Cboe BZX Eliminates $4,000 Legacy Listing Fee for ETPs Effective 2027
The rule change removes the $4,000 annual fee for Legacy Listings of exchange-traded products on Cboe BZX, with fees for calendar year 2027 reflecting the new structure.
On October 8, 2026 Cboe BZX Exchange, Inc. filed with the SEC a proposed rule change (Release No. 34-106718; File No. SR-CboeBZX-2026-085) to amend the annual listing fees for exchange-traded products (ETPs) set out in BZX Rule 14.13(b)(2)(E). The notice of filing appeared in the Federal Register on October 21, 2026 (FR Doc No. 2026-21740, Vol. 91, No. 205, pp. 67341-67343).
Rule 14.13(b)(2)(E) currently imposes a $4,000 annual fee on ETPs that were listed on BZX before January 1, 2019 (the "Legacy Listing" category) and on Transfer Listings, while other categories carry fees of $4,500, $5,000-$7,000 based on CADV, or higher amounts for Outcome Strategy, Defined Distribution Strategy and ADR Hedge products. The proposed amendment deletes the Legacy Listing category, leaving the $4,000 fee applicable only to Transfer Listings and preserving all other fee tiers.
The Exchange will apply the revised fee schedule to the annual listing fees assessed for calendar year 2027. Fees already assessed for calendar year 2026 are not affected, and issuers will receive notice before the first-quarter assessment of 2027 fees.
The Exchange cites Section 6 of the Securities Exchange Act as the statutory basis, arguing that the change promotes an equitable allocation of reasonable dues without unfair discrimination.
Comments on the proposal must be submitted in accordance with the SEC's rules for SRO filings; the comment period and submission instructions are available on the SEC and Cboe BZX websites.
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