Notice2025-11296
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 5.3-O Regarding the Criteria for Listing Options Exchange-Traded Fund Shares
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
June 20, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 117 (Friday, June 20, 2025)</title>
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[Federal Register Volume 90, Number 117 (Friday, June 20, 2025)]
[Notices]
[Pages 26373-26376]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-11296]
[[Page 26373]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103267; File No. SR-NYSEARCA-2025-41]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Rule 5.3-O
Regarding the Criteria for Listing Options Exchange-Traded Fund Shares
June 16, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that, on June 10, 2025, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Rule 5.3-O regarding the criteria
for listing options Exchange-Traded Fund Shares (``ETFs''). The
proposed rule change is available on the Exchange's website at
<a href="http://www.nyse.com">www.nyse.com</a>, at the principal office of the Exchange, and at the
Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend Rule 5.3-O (Criteria for Underlying
Securities) to modify the criteria for listing options ETFs (the
``Rule''), as set forth in 5.3-O(g). The proposed changes are designed
to clarify the listing criteria for ETF options and to streamline the
Rule. This proposal is competitive as it will align the Rule with the
criteria in place on Nasdaq ISE, LLC (``ISE'').\3\
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\3\ See ISE, Options 4, Section 3(h) (setting forth criteria for
listing options on ETFs). The Exchange notes that this proposal
largely mirrors the changes that ISE made to its listing criteria
for ETF options in 2021. See Securities Exchange Act Release Nos.
92226 (June 22, 2021), 86 FR 34096 (June 28, 2021) (SR-ISE-2021-14)
(modifying, among other things, the criteria for listing options on
ETFs, as set forth in Options 4, Section (h)).
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Rule 5.3-O(g) describes the types of ETFs that may be deemed
appropriate for options trading \4\ and subparagraphs (1) and (2) set
forth the conditions that such ETFs must meet to qualify for options
trading.
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\4\ Rule 5.3-O(g) permits options trading on ETFs that are
traded on a national securities exchange and defined as an ``NMS
stock'' in Rule 600 of Regulation NMS and that represent interests
in (i) ``Financial Instruments'' and ``Money Market Instruments'';
(ii) a trust or similar entity that holds a specified non-U.S.
currency; or (iii) ``Commodity Pool ETFs'', or (v) ``Managed Fund
Shares''; provided that each ETF satisfy the conditions listed in
Rules 5.3-O and 5.4-O.
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Rule 5.3-O(g)(1) provides that, to qualify for options trading, an
ETF must either (A) meet the criteria and guidelines for underlying
securities set forth in Rule 5.3-O(a) and (b); \5\ or (B) be available
for creation and redemption each business day.\6\ The Exchange proposes
to reorganize Rule 5.3-O(g)(1) to make clear that an ETF must meet one
of the conditions set forth in subparagraphs (g)(1)(A) or (g)(1)(B) to
be eligible for options trading.\7\ In this regard, the Exchange
proposes to remove ``; and'' from the end of Rule 5.3-O(g)(1)(B) and to
replace it with a period so that subparagraphs (g)(1) and (2) are not
linked, but rather read independently.\8\
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\5\ Rules 5.3-O(a) and (b) provide that, among other
requirements, an ETF be widely-held and actively traded with at
least 7,000,000 shares outstanding, at least 2,000 beneficial
owners, and trading volume of at least 2,400,000 shares in the
preceding twelve months; and that the ETF is registered as an ``NMS
stock'' as defined in Rule 600 of Regulation NMS, respectively.
\6\ Rule 5.3-O(g)(1)(B) requires that ETFs be available for
creation or redemption each business day from or through the issuer
in cash or in kind at a price related to net asset value, and the
issuer must be obligated to issue ETFs in a specified aggregate
number even if some or all of the investment assets required to be
deposited have not been received by the issuer, subject to the
condition that the person obligated to deposit the investments has
undertaken to deliver the investment assets as soon as possible and
such undertaking is secured by the delivery and maintenance of
collateral consisting of cash or cash equivalents satisfactory to
the issuer, as provided in the respective prospectus.
\7\ See proposed Rule 5.3-O(g)(1) and (g)(1)(A) providing that
``(1) The Exchange-Traded Fund Shares either: (A) meet the criteria
and guidelines for underlying securities set forth in Rule 5.3-O(a)
and (b); or'' satisfy Rule 5.3-O(g)(1)(B).
\8\ See proposed Rule 5.3-O(g)(1)(B). See also ISE, Options 4,
Section 3(h)(1).
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While Rule 5.3-O(g)(1) applies to all ETFs, the Exchange proposes
to clarify that Rule 5.3-O(g)(2) applies to only international or
global ETFs.\9\ Specifically, the Exchange proposes to amend Rule 5.3-
O(g)(2) to provide, ``Exchange-Traded Fund Shares based on
international or global indexes, or portfolios that include non-U.S.
securities, must meet the following criteria:''.\10\ This proposed rule
text makes clear that Rule 5.3-O(g)(2) applies to the extent that an
ETF is based on international or global indexes, or portfolios that
include non-U.S. securities. In addition, the proposed text is intended
to serve as a guidepost and clarify that (i) Rule 5.3-O(g)(2) does not
apply to an ETF based on a U.S. domestic index or portfolio, and (ii)
Rule 5.3-O(g)(2) includes ETFs that track a portfolio of non-U.S.
securities rather than an index.
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\9\ Current Rule 5.3-O(g)(2) lacks specificity and provides that
``[t]he Exchange-Traded Fund Shares meet the following criteria:'',
but the information that follows relates to international or global
ETFs. See Rule 5.3-O(g)(2).
\10\ See proposed Rule 5.3-O(g)(2). See also ISE, Options 4,
Section 3(h)(2).
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Currently, Rule 5.3-O(g)(2)(A) refers to ETFs that are listed
pursuant to generic listing standards for series of portfolio
depositary receipts or index fund shares based on international or
global indexes under which a comprehensive surveillance agreement is
not required. The Exchange proposes to remove the phrase ``for series
of portfolio depositary receipts and index fund shares based on
international or global indexes,''.\11\ The Exchange notes that Rule
5.3-O(g)(i) \12\ and (vi) \13\
[[Page 26374]]
currently permit the Exchange to list options on ETFs based on generic
listing standards for portfolio depositary receipts and index fund
shares without applying component-based requirements in Rule 5.3-
O(g)(2)(B)(i)-(iii). Thus, the proposed change would streamline the
Rule and, in so doing, make clear that Rule 5.3-O(g)(2)(A) applies to
ETFs based on international or global indexes, or portfolios that
include non-U.S. securities, that are listed pursuant to generic
listing standards and comply with Rule 5.3-O(g)(1).
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\11\ See proposed Rule 5.3-O(g)(2)(A). See also ISE, Options 4,
Section 3(h)(2).
\12\ Rule 5.3-O(g)(i) concerns passive ETFs, i.e., shares or
other securities that represent ``an interest in a registered
investment company organized as an open-end management investment
company, a unit investment trust or a similar entity which holds
securities and/or financial instruments, options on securities and
indices, equity caps, collars and floors, swap agreements, forward
contracts, repurchase agreements and reverse repurchase agreements
(the `Financial Instruments'), and money market instruments,
including, but not limited to, U.S. government securities and
repurchase agreements (the `Money Market Instruments') constituting
or otherwise based on or representing an investment in an index or
portfolio of securities and/or Financial Instruments and Money
Market Instruments . . . .''
\13\ Rule 5.3-O(g)(vi) concerns active ETFs, i.e., shares or
other securities that that represents ``an interest in a registered
investment company (`Investment Company') organized as an open-end
management investment company or similar entity, that invests in a
portfolio of securities selected by the Investment Company's
investment adviser consistent with the Investment Company's
investment objectives and policies, which is issued in a specified
aggregate minimum number in return for a deposit of a specified
portfolio of securities and/or a cash amount with a value equal to
the next determined net asset value (`NAV'), and when aggregated in
the same specified minimum number, may be redeemed at a holder's
request, which holder will be paid a specified portfolio of
securities and/or cash with a value equal to the next determined NAV
(`Managed Fund Share')''.
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The Exchange also proposes to amend the term ``comprehensive
surveillance agreement'' within Rule 5.3-O(g)(2)(A) and (g)(2)(B)(i)-
(iii) to instead provide ``comprehensive surveillance sharing
agreement'' (emphasis added), which will bring greater clarity to the
term.\14\
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\14\ See proposed Rule 5.3-O(g)(2)(A) and (g)(2)(B)(i)-(iii).
See also ISE, Options 4, Section 3(h)(2)(A)-(D).
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In addition, the Exchange proposes to make several clarifying
changes to Rule 5.3-O(g)(2)(B), which refers to ETFs based on
international or global indexes, or portfolios that include non-U.S.
securities, that are not listed pursuant to generic listing standards
and for which a comprehensive surveillance sharing agreement is
required. Specifically, the Exchange proposes to add the phrase ``, if
not available or applicable, the Exchange-Traded Fund's'' within Rule
5.3-O(g)(2)(B)(i), (ii), and (iii) to clarify that when component
securities are not available, the portfolio of securities upon which
the ETF is based can be used instead.\15\ The Exchange notes that ``not
available'' is intended for cases where the Exchange does not have
access to the index components, in which cases the Exchange would look
to the portfolio components. The term ``not applicable'' is intended if
the ETF is active and does not track an index and only the portfolio is
available.
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\15\ See proposed Rule 5.3-O(g)(2)(B)(i)-(iii). See also ISE,
Options 4, Section 3(h)(2)(B)-(D).
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The Exchange also proposes to wordsmith Rule 5.3-O(g)(2)(B)(i),
(ii), and (iii) to amend the phrase to provide, ``any non-U.S.
component securities of an index (including fixed income) on which the
Exchange-Traded Fund Shares are based or if not available or
applicable, the Exchange-Traded Fund's portfolio of securities that are
not subject to comprehensive surveillance sharing agreements do not in
the aggregate represent more than 50% of the weight of the index or
portfolio;''.\16\ The Exchange believes that the revised wording will
bring greater clarity to the rule text.
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\16\ See proposed Rule 5.3-O(g)(2)(B)(i). See also ISE, Options
4, Section 3(h)(2)(B).
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Similarly, the Exchange proposes to wordsmith Rule 5.3-
O(g)(2)(B)(ii), and (iii) to relocate the phrase ``on which the
Exchange-Traded Fund Shares are based'' and add ``or portfolio'' to
bring greater clarity to the rule text by conforming the rule text of
Rule 5.3-O(g)(2)(B)(ii) and (iii) to the language within Rule 5.3-
O(g)(2)(B)(i). This proposed change also adds transparency and promotes
internal consistency in Exchange rules.
The Exchange proposes to modify the description of ``Financial
Instruments'' in Rule 5.3-O(g)(i) to align with other options exchanges
by adding the following: ``including, but not limited to, stock index
futures contracts, options on futures,'' \17\ which will promote
consistency across exchanges to the benefit of investors. The Exchange
also proposes to modify the description of ``Money Market Instruments''
in Rule 5.3-O(g)(i) to align with other options exchanges by adding the
following parenthetical: ``(or that hold securities in one or more
other registered investment companies that themselves hold such
portfolios of securities and/or Financial Instruments and Money Market
Instruments)'',\18\ which will promote consistency across exchanges to
the benefit of investors.
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\17\ See, e.g., NYSE American Rule 915, Commentary .06(i); ISE,
Options 4, Section 3(h)(i). See also proposed Rule 5.3-O(g)(i).
\18\ See, e.g., ISE, Options 4, Section 3(h)(ii). See also
proposed Rule 5.3-O(g)(i).
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Technical Changes
First, the Exchange proposes to modify Rule 5.3-O(g) to replace the
reference to ``Rule 600(55) of Regulation NMS'' with ``Rule 600 of
Regulation NMS'' because the reference to paragraph (55) of that rule
is no longer accurate.\19\ Next, the Exchange proposes a stylistic
change to Rule 5.3-O(g) such that it ends with ``provided that:''
(instead of ``provided:'') and directs market participants to
subparagraphs (1) and (2) of Rule 5.3-O(g).\20\
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\19\ See proposed Rule 5.3-O(g). Currently, the definition of
``NMS stock'' appears in paragraph 65 (not 55) of Rule 600 of
Regulation NMS. See 17 CFR 242.600(65).
\20\ See proposed Rule 5.3-O(g). See also ISE, Options 4,
Section 3(h).
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Further, the Exchange proposes to modify Rule 5.3-O(g)(ii), which
describes an ETF that represents interests in a trust or similar entity
that holds a specified non-U.S. currency, to define such interests as
``Currency Trust Shares.'' \21\ Consistent with this change, the
Exchange also proposes to modify Rule 5.3-O(g)(2)(B)(iv) to replace
reference to ``Funds that hold a specified non-U.S. currency deposited
with the trust'' and ``Funds'' with the newly defined term of
``Currency Trust Shares,'' which adds clarity, transparency, and
internal consistency to Exchange rules.\22\
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\21\ See proposed Rule 5.3-O(g)(ii). See also ISE, Options 4,
Section 3(h)(ii).
\22\ See proposed Rule 5.3-O(g)(2)(B)(iv). See also ISE, Options
4, Section 3(h)(2)(E).
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Finally, the Exchange proposes to modify Rules 5.3-O(g)(iii) and
(g)(2)(B)(v) to replace reference to ``Commodity Pool Units'' with
``Commodity Pool ETFs,'' which will add internal consistency to the
Rule, which describes ``Exchange Fund Shares,'' not Units.\23\ The
Exchange notes that other options exchanges, in their analogous listing
rules, likewise use ``Commodity Pool ETFs'' to describe the same type
of interest.\24\
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\23\ See proposed Rules 5.3-O(g)(iii) and (g)(2)(B)(v).
Commodity Pool Units (now ETFs) ``represent commodity pool interests
principally engaged, directly or indirectly, in holding and/or
managing portfolios or baskets of securities, commodity futures
contracts, options on commodity futures contracts, swaps, forward
contracts and/or options on physical commodities and/or non-U.S.
currency.'' See Rules 5.3-O(g)(iii).
\24\ See, e.g., NYSE American Rule 915, Commentary .06(iii) and
Commentary .06(b)(ii)(E). See also ISE, Options 4, Section 3(h)(iii)
and (h)(2)(F).
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2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act,\25\ in general, and furthers the
objectives of Section 6(b)(5) of the Act,\26\ in particular, because it
is designed to prevent fraudulent and manipulative acts and practices,
to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating,
clearing, settling, processing information with respect to, and
facilitating transactions in securities, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general, to protect investors and the public interest,
and because it is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
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\25\ 15 U.S.C. 78f(b).
\26\ 15 U.S.C. 78f(b)(5).
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Specifically, the Exchange believes that this proposal will remove
impediments to and perfect the
[[Page 26375]]
mechanism of a free and open market and a national market system
because it is designed to bring greater clarity to the qualification
standards for listing options on ETFs, including by conforming such
standards with those in place on ISE.\27\ The Exchange believes the
proposed changes to Rule 5.3-O(g)(1) make clear that all ETFs must
satisfy one of its two conditions and that such conditions are
independent of those that follow (i.e., those in Rule 5.3-O(g)(2)),
which added clarity benefits all market participants. Further, the
proposed change to make clear that Rule 5.3-O(g)(2) applies to only
international or global ETFs will bring greater clarity to the
qualification standards for listing options on such ETFs to the benefit
of all market participants. The Exchange believes proposed Rule 5.3-
O(g)(2) will serve as a guidepost and clarify that it does not apply to
ETFs based on a U.S. domestic index or portfolio but does apply to ETFs
that track a portfolio of non-U.S. securities rather than an index.
Additionally, the Exchange believes its proposed change to Rule 5.3-
O(g)(i) to align the description of ``Financial Instruments'' and
``Money Market Instruments'' with other options exchanges will promote
consistency across exchanges to the benefit of investors.
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\27\ See ISE, Options 4, Section 3(h).
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The proposed technical and stylistic changes proposed herein are
consistent with the Act and will benefit all market participants
because such changes are designed to streamline the Rule, which adds
clarity, transparency, and internal consistency to Exchange rules
making them easier to navigate and comprehend.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed rule change is
designed to improve the clarity, transparency, and accuracy of the
Exchange's listing criteria for ETF options, which criteria will apply
uniformly to all ETFs in determining eligibility for options trading on
the Exchange. Further, as noted herein, the proposed rule change will
align with ISE Options 4, Section 3(h), and therefore promotes
consistency across exchanges regarding the criteria for listing ETF
options.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \28\ and Rule 19b-4(f)(6) thereunder.\29\
Because the proposed rule change does not: (i) significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \30\ and Rule 19b-
4(f)(6)(iii) \31\ thereunder.
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\28\ 15 U.S.C. 78s(b)(3)(A)(iii).
\29\ 17 CFR 240.19b-4(f)(6).
\30\ 15 U.S.C. 78s(b)(3)(A)(iii).
\31\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of its
intent to file the proposed rule change, along with a brief
description and text of the proposed rule change, at least five
business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \32\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\33\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposal
may become operative immediately upon filing. The Commission believes
that waving the 30-day operative delay is consistent with the
protection of investors and the public interest because it will allow
the Exchange to immediately clarify and improve the accuracy of its
Rule in a manner that conforms with ISE Options 4, Section 3(h) and
does not introduce any novel regulatory issues. Accordingly, the
Commission designates the proposed rule change to be operative upon
filing.\34\
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\32\ 17 CFR 240.19b-4(f)(6).
\33\ 17 CFR 240.19b-4(f)(6)(iii).
\34\ For purposes only of waiving the 30-day operative delay,
the Commission also has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#3f4d4a535a125c5052525a514b4c7f4c5a5c11585049"><span class="__cf_email__" data-cfemail="e694938a83cb85898b8b83889295a6958385c8818990">[email protected]</span></a>. Please include
file number SR-NYSEARCA-2025-41 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-NYSEARCA-2025-41. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for website viewing and
printing in the Commission's Public Reference Room, 100 F Street NE,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also
[[Page 26376]]
will be available for inspection and copying at the principal office of
the Exchange. Do not include personal identifiable information in
submissions; you should submit only information that you wish to make
available publicly. We may redact in part or withhold entirely from
publication submitted material that is obscene or subject to copyright
protection. All submissions should refer to file number SR-NYSEARCA-
2025-41 and should be submitted on or before July 11, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\35\
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\35\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-11296 Filed 6-18-25; 8:45 am]
BILLING CODE 8011-01-P
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