U.S. Options

Effective December 1, 2025, pending filing with the SEC, MIAX Options, MIAX Pearl Options, MIAX Emerald Options, and MIAX Sapphire Options will amend the fee schedules as follows:

1. MIAX Options, MIAX Pearl Options, MIAX Emerald Options, and MIAX Sapphire Options Exchanges
   1. On each Exchange, under ‘Fees for Customer Orders Routed to Other Options Exchanges’, MEMX will be in the following category – ‘Routed, Public Customer that is not a Priority Customer in Non-Penny Program’ with a $1.40 fee
2. MIAX Options, MIAX Emerald Options, and MIAX Sapphire Options Exchanges
   1. On each Exchange, Members and non-Members will not be assessed Network Connectivity Fees for up to two (2) 1 Gb connections as long as the 1 Gb connection is used solely to route the stock portion of a Stock-Option Order to an away Trading Center for execution on behalf of the Exchanges
3. MIAX Emerald Options Exchange
   1. For Members in Priority Customer Tier 4 and who has achieved at least 0.90% of Total Market Maker sides volume and at least 0.60% of Priority Customer, Maker sides volume, both thresholds as a percentage of OCC Customer volume (CTCV), Priority Customer Simple Orders that are providing liquidity and trading against an affiliated Market Maker, the rebates will be ($0.49) for Penny classes and ($0.95) for non-Penny classes

Attached are highlighted summaries of the December 2025 fee changes for the MIAX Options Exchange, MIAX Pearl Options Exchange, MIAX Emerald Options, and MIAX Sapphire Options Exchange.

For additional information, please contact MIAX Sales at Sales@miaxglobal.com or (609) 897-8177.

If you need assistance, please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.