Notice2025-18676
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Grayscale Ethereum Trust ETF and Grayscale Ethereum Mini Trust ETF
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 26, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 185 (Friday, September 26, 2025)</title>
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[Federal Register Volume 90, Number 185 (Friday, September 26, 2025)]
[Notices]
[Pages 46444-46445]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-18676]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104021; File No. SR-NYSEARCA-2025-72]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend the
Grayscale Ethereum Trust ETF and Grayscale Ethereum Mini Trust ETF
September 23, 2025.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on September 19, 2025, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the self-regulatory
organization. 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\ 15 U.S.C. 78a.
\3\ 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 the Grayscale Ethereum Trust ETF
(the ``Trust'') and Grayscale Ethereum Mini Trust ETF (the ``Mini
Trust'' and, together with the Trust, the ``Trusts''), shares of which
are currently listed and traded on the Exchange pursuant to Rule 8.201-
E (Non-Generic), to list and trade on the Exchange pursuant to Rule
8.201-E (Generic). 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 the Trusts, shares of which
currently list and trade on the Exchange pursuant to Rule 8.201-E (Non-
Generic),\4\ to list and trade on the Exchange pursuant to Rule 8.201-E
(Generic).
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\4\ In connection with the adoption of new NYSE Arca Rule 8.201-
E (Generic), as further discussed below, the Exchange renamed Rule
8.201-E as Rule 8.201-E (Non-Generic). See Securities Exchange Act
Release No. 103995 (September 17, 2025) (SR-NASDAQ-2025-056; SR-
CboeBZX-2025-104; SRNYSEARCA-2025-54) (Order Granting Accelerated
Approval of Proposed Rule Changes, as Modified by Amendments
Thereto, to Adopt Generic Listing Standards for Commodity-Based
Trust Shares) (``Generic Listing Standards Approval Order'').
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The Commission approved the listing and trading of shares of the
Trust (the ``Trust Shares'') on the Exchange under Rule 8.201-E on May
23, 2024 \5\ and the listing and trading of shares of the Mini Trust
(the ``Mini Trust Shares'') on the Exchange under Rule 8.201-E on July
17, 2024.\6\
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\5\ See Securities Exchange Act Release No. 100224 (May 23,
2024), 89 FR 46937 (May 30, 2024) (SR-NYSEARCA-2023-70; SR-NYSEARCA-
2024-31; SR-NASDAQ-2023-045; SR-CboeBZX-2023-069; SR-CboeBZX-2023-
070; SR-CboeBZX-2023-087; SR-CboeBZX-2023-095; SR-CboeBZX-2024-018)
(Order Granting Accelerated Approval of Proposed Rule Changes, as
Modified by Amendments Thereto, to List and Trade Shares of Ether-
Based Exchange-Traded Products) (``Trust Shares Approval Order'').
\6\ See Securities Exchange Act Release No. 100541 (July 17,
2024), 89 FR 59786 (July 23, 2024) (SR-NYSEARCA-2024-44; SR-
NYSEARCA-2024-53) (Order Granting Approval of Proposed Rule Changes
To List and Trade Shares of the Grayscale Ethereum Mini Trust and
ProShares Ethereum ETF) (together with the Trust Shares Approval
Order, the ``Original Approval Orders'').
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Rule 8.201-E (Non-Generic) governs the listing and trading of
Commodity-Based Trust Shares. Commodity-Based Trust Shares are
securities issued by a trust that represents investors' discrete
identifiable and undivided beneficial ownership interest in the
commodities deposited into the trust.
On September 17, 2025, the Commission approved a proposed rule
change to adopt Rule 8.201-E (Generic).\7\ Rule 8.201-E (Generic)
provides for the generic listing and trading of Commodity-Based Trust
Shares that meet the requirements of the Rule, and which are permitted
to be listed and traded on the Exchange without prior Commission
approval order or notice of effectiveness pursuant to Section 19(b) of
the Act.
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\7\ See Generic Listing Standards Approval Order, note 4, supra.
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The Exchange proposes to amend the Trusts to provide for the
listing and trading of the Trust Shares and Mini Trust Shares under the
generic listing standards set forth in Rule 8.201-E (Generic), which
would permit the Trusts to operate in reliance on the generic listing
standards in Rule 8.201-E (Generic) instead of the terms of the
Original Approval Orders. The Trust Shares and Mini Trust Shares will
meet the requirements of Rule 8.201-E (Generic) and will be required to
comply with the continued listing requirements set forth in such Rule.
2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Act and the rules and regulations thereunder applicable to the
Exchange and, in particular, the requirements of Section 6(b) \8\ of
the Act. Specifically, the Exchange believes the proposed rule change
is consistent with the Section 6(b)(5) \9\ 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.
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\8\ 15 U.S.C. 78f(b)(5).
\9\ 15 U.S.C. 78f(b)(5).
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The Exchange believes the proposed rule change is designed to
remove impediments to and perfect the mechanism of a free and open
market and, in general, to protect investors and the public interest
because it would provide for the transition of the Trusts from being
listed under Rule 8.201-E
[[Page 46445]]
(Generic [sic]) to Rule 8.201-E (Generic) instead. The proposed change
would allow the Trust Shares and Mini Trust Shares to continue listing
and trading on the Exchange and permit the Trusts to operate in
reliance on the generic listing standards in Rule 8.201-E (Generic)
instead of the terms of the Original Approval Orders, thereby
facilitating the continued listing and trading of exchange-traded
products that will enhance competition among market participants, to
the benefit of investors and the marketplace. The Trust Shares and Mini
Trust Shares will meet the requirements of Rule 8.201-E (Generic) and
will be required to comply with the continued listing standards set
forth in Rule 8.201-E (Generic).
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 purpose of the Act. As discussed above, the
proposed change is intended to facilitate the continued listing and
trading of the Trust Shares and Mini Trust Shares on the Exchange,
thereby promoting competition among exchange-traded products to the
benefit of investors and the marketplace.
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) of the Act \10\ and Rule 19b-4(f)(6) \11\ thereunder.
Because the foregoing proposed rule change does not: (i) significantly
affect the protection of investors or the public interest; (ii) impose
any significant burden on competition; or (iii) become operative for 30
days from the date on which it was filed, or such shorter time as the
Commission may designate, it has become effective pursuant to Section
19(b)(3)(A) of the Act \12\ and Rule 19b-4(f)(6) \13\ thereunder.
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\10\ 15 U.S.C. 78s(b)(3)(A).
\11\ 17 CFR 240.19b-4(f)(6).
\12\ 15 U.S.C. 78s(b)(3)(A).
\13\ 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 requested waiver of the five-day prefiling requirement for
this proposal for the reasons stated in its filing, which the
Commission hereby grants.
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A proposed rule change filed under Rule 19b-4(f)(6) \14\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b-4(f)(6)(iii),\15\ the Commission
may designate a shorter time if such action is consistent with
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the proposed
rule change may become operative immediately upon filing. The
Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest
because it will allow the Exchange to implement the proposed rule
change without delay and does not introduce any novel regulatory
issues. Accordingly, the Commission designates the proposed rule change
to be operative upon filing.\16\
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\14\ 17 CFR 240.19b-4(f)(6).
\15\ 17 CFR 240.19b-4(f)(6)(iii).
\16\ 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 the 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 will 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#2153544d440c424e4c4c444f5552615244420f464e57"><span class="__cf_email__" data-cfemail="88fafde4eda5ebe7e5e5ede6fcfbc8fbedeba6efe7fe">[email protected]</span></a>. Please include
file number SR-NYSEARCA-2025-72 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-2025-72. 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-NYSEARCA-2025-72 and should be submitted
on or before October 17, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
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\17\ 17 CFR 200.30-3(a)(12) and (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-18676 Filed 9-25-25; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on September 26, 2025.
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