Notice2026-05475
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule Change To List and Trade Shares of the VanEck JitoSOL ETF Under Nasdaq Rule 5711(d) (Commodity-Based Trust 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
March 20, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 54 (Friday, March 20, 2026)</title>
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[Federal Register Volume 91, Number 54 (Friday, March 20, 2026)]
[Notices]
[Pages 13661-13670]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-05475]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105030; File No. SR-NASDAQ-2026-016]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing of Proposed Rule Change To List and Trade Shares of
the VanEck JitoSOL ETF Under Nasdaq Rule 5711(d) (Commodity-Based Trust
Shares)
March 17, 2026.
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 March 10, 2026, The Nasdaq Stock Market LLC (``Nasdaq'' or
``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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[[Page 13662]]
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to list and trade shares of the VanEck
JitoSOL ETF (the ``Trust'') under Nasdaq Rule 5711(d) (``Commodity-
Based Trust Shares''). The shares of the Trust are referred to herein
as the ``Shares.''
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/nasdaq/rulefilings">https://listingcenter.nasdaq.com/rulebook/nasdaq/rulefilings</a>, and at the principal office of the Exchange.
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
The Exchange proposes to list and trade the Shares under Nasdaq
Rule 5711(d), which governs the listing and trading of Commodity-Based
Trust Shares \3\ on the Exchange.\4\ The Exchange submits this proposal
to allow the Trust to hold JitoSOL, a liquid staking token (``LST'')
that evidences ownership of deposited Solana (``SOL''), the underlying
digital asset of JitoSOL, and any staking rewards that accrue to the
deposited SOL. JitoSOL does not presently meet the eligibility criteria
for commodities and commodity-based assets under the Generic Listing
Standards in Rule 5711(d)(iv)(A). Otherwise, the Trust will comply with
all other applicable requirements of the Generic Listing Standards on
an initial and continued listing basis. All statements or
representations contained in this proposal regarding: (1) the
description of the index, trust holdings, or reference assets, (2)
limitations on the index, trust holdings, or reference assets, (3)
dissemination and availability of the index, trust holdings, reference
assets or intraday indicative value, or (4) the applicability of
Exchange listing rules specified in this proposal will constitute
continued listing requirements for the Shares listed on the Exchange.
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\3\ Pursuant to Nasdaq Rule 5711(d)(iii)(A), the term
``Commodity-Based Trust Shares'' means a security that: (1) is
issued by a trust, limited liability company, partnership, or other
similar entity (``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; (2) is designed to reflect the performance of one or more
reference assets or an index of reference assets, less expenses and
other liabilities; (3) in order to reflect the performance as
provided in (d)(iii)(A)(2) above, is issued by a Trust that holds
(a) one or more commodities or commodity-based assets as defined in
(d)(iii)(C) below, and (b) in addition to such commodities or
commodity-based assets, may hold securities, cash, and cash
equivalents; (4) is issued by such Trust in a specified aggregate
minimum number in return for a deposit of (a) a specified quantity
of the underlying commodities, commodity-based assets, securities,
cash, and/or cash equivalents, or (b) a cash amount with a value
based on the next determined net asset value per Trust share; and
(5) 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 (a) the specified quantity of the underlying
commodities, commodity-based assets, securities, cash, and/or cash
equivalents, or (b) a cash amount with a value based on the next
determined net asset value per Trust share.
\4\ The Commission approved Nasdaq Rule 5711 in Securities
Exchange Act Release No. 66648 (March 23, 2012), 77 FR 19428 (March
30, 2012) (SR-NASDAQ-2012-013). The Commission also recently
approved amendments to Rule 5711(d) to allow generic listing
standards for Commodity-Based Trust Shares (``Generic Listing
Standards''). See Securities Exchange Act Release No. 103995
(September 17, 2025), 90 FR 45414 (September 22, 2025) (SR-NASDAQ-
2025-056; SR-CboeBZX-2025-104; SR-NYSEARCA-2025-54) (``Approval
Order'').
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Overview of the Trust
The Trust is a Delaware statutory trust and operates pursuant to a
trust agreement. CSC Delaware Trust Company (the ``Trustee'') is the
Delaware trustee of the Trust. The Trust is managed and controlled by
VanEck Digital Assets, LLC (the ``Sponsor''). A third party serves as
the Trust's administrator (the ``Administrator''). A third party is the
custodian for the Trust's JitoSOL holdings (the ``JitoSOL Custodian''),
and a third party is the custodian for the Trust's cash holdings (the
``Cash Custodian'').
The Shares will be registered with the Commission by means of the
Trust's registration statement on Form S-1 (the ``Registration
Statement'').\5\ As set out in the Registration Statement, the Trust is
neither an investment company registered under the Investment Company
Act of 1940, as amended, nor a commodity pool for purposes of the
Commodity Exchange Act (``CEA''), and the Sponsor is not subject to
regulation by the Commodity Futures Trading Commission (``CFTC'') as a
commodity pool operator or a commodity trading adviser in connection
with the Shares.
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\5\ See Pre-Effective Amendment No. 1 to Registration Statement
on Form S-1, dated October 31, 2025, submitted by the Sponsor on
behalf of the Trust. The descriptions of the Trust, the Shares, and
the Index (as defined below) contained herein are based, in part, on
information in the Registration Statement. The Registration
Statement is not yet effective, and the Shares will not trade on the
Exchange until such time that the Registration Statement is
effective.
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The Sponsor is not registered as an investment adviser and
currently is not required to register under the Advisers Act in
connection with its activities on behalf of the Trust. As a result of
the protocol-based liquid staking activities underlying JitoSOL, the
Trust expects to accrue certain staking rewards through its ownership
of JitoSOL, which may be treated as income to the Trust.
The Trust will not acquire and will disclaim any incidental right
(``IR'') or IR asset received, for example as a result of forks or
airdrops, and such assets will not be considered for purposes of
determining the Trust's net asset value (``NAV'').
Background
SOL and the Solana Network
SOL is a digital asset that is created and transmitted through the
operations of the peer-to-peer Solana network (``Solana Network''), a
dispersed network of computers that operates on cryptographic protocols
based on open source code. It is widely believed that no single entity
owns or operates the Solana Network, the infrastructure of which is
understood to be collectively maintained by a disparate user base,
although some entities, like Solana Labs and the Solana Foundation, and
core developers like Anatoly Yakovenko, exert significant influence
through a variety of means; the presence of client diversity is lower
than on certain other public blockchains; and acting as a validator on
the Solana Network is subject to certain minimum requirements, such as
hardware requirements and financial costs, which may result in greater
barriers to entry to be a validator on the Solana Network than on
certain other public blockchains where the minimum requirements may be
lower. The Solana Network allows people to exchange tokens of value,
called SOL, which are recorded on a public transaction ledger known as
a blockchain. SOL can be used to pay for goods and services, including
computational power on the Solana Network, or it can be converted to
fiat currencies, such as the U.S. dollar, at rates determined on
digital asset trading platforms or in individual end-user- to-end-user
transactions under a barter
[[Page 13663]]
system. Furthermore, the Solana Network was designed to allow users to
write and implement smart contracts--that is, general-purpose code that
executes on every computer in the network and can instruct the
transmission of information and value based on a sophisticated set of
logical conditions. Using smart contracts, users can create markets,
store registries of debts or promises, represent the ownership of
property, move funds in accordance with conditional instructions and
create digital assets other than SOL on the Solana Network. Smart
contract operations are executed on the Solana blockchain in exchange
for payment of SOL. Like the Ethereum network, the Solana Network is
one of a number of projects intended to expand blockchain use beyond
just a peer-to-peer money system.
The Solana protocol introduced the Proof-of-History (``PoH'')
timestamping mechanism. PoH automatically orders on-chain transactions
by creating a historical record that proves an event has occurred at a
specific moment in time. PoH is intended to provide a transaction
processing speed and capacity advantage over other blockchain networks
like Bitcoin and Ethereum, which rely on sequential production of
blocks and can lead to delays caused by validator confirmations. PoH is
a new blockchain technology that is not widely used.
In addition to the PoH mechanism described above, the Solana
Network uses a proof-of-stake consensus mechanism to incentivize SOL
holders to validate transactions. Unlike proof-of-work, in which miners
expend computational resources to compete to validate transactions and
are rewarded coins in proportion to the amount of computational
resources expended, in proof-of-stake, validators risk or ``stake''
coins to compete to be selected to validate transactions and are
rewarded coins in proportion to the amount of coins staked. Validators
who engage in malicious activity can result in the forfeiture or
``slashing'' of a portion or all of the validator's staked coins.
Unlike Ethereum, slashing is not automatically enforced by the
network's source code, but is rather by social consensus among the non-
misbehaving validators. Proof-of-stake is viewed as more energy
efficient and scalable than proof-of-work. Although anyone can act as a
validator on the Solana Network, participating in validation directly
has higher hardware and other operational requirements, and can be more
costly than participating in validation on some competing blockchain
networks, such as Ethereum. The proof-of-stake mechanism and the
associated staking rewards incentivize the maintenance of the Solana
Network through a globally distributed set of independent validators
who participate in transaction processing and network security.
The Solana protocol was first conceived by Anatoly Yakovenko in a
2017 whitepaper. Development of the Solana Network is overseen by the
Solana Foundation, a Swiss non-profit organization, and Solana Labs,
Inc. (``Solana Labs''), a Delaware corporation, which administered the
original network launch and token distribution.
Although the Solana Labs, Inc. and the Solana Foundation continue
to exert significant influence over the direction of the development of
Solana, the Solana Network, like the Ethereum network, is believed to
be decentralized and does not require governmental authorities or
financial institution intermediaries to create, transmit or determine
the value of SOL. The source code of the Solana Network is open-source
and available to the public. As of June 12, 2025, SolanaBeach.io
reports there were approximately 1,200 validator nodes on the Solana
Network, with no single validator node directly controlling more than
4% of the aggregate stake, though the real figure could be higher
because some entities may operate multiple nodes.\6\
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\6\ See <a href="https://solanabeach.io/validators">https://solanabeach.io/validators</a>.
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The Sponsor believes that certain factors, including the Solana
Network's transaction throughput and transaction fee structures, which
compare favorably to some other public blockchain networks, growing
DeFi ecosystem, increasing adoption and introduction of new validators
to increase performance and improved developer tools, have combined to
improve the efficiency of the Solana Network, creating a more dynamic,
and more institutional-quality SOL market than in the past.
JitoSOL and Liquid Staking Tokens
Liquid staking is a type of staking where owners of digital assets
deposit those assets with a liquid staking provider, which may be
through protocol-based or third-party service providers. In return, the
depositor receives a new staking receipt token (a liquid staking token
or ``LST'') that represents:
<bullet> Ownership of the original deposited digital assets;
<bullet> Any rewards that accrue to the deposited assets through
staking; and
<bullet> The right to redeem the original assets and accrued
rewards, subject to any applicable ``unbonding'' period.
JitoSOL is the LST for the Jito Stake Pool, a staking pool
operating on the Solana Network. JitoSOL is a reward-bearing LST that
maintains a constant quantity when held in a digital wallet over time.
While the quantity of the reward-bearing JitoSOL remains the same,
rewards accrue by virtue of the JitoSOL representing a continually
increasing number of underlying SOL for which the JitoSOL can be
redeemed (i.e., one JitoSOL may be redeemed for one SOL today, but for
1.08 SOL in one year). Each JitoSOL held by the Trust will represent
ownership of the original deposited SOL and any SOL rewards that accrue
through staking on the Solana Network.
Jito Labs, Inc. was founded in 2021 by Lucas Bruder and Zano
Sherwani. Jito Labs developed the Jito Stake Pool, which is
administered by on-chain software known as StakeNet. StakeNet was
designed to mitigate centralization risks inherent in off-chain
delegation programs. To participate in liquid staking via the Jito
Stake Pool, users deposit SOL into the pool's smart contracts. In
return, the pool automatically and programmatically issues JitoSOL to
the user's wallet.
StakeNet autonomously delegates the deposited SOL to validators
based on objective performance criteria. The Jito Stake Pool tracks
both the delegated SOL and any rewards generated from staking. When a
user redeems JitoSOL for SOL, they receive both their original deposit
and the rewards accrued during the staking period. JitoSOL can be
redeemed directly from the Jito Stake Pool or sold in secondary-market
transactions. Direct redemption requires unstaking, which involves a
waiting period of one to two epochs (approximately two to five days),
while secondary-market sales can occur in near real-time. The Trust
does not intend to redeem its JitoSOL for SOL.
The Jito Foundation supports the JitoSOL ecosystem and is led by
two independent directors, Matt Shaw and Glenn Kennedy, with an
independent supervisor provided by FFP Corporate Services. Holders of
the Jito Foundation's governance token ``JTO'' (collectively, the
``Jito DAO'') retain ultimate control over the Foundation, including
the authority to remove the supervisor and directors. The Jito
Foundation regularly publishes transparency reports and is governed by
its constitution, bylaws, articles of association, and memorandum of
association. While Jito Labs and Jito Foundation are instrumental in
building and supporting the infrastructure behind JitoSOL and StakeNet,
significant influence over their ongoing
[[Page 13664]]
development and governance lies with the decentralized Jito DAO,
composed of thousands of JTO token holders. This structure is designed
to preserve decentralization and prevent unilateral control.
Investment Objective
According to the Registration Statement, the Trust's investment
objective is to reflect the performance of the price of JitoSOL less
the expenses of the Trust's operations. In seeking to achieve its
investment objective, the Trust will only hold JitoSOL, cash and cash
equivalents, and will value its Shares daily based on the reported
MarketVector<SUP>TM</SUP> JitoSol VWAP Close Index (the ``Index''),
which is calculated based on prices contributed by trading platforms
that the Sponsor's affiliate, MarketVector Indexes GmbH
(``MarketVector''), believes represent the top five JitoSOL trading
platforms based on the industry leading CCData Centralized Exchange
Benchmark review report, as described below.\7\
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\7\ The Trust will comply with the firewall requirements in Rule
5711(d)(x).
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The Trust is a passive investment vehicle that does not seek to
pursue any investment strategy beyond reflecting the performance of the
price of JitoSOL and any rewards from staking a portion of the Trust's
JitoSOL. As a result, the Trust will not attempt to speculatively sell
JitoSOL at times when its price is high or speculatively acquire
JitoSOL at low prices in the expectation of future price increases, nor
will the Trust attempt to avoid losses or hedge exposure arising from
the risk of changes in the price of JitoSOL. The Trust will not utilize
leverage, derivatives or any similar arrangements in seeking to meet
its investment objective.
When the Trust sells or redeems its Shares, it will do so in either
cash or in-kind transactions in blocks of 25,000 Shares (a ``Basket'')
that are based on the amount of JitoSOL represented by the Basket being
created, the amount of JitoSOL being equal to the combined net asset
value (``NAV'') of the number of Shares included in the Basket. The
Trust will conduct creations and redemptions in cash or in-kind
transactions with financial firms that are authorized to purchase or
redeem Shares with the Trust (``Authorized Participants'' or ``APs'').
Authorized Participants must be registered broker-dealers.
The Index
As described in the Registration Statement, the Trust will use the
Index to calculate the Trust's NAV. The Index is designed to be a
robust price for JitoSOL in USD and there is no component other than
JitoSOL in the Index. The underlying trading platforms are sourced from
the CCData Centralized Exchange Benchmark review report. CCData's
Centralized Exchange Benchmark was established in 2019 as a tool
designed to bring clarity to the digital trading platform sector by
providing a framework for assessing risk and in turn bringing
transparency and accountability to a complex and rapidly evolving
market.\8\
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\8\ As set forth in the Registration Statement, the CCData
Centralized Exchange Benchmark methodology utilizes a combination of
qualitative and quantitative metrics to analyze a comprehensive data
set across eight categories of evaluation: legal/regulation, KYC/
transaction risk, data provision, security, team/exchange, asset
quality/diversity, market quality and negative events. Based on the
CCData Centralized Exchange Benchmark, MarketVector initially
selects the top five trading platforms by rank for inclusion in the
Index. If an eligible trading platform is downgraded by two or more
notches in a semi-annual review and is no longer in the top five by
rank, it is replaced by the highest ranked non-component trading
platform. Adjustments to exchange coverage are announced four
business days prior to the first business day of each of March and
September at 23:00 CET. The Index is rebalanced at 16:00:00 GMT/BST
on the last business day of each of February and August.
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In calculating the closing value of the Index, the methodology
captures trade prices and sizes from JitoSOL platforms and examines
twenty three-minute periods leading up to 4:00 p.m. Eastern time
(``ET''). It then calculates an equal-weighted average of the volume-
weighted median price of these twenty three-minute periods, removing
the highest and lowest contributed prices. Using twenty consecutive
three-minute segments over a sixty-minute period means malicious actors
would need to sustain efforts to manipulate the market over an extended
period of time, or would need to replicate efforts multiple times
across JitoSOL platforms, potentially triggering review. This extended
period also supports Authorized Participant activity by capturing
volume over a longer time period, rather than forcing Authorized
Participants to mark an individual close or auction. The use of a
median price reduces the ability of outlier prices to impact the NAV,
as it systematically excludes those prices from the NAV calculation.
The use of a volume-weighted median (as opposed to a traditional
median) serves as an additional protection against attempts to
manipulate the NAV by executing a large number of low-dollar trades,
because any manipulation attempt would have to involve a majority of
global spot JitoSOL volume in a three-minute window to have any
influence on the NAV. As discussed in the Registration Statement,
removing the highest and lowest prices further protects against
attempts to manipulate the NAV, requiring bad actors to act on multiple
JitoSOL platforms at once to have any ability to influence the price.
Net Asset Value
The Administrator determines the NAV of the Trust on each day that
the Exchange is open for regular trading, as promptly as practical
after 4:00 p.m. ET based on the value of the Index. The NAV will be
disseminated each trading day to all market participants at the same
time. The NAV of the Trust is the aggregate value of the Trust's assets
less its estimated accrued but unpaid liabilities (which include
accrued expenses). In determining the NAV, the Administrator values the
JitoSOL held by the Trust based on the value of the Index as of 4:00
p.m. ET. The Administrator also determines the NAV per Share.
The Sponsor will monitor for significant events related to crypto
assets that may impact the value of JitoSOL and will determine, in good
faith, and in accordance with its valuation policies and procedures,
whether to fair value the Trust's JitoSOL on a given day based on
whether certain pre-determined criteria have been met. For example, if
the closing value of the Index deviates by more than a pre-determined
amount from an alternate benchmark available to the Sponsor, the
Sponsor may determine to utilize an alternate benchmark. The Sponsor
may also fair value the Trust's JitoSOL using observed market
transactions from various trading platforms, including some or all of
the trading platforms included in the Index.\9\
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\9\ Any alternative method to determining NAV will only be
employed on an ad hoc basis. Any permanent change to the calculation
of the NAV would require a proposed rule change under Rule 19b-4.
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Availability of Information and Intraday Indicative Value
In addition to the price transparency of the Index, the Trust will
provide information regarding the Trust's JitoSOL holdings as well as
additional data regarding the Trust. The website for the Trust, which
will be publicly accessible at no charge, will contain the following
information: (a) the prior business day's NAV per Share; (b) the prior
business day's Nasdaq official closing price; (c) calculation of the
premium or discount of such Exchange official closing price against
such NAV per Share; (d) data in chart form
[[Page 13665]]
displaying the frequency distribution of discounts and premiums of the
Exchange's official closing price against the NAV, within appropriate
ranges for each of the four previous calendar quarters (or for the life
of the Trust, if shorter); (e) the prospectus; and (f) other applicable
quantitative information. The Trust will also disseminate the Trust's
holdings on a daily basis on the Trust's website. Quotation and last
sale information regarding the Shares will be disseminated through the
facilities of the relevant securities information processor.
The intraday indicative value (``IIV'') will be calculated by using
the prior day's closing NAV per Share as a base and updating that value
during the Exchange's regular market session of 9:30 a.m. to 4:00 p.m.
ET (the ``Regular Market Session'') to reflect changes in the value of
the Trust's NAV per Share during the trading day. The IIV disseminated
during the Regular Market Session should not be viewed as an actual
real-time update of the NAV, because NAV per Share is calculated only
once at the end of each trading day based upon the relevant end-of-day
values of the Trust's investments. The IIV will be widely disseminated
on a per-Share basis every 15 seconds during the Regular Market Session
through the facilities of the relevant securities information processor
by market data vendors. In addition, the IIV will be available through
online information services, such as Bloomberg and Reuters.
Quotation and last sale information for JitoSOL is disseminated
through a variety of major market data vendors. Information related to
trading, including price and volume information, in JitoSOL is
available from major market data vendors and from the trading platforms
on which JitoSOL are traded. The normal trading hours for JitoSOL
trading platforms are 24 hours per day, 365 days per year.
Information regarding market price and trading volume of the Shares
will be continually available on a real-time basis throughout the day
on brokers' computer screens and other electronic services. Information
regarding the previous day's Nasdaq official closing price and trading
volume information for the Shares will be published daily in the
financial section of newspapers.
The JitoSOL Custodian
The JitoSOL Custodian's services (i) allow JitoSOL to be deposited
from a public blockchain address to the Trust's JitoSOL account, and
(ii) allow JitoSOL to be withdrawn from the JitoSOL account to a public
blockchain address as instructed by the Trust. The custody agreement
requires the JitoSOL Custodian to hold the Trust's JitoSOL in cold
storage, unless required to facilitate withdrawals as a temporary
measure. The JitoSOL Custodian will use segregated cold storage JitoSOL
addresses for the Trust which are separate from the JitoSOL addresses
that the JitoSOL Custodian uses for its other customers and which are
directly verifiable via the Solana blockchain. The JitoSOL Custodian
will safeguard the private keys to the JitoSOL associated with the
Trust's JitoSOL account. The JitoSOL Custodian will at all times record
and identify in its books and records that such JitoSOL constitutes the
property of the Trust. The JitoSOL Custodian will not withdraw the
Trust's JitoSOL from the Trust's account with the JitoSOL Custodian, or
loan, hypothecate, pledge or otherwise encumber the Trust's JitoSOL,
without the Trust's instruction.
Creation and Redemption of Shares
According to the Registration Statement, the Trust creates and
redeems Shares from time to time, but only in one or more Baskets. The
Trust would allow for both an in-kind creation and redemption process
as well as a cash creation and redemption process. When the Trust
creates or redeems its Shares in cash or in-kind, it will do so in
Baskets at the Trust's NAV. Baskets are issued and redeemed in exchange
for JitoSOL or cash. According to the Registration Statement, on any
business day, an Authorized Participant may place an order to create
one or more Baskets. Purchase orders must be placed by 3:59:59 p.m. ET
on a trade date or as otherwise communicated by the Sponsor. The day on
which an order is received by the transfer agent is considered the
purchase order date. For cash creations, Authorized Participants will
deliver, or facilitate the delivery of, cash to the Trust's account
with the Cash Custodian in exchange for Shares. Upon receipt of an
approved cash creation order, the Sponsor, on behalf of the Trust, will
submit to one or more previously onboarded third party trading partners
an order to buy the amount of JitoSOL represented by a Basket. For in-
kind creations, Authorized Participants or their designee will deliver,
or facilitate the delivery of, JitoSOL to the Trust's account with the
JitoSOL Custodian in exchange for Shares. For a cash creation order,
the total deposit of cash required is based on the combined NAV of the
number of Shares included in the Baskets being created on the date the
order to purchase is properly received. With respect to a cash purchase
order, as between the Trust and the Authorized Participant, the
Authorized Participant is responsible for the dollar cost of the
difference between the JitoSOL price utilized in calculating NAV on
trade date and the price at which the Trust acquires JitoSOL to the
extent the price realized in buying JitoSOL is higher than the JitoSOL
price utilized in the NAV. To the extent the price realized in buying
JitoSOL is lower than the price utilized in the NAV, the Authorized
Participant shall keep the dollar impact of any such difference.
For a creation order in-kind, the total in-kind transfer of JitoSOL
is based on the quantity of JitoSOL attributable to the Basket
applicable to the date the order to purchase is properly received.
After the close of business each day, the Administrator determines the
quantity of JitoSOL used to calculate a Basket for a given day by
dividing the number of JitoSOL held by the Trust, adjusted for the
amount of JitoSOL constituting estimated accrued but unpaid fees and
expenses of the Trust as of the opening of business on that business
day, by the quotient of the number of Shares outstanding at the opening
of business divided by the number of Shares in a Basket.
The procedures by which an Authorized Participant can redeem one or
more Baskets mirror the procedures for the creation of Baskets. For a
cash redemption order, an Authorized Participant will deliver Shares to
the Trust and will receive cash for the Shares delivered. With respect
to a cash redemption order, between the Trust and the Authorized
Participant, the Authorized Participant will be responsible for the
dollar cost of the difference between the JitoSOL price utilized in
calculating the NAV on trade date and the price realized in selling
JitoSOL to raise the cash needed for the cash redemption order to the
extent the price realized in selling JitoSOL is lower than the JitoSOL
price utilized in the NAV. To the extent the price realized from
selling JitoSOL is higher than the price utilized in the NAV, the
Authorized Participant shall get to keep the dollar impact of any such
difference. For an in-kind redemption order, an Authorized Participant
will deliver Shares to the Trust and the Authorized Participant or its
designee will receive JitoSOL for the Shares delivered.
The Sponsor will maintain ownership and control of the Trust's
JitoSOL in a manner consistent with good delivery requirements for spot
commodity transactions.
[[Page 13666]]
Applicable Standard
As noted above, the Commission has approved Generic Listing
Standards for Commodity-Based Trust Shares.\10\ In the Approval Order,
the Commission found that the Generic Listing Standards were consistent
with the Exchange Act and the rules and regulations thereunder
applicable to a national securities exchange.\11\ In particular, the
Commission found that the Generic Listing Standards were consistent
with Section 6(b)(5) of the Exchange Act, which requires, among other
things, that the Exchange's rules be designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, 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 are not
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.\12\ As stated above, the Trust will comply with
all applicable requirements of the Generic Listing Standards on an
initial and continued listing basis, except that JitoSOL would not meet
the eligible criteria for commodities and commodity-based assets in
Rule 5711(d)(iv)(A).
---------------------------------------------------------------------------
\10\ See supra note 4.
\11\ See Approval Order at 45417.
\12\ Id.
---------------------------------------------------------------------------
In particular, the Generic Listing Standards in Rule 5711(d)(iv)(A)
provide that a commodity or commodity-based asset held by the trust
issuing Commodity-Based Trust Shares is an eligible holding of the
trust if it meets at least one of the following criteria:
(1) the commodity trades on a market that is an Intermarket
Surveillance Group (``ISG'') member; provided that the Exchange may
obtain information about trading in such commodity from the ISG
member;
(2) 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; or
(3) on an initial basis only, an exchange-traded fund designed
to provide economic exposure of no less than 40% of its net asset
value to the commodity lists and trades on a national securities
exchange.
In approving the Generic Listing Standards, the Commission found
that these eligibility criteria would facilitate information sharing
and help to ensure the availability of information necessary to aid in
the detection and deterrence of potential fraud and manipulation with
respect to a commodity or commodity underlying a commodity-based asset,
and that the availability of such information can be reasonably
expected to assist a listing exchange in its efforts to surveil for
fraud and manipulation that may impact the Commodity-Based Trust
Shares.\13\
---------------------------------------------------------------------------
\13\ See Approval Order at 45418-19.
---------------------------------------------------------------------------
While JitoSOL itself would not presently meet the eligibility
criteria described above, the Exchange and Sponsor believe that the
listing and trading of the Trust would still be consistent with the
Exchange Act for the reasons that follow. In particular, the value of
JitoSOL is closely tied to the value of SOL, as JitoSOL represents
staked SOL and accrued SOL staking rewards. Accordingly, the economic
value of JitoSOL is directly derived from the value of the underlying
SOL.
Historical trading data demonstrates that JitoSOL and SOL are
highly correlated in price.\14\ In particular, the Jito Report
demonstrates that JitoSOL and SOL trade with extremely tight
correlation on major exchanges, with hourly price correlations of
approximately 0.9979 on OKX and 0.9985 on Coinbase, indicating that
price movements in JitoSOL closely mirror those of SOL over short time
periods.\15\ Based on the high price correlation between JitoSOL and
SOL as demonstrated by the Jito Report, the Exchange and Sponsor
believe that potential fraud or manipulation affecting the prices in
JitoSOL markets would also similarly impact SOL and SOL futures prices.
SOL futures are currently listed and have been trading for at least six
months on a number of designated contract markets that are ISG
members.\16\ Accordingly, the Exchange and Sponsor believe that this
would facilitate information sharing, help to ensure the availability
of information necessary to aid in the detection and deterrence of
potential fraud and manipulation with respect to the SOL underlying
JitoSOL, and that the availability of such information can be
reasonably expected to assist in surveilling for fraud and manipulation
that may impact the Shares.
---------------------------------------------------------------------------
\14\ Jito Report Price Stability For Liquid Staking Tokens: Is
JitoSOL an Equivalent to SOL?, dated Sep. 24, 2025 (the ``Jito
Report''), accessible at https://www.jito.network/Price-Stability-
For-Liquid-Staking-Tokens_-Is-JitoSOL-an-Equivalent-to-SOL.pdf.
\15\ Id. at 12.
\16\ For example, both the CME and Coinbase Derivatives list and
trade SOL futures contracts today. The CME and Coinbase Derivatives
are ISG members.
---------------------------------------------------------------------------
Furthermore, investor exposure to JitoSOL has grown, specifically
with a free float market capitalization of around $1 billion as of the
date of this filing.\17\ The Exchange believes that approving this
proposal (and comparable proposals) provides the Commission with the
opportunity to allow U.S. investors with access to JitoSOL in a
regulated and transparent exchange-traded vehicle that would act to
limit risk to U.S. investors.
---------------------------------------------------------------------------
\17\ The concept of ``free float'' is intended to exclude tokens
that are held or locked up by developers, the foundation, or others
that exert a similar type of influence on the protocol or supply of
the token.
---------------------------------------------------------------------------
The policy concerns that the Exchange Act is designed to address
are also otherwise mitigated by the fact that the size of the market
for the primary underlying reference asset (around $1 billion in free
float market capitalization) and the nature of the JitoSOL ecosystem
reduces its susceptibility to manipulation. The geographically diverse
and continuous nature of JitoSOL trading makes it difficult and
prohibitively costly to manipulate the price of JitoSOL, and, as
discussed further below, the price of JitoSOL is highly correlated to
the price of the underlying SOL. There are a number of reasons this is
the case, including that manipulation of the price on any single venue
would require manipulation of the global JitoSOL price in order to be
effective; JitoSOL's character as a continuously traded digital asset
traded without interruption across the world provides constant
arbitrage opportunities across all trading venues; and it is unlikely
that any one actor could obtain a dominant market share.
Further, the Exchange believes that the fragmentation across
JitoSOL trading platforms and adoption of JitoSOL, as displayed through
user engagement and trading volumes, and the Solana Network make
manipulation of JitoSOL prices through continuous trading activity more
difficult. Moreover, the linkage between the JitoSOL markets and the
presence of arbitrageurs in those markets means that the manipulation
of the price of JitoSOL on any single venue would require manipulation
of the global JitoSOL price in order to be effective. Arbitrageurs must
have funds distributed across multiple JitoSOL trading platforms in
order to take advantage of temporary price dislocations, thereby making
it unlikely that there will be strong concentration of funds on any
particular JitoSOL trading platform. As a result, the potential for
manipulation on a particular JitoSOL trading platform would require
overcoming the liquidity supply of such arbitrageurs who are
[[Page 13667]]
effectively eliminating any cross-market pricing differences.
Additionally, the Exchange believes that the Trust's use of the
Index serves as sufficient other means to prevent fraud and
manipulation. As discussed in the ``Index'' section above, the Index
has a rules-based methodology designed to (i) mitigate the effects of
fraud, manipulation, and other anomalous trading activity on the
JitoSOL reference rate, (ii) provide a real-time, volume-weighted fair
value of JitoSOL, and (iii) appropriately handle and adjust for non-
market related events. Further, the Index tracks the price of JitoSOL
through trading activity on multiple JitoSOL trading platforms that
meet defined criteria that require these venues to make trade data and
order data available through robust APIs, have market integrity and
transparency controls, and comply with applicable law and
regulations.\18\
---------------------------------------------------------------------------
\18\ See supra note 6.
---------------------------------------------------------------------------
The Exchange therefore believes that the above considerations can
effectively address concerns around potential fraud and manipulation,
and ensure fair and efficient markets.
Initial and Continued Listing
The Shares will be subject to Nasdaq Rule 5711(d)(viii), which sets
forth the initial and continued listing criteria applicable to
Commodity-Based Trust Shares. The Exchange will obtain a representation
that the Trust's NAV per Share will be calculated daily and will be
made available to all market participants at the same time. A minimum
of 40,000 Shares will be required to be outstanding at the time of
commencement of trading on the Exchange. Further, the Trust will be
subject to the firewall requirements in Rule 5711(d)(x) in the
circumstances specified therein. Upon termination of the Trust, the
Shares will be removed from listing.
As required in Nasdaq Rule 5711(d)(xii), the Exchange notes that
any registered market maker (``Market Maker'') in the Shares must file
with the Exchange, in a manner prescribed by the Exchange, and keep
current a list identifying all accounts for trading the 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 shall trade in an underlying commodity,
commodity-based asset, or any other related 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 reported to Nasdaq.
In addition to the existing obligations under Exchange rules
regarding the production of books and records (see, e.g., Rule 4625),
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 commodity or commodity-based asset,
or applicable derivatives of each of the foregoing, as may be requested
by the Exchange.
The Exchange is able to obtain information regarding trading in the
Shares and the underlying JitoSOL through members acting as registered
Market Makers, in connection with their proprietary or customer trades.
As a general matter, the Exchange has regulatory jurisdiction over
its members, and their associated persons. The Exchange also has
regulatory jurisdiction over any person or entity controlling a member,
as well as a subsidiary or affiliate of a member that is in the
securities business. A subsidiary or affiliate of a member organization
that does business only in commodities would not be subject to Exchange
jurisdiction, but the Exchange could obtain information regarding the
activities of such subsidiary or affiliate through surveillance sharing
agreements with regulatory organizations of which such subsidiary or
affiliate is a member.
Trading Rules
The Exchange deems the Shares to be equity securities, thus
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities. The Exchange will
allow trading in the Shares during the trading hours specified in Rule
4120. The Exchange has appropriate rules to facilitate transactions in
the Shares during all trading sessions. The Shares of the Trust will
conform to the initial and continued listing criteria set forth in
Nasdaq Rule 5711(d) and will comply with the requirements of Rule 10A-3
of the Act.
Trading Halts
With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in the Shares. The Exchange will halt trading in the Shares
under the conditions specified in Rules 4120, 4121, and 5711(d)(ix),
including without limitation the conditions specified in Rules
4120(a)(9), 4120(a)(10), and 5711(d)(ix), and the trading pauses under
Rules 4120(a)(11) and (12).
Trading may be halted because of market conditions or for reasons
that, in the view of the Exchange, make trading in the Shares
inadvisable. These may include: (1) the extent to which trading is not
occurring in the JitoSOL underlying the Shares; or (2) whether other
unusual conditions or circumstances detrimental to the maintenance of a
fair and orderly market are present.
In addition, pursuant to Rule 5711(d)(ix), the Exchange may halt
trading during the day in which an interruption occurs in any of the
scenarios specified therein. 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.
In addition, if the Exchange becomes aware that the NAV with
respect to the Shares is not disseminated to all market participants at
the same time, it will halt trading in the Shares until such time as
the NAV is available to all market participants.
Surveillance
The Exchange believes that its surveillance procedures are adequate
to properly monitor the trading of the Shares on the Exchange during
all trading sessions and to deter and detect violations of Exchange
rules and the applicable federal securities laws. The surveillance
program includes real-time patterns for price and volume movements and
post-trade surveillance patterns (e.g., spoofing, marking the close,
pinging, phishing). Trading of Shares on the Exchange will be subject
to the Exchange's surveillance program for derivative products, as well
as cross-market surveillances administered by FINRA, on behalf of the
Exchange pursuant to a regulatory services agreement, which are also
designed to detect violations of Exchange rules and applicable federal
securities laws. The Exchange is responsible for FINRA's performance
under this regulatory services agreement.
The Exchange will require the Trust to represent to the Exchange
that it will advise the Exchange of any failure by the Trust to comply
with the continued listing requirements, and, pursuant to its
obligations under Section 19(g)(1) of the Exchange Act, the Exchange
will surveil for compliance with the continued listing requirements. If
the Trust is not in compliance with the applicable listing
requirements, the Exchange will commence delisting
[[Page 13668]]
procedures under the Nasdaq 5800 Series. In addition, the Exchange also
has a general policy prohibiting the distribution of material, non-
public information by its employees.
The Exchange or FINRA, on behalf of the Exchange, or both, will
communicate as needed regarding trading in the Shares or JitoSOL
derivatives (to the extent available) with other markets and other
entities that are members of the ISG, and the Exchange or FINRA, on
behalf of the Exchange, or both, may obtain trading information
regarding trading in the Shares or JitoSOL derivatives (to the extent
available) from such markets and other entities.
Information Circular
Prior to the commencement of trading, the Exchange will inform its
members in an information circular (``Information Circular'') of the
special characteristics and risks associated with trading the Shares.
Specifically, the Information Circular will discuss the following: (1)
the procedures for creations and redemptions of Shares in Baskets (and
that Shares are not individually redeemable); (2) Section 10 of Nasdaq
General Rule 9, which imposes suitability obligations on Nasdaq members
with respect to recommending transactions in the Shares to customers;
(3) how information regarding the IIV and NAV is disseminated; (4) the
risks involved in trading the Shares during trading hours outside of
the Regular Market Session when an updated IIV will not be calculated
or publicly disseminated; (5) the requirement that members deliver a
prospectus to investors purchasing newly issued Shares prior to or
concurrently with the confirmation of a transaction; and (6) trading
information. The Information Circular will also discuss any exemptive,
no action and interpretive relief granted by the Commission from any
rules under the Act.
The Information Circular will also reference the fact that there is
no regulated source of last sale information regarding JitoSOL, and
that the Commission has no jurisdiction over the trading of JitoSOL as
a commodity.
Additionally, the Information Circular will reference that the
Trust is subject to various fees and expenses described in the
Registration Statement. The Information Circular will also disclose the
trading hours of the Shares. The Information Circular will disclose
that information about the Shares will be publicly available on the
Trust's website.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\19\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\20\ in particular, in that it is designed to
promote just and equitable principles of trade, 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.
---------------------------------------------------------------------------
\19\ 15 U.S.C. 78f(b).
\20\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
As noted above, the Commission has approved Generic Listing
Standards for Commodity-Based Trust Shares.\21\ In the Approval Order,
the Commission found that the Generic Listing Standards were consistent
with the Exchange Act and the rules and regulations thereunder
applicable to a national securities exchange.\22\ In particular, the
Commission found that the Generic Listing Standards were consistent
with Section 6(b)(5) of the Exchange Act, which requires, among other
things, that the Exchange's rules be designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, 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 are not
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.\23\ As stated above, the Trust will comply with
all applicable requirements of the Generic Listing Standards on an
initial and continued listing basis, except that JitoSOL would not meet
the eligible criteria for commodities and commodity-based assets in
Rule 5711(d)(iv)(A).
---------------------------------------------------------------------------
\21\ See supra note 4.
\22\ See Approval Order at 45417.
\23\ Id.
---------------------------------------------------------------------------
As discussed above, in approving the Generic Listing Standards, the
Commission found that the commodity and commodity-based asset
eligibility criteria would facilitate information sharing and help to
ensure the availability of information necessary to aid in the
detection and deterrence of potential fraud and manipulation with
respect to a commodity or commodity underlying a commodity-based asset,
and that the availability of such information can be reasonably
expected to assist a listing exchange in its efforts to surveil for
fraud and manipulation that may impact the Commodity-Based Trust
Shares.\24\
---------------------------------------------------------------------------
\24\ See Approval Order at 45418-19.
---------------------------------------------------------------------------
While JitoSOL itself would not presently meet the eligibility
criteria described above, the Exchange and Sponsor believe that the
listing and trading of the Trust would still be consistent with the
Exchange Act for the reasons that follow. In particular, the value of
JitoSOL is closely tied to the value of SOL, as JitoSOL represents
staked SOL and accrued SOL staking rewards. Accordingly, the economic
value of JitoSOL is directly derived from the value of the underlying
SOL.
As discussed above, historical trading data demonstrates that
JitoSOL and SOL are highly correlated in price on major exchanges.\25\
Based on the high price correlation between JitoSOL and SOL as
demonstrated by the Jito Report, the Exchange and Sponsor believe that
potential fraud or manipulation affecting the prices in JitoSOL markets
would also similarly impact SOL and SOL futures prices. SOL futures are
currently listed and have been trading for at least six months on a
number of designated contract markets that are ISG members.\26\
Accordingly, the Exchange and Sponsor believe that this would
facilitate information sharing, help to ensure the availability of
information necessary to aid in the detection and deterrence of
potential fraud and manipulation with respect to the SOL underlying
JitoSOL, and that the availability of such information can be
reasonably expected to assist in surveilling for fraud and manipulation
that may impact the Shares.
---------------------------------------------------------------------------
\25\ Jito Report Price Stability For Liquid Staking Tokens: Is
JitoSOL an Equivalent to SOL?, dated Sep. 24, 2025 (the ``Jito
Report''), accessible at https://www.jito.network/Price-Stability-
For-Liquid-Staking-Tokens_-Is-JitoSOL-an-Equivalent-to-SOL.pdf.
\26\ For example, both the CME and Coinbase Derivatives list and
trade SOL futures contracts today. The CME and Coinbase Derivatives
are ISG members.
---------------------------------------------------------------------------
Further, investor exposure to JitoSOL has grown, specifically with
a free float market capitalization of around $1 billion as of the date
of this filing. The Exchange believes that approving this proposal (and
comparable proposals) provides the Commission with the opportunity to
allow U.S. investors with access to JitoSOL in a regulated and
transparent exchange-traded vehicle that would act to limit risk to
U.S. investors.
The policy concerns that the Exchange Act is designed to address
are also otherwise mitigated by the fact that the size of the market
for the primary underlying reference asset (around $1 billion in free
float market capitalization) and the nature of the JitoSOL ecosystem
reduces its
[[Page 13669]]
susceptibility to manipulation. The geographically diverse and
continuous nature of JitoSOL trading makes it difficult and
prohibitively costly to manipulate the price of JitoSOL. There are a
number of reasons this is the case, including that manipulation of the
price on any single venue would require manipulation of the global
JitoSOL price in order to be effective; JitoSOL's character as a
continuously traded digital asset traded without interruption across
the world provides constant arbitrage opportunities across all trading
venues; and it is unlikely that any one actor could obtain a dominant
market share.
Further, the Exchange believes that the fragmentation across
JitoSOL trading platforms and adoption of JitoSOL, as displayed through
user engagement and trading volumes, and the Solana Network make
manipulation of JitoSOL prices through continuous trading activity more
difficult. Moreover, the linkage between the JitoSOL markets and the
presence of arbitrageurs in those markets means that the manipulation
of the price of JitoSOL on any single venue would require manipulation
of the global JitoSOL price in order to be effective. Arbitrageurs must
have funds distributed across multiple JitoSOL trading platforms in
order to take advantage of temporary price dislocations, thereby making
it unlikely that there will be strong concentration of funds on any
particular JitoSOL trading platform. As a result, the potential for
manipulation on a particular JitoSOL trading platform would require
overcoming the liquidity supply of such arbitrageurs who are
effectively eliminating any cross-market pricing differences.
Additionally, the Exchange believes that the Trust's use of the
Index serves as sufficient other means to prevent fraud and
manipulation. As discussed in the ``Index'' section above, the Index
has a rules-based methodology designed to (i) mitigate the effects of
fraud, manipulation, and other anomalous trading activity on the
JitoSOL reference rate, (ii) provide a real-time, volume-weighted fair
value of JitoSOL, and (iii) appropriately handle and adjust for non-
market related events. Further, the Index tracks the price of JitoSOL
through trading activity on multiple JitoSOL trading platforms that
meet defined criteria that require these venues to make trade data and
order data available through robust APIs, have market integrity and
transparency controls, and comply with applicable law and
regulations.\27\
---------------------------------------------------------------------------
\27\ See supra note 6.
---------------------------------------------------------------------------
The Exchange further believes that the proposed rule change is
designed to prevent fraudulent and manipulative acts and practices and
to protect investors and the public interest in that the Shares will be
listed and traded on the Exchange pursuant to the initial and continued
listing criteria set forth in Nasdaq Rule 5711(d). The Exchange has in
place surveillance procedures that are adequate to properly monitor
trading in the Shares in all trading sessions and to deter and detect
violations of Exchange rules and applicable federal securities laws. As
discussed above, the surveillance program includes real-time patterns
for price and volume movements and post-trade surveillance patterns
(e.g., spoofing, marking the close, pinging, phishing). Trading of
Shares on the Exchange will be subject to the Exchange's surveillance
program for derivative products, as well as cross-market surveillances
administered by FINRA, on behalf of the Exchange pursuant to a
regulatory services agreement, which are also designed to detect
violations of Exchange rules and applicable federal securities laws.
The Exchange is responsible for FINRA's performance under this
regulatory services agreement.
The Exchange will require the Trust to represent to the Exchange
that it will advise the Exchange of any failure by the Trust to comply
with the continued listing requirements, and, pursuant to its
obligations under Section 19(g)(1) of the Exchange Act, the Exchange
will surveil for compliance with the continued listing requirements. If
the Trust is not in compliance with the applicable listing
requirements, the Exchange will commence delisting procedures under the
Nasdaq 5800 Series. In addition, the Exchange also has a general policy
prohibiting the distribution of material, non-public information by its
employees.
The Exchange or FINRA, on behalf of the Exchange, or both, will
communicate as needed regarding trading in the Shares or JitoSOL
derivatives (to the extent available) with other markets and other
entities that are members of the ISG, and the Exchange or FINRA, on
behalf of the Exchange, or both, may obtain trading information
regarding trading in the Shares or JitoSOL derivatives (to the extent
available) from such markets and other entities.
Trading in Shares of the Trust will be halted if the circuit
breaker parameters have been reached or because of market conditions or
for reasons that, in the view of the Exchange, make trading in the
Shares inadvisable. These may include unusual conditions or
circumstances detrimental to the maintenance of a fair and orderly
market.
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
Shares that will enhance competition among market participants, to the
benefit of investors and the marketplace.
For all 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 not necessary or appropriate in
furtherance of the purposes of the Act. The Exchange notes that the
proposed rule change rather will facilitate the listing and trading of
an additional exchange traded product that will enhance competition
among both market participants and listing venues, 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 either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission will:
A. by order approve or disapprove such proposed rule change, or
B. institute proceedings to determine whether the proposed rule
change should be 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
[[Page 13670]]
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#0371766f662e606c6e6e666d7770437066602d646c75"><span class="__cf_email__" data-cfemail="0a787f666f27696567676f647e794a796f69246d657c">[email protected]</span></a>. Please include
file number SR-NASDAQ-2026-016 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-NASDAQ-2026-016. 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-NASDAQ-2026-016 and should be submitted
on or before April 10, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\28\
---------------------------------------------------------------------------
\28\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-05475 Filed 3-19-26; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on March 20, 2026.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.