1.2 NATIONAL FINANCIAL SERVICES LLC 2026 02 2026-07-30T15:57:34Z 2026 04 25.72 97.12 1.31 1.28 0.30 Virtu Americas, LLC NITE 18.55 19.99 24.41 1.94 41.19 0 0.0000 0 0.0000 0 0.0000 0 0.0000 National Financial Services LLC (NFS) utilizes Virtu Americas LLC (NITE) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. Citadel Securities LLC CDRG 18.51 19.83 28.84 2.02 50.05 0 0.0000 0 0.0000 0 0.0000 0 0.0000 National Financial Services LLC (NFS) utilizes Citadel Securities LLC (CDRG) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. Jane Street Capital, LLC JNST 16.17 17.90 2.22 1.10 0.00 0 0.0000 0 0.0000 0 0.0000 0 0.0000 National Financial Services LLC (NFS) utilizes Jane Street Capital LLC (JNST) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. G1 Execution Services, LLC ETMM 15.75 17.44 2.16 1.05 0.00 0 0.0000 0 0.0000 0 0.0000 0 0.0000 National Financial Services LLC (NFS) utilizes G1 Execution Services, LLC (ETMM) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. CrossStream ATS XSTM 9.34 10.34 4.26 0.03 0.00 0 0.0000 0 0.0000 0 0.0000 0 0.0000 National Financial Services LLC (NFS) operates the CrossStream ATS (XSTM) for executions of equity orders. XSTM negotiates fees with certain individual subscribers that may range between $0.00 and $0.01/share executed, while additional subscribers may be charged a general trading fee which encompasses trading across several NFS trading products such as algorithms, smart order routers, order management systems, sales desks, and the ATS. These fees are described in XSTM’s Form ATS-N which can be found here https://www.sec.gov/about/divisions-offices/division-trading-markets/alternative-trading-systems/form-ats-n-filings-information NFS does not consider payment as a condition for sending more order flow to ATSs. HRT Financial LP HRTF 6.48 7.17 1.00 0.43 0.00 0 0.0000 0 0.0000 0 0.0000 0 0.0000 National Financial Services LLC (NFS) utilizes HRT Financial LP (HRTF) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. New York Stock Exchange NYSE 4.19 0.00 0.87 48.40 0.19 -121 -11.0041 -15 -11.1287 527 7.8643 0 0.0000 National Financial Services LLC (NFS) utilizes the New York Stock Exchance Exchange (NYSE) for executions of equity orders. NFS incurs fees or receives rebates for orders executed on this equities exchange. Economics associated with Market orders, Marketable Limit orders, Non-Marketable Limit orders, and Other orders may represent a variety of different interaction types on the exchange, including but not limited to: participating in the exchange’s opening or closing auction; displaying limit orders on the exchange; and removing liquidity on the exchange. The per-share economics described in this report represent a mix of interactions on the exchange. Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists: https://www.nyse.com/publicdocs/nyse/markets/nyse/NYSE_Price_List.pdf Information reflecting the NYSE tiered pricing/payment schedule, as applicable to NFSC, can be found at: https://clearingcustody.fidelity.com/app/literature/item/9918932.html Nasdaq Stock Market NSDQ 3.50 0.00 1.67 40.24 1.14 -3262 -14.4912 -48 -2.9914 1778 20.4800 0 0.0000 National Financial Services LLC (NFS) utilizes the NASDAQ Stock Market LLC (NSDQ) for executions of equity orders. NFS incurs fees or receives rebates for orders executed on this equities exchange. Economics associated with Market orders, Marketable Limit orders, Non-Marketable Limit orders, and Other orders may represent a variety of different interaction types on the exchange, including but not limited to: participating in the exchange’s opening or closing auction; displaying limit orders on the exchange; and removing liquidity on the exchange. The per-share economics described in this report represent a mix of interactions on the exchange. Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists: https://nasdaqtrader.com/Trader.aspx?id=PriceListTrading2 Information reflecting the NSDQ tiered pricing/payment schedule, as applicable to NFSC, can be found at: https://clearingcustody.fidelity.com/app/literature/item/9918932.html Goldman, Sachs and Co. LLC GSCO 2.81 3.11 0.45 0.18 0.00 0 0.0000 0 0.0000 0 0.0000 0 0.0000 National Financial Services LLC (NFS) utilizes Goldman, Sachs and Co. (GSCO) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. UBS Securities, LLC UBSS 1.65 1.80 0.28 0.17 4.33 0 0.0000 0 0.0000 0 0.0000 0 0.0000 National Financial Services LLC (NFS) utilizes UBS Securities LLC (UBSS) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. 5.35 96.65 1.39 1.68 0.29 CrossStream ATS XSTM 18.39 20.09 12.07 0.06 0.00 0 0.0000 0 0.0000 0 0.0000 0 0.0000 National Financial Services LLC (NFS) operates the CrossStream ATS (XSTM) for executions of equity orders. XSTM negotiates fees with certain individual subscribers that may range between $0.00 and $0.01/share executed, while additional subscribers may be charged a general trading fee which encompasses trading across several NFS trading products such as algorithms, smart order routers, order management systems, sales desks, and the ATS. These fees are described in XSTM’s Form ATS-N which can be found here https://www.sec.gov/about/divisions-offices/division-trading-markets/alternative-trading-systems/form-ats-n-filings-information NFS does not consider payment as a condition for sending more order flow to ATSs. Citadel Securities LLC CDRG 16.68 17.61 27.58 2.40 40.82 0 0.0000 0 0.0000 0 0.0000 0 0.0000 National Financial Services LLC (NFS) utilizes Citadel Securities LLC (CDRG) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. Virtu Americas, LLC NITE 16.64 17.61 25.79 2.53 35.32 0 0.0000 0 0.0000 0 0.0000 0 0.0000 National Financial Services LLC (NFS) utilizes Virtu Americas LLC (NITE) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. Jane Street Capital, LLC JNST 14.55 15.92 4.86 0.90 0.00 0 0.0000 0 0.0000 0 0.0000 0 0.0000 National Financial Services LLC (NFS) utilizes Jane Street Capital LLC (JNST) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. G1 Execution Services, LLC ETMM 14.21 15.54 4.50 0.95 0.00 0 0.0000 0 0.0000 0 0.0000 0 0.0000 National Financial Services LLC (NFS) utilizes G1 Execution Services, LLC (ETMM) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. HRT Financial LP HRTF 5.82 6.36 1.91 0.38 0.00 0 0.0000 0 0.0000 0 0.0000 0 0.0000 National Financial Services LLC (NFS) utilizes HRT Financial LP (HRTF) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. Goldman, Sachs and Co. LLC GSCO 2.54 2.78 0.79 0.16 0.06 0 0.0000 0 0.0000 0 0.0000 0 0.0000 National Financial Services LLC (NFS) utilizes Goldman, Sachs and Co. (GSCO) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. Nasdaq Stock Market NSDQ 2.16 0.01 1.02 27.67 14.38 -4389 -14.0884 -455 -8.1764 9703 14.3660 -39 -12.9253 National Financial Services LLC (NFS) utilizes the NASDAQ Stock Market LLC (NSDQ) for executions of equity orders. NFS incurs fees or receives rebates for orders executed on this equities exchange. Economics associated with Market orders, Marketable Limit orders, Non-Marketable Limit orders, and Other orders may represent a variety of different interaction types on the exchange, including but not limited to: participating in the exchange’s opening or closing auction; displaying limit orders on the exchange; and removing liquidity on the exchange. The per-share economics described in this report represent a mix of interactions on the exchange. Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists: https://nasdaqtrader.com/Trader.aspx?id=PriceListTrading2 Information reflecting the NSDQ tiered pricing/payment schedule, as applicable to NFSC, can be found at: https://clearingcustody.fidelity.com/app/literature/item/9918932.html New York Stock Exchange NYSE 2.09 0.01 0.41 27.41 0.41 -1289 -12.4550 -557 -12.9043 610 20.4692 0 0.0000 National Financial Services LLC (NFS) utilizes the New York Stock Exchance Exchange (NYSE) for executions of equity orders. NFS incurs fees or receives rebates for orders executed on this equities exchange. Economics associated with Market orders, Marketable Limit orders, Non-Marketable Limit orders, and Other orders may represent a variety of different interaction types on the exchange, including but not limited to: participating in the exchange’s opening or closing auction; displaying limit orders on the exchange; and removing liquidity on the exchange. The per-share economics described in this report represent a mix of interactions on the exchange. Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists: https://www.nyse.com/publicdocs/nyse/markets/nyse/NYSE_Price_List.pdf Information reflecting the NYSE tiered pricing/payment schedule, as applicable to NFSC, can be found at: https://clearingcustody.fidelity.com/app/literature/item/9918932.html NYSE Arca ARCA 1.94 0.01 1.67 25.05 0.85 -1059 -25.7559 -948 -20.5892 3340 15.7099 0 0.0000 National Financial Services LLC (NFS) utilizes the NYSE Arca (ARCA) for executions of equity orders. NFS incurs fees or receives rebates for orders executed on this equities exchange. Economics associated with Market orders, Marketable Limit orders, Non-Marketable Limit orders, and Other orders may represent a variety of different interaction types on the exchange, including but not limited to: participating in the exchange’s opening or closing auction; displaying limit orders on the exchange; and removing liquidity on the exchange. The per-share economics described in this report represent a mix of interactions on the exchange. Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists: https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf Information reflecting the ARCA tiered pricing/payment schedule, as applicable to NFSC, can be found at: https://clearingcustody.fidelity.com/app/literature/item/9918932.html 99.11 3.72 0.74 6.03 89.51 Citadel Securities LLC CDRG 20.18 39.60 41.96 38.11 18.02 19793 25.9265 3724 6.1554 26049 10.4258 3327 2.7118 National Financial Services LLC (NFS) utilizes Citadel Securities LLC (CDRG) as a wholesale market-maker for executions of single-leg and multi-leg option orders. With the exception of certain options orders described below in these material aspects, NFS receives payment for order flow (PFOF) on single-leg and multi-leg option orders executed by market-makers. For marketable single-leg option orders the payment rate is between $0.30 and $0.40 per contract. For non-marketable single-leg option orders the payment rate is between $0.40 and $0.50 per contract. For multi-leg options orders the payment rate is between $0.40 and $0.48 per contract. All market-makers pay the same rate for any given order flow type.   NFS does not consider payment as a condition for sending more order flow to a market-maker. Options markets are structurally different from equities markets. Options orders require the use of specialized options brokers to deliver price improvement, all options trades must occur on an exchange and are subject to exchange pricing schedules. Options orders in some securities, such as index options, or orders from customers designated as Professional Customers, may incur execution costs rather than receive execution rebates, and options brokers may pass through those execution costs to NFS. Index options may be routed to options brokers with different allocations than non-index options, and as such, the per-contract fees and rebates may look materially different across options brokers Dash Financial Technologies LLC DASH 17.98 17.23 14.37 13.93 18.32 8752 27.2971 2609 19.1909 15772 42.6690 11890 27.8533 National Financial Services LLC (NFS) utilizes Dash Financial Technologies LLC (DASH) as a wholesale market-maker for executions of single-leg and multi-leg option orders. With the exception of certain options orders described below in these material aspects, NFS receives payment for order flow (PFOF) on single-leg and multi-leg option orders executed by market-makers. For marketable single-leg option orders the payment rate is between $0.30 and $0.40 per contract. For non-marketable single-leg option orders the payment rate is between $0.40 and $0.50 per contract. For multi-leg options orders the payment rate is between $0.40 and $0.48 per contract. All market-makers pay the same rate for any given order flow type.   NFS does not consider payment as a condition for sending more order flow to a market-maker. Options markets are structurally different from equities markets. Options orders require the use of specialized options brokers to deliver price improvement, all options trades must occur on an exchange and are subject to exchange pricing schedules. Options orders in some securities, such as index options, or orders from customers designated as Professional Customers, may incur execution costs rather than receive execution rebates, and options brokers may pass through those execution costs to NFS. Index options may be routed to options brokers with different allocations than non-index options, and as such, the per-contract fees and rebates may look materially different across options brokers Wolverine Execution Services LLC WEXX 17.84 3.28 4.71 18.84 18.40 1565 28.2703 1096 19.9540 21347 43.7204 6819 23.3939 National Financial Services LLC (NFS) utilizes Wolverine Execution Services LLC (WEXX) as a wholesale market-maker for executions of single-leg and multi-leg option orders. With the exception of certain options orders described below in these material aspects, NFS receives payment for order flow (PFOF) on single-leg and multi-leg option orders executed by market-makers. For marketable single-leg option orders the payment rate is between $0.30 and $0.40 per contract. For non-marketable single-leg option orders the payment rate is between $0.40 and $0.50 per contract. For multi-leg options orders the payment rate is between $0.40 and $0.48 per contract. All market-makers pay the same rate for any given order flow type.   NFS does not consider payment as a condition for sending more order flow to a market-maker. Options markets are structurally different from equities markets. Options orders require the use of specialized options brokers to deliver price improvement, all options trades must occur on an exchange and are subject to exchange pricing schedules. Options orders in some securities, such as index options, or orders from customers designated as Professional Customers, may incur execution costs rather than receive execution rebates, and options brokers may pass through those execution costs to NFS. Index options may be routed to options brokers with different allocations than non-index options, and as such, the per-contract fees and rebates may look materially different across options brokers Global Execution Brokers, LP GEBB 16.92 15.10 12.37 8.44 17.63 7933 29.0072 2577 20.0786 6127 33.7689 -6202 -16.4681 National Financial Services LLC (NFS) utilizes Global Execution Brokers, LP (GEBB) as a wholesale market-maker for executions of single-leg and multi-leg option orders. With the exception of certain options orders described below in these material aspects, NFS receives payment for order flow (PFOF) on single-leg and multi-leg option orders executed by market-makers. For marketable single-leg option orders the payment rate is between $0.30 and $0.40 per contract. For non-marketable single-leg option orders the payment rate is between $0.40 and $0.50 per contract. For multi-leg options orders the payment rate is between $0.40 and $0.48 per contract. All market-makers pay the same rate for any given order flow type.   NFS does not consider payment as a condition for sending more order flow to a market-maker. Options markets are structurally different from equities markets. Options orders require the use of specialized options brokers to deliver price improvement, all options trades must occur on an exchange and are subject to exchange pricing schedules. Options orders in some securities, such as index options, or orders from customers designated as Professional Customers, may incur execution costs rather than receive execution rebates, and options brokers may pass through those execution costs to NFS. Index options may be routed to options brokers with different allocations than non-index options, and as such, the per-contract fees and rebates may look materially different across options brokers NYSE Arca Options ARCA 9.52 0.00 0.00 0.00 10.62 0 0.0000 3514 27.4600 14341 27.4600 0 0.0000 National Financial Services (NFS) utilizes the NYSE Arca Options (ARCA) exchange for executions of single-leg and multi-leg option orders. NFS incurs fees and receives rebates for orders executed on specific options exchanges. Fees and rebates are set by exchange rules, subject to SEC approval, are non-negotiable, and may include tier based volume thresholds. Visit exchange websites directly for detailed price lists: https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf Information reflecting the ARCA tiered pricing/payment schedule, as applicable to NFSC, can be found at: https://clearingcustody.fidelity.com/app/literature/item/9918933.html CBOE Options Exchange CBOE 8.56 0.00 0.00 0.00 9.55 0 0.0000 -1152 -23.8700 -6038 -23.8700 0 0.0000 National Financial Services (NFS) utilizes the CBOE Options Exchange (CBOE) exchange for executions of single-leg and multi-leg option orders. NFS incurs fees and receives rebates for orders executed on specific options exchanges. Fees and rebates are set by exchange rules, subject to SEC approval, are non-negotiable, and may include tier based volume thresholds. Visit exchange websites directly for detailed price lists: https://www.CBOE.com/us/options/membership/fee_schedule/ Information reflecting the CBOE tiered pricing/payment schedule, as applicable to NFSC, can be found at: https://clearingcustody.fidelity.com/app/literature/item/9918933.html 2026 05 22.82 96.99 1.30 1.31 0.40 Citadel Securities LLC CDRG 24.19 25.54 35.59 4.48 60.00 8297 2.7785 224 0.1495 291 6.7422 214 4.2695 National Financial Services LLC (NFS) utilizes Citadel Securities LLC (CDRG) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. Virtu Americas, LLC NITE 18.57 19.60 30.20 3.41 34.41 5845 2.5881 144 1.2435 545 19.1884 18 1.1063 National Financial Services LLC (NFS) utilizes Virtu Americas LLC (NITE) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. G1 Execution Services, LLC ETMM 18.36 20.02 2.87 2.78 0.00 6919 2.8756 252 5.1722 211 24.4896 0 0.0000 National Financial Services LLC (NFS) utilizes G1 Execution Services, LLC (ETMM) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. CrossStream ATS XSTM 10.21 11.24 3.41 0.04 0.00 0 0.0000 0 0.0000 0 0.0000 0 0.0000 National Financial Services LLC (NFS) operates the CrossStream ATS (XSTM) for executions of equity orders. XSTM negotiates fees with certain individual subscribers that may range between $0.00 and $0.01/share executed, while additional subscribers may be charged a general trading fee which encompasses trading across several NFS trading products such as algorithms, smart order routers, order management systems, sales desks, and the ATS. These fees are described in XSTM’s Form ATS-N which can be found here https://www.sec.gov/about/divisions-offices/division-trading-markets/alternative-trading-systems/form-ats-n-filings-information NFS does not consider payment as a condition for sending more order flow to ATSs. Jane Street Capital, LLC JNST 9.27 10.11 1.41 1.41 0.00 3073 2.5748 79 5.9203 195 25.8735 0 0.0000 National Financial Services LLC (NFS) utilizes Jane Street Capital LLC (JNST) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. HRT Financial LP HRTF 6.47 7.06 0.92 1.00 0.00 2133 2.6270 491 4.9945 88 26.4460 0 0.0000 National Financial Services LLC (NFS) utilizes HRT Financial LP (HRTF) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. New York Stock Exchange NYSE 3.24 0.00 0.35 41.88 0.10 -457 -17.8720 -11 -18.7076 62 9.3371 -127 -10.0000 National Financial Services LLC (NFS) utilizes the New York Stock Exchance Exchange (NYSE) for executions of equity orders. NFS incurs fees or receives rebates for orders executed on this equities exchange. Economics associated with Market orders, Marketable Limit orders, Non-Marketable Limit orders, and Other orders may represent a variety of different interaction types on the exchange, including but not limited to: participating in the exchange’s opening or closing auction; displaying limit orders on the exchange; and removing liquidity on the exchange. The per-share economics described in this report represent a mix of interactions on the exchange. Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists: https://www.nyse.com/publicdocs/nyse/markets/nyse/NYSE_Price_List.pdf Information reflecting the NYSE tiered pricing/payment schedule, as applicable to NFSC, can be found at: https://clearingcustody.fidelity.com/app/literature/item/9918935.html Nasdaq Stock Market NSDQ 3.10 0.01 1.37 39.80 0.00 -1123 -14.1375 -64 -8.2712 1751 20.7340 0 0.0000 National Financial Services LLC (NFS) utilizes the NASDAQ Stock Market LLC (NSDQ) for executions of equity orders. NFS incurs fees or receives rebates for orders executed on this equities exchange. Economics associated with Market orders, Marketable Limit orders, Non-Marketable Limit orders, and Other orders may represent a variety of different interaction types on the exchange, including but not limited to: participating in the exchange’s opening or closing auction; displaying limit orders on the exchange; and removing liquidity on the exchange. The per-share economics described in this report represent a mix of interactions on the exchange. Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists: https://nasdaqtrader.com/Trader.aspx?id=PriceListTrading2 Information reflecting the NSDQ tiered pricing/payment schedule, as applicable to NFSC, can be found at: https://clearingcustody.fidelity.com/app/literature/item/9918935.html Goldman, Sachs and Co. LLC GSCO 2.83 3.08 0.43 0.44 0.03 931 2.6116 25 2.5675 16 20.4505 0 0.0000 National Financial Services LLC (NFS) utilizes Goldman, Sachs and Co. (GSCO) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. Two Sigma Securities, LLC SOHO 1.97 2.14 0.30 0.32 0.86 688 2.7444 100 1.8672 6 17.2124 0 0.0000 National Financial Services LLC (NFS) utilizes Two Sigma Securities LLC (SOHO) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. 4.89 95.77 1.86 2.03 0.34 Citadel Securities LLC CDRG 21.32 22.50 27.28 5.41 47.73 55988 4.0067 5448 1.8037 2795 12.9473 1336 8.2210 National Financial Services LLC (NFS) utilizes Citadel Securities LLC (CDRG) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. CrossStream ATS XSTM 19.18 21.07 11.99 0.86 0.00 0 0.0000 0 0.0000 0 0.0000 0 0.0000 National Financial Services LLC (NFS) operates the CrossStream ATS (XSTM) for executions of equity orders. XSTM negotiates fees with certain individual subscribers that may range between $0.00 and $0.01/share executed, while additional subscribers may be charged a general trading fee which encompasses trading across several NFS trading products such as algorithms, smart order routers, order management systems, sales desks, and the ATS. These fees are described in XSTM’s Form ATS-N which can be found here https://www.sec.gov/about/divisions-offices/division-trading-markets/alternative-trading-systems/form-ats-n-filings-information NFS does not consider payment as a condition for sending more order flow to ATSs. Virtu Americas, LLC NITE 16.54 17.33 24.72 4.42 39.20 41058 3.7902 4628 4.0225 2746 13.2097 304 3.1539 National Financial Services LLC (NFS) utilizes Virtu Americas LLC (NITE) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. G1 Execution Services, LLC ETMM 16.17 17.75 4.22 2.64 0.00 43670 3.9123 3296 4.1269 2567 17.6920 0 0.0000 National Financial Services LLC (NFS) utilizes G1 Execution Services, LLC (ETMM) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. Jane Street Capital, LLC JNST 8.14 8.94 2.35 1.21 0.00 18745 3.4483 1934 3.6313 922 11.8621 0 0.0000 National Financial Services LLC (NFS) utilizes Jane Street Capital LLC (JNST) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. HRT Financial LP HRTF 5.73 6.29 1.52 0.93 0.00 14465 3.6711 1357 4.9178 1112 11.2418 0 0.0000 National Financial Services LLC (NFS) utilizes HRT Financial LP (HRTF) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. Goldman, Sachs and Co. LLC GSCO 2.48 2.73 0.69 0.39 0.07 6580 3.8978 646 2.7967 97 19.7579 0 0.0000 National Financial Services LLC (NFS) utilizes Goldman, Sachs and Co. (GSCO) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. Nasdaq Stock Market NSDQ 2.19 0.04 1.07 26.82 0.49 -4705 -14.5722 -356 -15.1347 15070 21.5291 -62 -13.3557 National Financial Services LLC (NFS) utilizes the NASDAQ Stock Market LLC (NSDQ) for executions of equity orders. NFS incurs fees or receives rebates for orders executed on this equities exchange. Economics associated with Market orders, Marketable Limit orders, Non-Marketable Limit orders, and Other orders may represent a variety of different interaction types on the exchange, including but not limited to: participating in the exchange’s opening or closing auction; displaying limit orders on the exchange; and removing liquidity on the exchange. The per-share economics described in this report represent a mix of interactions on the exchange. Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists: https://nasdaqtrader.com/Trader.aspx?id=PriceListTrading2 Information reflecting the NSDQ tiered pricing/payment schedule, as applicable to NFSC, can be found at: https://clearingcustody.fidelity.com/app/literature/item/9918935.html Two Sigma Securities, LLC SOHO 1.72 1.88 0.44 0.28 0.77 4769 4.0814 239 2.7888 27 6.9372 5 7.5150 National Financial Services LLC (NFS) utilizes Two Sigma Securities LLC (SOHO) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. New York Stock Exchange NYSE 1.69 0.01 0.31 21.11 0.34 -1713 -19.3695 -256 -26.0661 521 15.4380 -95 -10.0000 National Financial Services LLC (NFS) utilizes the New York Stock Exchance Exchange (NYSE) for executions of equity orders. NFS incurs fees or receives rebates for orders executed on this equities exchange. Economics associated with Market orders, Marketable Limit orders, Non-Marketable Limit orders, and Other orders may represent a variety of different interaction types on the exchange, including but not limited to: participating in the exchange’s opening or closing auction; displaying limit orders on the exchange; and removing liquidity on the exchange. The per-share economics described in this report represent a mix of interactions on the exchange. Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists: https://www.nyse.com/publicdocs/nyse/markets/nyse/NYSE_Price_List.pdf Information reflecting the NYSE tiered pricing/payment schedule, as applicable to NFSC, can be found at: https://clearingcustody.fidelity.com/app/literature/item/9918935.html 99.43 2.66 1.04 10.94 85.36 Citadel Securities LLC CDRG 21.43 39.59 24.09 7.91 25.02 21502 26.0885 5985 8.8760 32297 15.6505 -2117 -2.7619 National Financial Services LLC (NFS) utilizes Citadel Securities LLC (CDRG) as a wholesale market-maker for executions of single-leg and multi-leg option orders. With the exception of certain options orders described below in these material aspects, NFS receives payment for order flow (PFOF) on single-leg and multi-leg option orders executed by market-makers. For marketable single-leg option orders the payment rate is between $0.30 and $0.40 per contract. For non-marketable single-leg option orders the payment rate is between $0.40 and $0.50 per contract. For multi-leg options orders the payment rate is between $0.40 and $0.48 per contract. All market-makers pay the same rate for any given order flow type.   NFS does not consider payment as a condition for sending more order flow to a market-maker. Options markets are structurally different from equities markets. Options orders require the use of specialized options brokers to deliver price improvement, all options trades must occur on an exchange and are subject to exchange pricing schedules. Options orders in some securities, such as index options, or orders from customers designated as Professional Customers, may incur execution costs rather than receive execution rebates, and options brokers may pass through those execution costs to NFS. Index options may be routed to options brokers with different allocations than non-index options, and as such, the per-contract fees and rebates may look materially different across options brokers Dash Financial Technologies LLC DASH 19.70 18.03 9.21 3.38 24.98 10541 28.8826 4567 24.0596 17877 43.9651 4727 10.6837 National Financial Services LLC (NFS) utilizes Dash Financial Technologies LLC (DASH) as a wholesale market-maker for executions of single-leg and multi-leg option orders. With the exception of certain options orders described below in these material aspects, NFS receives payment for order flow (PFOF) on single-leg and multi-leg option orders executed by market-makers. For marketable single-leg option orders the payment rate is between $0.30 and $0.40 per contract. For non-marketable single-leg option orders the payment rate is between $0.40 and $0.50 per contract. For multi-leg options orders the payment rate is between $0.40 and $0.48 per contract. All market-makers pay the same rate for any given order flow type.   NFS does not consider payment as a condition for sending more order flow to a market-maker. Options markets are structurally different from equities markets. Options orders require the use of specialized options brokers to deliver price improvement, all options trades must occur on an exchange and are subject to exchange pricing schedules. Options orders in some securities, such as index options, or orders from customers designated as Professional Customers, may incur execution costs rather than receive execution rebates, and options brokers may pass through those execution costs to NFS. Index options may be routed to options brokers with different allocations than non-index options, and as such, the per-contract fees and rebates may look materially different across options brokers Wolverine Execution Services LLC WEXX 19.31 3.64 2.58 3.46 24.98 2002 28.4300 685 14.3877 18635 46.2931 2893 8.1188 National Financial Services LLC (NFS) utilizes Wolverine Execution Services LLC (WEXX) as a wholesale market-maker for executions of single-leg and multi-leg option orders. With the exception of certain options orders described below in these material aspects, NFS receives payment for order flow (PFOF) on single-leg and multi-leg option orders executed by market-makers. For marketable single-leg option orders the payment rate is between $0.30 and $0.40 per contract. For non-marketable single-leg option orders the payment rate is between $0.40 and $0.50 per contract. For multi-leg options orders the payment rate is between $0.40 and $0.48 per contract. All market-makers pay the same rate for any given order flow type.   NFS does not consider payment as a condition for sending more order flow to a market-maker. Options markets are structurally different from equities markets. Options orders require the use of specialized options brokers to deliver price improvement, all options trades must occur on an exchange and are subject to exchange pricing schedules. Options orders in some securities, such as index options, or orders from customers designated as Professional Customers, may incur execution costs rather than receive execution rebates, and options brokers may pass through those execution costs to NFS. Index options may be routed to options brokers with different allocations than non-index options, and as such, the per-contract fees and rebates may look materially different across options brokers Global Execution Brokers, LP GEBB 19.10 12.73 5.99 1.79 24.87 7545 29.6432 2963 25.3603 9828 39.5786 228 1.1302 National Financial Services LLC (NFS) utilizes Global Execution Brokers, LP (GEBB) as a wholesale market-maker for executions of single-leg and multi-leg option orders. With the exception of certain options orders described below in these material aspects, NFS receives payment for order flow (PFOF) on single-leg and multi-leg option orders executed by market-makers. For marketable single-leg option orders the payment rate is between $0.30 and $0.40 per contract. For non-marketable single-leg option orders the payment rate is between $0.40 and $0.50 per contract. For multi-leg options orders the payment rate is between $0.40 and $0.48 per contract. All market-makers pay the same rate for any given order flow type.   NFS does not consider payment as a condition for sending more order flow to a market-maker. Options markets are structurally different from equities markets. Options orders require the use of specialized options brokers to deliver price improvement, all options trades must occur on an exchange and are subject to exchange pricing schedules. Options orders in some securities, such as index options, or orders from customers designated as Professional Customers, may incur execution costs rather than receive execution rebates, and options brokers may pass through those execution costs to NFS. Index options may be routed to options brokers with different allocations than non-index options, and as such, the per-contract fees and rebates may look materially different across options brokers NYSE Arca Options ARCA 6.96 0.00 23.31 29.36 0.00 0 0.0000 2574 27.8300 16832 27.6226 0 0.0000 National Financial Services (NFS) utilizes the NYSE Arca Options (ARCA) exchange for executions of single-leg and multi-leg option orders. NFS incurs fees and receives rebates for orders executed on specific options exchanges. Fees and rebates are set by exchange rules, subject to SEC approval, are non-negotiable, and may include tier based volume thresholds. Visit exchange websites directly for detailed price lists: https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf Information reflecting the ARCA tiered pricing/payment schedule, as applicable to NFSC, can be found at: https://clearingcustody.fidelity.com/app/literature/item/9918936.html CBOE Options Exchange CBOE 5.95 0.03 8.83 25.51 0.00 -1 -25.1100 -579 -25.1100 -6531 -25.1100 0 0.0000 National Financial Services (NFS) utilizes the CBOE Options Exchange (CBOE) exchange for executions of single-leg and multi-leg option orders. NFS incurs fees and receives rebates for orders executed on specific options exchanges. Fees and rebates are set by exchange rules, subject to SEC approval, are non-negotiable, and may include tier based volume thresholds. Visit exchange websites directly for detailed price lists: https://www.cboe.com/us/options/membership/fee_schedule/ Information reflecting the CBOE tiered pricing/payment schedule, as applicable to NFSC, can be found at: https://clearingcustody.fidelity.com/app/literature/item/9918936.html 2026 06 18.56 97.40 1.20 1.18 0.22 Citadel Securities LLC CDRG 28.18 29.53 32.32 9.47 55.22 14010 3.7424 389 0.3046 245 7.1065 298 8.3888 National Financial Services LLC (NFS) utilizes Citadel Securities LLC (CDRG) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. G1 Execution Services, LLC ETMM 18.23 19.50 3.16 5.52 0.00 9347 3.7803 289 7.4293 401 26.3457 0 0.0000 National Financial Services LLC (NFS) utilizes G1 Execution Services, LLC (ETMM) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. Virtu Americas, LLC NITE 17.97 18.73 26.21 6.18 37.09 8870 3.7354 306 2.4380 309 18.8554 112 9.6029 National Financial Services LLC (NFS) utilizes Virtu Americas LLC (NITE) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. CrossStream ATS XSTM 9.89 10.78 3.77 0.04 0.00 0 0.0000 0 0.0000 0 0.0000 0 0.0000 National Financial Services LLC (NFS) operates the CrossStream ATS (XSTM) for executions of equity orders. XSTM negotiates fees with certain individual subscribers that may range between $0.00 and $0.01/share executed, while additional subscribers may be charged a general trading fee which encompasses trading across several NFS trading products such as algorithms, smart order routers, order management systems, sales desks, and the ATS. These fees are described in XSTM’s Form ATS-N which can be found here https://www.sec.gov/about/divisions-offices/division-trading-markets/alternative-trading-systems/form-ats-n-filings-information NFS does not consider payment as a condition for sending more order flow to ATSs. Jane Street Capital, LLC JNST 8.82 9.42 1.57 2.83 0.00 5134 4.2279 237 7.6592 132 21.9566 0 0.0000 National Financial Services LLC (NFS) utilizes Jane Street Capital LLC (JNST) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. HRT Financial LP HRTF 5.42 5.80 0.87 1.63 0.00 3086 3.9884 71 7.7254 188 29.8172 0 0.0000 National Financial Services LLC (NFS) utilizes HRT Financial LP (HRTF) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. Goldman, Sachs and Co. LLC GSCO 3.07 3.29 0.53 0.93 0.43 1680 3.8613 87 14.7486 32 28.8108 0 0.0000 National Financial Services LLC (NFS) utilizes Goldman, Sachs and Co. (GSCO) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. Nasdaq Stock Market NSDQ 2.79 0.01 1.38 38.62 0.13 -2147 -14.4640 -49 -9.4950 1665 22.8718 -3 -15.0000 National Financial Services LLC (NFS) utilizes the NASDAQ Stock Market LLC (NSDQ) for executions of equity orders. NFS incurs fees or receives rebates for orders executed on this equities exchange. Economics associated with Market orders, Marketable Limit orders, Non-Marketable Limit orders, and Other orders may represent a variety of different interaction types on the exchange, including but not limited to: participating in the exchange’s opening or closing auction; displaying limit orders on the exchange; and removing liquidity on the exchange. The per-share economics described in this report represent a mix of interactions on the exchange. Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists: https://nasdaqtrader.com/Trader.aspx?id=PriceListTrading2 Information reflecting the NSDQ tiered pricing/payment schedule, as applicable to NFSC, can be found at: https://clearingcustody.fidelity.com/app/literature/item/9918938.html New York Stock Exchange NYSE 2.15 0.00 0.14 29.97 3.41 -67 -30.4842 -17 -29.9526 47 17.4773 -888 -10.0000 National Financial Services LLC (NFS) utilizes the New York Stock Exchance Exchange (NYSE) for executions of equity orders. NFS incurs fees or receives rebates for orders executed on this equities exchange. Economics associated with Market orders, Marketable Limit orders, Non-Marketable Limit orders, and Other orders may represent a variety of different interaction types on the exchange, including but not limited to: participating in the exchange’s opening or closing auction; displaying limit orders on the exchange; and removing liquidity on the exchange. The per-share economics described in this report represent a mix of interactions on the exchange. Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists: https://www.nyse.com/publicdocs/nyse/markets/nyse/NYSE_Price_List.pdf Information reflecting the NYSE tiered pricing/payment schedule, as applicable to NFSC, can be found at: https://clearingcustody.fidelity.com/app/literature/item/9918938.html Two Sigma Securities, LLC SOHO 1.79 1.91 0.26 0.56 0.99 958 3.8322 14 7.0740 11 14.7329 0 0.0000 National Financial Services LLC (NFS) utilizes Two Sigma Securities LLC (SOHO) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. 4.76 95.70 1.81 2.15 0.34 Citadel Securities LLC CDRG 25.29 26.21 29.08 11.76 51.66 89145 5.3255 10367 3.3979 3552 16.5141 1635 11.3952 National Financial Services LLC (NFS) utilizes Citadel Securities LLC (CDRG) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. CrossStream ATS XSTM 18.76 20.47 11.33 0.09 0.00 0 0.0000 0 0.0000 0 0.0000 0 0.0000 National Financial Services LLC (NFS) operates the CrossStream ATS (XSTM) for executions of equity orders. XSTM negotiates fees with certain individual subscribers that may range between $0.00 and $0.01/share executed, while additional subscribers may be charged a general trading fee which encompasses trading across several NFS trading products such as algorithms, smart order routers, order management systems, sales desks, and the ATS. These fees are described in XSTM’s Form ATS-N which can be found here https://www.sec.gov/about/divisions-offices/division-trading-markets/alternative-trading-systems/form-ats-n-filings-information NFS does not consider payment as a condition for sending more order flow to ATSs. Virtu Americas, LLC NITE 16.36 16.73 25.05 8.56 35.25 58308 5.3389 8162 6.5854 3720 24.6656 808 7.7531 National Financial Services LLC (NFS) utilizes Virtu Americas LLC (NITE) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. G1 Execution Services, LLC ETMM 16.07 17.22 4.98 5.38 0.00 60534 5.3363 6391 6.9619 3092 26.8259 0 0.0000 National Financial Services LLC (NFS) utilizes G1 Execution Services, LLC (ETMM) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. Jane Street Capital, LLC JNST 7.77 8.31 2.97 2.68 0.00 31863 5.9316 3709 7.0136 1323 27.0317 0 0.0000 National Financial Services LLC (NFS) utilizes Jane Street Capital LLC (JNST) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. HRT Financial LP HRTF 4.79 5.13 1.44 1.61 0.00 17195 5.2022 2196 7.5112 1738 27.0623 0 0.0000 National Financial Services LLC (NFS) utilizes HRT Financial LP (HRTF) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. Goldman, Sachs and Co. LLC GSCO 2.71 2.90 0.83 0.89 0.57 10361 5.4349 1277 7.4521 270 28.8232 0 0.0000 National Financial Services LLC (NFS) utilizes Goldman, Sachs and Co. (GSCO) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. Nasdaq Stock Market NSDQ 2.02 0.04 0.92 27.26 0.76 -5368 -13.5001 -646 -14.8646 10662 18.2941 -53 -7.0460 National Financial Services LLC (NFS) utilizes the NASDAQ Stock Market LLC (NSDQ) for executions of equity orders. NFS incurs fees or receives rebates for orders executed on this equities exchange. Economics associated with Market orders, Marketable Limit orders, Non-Marketable Limit orders, and Other orders may represent a variety of different interaction types on the exchange, including but not limited to: participating in the exchange’s opening or closing auction; displaying limit orders on the exchange; and removing liquidity on the exchange. The per-share economics described in this report represent a mix of interactions on the exchange. Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists: https://nasdaqtrader.com/Trader.aspx?id=PriceListTrading2 Information reflecting the NSDQ tiered pricing/payment schedule, as applicable to NFSC, can be found at: https://clearingcustody.fidelity.com/app/literature/item/9918938.html Two Sigma Securities, LLC SOHO 1.56 1.67 0.49 0.52 1.04 5928 5.3305 635 6.5388 31 9.7709 11 8.0000 National Financial Services LLC (NFS) utilizes Two Sigma Securities LLC (SOHO) as a wholesale market maker for executions of equity orders. NFS receives payment for order flow (PFOF) for orders that are executed by this wholesale market-maker. For marketable equity orders, the payment rate is $0.0008 per share or less. For non-marketable equity orders, the payment rate is $0.003 per share. NFS does not consider payment as a condition for sending more order flow to a market-maker. NYSE Arca ARCA 1.14 0.01 1.08 15.40 0.77 -665 -30.8948 -564 -30.4962 1577 11.6954 -322 -12.0000 National Financial Services LLC (NFS) utilizes the NYSE Arca (ARCA) for executions of equity orders. NFS incurs fees or receives rebates for orders executed on this equities exchange. Economics associated with Market orders, Marketable Limit orders, Non-Marketable Limit orders, and Other orders may represent a variety of different interaction types on the exchange, including but not limited to: participating in the exchange’s opening or closing auction; displaying limit orders on the exchange; and removing liquidity on the exchange. The per-share economics described in this report represent a mix of interactions on the exchange. Fees and rebates are set by exchange rules, subject to SEC approval, and are non-negotiable. Visit exchange websites directly for detailed price lists: https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/NYSE_Arca_Marketplace_Fees.pdf Information reflecting the ARCA tiered pricing/payment schedule, as applicable to NFSC, can be found at: https://clearingcustody.fidelity.com/app/literature/item/9918938.html 99.23 3.88 1.35 15.86 78.90 Citadel Securities LLC CDRG 21.92 36.90 36.09 29.50 20.59 19778 27.1554 3649 5.0855 31715 14.9327 -366 -0.1463 National Financial Services LLC (NFS) utilizes Citadel Securities LLC (CDRG) as a wholesale market-maker for executions of single-leg and multi-leg option orders. With the exception of certain options orders described below in these material aspects, NFS receives payment for order flow (PFOF) on single-leg and multi-leg option orders executed by market-makers. For marketable single-leg option orders the payment rate is between $0.30 and $0.40 per contract. For non-marketable single-leg option orders the payment rate is between $0.40 and $0.50 per contract. For multi-leg options orders the payment rate is between $0.40 and $0.48 per contract. All market-makers pay the same rate for any given order flow type.   NFS does not consider payment as a condition for sending more order flow to a market-maker. Options markets are structurally different from equities markets. Options orders require the use of specialized options brokers to deliver price improvement, all options trades must occur on an exchange and are subject to exchange pricing schedules. Options orders in some securities, such as index options, or orders from customers designated as Professional Customers, may incur execution costs rather than receive execution rebates, and options brokers may pass through those execution costs to NFS. Index options may be routed to options brokers with different allocations than non-index options, and as such, the per-contract fees and rebates may look materially different across options brokers Dash Financial Technologies LLC DASH 20.46 23.30 18.50 16.02 20.75 13166 28.9895 3550 24.2957 21268 44.3596 9388 24.8026 National Financial Services LLC (NFS) utilizes Dash Financial Technologies LLC (DASH) as a wholesale market-maker for executions of single-leg and multi-leg option orders. With the exception of certain options orders described below in these material aspects, NFS receives payment for order flow (PFOF) on single-leg and multi-leg option orders executed by market-makers. For marketable single-leg option orders the payment rate is between $0.30 and $0.40 per contract. For non-marketable single-leg option orders the payment rate is between $0.40 and $0.50 per contract. For multi-leg options orders the payment rate is between $0.40 and $0.48 per contract. All market-makers pay the same rate for any given order flow type.   NFS does not consider payment as a condition for sending more order flow to a market-maker. Options markets are structurally different from equities markets. Options orders require the use of specialized options brokers to deliver price improvement, all options trades must occur on an exchange and are subject to exchange pricing schedules. Options orders in some securities, such as index options, or orders from customers designated as Professional Customers, may incur execution costs rather than receive execution rebates, and options brokers may pass through those execution costs to NFS. Index options may be routed to options brokers with different allocations than non-index options, and as such, the per-contract fees and rebates may look materially different across options brokers Global Execution Brokers, LP GEBB 19.22 13.67 10.70 7.28 20.52 7798 30.1273 2111 25.2074 9044 37.6330 2104 10.8625 National Financial Services LLC (NFS) utilizes Global Execution Brokers, LP (GEBB) as a wholesale market-maker for executions of single-leg and multi-leg option orders. With the exception of certain options orders described below in these material aspects, NFS receives payment for order flow (PFOF) on single-leg and multi-leg option orders executed by market-makers. For marketable single-leg option orders the payment rate is between $0.30 and $0.40 per contract. For non-marketable single-leg option orders the payment rate is between $0.40 and $0.50 per contract. For multi-leg options orders the payment rate is between $0.40 and $0.48 per contract. All market-makers pay the same rate for any given order flow type.   NFS does not consider payment as a condition for sending more order flow to a market-maker. Options markets are structurally different from equities markets. Options orders require the use of specialized options brokers to deliver price improvement, all options trades must occur on an exchange and are subject to exchange pricing schedules. Options orders in some securities, such as index options, or orders from customers designated as Professional Customers, may incur execution costs rather than receive execution rebates, and options brokers may pass through those execution costs to NFS. Index options may be routed to options brokers with different allocations than non-index options, and as such, the per-contract fees and rebates may look materially different across options brokers Wolverine Execution Services LLC WEXX 12.46 2.50 3.69 11.47 13.00 1767 29.7929 447 14.1852 17836 47.7135 1593 7.1762 National Financial Services LLC (NFS) utilizes Wolverine Execution Services LLC (WEXX) as a wholesale market-maker for executions of single-leg and multi-leg option orders. With the exception of certain options orders described below in these material aspects, NFS receives payment for order flow (PFOF) on single-leg and multi-leg option orders executed by market-makers. For marketable single-leg option orders the payment rate is between $0.30 and $0.40 per contract. For non-marketable single-leg option orders the payment rate is between $0.40 and $0.50 per contract. For multi-leg options orders the payment rate is between $0.40 and $0.48 per contract. All market-makers pay the same rate for any given order flow type.   NFS does not consider payment as a condition for sending more order flow to a market-maker. Options markets are structurally different from equities markets. Options orders require the use of specialized options brokers to deliver price improvement, all options trades must occur on an exchange and are subject to exchange pricing schedules. Options orders in some securities, such as index options, or orders from customers designated as Professional Customers, may incur execution costs rather than receive execution rebates, and options brokers may pass through those execution costs to NFS. Index options may be routed to options brokers with different allocations than non-index options, and as such, the per-contract fees and rebates may look materially different across options brokers NYSE Arca Options ARCA 7.41 0.00 0.82 4.94 7.96 0 0.0000 263 33.6800 1872 33.6800 20103 33.6800 National Financial Services (NFS) utilizes the NYSE Arca Options (ARCA) exchange for executions of single-leg and multi-leg option orders. NFS incurs fees and receives rebates for orders executed on specific options exchanges. Fees and rebates are set by exchange rules, subject to SEC approval, are non-negotiable, and may include tier based volume thresholds. Visit exchange websites directly for detailed price lists: https://www.nyse.com/publicdocs/nyse/markets/arca-options/NYSE_Arca_Options_Fee_Schedule.pdf Information reflecting the ARCA tiered pricing/payment schedule, as applicable to NFSC, can be found at: https://clearingcustody.fidelity.com/app/literature/item/9918939.html CBOE Options Exchange CBOE 7.29 0.00 0.00 4.81 7.85 0 0.0000 -58 -22.5800 -532 -22.5800 -6645 -22.5800 National Financial Services (NFS) utilizes the CBOE Options Exchange (CBOE) exchange for executions of single-leg and multi-leg option orders. NFS incurs fees and receives rebates for orders executed on specific options exchanges. Fees and rebates are set by exchange rules, subject to SEC approval, are non-negotiable, and may include tier based volume thresholds. Visit exchange websites directly for detailed price lists: https://www.cboe.com/us/options/membership/fee_schedule/ Information reflecting the CBOE tiered pricing/payment schedule, as applicable to NFSC, can be found at: https://clearingcustody.fidelity.com/app/literature/item/9918939.html CBOE BZX Options Exchange, Inc. BATS 5.02 0.00 0.02 4.46 5.30 0 0.0000 16 28.6000 549 28.6000 1678 28.6000 National Financial Services (NFS) utilizes the CBOE BZX Options Exchange, Inc. (BATS) exchange for executions of single-leg and multi-leg option orders. NFS incurs fees and receives rebates for orders executed on specific options exchanges. Fees and rebates are set by exchange rules, subject to SEC approval, are non-negotiable, and may include tier based volume thresholds. Visit exchange websites directly for detailed price lists: https://www.cboe.com/us/options/membership/fee_schedule/bzx/ Information reflecting the BATS tiered pricing/payment schedule, as applicable to NFSC, can be found at: https://clearingcustody.fidelity.com/app/literature/item/9918939.html