Notice2025-18038
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of Amendment No. 3 to a Proposed Rule Change To Amend Rule 14.11(e)(4) To Permit the Generic Listing and Trading of Commodity-Based Trust Shares That Meet the Requirements Set Forth in Proposed Rule 14.11(e)(4)
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
September 18, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 179 (Thursday, September 18, 2025)</title>
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[Federal Register Volume 90, Number 179 (Thursday, September 18, 2025)]
[Notices]
[Pages 45075-45082]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-18038]
[[Page 45075]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103972; File No. SR-CboeBZX-2025-104]
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing of Amendment No. 3 to a Proposed Rule Change To Amend Rule
14.11(e)(4) To Permit the Generic Listing and Trading of Commodity-
Based Trust Shares That Meet the Requirements Set Forth in Proposed
Rule 14.11(e)(4)
September 15, 2025.
On July 30, 2025, Cboe BZX Exchange, Inc. (``Exchange'' or ``BZX'')
filed with the Securities and Exchange Commission (``Commission''),
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'' or ``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to amend BZX Rule 14.11(e)(4) to permit the
generic listing and trading of Commodity-Based Trust Shares that meet
the requirements set forth in proposed BZX Rule 14.11(e)(4). The
proposed rule change was published for comment in the Federal Register
on August 4, 2025.\3\ On August 27, 2025, the Exchange filed Amendment
No. 2 to the proposed rule change, which replaced and superseded the
proposed rule change in its entirety.\4\ On September 4, 2025, the
Exchange filed Amendment No. 3 to the proposed rule change as described
in Items I and II below, which Items have been prepared by the
Exchange. Amendment No. 3 replaces and supersedes the proposed rule
change, as modified by Amendment No. 2. The Commission is publishing
this notice to solicit comments on the proposed rule change, as
modified by Amendment No. 3, from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 103594 (July 30,
2025), 90 FR 36496. Comments received on the proposed rule change
are available at: <a href="https://www.sec.gov/comments/sr-cboebzx-2025-104/srcboebzx2025104.htm">https://www.sec.gov/comments/sr-cboebzx-2025-104/srcboebzx2025104.htm</a>.
\4\ On August 26, 2025, the Exchange filed Amendment No. 1 to
the proposed rule change and on August 27, 2025, the Exchange
withdrew Amendment No. 1.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe BZX Exchange, Inc. (``BZX'' or the ``Exchange'') is filing
with the Securities and Exchange Commission (``Commission'' or ``SEC'')
a proposed rule change to amend Rule 14.11(e)(4) to permit the generic
listing and trading of Commodity-Based Trust Shares that meet the
requirements set forth in proposed Rule 14.11(e)(4). The text of the
proposed rule change is provided in Exhibit 5.
The text of the proposed rule change is also available on the
Exchange's website (<a href="http://markets.cboe.com/us/equities/regulation/rule_filings/bzx/">http://markets.cboe.com/us/equities/regulation/rule_filings/bzx/</a>) and at the Exchange's Office of the Secretary.
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 Exchange 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 these 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 aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
This Amendment No. 3 to SR-CboeBZX-2025-104 amends and replaces in
its entirety the proposal as originally submitted on July 30, 2025 and
as amended by Amendment No. 1 on August 26, 2025 and Amendment No. 2 on
August 27, 2025. The Exchange submits this Amendment No. 3 in order to
clarify certain points and add additional details to the proposal.
The Exchange adopted rules to list and trade Commodity-Based Trust
Shares under Rule 14.11(e) in 2013.\5\ The Exchange now proposes to
amend Rule 14.11(e)(4) for the purpose of permitting the generic
listing and trading, or trading pursuant to unlisted trading
privileges, of Commodity-Based Trust Shares that meet the amended
requirements of Rule 14.11(e)(4) as set forth below.\6\
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\5\ See Securities Exchange Act No. 70250 (August 29, 2013) 78
FR 53510 (SR-BATS-2013-038) (Order Approving a Proposed Rule Change,
as Modified by Amendment No. 1, To Adopt Listing Standards for
Certain Securities).
\6\ As discussed further below, the Exchange may submit a rule
filing pursuant to Section 19(b) of the Exchange Act to permit the
listing and trading of Commodity-Based Trust Shares that do not meet
the proposed generic listing requirements on an initial or
continuing basis.
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Proposed Listing Rules
Rule 14.11(e)(4)(A) currently provides that the Exchange will
consider for trading, whether by listing or pursuant to unlisted
trading privileges, Commodity-Based Trust Shares that meet the criteria
of Rule 14.11(e)(4), however the Exchange will file separate proposals
under Section 19(b) of the Act before listing Commodity-Based Trust
Shares. The Exchange proposes to amend Rule 14.11(e)(4)(A) to provide
that the Exchange will consider for trading, whether by listing or
pursuant to unlisted trading privileges, Commodity-Based Trust Shares
that meet the criteria of proposed Rule 14.11(e)(4). The Exchange may
list and trade Commodity-Based Trust Shares pursuant to Rule 19b-4(e)
under the Exchange Act or may submit a rule filing pursuant to Section
19(b) of the Exchange Act to permit the listing and trading of
Commodity-Based Trust Shares that do not meet the standards set forth
in this proposed Rule 14.11(e)(4) on an initial or continuing basis.\7\
All statements or representations contained in such rule filing
regarding (1) the description of the index, portfolio or reference
asset, (2) limitations on index, portfolio holdings or reference
assets, or (3) the applicability of Exchange listing rules specified in
such rule filing will constitute continued listing requirements. An
issuer of a series of Commodity-Based Trust Shares must notify the
Exchange of any failure to comply with such continued listing
requirements. If Commodity-Based Trust Shares do not satisfy these
requirements, the Exchange may suspend trading in the Trust shares and
will initiate delisting proceedings pursuant to Rule 14.12.
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\7\ Any current or future products listed pursuant to Exchange
Rule 14.11(e)(4) would adhere to the requirements of proposed Rule
14.11(e)(4).
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Existing Rule 14.11(e)(4)(B) provides for the applicability of Rule
14.11(e)(4), and states that it is applicable only to Commodity-Based
Trust Shares. Except to the extent inconsistent with Rule 14.11(e)(4),
or unless the context otherwise requires, the provisions of the trust
issued receipts rules, Bylaws, and all other rules and procedures of
the Board of Directors shall be applicable to the trading on the
Exchange of such securities. Commodity-Based Trust Shares are included
within the definition of ``security'' or ``securities'' as such terms
are used in the Rules of the Exchange. The Exchange proposes to modify
the applicability provision under Rule 14.11(e)(4)(B) to remove the
provisions that the trust issued receipt rules shall be applicable to
the trading on the Exchange of Commodity-Based Trust Shares. As
discussed further
[[Page 45076]]
below, the proposal seeks to provide that Commodity-Based Trust Shares
may be issued by diverse entity structures including trusts, limited
liability companies, or other similar vehicles and acknowledges that
these entities may hold diversified portfolios encompassing multiple
commodities, Commodity-Based Assets (as defined in proposed Rule
14.11(e)(4)(C)(iii)), securities, cash, and Cash Equivalents (as
defined in proposed Rule 14.11(e)(4)(C)(iv)). The Exchange further
proposes to amend the applicability section to provide that Commodity-
Based Trust Shares are included in the definition of ``security'' or
``securities'' as such terms are used in the Bylaws and Rules of the
Exchange and are subject to the Exchange rules governing the trading of
equity securities.
Existing Rule 14.11(e)(4)(C) sets forth the definitions applicable
to Rule 14.11(e)(4). The Exchange first proposes to amend the
definition of Commodity-Based Trust Shares under Rule 14.11(e)(4)(C)(i)
to provide that it means a security that:
(a) is issued by a trust, limited liability company, or other
similar entity \8\ (``Trust'') that, if applicable, is operated by a
registered commodity pool operator pursuant to the Commodity Exchange
Act, and is not registered as an investment company pursuant to the
Investment Company Act of 1940, or series or class thereof;
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\8\ For example, a partnership may be considered an ``other
similar entity'' under the proposed Rule.
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(b) is designed to reflect the performance of one or more reference
assets or an index of reference assets, less expenses and other
liabilities;
(c) in order to reflect the performance as provided in proposed
Rule 14.11(e)(4)(C)(i)(b), is issued by a Trust that holds (1) one or
more commodities or Commodity-Based Assets as defined in proposed Rule
14.11(e)(4)(C)(iii), as described below; and (2) in addition to such
commodities or Commodity-Based Assets, may hold securities, cash, and
Cash Equivalents;
(d) is issued by a Trust in a specified aggregate minimum number in
return for a deposit of (1) a specified quantity of the underlying
commodities, Commodity-Based Assets, securities, cash, and Cash
Equivalents, or (2) a cash amount with a value based on the next
determined Net Asset Value per Trust share; and
(e) when aggregated in the same specified minimum number, may be
redeemed at a holder's request by such Trust which will deliver to the
redeeming holder (1) the specified quantity of the underlying
commodities, Commodity-Based Assets and securities, cash and Cash
Equivalents or (2) a cash amount with a value based on the next
determined Net Asset Value per Trust share.
The Exchange proposes to amend the definition of Commodity provided
under Rule 14.11(e)(4)(C)(ii), to provide that the term ``Commodity''
is as defined in Section 1a(9) of the Commodity Exchange Act that is
not an ``excluded commodity'' as defined in Section 1a(19) of the
Commodity Exchange Act.
The Exchange also proposes to adopt new definitions under proposed
Rules 14.11(e)(4)(C)(iii) through (x).
Proposed 14.11(e)(4)(C)(iii) would provide that the term
``Commodity-Based Asset'' means a future, option or swap on a commodity
as defined in proposed Rule 14.11(e)(4)(C)(ii).
Proposed 14.11(e)(4)(C)(iv) would provide that the term ``Cash
Equivalent'' means short-term instruments with maturities of less than
three months as follows: (a) U.S. Government securities, including
bills, notes and bonds differing as to maturity and rates of interest,
which are either issued or guaranteed by the U.S. Treasury or by U.S.
Government agencies or instrumentalities; (b) certificates of deposit
issued against funds deposited in a bank or savings and loan
association; (c) bankers' acceptances, which are short-term credit
instruments used to finance commercial transactions; (d) repurchase
agreements and reverse repurchase agreements; (e) bank time deposits,
which are monies kept on deposit with banks or savings and loan
associations for a stated period of time at a fixed rate of interest;
(f) commercial paper, which are short-term unsecured promissory notes;
and (g) money market funds.
Proposed 14.11(e)(4)(C)(v) would provide that the term ``Net Asset
Value'' means the value of Commodity-Based Trust Shares that is used in
computing periodically the current price for the purpose of creation
and redemption of Trust shares and is an amount which reflects the
current market value of the assets held by the Trust less expenses and
liabilities.
Proposed 14.11(e)(4)(C)(vi) would provide that the term
``Designated Contract Market'' means a board of trade or exchange that
has been designated as a contract market under Section 5 of the
Commodity Exchange Act and operates under the regulatory oversight of
the Commodity Futures Trading Commission, pursuant to Section 5 of the
Commodity Exchange Act.
Proposed Rule 14.11(e)(4)(C)(vii) would provide that the term
``Exchange-Traded Fund'' means an open-end management investment
company or a unit investment trust as defined in Section 4(2) of the
Investment Company Act of 1940 or series or class thereof, the shares
of which are listed and traded on a national securities exchange, and
that has formed and operates under an exemptive order under the
Investment Company Act of 1940 or in reliance on an exemptive rule
adopted by the Securities and Exchange Commission.
Proposed Rule 14.11(e)(4)(C)(viii) would provide that the term
``Intraday Indicative Value'' means the estimated indicative value of a
Trust share based on current information regarding the value of the
Trust's underlying assets.
Proposed Rule 14.11(e)(4)(C)(ix) would provide that the term
``Market Price'' means: (a) the official closing price of a Trust
share; or (b) if it more accurately reflects the market value of a
Trust share at the time as of which the trust calculates current Net
Asset Value per share, the price that is the midpoint between the
national best bid and national best offer as of that time.
Proposed Rule 14.11(e)(4)(C)(x) would provide that the term
``Premium or Discount'' means the positive or negative difference
between the Market Price of a Trust share at the time as of which the
current Net Asset Value is calculated and the Trust's current Net Asset
Value per share, expressed as a percentage of the Trust share's current
Net Asset Value per share.
Existing Rule 14.11(e)(4)(D) currently provides for the Designation
of an Underlying Commodity and provides that the Exchange may trade,
either by listing or pursuant to unlisted trading privileges,
Commodity-Based Trust Shares based on an underlying commodity. Each
issue of a Commodity-Based Trust Share shall be designated as a
separate series and shall be identified by a unique symbol. The
Exchange proposes to replace Rule 14.11(e)(4)(D) to instead provide
initial and, except for proposed Rule 14.11(e)(4)(D)(i)(c) discussed
below, continued listing eligibility criteria for Commodity-Based Trust
Shares. Specifically, as proposed, each commodity or commodity that
underlies a Commodity-Based Asset held by the trust must meet at least
one of the following three criteria on an initial and, except for
proposed Rule 14.11(e)(4)(D)(i)(c), continuing basis.\9\
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\9\ Following Commission approval of these proposed generic
listing standards, the Exchange will submit a separate proposal for
an additional quantitative generic listing standard.
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Proposed Rule 14.11(e)(4)(D)(i)(a) provides the first criteria,
which states that the commodity trades on a market
[[Page 45077]]
that is an Intermarket Surveillance Group (``ISG'') member, provided
that the Exchange may obtain information about trading in such
commodity from the ISG member. This proposed criteria establishes a
conditional framework that extends to any commodity traded on
individual foreign or domestic markets, contingent upon two essential
requirements: the market must maintain ISG membership status,\10\ and
the Exchange must retain the ability to access trading information for
the relevant commodity through the ISG relationship.
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\10\ For a list of the current members of ISG, see
<a href="http://www.isgportal.com">www.isgportal.com</a>.
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Proposed Rule 14.11(e)(4)(D)(i)(b) provides the second criteria,
which states that the commodity underlies a futures contract that has
been made available to trade on a Designated Contract Market for at
least six months, provided that the Exchange has a comprehensive
surveillance sharing agreement, whether directly or through common
membership in ISG, with such Designated Contract Market. The six-month
requirement commences from the futures contract's initial listing date
on the Designated Contract Market.
Proposed Rule 14.11(e)(4)(D)(i)(c) provides the third criteria,
which states that an Exchange-Traded Fund designed to provide economic
exposure of no less than 40% of its Net Asset Value to the relevant
commodity lists and trades on a national securities exchange.\11\
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\11\ As provided in proposed Rule 14.11(e)(4)(D), the proposed
criteria shall only be applicable on an initial listing basis.
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In addition to the above, Rule 14.11(e)(4)(D)(ii) provides that
each security held by the Trust shall meet the criteria of Exchange
Rule 14.11(i) (Managed Fund Shares), paragraphs (4)(C)(i) and (ii),\12\
or if the security is a listed option, trades on an ISG market.
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\12\ Rule 14.11(i)(4)(C)(i) sets forth the requirements for
equity component securities for Managed Fund Shares and Rule
14.11(i)(4)(C)(ii) sets forth the requirements for fixed income
component securities for Managed Fund Shares.
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The Exchange proposes to adopt Rule 14.11(e)(4)(E) to address
disclosed information by the Trust. Specifically, the Rule would
require the Trust to disclose prominently on its website, which is
publicly available and free of charge, the following information:
(i) Before the opening of regular trading on the Exchange, for the
Trust's commodities, Commodity-Based Assets, securities, cash and Cash
Equivalent, to the extent applicable: (a) ticker symbol; (b)
identifier; (c) description of the holding; (d) the quantity of each
commodity, Commodity-Based Asset, security, cash, and Cash Equivalent
held; and (e) the percentage weighting of the Trust's assets.
(ii) The Trust's current Net Asset Value per share, Market Price,
and Premium or Discount, each as of the end of the prior business day;
(iii) A table showing the number of days the Trust's shares traded
at a Premium or Discount during the most recently completed calendar
year and the most recently completed calendar quarters since that year
(or the life of the Trust, if shorter);
(iv) A line graph showing the Trust share's Premiums or Discounts
for the most recently completed calendar year and the most recently
completed calendar quarters since that year (or the life of the Trust,
if shorter);
(v) The Trust share's median-ask spread, expressed as a percentage
rounded to the nearest hundredth, computed by: (a) identifying the
Trust share's national best bid and national best offer as of the end
of each 10-second interval during each trading day of the last 30
calendar days; (b) dividing the difference between each such bid and
offer by the midpoint of the national best bid and national best offer;
and (c) identifying the median of those values.
(vi) Liquidity risk policies and procedures as described in
proposed paragraph (G) of Rule 14.11(e)(4) as further explained below;
(vii) The Trust's methodology for the calculation of its Net Asset
Value;
(viii) The Trust's trading volume for the previous day; and
(ix) The Trust's effective prospectus, in a form available for
download.
This comprehensive website disclosure requirement provides
substantial benefits for market transparency, investor protection, and
market efficiency by creating a centralized, accessible information hub
that addresses the unique challenges of Commodity-Based Trust Shares.
Proposed Rule 14.11(e)(4)(F) generally prohibits a leveraged or
inversed series of Commodity-Based Trust Shares to be listed
generically on the Exchange. Specifically, the proposed Rule provides
that the Trust may not seek, directly or indirectly, to provide
investment returns that correspond to the performance of an index,
benchmark, or reference value by a specified multiple, or to provide
investment returns that have an inverse or multiple inverse
relationship to the performance of an index, benchmark, or reference
value, over a predetermined period of time.
Proposed Rule 14.11(e)(4)(G) provides for liquidity risk policies
and procedures. If a Trust has on a daily basis less than 85% of its
assets readily available to meet redemption requests, the Trust must
have written liquidity risk policies and procedures reasonably designed
to address the risk that it could not meet requests to redeem shares
issued by the Trust without significant dilution of remaining
shareholders' interest in the Trust. Such policies and procedures must
be periodically reviewed (with such review occurring no less frequently
than annually) by the Trust. For purposes of this Rule 14.11(e)(4), an
asset is deemed not readily available to meet redemption requests if it
is segregated, pledged, hypothecated, encumbered or otherwise
restricted or prevented from being liquidated, sold, transferred, or
assigned within one business day.\13\ The policies and procedures must
address the following, as applicable:
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\13\ Proposed Rule 14.11(e)(4)(G) would apply, for example, in
situations such as where assets held by the Trust are crypto assets
and are subject to protocol staking. Specifically, to the extent
that the Trust stakes more than 15% of its assets, the Trust will be
required to comply with the liquidity risk policies and procedures
as provided under proposed Rule 14.11(e)(4)(G).
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(i) The Trust's investment strategy and liquidity of the Trust's
assets during normal and stressed conditions, including holdings in
derivatives and whether the investment strategy is appropriate for
effective and efficient arbitrage;
(ii) Holdings of cash and Cash Equivalents, as well as borrowing
arrangements and other funding sources; and
(iii) Percentage and description \14\ of the Trust's assets that
are segregated, pledged, hypothecated, encumbered, or otherwise
restricted or prevented from being liquidated, sold, transferred or
assigned.
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\14\ For example, for crypto ETPs that have staked assets, this
would describe the asset that is staked and the percentage.
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Current Rule 14.11(e)(4)(E) provides for the initial and continued
listing standards for Commodity-Based Trust Shares. The Exchange
proposes to bifurcate the initial listing standards from the continued
listing standards under proposed Rules 14.11(e)(4)(H) and (I),
respectively. Proposed Rule 14.11(e)(4)(H) provides that Commodity-
Based Trust Shares that meet the following initial criteria will be
listed and traded on the Exchange subject to the application of the
following criteria. Proposed Rule 14.11(e)(4)(H)(i) would state that
the Exchange will establish a minimum number of Commodity-Based Trust
Shares required to be outstanding at the time of commencement of
trading on the Exchange. Proposed Rule 14.11(e)(4)(H)(ii) would state
that all Commodity-Based Trust Shares shall
[[Page 45078]]
have a stated investment objective, which shall be adhered to under
normal market conditions.
The current continued listing requirements for Commodity-Based
Trust Shares provide that the Exchange will consider the suspension of
trading in and will commence delisting proceedings for a series of
Commodity-Based Trust Shares pursuant to Rule 14.12 if certain
enumerated circumstances are met. The Exchange proposes to modify this
requirement under proposed Rule 14.11(e)(4)(I) to codify that the
Exchange will maintain surveillance procedures for Trust shares listed
under Rule 14.11(e)(4). The Exchange also proposes to amend and
renumber the enumerated criteria as follows.
Proposed Rule 14.11(e)(4)(I)(i) is substantively identical to
existing Rule 14.11(e)(4)(E)(ii)(a), which provides that the Exchange
will consider the suspension of trading in and will commence delisting
proceedings for a series of Commodity-Based Trust Shares pursuant to
Rule 14.12 if following the initial 12 month period following
commencement of trading on the Exchange, the Trust has more than 60
days remaining until termination and there are fewer than 50 record
and/or beneficial holders of Commodity-Based Trust Shares for 30 or
more consecutive trading days.
Proposed Rule 14.11(e)(4)(I)(ii) maintains the same substantive
content as the current Rule 14.11(e)(4)(E)(ii)(b), with the Exchange
making a clarifying modification to replace ``receipts'' with
``shares'' for improved terminology. Proposed Rule 14.11(e)(4)(I)(ii)
provides that the Exchange will consider the suspension of trading in
and will commence delisting proceedings for a series of Commodity-Based
Trust Shares pursuant to Rule 14.12 if following the initial 12 month
period following commencement of trading on the Exchange, the Trust has
fewer than 50,000 shares issued and outstanding.
Proposed Rule 14.11(e)(4)(I)(iii) maintains substantive equivalence
with existing Rule 14.11(e)(4)(E)(ii)(c), incorporating two Exchange
clarifications: the terminological improvement of replacing
``receipts'' with ``shares'' and the explicit specification that this
provision applies to Commodity-Based Trust Shares trading on the
Exchange. Proposed Rule 14.11(e)(4)(I)(iii) provides that the Exchange
will consider the suspension of trading in and will commence delisting
proceedings for a series of Commodity-Based Trust Shares pursuant to
Rule 14.12 if following the initial 12 month period following
commencement of trading on the Exchange of Commodity-Based Trust
Shares, the market value of all shares issued and outstanding is less
than $1,000,000.
Existing Rule 14.11(e)(4)(E)(ii)(d) provides that the Exchange will
commence delisting proceedings for a series of Commodity-Based Trust
Shares pursuant to Rule 14.12 if an interruption to the dissemination
of the value of the underlying commodity persists past the trading day
in which it occurred or is no longer calculated or available on at
least a 15-second delayed basis from a source unaffiliated with the
sponsor, Trust, custodian or the Exchange or the Exchange stops
providing a hyperlink on its website to any such unaffiliated commodity
value. The Exchange proposes to change the continued listing
requirement under proposed Rule 14.11(e)(4)(I)(iv) to provide that the
Exchange will consider the suspension of trading in and will commence
delisting proceedings for a series of Commodity-Based Trust Shares
pursuant to Rule 14.12 when the interruption to the dissemination of
the value of the underlying reference asset(s) or index persists past
the trading day in which it occurred or is no longer calculated or made
widely available on at least a 15-second delayed basis from a source
unaffiliated with the sponsor, Trust, custodian or the Exchange or the
Exchange stops providing a hyperlink on its website to any such
unaffiliated commodity value.
Existing Rule 14.11(e)(4)(E)(ii)(e) provides the Exchange will
commence delisting proceedings for a series of Commodity-Based Trust
Shares pursuant to Rule 14.12 if an interruption to the dissemination
of the Intraday Indicative Value persists past the trading day in which
it occurred or is no longer made available on at least a 15-second
delayed basis. The Exchange proposes to reword the continued listing
requirement under proposed Rule 14.11(e)(4)(I)(v) to provide that the
Exchange will consider the suspension of trading in and will commence
delisting proceedings for a series of Commodity-Based Trust Shares
pursuant to Rule 14.12 when the interruption to the dissemination of
the Intraday Indicative Value persists past the trading day in which it
occurred or is no longer made widely available on at least a 15-second
delayed basis during Regular Trading Hours.\15\
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\15\ See Exchange Rule 1.5(w).
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The Exchange proposes to adopt Rule 14.11(e)(4)(I)(vi) which
provides that the Exchange will consider the suspension of trading in
and will commence delisting proceedings for a series of Commodity-Based
Trust Shares pursuant to Rule 14.12 if the Net Asset Value is not
calculated at least once daily or made widely available to all market
participants at the same time.
The Exchange also proposes to adopt Rule 14.11(e)(4)(I)(vii) which
provides that the Exchange will consider the suspension of trading in
and will commence delisting proceedings for a series of Commodity-Based
Trust Shares pursuant to Rule 14.12 if the information as set forth in
proposed Rule 14.11(e)(4) is no longer being disclosed in accordance
with the requirements of proposed Rule 14.11(e)(4)(E), discussed above.
Proposed Rule 14.11(e)(4)(I)(viii) is substantively identical to
existing Rule 14.11(e)(4)(E)(ii)(f) except that the Exchange proposes
to add clarifying changes so that the rule provides that the Exchange
will consider the suspension of trading in and will commence delisting
proceedings for a series of Commodity-Based Trust Shares pursuant to
Rule 14.12 if any of the other requirements set forth in Rule
14.11(e)(4) are not continuously maintained.
The Exchange proposes to delete existing Rule 14.11(e)(4)(g) as it
duplicative of the requirements set forth in proposed Rule
14.11(e)(4)(I)(viii).
The Exchange proposes to adopt Rule 14.11(e)(4)(I)(ix) which
provides that the Exchange will consider the suspension of trading in
and will commence delisting proceedings for a series of Commodity-Based
Trust Shares pursuant to Rule 14.12 if the Exchange submits a rule
filing pursuant to Section 19(b) of the Exchange Act to permit the
listing and trading of Commodity-Based Trust Shares that do not
otherwise meet the standards set forth in this proposed Rule
14.11(e)(4) and any of the statements or representations regarding (a)
the description of the index, portfolio, or reference asset; (b)
limitations on the index, portfolio holdings, or reference assets, or
(c) the applicability of Exchange listing rules specified in such rule
filing are not continuously maintained.
Proposed Rule 14.11(e)(4)(I)(x) is substantively identical to
existing Rule 14.11(e)(4)(E)(ii)(h) and provides that the Exchange will
consider the suspension of trading in and will commence delisting
proceedings for a series of Commodity-Based Trust Shares pursuant to
Rule 14.12 if such other event shall occur or condition exists which in
the opinion of the Exchange makes further dealings on the Exchange
inadvisable. Upon termination of a Trust, the Exchange requires that
[[Page 45079]]
Commodity-Based Trust Shares issued in connection with such Trust be
removed from Exchange listing. A Trust may terminate in accordance with
the provisions of the Trust prospectus, which may provide for
termination if the value of the Trust falls below a specified amount.
The Exchange proposes to adopt Rule 14.11(e)(4)(J) which provides
for Trading Halts in Commodity-Based Trust Shares. Under proposed Rule
14.11(e)(4)(J)(i) the Exchange may halt trading during the day in which
the interruption to the following occurs. If the interruption persists
past the trading day in which it occurred, the Exchange will halt
trading no later than the beginning of the trading day following the
interruption. If Commodity-Based Trust Shares are trading on the
Exchange pursuant to unlisted trading privileges, the Exchange will
halt trading as specified in Rule 11.18. Specifically, the Exchange may
halt if: (a) the value of the underlying reference asset(s) or index is
not made widely available on at least a 15-second basis from a source
unaffiliated with the sponsor or the Trust; (b) the Intraday Indicative
Value is not made widely available to all market participants at the
same time on at least a 15-second basis during Regular Trading Hours;
or (c) the information as set forth in this proposed Rule 14.11(e)(4)
is not being disclosed in accordance with the requirement of proposed
paragraph (E) above.
Proposed Rule 14.11(e)(4)(J)(ii) further provides that if the
Exchange becomes aware that the Net Asset Value is not disseminated to
all market participants at the same time, it will halt trading in the
Commodity-Based Trust Shares until such time as the Net Asset Value is
available to all market participants.
Proposed Rule 14.11(e)(4)(J)(iii) provides that the Exchange may
also exercise discretion to halt trading in a Series of Commodity-Based
Trust Shares based on a consideration of the following factors: (A) the
extent to which trading has ceased in underlying Commodity(s) or
Commodity-Based Assets comprising the index or portfolio, (B) in the
event of national, regional, or localized disruption that necessitates
a trading halt to maintain a fair and orderly market, or (C) the
presence of other unusual conditions or circumstances detrimental to
the maintenance of a fair and orderly market.
The Exchange proposes to delete existing Rule 14.11(e)(4)(E)(iii)
through (v), which provides for initial and continued listing standards
related to the term of the trust, the trustee requirements, and voting
rights.
The Exchange proposes to re-letter Rule 14.11(e)(4)(F) to
14.11(e)(4)(K). Proposed Rule 14.11(e)(4)(K) provides for limited
liability of the Exchange in certain circumstances and is substantively
identical to existing Rule 14.11(e)(4)(F), with a conforming change to
reflect that the Trust may hold multiple commodities.
The Exchange proposes to amend Rule 14.11(e)(4)(G) and re-letter as
Rule 14.11(e)(4)(L), which generally provides that a registered Market
Maker in Commodity-Based Trust Shares must file with the Exchange in a
manner prescribed by the Exchange and keep current a list identifying
all accounts for trading in certain related instruments. Proposed Rule
14.11(e)(4)(L) states that a registered Market Maker in Commodity-Based
Trust Shares must file with the Exchange in a manner prescribed by the
Exchange and keep current a list identifying all accounts for trading
in each underlying commodity and Commodity-Based Asset which the
registered Market Maker may have or over which it may exercise
investment discretion. No registered Market Maker in Commodity-Based
Trust Shares shall trade in an underlying commodity, Commodity-Based
Asset or any other related commodity derivative thereon in an account
in which a registered Market Maker (1) directly or indirectly controls
trading activities or has a direct interest in the profits or losses
thereof, (2) is required by this rule to disclose to the Exchange, and
(3) has not been reported to the Exchange. In addition to the existing
obligations under Exchange rules regarding the production of books and
records (see, e.g., Rule 4.2), the registered Market Maker in
Commodity-Based Trust Shares shall make available to the Exchange such
books, records or other information pertaining to transactions by such
entity or registered or non-registered employee affiliated with such
entity for its or their own accounts for trading the underlying
physical commodity or Commodity-Based Asset or applicable derivatives
of each of the foregoing, as may be requested by the Exchange.
The Exchange proposes to adopt Rule 14.11(e)(4)(M) which would
provide for firewall requirements for Commodity-Based Trust Shares.
Proposed Rule 14.11(e)(4)(M)(i) provides that if the value of a
Commodity-Based Trust Shares is based in whole or in part on an index
that is maintained by a broker-dealer, the broker-dealer shall erect
and maintain a ``firewall'' around the personnel responsible for
maintenance of such index or who have access to information concerning
changes and adjustments to the index.
Proposed Rule 14.11(e)(4)(M)(ii) provides that any advisory
committee, supervisory board, or similar entity that advises an index
licensor or administrator or that makes decisions regarding the index
composition, methodology, and related matters must implement and
maintain, or be subject to, procedures designed to prevent the use and
dissemination of material, non-public information regarding the
applicable index.
Proposed Rule 14.11(e)(4)(M)(iii) provides that if the Trust is
affiliated with an entity that has the ability to influence the price
or supply of a commodity, or a commodity underlying a Commodity-Based
Asset, held by the Trust, the Trust shall (a) implement and maintain a
``firewall'' between any such entity and the Trust, (b) have written
policies and procedures designed to prevent the use and dissemination
of material, non-public information regarding the Trust, and (c) have
written policies and procedures designed to prevent fraudulent,
deceptive or manipulative acts, practices, or courses of business with
respect to the Trust and such commodity.
Last, the Exchange proposes to delete the existing language of
Interpretation and Policy .01 to Rule 14.11(e)(4) which provides that a
Commodity-Based Trust Share is a Trust Issued Receipt that holds a
specified commodity deposited with the Trust. The Exchange proposes to
replace the deleted text to provide that an issue of Commodity-Based
Trust Shares must notify the Exchange of any failure to comply with the
continued listing requirements. The Exchange proposes no change to
existing Interpretation and Policies .02 and .03 of Rule 14.11(e)(4).
Specifically, Interpretation and Policy .02 to Rule 14.11(e)(4) states
that the Exchange requires that Members provide all purchasers of newly
issued Commodity-Based Trust Shares a prospectus for the series of
Commodity-Based Trust Shares. Interpretation and Policy .03 to Rule
14.11(e)(4) states that transactions in Commodity-Based Trust Shares
will occur during Regular Trading Hours \16\ and the Early Trading,\17\
Pre-Opening \18\ and After Hours Trading Sessions.\19\
---------------------------------------------------------------------------
\16\ See Exchange Rule 1.5(w).
\17\ See Exchange Rule 1.5(ff).
\18\ See Exchange Rule 1.5(r).
\19\ See Exchange Rule 1.5(c).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations
[[Page 45080]]
thereunder applicable to the Exchange and, in particular, the
requirements of Section 6(b) of the Act.\20\ Specifically, the Exchange
believes the proposed rule change is consistent with the Section
6(b)(5) \21\ requirements that the rules of an exchange be 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. Additionally, the Exchange
believes the proposed rule change is consistent with the Section
6(b)(5) \22\ requirement that the rules of an exchange not be designed
to permit unfair discrimination between customers, issuers, brokers, or
dealers.
---------------------------------------------------------------------------
\20\ 15 U.S.C. 78f(b).
\21\ 15 U.S.C. 78f(b)(5).
\22\ Id.
---------------------------------------------------------------------------
The Exchange believes that the proposed amendments to Rule
14.11(e)(4) are designed to prevent fraudulent and manipulative acts
and practices in that the proposed amended rules relating to listing
and trading Commodity-Based Trust Shares on the Exchange provide
specific initial and continued listing criteria required to be met by
such securities. The proposed Rules set forth initial and continued
listing criteria applicable to Commodity-Based Trust Shares, and
proposed Rule 14.11(e)(4)(A) specifically provides that the Exchange
may approve a series of Commodity-Based Trust Shares for listing and
trading (including pursuant to unlisted trading privileges) on the
Exchange pursuant to Rule 19b-4(e) under the Act, provided such series
of Commodity-Based Trust Shares meet the standards set forth in
proposed Rule 14.11(e)(4) on an initial or continuing basis. The
Exchange will submit a Form 19b-4(e) for all series of Commodity-Based
Trust Shares upon being listed pursuant to proposed Rule 14.11(e)(4).
Furthermore, the Exchange may submit a rule filing pursuant to Section
19(b) of the Exchange Act to permit the listing and trading of
Commodity-Based Trust Shares that do not meet the proposed generic
listing requirements on an initial or continuing basis under proposed
Rule 14.11(e)(4)(A). By allowing rule filings for Commodity-Based Trust
Shares that don't meet generic requirements, the Exchange maintains
flexibility to seek approval from the Commission to list innovative
products that may still serve investor interests and market efficiency,
even if they don't meet the proposed standards.
The Exchange believes the proposed changes to Rule 14.11(e)(4)(B)
and (C) will remove market impediments and enhance the national market
system by clarifying the Rule's applicability and providing clear
definitions.
The Exchange believes that the eligibility criteria under proposed
Rule 14.11(e)(4)(D) to list and trade a series of Commodity-Based Trust
Shares is consistent with the Act. In particular, the criteria under
proposed Rule 14.11(e)(4)(D)(i)(a) aligns with the requirement under
Section 6(b)(5) of the Act that requires rules that promote ``just and
equitable principles of trade'' by ensuring surveillance capabilities
of the underlying commodity through established ISG relationships. The
ISG framework has been repeatedly recognized by the Commission as
providing adequate surveillance for commodity-based products, creating
regulatory consistency with existing approved ETPs.\23\
---------------------------------------------------------------------------
\23\ See e.g., Securities Exchange Act Nos. 99306 (January 10,
2024), 89 FR 3008 (January 17, 2024) (Self-Regulatory Organizations;
NYSE Arca, Inc.; The Nasdaq Stock Market LLC; Cboe BZX Exchange,
Inc.; Order Granting Accelerated Approval of Proposed Rule Changes,
as Modified by Amendments Thereto, To List and Trade Bitcoin-Based
Commodity-Based Trust Shares and Trust Units) (the ``Spot Bitcoin
ETP Approval Order''); 100224 (May 23, 2024), 89 FR 46937 (May 30,
2024) (Self-Regulatory Organizations; NYSE Arca, Inc.; The Nasdaq
Stock Market LLC; Cboe BZX Exchange, Inc.; Order Granting
Accelerated Approval of Proposed Rule Changes, as Modified by
Amendments Thereto, To List and Trade Shares of Ether-Based
Exchange-Traded Products) (the ``Spot ETH ETP Approval Order'').
---------------------------------------------------------------------------
The six-month trading criteria on Designated Contract Markets
(``DCMs'') with comprehensive surveillance sharing agreements as
provided under proposed Rule14.11(e)(4)(D)(i)(b) ensures that there is
a developed regulated futures market which addresses fraud and
manipulation.
The criteria under proposed Rule14.11(e)(4)(D)(i)(c) aligns
products that may be listed generically under Rule 6c-11 of the
Investment Company Act of 1940 and Rule 14.11(l) with the generic
listing requirements for Commodity-Based Trust Shares thereby removing
impediments to and perfecting the mechanism of a free and open market.
The requirement that each security held by the Trust meets the
criteria applicable to Managed Fund Shares,\24\ or if the security is a
listed option, trades on an ISG market,\25\ is consistent with Section
6(b)(5) because these provisions prevent fraudulent and manipulative
acts through substantial market capitalization thresholds, minimum
trading volume requirements, concentration limits restricting single
holdings of portfolio weight, and diversification mandates that ensure
adequate liquidity and prevent over-concentration. The criteria promote
just and equitable principles of trade by requiring securities to be
listed on national securities exchanges, qualify as NMS Stocks under
Regulation NMS, and meet established reporting and transparency
standards, while fostering cooperation with regulatory entities through
existing exchange surveillance mechanisms and national market system
infrastructure. These comprehensive safeguards remove market
impediments by establishing clear, objective standards that provide
market certainty while maintaining the market integrity and investor
protection characteristics mandated by Section 6(b)(5) through proven
regulatory frameworks adapted to Commodity-Based Trust Shares.
---------------------------------------------------------------------------
\24\ See Exchange Rules 14.11(i)(4)(C)(i) and (ii).
\25\ See proposed Exchange Rule 14.11(e)(4)(D)(ii).
---------------------------------------------------------------------------
Requiring the Trust to publicly disclose this comprehensive
information under proposed Rule 14.11(e)(4)(E) is consistent with the
Act by ensuring all market participants have equal access to critical
information needed for informed investment decisions, including real-
time portfolio composition, NAV calculations, and trading metrics that
enable investors to assess fair value and market efficiency.
The Exchange believes proposed Rule 14.11(e)(4)(F) adds clarity to
the Exchange's Rules by explicitly stating that the Trust may not
provide investment returns that correspond to inverse or leveraged
performance of an index, benchmark, or reference value under the
proposed generic listing standards.
The liquidity risk policies and procedures requirement under
proposed Rule 14.11(e)(4)(G) is consistent with the Act because it
provides information to investors that Trusts with significant illiquid
holdings maintain comprehensive risk management frameworks relating to
situations where redemption requests cannot be met without harming
remaining shareholders, thereby protecting investors from potential
dilution or unfair treatment that could result from liquidity
mismatches. The requirement promotes just and equitable principles of
trade by mandating transparency and systematic assessment of liquidity
risks, ensuring that all shareholders are treated fairly during
redemption processes and that the Trust maintains adequate procedures
to manage both normal and stressed market conditions
[[Page 45081]]
without disadvantaging any particular group of investors. These
policies and procedures remove impediments to and perfect the mechanism
of a free and open market by ensuring that ETPs maintain the
operational integrity necessary for efficient arbitrage mechanisms and
price discovery, as the requirement for readily available assets (85%
threshold) and comprehensive liquidity planning aims to provide that
authorized participants can effectively create and redeem shares to
keep market prices aligned with Net Asset Value, which is fundamental
to the proper functioning of exchange-traded products and the fair and
orderly markets.
The Exchange believes that proposed Rules 14.11(e)(4)(H) and (I)
are designed to prevent fraudulent and manipulative acts and practices
in that the proposed rules relating to listing and trading of
Commodity-Based Trust Shares provide specific initial and continued
listing criteria required to be met by such securities. These proposed
rules are largely the same under existing Commodity-Based Trust Shares
rules, but the proposed rules add additional clarity and guidance to
Exchange Rules.
The Exchange believes proposed Rule 14.11(e)(4)(J) is consistent
with the Act because it provides the Exchange with discretion as to
when trading may be halted during the day in which interruption to
certain information becomes unavailable and specifically provides when
the Exchange will halt on the day following the interruption if the
interruption persists. Such halts may be necessary to prevent
fraudulent and manipulative acts when critical pricing information
becomes unavailable, ensuring that no market participants can exploit
informational advantages while others lack access to essential
valuation data.
The Exchange believes that removing existing Rules
14.11(e)(4)(E)(iii), (iv), and (v), which establish continued listing
standards for trust term, trustee requirements, and voting rights,
aligns with the Act because these provisions are either inapplicable
under the proposed rules or adequately addressed elsewhere. Trustee
requirements may no longer be relevant since Commodity-Based Trust
Shares can be issued by trusts, limited liability companies, or other
similar entities. The term requirement is redundant because trust
termination provisions are already comprehensively covered under
proposed Rule 14.11(e)(4)(I)(x). Similarly, the voting rights provision
is unnecessary since shareholder rights must be disclosed in the
applicable trust prospectus pursuant to other securities laws.
The Exchange considers the proposed amendments to the market maker
accounts requirement under proposed Rule 14.11(e)(4)(L) to be
reasonable and consistent with existing regulatory frameworks. Current
Rule 14.11(e)(4)(G) establishes a comprehensive disclosure obligation
requiring Market Makers to maintain and file updated lists of all
accounts used for trading underlying commodities, related commodity
futures, options on commodity futures, and other related commodity
derivatives over which they maintain trading authority or investment
discretion. The proposed amendments clarify these requirements to align
with other proposed changes.
The Exchange believes the proposal to adopt firewall requirements
for Commodity-Based Trust Shares, as provided under proposed Rule
14.11(e)(4)(M), are designed to prevent fraudulent and manipulative
acts and practices, promote just and equitable principles of trade, and
to protect investors and the public interest. The firewall requirements
establish structural barriers against the use and dissemination of
material, non-public information which could be used to manipulate a
series of Commodity-Based Trust Shares. The consistency of the proposed
firewall requirements with existing ETF Share firewall requirements
promotes consistent and equitable standards across similar investment
products.\26\
---------------------------------------------------------------------------
\26\ See Exchange Rule 14.11(l)(4)(a)(ii) and (iii).
---------------------------------------------------------------------------
The Exchange believes that deleting existing Interpretation and
Policy .01 to Rule 14.11(e)(4) is necessary to align the rule text with
the comprehensive structural changes proposed throughout the regulatory
framework. The current interpretation reflects an outdated paradigm
that narrowly characterizes Commodity-Based Trust Shares as Trust
Issued Receipts backed exclusively by specified commodities held in
deposit, which conflicts with the expanded definitional scope
established under proposed Rule 14.11(e)(4)(C)(i). The proposed rule
recognizes that Commodity-Based Trust Shares may be issued by diverse
entity structures including trusts, limited liability companies, or
other similar vehicles, and acknowledges that these entities may hold
diversified portfolios encompassing multiple commodities, Commodity-
Based Assets, securities, cash, and Cash Equivalents rather than single
commodity deposits. The proposed replacement of Interpretation and
Policy .01 strengthens the regulatory framework by requiring issuers of
Commodity-Based Trust to notify the Exchange of any failure to comply
with the continued listing requirements.
The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest in that it will facilitate the listing and trading of
Commodity-Based Trust Shares in a manner that will enhance competition
among market participants, to the benefit of investors and the
marketplace. The Exchange believes that approval of this proposal will
streamline current procedures, reduce the costs and timeline associated
with bringing Commodity-Based Trust Shares to market, and provide
significantly greater regulatory certainty to potential issuers
considering bringing Commodity-Based Trust Shares to market, thereby
enhancing competition among Commodity-Based Trust Shares issuers and
reducing costs for investors
For the above reasons, the Exchange believes that the proposed rule
change is consistent with the requirements of Section 6(b)(5) of the
Act.
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. To the contrary, the
Exchange believes that the proposed rule change would enhance
competition by streamlining current procedures, reducing the costs and
timeline associated with bringing Commodity-Based Trust Shares to
market, and providing significantly greater regulatory certainty to
potential issuers considering bringing Commodity-Based Trust Shares to
market, all of which the Exchange believes would enhance competition
among Commodity-Based Trust Shares issuers and reduce costs for
investors. The Exchange also believes that the proposed change would
enhance competition among Commodity-Based Trust Shares by ensuring the
application of uniform listing standards.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received written comment letters
on this proposal.
III. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
[[Page 45082]]
change, as modified by Amendment No. 3, 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#82f0f7eee7afe1edefefe7ecf6f1c2f1e7e1ace5edf4"><span class="__cf_email__" data-cfemail="96e4e3faf3bbf5f9fbfbf3f8e2e5d6e5f3f5b8f1f9e0">[email protected]</span></a>. Please include
file number SR-CboeBZX-2025-104 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-CboeBZX-2025-104. 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 filing 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-CboeBZX-2025-104 and should be submitted
on or before October 9, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
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\27\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-18038 Filed 9-17-25; 8:45 am]
BILLING CODE 8011-01-P
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