Cboe Launches 'Magnificent 10' Options with Fresh Fees
Published Date: 12/16/2025
Notice
Summary
Cboe Exchange is updating its fees to get ready for trading new options based on the Magnificent 10 Index, called MGTN options. Traders will see new standard fees, some surcharges will change, and certain fee programs won’t apply to these options. These changes took effect right away on December 8, 2025, so everyone trading MGTN options should know the new costs now.
Analyzed Economic Effects
5 provisions identified: 1 benefits, 3 costs, 1 mixed.
New per-contract fees for MGTN options
If you trade MGTN options, the Exchange set new per-contract fees that vary by trader type. Customer (capacity "C") orders are charged $0.16 per contract; Firm and Professional Customer (capacity "F" and "U") orders $0.20 per contract; certain Market-Maker add-liquidity executions get a $0.25 rebate while other Market-Maker and non-customer executions are assessed fees ranging from $0.20 to $1.25 per contract.
FLEX surcharge applies to MGTN trades
Electronic FLEX orders in MGTN options will incur a $0.10 per-contract FLEX surcharge, capped at $250 per trade, and charged only up to the first 2,500 contracts per trade. The surcharge applies to electronic FLEX orders by all capacity codes except Cboe Compression Services (CCS) and FLEX Micro transactions.
Customer large-trade fee cap (5,000)
For MGTN options, the Customer Large Trade Discount program will limit regular customer transaction fees to only the first 5,000 contracts per order. That means customer transaction fees beyond 5,000 contracts in a single order are not charged under the regular fee schedule.
MGTN excluded from many incentive programs
MGTN options will be excluded from several fee-credit and rebate programs: the Liquidity Provider Sliding Scale, the Volume Incentive Program (VIP), Break-Up Credits (AIM/SAM/FLEX AIM/FLEX SAM), the Marketing Fee Program, the Floor Broker Sliding Scale Rebate Program (and its supplemental program), and the ORS/CORS order-router subsidy programs. The Exchange also excludes certain MGTN transactions from the Clearing TPH Fee Cap.
Changes effective immediately (Dec 8, 2025)
All of these fee and program changes for MGTN options took effect on December 8, 2025. If you trade or route MGTN options, the new fees, surcharges, and program exclusions applied starting that date.
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