Stock Exchange Slaps New Fees on Closed-End Funds—Investors Yawn
Published Date: 6/10/2025
Notice
Summary
Cboe BZX Exchange is updating its fee rules to start charging new entry and annual fees for Closed-End Funds listed on their platform. This change affects fund managers and investors using the Exchange and kicks in right away, meaning some will see new costs when listing or maintaining these funds. The Exchange made this move to keep things fair and clear for everyone involved.
Analyzed Economic Effects
7 provisions identified: 2 benefits, 5 costs, 0 mixed.
New $10,000 Entry Fee for Closed‑End Funds
If you issue a Closed‑End Fund and list it on Cboe BZX, you must pay an entry fee of $10,000 per Closed‑End Fund. This fee is set in proposed Rule 14.13(b)(1)(B)(vi) and applies to each class of securities listed as a Closed‑End Fund.
Additional Listing Entry Fee: $2,500
If you (as an issuer) add an Additional Listing of a Closed‑End Fund on Cboe BZX, you must pay an entry fee of $2,500 per Additional Listing under proposed Rule 14.13(b)(1)(B)(iv)(b).
New Annual Fee: $12,500 Per Closed‑End Fund
Issuers of Closed‑End Funds listed on Cboe BZX will pay an annual fee of $12,500 per class of securities listed as a Closed‑End Fund under proposed Rule 14.13(b)(2)(L). The initial year's annual fee will be prorated based on the number of trading days remaining in the year.
Annual Fee for Additional Listings: $2,500
An Additional Listing of a Closed‑End Fund on Cboe BZX will incur an annual fee of $2,500 per Additional Listing under proposed Rule 14.13(b)(2)(M). The initial year fee for such Additional Listings will be prorated based on remaining trading days.
No Application Fee for Closed‑End Fund Listings
Under the proposed change, the application fees set forth in Rule 14.13(b)(1)(A)(i) and (ii) will not apply to Closed‑End Funds, per proposed Rule 14.13(b)(1)(A)(iii). Previously applicable application fees ranged from $25,000 up to $50,000.
Exchange Says Fees Are Lower, Aiming to Help Investors
The Exchange states the proposed Closed‑End Fund fees (entry $10,000; annual $12,500; Additional Listing entry and annual $2,500) are significantly less than the prior applicable fees (e.g., former annual fee $35,000 and prior Additional Listing fee $10,000) and lower than fees on another exchange. The Exchange says the competitive pricing structure is intended to enhance competition and benefit investors.
Change Effective Immediately; 60‑Day Review Possible
The Exchange's proposed rule change became effective upon filing (filed June 2, 2025). The SEC may summarily suspend the rule change at any time within 60 days of filing if it appears necessary for investor protection or the public interest.
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