) increase the FB Cap; (ii)eliminate the FB AON CUBE Rebate; and (iii) eliminate the ATP Electronic Rebate.The Exchange proposes to implement the fee changes effective March 18, 2026.FB CapThe FB Cap is a limit on the maximum combined Floor Broker credits paid for QCCtrades and rebates paid through the Manual Billable Rebate Program of $4,000,000 permonth per Floor Broker firm.In 2025, in response to extreme market volatility and aconcomitant surge in open outcry volume that led to Floor Broker firms earning higherthan average monthly credits and rebates, the Exchange waived the FB Cap for April2025 through December 2025 to allow Floor Broker firms to continue to sendcredit/rebate-generating order flow to the Exchange without concern for reaching the FBCap.Because open outcry volumes on the Exchange remained elevated, the Exchangeextended the waiver to January and February 2026 and raised the FB Cap from$3,000,000 to $4,000,000.For the same reason, the Exchange now proposes increasing the FB Cap to $5,500,000per month per Floor Broker firm. The proposed change is intended to incentivize FloorBrokers to continue to direct their order flow to the Exchange, thereby increasingliquidity to the benefit of all market participants, by increasing the monthly cap oncombined Floor Broker credits paid for QCC trades and rebates paid through the ManualBillable Rebate Program.FB AON CUBE RebateThe Exchange proposes to amend the Fee Schedule to eliminate a pricing incentivedesigned to encourage Floor Broker participation in trading AON Single and FB AONCUBE Rebate. Currently, the FB AON CUBE Rebate provides for a credit of $0.12The Exchange originally filed to amend the Fee Schedule on February 27, 2026 (SR-NYSEAMER-2026-13). SR-NYSEArca-2026-13 was withdrawn on March 12, 2026, and replaced by this filing.See Fee Schedule, Sections I.F. and III.E.1. (providing, in relevant part, that Floor Broker credits paid forQCC trades and rebates paid through the Manual Billable Rebate Program shall not combine to exceed$4,000,000 per month per Floor Broker firm).See Securities Exchange Act Release Nos. 102890 (April 18, 2025), 90 FR 17273 (April 24, 2025)(SRNYSEAMER-2025-26); 102985 (May 2, 2025), 90 FR 19584 (May 8, 2025) (SR-NYSEAMER-2025-27); 103623 (August 1, 2025), 90 FR 37905 (August 6, 2025) (SR-NYSEAMER-2025-46); 104258(November 25, 2025), 90 FR 55186 (December 1, 2025) (SR-NYSEAMER-2025-65).See Securities Exchange Act Release No. 104676 (January 23, 2026), 91 FR 3748 (January 28, 2026) (SR-NYSEAMER-2026-03).The Exchange also proposes a non-substantive, clean up change to delete language from the Fee Schedulein Sections I.F. and III.E.1 referencing the waiver of the FB Cap for the months of January and February2026, which will have expired.

applied to each of the first 5,000 contracts of an AON CUBE order executed in an AONSingle-Leg CUBE auction, or the first 1,000 contracts per leg of an AON CUBE orderexecuted in an AON Complex CUBE auction.Only Floor Brokers that execute a minimum of 2,500 contracts ADV in AON CUBEOrders in either AON Single-Leg or AON Complex CUBE auction are eligible to receivethe FB AON CUBE Rebate. AON CUBE Orders executed by a Floor Broker on behalf ofan ATP Holder may only be counted towards the Floor Broker’s eligibility for the FBAON CUBE Rebate.The Exchange adopted the FB AON CUBE Rebate in an effort to attract greater liquidityto the Exchange generally and would therefore benefit all market participants (includingthose that do not participate in auction mechanisms) through increased opportunities totrade at potentially improved prices as well as enhancing price discovery. To the extentthat the proposed fees and credits are successful in incentivizing utilization of AONCUBE Auctions, it was hoped that this increased order flow would improve pricediscovery and make the Exchange a more competitive venue for order execution, which,in turn, would improve market quality for all market participants (including those that donot participate in AON CUBE Auctions). Because the FB AON CUBE Rebate has beenunderutilized and thus has not achieved its intended effect, the Exchange now proposes toeliminate it from the Fee Schedule.ATP Electronic RebateAs set forth in Section I.H. of the Fee Schedule, ATP Holders are currently eligible toreceive the Customer Credit of $0.10 per contract on Customer Electronic Simple andComplex executions, excluding CUBE Auctions, QCC Transactions, and volume fromorders routed to another exchange, by meeting each of the following monthlyqualification levels: (a) 5,000 contracts ADV from Initiating CUBE Orders in ComplexCUBE Auctions; (b) Customer Electronic executions of 0.03% of TCADV, excludingCUBE Auctions, QCC Transactions, and volume from orders routed to another exchange;and (c) Professional Electronic executions of 0.02% of TCADV, excluding CUBEAuctions, QCC Transactions, and volume from orders routed to another exchange.The rebate was designed to incentivize ATP Holders to direct order flow to the Exchangeand to encourage ATP Holders to engage in a variety of transactions on the Exchange. Itwas hoped that the increased liquidity on the Exchange would result in enhanced marketquality for all participants. However, similar to the FB AON CUBE Rebate, the ATPElectronic Rebate is not currently actioned by any participants. Because it has beenunderutilized and thus has not achieved its intended effect, the Exchange now proposes toeliminate it from the Fee Schedule. In doing so, the Exchange notes that potentialparticipants will still be able to achieve Customer Electronic rebates via its AmericanCustomer Engagement (ACE) program.See Fee Schedule, Section I.H. In calculating an Order Flow Provider’s (OFP) Electronic volume, theExchange will include the activity of either (i) Affiliates of the OFP, such as when an OFP has an AffiliatedNYSE American Options Market Making firm, or (ii) an Appointed MM of such OFP.

(b) Statutory BasisThe Exchange believes that the proposed rule change is consistent with Section 6(b) ofthe Act,in general, and furthers the objectives of Sections 6(b)(4) and (5) of the Act.Inparticular, because it provides for the equitable allocation of reasonable dues, fees, andother charges among its members, issuers and other persons using its facilities and doesnot unfairly discriminate between customers, issuers, brokers or dealers.FB CapThe proposed increase to the FB Cap is reasonable, equitable, and not unfairlydiscriminatory. As a threshold matter, the Exchange is subject to significant competitiveforces in the market for options securities transaction services that constrain its pricingdeterminations in that market. The Commission has repeatedly expressed its preferencefor competition over regulatory intervention in determining prices, products, and servicesin the securities markets. In Regulation NMS, the Commission highlighted theimportance of market forces in determining prices and SRO revenues and, also,recognized that current regulation of the market system “has been remarkably successfulin promoting market competition in its broader forms that are most important to investorsand listed companies.”There are currently 18 registered options exchanges competing for order flow. Based onpublicly available information, and excluding index-based options, no single exchangehas more than 16% of the market share of executed volume of multiply-listed equity andETF options trades.Therefore, currently no exchange possesses significant pricingpower in the execution of multiply-listed equity and ETF options order flow. Morespecifically, in January 2026, the Exchange had 9.03% market share of executed volumeof multiply-listed equity and ETF options order flow.In such a low concentrated andhighly competitive market, no single options exchange possesses significant pricingpower in the execution of option order flow. The Exchange believes that the ever-shiftingmarket share among the exchanges from month to month demonstrates that marketparticipants can shift order flow or discontinue or reduce use of certain categories ofproducts, in response to fee changes. Accordingly, competitive forces constrain options15 U.S.C. 78f(b).15 U.S.C. 78f(b)(4) & (5).See Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) (S7-10-04) (“Reg NMS Adopting Release”).The OCC publishes options and futures volume in a variety of formats, including daily and monthlyvolume by exchange, available at: https://www.theocc.com/Market-Data/Market-Data-Reports/Volume-and-Open-Interest/Monthly-Weekly-Volume-Statistics.Based on a compilation of OCC data for monthly volume of equity-based options and monthly volume ofequity-based ETF options, see id., the Exchange’s market share in equity-based options increased from6.09% for the month of November 2024 to 9.03% for the month of January 2026.

exchange transaction fees. In response to this competitive marketplace, the Exchange hasestablished incentives, such as the FB Cap, to encourage market participants to directorder flow to the Exchange.The Exchange believes the proposed change to the FB Cap is reasonable because it isdesigned to encourage the unique function of Floor Brokers in facilitating the executionof open outcry orders, to the benefit of all market participants. To the extent the proposedincrease to the amount of the FB Cap encourages Floor Brokers to continue facilitatingtransactions on the Exchange (instead of on a competing market), all market participantsshould benefit from increased liquidity, and increased order flow on the Exchange, whichwould continue to make the Exchange a more competitive venue for order execution, thussupporting market quality for all market participants. Finally, the FB Cap, as proposed,would apply equally to all Floor Brokers that execute manual transactions and/or QCCtransactions and that earn rebates and credits applied toward such cap.FB AON CUBE Rebate and ATP Electronic RebateThe Exchange also believes that the elimination of the FB AON CUBE Rebate and theATP Electronic Rebate is reasonable, equitable, and not unfairly discriminatory. Theirelimination provides for the equitable allocation of reasonable dues, fees, and othercharges among its members, issuers and other persons using its facilities and does notunfairly discriminate between customers, issuers, brokers, or dealers. In addition, theprograms have not encouraged Floor Brokers to increase participation in AON Single andAON Complex CUBE Auction options or incentivize ATP Holders to direct order flow tothe Exchange and eliminating underutilized incentive programs would simplify the FeeSchedule.Finally, the AON CUBE Rebate would be eliminated in its entirety and would no longerbe available to any Floor Broker. Similarly, the removal of the ATP Electronic Rebatewould apply equally to all potential participants who would still be able to achieverebates via the Exchange’s ACE program.4. Self-Regulatory Organization’s Statement on Burden on CompetitionIn accordance with Section 6(b)(8) of the Act, the Exchange does not believe that theproposed rule change would impose any burden on competition that is not necessary orappropriate in furtherance of the purposes of the Act.Intramarket Competition. The proposed change to the FB Cap is designed to continue to attract order flow to the Exchange by offering Floor Brokers competitive rates tocontinue to direct their order flow to the Exchange, thereby increasing liquidity to thebenefit of all market participants. The proposed change to the FB Cap would applyequally to all similarly situated Floor Brokers. To the extent that the increased FB Capimposes an additional competitive burden on non-Floor Brokers, the Exchange believesthat any such burden is outweighed by the fact that Floor Brokers serve an importantfunction in facilitating the execution of orders and price discovery for all market

participants.In addition, the Exchange believes that the proposed elimination of the FB AON CUBERebate or the ATP Electronic Rebate would not affect intramarket competition because,as noted above, the programs have not effectively encouraged increased Floor Brokerparticipation, and its elimination would impact all Floor Brokers equally.Intermarket Competition. The Exchange operates in a highly competitive market in which market participants can readily favor one of the other 17 competing option exchanges ifthey deem fee levels at a particular venue to be excessive. In such an environment, theExchange must continually adjust its fees to remain competitive with other exchangesand to attract order flow to the Exchange. Based on publicly available information, andexcluding index-based options, no single exchange has more than 16% of the marketshare of executed volume of multiply listed equity and ETF options trades. Therefore,currently no exchange possesses significant pricing power in the execution of multiplylisted equity and ETF options order flow. More specifically, in January 2026, theExchange had 9.03% market share of executed volume of multiply listed equity and ETFoptions order flow.The proposed change to the FB Cap is designed to continue to incentivize Floor Brokersto direct manual and QCC transactions to the Exchange, to provide liquidity and to attractorder flow to the Exchange. To the extent that Floor Brokers are encouraged to utilize theExchange as a primary trading venue for all transactions, all of the Exchange’s marketparticipants should benefit from improved market quality and increased opportunities forprice improvement.Similarly, the Exchange believes that the elimination of the FB AON CUBE Rebate orthe ATP Electronic Rebate would not affect intermarket competition. As noted above,the Exchange operates in a highly competitive market in which the Exchange mustcontinually adjust its fees and rebates to remain competitive with other exchanges and toattract order flow to the Exchange. The Exchange believes that the proposed rule changereflects this competitive environment because it removes an underutilized program thatdid not achieve its intended purpose.5. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule ChangeReceived from Members, Participants, or OthersThe Exchange has neither solicited nor received written comments on the proposed rulechange.6. Extension of Time Period for Commission ActionNot applicable.7. Basis for Summary Effectiveness Pursuant to Section 19(b)(3) or for AcceleratedEffectiveness Pursuant to Section 19(b)(2)

The foregoing rule change is effective upon filing pursuant to Section 19(b)(3)(A)(ii) ofthe Actand subparagraph (f)(2) of Rule 19b-4because it establishes a due, fee, orother charge imposed by the Exchange. At any time within 60 days of the filing of suchproposed rule change, the Commission summarily may temporarily suspend such rulechange if it appears to the Commission that such action is necessary or appropriate in thepublic interest, for the protection of investors, or otherwise in furtherance of the purposesof the Act. If the Commission takes such action, the Commission shall instituteproceedings under Section 19(b)(2)(B) of the Act to determine whether the proposed rulechange should be approved or disapproved.8. Proposed Rule Change Based on Rules of Another Self-Regulatory Organization or of theCommissionThe proposed rule change is not based on the rules of another self-regulatory organizationor of the Commission.9. Security-Based Swap Submissions Filed Pursuant to Section 3C of the ActNot applicable.10. Advance Notices Filed Pursuant to Section 806(e) of the Payment, Clearing andSettlement Supervision ActNot applicable.11. ExhibitsExhibit 1 – Form of Notice of the Proposed Rule Change for Publication in the FederalRegisterExhibit 5 – Amendment to the Exchange’s Fee Schedule15 U.S.C. 78s(b)(3)(A)(ii).17 CFR 240.19b-4(f)(2).15 U.S.C. 78s(b)(2)(B).

EXHIBIT 1(Release No. 34- ; File No. SR-NYSEAMER-2026-25)[Date]Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and ImmediateEffectiveness of Proposed Change to Modify the NYSE American Options Fee SchedulePursuant to Section 19(b)(1)of the Securities Exchange Act of 1934 (“Act”)and Rule19b-4 thereunder,notice is hereby given that, on March 18, 2026, NYSE American LLC(“NYSE American” or the “Exchange”) filed with the Securities and Exchange Commission (the“Commission”) the proposed rule change as described in Items I, II, and III below, which Itemshave been prepared by the self-regulatory organization. The Commission is publishing thisnotice to solicit comments on the proposed rule change from interested persons.I. Self-Regulatory Organization’s Statement of the Terms of Substance of the ProposedRule ChangeThe Exchange proposes to modify the NYSE American Options Fee Schedule (“FeeSchedule”) regarding: (i) the limit on the maximum combined Floor Broker credits paid for QCCtrades and rebates paid through the Manual Billable Rebate Program (the “FB Cap”); (ii) apricing incentive designed to encourage Floor Broker participation in trading AON Single andAON Complex CUBE Auction options on NYSE American (the “FB AON CUBE Rebate”);and (iii) an ATP Credit Simple/Complex Customer Electronic rebate (“ATP Electronic Rebate”).The Exchange proposes to implement the fee changes effective March 18, 2026. The proposedrule change is available on the Exchange’s website at www.nyse.com and at the principal office15 U.S.C. 78s(b)(1).15 U.S.C. 78a.

of the Exchange.II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, theProposed Rule ChangeIn its filing with the Commission, the self-regulatory organization included statementsconcerning the purpose of, and basis for, the proposed rule change and discussed any commentsit received on the proposed rule change. The text of those statements may be examined at theplaces specified in Item IV below. The Exchange has prepared summaries, set forth in sectionsA, B, and C below, of the most significant parts of such statements.A. Self-Regulatory Organization’s Statement of the Purpose of, and the StatutoryBasis for, the Proposed Rule Change1. PurposeThe Exchange proposes to modify the Fee Schedule to: (i) increase the FB Cap; (ii)eliminate the FB AON CUBE Rebate; and (iii) eliminate the ATP Electronic Rebate. TheExchange proposes to implement the fee changes effective March 18, 2026.FB CapThe FB Cap is a limit on the maximum combined Floor Broker credits paid for QCCtrades and rebates paid through the Manual Billable Rebate Program of $4,000,000 per monthper Floor Broker firm.In 2025, in response to extreme market volatility and a concomitantsurge in open outcry volume that led to Floor Broker firms earning higher than average monthlycredits and rebates, the Exchange waived the FB Cap for April 2025 through December 2025 toallow Floor Broker firms to continue to send credit/rebate-generating order flow to the ExchangeThe Exchange originally filed to amend the Fee Schedule on February 27, 2026 (SR-NYSEAMER-2026-13). SR-NYSEArca-2026-13 was withdrawn on March 12, 2026, and replaced by this filing.See Fee Schedule, Sections I.F. and III.E.1. (providing, in relevant part, that Floor Broker credits paid forQCC trades and rebates paid through the Manual Billable Rebate Program shall not combine to exceed$4,000,000 per month per Floor Broker firm).

without concern for reaching the FB Cap.Because open outcry volumes on the Exchangeremained elevated, the Exchange extended the waiver to January and February 2026 and raisedthe FB Cap from $3,000,000 to $4,000,000.For the same reason, the Exchange now proposes increasing the FB Cap to $5,500,000per month per Floor Broker firm. The proposed change is intended to incentivize Floor Brokersto continue to direct their order flow to the Exchange, thereby increasing liquidity to the benefitof all market participants, by increasing the monthly cap on combined Floor Broker credits paidfor QCC trades and rebates paid through the Manual Billable Rebate Program.FB AON CUBE RebateThe Exchange proposes to amend the Fee Schedule to eliminate a pricing incentivedesigned to encourage Floor Broker participation in trading AON Single and FB AON CUBERebate. Currently, the FB AON CUBE Rebate provides for a credit of $0.12 applied to each ofthe first 5,000 contracts of an AON CUBE order executed in an AON Single-Leg CUBE auction,or the first 1,000 contracts per leg of an AON CUBE order executed in an AON Complex CUBEauction.Only Floor Brokers that execute a minimum of 2,500 contracts ADV in AON CUBEOrders in either AON Single-Leg or AON Complex CUBE auction are eligible to receive the FBAON CUBE Rebate. AON CUBE Orders executed by a Floor Broker on behalf of an ATPSee Securities Exchange Act Release Nos. 102890 (April 18, 2025), 90 FR 17273 (April 24, 2025)(SRNYSEAMER-2025-26); 102985 (May 2, 2025), 90 FR 19584 (May 8, 2025) (SR-NYSEAMER-2025-27); 103623 (August 1, 2025), 90 FR 37905 (August 6, 2025) (SR-NYSEAMER-2025-46); 104258(November 25, 2025), 90 FR 55186 (December 1, 2025) (SR-NYSEAMER-2025-65).See Securities Exchange Act Release No. 104676 (January 23, 2026), 91 FR 3748 (January 28, 2026) (SR-NYSEAMER-2026-03).The Exchange also proposes a non-substantive, clean up change to delete language from the Fee Schedulein Sections I.F. and III.E.1 referencing the waiver of the FB Cap for the months of January and February2026, which will have expired.

Holder may only be counted towards the Floor Broker’s eligibility for the FB AON CUBERebate.The Exchange adopted the FB AON CUBE Rebate in an effort to attract greater liquidityto the Exchange generally and would therefore benefit all market participants (including thosethat do not participate in auction mechanisms) through increased opportunities to trade atpotentially improved prices as well as enhancing price discovery. To the extent that theproposed fees and credits are successful in incentivizing utilization of AON CUBE Auctions, itwas hoped that this increased order flow would improve price discovery and make the Exchangea more competitive venue for order execution, which, in turn, would improve market quality forall market participants (including those that do not participate in AON CUBE Auctions).Because the FB AON CUBE Rebate has been underutilized and thus has not achieved itsintended effect, the Exchange now proposes to eliminate it from the Fee Schedule.ATP Electronic RebateAs set forth in Section I.H. of the Fee Schedule, ATP Holders are currently eligible toreceive the Customer Credit of $0.10 per contract on Customer Electronic Simple and Complexexecutions, excluding CUBE Auctions, QCC Transactions, and volume from orders routed toanother exchange, by meeting each of the following monthly qualification levels: (a) 5,000contracts ADV from Initiating CUBE Orders in Complex CUBE Auctions; (b) CustomerElectronic executions of 0.03% of TCADV, excluding CUBE Auctions, QCC Transactions, andvolume from orders routed to another exchange; and (c) Professional Electronic executions of0.02% of TCADV, excluding CUBE Auctions, QCC Transactions, and volume from ordersrouted to another exchange.See Fee Schedule, Section I.H. In calculating an Order Flow Provider’s (OFP) Electronic volume, theExchange will include the activity of either (i) Affiliates of the OFP, such as when an OFP has an Affiliated

The rebate was designed to incentivize ATP Holders to direct order flow to the Exchangeand to encourage ATP Holders to engage in a variety of transactions on the Exchange. It washoped that the increased liquidity on the Exchange would result in enhanced market quality forall participants. However, similar to the FB AON CUBE Rebate, the ATP Electronic Rebate isnot currently actioned by any participants. Because it has been underutilized and thus has notachieved its intended effect, the Exchange now proposes to eliminate it from the Fee Schedule.In doing so, the Exchange notes that potential participants will still be able to achieve CustomerElectronic rebates via its American Customer Engagement (ACE) program.2. Statutory BasisThe Exchange believes that the proposed rule change is consistent with Section 6(b) ofthe Act,in general, and furthers the objectives of Sections 6(b)(4) and (5) of the Act.Inparticular, because it provides for the equitable allocation of reasonable dues, fees, and othercharges among its members, issuers and other persons using its facilities and does not unfairlydiscriminate between customers, issuers, brokers or dealers.FB CapThe proposed increase to the FB Cap is reasonable, equitable, and not unfairlydiscriminatory. As a threshold matter, the Exchange is subject to significant competitive forcesin the market for options securities transaction services that constrain its pricing determinationsin that market. The Commission has repeatedly expressed its preference for competition overregulatory intervention in determining prices, products, and services in the securities markets. InRegulation NMS, the Commission highlighted the importance of market forces in determiningNYSE American Options Market Making firm, or (ii) an Appointed MM of such OFP.15 U.S.C. 78f(b).15 U.S.C. 78f(b)(4) & (5).

prices and SRO revenues and, also, recognized that current regulation of the market system “hasbeen remarkably successful in promoting market competition in its broader forms that are mostimportant to investors and listed companies.”There are currently 18 registered options exchanges competing for order flow. Based onpublicly available information, and excluding index-based options, no single exchange has morethan 16% of the market share of executed volume of multiply-listed equity and ETF optionstrades.Therefore, currently no exchange possesses significant pricing power in the execution ofmultiply-listed equity and ETF options order flow. More specifically, in January 2026, theExchange had 9.03% market share of executed volume of multiply-listed equity and ETF optionsorder flow.In such a low concentrated and highly competitive market, no single optionsexchange possesses significant pricing power in the execution of option order flow. TheExchange believes that the ever-shifting market share among the exchanges from month tomonth demonstrates that market participants can shift order flow or discontinue or reduce use ofcertain categories of products, in response to fee changes. Accordingly, competitive forcesconstrain options exchange transaction fees. In response to this competitive marketplace, theExchange has established incentives, such as the FB Cap, to encourage market participants todirect order flow to the Exchange.See Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) (S7-10-04) (“Reg NMS Adopting Release”).The OCC publishes options and futures volume in a variety of formats, including daily and monthlyvolume by exchange, available at: https://www.theocc.com/Market-Data/Market-Data-Reports/Volume-and-Open-Interest/Monthly-Weekly-Volume-Statistics.Based on a compilation of OCC data for monthly volume of equity-based options and monthly volume ofequity-based ETF options, see id., the Exchange’s market share in equity-based options increased from6.09% for the month of November 2024 to 9.03% for the month of January 2026.

The Exchange believes the proposed change to the FB Cap is reasonable because it isdesigned to encourage the unique function of Floor Brokers in facilitating the execution of openoutcry orders, to the benefit of all market participants. To the extent the proposed increase to theamount of the FB Cap encourages Floor Brokers to continue facilitating transactions on theExchange (instead of on a competing market), all market participants should benefit fromincreased liquidity, and increased order flow on the Exchange, which would continue to makethe Exchange a more competitive venue for order execution, thus supporting market quality forall market participants. Finally, the FB Cap, as proposed, would apply equally to all FloorBrokers that execute manual transactions and/or QCC transactions and that earn rebates andcredits applied toward such cap.FB AON CUBE Rebate and ATP Electronic RebateThe Exchange also believes that the elimination of the FB AON CUBE Rebate and theATP Electronic Rebate is reasonable, equitable, and not unfairly discriminatory. Theirelimination provides for the equitable allocation of reasonable dues, fees, and other chargesamong its members, issuers and other persons using its facilities and does not unfairlydiscriminate between customers, issuers, brokers, or dealers. In addition, the programs have notencouraged Floor Brokers to increase participation in AON Single and AON Complex CUBEAuction options or incentivize ATP Holders to direct order flow to the Exchange and eliminatingunderutilized incentive programs would simplify the Fee Schedule.Finally, the AON CUBE Rebate would be eliminated in its entirety and would no longerbe available to any Floor Broker. Similarly, the removal of the ATP Electronic Rebate wouldapply equally to all potential participants who would still be able to achieve rebates via theExchange’s ACE program.

1. Self-Regulatory Organization’s Statement on Burden on CompetitionIn accordance with Section 6(b)(8) of the Act, the Exchange does not believe that theproposed rule change would impose any burden on competition that is not necessary orappropriate in furtherance of the purposes of the Act.Intramarket Competition. The proposed change to the FB Cap is designed to continue to attract order flow to the Exchange by offering Floor Brokers competitive rates to continue todirect their order flow to the Exchange, thereby increasing liquidity to the benefit of all marketparticipants. The proposed change to the FB Cap would apply equally to all similarly situatedFloor Brokers. To the extent that the increased FB Cap imposes an additional competitive burdenon non-Floor Brokers, the Exchange believes that any such burden is outweighed by the fact thatFloor Brokers serve an important function in facilitating the execution of orders and pricediscovery for all market participants.In addition, the Exchange believes that the proposed elimination of the FB AON CUBERebate or the ATP Electronic Rebate would not affect intramarket competition because, as notedabove, the programs have not effectively encouraged increased Floor Broker participation, andits elimination would impact all Floor Brokers equally.Intermarket Competition. The Exchange operates in a highly competitive market in which market participants can readily favor one of the other 17 competing option exchanges if theydeem fee levels at a particular venue to be excessive. In such an environment, the Exchange mustcontinually adjust its fees to remain competitive with other exchanges and to attract order flow tothe Exchange. Based on publicly available information, and excluding index-based options, nosingle exchange has more than 16% of the market share of executed volume of multiply listedequity and ETF options trades. Therefore, currently no exchange possesses significant pricing power in the execution of multiply listed equity and ETF options order flow. More specifically,in January 2026, the Exchange had 9.03% market share of executed volume of multiply listedequity and ETF options order flow.The proposed change to the FB Cap is designed to continue to incentivize Floor Brokersto direct manual and QCC transactions to the Exchange, to provide liquidity and to attract orderflow to the Exchange. To the extent that Floor Brokers are encouraged to utilize the Exchange asa primary trading venue for all transactions, all of the Exchange’s market participants shouldbenefit from improved market quality and increased opportunities for price improvement.Similarly, the Exchange believes that the elimination of the FB AON CUBE Rebate orthe ATP Electronic Rebate would not affect intermarket competition. As noted above, theExchange operates in a highly competitive market in which the Exchange must continuallyadjust its fees and rebates to remain competitive with other exchanges and to attract order flow tothe Exchange. The Exchange believes that the proposed rule change reflects this competitiveenvironment because it removes an underutilized program that did not achieve its intendedpurpose.C. Self-Regulatory Organization’s Statement on Comments on the Proposed RuleChange Received from Members, Participants, or OthersNo written comments were solicited or received with respect to the proposed rule change.III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission ActionPursuant to Section 19(b)(3)(A)(ii) of the Act,and Rule 19b-4(f)(2) thereundertheExchange has designated this proposal as establishing or changing a due, fee, or other chargeimposed on any person, whether or not the person is a member of the self-regulatory15 U.S.C. 78s(b)(3)(A)(ii).

organization, which renders the proposed rule change effective upon filing. At any time within60 days of the filing of the proposed rule change, the Commission summarily may temporarilysuspend such rule change if it appears to the Commission that such action is necessary orappropriate in the public interest, for the protection of investors, or otherwise in furtherance ofthe purposes of the Act.IV. Solicitation of CommentsInterested persons are invited to submit written data, views and arguments concerning theforegoing, including whether the proposed rule change is consistent with the Act. Commentsmay be submitted by any of the following methods: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-NYSEAMER-2026-25 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-NYSEAMER-2026-25. This file numbershould be included on the subject line if email is used. To help the Commission process andreview your comments more efficiently, please use only one method. The Commission will postall 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 theExchange. 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 withholdentirely from publication submitted material that is obscene or subject to copyright protection.All submissions should refer to file number SR-NYSEAMER-2026-25 and should be submittedon 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 delegatedauthority.Sherry R. Haywood,Assistant Secretary. 17 CFR 200.30-3(a)(12).

EXHIBIT 5Additions underscoredDeletions [bracketed]NYSE AMERICAN OPTIONS FEE SCHEDULENYSE American Options is the options trading facility of NYSE American LLCEffective as of [March 16]March 18, 2026Section I. Options Transaction Fees and Credits**F.QCC Fees & Credits. The table below describes the per contract fees and credits applicable to volume executed as part of a QCC trade.ParticipantPer ContractFee or CreditCustomer and Professional Customer $0.00Market Maker, Firm, or Broker Dealer $0.20Floor Brokers executing Customer or Professional Customer vs.Market Maker, Firm, or Broker Dealer QCC Transaction($0.12)Floor Brokers executing Market Maker, Firm, or Broker Dealer vs.Market Maker, Firm, or Broker Dealer QCC Transaction($0.18)Floor Brokers will not receive a credit for QCC trades that have a Customer or Professional Customer, or both, on both sides of thetrade. For example, a Floor Broker executing as a QCC trade an order from a Customer buying 1,000 ABC Dec 40 Calls and an orderfrom a Professional Customer selling 1,000 ABC Dec 40 Calls at $2.00 will not be eligible for the Floor Broker credits. The FloorBroker credit will not apply to any QCC trades that are included in the Strategy Cap (per Section I.J.). Floor Broker credits paid for

QCC trades and rebates paid through the Manual Billable Rebate Program (as described in Section III.E.1. below) shall not combineto exceed [$4,000,000]$5,500,000 per month per Floor Broker firm[, except that such maximum combined limit will be waived for themonths of January and February 2026].**G.CUBE Auction Fees & Credits. The following tables describe the per contract fees and credits for executions associated with CUBE Auctions.**AON Single-Leg or AON Complex CUBE AuctionParticipant/Penny or Non-PennyPer Contract Feeor CreditAON CUBE Order Fee Customer  All issues$0.00AON CUBE Order Fee Non-Customer  All issues$0.20AON Contra Order Fee (Customer or Non-Customer)  All issues$0.20RFR Response Fee Customer  All issues$0.00RFR Response Fee Non-Customer  Penny$0.50RFR Response Fee Non-Customer  Non-Penny$1.05Initiating Participant Credit  Penny($0.30)Initiating Participant Credit  Non-Penny($0.70)ACE Initiating Participant Rebate  All issues($0.12)[Floor Broker Initiating Participant Rebate  All issues][($0.12)]Professional Volume Incentive Initiating Participant Rebate  All issues($0.12)Initiating Participant Credits are payable to the Initiating Participant for each contract in an AON Contra Order paired with an AONCUBE Order that does not trade with the AON CUBE Order because it is replaced in the auction.

The ACE Initiating Participant Rebate [and the Floor Broker Initiating Participant Rebate ]may be applied to each of the first 5,000contracts of an AON CUBE Order executed in an AON Single-Leg CUBE auction, or the first 1,000 contracts per leg of an AONCUBE Order executed in an AON Complex CUBE auction. [These rebates are]This rebate is in addition to any additional credits setforth above. Only ATP Holders who qualify for Tiers 1, 2, 3, 4 or 5 of the ACE Program are eligible to receive the additional ACEInitiating Participant Rebate on electronically submitted AON CUBE Orders. [Only Floor Brokers that execute a minimum of 2,500contracts ADV in AON CUBE Orders in either an AON Single-Leg or AON Complex CUBE auction are eligible to receive the FloorBroker Initiating Participant Rebate. AON CUBE Orders executed by a Floor Broker on behalf of an ATP Holder may only becounted towards the Floor Broker’s eligibility for the Floor Broker Initiating Participant Rebate. ]An ATP Holder’s AON CUBEOrders that are executed by a Floor Broker are not eligible for the ACE Initiating Participant Rebate.The Professional Volume Incentive Initiating Participant Rebate is payable to ATP Holders that qualify for Tier B of the ProfessionalVolume Incentive, per Section I.H. ATP Holders that qualify for both the ACE Initiating Participant Rebate and the ProfessionalVolume Incentive Initiating Participant Rebate would be entitled only to the greater of the two rebates. [AON CUBE Orders executedby a Floor Broker on behalf of an ATP Holder may only be counted towards the Floor Broker’s eligibility for the Floor BrokerInitiating Participant Rebate. ]An ATP Holder’s AON CUBE Orders that are executed by a Floor Broker are not eligible for theProfessional Volume Incentive Initiating Participant Rebate.H.Professional Volume Incentive. ATP Holders that achieve Electronic volume in the Professional Customer, Broker Dealer, Non- NYSE American Options Market Maker, and Firm ranges (collectively, for the purposes of this program, the “Professional” range) ofspecified percentages of TCADV (the “Qualifying Volume”) are eligible to receive discounted rates on their total monthlyProfessional Volume and credits on their monthly Customer Electronic volume at the same rate as participants that achieve Tier 1 inthe ACE Program, as outlined in the table below. Volumes from Strategy Executions, CUBE Auctions, and QCC Transactions are notincluded in the calculation of Qualifying Volume. Volume from interest that takes liquidity from posted Customer interest is alsoexcluded for purposes of calculating Qualifying Volume for the Professional Volume Incentive.**[ATP Holders are eligible to receive a credit of $0.10 per contract on Customer Electronic Simple and Complex executions, excludingCUBE Auctions, QCC Transactions, and volume from orders routed to another exchange, by meeting each of the following monthlyqualification levels: (a) 5,000 contracts ADV from Initiating CUBE Orders in Complex CUBE Auctions; (b) Customer Electronicexecutions of 0.03% of TCADV, excluding CUBE Auctions, QCC Transactions, and volume from orders routed to another exchange;and (c) Professional Electronic executions of 0.02% of TCADV, excluding CUBE Auctions, QCC Transactions, and volume from*

orders routed to another exchange. In calculating an OFP’s Electronic volume, the Exchange will include the activity of either (i)Affiliates of the OFP, such as when an OFP has an Affiliated NYSE American Options Market Making firm, or (ii) an Appointed MMof such OFP.]Section III. Monthly Trading Permit, Rights, Floor Access and Premium Product FeesE. Floor Broker Incentive and Rebate Programs1. Floor Broker Fixed Cost Prepayment Incentive Program (the “FB Prepay Program”)**The QCC Billable Bonus Rebate is payable back to the first billable side. Qualifying Participants are eligible to receive only one“Bonus Level” rebate.Floor Broker credits paid for QCC trades, pursuant to Section I.F., and rebates paid through the Manual Billable Rebate Program(including the QCC Billable Bonus Rebate) shall not combine to exceed [$4,000,000 ]$5,500,000 per month per Floor Broker firm[,except that such maximum combined limit will be waived for the months of January and February 2026].To participate in the FB Prepay Program, Floor Broker organizations must notify the Exchange in writing by emailingoptionsbilling@nyse.com, indicating a commitment to submit prepayment for the following calendar year, by no later than the lastbusiness day of December in the current year. The email to enroll in the Program must originate from an officer of the Floor Brokerorganization and represents a binding commitment through the end of the following calendar year. Payment must be received in fullby the close of business on the last business day of January. A Floor Broker organization that commits to the Program will be invoicedin January for Eligible Fixed Costs, based on annualizing their Eligible Fixed Costs incurred in November of the current year. A FloorBroker may join the Program after the first of the year by notifying the Exchange and prepaying Eligible Fixed Costs equating to$10,000 for each remaining calendar month. Eligibility for rebates under the Program will begin on the first day of the month afterpayment to the Exchange. A Floor Broker organization that restructures while enrolled in the Program will maintain its status in theProgram. The Exchange will not issue any refunds in the event that a Floor Broker organization’s prepaid Eligible Fixed Costsexceeds actual annual costs. To participate in the FB Prepay Program after the first of the year, Floor Broker organizations must notifythe Exchange in writing by emailing optionsbilling@nyse.com, indicating a commitment to submit prepayment for the balance of the*

calendar year. The email to enroll in the Program must originate from an officer of the Floor Broker organization and represents abinding commitment through the balance of the calendar year. The Floor Broker organization will be enrolled in the Programbeginning on the first day of the next full month and will be invoiced for that first full month for Eligible Fixed Costs and for thebalance of the year, based on annualizing for the remainder of the calendar year their Eligible Fixed Costs incurred in its first fullmonth in the Program. The Exchange will not issue any refunds in the event that a Floor Broker organization’s prepaid Eligible FixedCosts exceeds actual costs.Section IV. Monthly Floor Communication, Connectivity, Equipment and Booth or Podia Fees*****