Notice2026-09478
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule Change, as Modified by Amendment No. 1 Thereto, To List and Trade Shares of iShares Bitcoin Premium Income 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
May 13, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 92 (Wednesday, May 13, 2026)</title>
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[Federal Register Volume 91, Number 92 (Wednesday, May 13, 2026)]
[Notices]
[Pages 27097-27104]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-09478]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105424; File No. SR-NASDAQ-2025-085]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing of Proposed Rule Change, as Modified by Amendment No.
1 Thereto, To List and Trade Shares of iShares Bitcoin Premium Income
ETF Under Nasdaq Rule 5711(d) (Commodity-Based Trust Shares)
May 8, 2026.
On September 30, 2025, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to list and trade shares (``Shares'') of the of
the iShares Bitcoin Premium Income ETF (``Trust'') under Nasdaq Rule
5711(d) (Commodity-Based Trust Shares). The proposed rule change was
published for comment in the Federal Register on October 2, 2025.\3\
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 104148 (Sept. 30,
2025), 90 FR 47846. The Commission has received no comments on the
proposed rule change.
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On November 3, 2025, pursuant to Section 19(b)(2) of the Act,\4\
the Commission designated a longer period within which to approve the
proposed rule change, disapprove the proposed rule change, or institute
proceedings to determine whether to disapprove the proposed rule
change.\5\ On December 16, 2025, the Commission initiated proceedings
under Section 19(b)(2)(B) of the Act \6\ to determine whether to
approve or disapprove the proposed rule change.\7\ On March 10, 2026,
pursuant to Section 19(b)(2) of the Act,\8\ the Commission designated a
longer period for Commission action on proceedings to determine whether
to approve or disapprove the proposed rule change.\9\
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\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 104173, 90 FR 57424
(Nov. 17, 2025). The Commission designated December 31, 2025, as the
date by which the Commission shall approve or disapprove, or
institute proceedings to determine whether to disapprove, the
proposed rule change.
\6\ 15 U.S.C. 78s(b)(2)(B).
\7\ See Securities Exchange Act Release No. 104414, 90 FR 59600
(Dec. 19, 2025).
\8\ 15 U.S.C. 78s(b)(2).
\9\ See Securities Exchange Act Release No. 104962, 91 FR 12466
(Mar. 13, 2026) (designating May 30, 2026, as the date by which the
Commission shall either approve or disapprove the proposed rule
change).
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On May 7, 2026, the Exchange filed with the Commission Amendment
No. 1 to proposed rule change as described in Items I and II below,
which Items have been prepared by the Exchange. Amendment No. 1
replaces and supersedes the proposed rule change as originally filed.
The Commission is publishing this notice to solicit comments on the
proposed rule change, as modified by Amendment No. 1, from interested
persons.
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 iShares[supreg]
Bitcoin Premium Income ETF (the ``Trust'') under Nasdaq Rule 5711(d)
(``Commodity-Based Trust Shares''). The shares of the Trust are
referred to herein as the ``Shares.'' This Amendment No. 1 supersedes
the original filing in its entirety.
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
[[Page 27098]]
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 on the Exchange (``Generic Listing Standards'').\10\
iShares[supreg] Delaware Trust Sponsor LLC, a Delaware limited
liability company and an indirect subsidiary of BlackRock, Inc.
(``BlackRock''), is the sponsor of the Trust (the ``Sponsor'').
BlackRock Financial Management, Inc., an affiliate of the Sponsor, is
the investment advisor for the Trust (the ``Advisor'').\11\ The Trust
will be an actively-managed exchange-traded product (``ETP''), that
intends to be treated as a publicly-traded partnership for U.S. federal
income tax purposes and is registered under the Securities Act of 1933,
as amended (the ``1933 Act''). Rule 5711(d)(iii)(A)(2) currently
requires Commodity-Based Trust Shares to be designed to reflect the
performance of one or more reference assets or an index of reference
assets, less expenses, and other liabilities. In other words, the
Generic Listing Standards require Commodity-Based Trust Shares to be
passively managed. For the securities options holdings of Commodity-
Based Trust Shares, the Generic Listing Standards require that such
options be listed and traded on an ISG market. The Exchange submits
this proposal because the Trust will be actively managed; however, it
will meet all of the other requirements under the Generic Listing
Standards. Any statements or representations included in this proposal
regarding: (a) the description of the trust holdings or reference
assets; (b) limitations on the trust holdings or reference assets; (c)
dissemination and availability of the trust holdings, reference assets
or intraday indicative value; or (d) the applicability of Exchange
listing rules specified in this proposal shall constitute continued
listing standards for the Shares listed on the Exchange. The Shares
will be registered with the SEC by means of the Trust's registration
statement on Form S-1 (the ``Registration Statement''), the latest
version of which was filed with the SEC on April 1, 2026.\12\
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\10\ 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 subsequently approved
amendments to Rule 5711(d) to adopt generic listing standards for
Commodity-Based Trust Shares. 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)
(Order Granting Accelerated Approval of Proposed Rule Changes, as
Modified by Amendments Thereto, to Adopt Generic Listing Standards
for Commodity-Based Trust Shares) (``Generic Listing Standards
Approval Order'').
\11\ According to the Registration Statement (as defined below),
the Advisor is registered as an investment adviser under the
Investment Advisers Act of 1940, as amended.
\12\ The Shares will not trade on the Exchange until such time
that the Registration Statement is effective.
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Overview of the Trust
The Shares will be issued by the Trust, a Delaware statutory trust.
The Trust will operate pursuant to a trust agreement (the ``Trust
Agreement'') between the Sponsor, a third party as the trustee of the
Trust (the ``Trustee''), and Wilmington Trust, National Association, as
Delaware trustee (the ``Delaware Trustee''). The Trust issues Shares
representing fractional undivided beneficial interests in its net
assets. The assets of the Trust consist of bitcoin, as well as shares
of iShares Bitcoin Trust ETF (``IBIT'') (such shares, ``IBIT shares''),
and cash, including premiums associated with written options
(``options'', collectively with IBIT shares, the ``Securities''). The
Trust seeks to reflect generally the performance of the price of
bitcoin while providing premium income through an actively managed
strategy of writing (selling) call options on IBIT shares (``IBIT
options'') and, from time to time, on indices that track spot bitcoin
ETPs, including IBIT (such indices, ``ETP Indices'' and options written
on such ETP Indices, ``index options''). The Trust seeks to reflect
such performance before payment of the Trust's expenses and
liabilities. All options written by the Trust will be listed and traded
on U.S. options exchanges.
The Trust is not an investment company registered under the
Investment Company Act of 1940, as amended (the ``1940 Act'') and, in
accordance therewith, will not own or acquire Securities in excess of
40% of the value of the Trust's total assets (excluding Government
Securities (as defined in the 1940 Act) and cash items) on an
unconsolidated basis.
Coinbase Custody Trust Company, LLC (the ``Bitcoin Custodian'') is
the custodian for the Trust's bitcoin holdings and maintains a custody
account for the Trust. Coinbase, Inc., is the prime broker for the
Trust and maintains a bitcoin trading account for the Trust. Bank of
New York Mellon is a custodian for the Trust's Securities holdings (the
``Securities Custodian'') and its cash holdings (the ``Cash Custodian''
and together with the Securities Custodian and Bitcoin Custodian, the
``Custodians'').
Actively-Managed Strategies
Actively-managed exchange-traded funds (``ETFs'') have become a
significant and growing segment of the U.S. and global ETF markets. For
example, in 2024, around 49% of all ETFs launched globally were active,
and in the U.S., active ETF launches outnumbered index launches by
nearly 4:1.\13\ Active ETFs in the U.S. represent the vast majority of
total ETF launches in 2025,\14\ with over a third of U.S. ETF inflows
coming from active strategies over the past two years.\15\ The Exchange
believes that these figures demonstrate substantial market demand in
actively-managed strategies, and that this proposal would benefit
investors by providing a transparent, regulated investment vehicle as
an alternative to less regulated avenues that investors could use to
obtain bitcoin exposure.
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\13\ See ``Decoding active ETFs,'' BlackRock, available at
<a href="https://www.ishares.com/us/literature/whitepaper/decoding-active-etfs.pdf">https://www.ishares.com/us/literature/whitepaper/decoding-active-etfs.pdf</a>.
\14\ See ``How active ETFs are unlocking innovation and
opportunity for investors,'' BlackRock, available at <a href="https://www.ishares.com/us/insights/active-etf-investors">https://www.ishares.com/us/insights/active-etf-investors</a> (``Active ETFs
accounted for 88% of all U.S.-listed ETF launches through June 2025,
and 51% of global ETF launches.''); see also ``Monthly Active ETF
Monitor (August 31, 2025),'' J.P.Morgan, available at <a href="https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/insights/etf-insights/monthly-active-etf.pdf">https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/insights/etf-insights/monthly-active-etf.pdf</a> (``60 active ETFs were launched in
August. Active ETFs represent 85% of total ETF launches in 2025.'').
\15\ See ``Decoding active ETFs,'' BlackRock, available at
<a href="https://www.ishares.com/us/literature/whitepaper/decoding-active-etfs.pdf">https://www.ishares.com/us/literature/whitepaper/decoding-active-etfs.pdf</a> (``31% of net asset inflows come from actively managed
strategies,'' sourcing BlackRock Global Business Intelligence data
through June 2024); see also ``Monthly Active ETF Monitor (August
31, 2025),'' J.P.Morgan, available at <a href="https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/insights/etf-insights/monthly-active-etf.pdf">https://am.jpmorgan.com/content/dam/jpm-am-aem/americas/us/en/insights/etf-insights/monthly-active-etf.pdf</a> (``Over 37% of ETF flows in 2025 have gone into
active strategies'').
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Background on Trust Holdings
The Trust will invest primarily in spot bitcoin and IBIT,\16\ will
hold cash, and will primarily write options on IBIT \17\ and in limited
circumstances,
[[Page 27099]]
will write index options.\18\ All options written by the Trust are U.S.
exchange-listed. Options written on IBIT may be standardized options or
flexible exchange (``FLEX'') options, while index options will be
standardized options.\19\ The Trust's IBIT holdings would be used to
settle standardized IBIT options; either the Trust's IBIT holdings or
cash holdings would be used to settle FLEX IBIT options; and the
Trust's cash holdings would be used to settle index options, if, in any
case, those written options positions are exercised. The Trust will
write standardized IBIT options and, based on a number of factors, FLEX
IBIT options. Such factors may include market conditions, options
liquidity, and options' strike price, among other things. The Trust may
also write standardized index options. Bitcoin, IBIT, IBIT options, and
index options meet the eligibility criteria for Commodity-Based Trust
Shares set forth in Rule 5711(d)(iv)(A) (Bitcoin) and (B) (IBIT, IBIT
options, and index options).
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\16\ The Commission approved the listing and trading of IBIT on
January 10, 2024. See Securities Exchange Act Release No. 99306
(January 10, 2024), 89 FR 3008 (January 17, 2024) (SR-NYSEARCA-2021-
90; SR-NYSEARCA-2023-44; SR-NYSEARCA-2023-58; SR-NASDAQ-2023-016;
SR-NASDAQ-2023-019; SR-CboeBZX-2023-028; SR-CboeBZX-2023-038; SR-
CboeBZX-2023-040; SR-CboeBZX-023-042; SR-CboeBZX-2023-044; SR-
CboeBZX-2023-072).
\17\ The Commission approved the listing and trading of IBIT
options on September 20, 2024. See Securities Exchange Act Release
No. 101128 (September 20, 2024), 89 FR 78942 (September 26, 2024)
(SR-ISE-2024-03).
\18\ Cboe Options currently offers listed index options on the
Cboe Bitcoin U.S. ETF Index and the Mini-Cboe Bitcoin U.S. ETF
Index. See <a href="https://www.cboe.com/tradable_products/bitcoin-etf-index-options/">https://www.cboe.com/tradable_products/bitcoin-etf-index-options/</a>.
\19\ FLEX options are presently available on multiple U.S.
options exchanges and available for IBIT options. For example, both
Nasdaq ISE and Cboe Options offer electronic FLEX trading today.
Additionally, the Commission approved the trading of FLEX IBIT
options on Nasdaq ISE. See Securities Exchange Act Release No.
103563 (July 29, 2025), 90 FR 36242 (August 1, 2025) (SR-ISE-2025-
12).
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Bitcoin (BTC)
Bitcoin is a digital asset that is created and transmitted through
the operations of the peer-to-peer Bitcoin network, a decentralized
network of computers that operates on cryptographic protocols (the
``Bitcoin network''). No single entity owns or operates the Bitcoin
network, the infrastructure of which is collectively maintained by its
user base.
The Bitcoin network allows people to exchange tokens of value,
called bitcoin, which are recorded on a public transaction ledger known
as the Bitcoin blockchain (the ``Bitcoin blockchain''). Bitcoin can be
used to pay for goods and services, or it can be converted to fiat
currencies, such as the U.S. dollar, at rates determined on bitcoin
platforms that enable trading in bitcoin or in individual end-user-to-
end-user transactions under a barter system.
The Bitcoin network is commonly understood to be decentralized and
does not require governmental authorities or financial institution
intermediaries to create, transmit or determine the value of bitcoin.
Rather, bitcoin is created and allocated by the Bitcoin network
protocol through a ``mining'' process. The value of bitcoin is
determined by the supply of and demand for bitcoin-on-bitcoin platforms
or in private end-user-to-end-user transactions.
New bitcoins are created and rewarded to the miners of a block in
the Bitcoin blockchain for verifying transactions. The Bitcoin
blockchain is a shared database that includes all blocks that have been
solved by miners and it is updated to include new blocks as they are
solved. Each bitcoin transaction is broadcast to the Bitcoin network
and, when included in a block, recorded in the Bitcoin blockchain. As
each new block records outstanding bitcoin transactions, and
outstanding transactions are settled and validated through such
recording, the Bitcoin blockchain represents a complete, transparent,
and unbroken history of all transactions of the Bitcoin network.
Under the source code that governs the Bitcoin network, the supply
of new bitcoin is mathematically controlled so that the number of
bitcoin grows at a limited rate pursuant to a pre-set schedule. The
number of bitcoin awarded for solving a new block is automatically
halved after every 210,000 blocks are added to the Bitcoin blockchain,
approximately every 4 years. This deliberately controlled rate of
bitcoin creation means that the number of bitcoin in existence will
increase at a controlled rate until the number of bitcoin in existence
reaches the pre-determined 21 million bitcoin. However, the 21 million
supply cap could be changed in a hard fork. A hard fork could change
the source code to the Bitcoin network, including the 21 million
bitcoin supply cap.
Bitcoin's role as the dominant digital asset has positioned it as a
key component of institutional portfolios and investment products. Its
market dynamics are influenced by macroeconomic trends, adoption rates,
and its regulatory environment, making it a focal point for the broader
crypto industry. With a decentralized governance model and a community-
driven upgrade process, bitcoin continues to evolve while adhering to
its core principles of decentralization and security.
Security Investments
The Trust will invest in IBIT and write standardized options on
IBIT and, based on a number of factors, may write FLEX IBIT options.
Such factors may include market conditions, options liquidity, and
options' strike price, among other things.\20\ It may also write
standardized index options. As discussed above, all options written by
the Trust are U.S. exchange-listed. Options written on IBIT may be
standardized options or FLEX options, while index options will be
standardized options. The Trust's options holdings will be available on
its website (<a href="http://www.ishares.com">www.ishares.com</a>).
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\20\ IBIT is issued by an affiliate of the Trust. As discussed
above, the Trust will be managed by the Advisor, which is an
affiliate of the Sponsor. The Trustee has adopted and implemented
policies and procedures that are reasonably designed to ensure
compliance with applicable law, which address conflicts of interest
and affiliate transactions. Refer to the Trust's Registration
Statement for additional details on the Trustee's policies and
procedures.
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Creation and Redemption of Shares
The Trust issues and redeems Baskets \21\ on a continuous basis.
Baskets are typically issued only in exchange for all cash deposits.
The Trust may, however, issue Baskets in exchange for partial cash
deposits \22\ and in-kind deposits.\23\ Generally, the Trust redeems
Shares only in Baskets in exchange for partial cash deposits. The Trust
may, however, redeem Baskets in exchange for all cash deposits or in-
kind deposits. Whether the Trust accepts all cash, partial cash, or in-
kind deposits for the issuance and redemption of Baskets, the amount
provided to the Trust will be equal to the Basket Amount \24\ for the
business day on which the purchase order was received by the Trust.
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\21\ Baskets will be offered continuously at NAV per Share for
20,000 Shares.
\22\ The Sponsor may in its sole discretion, allow authorized
participants to purchase Baskets in exchange for a combination of
cash, bitcoin, and/or IBIT shares, including cash that replaces
bitcoin or IBIT shares (``partial cash'').
\23\ The Sponsor may also in its sole discretion, allow
authorized participants to purchase Baskets in exchange for bitcoin,
IBIT shares and a cash amount (``in-kind'').
\24\ ``Basket Amount'' means the amount of cash, bitcoin, and/or
IBIT shares (depending on the type of transaction) that an
Authorized Participant must deliver in exchange for one Basket, or
that an Authorized Participant is entitled to receive in exchange
for each Basket surrendered for redemption.
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No Shares are issued unless the Trustee receives confirmation that
the required consideration has been received in the account or accounts
specified by the Trustee. The amount of consideration necessary for the
creation of a Basket, or to be received upon redemption of a Basket,
will vary over the life of the Trust, due to the payment or accrual of
fees and other expenses or liabilities payable by the Trust. Baskets
may be created or redeemed only by Authorized Participants, who pay
BlackRock Investments, LLC (``BRIL''), an affiliate of the Sponsor that
has been
[[Page 27100]]
retained by the Trust to perform certain order processing, Authorized
Participant communications, and related services in connection with the
issuance and redemption of Baskets (``ETF Services''), a transaction
fee for each order to create or redeem Baskets. As part of its
Authorized Participant communications, BRIL will communicate to
Authorized Participants whether the Trust will permit all cash
deposits, in-kind deposits or partial cash deposits in creation of
Baskets or for redemptions for Baskets.
The Sponsor will maintain ownership and control of bitcoin and
Securities in a manner consistent with good delivery requirements for
spot commodity transactions and securities transactions, respectively.
Net Asset Value
The net asset value (``NAV'') of the Trust is used by the Trust in
its day-to-day operations to measure the net value of the Trust's
assets. The NAV of the Trust will be equal to the total assets of the
Trust, which will consist of (1) the Trust's bitcoin, IBIT and cash,
(2) any earnings on those assets, and (3) any other assets of the
Trust, less total liabilities of the Trust, which includes the Trust's
options positions, each determined by the Trustee pursuant to policies
established from time to time by the Trustee or its affiliates as
described herein. The Sponsor has the exclusive authority to determine
the Trust's NAV, which it has delegated to the Trustee under the Trust
Agreement. The Sponsor has delegated to the Trustee the responsibility
to calculate the NAV and the NAV per Share for the Trust, based on a
pricing source selected by the Trustee. In determining the Trust's NAV
per Share, the Trustee will assess the value of bitcoin and the
Securities. The Trustee has delegated to the trust administrator, Bank
of New York Mellon, the responsibility to calculate the NAV, based on a
pricing source selected by the Trustee.
Bitcoin Valuation
The value of the bitcoin held by the Trust will be based on the
index price, unless the Sponsor in its sole discretion determines that
the index is unreliable. The CME CF Bitcoin Reference Rate--New York
Variant for the Bitcoin--U.S. Dollar trading pair (the ``CF Benchmarks
Index'') shall constitute the index (the ``Index''), unless the CF
Benchmarks Index is not available or the Sponsor in its sole discretion
determines that the CF Benchmarks Index is unreliable and therefore
determines not to use the CF Benchmarks Index as the Index. If the CF
Benchmarks Index is not available or the Sponsor determines, in its
sole discretion, that the CF Benchmarks Index is unreliable, (together
a ``Fair Value Event'') the Trust's holdings may be fair valued on a
temporary basis in accordance with the fair value policies approved by
the Trustee. If the CF Benchmarks Index is not used as the Index price,
owners of the beneficial interests of Shares (the ``Shareholders'')
will be notified in a prospectus supplement or on the Trust's website
and, if this index change is on a permanent basis, a filing with the
SEC under Rule 19b-4 of the Act will be required. A Fair Value Event
value determination will be based upon all available factors that the
Sponsor or Trustee deems relevant at the time of the determination, and
may be based on analytical values determined by the Sponsor or Trustee
using third-party valuation models. Fair value policies approved by the
Trustee will seek to determine the fair value price that the Trust
might reasonably expect to receive from the current sale of that asset
or liability in an arm's-length transaction on the date on which the
asset or liability is being valued consistent with ``Relevant
Transactions''. In the instance of a Fair Value Event and pursuant the
Sponsor's fair valuation policies and procedures Volume Weighted
Average Prices (``VWAP'') or Volume Weighted Median Prices (``VWMP'')
from another index administrator (``Secondary Index'') would be
utilized. If a Secondary Index is not available or the Sponsor in its
sole discretion determines the Secondary Index is unreliable the price
set by the Trust's principal market as of 4:00 p.m. ET, on the
valuation date would be utilized. In the event the principal market
price is not available or the Sponsor in its sole discretion determines
the principal market valuation is unreliable the Sponsor will use its
best judgment to determine a good faith estimate of fair value. The
Trustee identifies and determines the Trust's principal market (or in
the absence of a principal market, the most advantageous market) for
bitcoin consistent with the application of fair value measurement
framework in FASB ASC 820-10.\25\ The principal market is the market
where the reporting entity would normally enter into a transaction to
sell the asset or transfer the liability. The principal market must be
available to and be accessible by the reporting entity. The reporting
entity is the Trust.
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\25\ See FASB (Financial Accounting Standards Board) Accounting
standards codification (ASC) 820-10. For financial reporting
purposes only, the Trustee has adopted a valuation policy that
outlines the methodology for valuing the Trust's assets. The policy
also outlines the methodology for determining the principal market
(or in the absence of a principal market, the most advantageous
market) in accordance with FASB ASC 820-10.
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Intraday Indicative Value
In order to provide updated information relating to the Trust for
use by Shareholders, the Trust intends to publish an intraday
indicative value per Share (``IIV''). The IIV will be calculated using
data provided by one or more third-party data vendors. One or more
major market data vendors will provide an IIV updated every 15 seconds,
as calculated by a third-party financial data provider during the
Exchange's regular market session of 9:30 a.m. to 4:00 p.m. ET (the
``Regular Market Session''). The IIV will be calculated using the prior
day's closing NAV per Share as a base and updating that value during
the Exchange's Regular Market Session to reflect changes in the value
of the Trust's NAV per Share during the trading day. The IIV is
disseminated during the Exchange's Regular Market Session and should
not be viewed as an actual real-time update of the NAV per Share, which
will be calculated only once at the end of each trading day. The IIV
will be widely disseminated on a per Share basis every 15 seconds
during the Exchange's Regular Market Session by one or more major
market data vendors. In addition, the IIV will be available through
online information services.
Availability of Information
The website for the Trust, which will be publicly accessible at no
charge, will prominently disclose the information required under Rule
5711(d)(v).
The NAV per Share for the Trust will be calculated once a day and
will be disseminated daily to all market participants at the same time.
Quotation and last sale information regarding the Shares will be
disseminated through the facilities of the relevant securities
information processor. Also, an estimated value that reflects an
estimated IIV will be disseminated. For more information on the IIV,
including the calculation methodology, see ``Intraday Indicative Value
above.
The IIV disseminated during the Exchange's Regular Market Session
should not be viewed as an actual real-time update of the NAV per
Share, which will be calculated only once at the end of each trading
day. The IIV will be widely disseminated on a per Share basis every 15
seconds during the Exchange's Regular Market Session by one or more
major market data vendors. In addition, the IIV will be available
through online information services.
[[Page 27101]]
Quotation and last sale information for the Trust's holdings are
widely disseminated through a variety of major market data vendors.
Information relating to trading, including price and volume
information, in the Trust's holdings is available from major market
data vendors and from the platforms on which such holdings are traded.
Depth of book information is also available from those platforms. As it
relates to bitcoin, the normal trading hours for 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 closing price and trading volume
information for the Shares will be published daily in the financial
section of newspapers.
Applicable Standard
As noted above, the Commission has approved Generic Listing
Standards for Commodity-Based Trust Shares.\26\ In the Generic Listing
Standards 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.\27\ 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.\28\
---------------------------------------------------------------------------
\26\ See supra note 3.
\27\ See Generic Listing Standards Approval Order at 45417.
\28\ Id.
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As noted above, the Trust's holdings of bitcoin, IBIT, IBIT
options, and index options meet the eligibility criteria in the Generic
Listing Standards under Rule 5711(d)(iv). As discussed above, the
Trust's IBIT options holdings may be standardized or FLEX options,
while index options will be standardized options. All of the Trust's
options will be exchange-listed.
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.\29\ With respect to IBIT options and index options, ISG
membership would help to ensure the availability of information
necessary to detect and deter potential manipulations and other trading
abuses, thereby making the Commodity-Based Trust Shares less readily
susceptible to manipulation.\30\
---------------------------------------------------------------------------
\29\ See Generic Listing Standards Approval Order at 45418-19.
\30\ See Generic Listing Standards Approval Order at 45419.
---------------------------------------------------------------------------
With respect to the Trust's bitcoin holdings, today, both the
Chicago Mercantile Exchange (``CME'') and Coinbase Derivatives, LLC
(``Coinbase Derivatives'') offer trading in bitcoin futures. Nasdaq has
a comprehensive surveillance-sharing agreement with both the CME and
Coinbase Derivatives via its common membership in the Intermarket
Surveillance Group (``ISG'').\31\ This facilitates the sharing of
information that is available to the CME and Coinbase Derivatives
through their surveillance of their respective markets, including their
surveillance of their respective bitcoin futures market.
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\31\ For a list of the current members and affiliate members of
ISG, see <a href="https://isgportal.org/public-members">https://isgportal.org/public-members</a>.
---------------------------------------------------------------------------
With respect to the Trust's investments in Securities (i.e., IBIT,
IBIT options and index options), which are all exchange-listed, the
Exchange has the ability to obtain information regarding trading in
these Securities from other markets that are members of the ISG.
Accordingly, the Exchange believes that its ability to share
information regarding trading in the Trust's investments from other
markets via common ISG membership would assist the Exchange in
surveilling for fraudulent and manipulative acts and practices.
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 80,000 Shares will be required to be outstanding at the time of
commencement of trading on the Exchange. 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 securities, bitcoin, bitcoin futures
contracts, or any other bitcoin derivative 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.
[[Page 27102]]
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. Transactions in the
Shares will occur 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 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); provided, however, that with respect to the Trust's holdings, if
the Exchange becomes aware that the Trust's holdings are not
disseminated to all market participants at the same time, it will halt
trading in the Shares until such time as the Trust's holdings are
available to all market participants.
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 bitcoin and/or Securities 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 or Trust's
holdings with respect to the Shares are not disseminated to all market
participants at the same time, it will halt trading in the Shares until
such time as the NAV or Trust's holdings are 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 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 and Securities
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, Securities,
bitcoin futures, and the Trust's assets 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 the pre-market and post-
market sessions 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 bitcoin, that
the Commission has no jurisdiction over the trading of bitcoin 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.
Firewalls
The Trust will be subject to the firewall requirements in Rule
5711(d)(x), as applicable. In addition, if the current Advisor or any
new advisor of the Trust is or becomes affiliated with a broker-dealer,
the Advisor shall erect and maintain a ``firewall'' between the Advisor
and the broker-dealer with respect to access to information concerning
the composition and/or changes to the Trust's portfolio. Any personnel
or person associated with the current Advisor or any new advisor who
makes decisions pertaining to the Trust's portfolio must be subject to
procedures designed to prevent the use and dissemination of material
nonpublic information regarding the Trust's portfolio. In addition, any
institution or reporting service that provides the Trust's portfolio
must implement and maintain, or be subject to, procedures designed to
prevent the use and dissemination of material non-public information
regarding the actual components of the Trust's portfolio. Furthermore,
the current Advisor and any new advisor of the Trust must establish,
maintain, and enforce written policies and procedures reasonably
designed to prevent the misuse of
[[Page 27103]]
material nonpublic information by the Advisor and any person associated
with the Advisor.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\32\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\33\ 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.
---------------------------------------------------------------------------
\32\ 15 U.S.C. 78f(b).
\33\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The Commission has approved numerous series Commodity-Based Trust
Shares to be listed on U.S. national securities exchanges. In order for
any proposed rule change from an exchange to be approved, the
Commission must determine that, among other things, the proposal is
consistent with the requirements of Section 6(b)(5) of the Act,
specifically including: (i) the requirement that a national securities
exchange's rules are designed to prevent fraudulent and manipulative
acts and practices; and (ii) the requirement that an exchange proposal
be designed, in general, to protect investors and the public interest.
The Exchange believes that this proposal is consistent with the
requirements of Section 6(b)(5) of the Act.
As noted above, the Trust's holdings will meet the eligibility
criteria in the Generic Listing Standards under Rule 5711(d)(iv). These
eligibility criteria are generally designed to ensure that the Exchange
can obtain information regarding trading in the assets held by the
Trust issuing the Commodity-Based Trust Shares. This, in turn, would
assist in monitoring the trading in such Shares on the Exchange and to
deter and detect violations of Exchange rules and applicable federal
securities laws, thereby making the Shares less readily susceptible to
fraud and manipulation.
With respect to the Trust's bitcoin holdings, today, both the CME
and Coinbase Derivatives offer trading in bitcoin futures. Nasdaq has a
comprehensive surveillance-sharing agreement with both the CME and
Coinbase Derivatives via its common ISG membership. This facilitates
the sharing of information that is available to the CME and Coinbase
Derivatives through their surveillance of their respective markets,
including their surveillance of their respective bitcoin futures
market.
With respect to the Trust's investments in Securities (i.e., IBIT,
IBIT options, and index options), the Exchange has the ability to
obtain information regarding trading in these Securities from other
markets that are members of the ISG. Accordingly, the Exchange believes
that its ability to share information regarding trading in the Trust's
Securities investments from other markets via common ISG membership
would assist the Exchange in surveilling for fraudulent and
manipulative acts and practices.
While the Trust will be an actively-managed product, the Exchange
does not believe this raises any novel regulatory issues under the Act.
Indeed, in the context of SEC Rule 6c-11 ETFs, the Commission did not
distinguish between active and passive management, and found they
function similarly with respect to operational matters.\34\ There, the
Commission concluded: ``[w]e therefore believe that eliminating the
regulatory distinction between index-based ETFs and actively managed
ETFs for purposes of exemptive relief under the Act will help to
provide a more consistent and transparent regulatory framework for ETFs
organized as open-end funds. This approach is consistent with our
regulation of other types of open-end funds, which does not distinguish
between actively managed and index-based strategies.'' In other words,
the regulatory framework treats active and passive ETFs registered
under the 1940 Act as functionally similar from a market oversight
perspective. The Exchange believes that extending this logic to the
ETPs registered under the 1933 Act will bring regulatory parity between
actively-managed ETPs under the 1933 Act and 1940 Act. Furthermore, as
discussed above, the Exchange believes there is substantial market
demand for actively-managed strategies, and that this proposal would
benefit investors by providing a transparent, regulated investment
vehicle as an alternative to less regulated avenues that investors
could use to obtain bitcoin exposure.
---------------------------------------------------------------------------
\34\ See Securities Exchange Act Release No. 33-10695 (September
26, 2019), 84 FR 57162 (October 24, 2019), at 57168.
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In addition, the Exchange is adopting equivalent safeguards around
trading halts and firewalls that are already in place for other
actively-managed products listed and trading on the Exchange today.
Specifically, if the Exchange becomes aware that the Trust's holdings
are not disseminated to all market participants at the same time, it
will halt trading in the Shares until such time as the Trust's holdings
are available to all market participants. This aligns with the trading
halt provisions in the Exchange's Managed Fund Shares \35\ rule in Rule
5735(d)(2)(D).\36\ The Exchange believes that the trading halt
provisions are reasonably designed to prevent trading when a reasonable
degree of transparency cannot be assured, and to ensure fair and
orderly markets for the Shares. The proposed rule change also adds
firewall requirements consistent with Managed Fund Shares' firewall
requirements, including to erect firewalls between the Advisor and any
affiliated broker-dealer, and to implement (and/or be subject to)
procedures around material, non-public information.\37\ These
requirements provide additional protections against the potential
misuse of material, non-public information related to the Shares and
are designed to prevent fraudulent and manipulative acts and practices
with respect to the Shares and the underlying portfolio, consistent
with the Act.
---------------------------------------------------------------------------
\35\ A Managed Fund Share is an actively-managed ETF, and is
defined as a security that (a) represents an interest in a
registered investment company (``Investment Company'') organized as
an open-end management investment company or similar entity, that
invests in a portfolio of securities selected by the Investment
Company's investment adviser consistent with the Investment
Company's investment objectives and policies; (b) is issued in a
specified aggregate minimum number in return for a deposit of a
specified portfolio of securities and/or a cash amount with a value
equal to the next determined net asset value; and (c) when
aggregated in the same specified minimum number, may be redeemed at
a holder's request, which holder will be paid a specified portfolio
of securities and/or cash with a value equal to the next determined
net asset value. See Rule 5735(c)(1).
\36\ Rule 5735(d)(2)(D) provides that if Nasdaq becomes aware
that the net asset value or the Disclosed Portfolio with respect to
a series of Managed Fund Shares is not disseminated to all market
participants at the same time, it will halt trading in such series
until such time as the net asset value or the Disclosed Portfolio is
available to all market participants. As defined in Rule 5735(c)(2),
the term ``Disclosed Portfolio'' means the identities and quantities
of the securities and other assets held by the Investment Company
that will form the basis for the Investment Company's calculation of
net asset value at the end of the business day.
\37\ See Rule 5735(d)(2)(B)(ii) and (g) for substantially
similar provisions.
---------------------------------------------------------------------------
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
[[Page 27104]]
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 will communicate as needed regarding trading in the
Shares and Securities with other markets and other entities that are
members of the ISG, and the Exchange may obtain trading information
regarding trading in the Shares, Securities, listed bitcoin futures,
and the Trust's assets from such markets and other entities that are
members of ISG.
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 will rather facilitate the listing and trading of
an additional ETP 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. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change, as modified by Amendment No. 1, 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#0775726b622a64686a6a626973744774626429606871"><span class="__cf_email__" data-cfemail="196b6c757c347a7674747c776d6a596a7c7a377e766f">[email protected]</span></a>. Please include
file number SR-NASDAQ-2025-085 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-2025-085. 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-2025-085 and should be submitted
on or before June 3, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\38\
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\38\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Secretary.
[FR Doc. 2026-09478 Filed 5-12-26; 8:45 am]
BILLING CODE 8011-01-P
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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.