Maker Opportunity

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Symbol	Missed Liquidity	Exhausted Liquidity	Routed Liquidity	Volume Opportunity	Cboe ADV	Liquidity Opportunity (% of ADN)
SPY Feb 18 688.00 Call [04Y1Qv]	129,777	3,627	208	133,612	8,829	1,513.33
SPY Feb 19 683.00 Put [04YC57]	128,469	2,408	249	131,126	7,801	1,680.89
SPY Feb 18 685.00 Put [04Xnny]	125,522	3,243	320	129,085	9,325	1,384.29
SPY Feb 18 687.00 Call [04Y1Qg]	125,033	2,113	342	127,488	8,052	1,583.31
SPY Feb 18 688.00 Put [04Y1Rg]	117,954	3,502	239	121,695	9,658	1,260.04
SPY Feb 19 684.00 Put [04YC5A]	116,323	1,325	489	118,137	5,789	2,040.72
SPY Feb 18 686.00 Put [04Y1Qw]	111,817	2,433	176	114,426	9,682	1,181.84
SPY Feb 18 685.00 Call [04XnnR]	110,851	1,893	209	112,953	5,278	2,140.07
SPY Feb 18 684.00 Put [04Y1S7]	110,671	1,376	174	112,221	7,409	1,514.66
SPY Feb 19 682.00 Put [04YC5H]	106,175	2,241	497	108,913	6,187	1,760.35
SPY Feb 18 689.00 Call [04Y1Re]	101,657	3,752	446	105,855	10,137	1,044.24
SPY Feb 18 687.00 Put [04Y1Qu]	102,594	1,980	341	104,915	11,338	925.34
SPY Feb 18 686.00 Call [04Y1Y5]	99,810	2,344	301	102,455	6,245	1,640.59
SPY Feb 20 685.00 Put [04JNsP]	97,228	1,281	235	98,745	5,795	1,703.97
SPY Feb 20 686.00 Put [04Udds]	93,413	1,155	311	94,879	4,291	2,211.12
SPY Feb 20 684.00 Put [04Uddp]	92,389	1,206	196	93,790	4,336	2,163.05
SPY Feb 19 685.00 Put [04Y1RC]	89,108	990	136	90,234	4,079	2,212.16
SPY Feb 20 688.00 Call [04Uddx]	87,603	1,689	127	89,418	4,697	1,903.73
SPY Feb 20 687.00 Put [04Uddu]	87,416	1,601	103	89,120	4,445	2,004.95
SPY Feb 18 684.00 Call [04Y1RF]	84,252	1,038	92	85,382	2,403	3,553.14
SPY Feb 20 687.00 Call [04Uddv]	83,997	1,100	103	85,200	5,206	1,636.57
SPY Feb 18 683.00 Put [04Y1YC]	80,497	910	70	81,477	7,227	1,127.40
SPY Feb 20 683.00 Put [04Uddo]	77,755	1,195	459	79,409	3,531	2,248.91
SPY Feb 20 688.00 Put [04Uddt]	77,736	687	363	78,786	3,983	1,978.06
SPY Feb 20 689.00 Call [04Ude0]	77,496	1,059	112	78,667	4,912	1,601.53

Data for 2026-02-18 to 2026-02-24 inclusive.

Missed Liquidity

This is a measure for the last week of the average daily volume requested at a price equal or better than the NBBO where we had no liquidity.

Exhausted Liquidity

This is a measure for the last week of the average daily volume requested at a price equal or better than the NBBO, which were partially filled.

Routed Liquidity

This number represents for the last week the average daily volume on orders which were routed and filled on another venue.

Volume Opportunity

This is a measure of the total average daily volume of the missed, exhausted and routed liquidity.

Cboe ADV

Average Daily Volume for the last week of shares matched on Cboe for the security shown.

Liquidity Opportunity

Percentage of the ADV missed, exhausted or routed. The higher the percentage the larger the market making opportunity.