Notice2026-04233
Order Making Fiscal Year 2026 Annual Adjustments to Transaction Fee Rates
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
March 4, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 42 (Wednesday, March 4, 2026)</title>
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[Federal Register Volume 91, Number 42 (Wednesday, March 4, 2026)]
[Notices]
[Pages 10643-10650]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-04233]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104909/February 27, 2026]
Order Making Fiscal Year 2026 Annual Adjustments to Transaction
Fee Rates
I. Background
Section 31 of the Securities Exchange Act of 1934 (``Exchange
Act'') requires each national securities exchange and national
securities association to pay transaction fees to the Commission.\1\
Specifically, Section 31(b) requires each national securities exchange
to pay to the Commission fees based on the aggregate dollar amount of
sales of certain securities (``covered sales'') transacted on the
exchange.\2\ Section 31(c) requires each national securities
association to pay to the Commission fees based on the aggregate dollar
amount of covered sales transacted by or through any member of the
association other than on an exchange.\3\
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\1\ 15 U.S.C. 78ee.
\2\ 15 U.S.C. 78ee(b).
\3\ 15 U.S.C. 78ee(c).
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Section 31 of the Exchange Act requires the Commission to annually
adjust the fee rates applicable under Sections 31(b) and (c) to a
uniform adjusted rate.\4\ Specifically, the Commission must adjust the
fee rates to a uniform adjusted rate that is reasonably likely to
produce aggregate fee collections (including assessments on security
futures transactions) equal to the regular appropriation to the
Commission for the applicable fiscal year.\5\
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\4\ In some circumstances, the SEC also must make a mid-year
adjustment to the fee rates applicable under Sections 31(b) and (c).
\5\ 15 U.S.C. 78ee(j)(1) (the Commission must adjust the rates
under Sections 31(b) and (c) to a ``uniform adjusted rate that, when
applied to the baseline estimate of the aggregate dollar amount of
sales for such fiscal year, is reasonably likely to produce
aggregate fee collections under [Section 31] (including assessments
collected under [Section 31(d)]) that are equal to the regular
appropriation to the Commission by Congress for such fiscal
year.'').
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The Commission is required to publish notice of the new fee rates
under Section 31 not later than 30 days after the date on which an Act
making a regular appropriation for the applicable fiscal year is
enacted.\6\ On February 3, 2026, the President signed into law the
Consolidated Appropriations Act, 2026, which includes total
appropriations of $2,149,000,000 to the SEC for fiscal year 2026.
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\6\ 15 U.S.C. 78ee(g).
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II. Fiscal Year 2026 Annual Adjustment to the Fee Rate
The new fee rate is determined by (1) subtracting the sum of fees
estimated to be collected prior to the effective date of the new fee
rate \7\ and estimated assessments on security futures transactions to
be collected under Section 31(d) of the Exchange Act for all of fiscal
year 2026 \8\ from an amount equal to the regular appropriation to the
Commission for fiscal year 2026, and (2) dividing by the estimated
aggregate dollar amount of covered sales for the remainder of the
fiscal year following the effective date of the new fee rate.\9\
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\7\ The sum of fees to be collected prior to the effective date
of the new fee rate is determined by applying the current fee rate
to the dollar amount of covered sales prior to the effective date of
the new fee rate. The exchanges and FINRA have provided data on the
dollar amount of covered sales through Dec. 2025. To calculate the
dollar amount of covered sales from Jan. 2026 to the effective date
of the new fee rate, the Commission is using the same methodology it
used in fiscal year 2020. This methodology is described in Appendix
A of this order.
\8\ Currently, security futures do not trade on any market,
therefore the Commission has not collected any assessments for
transactions in security futures. Accordingly, the forecast for the
assessments for all of fiscal year 2026 for single stock futures is
zero.
\9\ To estimate the aggregate dollar amount of covered sales for
the remainder of fiscal year 2026 following the effective date of
the new fee rate, the Commission is using the same methodology it
used previously. This methodology is described in Appendix A of this
order.
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As noted above, the Consolidated Appropriations Act, 2026, includes
total appropriations of $2,149,000,000 to the Commission for fiscal
year 2026.\10\ The Commission estimates that it will collect $0 in fees
for the period prior to the effective date of the new fee rate and $0
in assessments on round turn transactions in security futures products
during all of fiscal year 2026. Using the methodology described in
Appendix A, the Commission estimates that the aggregate dollar amount
of covered sales for the remainder of fiscal year 2026 to be
$104,121,391,900,000.
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\10\ The President signed into law the ``Consolidated
Appropriations Act, 2026'' on February 3, 2026. This legislation
included an appropriation of $2,149,000,000 to the SEC for fiscal
year 2026 operations. Pub. Law. 119-75.
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The uniform adjusted rate is computed by dividing the residual fees
to be collected by the estimated aggregate dollar amount of covered
sales for the remainder of fiscal year; this
[[Page 10644]]
results in a uniform adjusted rate for fiscal year 2026 of $20.60 per
million.\11\
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\11\ Appendix A shows the process of calculating the fiscal year
2026 annual adjustment and includes the data used by the Commission
in making this adjustment.
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III. Effective Date of the Uniform Adjusted Rate
Under Section 31(j)(4)(A) of the Exchange Act, the fiscal year 2026
annual adjustments to the fee rates applicable under Sections 31(b) and
(c) of the Exchange Act shall take effect on the later of October 1,
2025, or 60 days after the date on which a regular appropriation to the
Commission for fiscal year 2026 is enacted.\12\ The regular
appropriation to the Commission for fiscal year 2026 was enacted on
February 3, 2026, and accordingly, the new fee rates applicable under
Sections 31(b) and (c) of the Exchange Act will take effect on April 4,
2026.
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\12\ 15 U.S.C. 78ee(j)(4)(A).
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IV. Conclusion
Accordingly, pursuant to Section 31 of the Exchange Act,
It is hereby ordered that the fee rates applicable under Sections
31(b) and (c) of the Exchange Act shall be $20.60 per $1,000,000
effective on April 4, 2026.
By the Commission.
Sherry R. Haywood,
Assistant Secretary.
Appendix A
This appendix provides the methodology for determining the
annual adjustment to the fee rates applicable under Sections 31(b)
and (c) of the Exchange Act for fiscal year 2026. Section 31 of the
Exchange Act requires the fee rates to be adjusted so that it is
reasonably likely that the Commission will collect aggregate fees
equal to its regular appropriation for fiscal year 2026.
To make the adjustment, the Commission must project the
aggregate dollar amount of covered sales of securities on the
securities exchanges and certain over-the-counter (``OTC'') markets
over the course of the year. The fee rate equals the ratio of the
Commission's regular appropriation for fiscal year 2026 (less the
sum of fees to be collected during fiscal year 2026 prior to the
effective date of the new fee rate and aggregate assessments on
security futures transactions during all of fiscal year 2026) to the
estimated aggregate dollar amount of covered sales for the remainder
of the fiscal year following the effective date of the new fee rate.
For 2026, the Commission has estimated the aggregate dollar
amount of covered sales by projecting forward the trend established
in the previous decade. More specifically, the dollar amount of
covered sales was forecasted for months subsequent to December,
2025, the last month for which the Commission has data on the dollar
volume of covered sales.\13\
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\13\ To determine the availability of data, the Commission
compares the date of the appropriation with the date the transaction
data are due from the exchanges (10 business days after the end of
the month). If the business day following the date of the
appropriation is equal to or subsequent to the date the data are due
from the exchanges, the Commission uses these data. The
appropriation was signed on February 3, 2026. The first business day
after this date was February 4, 2026. Data for January are not due
until February 13. As a result, the Commission used the previous
month, December 2025, and earlier data to forecast volume for
January 2026 and later months.
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The following sections describe this process in detail.
A. Baseline Estimate of the Aggregate Dollar Amount of Covered Sales
for Fiscal Year 2026
First, calculate the average daily dollar amount of covered
sales (``ADS'') for each month in the sample (April 2015 through
December 2025). The monthly total dollar amount of covered sales
(exchange plus certain OTC markets) is presented in column C of
Table A.
The model forecasts the monthly moving average of the average
daily dollar amount of covered sales. Each month's average daily
dollar amount of covered sales is calculated by dividing the total
covered sales for that month (column C of Table A) by the number of
trading days for that month (column B of Table A). These amounts are
shown in column D of Table A. The moving average will span the same
number of months required to be forecast for the remainder of the
fiscal year. The trailing moving average used in the forecast model
is presented in column E of Table A.
To capture the recent trends in the monthly changes in the
moving averages, calculate the one- and two-month lags of the
trailing moving average shown in column E in Table A. These amounts
are shown in columns F and G, respectively, of Table A.
Next, model the monthly trailing moving average of ADS as
function of a constant term and the two lagged trailing moving
averages using the ordinary least squares technique.
Use the estimated model to forecast the trailing moving average
of ADS of the first month after the last available monthly data.
Estimate the trailing moving average of the second month using the
forecasted value of the first month and the actual value of the
month before that. Similarly, estimate the trailing moving average
of the third month using the forecasted values of the two previous
months. Continue in this fashion until the end of the fiscal year.
The estimate of the trailing moving average ADS for the last
applicable month in the fiscal year is a prediction of the moving
average for those months that need to be predicted. This estimate is
used as the predicted value of ADS for each month in the forecast
period; to obtain the forecast total covered sales for each month,
multiply the predicted ADS by the number of days in each month.
The following is a more formal (mathematical) description of the
procedure:
1. Begin with the monthly data for total dollar volume of
covered sales (column C). The sample spans ten years, from April
2015 through December 2025.\14\ Divide each month's total dollar
volume by the number of trading days in that month (column B) to
obtain the average daily dollar volume (ADS, column D).
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\14\ Because the model uses a two period lag in the 8-month
trailing moving average of average daily covered sales, nine
additional months of data are added to the table so that the model
is estimated with 120 observations.
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2. For each month t, calculate the eight-month trailing moving
average of ADS (shown in column E). For example, the value for
November 2015 is the average of the eight months ending in November
2015, or April 2015 through November 2015 inclusive.
3. Calculate the one- and two-month lags of the trailing moving
average. For example, the one-month lag of the eight-month trailing
moving average for December 2015 is equal to the eight-month
trailing moving average for November 2015. The two-month lag of the
eight-month trailing moving average for January 2016 is equal to the
eight-month trailing moving average for November 2015. These are
shown in columns F and G.
4. Estimate the model using ordinary least squares:
y<INF>t</INF> = [alpha] + [beta]1 y<INF>t-1</INF> +
[beta]<INF>2</INF> y<INF>t-2</INF> + u<INF>t</INF>
Where y<INF>t,</INF> is the eight-month trailing moving average
of the average daily sales for month t, and y<INF>t-1</INF> and
y<INF>t-2</INF> are the one- and two-month lags of y<INF>t</INF>,
and u<INF>t</INF> representing the error term for month t. The model
can be estimated using standard commercially available software. The
estimated parameter values are [alpha] = +686,264,830,
[beta]<INF>1</INF> = +1.647148, [beta]<INF>2</INF> = -0.644620. The
root-mean squared error (RMSE) of the regression is 10,624,793,826.
5. The predicted value of the eight-month trailing moving
average of the last month to be forecast represents the final
forecast of covered sales for the entire prediction period. This
value is shown in column H. This represents the prediction for
August 2026. To calculate this value from the model above, one needs
the one-month and two-month lag of the eight-month trailing moving
average ADS, i.e., the eight-month trailing moving average for June
and July. The eight-month trailing moving average for July is
obtained by using the one- and two-month lags for July, that is, the
eight-month trailing moving averages for June and May. To arrive at
all the necessary inputs, one begins with the first month to be
forecast, in this case, January 2026, and iterates predictions
forward until the last month is predicted. One then multiplies the
final predicted eight-month trailing moving average ADS by the
number of days in each month to arrive at the forecast total dollar
amount of covered sales. This is shown in column I.
6. For example, for January 2026, using the a, b<INF>1</INF>,
and b<INF>2</INF> parameter estimates shown above, along with the
one- and two-month lags in the eight-month trailing moving average
ADS (representing the eight-month trailing moving average ADS for
November and December 2025, respectively), one can estimate the
forecast eight-month trailing moving average ADS for January:
[[Page 10645]]
+686,264,830 + (1.647148 x 946,221,753,795) + (-0.644620 x
940,759,326,390) = 952,821,918,200.
7. With the estimated eight-month trailing moving average ADS
for January 2026 calculated above, one can estimate the eight-month
trailing moving average ADS for February 2026. The estimate obtained
from January 2026 becomes the one-month lag for February, and the
one-month lag used in the January forecast becomes the two-month lag
for the February forecast. Thus, the predicted eight-month trailing
moving average ADS for February 2026 is calculated as: +686,264,830
+ (1.647148 x 952,821,918,200) + (-0.644620x 946,221,753,795) =
960,170,180,025.
8. Using the forecasts for January and February, one can
estimate the value for March. Repeat this procedure for subsequent
months, until the estimate for August 2026 is obtained. This value
is 1,010,887,300,000.\15\ This value is then used to calculate the
final forecast total monthly covered sales for all eight months from
January 2026 through August 2026.
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\15\ One obtains insignificantly different values using the
rounded parameter estimates shown above. The predicted ADS values
displayed above represents the full precision estimate.
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9. To obtain the estimate of total monthly covered sales for
each month, multiply the number of trading days in the month, shown
in column B in Table A, by the final forecast eight-month trailing
moving average ADS, shown in column H of Table A. This product is
shown in column I of Table A, and these figures are used to
calculate the new fee rate.
B. Using the Forecasts From A To Calculate the new fee Rate
1. Use Table A to estimate fees collected for the period
September 1, 2025, through April 3, 2026. The projected aggregate
dollar amount of covered sales for this period is
$151,563,603,123,198. Actual and projected fee collections at the
current fee rate of $0.00 per million are $0.
2. Estimate the amount of assessments on security futures
products collected from September 1, 2025, through August 31, 2026.
The only entity reporting assessable security futures products
ceased operations in September 2020.\16\ Consequently, the estimated
amount of assessments on security futures products collected from
September 2025 through August 2026 is zero.
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\16\ Currently, security futures do not trade on any market,
therefore the Commission has not collected any assessments for
transactions in security futures. Accordingly, the forecast for the
assessments for all of fiscal year 2026 for single stock futures is
zero.
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3. Subtract the amount $0 from the target off-setting collection
amount set by Congress of $2,149,000,000, resulting in
$2,149,000,000 to be collected on dollar volume for the period April
4, 2026, through August 31, 2026.
4. Use Table A to estimate dollar volume for the period April 4,
2026, through August 31, 2026. The estimate is $104,121,391,900,000.
Finally, compute the fee rate required to produce the $2,149,000,000
in revenue. This rate is $2,149,000,000 divided by
$104,121,391,900,000 or 0.00002063937.
5. Round the result to the seventh decimal point, yielding a
rate of 0.0000206 (or -$20.60 per million).
This table summarizes the estimates of the aggregate dollar
amount of covered sales, by time period. The figures in this table
can be used to determine the new fee rate.
BILLING CODE 8011-01-P
Table A--Baseline Estimate of the Aggregate Dollar Amount of Sales
[Fee rate calculation]
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a. Baseline estimate of the aggregate dollar amount 149,541,829
of sales, 09/01/2025 to 03/31/2026 ($Millions).....
b. Baseline estimate of the aggregate dollar amount 2,021,775
of sales, 04/01/2026 to 04/03/2026 ($Millions).....
c. Baseline estimate of the aggregate dollar amount 19,206,859
of sales, 04/04/2026 to 04/30/2026 ($Millions).....
d. Baseline estimate of the aggregate dollar amount 84,914,533
of sales, 05/01/2026 to 08/31/2026 ($Millions).....
e. Estimated collections in assessments on security 0.000
futures products in fiscal year 2026 ($Millions)...
f. Implied fee rate (($2,149,000,000-$0.00 * (a + b)- $20.60
e) / (c + d).......................................
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[[Page 10646]]
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(A) (B) (C) (D) (E) (F) (G) (H) (I)
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Number of 1-Month lag of 8-
trading Total dollar Average daily 8-Month trailing month trailing 2-Month lag of 8- Forecast 8-month Forecast total
Month days in amount of sales dollar amount of moving average moving average month trailing trailing moving dollar amount of
month sales (ADS) ADS ADS moving average ADS average ADS sales
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Apr-15..................................... 21 $5,625,548,298,004 $267,883,252,286 ................. ................. .................. .................. ..................
May-15..................................... 20 5,521,351,972,386 276,067,598,619 ................. ................. .................. .................. ..................
Jun-15..................................... 22 6,005,521,460,806 272,978,248,218 ................. ................. .................. .................. ..................
Jul-15..................................... 22 6,493,670,315,390 295,166,832,518 ................. ................. .................. .................. ..................
Aug-15..................................... 21 6,963,901,249,270 331,614,345,203 ................. ................. .................. .................. ..................
Sep-15..................................... 21 6,434,496,770,897 306,404,608,138 ................. ................. .................. .................. ..................
Oct-15..................................... 22 6,592,594,708,082 299,663,395,822 ................. ................. .................. .................. ..................
Nov-15..................................... 20 5,822,824,015,945 291,141,200,797 $292,614,935,200 ................. .................. .................. ..................
Dec-15..................................... 22 6,384,337,478,801 290,197,158,127 295,404,173,430 $292,614,935,200 .................. .................. ..................
Jan-16..................................... 19 6,696,059,796,055 352,424,199,792 304,948,748,577 295,404,173,430 $292,614,935,200 .................. ..................
Feb-16..................................... 20 6,659,878,908,747 332,993,945,437 312,450,710,729 304,948,748,577 295,404,173,430 .................. ..................
Mar-16..................................... 22 6,161,943,754,542 280,088,352,479 310,565,900,725 312,450,710,729 304,948,748,577 .................. ..................
Apr-16..................................... 21 5,541,076,988,322 263,860,808,968 302,096,708,695 310,565,900,725 312,450,710,729 .................. ..................
May-16..................................... 21 5,693,520,415,112 271,120,019,767 297,686,135,149 302,096,708,695 310,565,900,725 .................. ..................
Jun-16..................................... 22 6,317,212,852,759 287,146,038,762 296,121,465,516 297,686,135,149 302,096,708,695 .................. ..................
Jul-16..................................... 20 5,331,797,261,269 266,589,863,063 293,052,548,300 296,121,465,516 297,686,135,149 .................. ..................
Aug-16..................................... 23 5,635,976,607,786 245,042,461,208 287,408,211,185 293,052,548,300 296,121,465,516 .................. ..................
Sep-16..................................... 21 5,942,072,286,976 282,955,823,189 278,724,664,109 287,408,211,185 293,052,548,300 .................. ..................
Oct-16..................................... 21 5,460,906,573,682 260,043,170,175 269,605,817,202 278,724,664,109 287,408,211,185 .................. ..................
Nov-16..................................... 21 6,845,287,809,886 325,966,086,185 275,340,533,915 269,605,817,202 278,724,664,109 .................. ..................
Dec-16..................................... 21 6,208,579,880,985 295,646,660,999 279,313,765,419 275,340,533,915 269,605,817,202 .................. ..................
Jan-17..................................... 20 5,598,200,907,603 279,910,045,380 280,412,518,620 279,313,765,419 275,340,533,915 .................. ..................
Feb-17..................................... 19 5,443,426,609,533 286,496,137,344 280,331,280,943 280,412,518,620 279,313,765,419 .................. ..................
Mar-17..................................... 23 6,661,861,914,530 289,646,170,197 283,213,319,335 280,331,280,943 280,412,518,620 .................. ..................
Apr-17..................................... 19 5,116,714,033,499 269,300,738,605 286,245,604,009 283,213,319,335 280,331,280,943 .................. ..................
May-17..................................... 22 6,305,822,460,672 286,628,293,667 286,704,662,819 286,245,604,009 283,213,319,335 .................. ..................
Jun-17..................................... 22 6,854,993,097,601 311,590,595,346 293,148,090,965 286,704,662,819 286,245,604,009 .................. ..................
Jul-17..................................... 20 5,394,333,070,522 269,716,653,526 286,116,911,883 293,148,090,965 286,704,662,819 .................. ..................
Aug-17..................................... 23 6,206,204,906,864 269,834,995,951 282,890,453,752 286,116,911,883 293,148,090,965 .................. ..................
Sep-17..................................... 20 5,939,886,169,525 296,994,308,476 285,025,986,639 282,890,453,752 286,116,911,883 .................. ..................
Oct-17..................................... 22 6,134,529,538,894 278,842,251,768 284,069,250,942 285,025,986,639 282,890,453,752 .................. ..................
Nov-17..................................... 21 6,289,748,560,897 299,511,836,233 285,302,459,196 284,069,250,942 285,025,986,639 .................. ..................
Dec-17..................................... 20 6,672,181,323,001 333,609,066,150 293,341,000,140 285,302,459,196 284,069,250,942 .................. ..................
Jan-18..................................... 21 7,672,288,677,308 365,347,079,872 303,180,848,415 293,341,000,140 285,302,459,196 .................. ..................
Feb-18..................................... 19 8,725,420,462,639 459,232,655,928 321,636,105,988 303,180,848,415 293,341,000,140 .................. ..................
Mar-18..................................... 21 8,264,755,011,030 393,559,762,430 337,116,494,601 321,636,105,988 303,180,848,415 .................. ..................
Apr-18..................................... 21 7,490,308,402,446 356,681,352,497 347,972,289,169 337,116,494,601 321,636,105,988 .................. ..................
May-18..................................... 22 7,242,077,467,361 329,185,339,426 351,996,168,038 347,972,289,169 337,116,494,601 .................. ..................
Jun-18..................................... 21 7,936,783,802,579 377,942,085,837 364,383,647,297 351,996,168,038 347,972,289,169 .................. ..................
Jul-18..................................... 21 6,807,593,326,456 324,171,110,784 367,466,056,615 364,383,647,297 351,996,168,038 .................. ..................
Aug-18..................................... 23 7,363,115,477,823 320,135,455,558 365,781,855,291 367,466,056,615 364,383,647,297 .................. ..................
Sep-18..................................... 19 6,781,988,459,996 356,946,761,052 364,731,815,439 365,781,855,291 367,466,056,615 .................. ..................
Oct-18..................................... 23 10,133,514,482,168 440,587,586,181 362,401,181,721 364,731,815,439 365,781,855,291 .................. ..................
Nov-18..................................... 21 8,414,847,862,204 400,707,041,057 363,294,591,549 362,401,181,721 364,731,815,439 .................. ..................
Dec-18..................................... 19 9,075,221,733,736 477,643,249,144 378,414,828,630 363,294,591,549 362,401,181,721 .................. ..................
Jan-19..................................... 21 7,960,664,643,749 379,079,268,750 384,651,569,795 378,414,828,630 363,294,591,549 .................. ..................
Feb-19..................................... 19 6,676,391,653,247 351,389,034,381 381,332,438,363 384,651,569,795 378,414,828,630 .................. ..................
Mar-19..................................... 21 7,828,979,311,928 372,808,538,663 387,412,116,848 381,332,438,363 384,651,569,795 .................. ..................
Apr-19..................................... 21 6,907,923,076,080 328,948,717,909 388,513,774,642 387,412,116,848 381,332,438,363 .................. ..................
May-19..................................... 22 7,895,053,976,747 358,866,089,852 388,753,690,742 388,513,774,642 387,412,116,848 .................. ..................
Jun-19..................................... 20 7,070,583,442,058 353,529,172,103 377,871,388,982 388,753,690,742 388,513,774,642 .................. ..................
Jul-19..................................... 22 6,792,811,319,721 308,764,150,896 366,378,527,712 377,871,388,982 388,753,690,742 .................. ..................
Aug-19..................................... 22 8,059,527,400,976 366,342,154,590 352,465,890,893 366,378,527,712 377,871,388,982 .................. ..................
Sep-19..................................... 20 6,958,132,871,506 347,906,643,575 348,569,312,746 352,465,890,893 366,378,527,712 .................. ..................
Oct-19..................................... 23 7,235,982,824,882 314,607,948,908 343,971,677,062 348,569,312,746 352,465,890,893 .................. ..................
Nov-19..................................... 20 6,784,888,230,209 339,244,411,510 339,776,161,168 343,971,677,062 348,569,312,746 .................. ..................
Dec-19..................................... 21 7,252,856,724,647 345,374,129,745 341,829,337,648 339,776,161,168 343,971,677,062 .................. ..................
Jan-20..................................... 21 8,178,172,797,805 389,436,799,895 345,650,676,403 341,829,337,648 339,776,161,168 .................. ..................
Feb-20..................................... 19 8,951,554,790,521 471,134,462,659 360,351,337,722 345,650,676,403 341,829,337,648 .................. ..................
[[Page 10647]]
Mar-20..................................... 22 16,218,726,536,159 737,214,842,553 413,907,674,179 360,351,337,722 345,650,676,403 .................. ..................
Apr-20..................................... 21 10,289,596,902,933 489,980,804,902 429,362,505,468 413,907,674,179 360,351,337,722 .................. ..................
May-20..................................... 20 9,435,524,799,540 471,776,239,977 444,846,205,019 429,362,505,468 413,907,674,179 .................. ..................
Jun-20..................................... 22 12,093,857,552,130 549,720,797,824 474,235,311,133 444,846,205,019 429,362,505,468 .................. ..................
Jul-20..................................... 22 10,355,334,352,448 470,697,016,020 490,666,886,697 474,235,311,133 444,846,205,019 .................. ..................
Aug-20..................................... 21 9,763,364,099,611 464,922,099,981 505,610,382,976 490,666,886,697 474,235,311,133 .................. ..................
Sep-20..................................... 21 11,545,564,207,158 549,788,771,769 525,654,379,461 505,610,382,976 490,666,886,697 .................. ..................
Oct-20..................................... 22 10,052,383,314,951 456,926,514,316 523,878,385,918 525,654,379,461 505,610,382,976 .................. ..................
Nov-20..................................... 20 11,039,477,432,965 551,973,871,648 500,723,264,555 523,878,385,918 525,654,379,461 .................. ..................
Dec-20..................................... 22 12,172,302,216,779 553,286,464,399 508,636,471,992 500,723,264,555 523,878,385,918 .................. ..................
Jan-21..................................... 19 12,396,479,814,996 652,446,306,052 531,220,230,251 508,636,471,992 500,723,264,555 .................. ..................
Feb-21..................................... 19 12,103,659,666,497 637,034,719,289 542,134,470,435 531,220,230,251 508,636,471,992 .................. ..................
Mar-21..................................... 23 16,485,012,205,966 716,739,661,129 572,889,801,073 542,134,470,435 531,220,230,251 .................. ..................
Apr-21..................................... 21 11,602,282,119,601 552,489,624,743 583,835,741,668 572,889,801,073 542,134,470,435 .................. ..................
May-21..................................... 20 11,729,455,630,914 586,472,781,546 588,421,242,890 583,835,741,668 572,889,801,073 .................. ..................
Jun-21..................................... 22 13,038,812,281,463 592,673,285,521 605,389,589,291 588,421,242,890 583,835,741,668 .................. ..................
Jul-21..................................... 21 11,623,478,100,180 553,498,957,151 605,580,224,979 605,389,589,291 588,421,242,890 .................. ..................
Aug-21..................................... 22 11,493,350,851,643 522,425,038,711 601,722,546,768 605,580,224,979 605,389,589,291 .................. ..................
Sep-21..................................... 21 12,312,072,157,576 586,289,150,361 593,452,902,306 601,722,546,768 605,580,224,979 .................. ..................
Oct-21..................................... 21 12,011,570,888,110 571,979,566,100 585,321,008,158 593,452,902,306 601,722,546,768 .................. ..................
Nov-21..................................... 21 13,996,377,941,116 666,494,187,672 579,040,323,976 585,321,008,158 593,452,902,306 .................. ..................
Dec-21..................................... 22 15,494,373,840,971 704,289,720,044 598,015,335,888 579,040,323,976 585,321,008,158 .................. ..................
Jan-22..................................... 20 16,002,717,162,409 800,135,858,120 624,723,220,460 598,015,335,888 579,040,323,976 .................. ..................
Feb-22..................................... 19 14,483,452,476,259 762,286,972,435 645,924,931,324 624,723,220,460 598,015,335,888 .................. ..................
Mar-22..................................... 23 17,089,275,084,128 743,011,960,179 669,614,056,703 645,924,931,324 624,723,220,460 .................. ..................
Apr-22..................................... 20 13,123,148,685,917 656,157,434,296 686,330,606,151 669,614,056,703 645,924,931,324 .................. ..................
May-22..................................... 21 15,039,352,606,836 716,159,647,945 702,564,418,349 686,330,606,151 669,614,056,703 .................. ..................
Jun-22..................................... 21 13,021,062,095,851 620,050,575,993 708,573,294,586 702,564,418,349 686,330,606,151 .................. ..................
Jul-22..................................... 20 10,112,087,348,637 505,604,367,432 688,462,067,055 708,573,294,586 702,564,418,349 .................. ..................
Aug-22..................................... 23 11,593,039,396,644 504,045,191,158 663,431,500,945 688,462,067,055 708,573,294,586 .................. ..................
Sep-22..................................... 21 12,052,452,021,792 573,926,286,752 635,155,304,524 663,431,500,945 688,462,067,055 .................. ..................
Oct-22..................................... 21 11,962,224,366,908 569,629,731,758 611,073,149,439 635,155,304,524 663,431,500,945 .................. ..................
Nov-22..................................... 21 11,900,801,868,077 566,704,850,861 589,034,760,774 611,073,149,439 635,155,304,524 .................. ..................
Dec-22..................................... 21 11,980,859,826,961 570,517,134,617 578,329,723,314 589,034,760,774 611,073,149,439 .................. ..................
Jan-23..................................... 20 11,045,225,185,619 552,261,259,281 557,842,424,731 578,329,723,314 589,034,760,774 .................. ..................
Feb-23..................................... 19 10,787,317,510,620 567,753,553,191 551,305,296,881 557,842,424,731 578,329,723,314 .................. ..................
Mar-23..................................... 23 13,985,409,202,169 608,061,269,660 564,112,409,660 551,305,296,881 557,842,424,731 .................. ..................
Apr-23..................................... 19 9,399,552,596,651 494,713,294,561 562,945,922,585 564,112,409,660 551,305,296,881 .................. ..................
May-23..................................... 22 11,791,806,548,751 535,991,206,761 558,204,037,586 562,945,922,585 564,112,409,660 .................. ..................
Jun-23..................................... 21 13,061,036,476,029 621,954,117,906 564,744,585,855 558,204,037,586 562,945,922,585 .................. ..................
Jul-23..................................... 20 11,366,116,854,082 568,305,842,704 564,944,709,835 564,744,585,855 558,204,037,586 .................. ..................
Aug-23..................................... 23 12,671,358,964,418 550,928,650,627 562,496,149,336 564,944,709,835 564,744,585,855 .................. ..................
Sep-23..................................... 20 11,205,898,765,006 560,294,938,250 563,500,359,207 562,496,149,336 564,944,709,835 .................. ..................
Oct-23..................................... 22 13,188,976,620,062 599,498,937,276 567,468,532,218 563,500,359,207 562,496,149,336 .................. ..................
Nov-23..................................... 21 11,988,333,174,115 570,873,008,291 562,819,999,547 567,468,532,218 563,500,359,207 .................. ..................
Dec-23..................................... 20 13,128,847,387,720 656,442,369,386 583,036,133,900 562,819,999,547 567,468,532,218 .................. ..................
Jan-24..................................... 21 13,601,328,853,198 647,682,326,343 596,997,523,848 583,036,133,900 562,819,999,547 .................. ..................
Feb-24..................................... 20 13,773,538,263,581 688,676,913,179 605,337,873,257 596,997,523,848 583,036,133,900 .................. ..................
Mar-24..................................... 20 14,842,839,760,845 742,141,988,042 627,067,391,424 605,337,873,257 596,997,523,848 .................. ..................
Apr-24..................................... 22 14,638,651,655,508 665,393,257,069 641,375,467,229 627,067,391,424 605,337,873,257 .................. ..................
May-24..................................... 22 13,826,082,480,569 628,458,294,571 649,895,886,770 641,375,467,229 627,067,391,424 .................. ..................
Jun-24..................................... 19 12,831,940,323,239 675,365,280,170 659,379,179,631 649,895,886,770 641,375,467,229 .................. ..................
Jul-24..................................... 22 14,104,512,115,506 641,114,187,068 668,159,326,979 659,379,179,631 649,895,886,770 .................. ..................
Aug-24..................................... 22 13,948,316,899,330 634,014,404,515 665,355,831,370 668,159,326,979 659,379,179,631 .................. ..................
Sep-24..................................... 20 13,073,651,577,918 653,682,578,896 666,105,862,939 665,355,831,370 668,159,326,979 .................. ..................
Oct-24..................................... 23 13,738,447,402,519 597,323,800,110 654,686,723,805 666,105,862,939 665,355,831,370 .................. ..................
Nov-24..................................... 20 15,117,645,718,320 755,882,285,916 656,404,261,039 654,686,723,805 666,105,862,939 .................. ..................
Dec-24..................................... 21 15,704,624,168,553 747,839,246,122 666,710,009,671 656,404,261,039 654,686,723,805 .................. ..................
Jan-25..................................... 20 15,298,115,468,255 764,905,773,413 683,765,944,526 666,710,009,671 656,404,261,039 .................. ..................
Feb-25..................................... 19 14,975,273,939,488 788,172,312,605 697,866,823,580 683,765,944,526 666,710,009,671 .................. ..................
Mar-25..................................... 21 18,093,127,738,971 861,577,511,380 725,424,739,119 697,866,823,580 683,765,944,526 .................. ..................
Apr-25..................................... 21 19,822,747,389,726 943,940,351,892 764,165,482,541 725,424,739,119 697,866,823,580 .................. ..................
May-25..................................... 21 16,983,642,177,865 808,744,865,613 783,548,268,381 764,165,482,541 725,424,739,119 .................. ..................
Jun-25..................................... 20 17,964,511,164,856 898,225,558,243 821,160,988,148 783,548,268,381 764,165,482,541 .................. ..................
Jul-25..................................... 22 18,565,691,120,241 843,895,050,920 832,162,583,773 821,160,988,148 783,548,268,381 .................. ..................
Aug-25..................................... 21 18,361,048,773,892 874,335,655,900 847,974,634,995 832,162,583,773 821,160,988,148 .................. ..................
[[Page 10648]]
Sep-25..................................... 21 21,261,215,063,850 1,012,438,812,564 878,916,264,889 847,974,634,995 832,162,583,773 .................. ..................
Oct-25..................................... 23 23,822,371,846,734 1,035,755,297,684 909,864,138,024 878,916,264,889 847,974,634,995 .................. ..................
Nov-25..................................... 19 21,066,041,347,783 1,108,739,018,304 940,759,326,390 909,864,138,024 878,916,264,889 .................. ..................
Dec-25..................................... 22 21,728,074,964,832 987,639,771,129 946,221,753,795 940,759,326,390 909,864,138,024 .................. ..................
Jan-26..................................... 20 .................. ................. ................. 946,221,753,795 940,759,326,390 $1,010,887,300,000 $20,217,746,000,00
0
Feb-26..................................... 19 .................. ................. ................. ................. 946,221,753,795 1,010,887,300,000 19,206,858,700,000
Mar-26..................................... 22 .................. ................. ................. ................. .................. 1,010,887,300,000 22,239,520,600,000
Apr-26..................................... 21 .................. ................. ................. ................. .................. 1,010,887,300,000 21,228,633,300,000
May-26..................................... 20 .................. ................. ................. ................. .................. 1,010,887,300,000 20,217,746,000,000
Jun-26..................................... 21 .................. ................. ................. ................. .................. 1,010,887,300,000 21,228,633,300,000
Jul-26..................................... 22 .................. ................. ................. ................. .................. 1,010,887,300,000 22,239,520,600,000
Aug-26..................................... 21 .................. ................. ................. ................. .................. 1,010,887,300,000 21,228,633,300,000
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[[Page 10649]]
BILLING CODE 8011-01-P
[GRAPHIC] [TIFF OMITTED] TN04MR26.002
[[Page 10650]]
[FR Doc. 2026-04233 Filed 3-3-26; 8:45 am]
BILLING CODE 8011-01-C
</pre></body>
</html>Indexed from Federal Register on March 4, 2026.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.