Security Futures Products Offered

Initial Listing Standards. Contract Specifications shall identify the CF Hybrid Equity Index used as the underlying index for the security futures product and incorporate the CF Hybrid Equity Indices Methodology Guide published by CF Benchmarks as part of the Contract's Rules. The methodology governs determination of the underlying index price used for funding and daily settlement; final settlement is in accordance with Rule 515.4. A security may underlie a security futures product only if:

1. it is a common stock, or an American Depositary Receipt ("ADR") representing common stock or ordinary shares, in each case registered under Section 12 of the SEA, and its issuer is in compliance with applicable requirements of the SEA;

2. it is listed on a national securities exchange and reported as a national market system security;

3. at least 7,000,000 shares of the security are owned by persons other than those required to report their security holdings under Section 16(a) of the SEA;

4. the security has at least 2,000 security holders;

5. its estimated deliverable supply, as reasonably determined by the Exchange consistent with Appendix A to Subpart C of Part 41 of the CFTC Rules, exceeds 20 million shares;

6. it has a market capitalization of at least $100 billion;

7. it has had an average daily value of transactions of at least $450 million over the prior six months or, where the security has been listed for trading for less than six months, at least $1 billion over the prior month;

8. its market price per share has been at least $3.00 for the five consecutive business days preceding the date on which the Exchange commences listing and trading of the security futures product, as measured by the closing price reported in the primary market in which the underlying security is traded;

9. in the case of an ADR, one of the following is satisfied:

   1. the Exchange has an effective surveillance-sharing agreement with the primary exchange in the home country where the security underlying the ADR is traded;

   2. the combined trading volume of the ADR and other related ADRs and securities in the U.S. ADR market, or in markets with which the Exchange has in place an effective surveillance-sharing agreement, represents (on a share-equivalent basis) at least 50% of the combined worldwide trading volume in the ADR, the security underlying the ADR, other classes of common stock related to the underlying security, and ADRs overlying such other stock, over the three-month period preceding the date of selection of the ADR for futures trading (the "Selection Date");

   3. each of the following: (a) the combined trading volume of the ADR and other related ADRs and securities in the U.S. ADR market, and in markets where the Exchange has in place an effective surveillance-sharing agreement, represents (on a share-equivalent basis) at least 20% of the combined worldwide trading volume in the ADR and in other related ADRs and securities over the three-month period preceding the Selection Date; (b) the average daily trading volume for the ADR in the U.S. markets over the three-month period preceding the Selection Date is at least 100,000 receipts; and (c) the daily trading volume for the ADR is at least 60,000 receipts in the U.S. markets on a majority of the trading days for the three-month period preceding the Selection Date; or

   4. the SEC and the CFTC have otherwise authorized the listing; and

10. it is duly issued and outstanding, and is not trading on a when-issued basis or on another basis contingent upon its issuance or distribution.

Maintenance Listing Standards. Where an underlying security ceases to satisfy any of the following standards, the Exchange may prohibit opening transactions in the affected security futures product and may terminate trading in the Contract in accordance with Rule 515.4. A security underlying a security futures product shall satisfy each of the following on a continuing basis:

1. it remains registered under Section 12 of the SEA;

2. it has at least 6,300,000 shares owned by persons other than those required to report their security holdings under Section 16(a) of the SEA;

3. it has at least 1,600 security holders;

4. it has had an average daily value of transactions of at least $200 million over the prior calendar quarter or, where the security has been listed for trading for less than a quarter, at least $1 billion over the period traded during the calendar quarter;

5. it maintains an estimated deliverable supply exceeding 20 million shares;

6. it maintains a market capitalization of at least $50 billion; and

7. it has not closed below $3.00 per share for five consecutive Trading Days.

Corporate Action Adjustments.

1. Adjustment Standard. The Exchange shall make adjustments to preserve, as nearly as practicable, the economic position of holders of open positions immediately before a Corporate Action. "Corporate Action" means a stock split, reverse split, stock dividend, special or extraordinary distribution, rights offering, an event described in Rules 515.3.3 through 515.3.10, or a similar event affecting an underlying security. Adjustments may include, but are not limited to, adjustments to the methodology of the underlying index price, so that Settlement Prices remain continuous and comparable across Corporate Actions, and adjustments to the terms of outstanding security futures products. Adjustment determinations of the Exchange are conclusive and binding.

2. Application of Cash Adjustments. The Clearinghouse shall apply cash adjustments through the next Variation Margin cycle. Distribution payments per Contract shall equal the per-share amount or Exchange-determined value times the Trading Unit, paid from shorts to longs without duplicate settlement-price basis adjustments. Ordinary cash dividends shall result in a cash adjustment on the ex-dividend date.

3. Stock Splits and Reverse Splits. The Exchange shall adjust each open position using a ratio of post-action shares to pre-action shares, retain the standard Trading Unit, and divide the settlement-price basis used for Variation Margin by that ratio.

4. Stock Dividends and Stock Distributions. Stock dividends of the same underlying security shall be treated as splits. Distributions of other securities or property shall result in a cash adjustment for the value distributed.

5. Rights and Warrant Distributions. Distributed rights or warrants shall result in a cash adjustment for their value. If a rights issue changes the share count, the Exchange shall rescale each open position by a ratio it determines.

6. Spin-offs, Split-offs and Voluntary Exchange Offers. Spin-offs shall result in a cash adjustment for the value distributed. For split-offs and voluntary exchange offers, the Exchange shall determine whether an adjustment is appropriate and its terms, including treatment of elections and proration, subject to Contract termination under Rule 515.4.

7. Extraordinary or Special Cash Dividends. Such dividends shall result in a cash adjustment for the amount distributed.

8. Return of Capital. Cash or property returned to shareholders shall result in a cash adjustment for the amount or value distributed.

9. Recapitalizations, Reorganizations, Schemes of Arrangement and Reclassifications. If the Contract continues under this Rule, the Exchange shall adjust each open position for changes in share quantities, make cash adjustments for cash or property distributions, and determine any changes to the underlying security or other Contract terms.

10. Ticker Changes. If only the underlying security's ticker changes, the Exchange shall update Contract identifiers.

Contract Trading Termination. Termination of trading in a security futures product requires final cash settlement of all open positions. The Final Settlement Price shall be in accordance with SEA Rule 6h-1(b) and CFTC Rule 41.25(c). The Exchange shall announce the date and time of contract termination as far in advance as practicable; all trading in the Contract shall cease at that time. The Exchange may terminate trading in the Contract at any time in its sole discretion, whether or not an event described below has occurred, and such determination is final, conclusive, and binding. The Exchange shall terminate trading in the Contract upon the occurrence of any of the following:

1. the underlying security ceases to be listed on a national securities exchange, or is suspended from trading for a continuous period exceeding ten consecutive Trading Days;

2. the underlying security ceases to be registered under Section 12 of the SEA;

3. the underlying security ceases to satisfy the Maintenance Listing Standards and the Exchange determines not to continue the listing;

4. the completion of a merger, acquisition, tender offer, scheme of arrangement, or similar transaction as a result of which the underlying security is canceled, converted, or exchanged, or ceases to be outstanding;

5. the liquidation, dissolution, or winding-up of the issuer of the underlying security, or the entry of an order for relief in a bankruptcy proceeding in respect of such issuer that the Exchange determines is reasonably likely to result in the cancellation of the underlying security; or

6. any other event that the Exchange determines renders continued trading in the security futures product contrary to the maintenance of a fair and orderly market.

Customer Notice. Upon notice by the Exchange that an underlying security no longer satisfies the Maintenance Listing Standards, each Participant and Clearing Member shall, before effecting any transaction in the affected security futures product for a Customer, inform such Customer of such notice.

Perpetual Pricing Procedures. The Securities Perpetual Pricing procedures are incorporated into this Rule and form part of the Exchange Rules governing security futures products. The Underlying Contract Specifications shall incorporate those procedures as part of the Contract's Rules. They apply in place of inconsistent general daily-settlement provisions in Rule 509. Final settlement upon termination remains subject to this Rule. Those procedures govern funding and Daily Settlement Prices as follows:

1. Underlying Index Price. Funding and daily settlement use the index identified in the Underlying Contract Specifications, calculated under the incorporated methodology.

2. Funding Schedule. Funding Intervals run continuously in eight-hour periods, ending at 03:00, 11:00 and 19:00 Central Prevailing Time each calendar day. Funding continues during scheduled market closures, including weekends and holidays.

3. Premium Measurement. During open trading, the Exchange samples the Contract's order book every fifteen seconds. Contract Impact Prices calculated from available depth on the bid and ask sides are compared with the underlying Index Price to measure a premium or discount. Samples later in a Funding Interval receive greater weight. Sampling stops during market closures, trading halts and maintenance windows.

4. Funding Rate Calculation. A newly calculated Funding Rate is based on the weighted average premium or discount, with an Interest Rate of zero. An average premium or discount within 0.001% of zero produces a zero Funding Rate. Outside that range, the Funding Rate equals the amount exceeding that range and retains the direction of the premium or discount.

5. Funding Payments. Each funding payment is a "Funding Adjustment". A positive Funding Rate requires holders of long positions to pay holders of short positions; a negative Funding Rate reverses that direction. Payment amounts reflect the Funding Rate, open position size in Contracts, Contract multiplier and applicable Settlement Price. The Contract multiplier used in Securities Perpetual Pricing is the Trading Unit. The Clearinghouse applies funding payments through the next applicable Variation Margin cycle, combining payments falling within that cycle.

6. Daily Settlement Price. The Exchange determines a Settlement Price at each Funding Time, subject to the carry-forward provisions. The calculation uses the middle of three values: the underlying Index Price; that price adjusted for the average difference between the Contract's bid-ask midpoint and the Index Price; and the Contract's volume-weighted average trading price. The averaging window is the two and one-half minutes immediately preceding the valuation time. Quotation-based calculations and other fallback methods apply as specified in those procedures.

7. Scheduled Closing Valuations. The Exchange also determines a closing Settlement Price at each scheduled weekly or holiday market close. For Friday's 17:00 CPT close, the settlement window is 16:57:30 to 17:00 CPT. The Funding Rate determined at 19:00 CPT uses the six-hour observation window from 11:00 to 17:00 CPT. Closed periods contribute neither Premium samples nor weights. The closing Settlement Price and applicable Funding Rate carry forward through subsequent closed-market Funding Times, including the Funding Time coinciding with the scheduled reopening, as provided in those procedures.

8. Unavailable Inputs. During open trading, an unavailable Index Price or an empty side of the Contract order book produces a sample with no premium or discount. If no sample in an entire Funding Interval has the inputs needed to calculate a Premium, the last calculated Funding Rate carries forward; if none exists, a zero rate applies. Unavailable settlement inputs are handled through the fallback and carry-forward provisions of those procedures.

9. Amendments. Any amendment to the Funding Rate methodology shall apply prospectively only and shall not alter the Funding Rate or any Funding Adjustment obligation for any Funding Interval ending before the amendment's effective date.

Market Hours. Market Hours for security futures products shall extend from 19:00 CPT on Sunday through 17:00 CPT on Friday, in place of the default Market Hours in Rule 501. Market Hours shall observe National Stock Exchange holidays, which shall be listed on the Website. Trading remains subject to maintenance windows published on the Website and trading halts under Rule 501.

Underlying Index Methodology. CF Benchmarks administers and calculates the CF Hybrid Equity Index identified in the Underlying Contract Specifications. Securities Perpetual Pricing governs its use in funding and daily settlement.

1. Data Sources. The index uses only National Stock Exchange quotations during pre-market, regular and after-hours sessions and Blue Ocean ATS quotations overnight, selecting one source at a time under the methodology's session and holiday schedule.

2. Calculation. CF Benchmarks calculates the midpoint of the best bid and offer from the same quotation record each second during scheduled publication periods, subject to the methodology's contingency rules.

3. Availability. During data interruptions, the methodology governs whether CF Benchmarks retains an index value or suspends publication. Securities Perpetual Pricing governs unavailable Index Prices in Contract funding and daily settlement.

4. Oversight. CF Benchmarks reviews the methodology at least annually and consults users and relevant stakeholders before material changes or cessation. Changes to Contract terms and pricing procedures remain subject to the Exchange Rules.

Trading Halts for Security Futures Products.

1. Regulatory Halts. The Exchange shall halt trading in a security futures product while a regulatory halt, as defined in CFTC Rule 41.1 and SEA Rule 6h-1, is in effect in any security underlying the security futures product.

2. Primary Listing Market Halts. The Exchange shall also halt trading in a security futures product whenever the national securities exchange on which an underlying security has its primary listing halts or pauses trading in that security, including news-pending and other regulatory halts, single-security trading pauses, market-wide circuit breaker halts, and halts imposed in connection with Corporate Actions.

3. Resumption. Trading in the security futures product may resume only after trading in each affected underlying security has resumed on the national securities exchange on which it has its primary listing, within the applicable Contract Market Hours and subject to any other continuing trading halt.

4. Coordination. The Exchange maintains procedures to coordinate regulatory trading halts between the Exchange, the national securities exchange on which the underlying security has its primary listing, and other markets on which that security and related securities are traded.

Contract Specifications Template. The Underlying Contract Specifications for each security futures product shall use the following template. The numerical terms below are standard values for these Contracts. Bracketed fields shall be completed for each Contract.

1. Summary Specifications.

   Term	Value
   Product Name	[Underlying Name] Perpetual Futures
   Product Code	[Product Code]
   Underlying	[Security Type] of [Issuer] (CUSIP [CUSIP]; ticker symbol [Ticker])
   Trading Unit	One hundred (100) shares of the Underlying
   Minimum Unit	The minimum unit of trading is one ten-thousandth of a Contract
   Price Quotation	Prices for the Contract are quoted in U.S. dollars per share
   Tick Size	$0.01 per share
   Tick Value	$1.00 per Contract
   Tick Value (Minimum Unit)	$0.0001 per Minimum Unit
   Price Band Variation	2%
   Price Limit	10%
   Position Limits	200,000 Contracts
   Reportable Position Level	25 Contracts
   Market Hours	Rule 515 and Rule 501
   Contract Listing & Termination	Rule 502 and Rule 515
   Settlement Method	Cash Settled; Rule 509 and Rule 515
   Settlement Price	For Variation Margin and Funding Adjustments: Rule 515 and Daily Settlement Price Calculation; Index Price is the [Applicable CF Hybrid Equity Index]
   Funding Rate Methodology	Securities Perpetual Pricing

2. Underlying Price Index. The Underlying Price Index is the [Applicable CF Hybrid Equity Index]. The CF Hybrid Equity Indices Methodology Guide published by CF Benchmarks is incorporated herein as part of the Contract Rules in accordance with Rule 515.

3. Funding Adjustments. Funding adjustments shall be in accordance with Rule 515. Securities Perpetual Pricing is incorporated herein as part of the Contract's Rules.

4. Dividends, Distributions, and Corporate Actions.

   1. Corporate Action Adjustments. Corporate Action Adjustments, including ordinary cash dividends, shall be in accordance with Rule 515.

   2. Contract Termination and Final Settlement. Contract duration, termination and final settlement shall be in accordance with Rule 502 and Rule 515.

5. Market Closures and Halts. Trading halts and resumptions shall be in accordance with Rule 515 and Rule 501. Emergency actions shall be subject to Rule 213.

6. Margin, Risk Controls, and Access.

   1. Initial and Maintenance Margin. Customer and clearing-level margin requirements shall be in accordance with Rule 806 and Rule 820.

   2. Pre-Trade Risk Controls. In accordance with Rule 501, Rule 504 and Rule 405, the Exchange may impose pre-trade risk controls, including price banding, order size limits, and position exposure limits, to ensure orderly trading and mitigate market disruption risk.