Notice2026-07818
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend Rule 4.21 (Series of FLEX Options)
Primary source
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Published
April 22, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 77 (Wednesday, April 22, 2026)</title>
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[Federal Register Volume 91, Number 77 (Wednesday, April 22, 2026)]
[Notices]
[Pages 21557-21561]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-07818]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105277; File No. SR-CBOE-2026-035]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing of a Proposed Rule Change To Amend Rule 4.21 (Series of FLEX
Options)
April 20, 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 April 9, 2026, Cboe Exchange, Inc. (``Exchange'' or ``Cboe
Options'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe Exchange, Inc. (``Cboe'' or the ``Exchange'') is filing with
the Securities and Exchange Commission (``Commission'' or ``SEC'') a
proposed rule change to amend Rule 4.21 (Series of FLEX Options). The
proposed amendment relates to Flexible Exchange (``FLEX'') Equity
Options where the underlying security is an exchange-traded fund
(``ETF'') that is eligible for cash settlement. Specifically, the
proposed amendments would: (1) permit newly FLEX-eligible ETFs that
satisfy the requirements of Rule 4.21(b)(5)(A)(ii) based on the
previous one-month period of trading statistics to be eligible for cash
settlement as a contract term; (2) establish tiered criteria governing
the treatment of cash-settled FLEX ETF Options where the underlying ETF
ceases to satisfy the requirements of Rule 4.21(b)(5)(A)(ii) at the
time of the Exchange's bi-annual review; and (3) eliminate the existing
provision limiting cash settlement as a contract term to no more than
50 underlying ETFs. The text of the proposed rule change is provided in
Exhibit 5.
The text of the proposed rule change is also available on the
Commission's website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>), the
Exchange's website (<a href="https://www.cboe.com/us/options/regulation/rule_filings/bzx/">https://www.cboe.com/us/options/regulation/rule_filings/bzx/</a>), and at the principal office of the Exchange.
[[Page 21558]]
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 amend Rule 4.21 (Series of FLEX Options),
as it relates to FLEX Equity Options where the underlying security is
an ETF that is eligible for cash settlement. Specifically, the proposed
amendments would: (1) permit newly FLEX-eligible ETFs that satisfy the
requirements of Rule 4.21(b)(5)(A)(ii) based on the previous one-month
period of trading statistics to be eligible for cash settlement as a
contract term; (2) establish tiered criteria governing the treatment of
cash-settled FLEX ETF Options where the underlying ETF ceases to
satisfy the requirements of Rule 4.21(b)(5)(A)(ii) at the time of the
Exchange's bi-annual review; and (3) eliminate the existing provision
limiting cash settlement as a contract term to no more than 50
underlying ETFs.
Background
Prior to the adoption of the rules described herein, FLEX Equity
Options were generally required to be settled by physical delivery of
the underlying security upon exercise. FLEX Index Options, by contrast,
have long been settled by delivery in cash. Cash settlement was also
available for customized equity options transacted in the over-the-
counter (``OTC'') market, where settlement restrictions do not apply.
The absence of a cash-settled exchange-traded alternative for equity-
based FLEX Options created a gap between the exchange-traded and OTC
markets that exchange-traded participants sought to bridge.
On August 1, 2023, the Exchange submitted a filing with the
Commission, which became immediately effective, adopting cash
settlement as an optional contract term for certain FLEX Equity Options
where the underlying security is an ETF.\3\ Specifically, Rule
4.21(b)(5)(A)(ii) permits cash settlement for FLEX Equity Options where
the underlying ETF has, measured over the prior six-month period, an
average daily notional value of $500 million or more and a national
average daily volume (``ADV'') of at least 4,680,000 shares.
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\3\ See Securities Exchange Act No. 98044 (August 2, 2023) 88 FR
53548 (August 8, 2023) (SR-CBOE-2023-036) (Notice of Filing and
Immediate Effectiveness of a Proposed Rule Change To Allow Certain
Flexible Exchange Equity Options To Be Cash Settled).
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The Exchange adopted these specific thresholds to limit cash-
settled FLEX ETF Options to the most highly liquid and actively-traded
ETFs, thereby mitigating concerns about susceptibility to manipulation
at settlement. With respect to the notional value threshold, the
Exchange determined that average daily notional value is an appropriate
proxy for manipulation resistance because, as a general matter, the
more expensive an underlying ETF's price, the less cost-effective
manipulation becomes, and the more volume traded in an ETF, the more
difficult manipulation of its price becomes. With respect to the ADV
threshold, the Exchange determined that a requirement of 4,680,000
shares per day is appropriate because it represents average trading in
the underlying ETF of approximately 200 shares per second, a level of
continuous trading activity that the Exchange believes meaningfully
limits the ability to influence the ETF's price for purposes of
establishing a settlement value. The Exchange acknowledged that no
security is immune from all manipulation, but determined that the
combination of these two requirements would appropriately limit cash
settlement of FLEX ETF Options to underlying securities that are less
susceptible to manipulation.
Under this framework, the Exchange conducts a bi-annual review on
January 1 and July 1 of each year to identify qualifying ETFs, with
newly eligible ETFs permitted to list cash-settled FLEX options
beginning on February 1 and August 1, respectively. The rule caps the
number of eligible underlying ETFs at 50; if more than 50 ETFs satisfy
the criteria, the Exchange selects the top 50 by highest ADV. This cap
was designed to prevent the scope of cash-settled FLEX ETF Options from
expanding considerably without a corresponding evaluation of whether
the level of the requirements remains reasonable, while still providing
flexibility to add ETFs given that the initial list of eligible ETFs
numbered well below 50 at the time of adoption. In the event a
previously eligible ETF fails to satisfy the criteria at the time of a
bi-annual review, any new positions overlying that ETF must be
physically settled and any existing open cash-settled positions may be
traded only to close. This provision was designed to address how to
wind down outstanding cash-settled positions in an ETF that no longer
qualifies under the liquidity and volume criteria, thereby addressing
manipulation concerns while still permitting market participants to
exit existing positions.
In connection with the adoption of this framework, the Exchange
committed to conducting a five-year review of cash-settled FLEX ETF
Option trading activity and furnishing the Commission with five annual
reports. Pursuant to this commitment, the Exchange has submitted two
annual monitoring reports to the Commission covering the periods of
August 1, 2023 through July 31, 2024 and August 1, 2024 through July
31, 2025, respectively. The reports assessed trading volume and open
interest in cash-settled FLEX ETF options relative to physically
settled options on the same underlying ETFs, market maker
participation, position limit activity, and manipulation concerns. The
Exchange had no recommendations for enhancements to the listing
standards based on either review.
In both review periods, neither the Exchange nor any affiliated
Cboe securities exchange had an open investigation, inquiry, or
enforcement matter relating to the manipulation of cash-settled FLEX
ETF options or their underlying ETFs. Financial Industry Regulatory
Authority (``FINRA''), acting as the Exchange's regulatory services
provider for position limit surveillance, confirmed the same finding
for both periods. While both reports note that certain regulatory
matters arose during each period involving the applicable ETFs or
related physically-settled options, the Exchange's surveillance and
investigatory staff confirmed in each instance that the activity did
not appear to relate to manipulation of an ETF for the purpose of
benefiting a cash-settled FLEX ETF option position.
Both review periods reflected broad and stable market maker
participation across the eligible underlying ETFs. The highest levels
of FLEX market maker participation were observed in SPY (9 to 12 per
month), QQQ (6 to 10 per month), and IWM (3 to 15 per month).
Participation in less actively traded eligible ETFs was more limited
but consistent across both periods, reflecting a well-supported and
liquid product across the eligible universe.
[[Page 21559]]
Proposal
The Exchange proposes to amend Rule 4.21(b)(5)(A)(ii) to refine two
aspects of the framework governing cash-settled FLEX ETF Options and to
eliminate the 50-ETF cap. First, the Exchange proposes to permit newly
FLEX-eligible ETFs to qualify for cash settlement as a contract term
based on one month of trading statistics outside of the Exchange's
regular bi-annual review cycle. Second, the Exchange proposes to
replace the existing provision governing ETFs that cease to satisfy the
eligibility criteria with a tiered framework that more precisely
calibrates treatment to the actual state of open interest in cash-
settled FLEX ETF Options overlying the affected ETF. Third, the
Exchange proposes to eliminate the existing cap limiting cash
settlement as a contract term to no more than 50 underlying ETFs.
One-Month Lookback for Newly Eligible ETFs
Under the current rule, the Exchange determines eligible underlying
ETFs bi-annually, on January 1 and July 1 of each year, using six
months of prior trading statistics, with newly eligible ETFs permitted
to list cash-settled FLEX options beginning on February 1 and August 1,
respectively. No mechanism currently exists to add newly FLEX-eligible
ETFs to the eligible list between bi-annual reviews. As a result, an
ETF that becomes FLEX-eligible after a bi-annual review has been
conducted may not be considered for cash-settled FLEX ETF Option
eligibility for up to six months, even if it otherwise satisfies the
notional value and ADV requirements of Rule 4.21(b)(5)(A)(ii). The
Exchange proposes to address this gap by permitting, outside of the
regular bi-annual review, the Exchange to determine that a newly FLEX-
eligible ETF satisfies the notional value and trading volume
requirements based on the previous one-month period of trading
statistics. Any ETF satisfying such requirements on that basis shall be
eligible for cash settlement as a contract term.
The Exchange believes a one-month lookback is appropriate in this
context because an ETF that has newly become FLEX-eligible and
simultaneously satisfies both the $500 million average daily notional
value threshold and the 4,680,000-share ADV requirement over the prior
month has already demonstrated the degree of liquidity and trading
activity that the eligibility criteria are designed to capture. The
Exchange believes its annual monitoring reports demonstrate the
existing criteria have proven to be an effective proxy for identifying
ETFs that are not readily susceptible to manipulation. Requiring newly
eligible ETFs to await the next bi-annual review before becoming
eligible for cash settlement would delay investor access to the
product.
Tiered Criteria for ETFs Ceasing To Satisfy Eligibility Requirements
Under the current rule, if the Exchange determines at the time of a
bi-annual review that an underlying ETF ceases to satisfy the
eligibility criteria, any new position overlying that ETF must be
physically settled and any existing open cash-settled positions may be
traded only to close. While this provision addresses the wind-down of
cash-settled activity in a straightforward manner, it does not
distinguish between ETFs with active open interest and those with no
meaningful cash-settled activity, nor does it account for the
possibility that an ETF may temporarily fall below the eligibility
thresholds and subsequently recover.
The Exchange proposes to replace this provision with a tiered
framework that more precisely calibrates the treatment of an ineligible
ETF to the actual state of the market for cash-settled FLEX ETF Options
overlying that ETF. Under the proposed framework, if no open interest
in cash-settled FLEX Equity Options overlying the ETF exists during the
previous six-month period at the time of the bi-annual review
determination, the existing treatment will apply: any new position must
be physically settled and any open cash-settled positions may be traded
only to close. Where open interest in cash-settled FLEX Equity Options
overlying the ETF does exist during the previous six-month period, the
Exchange will permit the opening of new cash-settled positions in that
ETF for a period of one year from the date of the bi-annual review,
after which any new position must be physically settled and any
remaining open cash-settled positions may be traded only to close. This
one-year continuation period is intended to provide market participants
holding or seeking to manage existing cash-settled positions with a
reasonable and predictable runway to do so, rather than abruptly
restricting new position activity at the time of the bi-annual review
determination.
The proposed framework also includes a recovery provision: if the
underlying ETF satisfies the eligibility criteria at the time of either
bi-annual review conducted during the one-year continuation period,
that period will terminate and the ETF will resume full eligibility for
cash settlement as a contract term. The Exchange believes this
provision appropriately accounts for the possibility that an ETF's
trading statistics may fluctuate around the eligibility thresholds and
prevents an unnecessarily disruptive wind-down in cases where the ETF
promptly returns to eligibility.
Elimination of the 50-ETF Cap
The Exchange also proposes to eliminate the existing provision
limiting cash settlement as a contract term to no more than 50
underlying ETFs. The cap was adopted at the outset of the program to
prevent the scope of cash-settled FLEX ETF Options from expanding
considerably without a corresponding evaluation of whether the level of
the eligibility requirements remained reasonable. While the number of
ETFs satisfying the eligibility criteria remained well below 50 during
the initial period of the program's operation, the number of qualifying
ETFs has grown over the two-year period to exceed that threshold,\4\
such that the cap now operates as an active constraint on the
availability of cash-settled FLEX ETF Options on ETFs that otherwise
satisfy the established eligibility criteria. The Exchange does not
believe this result is consistent with the purpose of the cap, which
was intended as a programmatic guardrail rather than a permanent
numerical ceiling. As noted above, the Exchange's two annual reviews
have identified no manipulation concerns. Given the same eligibility
criteria and position and exercise limits would apply to any cash-
settled FLEX ETF option, as would the Exchange's surveillance program,
the Exchange believes the 50-ETF cap is no longer necessary. The
Exchange believes these protections and the eligibility criteria
themselves sufficiently mitigate any manipulation concerns associated
with cash-settled FLEX ETF Options.
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\4\ As of February 1, 2026, 60 ETFs were eligible.
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The Exchange also notes that, consistent with its commitment in the
original proposal, it will continue to furnish the Commission with
annual reports for the remainder of the five-year review period. The
Exchange believes that the continued reporting commitment, together
with the proposed amendments, appropriately positions the cash-settled
FLEX ETF Option framework to address the operational gaps identified
through the Exchange's review to date while preserving the monitoring
mechanisms that allow the Exchange and the Commission to evaluate the
ongoing impact of the program.
[[Page 21560]]
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) of the
Act.\5\ Specifically, the Exchange believes the proposed rule change is
consistent with the Section 6(b)(5) \6\ 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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\5\ 15 U.S.C. 78f(b).
\6\ 15 U.S.C. 78f(b)(5).
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The Exchange believes the proposed rule change is consistent with
Section 6(b)(5) of the Act because each of the proposed amendments is
designed to refine an existing, Commission-approved framework in a
manner that is reasonably calibrated to address identified operational
gaps while preserving and reinforcing the manipulation-mitigating
features of that framework.
One-Month Lookback for Newly Eligible ETFs
The Exchange believes the proposed one-month lookback for newly
FLEX-eligible ETFs is consistent with the Act because it removes an
impediment to the offering of cash-settled FLEX ETF Options on ETFs
that have already demonstrated the liquidity and trading activity that
the eligibility criteria are designed to capture, without compromising
the manipulation-resistant features of those criteria. Under the
current rule, an ETF that becomes FLEX-eligible \7\ after a bi-annual
review has been conducted must wait up to six months before it may be
considered for cash-settled FLEX ETF Option eligibility, even if it
satisfies both the $500 million average daily notional value threshold
and the 4,680,000-share ADV requirement at the time it becomes FLEX-
eligible. The Exchange believes this gap is not necessary to protect
against manipulation. An ETF that satisfies both thresholds over the
prior one-month period has demonstrated the same depth of liquidity and
breadth of trading activity that the six-month bi-annual review is
designed to identify as indicative of reduced susceptibility to
manipulation. As noted above, the Exchange's annual monitoring reports
have demonstrated the existing eligibility criteria are an effective
and reliable proxy for identifying ETFs that are not readily
susceptible to manipulation, and the Exchange has identified no
manipulation concerns in connection with cash-settled FLEX ETF Options
or their underlying ETFs during that period. The Exchange therefore
believes that permitting a one-month lookback for newly FLEX-eligible
ETFs between bi-annual reviews removes an impediment to and perfects
the mechanism of a free and open market and protects investors and the
public interest by providing timely investor access to a cash-
settlement alternative on ETFs that satisfy the established eligibility
criteria, while maintaining the protections afforded by those
criteria.\8\
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\7\ For example, an ETF option may become eligible to be listed
on the Exchange (and FLEX eligible) on January 15, but even it
satisfies the cash-settled FLEX criteria well before the next bi-
annual review in July, the ETF would not be eligible for cash-
settled FLEX until that July review.
\8\ This is a similar concept to the one in Rule 4.3,
Interpretation and Policy .01(b)(2) that permits ``expedited''
listing of options on securities with significant market
capitalization at their initial public offerings.
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Tiered Criteria for ETFs Ceasing To Satisfy Eligibility Requirements
The Exchange believes the proposed tiered framework for ETFs that
cease to satisfy the eligibility criteria at the time of a bi-annual
review is consistent with the Act because it is reasonably designed to
prevent fraudulent and manipulative acts and practices while also
promoting just and equitable principles of trade and protecting
investors. The current rule applies a single, uniform wind-down
treatment to any ETF that falls below the eligibility thresholds at bi-
annual review, regardless of whether active open interest in cash-
settled FLEX ETF Options overlying that ETF exists. The Exchange
believes this one-size-fits-all approach does not adequately account
for the legitimate interests of market participants that hold existing
cash-settled positions or that need the ability to open new positions
to manage existing risk exposure in an ETF that has temporarily fallen
below the thresholds.
The proposed tiered framework addresses this concern in a manner
consistent with the Act's investor protection and anti-manipulation
objectives. Where no open interest in cash-settled FLEX ETF Options
overlying the affected ETF has existed during the previous six-month
period, the current treatment would continue to apply, because the
Exchange believes an immediate restriction on new cash-settled
positions would not disrupt market participants' activity. Where open
interest does exist at the time of the bi-annual review, the proposed
one-year continuation period provides market participants with a
reasonable and predictable runway to manage existing positions, which
the Exchange believes promotes just and equitable principles of trade.
The Exchange further believes that the recovery provision, under which
the continuation period terminates and full eligibility is restored if
the ETF satisfies the criteria at either bi-annual review during the
one-year period, is consistent with the Act because it prevents an
unnecessarily disruptive wind-down where an ETF's trading statistics
temporarily dip below the eligibility thresholds and then recover, and
it reinforces the principle that the eligibility criteria, rather than
arbitrary timing, are the appropriate determinant of cash-settlement
eligibility. Taken together, the Exchange believes the tiered framework
is a reasonable means to address manipulation concerns while not unduly
burdening market participants with existing cash-settled positions, as
it eliminates the current immediate disruption to their investment
strategies.
Elimination of the 50-ETF Cap
The Exchange believes the elimination of the 50-ETF cap is
consistent with the Act because the cap is no longer necessary to
protect against the concerns it was designed to address and, as
currently operative, functions as an impediment to the offering of
cash-settled FLEX ETF Options on ETFs that otherwise satisfy the
established eligibility criteria. The cap was adopted at the outset of
the program to prevent the scope of cash-settled FLEX ETF Options from
expanding considerably without a corresponding evaluation of whether
the level of the eligibility requirements remained reasonable. While
the number of qualifying ETFs remained well below 50 during the initial
period of the program's operation, that number has more recently grown
to exceed the cap, such that the cap now actively restricts the
availability of cash-settled FLEX ETF Options on ETFs that fully
satisfy the notional value and ADV requirements of Rule
4.21(b)(5)(A)(ii). The Exchange believes that retaining this arbitrary
restriction is inconsistent with the Act's objectives because the two-
year monitoring record demonstrates that the eligibility criteria
themselves limit the
[[Page 21561]]
availability of cash settlement to FLEX ETF Options. The liquidity and
trading activity requirements mitigate manipulation concerns for any
ETF that satisfies those requirements, not just the top 50. During the
first two years of availability of cash-settled FLEX ETF Options, the
Exchange has identified (and its annual monitoring reports
demonstrated) no manipulation concerns in connection with cash-settled
FLEX ETF Options or their underlying ETFs. The Exchange believes the
eligibility criteria, position and exercise limits, and surveillance
program applicable to the 50 ETFs eligible for FLEX options with cash-
settlement provide adequate protections against manipulation and market
disruption to all ETFs that satisfy the criteria, regardless of the
number of qualifying ETFs. The Exchange therefore believes that
eliminating the cap removes an impediment to and perfects the mechanism
of a free and open market, protects investors and the public interest,
and is otherwise consistent with 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.
The Exchange does not believe the proposed rule change will impose
any burden on intramarket competition. The proposed amendments apply
uniformly to all market participants that trade cash-settled FLEX ETF
Options on the Exchange. All newly FLEX-eligible ETFs would be eligible
for the one-month lookback, and any ETF that satisfies the eligibility
criteria within that one-month lookback would be eligible for cash-
settlement, and cash-settled FLEX options on such ETFs would be
available to all market participants. The tiered framework for ETFs
ceasing to satisfy the eligibility criteria applies in the same manner
to all market participants holding or seeking to open positions in
cash-settled FLEX ETF Options overlying the affected ETF, and the one-
year continuation period and recovery provision provide all such
participants with the same predictable and equitable treatment. The
elimination of the 50-ETF cap permits any ETF that satisfies the
eligibility criteria to be eligible for FLEX cash-settlement rather
than arbitrarily restricting that product availability to 50 ETFs. The
Exchange believes the proposed rule promotes competition, as it would
treat all ETFs that satisfy the eligibility criteria for cash-settled
FLEX Options in the same manner.
The Exchange does not believe the proposed rule change will impose
any burden on intermarket competition. Cash-settled FLEX ETF Options
with the same underlying ETF may be listed on multiple exchanges, and
the proposed amendments do not restrict the ability of other exchanges
to adopt similar or competing frameworks.
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 comments on the
proposed rule change.
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
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#2351564f460e404c4e4e464d5750635046400d444c55"><span class="__cf_email__" data-cfemail="156760797038767a7878707b6166556670763b727a63">[email protected]</span></a>. Please include
file number SR-CBOE-2026-035 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-CBOE-2026-035. 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-CBOE-2026-035 and should be submitted on
or before May 13, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
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\9\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-07818 Filed 4-21-26; 8:45 am]
BILLING CODE 8011-01-P
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