U.S. BANCORP ADVISORS, LLC

Reporter ID: MKTI • Quarter: 2026Q3 • Methodology: exq-2

Status: ACTIVE

Generated: Wed, 14 Oct 2026 19:27:14 GMT

Quarter:2026Q3

Covered Orders64,878Across all reported tiers

Covered Shares15,013,200In Q3 2026

Active Tiers84Order class × notional buckets

Routing Brokers0Disclosed in 606 filings

1. Amended Rule 605 Scorecard vs. Mix-Adjusted Peers — 2026-08

Execution metrics across order classes and the 24 notional × lot categories, benchmarked against what competing market centers delivered on identical symbols.

Class	Notional × Lot	Orders	Covered Sh	Fill Rate	PI Rate	NPI (bps)	Peer Bench (bps)	Coverage	Rank Pctl	Eff Spread	Speed <1s
market	<$250 • FRACT	1,406	542	100.0%	98.4%	2.2 bps	—	0%	32nd	$0.0002	99.9%
market	<$250 • ODD	5,079	24,773	—	97.9%	7.6 bps	—	—	56th	—	99.9%
market	<$250 • ROUND	38	8,277	—	—	—	—	—	—	—	—
market	$250–$999 • FRACT	41	28	—	—	—	—	—	—	—	—
market	$250–$999 • ODD	6,651	83,685	—	98.2%	5.7 bps	—	—	56th	—	99.7%
market	$250–$999 • ROUND	337	60,297	—	93.8%	16.3 bps	—	—	62nd	—	100.0%
market	$1k–$5k • FRACT	1	1	—	—	—	—	—	—	—	—
market	$1k–$5k • ODD	7,821	220,579	—	96.8%	3.9 bps	—	—	42nd	—	99.9%
market	$1k–$5k • ROUND	1,810	447,798	—	95.4%	8.1 bps	—	—	61st	—	98.3%
market	$5k–$10k • ODD	1,704	80,843	—	96.9%	3.2 bps	—	—	41st	—	99.9%
market	$5k–$10k • ROUND	1,706	678,547	—	81.9%	5.7 bps	—	—	67th	—	81.0%
market	$10k–$20k • ODD	562	27,635	—	95.5%	2.4 bps	—	—	22nd	—	99.7%
market	$10k–$20k • ROUND	2,114	1,070,646	—	87.4%	4.7 bps	—	—	75th	—	89.0%
market	$20k–$50k • ODD	72	3,643	—	—	—	—	—	—	—	—
market	$20k–$50k • ROUND	1,895	1,629,901	—	86.4%	4.3 bps	—	—	83rd	—	86.3%
market	$50k–$200k • ROUND	1,084	2,533,046	—	71.5%	1.8 bps	—	—	48th	—	54.0%
market	≥$200k • ROUND	156	1,295,241	—	49.5%	3.1 bps	—	—	89th	—	27.2%
marketable_limit	<$250 • ODD	429	4,187	—	98.0%	11.6 bps	—	—	90th	—	100.0%
marketable_limit	<$250 • ROUND	38	6,426	—	—	—	—	—	—	—	—
marketable_limit	$250–$999 • ODD	279	6,317	—	96.9%	4.5 bps	—	—	67th	—	100.0%
marketable_limit	$250–$999 • ROUND	129	34,138	—	90.5%	17.7 bps	—	—	85th	—	99.7%
marketable_limit	$1k–$5k • ODD	206	7,023	—	98.2%	5.0 bps	—	—	87th	—	100.0%
marketable_limit	$1k–$5k • ROUND	264	246,344	—	75.7%	15.8 bps	—	—	96th	—	99.6%
marketable_limit	$5k–$10k • ODD	56	2,519	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ROUND	153	229,052	—	66.1%	10.4 bps	—	—	98th	—	65.0%
marketable_limit	$10k–$20k • ODD	21	1,010	—	—	—	—	—	—	—	—
marketable_limit	$10k–$20k • ROUND	159	341,641	—	61.0%	6.7 bps	—	—	93rd	—	57.5%
marketable_limit	$20k–$50k • ODD	1	28	—	—	—	—	—	—	—	—
marketable_limit	$20k–$50k • ROUND	148	410,350	—	72.0%	4.1 bps	—	—	86th	—	61.5%
marketable_limit	$50k–$200k • ROUND	175	637,528	—	58.9%	3.7 bps	—	—	96th	—	27.0%
marketable_limit	≥$200k • ROUND	42	522,926	—	—	—	—	—	—	—	—
nonmarketable_limit	<$250 • ODD	763	8,717	—	100.0%	39.5 bps	—	—	82nd	—	28.8%
nonmarketable_limit	<$250 • ROUND	50	8,075	—	—	—	—	—	—	—	—
nonmarketable_limit	$250–$999 • ODD	671	13,083	—	100.0%	31.6 bps	—	—	87th	—	35.4%
nonmarketable_limit	$250–$999 • ROUND	171	60,611	—	100.0%	156.7 bps	—	—	96th	—	22.0%
nonmarketable_limit	$1k–$5k • ODD	528	16,437	—	100.0%	12.0 bps	—	—	51st	—	41.8%
nonmarketable_limit	$1k–$5k • ROUND	486	296,108	—	100.0%	66.5 bps	—	—	90th	—	25.0%
nonmarketable_limit	$5k–$10k • ODD	106	5,035	—	100.0%	12.9 bps	—	—	72nd	—	44.0%
nonmarketable_limit	$5k–$10k • ROUND	254	187,023	—	100.0%	16.1 bps	—	—	49th	—	17.0%
nonmarketable_limit	$10k–$20k • ODD	35	1,721	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ROUND	214	258,260	—	100.0%	15.9 bps	—	—	68th	—	16.1%
nonmarketable_limit	$20k–$50k • ODD	5	429	—	—	—	—	—	—	—	—
nonmarketable_limit	$20k–$50k • ROUND	267	488,177	—	100.0%	7.3 bps	—	—	30th	—	21.4%
nonmarketable_limit	$50k–$200k • ROUND	229	1,049,702	—	100.0%	4.3 bps	—	—	13th	—	11.4%
nonmarketable_limit	≥$200k • ROUND	42	269,582	—	—	—	—	—	—	—	—
market	<$250 • FRACT	1,617	398	100.0%	99.2%	4.8 bps	—	0%	93rd	$-0.0004	100.0%
market	<$250 • ODD	2,443	4,761	—	98.4%	3.7 bps	—	—	81st	—	99.9%
market	$250–$999 • FRACT	103	76	100.0%	97.7%	4.2 bps	—	0%	89th	$-0.0009	100.0%
market	$250–$999 • ODD	7,028	30,436	—	98.2%	4.0 bps	—	—	86th	—	99.9%
market	$1k–$5k • ODD	7,804	108,747	—	97.9%	3.7 bps	—	—	83rd	—	99.9%
market	$1k–$5k • ROUND	169	19,635	—	98.9%	2.4 bps	—	—	86th	—	100.0%
market	$5k–$10k • ODD	1,946	54,797	—	97.1%	3.3 bps	—	—	80th	—	100.0%
market	$5k–$10k • ROUND	269	45,659	—	97.4%	2.0 bps	—	—	80th	—	100.0%
market	$10k–$20k • ODD	896	34,400	—	95.1%	2.9 bps	—	—	65th	—	100.0%
market	$10k–$20k • ROUND	629	129,375	—	96.5%	2.6 bps	—	—	80th	—	99.9%
market	$20k–$50k • ODD	178	7,835	—	97.1%	3.1 bps	—	—	55th	—	99.8%
market	$20k–$50k • ROUND	1,029	243,909	—	96.4%	2.4 bps	—	—	68th	—	99.2%
market	$50k–$200k • ODD	2	73	—	—	—	—	—	—	—	—
market	$50k–$200k • ROUND	557	343,600	—	87.8%	2.8 bps	—	—	79th	—	75.2%
market	≥$200k • ROUND	134	341,160	—	58.8%	1.9 bps	—	—	80th	—	54.3%
marketable_limit	<$250 • ODD	30	46	—	—	—	—	—	—	—	—
marketable_limit	$250–$999 • ODD	68	489	—	—	—	—	—	—	—	—
marketable_limit	$1k–$5k • ODD	108	1,987	—	97.7%	2.3 bps	—	—	78th	—	99.2%
marketable_limit	$1k–$5k • ROUND	7	863	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ODD	34	900	—	—	—	—	—	—	—	—
marketable_limit	$5k–$10k • ROUND	14	1,968	—	—	—	—	—	—	—	—
marketable_limit	$10k–$20k • ODD	29	1,180	—	—	—	—	—	—	—	—
marketable_limit	$10k–$20k • ROUND	21	4,611	—	—	—	—	—	—	—	—
marketable_limit	$20k–$50k • ODD	6	359	—	—	—	—	—	—	—	—
marketable_limit	$20k–$50k • ROUND	46	26,703	—	—	—	—	—	—	—	—
marketable_limit	$50k–$200k • ROUND	33	30,497	—	—	—	—	—	—	—	—
marketable_limit	≥$200k • ROUND	14	56,780	—	—	—	—	—	—	—	—
nonmarketable_limit	<$250 • ODD	69	165	—	—	—	—	—	—	—	—
nonmarketable_limit	$250–$999 • ODD	227	1,436	—	100.0%	5.2 bps	—	—	77th	—	45.7%
nonmarketable_limit	$1k–$5k • ODD	383	5,502	—	100.0%	11.3 bps	—	—	93rd	—	58.3%
nonmarketable_limit	$1k–$5k • ROUND	25	2,687	—	—	—	—	—	—	—	—
nonmarketable_limit	$5k–$10k • ODD	149	4,482	—	100.0%	6.3 bps	—	—	82nd	—	58.8%
nonmarketable_limit	$5k–$10k • ROUND	35	6,911	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ODD	77	2,953	—	—	—	—	—	—	—	—
nonmarketable_limit	$10k–$20k • ROUND	46	9,710	—	—	—	—	—	—	—	—
nonmarketable_limit	$20k–$50k • ODD	12	480	—	—	—	—	—	—	—	—
nonmarketable_limit	$20k–$50k • ROUND	105	41,411	—	100.0%	3.5 bps	—	—	55th	—	36.1%
nonmarketable_limit	$50k–$200k • ROUND	91	57,947	—	—	—	—	—	—	—	—
nonmarketable_limit	≥$200k • ROUND	47	110,341	—	—	—	—	—	—	—	—

2. Broker-Dealers Routing Here (Reverse 606 Index)

Firms directing customer order flow to this market center under SEC Rule 606(a), with route percentages and PFOF rates.

No broker-dealers identified routing flow to this market center in 2026Q3.

3. Rule 605 Report Files & Ingestion History

Published monthly execution quality data files crawled from vendor and exchange landing pages.

File Name	Month	Kind	Status	Fetched At	Source URL
MKTI202608.zip	202608	detailed	stored	2026-09-30T21:17:20.841374476+00:00	File Link ↗
MKTI202608.csv	202608	summary	stored	2026-09-30T21:17:20.841375598+00:00	File Link ↗
MKTI202608.csv	202608	summary	stored	2026-10-01T08:17:59.863+00:00	File Link ↗
MKTI202608.zip	202608	detailed	stored	2026-10-01T09:17:49.950+00:00	File Link ↗

4. Coverage Gaps & Review Limitations

Suppressed Cells

Tiers with < 100 covered orders

Missing Files

Months unretrievable

Methodological Caveats:

A venue's Rule 605 statistics describe all flow it handled, not this firm's orders.
606 route shares are per order, not per share, and list only the top 10 venues plus any venue with at least 5% of non-directed orders.
FINRA Rule 5310.09 also requires the firm's own order-level review of its executions.
This report is not legal or compliance advice.
Net price improvement is in basis points of executed notional (quote midpoint × shares). The PFOF comparison converts the difference to ¢/100 sh at the venue's average executed price; it is an estimate.
Brokers routing here reflect venue aliases as of the last crosswalk-venues run.

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