Our transparent Tiered pricing for stocks, ETFs (Exchange Traded Products, or ETPs) and warrants includes our low broker commission, which decreases depending on volume, plus exchange, regulatory, and clearing fees. In cases where an exchange provides a rebate, we pass some or all of the savings directly back to you. 1

In the event that IB receives a rebate for executing a trade in a Regulation NMS stock at a market-maker, dark pool, or with a liquidity provider in the IB ATS, IB will pass the full amount of that rebate to Tiered-commission customers as a venue rebate.

	Commission per Share
US Stocks, ETFs, ETPs and Warrants	Minimum per Order	Maximum per Order	Broker-Assisted Trades
USD 0.0050	USD 1.00	1.0% of trade value	Online Pricing +$25.00 service charge

Commission-Free ETFs

Product	Volume	Commission per Share
Aberdeen Standard ETFs	Any	USD 0.00 4
ACSI ETFs	Any	USD 0.00 4
AGF Investment ETFs	Any	USD 0.00 4
Cambria ETFs	Any	USD 0.00 4
Eaton Vance NextShares Exchange-Traded Managed Funds	Any	USD 0.00 4
Global X Funds	Any	USD 0.00 4
Hull Tactical ETFs	Any	USD 0.00 4
Infrastructure ETFs	Any	USD 0.00 4
Legg Mason ETFs	Any	USD 0.00 4
O’Shares ETFs	Any	USD 0.00 4
Reality Shares ETFs	Any	USD 0.00 4
Salt Financial ETFs	Any	USD 0.00 4

Clearing Fees (per share)

NSCC, DTC Fees

USD 0.00020 6

Transaction Fees

Transaction Fees 3	Volume (per month)
Stocks, ETFs, ETPs, Warrants, Rights, Voting Trust Certificates	USD 0.0000207*Value of Aggregate Sales
NYSE Pass-Through Fees	IUR Commissions *0.000175
FINRA Pass-Through Fees	IUR Commissions *0.00056
FINRA Trading Activity Fee	USD 0.000119 * Quantity Sold 5

1. IBKR’s Tiered commission models are not intended to be a direct pass-through of exchange and third-party fees and rebates. Costs passed on to clients in IBKR’s Tiered commission schedule may be greater than the costs paid by IBKR to the relevant exchange, regulator, clearinghouse or third party. For example, IBKR may receive volume discounts that are not passed on to clients. Likewise, rebates passed on to clients by IBKR may be less than the rebates IBKR receives from the relevant market. For example, IBKR may receive enhanced rebate payments for exceeding volume thresholds on particular markets, but typically will not pass these enhancements directly to clients. Average per Share Rebate Amounts for Regulation NMS Stocks are reported on the Interactive Brokers Rule 606 Quarterly Order Routing Report. Click here to view copy of the Report.
2. Volume tiers are applied based on monthly cumulative trade volume summed across all US and Canadian stock and ETF shares at the time of the trade. Only shares that are traded while under the Tiered pricing structure will count towards the monthly volume. Share volumes for advisor, institutions, and broker accounts are summed across all accounts for the purpose of determining volume breaks. These fees are applied on a marginal basis for a given calendar month. If for example, you execute 500,000 US shares in a month, your IB Tiered fees would be:
   • 300,000 shares at USD 0.0035
   • 200,000 shares at USD 0.002
3. Transaction fees are only charged for sell orders.
4. No exchange, clearing or transaction fees charged.
5. Maximum USD 5.95 per trade. In the case of partial executions, each execution is considered one trade.
6. Maximum 0.5% of trade value.
7. Orders where the commission cap is applied do not count towards the monthly volume tiers.
8. In the event the calculated maximum per order is less than the minimum per order, the maximum per order will be assessed. For example, a purchase to buy 10 shares of a $0.20 stock will be charged $0.02 (10 shares x 0.0035/share = 0.035 commission, minimum 0.35 per Order, capped at 10 shares x 0.20 x 1% = 0.02). Note, external fees will be added to the IB commission for those on the Tiered commission structure.

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• Commissions apply to all order types.
• IB’s Tiered fee will be capped at 0.5% of trade value.
• When using SmartRouting, clients should be aware that IB may route the order to an exchange with a better quoted price but with substantially higher fees. In particular, clients should understand the ECN charges for removing liquidity when sending marketable orders for low priced stocks (under USD 2.50).
• All exchange, special and other fees are charged on a per-share basis.
• In the Tiered commission structure, clients may or may not be eligible to receive direct credit for rebates paid for certain types of orders executed at various market centers. For example, IB may receive enhanced rebate payments as a result of exceeding volume thresholds on particular markets, but typically will not directly pass these enhancements to customers. Likewise, IB does not pass to customers all of the rebates IB may receive for orders in pink sheet or OTCBB stocks.
• Please note that directed API orders cannot use the Tiered fee structure. Smart-routed API orders can use either the Tiered or Fixed structure.
• VAT, also referred to as consumption tax, goods and services tax, where applicable, will be separately applied for eligible services.
• Modified orders will be treated as the cancellation and replacement of an existing order with a new order. On certain exchanges, this may have the effect of subjecting modified orders to commission minimums as if they were new orders. For example, if an order for 200 shares is submitted and 100 shares execute, then you modify the order and another 100 shares execute, a commission minimum would be applied to both 100 share orders. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.
• If IB receives a rebate payment for a pink sheet or OTCBB execution, this rebate is not passed to the clients.
• Accumulate/Distribute and Scale Orders will be subject to standard IB Order minimums for each new slice of the algorithm which is submitted.