Notice2026-17808
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Listing Fees for Exchange-Traded Products and Add a New Quality Liquidity Provider Program
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 1, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 168 (Tuesday, September 1, 2026)</title>
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[Federal Register Volume 91, Number 168 (Tuesday, September 1, 2026)]
[Notices]
[Pages 56234-56244]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-17808]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-106213; File No. SR-NASDAQ-2026-068]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Amend the Exchange's Listing Fees for Exchange-Traded Products and
Add a New Quality Liquidity Provider Program
August 27, 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 August 18, 2026, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``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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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to (i) amend the Exchange's listing fees for
exchange-traded products (``ETPs'') at Rule 5940, and (ii) add a new
Quality Liquidity Provider (as defined below) program in Equity 7,
Section 114(h).
While these amendments are effective upon filing, the Exchange has
designated the proposed amendments to be operative on September 1,
2026.
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 purpose of the proposed rule change is to (i) amend the
Exchange's listing fees for exchange-traded products (``ETPs'') in Rule
5940, and (ii) add a new Quality Liquidity Provider \3\ (``QLP'')
program in Equity 7, Section 114(h). Together, these proposed changes
are intended to create a more scalable, targeted, and effective market
quality support structure for Nasdaq-listed ETPs that provides issuers
with more flexibility to align their annual listing fees with service
levels, expands participation opportunities for high performing market
makers, and enhances incentives in lower volume Nasdaq-listed ETPs.
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\3\ As set out in proposed paragraph (h)(2) of Equity 7, Section
114, a ``Quality Liquidity Provider'' or ``QLP'' is a registered
Nasdaq market maker for a Qualified Security that has committed to
maintain minimum performance standards. A QLP shall be selected by
Nasdaq based on factors including, but not limited to, experience
with making markets in exchange-traded products, adequacy of
capital, willingness to promote Nasdaq as a marketplace, issuer
preference, operational capacity, support personnel, and history of
adherence to Nasdaq rules and securities laws. There may only be one
QLP per Qualified Security.
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Premier Annual Listing Fee
Today, pursuant to Rule 5940(b)(1), the Exchange assesses most ETPs
that are listed under Nasdaq's Rule 5700 Series a flat annual fee
(``Standard Annual Listing Fee'') of $4,000 for each product.\4\
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\4\ Specifically, Rule 5940(b)(1) currently applies to each
product that is a series of Portfolio Depository Receipts (Rule
5705(a)), Index Fund Shares (Rule 5705(b)), Managed Fund Shares
(Rule 5735), Class ETF Shares (Rule 5703), Exchange Traded Fund
Shares (Rule 5704), Commodity-Based Trust Shares (Rule 5711(d)),
Currency Trust Shares (Rule 5711(e)), Commodity Index Trust Shares
(Rule 5711(f)), Commodity Futures Trust Shares (Rule 5711(g))),
Partnership Units (Rule 5711(h)), Trust Units (Rule 5711(i)),
Managed Trust Shares (Rule 5711(j)), or Linked Securities (Rule
5710) or other security listed under the Rule 5700 Series where no
other fee schedule is specifically applicable.
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The Exchange proposes to introduce a new ``Premier Annual Listing
Fee'' of $50,000 per product for issuers of ETPs listed on Nasdaq under
the Rule 5700 Series. This new Premier Annual Listing Fee will be an
alternative to the current $4,000 Standard Annual Listing Fee. The new
listing fee will provide issuers with access to expanded liquidity
support services for their Nasdaq-listed ETPs, and in particular,
eligibility for their ETPs to participate in the QLP program. As
discussed in more detail later in this filing, the QLP program will
provide incentives to the registered market maker of the issuer's ETP
(i.e., the QLP) that meet performance metrics specified therein. In
connection with this change, the Exchange proposes to rename the
current ``All-Inclusive Annual Listing Fee'' to the ``Standard Annual
Listing Fee.'' The fee amounts will remain unchanged for the Standard
Annual Listing Fee. The Exchange also proposes to amend Rule 5940(b)(1)
by specifying that the issuer of a series of Portfolio Depository
Receipts, Index Fund Shares, Managed Fund Shares, Class ETF Shares,
Exchange Traded Fund Shares, Commodity-Based Trust Shares, Currency
Trust Shares, Commodity Index Trust Shares, Commodity Futures Trust
Shares, Partnership Units, Trust Units, Managed Trust Shares, or Linked
Securities or other security listed under the Rule 5700 Series where no
other fee schedule is specifically applicable listed on The Nasdaq
Global Market shall pay to Nasdaq either:
(i) a Standard Annual Listing Fee of $4,000 for each product that is
a series of Portfolio Depository Receipts, Index Fund Shares,
Managed Fund Shares, Class ETF Shares, Exchange Traded Fund Shares,
Commodity-Based Trust Shares, Currency Trust Shares, Commodity Index
Trust Shares, Commodity Futures Trust Shares, Partnership Units,
Trust Units, Managed Trust Shares, or Linked Securities or other
security listed under the Rule 5700 Series where no other fee
schedule is specifically applicable; or
(ii) for each product that is a series of Portfolio Depository
Receipts, Index Fund Shares, Managed Fund Shares, Class ETF Shares,
Exchange Traded Fund Shares, Commodity-Based Trust Shares, Currency
Trust Shares, Commodity Index Trust Shares, Commodity Futures Trust
Shares, Partnership Units, Trust Units, Managed Trust Shares, Linked
Securities, Trust Issued Receipts, Proxy Portfolio Shares, or
Managed Portfolio Shares only, a Premier Annual Listing Fee of
$50,000 in order for the
[[Page 56235]]
Quality Liquidity Provider (as defined in Equity 7, Section 114(h))
in an issuer's Qualified Security (as defined in Equity 7, Section
114(h)) to be eligible for the Quality Liquidity Provider Program in
Equity 7, Section 114(h).
The Exchange notes that the specific list of ETP types eligible for
the Premier Annual Listing Fee under proposed sub-paragraph (b)(1)(ii)
of Rule 5940 is intentionally narrower than the list of ETP types under
proposed sub-paragraph (b)(1)(i) of Rule 5740, which continues to
include (as it does today) any security listed under the Rule 5700
Series where no other fee schedule is specifically applicable. As
discussed under section titled ``Consistency with Regulation M'' below,
this narrower list is designed to limit the QLP program to ETP types
for which the Exchange believes participation does not implicate the
concerns underlying Rule 102 of Regulation M.
Nasdaq also proposes to permit issuers to switch between the
Standard and Premier Annual Listing Fees mid-year as follows:
<bullet> From Premier to Standard: Issuer will owe no additional
listing fees but will receive no credit or offset for the difference.
<bullet> From Standard to Premier: Issuer's listing fees will be
prorated and credited for unused months of the Standard Annual Listing
Fee.
Specifically, proposed paragraph (b)(1)(ii) of Rule 5940 will
provide that if the issuer of an ETP elects to switch from the Premier
Annual Listing Fee to the Standard Annual Listing Fee, it will not owe
any additional listing fee, nor shall it receive any credit or offset
of the portion of the Premier Annual Listing Fee paid or assessed. For
example, an issuer of an ETP paid the Premier Annual Listing Fee and
elects to switch to the Standard Annual Listing Fee on October 21,
2025. Its new Standard Annual Listing Fee is $4,000. Since the issuer
of the ETP already paid a Premier Annual Listing Fee of $50,000, it
will not owe any Standard Annual Listing Fee for that calendar year.
However, the issuer of the ETP would not receive any further credit of
the amount previously paid for listing (i.e., the Premier Annual
Listing Fee) and would owe the full $4,000 Standard Annual Listing Fee
in the following year.
If the issuer of an ETP elects to switch from the Standard Annual
Listing Fee to the Premier Annual Listing Fee, its Annual Listing Fees
will be prorated based on the month of the switch. Such an issuer of an
ETP will owe the Premier Annual Listing Fee starting in the month of
switch and the Standard Annual Listing Fee for all earlier months in
the calendar year. For example, an issuer of an ETP paid the Standard
Annual Listing Fee and elects to switch to the Premier Annual Listing
Fee on October 21, 2025. Its new Premier Annual Listing Fee is $50,000,
which is prorated from October to December, resulting in a Premier
Annual Listing Fee due of $12,500 for its first calendar year. Since
this issuer of the exchange traded product already paid a Standard
Annual Listing Fee of $4,000, it will be credited $1,000, which
represents the portion of the Standard Annual Listing Fee already paid
for the remainder of the year. The issuer of the ETP, therefore, has a
balance due to Nasdaq of $11,500.
The Exchange also proposes to make related changes in paragraphs
(b)(4), (b)(5), and (b)(8) of Rule 5940 to replace references to the
``All-Inclusive Annual Listing Fee'' to ``Standard or Premier Annual
Listing Fee.'' In paragraph (b)(6), the Exchange proposes to replace
the reference to the ``All-Inclusive Annual Listing Fee'' with the
``Standard Annual Listing Fee'' only. As proposed, the Exchange will
still charge a product the Premier Annual Listing Fee for the year in
which a product listing transfers to the Exchange, as well as for the
first full calendar year of its listing. Lastly, the Exchange proposes
to rename the header in paragraph (b) of Rule 5940 from ``All-Inclusive
Annual Listing Fee'' to ``Annual Listing Fees'' to reflect that the
Exchange will two tiers of annual listing fees for ETPs.
QLP Program
Today, pursuant to Equity 7, Sections 114(f) and 114(g), the
Exchange maintains a Designated Liquidity Provider \5\ (``DLP'')
program and Market Quality Supporter \6\ (``MQS'') program, each of
which are designed to enhance liquidity and market quality in Nasdaq-
listed ETPs by providing incentives to the DLP or MQS for an ETP that
is designated as a Qualified Security.\7\ The MQS program is designed
to complement the DLP program by allowing up to three MQSs per Nasdaq-
listed ETP to support market quality for Low Volume ETPs.\8\ As set out
in Equity 7, Section 114(f)(4) and Section 114(g)(4), the DLP and MQS
programs use market quality performance standards (``Market Quality
Metrics'' or ``MQMs'') based on the ETP's underlying investment
strategy, which determine eligibility for DLP and MQS program
incentives.\9\
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\5\ A ``Designated Liquidity Provider'' is a registered Nasdaq
market maker for a Qualified Security that has committed to maintain
minimum performance standards. A DLP is selected by Nasdaq based on
factors including, but not limited to, experience with making
markets in exchange-traded products, adequacy of capital,
willingness to promote Nasdaq as a marketplace, issuer preference,
operational capacity, support personnel, and history of adherence to
Nasdaq rules and securities laws. For purposes of the DLP program, a
security may be designated as a ``Qualified Security'' if: (A) it is
an exchange-traded product listed on Nasdaq pursuant to Nasdaq Rules
5703, 5704, 5705, 5710, 5711, 5713, 5715, 5720, 5735, 5745, 5750 or
5760; and (B) it has one Designated Liquidity Provider. See Equity
7, Section 114(f)(1) and (2).
\6\ A ``Market Quality Supporter'' has committed to maintain
minimum performance standards in Low Volume ETPs as defined in
Equity 7, Section 114(g)(4)(A). A MQS is selected by Nasdaq based on
factors including, but not limited to, experience with making
markets in exchange-traded products, adequacy of capital,
willingness to promote Nasdaq as a marketplace, issuer preference,
operational capacity, support personnel, and history of adherence to
Nasdaq rules and securities laws. See Equity 7, Section 114(g)(2).
\7\ For purposes of the DLP and MQS programs, a security may be
designated as a ``Qualified Security'' if: (A) it is an ETP listed
on Nasdaq pursuant to Nasdaq Rules 5703, 5704, 5705, 5710, 5711,
5713, 5715, 5720, 5735, 5745, 5750 or 5760; and (B) it has one DLP
(for the DLP program) and at least one MQS (for the MQS program).
See Equity 7, Sections 114(f)(1) and (g)(1).
\8\ For purposes of the MQS program, the term ``Low Volume''
ETPs means ETPs with a monthly ADV of 1 million shares or less in
the prior month, measured at the time the MQS is assigned in the MQS
Program with respect to such ETP. Annually, the Exchange will review
ETPs with MQS assignments and those that are above 1 million shares
ADV on average over the prior year will be removed from the program.
See Equity 7, Section 114(g)(4)(A).
\9\ See DLP and MQS Programs Factsheet, available at: <a href="https://www.nasdaq.com/docs/ETF-DLP-Factsheet">https://www.nasdaq.com/docs/ETF-DLP-Factsheet</a>. See also Securities Exchange
Act Release Nos. 104444 (December 18, 2025), 90 FR 60168 (December
23, 2025) (SR-NASDAQ-2025-102); 104626 (January 16, 2026), 91 FR
2815 (January 22, 2026) (SR-NASDAQ-2026-003); and 105044 (March 18,
2026), 91 FR 13893 (March 23, 2026) (SR-NASDAQ-2026-018).
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The Exchange now proposes to establish a new QLP program in new
Section 114(h) of Equity 7 that has many of the features currently in
the DLP and MQS programs, and is intended to complement these two
programs. As discussed below, QLPs will need to meet a more stringent
set of MQMs compared to DLPs and MQSs, with higher thresholds for
quoting, depth, and auction performance. To support this enhanced
liquidity program, the Exchange proposes to offer issuers the ability
to opt into the QLP program by paying a higher annual listing fee
(i.e., the Premier Annual Listing Fee discussed above). The proposed
incentives under the QLP program are designed to encourage additional
market makers to pursue QLP assignments and thereby support the
provision of consistent liquidity in lower-volume ETPs on the Exchange.
Like the current DLP and MQS programs, the Exchange would administer
all aspects of the QLP program, and the proposed QLP
[[Page 56236]]
incentives would be paid by the Exchange to QLPs out of the Exchange's
general revenues.
The Exchange notes that the proposed QLP program is designed to be
substantially similar to prior exchange market maker incentive programs
for ETPs that the Commission has previously approved, including the
Exchange's own market quality program as well as similar programs
previously adopted by NYSE Arca and Cboe BZX (collectively, the ``Prior
Programs'').\10\ Like each of the Prior Programs, participation in the
proposed QLP program is voluntary, funded by an optional issuer-paid
annual fee credited to the Exchange's general revenues, and pays market
maker incentives from those general revenues. Like the Prior Programs,
the proposed QLP program is administered by the Exchange based on
objective and rules-based Market Quality Metrics, and is supported by
robust Exchange website disclosure requirements.
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\10\ See Securities Exchange Act Release Nos. 69195 (March 20,
2013), 78 FR 18393 (March 26, 2013) (SR-NASDAQ-2012-137); 69706
(June 6, 2013), 78 FR 35340 (June 12, 2013) (SR-NYSEArca-2013-34);
and 72692 (July 28, 2014), 79 FR 44908 (SR-BATS-2014-022).
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Specifically, proposed Section 114(h) will provide that the
following rebates and stipends discussed in this section shall apply to
transactions in a Qualified Security (as defined below) by the QLP
associated with its QLP Program MPID. There may only be one QLP per
Qualified Security.\11\
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\11\ See Section 114(f) for materially identical provisions in
the DLP program, which provides that there may only be one DLP per
Qualified Security.
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The Exchange also proposes in Section 114(h) to make clear how the
QLP program will interact with the existing DLP and MQS programs.
Specifically, a QLP will not be eligible to receive any incentives
under the DLP program in Section 114(f). In connection with this
change, the Exchange also proposes to add language in the DLP program
in Section 114(f) to make clear that a DLP will not be eligible to
receive any incentives under the QLP program in proposed Section
114(h). However, the Exchange proposes in Section 114(g) and Section
114(h) that a QLP that is also designated as a MQS of a Qualified
Security may also be eligible to receive the MQS stipend in Section
114(g), provided that the QLP meets the Market Quality Metrics in the
QLP Program as specified in Section 114(h)(4)(B) as well as the Market
Quality Metrics for the Market Quality Supporter Program as specified
in Section 114(g).\12\
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\12\ See Section 114(f) for materially identical provisions in
the DLP program, which currently provides that a DLP that is
designated as a MQS of a Qualified Security may also be eligible to
receive the Market Quality Supporter stipend in Section 114(g),
provided that the DLP meets the Market Quality Metrics in the DLP
Program as specified in Section 114(f)(4)(B) as well as the Market
Quality Metrics for the Market Quality Supporter Program as
specified in Section 114(g).
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The proposed language reflects the different goals of each program.
The QLP program is designed to serve as an enhanced version of the DLP
program: it contemplates a single primary market maker in one ETP that
is subject to more stringent Market Quality Metrics and receives
correspondingly higher incentives. Because the QLP and DLP roles are
both primary market-making assignments in an ETP, permitting a member
to receive both DLP and QLP incentives in respect of the same ETP would
be duplicative and inconsistent with the intent of each program to have
a single primary liquidity provider per ETP. By contrast, the MQS
program is designed to permit up to three additional market makers per
ETP to serve as secondary liquidity providers alongside the primary DLP
or QLP. Accordingly, permitting a QLP that also serves as a MQS in the
same Qualified Security to receive the MQS stipend is appropriate
because the MQS role is distinct from, and additive to, the QLP's
primary market-making role, and continues to serve the MQS program's
objective of encouraging additional depth of liquidity in Low Volume
ETPs.
Proposed Section 114(h) will further provide that the QLP rebates
in paragraph (5)(B) below only apply for executions $1 per share and
above. As used in the QLP Program, the term average daily volume
(``ADV'') shall mean the total consolidated volume reported to all
consolidated transaction reporting plans, for each individual security,
by all exchanges and trade reporting facilities during a month divided
by the number of trading days during the month. If a security is not
listed for a full month, the number of trading days will only include
the days which the security is listed.\13\
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\13\ See Sections 114(f) and 114(g) for substantially the same
definition of ADV in the DLP and MQS programs.
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Proposed Section 114(h) will also provide that the Exchange shall
provide notification on a dedicated page on its website regarding (i)
the ETPs participating in the QLP Program, (ii) the date a particular
ETP began participating in the QLP Program, and (iii) the QLP assigned
to each ETP participating in the QLP Program.\14\ This page shall also
include more information on the QLP Program, including: (1) the
potential benefits that may be realized by an ETP's participation in
the QLP Program, (2) the potential risks that may be attendant with an
ETP's participation in the QLP Program, (3) the potential impact
resulting from an ETP's entry into and exit from the QLP Program, and
(4) how interested parties can request additional information regarding
the QLP Program and/or the ETPs participating therein. The foregoing
provisions are substantially similar to the exchange notification and
website provisions adopted in the Prior Programs.\15\
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\14\ The Exchange will update the following website with the QLP
information: <a href="https://www.nasdaqtrader.com/trader.aspx?id=etf_definitions">https://www.nasdaqtrader.com/trader.aspx?id=etf_definitions</a>.
\15\ See supra note 10.
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The Exchange notes that the proposed QLP program will be designed
as a premium tier that is layered on top of the Exchange's existing DLP
program. As discussed later in this filing, the Exchange will propose
language in Section 114(h)(3) that makes clear that an ETP that exits
the QLP program would default to the DLP program, which maintains its
own Market Quality Metrics. The transition from QLP to DLP therefore
represents a step-down in performance thresholds rather than a loss of
dedicated liquidity support. The Exchange believes this layered
structure mitigates the potential impact on market quality when an ETP
exits the QLP program.
Proposed Section 114(h)(1) will set forth the definition of
Qualified Security for purposes of the QLP program. Specifically, a
security may be designated as a ``Qualified Security'' if it is an ETP
listed on Nasdaq pursuant to Nasdaq Rules 5703, 5704, 5705, 5710,
5711(b), (d)-(j), 5720, 5735, 5750 or 5760; it has at one QLP; and the
issuer pays the Premier Annual Listing Fee of $50,000 pursuant to Rule
5940(b)(1)(ii).\16\ Proposed Section 114(h)(2) will set forth the
definition of QLP as registered Nasdaq market maker for a Qualified
Security that has committed to maintain minimum performance standards.
A QLP shall be selected by Nasdaq based on factors including, but not
limited to, experience with making markets in exchange-traded products,
adequacy of capital, willingness to promote Nasdaq as a marketplace,
issuer preference, operational capacity, support personnel, and history
of adherence to Nasdaq rules and securities laws. These provisions are
materially identical to the current DLP program provisions in Section
114(f)(2), except the proposed
[[Page 56237]]
scope of Qualified Securities under the QLP program will be more
limited, as discussed later in this filing.
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\16\ The proposed list of Qualified Securities in the QLP
program as more limited than the DLP and MQS programs. As discussed
later in this filing, the Exchange is limiting the QLP to ETP types
that it believes does not implicate Reg M concerns.
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Proposed Section 114(h)(3) will provide that if a QLP does not meet
the performance measurements under paragraph (4) of this section for a
given month, fees and credits will revert to the normal schedule under
Sections 118(a) and 114. If a QLP does not meet the stated performance
measurements for 3 out of the past 4 months, the QLP is subject to
forfeit of QLP status for that Qualified Security, at Nasdaq's
discretion. A QLP must provide 5 days written notice if it wishes to
withdraw its registration in a Qualified Security, unless it is also
withdrawing as a market maker in the Qualified Security.\17\ The
Exchange also proposes to make clear in proposed Section 114(h)(3) that
an ETP that exits the QLP program will thereafter default to the DLP
program (subject to the DLP program requirements in Section 114(f)),
and that the market maker previously acting as the QLP will continue as
the DLP for that ETP. As discussed above, this layered structure
mitigates the potential impact on market quality when an ETP exits the
QLP program.
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\17\ See Equity 7, Section 114(f)(3) for materially identical
provisions in the DLP program.
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In proposed Section 114(h)(4)(A), the Exchange proposes to add a
Low Volume ETP framework, which will be based on the framework
currently in the DLP and MQS programs in Sections 114(f)(4)(A) and
114(g)(4)(A). As used in the QLP program, the term ``Low Volume'' ETPs
will mean ETPs with a monthly ADV of 1 million shares or less in the
prior month, measured at the time the QLP is assigned in the QLP
Program with respect to such ETP. Annually, the Exchange will review
ETPs with QLP assignments and those that are above 1 million shares ADV
on average over the prior year will be removed from the program.\18\
The proposed eligibility provisions are identical to the MQS program
eligibility provisions in Section 114(g)(4)(A). Like the MQS program,
the QLP program would only apply to Low Volume ETPs, and these
provisions are intended to establish a clear and transparent framework
for determining program eligibility while recognizing ETP volume may
fluctuate over time. Measuring volume at the time of QLP assignment
provides market participants with certainty regarding program
eligibility, while the proposed annual review ensures that ETPs that
experience sustained increases in trading volume no longer receive
incentives intended for lower-volume products. The Exchange believes
that an annual review strikes an appropriate balance between accuracy
and predictability by avoiding frequent month-to-month changes that
could create confusion for ETP issuers and QLPs, while still ensuring
that the QLP incentives are aligned with the program's objectives to
provide market quality in lower volume ETPs.
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\18\ Today, the MQS program has identical provisions in Equity
7, Section 114(g)(4)(A). The DLP program does not have similar
provisions for its Low Volume ETPs because if an ETP exceeded 1
million shares in monthly ADV in the prior month, it would simply
fall into the DLP program's ``High Volume'' ETP category. Unlike the
DLP program, the MQS program and the proposed QLP program do not
apply to High Volume ETPs.
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In proposed Section 114(h)(4)(A), the Exchange will further segment
the Low Volume ETPs into Investment Strategy Groups A-C, which will be
different ETP investment strategies segmented by their average national
best bid (best offer) (``NBBO'') spread in basis points, over the prior
two calendar years.\19\ The Exchange would look at the NBBO
continuously throughout the regular trading hours of the day and take
the average of the NBBO across all of those times. That average would
be the NBBO for the day, which is then taken and averaged across two
calendar years to determine the Investment Strategy group. These
Investment Strategy Groups will be checked by the Exchange each
calendar year to ensure the investment strategy's average NBBO spread
remains within its respective Investment Strategy Group.\20\
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\19\ See Equity 7, Section 114(f)(4)(A) and (g)(4)(A) for
materially identical provisions in the DLP and MQS programs,
respectively.
\20\ See id.
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Average NBBO spread in basis
Investment strategy group points
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A *.................................... 15 or less
B **................................... 16-28
C ***.................................. 29 or more
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* Investment Strategy Group A will consist of the following investment
strategies: government fixed income, North American or USD denominated
developed market fixed income, developed market equities, and
currencies.
** Investment Strategy Group B will consist of the following investment
strategies: micro- to small-cap developed market equities, multi asset
strategies other than absolute returns, commodities tracking,
international fixed income, and derivatives.
*** Investment Strategy Group C will consist of the following investment
strategies: emerging market equities, emerging market fixed income,
multi asset absolute return strategies, commodities strategies and
exchange-traded notes (``ETNs'')
Group A includes ETP investment strategies that have relatively low
trading volumes but exhibit relatively tighter NBBO spreads compared to
Groups B and C, which include relatively low trading volume investment
strategies with increasingly wider NBBO spreads. Each Nasdaq-listed ETP
will be assigned an Investment Strategy Group, which will be publicly
available and updated to reflect any changes to the assigned group.\21\
Today, the Exchange uses the same Investment Strategy Group framework
in its DLP and MQS programs in Equity 7, Section 114(f)(4)(A) and
(g)(4)(A), respectively.
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\21\ The list of investment strategies in Investment Strategy
Groups A-C is publicly available on Nasdaq's website and updated
annually to ensure the investment strategy's average NBBO spread
remains within its respective Investment Strategy Group. See <a href="https://www.nasdaq.com/docs/ETF-DLP-Factsheet">https://www.nasdaq.com/docs/ETF-DLP-Factsheet</a>.
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As discussed in detail below, the Investment Strategy Groups will
be used to tailor the MQMs that QLPs will need to meet in their
assigned ETPs to qualify for QLP incentives. The proposed Investment
Strategy Group framework is intended to more precisely calibrate the
QLP incentives to the liquidity profile of the investment strategy that
the QLP's assigned ETP falls under. The proposed framework is also
intended to incentivize market makers to become QLPs in ETPs,
particularly ETPs that have lower trading volume and are less liquid.
As noted above, both the current DLP and MQS programs have these
identical investment strategies.\22\
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\22\ See Equity 7, Sections 114(f)(4)(A) and (g)(4)(A). See also
Securities Exchange Act Release Nos. 104444 (December 18, 2025), 90
FR 60168 (December 23, 2025) (SR-NASDAQ-2025-102).
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Proposed Section 114(h)(4)(B) will set forth the MQM thresholds
that QLPs will need to meet based on which Investment Strategy group
ETP they are assigned. The proposed MQMs will be the same as the MQMs
currently utilized for the DLP program, but the QLP MQM thresholds will
be set at
[[Page 56238]]
higher levels for each ETP grouping compared to the current DLP MQM
thresholds in Section 114(f)(4)(B):
----------------------------------------------------------------------------------------------------------------
Investment Investment Investment
Market quality metrics Strategy Group A Strategy Group B Strategy Group C
ETPs ETPs ETPs
----------------------------------------------------------------------------------------------------------------
Time at the NBBO with a minimum notional size of $5,000 50% 50% 50%
Average Notional Depth within 25 basis points of the $65,000 $50,000 $40,000
NBBO..................................................
Average Spread in basis points......................... 25 45 85
Auction Reference Price Difference (Opening) of first 100 100 100
reference price within 30 seconds prior to the market
open must be within basis points......................
Auction Reference Price Difference (Closing) of first 30 30 30
reference price within 120 seconds prior to the market
close must be within basis points.....................
Auction Spread in basis points with $37,500 notional 75 135 255
depth (Opening).......................................
Auction Spread in basis points with $75,000 notional 25 45 85
depth (Closing).......................................
----------------------------------------------------------------------------------------------------------------
To be eligible for the rebates in proposed Section 114(h)(5)(A),
QLPs will need to meet 5 of the 7 MQMs in the assigned ETP as measured
by Nasdaq. For leveraged and inverse ETPs, the average spread, auction
spread, and auction reference price difference metrics are multiplied
by the absolute value of the leverage factor of the ETP. Because
leveraged ETPs often exhibit higher price volatility relative to
standard, non-leveraged ETPs, the QLP is often taking on higher risk
and costs to take on these products. Adjusting these MQMs by the
absolute value of the ETP's leverage factor aligns the rebate structure
with the QLP's cost of taking these products on. These MQMs will be
measured on average in the assigned ETP during regular market hours,
except for the auction price difference and auction spread metrics that
are measured at and directly before each auction, respectively, against
the metrics and averaged for the monthly period.\23\
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\23\ See Section 114(f)(4)(B) for materially identical language
in the current DLP program.
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If a QLP fails to meet the notional thresholds for the metrics of
time at the NBBO and auction spread (both opening and closing) on a
given day, that day will be excluded from those average calculations,
except the QLP must meet such notional thresholds at least 50% of the
days in a given month. The Exchange notes that both the DLP and MQS
programs currently contain identical provisions as proposed for the QLP
program.\24\ The time at the NBBO and auction spread (opening and
closing) metrics each include a minimum notional size requirement as a
component of the applicable quoting obligation. Similar to DLPs and
MQSs, when a QLP does not meet the required notional threshold on a
given trading day, the resulting quote does not reflect the same level
of liquidity provision (even if it met the requisite quoting
obligation) compared to a quote that satisfies the notional threshold
and the requisite quoting obligation. The Exchange therefore believes
that including such days in the monthly average calculation would not
provide an accurate measure of QLP performance. At the same time,
requiring QLPs to meet the notional thresholds on at least 50% of the
trading days ensures that QLPs provide consistent and appropriate
liquidity throughout the month.
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\24\ See Section 114(f)(4)(B) and (g)(4)(B).
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Further, proposed Section 114(h)(4)(B) will provide that the
auction spread (both opening and closing) metrics will be based on the
Nasdaq Market Center best bid and best offer (``QBBO'') in the assigned
ETP directly before each auction. A QLP will satisfy the Auction Spread
metrics for a given auction if, directly before such auction, the QLP
maintains the applicable minimum notional depth within the applicable
basis point range of the QBBO and a bid-ask spread not wider than the
applicable basis point range, as set forth in the table above for the
relevant ETP category and auction.\25\ For example, for Investment
Strategy Group A ETPs in the opening auction, the Exchange would
determine (directly before the opening auction) whether the QLP meets
the $37,500 notional depth requirement within 75 basis points of the
QBBO. In addition, the Exchange separately assesses whether the QLP's
bid-ask spread is within 75 basis points.
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\25\ See Section 114(f)(4)(B) and (g)(4)(B) for materially
identical provisions in the DLP and MQS programs.
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The Exchange also proposes to offer an additional Tape C ETP
incentive for QLPs along similar lines as currently offered to DLPs,
except that this incentive would not apply to High Volume ETPs since
the QLP Program only applies to Low Volume ETPs as discussed above.
Accordingly, proposed Section 114(h)(4)(C) will set forth the new
qualifications for the additional Tape C ETP incentives for QLPs.
Specifically, to be eligible for the rebates in paragraph (5)(B) of
Section 114(h), a QLP must meet the average notional depth and average
spread metrics in paragraph (4)(B) of Section 114(h).\26\ Specifically,
those metrics are as follows:
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\26\ See Section 114(f)(4)(C) for substantially similar
provisions in the DLP program.
----------------------------------------------------------------------------------------------------------------
Investment Investment Investment
Market quality metrics Strategy Group A Strategy Group B Strategy Group C
ETPs ETPs ETPs
----------------------------------------------------------------------------------------------------------------
Average Notional Depth within 25 basis points of the $65,000 $50,000 $40,000
NBBO..................................................
Average Spread in basis points......................... 25 45 85
----------------------------------------------------------------------------------------------------------------
QLPs will need to meet the above additional Tape C incentive MQMs in
order to be eligible for the additional Tape C incentives in paragraph
(5)(B) of Section 114(h).
Proposed Section 114(h)(5) will provide that a QLP that satisfies
the MQMs above will be eligible to receive the stipends in proposed
paragraph (A) of Section 114(h)(5) in each of its assigned ETPs for
which it qualified,
[[Page 56239]]
and the rebates in proposed paragraph (B) of Section 114(h)(5) in any
Tape C ETP that meets the Qualified Securities criteria of paragraph
(1)(A) of Section 114(h) (i.e., it is ETP that is listed pursuant to
the Exchange rules specified therein).\27\ As discussed in detail
below, DLP and QLP assignments will both count towards the minimum
monthly average number of assigned ETPs required for the additional
Tape C incentive tiers.
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\27\ Paragraph (1)(A) of Section 114(h) provides the list of
Nasdaq-listed ETPs that are included in the QLP program as Qualified
Securities, provided it has at least one QLP and the issuer pays the
Premier Annual Listing Fee of $50,000 pursuant to Rule
5940(b)(1)(ii). Specifically, these are ETPs listed pursuant to
Rules 5703, 5704, 5705, 5710, 5711(b), (d)-(j), 5720, 5735, 5750, or
5760.
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Proposed Section 114(h)(5) will also provide that the QLP will
automatically be eligible to receive the relevant rebate or stipend for
the current month and immediately following month of a new QLP
allocation of a symbol. New launches will automatically get the QLP
stipend and Tier 5 rebate for the current month and immediately
following month. In effect, the Exchange would waive the QLP from
meeting the MQM requirements in proposed Section 114(h)(4)(B) and (C),
as applicable, and automatically provide the relevant QLP stipend and
Tier 5 rebate during the current month and the immediately following
month of a new QLP allocation or QLP launch. This is identical to how
the Exchange treats new allocations and new launches in the DLP and MQS
programs today.\28\ Similar to DLPs and MQSs, the proposed waiver for
QLPs is intended to provide QLPs clear visibility into their incentive
earnings at the time of the ETP's launch or allocation. This approach
is critical because the Exchange is also proposing to look at the QLP's
quoting activity in the prior month to determine whether the QLP met
the relevant Market Quality Metrics in order to comply with Reg NMS
Rule 610(d), as discussed in detail below.\29\ Further, ETPs may launch
or be allocated to QLPs at various points throughout the month,
potentially complicating the QLP's ability to meet the monthly
performance criteria and making it unclear on what rebates or stipends
the program participants may expect. In addition, this approach ensures
QLPs have sufficient runway to quote and maintain liquidity in newly
allocated or newly launched ETPs, which are often initially more
thinly-traded and may initially present challenges in meeting liquidity
standards. Ultimately, the Exchange intends for this temporary relief
to encourage greater participation in the QLP program and allow QLPs to
have adequate time to transition to the MQMs.\30\
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\28\ Today, the Exchange also waives the MQM requirements and
automatically provides the relevant DLP or MQS incentive during the
current month and the immediately following month of a new
allocation or launch. See Equity 7, Section 114(f)(5) and (g)(5).
\29\ Today, Equity 7, Section 114 sets forth the following rule
of interpretation: In compliance with Reg NMS Rule 610(d), effective
February 2, 2026, for purposes of determining quoting or transaction
volumes for fees and incentives qualifications under Section 114(d),
(e), (f), (g), and (h), all volume figures will be derived from
quoting or trading activity in the prior month. Consequently, new
members will receive the base rates in their first month of trading.
As discussed later in this filing, the Exchange is amending this
rule of interpretation to add the QLP program.
\30\ See Securities Exchange Act Release No. 105044 (March 18,
2026), 91 FR 13893 (March 23, 2026) (SR-NASDAQ-2026-018) for
additional discussions relating to the adoption of this waiver for
the DLP and MQS programs.
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Proposed paragraph (A) of Section 114(h)(5) will set forth the QLP
rebates. Specifically, a QLP that satisfies the MQMs in paragraph
(4)(B) of Section 114(h) will be eligible to receive the QLP stipend of
$3,000 per month in each of its assigned ETPs for which it qualified.
The QLP stipend is a fixed payment per month in addition to other
rebates or fees for which the QLP is eligible and provided under Equity
7, Sections 114 and 118. This stipend will only apply to the MPID where
a member is a QLP.
Proposed paragraph (B) of Section 114(h)(5) will set forth the
additional Tape C incentives. As proposed, this will be provided to all
eligible QLPs that add liquidity in a Tape C ETP, and that meet both
(1) a specified minimum average number of assigned ETPs as a DLP and
QLP and (2) the two QLP MQMs specified in proposed paragraph (4)(C) of
Section 114(h). Specifically, the Exchange proposes to provide QLPs
rebates in accordance with the following schedule:
--------------------------------------------------------------------------------------------------------------------------------------------------------
Tier 1 Tier 2 Tier 3 Tier 4 Tier 5
--------------------------------------------------------------------------------------------------------------------------------------------------------
(1) Minimum Monthly Average Number 20.................... 35.................... 75................... 135.................. 200.
of Assigned ETPs as a DLP and QLP;
and (2) meeting the Average
Notional Depth and Average Spread
metrics in paragraph (4)(B).
Incremental Tape C ETP Rebate...... $0.00025 per executed $0.00035 per executed $0.0004 per executed $0.00045 per executed $0.00055 per executed
share. share. share. share. share.
--------------------------------------------------------------------------------------------------------------------------------------------------------
The proposed QLP rebates would be provided to an eligible member
for each displayed share that adds liquidity in a Tape C ETP that meets
the Qualified Security criteria in paragraph (1)(A) of Section
114(h).\31\ The QLP will be eligible to receive the above rebates in
addition to any other rebate the QLP is eligible for under Equity 7,
Sections 114 and 118. This rebate will only apply to the MPID where a
member is QLP. As proposed, the additional Tape C ETP incentive for
QLPs will be offered along similar lines as the additional Tape C
incentives for DLPs currently in Section 114(f)(5)(B), except that this
incentive would not apply to High Volume ETPs herein since the QLP
Program only applies to Low Volume ETPs as discussed above. With this
incentive program, the Exchange is seeking to encourage members to
participate as QLPs in a significant number of Tape C ETPs. As
described above and in proposed Section 114(h)(5)(B), the Exchange also
proposes herein to reflect that a DLP and QLP assignment will both
count towards the number of minimum monthly average ETP assignments for
purposes of determining which tier incentive the QLP will receive. For
example, a market maker with 19 DLP assignments and 1 QLP assignment
across 20 different symbols will qualify that market maker for the Tier
1 Tape C incentive. The Exchange also proposes to make corresponding
changes to the DLP Tape C incentive schedule in Section 114(f)(5)(B).
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\31\ Paragraph (1)(A) of Section 114(h) provides the list of
Nasdaq-listed ETPs that are included in the QLP program as Qualified
Securities, provided it has at least one QLP and the issuer pays the
Premier Annual Listing Fee of $50,000 pursuant to Rule
5940(b)(1)(ii). Specifically, these are ETPs listed pursuant to
Rules 5703, 5704, 5705, 5710, 5711(b), (d)-(j), 5720, 5735, 5750, or
5760.
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The Exchange notes that the additional Tape C incentives for DLPs
(including as amended herein to include
[[Page 56240]]
QLP assignments in the minimum-assignment tiering) and the new
additional Tape C incentives for QLPs are transaction-based. The
Exchange previously amended the rule of interpretation in the
introductory paragraph of Equity 7, Section 114 to bring the DLP
additional Tape C incentives (and the other Section 114 transaction-
based fees and incentives) into compliance with Reg NMS Rule 610(d),
such that all volume figures used to determine eligibility for those
incentives are derived from quoting or trading activity in the prior
month and the applicable rebate is therefore knowable to members at the
time an order is executed.\32\ As discussed under the section titled
``Related Amendments'' below, the Exchange is proposing to add the QLP
program to that existing rule of interpretation so that the same
treatment applies uniformly across the DLP, MQS, and QLP programs.
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\32\ See Securities Exchange Act Release No. 104785 (February 9,
2026), 91 FR 6693 (February 12, 2026) (SR-NASDAQ-2026-007).
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Consistency With FINRA Rule 5250
FINRA Rule 5250 (Payments for Market Making) generally prohibits a
FINRA member or associated person from accepting payment or other
consideration, directly or indirectly, from an issuer or its affiliates
and promoters, for publishing a quotation, acting as a market maker or
submitting an application in connection therewith. FINRA Rule 5250 is
designed to preserve the integrity of the marketplace by ensuring that
quotations accurately reflect a broker-dealer's interest in buying or
selling a security and that the decision by a firm to make a market in
a given security should not be influenced by payments to FINRA members
from issuers or promoters.\33\
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\33\ See Securities Exchange Act Release No. 60066 (June 8,
2009), 74 FR 28308 (June 15, 2009) (SR-FINRA-2009-36). See also
Securities Exchange Act Release No. 38812 (July 3, 1997), 62 FR
37105 (July 10, 1997) (SR-NASD-97-29) (order approving NASD Rule
2460, predecessor to FINRA Rule 5250).
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FINRA Rule 5250(b)(3) provides an exception for any payment
expressly provided for under the rules of a national securities
exchange to accommodate exchange market maker incentive programs for
ETPs (including the Exchange's prior market quality program).\34\ Under
these incentive programs, the exchanges could make payments to market
makers that were funded through additional fees paid by participating
issuers.\35\ In SR-FINRA-2013-020, FINRA stated that where a market
maker payment is provided for under the rules of an exchange that are
effective after being filed with, or filed with and approved by, the
SEC, comity should be afforded to such exchange rulemaking and the
payment should not be prohibited under Rule FINRA 5250.\36\ FINRA
further stated that programs like the Prior Programs contained features
that mitigate the concerns underlying FINRA Rule 5250, including that
the program terms were objective, clear, and transparent and included
disclosure requirements to help alert and educate potential and
existing investors about the program.\37\
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\34\ FINRA amended FINRA Rule 5250 in 2013 to adopt this
exception. See Securities Exchange Act Release No. 69398 (April 18,
2013), 78 FR 24261 (April 24, 2013) (SR-FINRA-2013-020). See also
FINRA Regulatory Notice 20-03, available at: <a href="https://www.finra.org/rules-guidance/notices/20-03">https://www.finra.org/rules-guidance/notices/20-03</a>.
\35\ See, e.g., Securities Exchange Act Release Nos. 69195
(March 20, 2013), 78 FR 18393 (March 26, 2013) (SR-NASDAQ-2012-137);
69706 (June 6, 2013), 78 FR 35340 (June 12, 2013) (SR-NYSEArca-2013-
34); and 72692 (July 28, 2014), 79 FR 44908 (SR-BATS-2014-022).
\36\ See SR-FINRA-2013-020 at 24262.
\37\ See id.
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The Exchange believes that the proposed QLP program falls squarely
within the FINRA Rule 5250(b)(3). The QLP incentives are expressly
provided for under the Exchange's rules at proposed Equity 7, Section
114(h), which will be effective after being filed with the SEC pursuant
to the requirements of the Exchange Act. In addition, the QLP program
has the same features that FINRA identified as mitigating the concerns
underlying FINRA Rule 5250. The QLP program is rules-based, objective,
clear, and transparent, and the program includes disclosure
requirements, as described above, to provide transparency to the market
and to investors regarding the program's operation. Accordingly, the
Exchange does not believe that the proposed QLP program raises concerns
under FINRA Rule 5250.
Consistency With Regulation M
Rule 102 of Regulation M prohibits an issuer from directly or
indirectly attempting ``to induce any person to bid for or purchase, a
covered security during the applicable restricted period'' unless an
exemption is available.\38\ The Exchange has considered whether the QLP
program, under which the Premier Annual Listing Fee paid by an issuer
is credited to the Exchange's general revenues and used to offset the
costs of the QLP incentives paid to the QLP, could be viewed as an
indirect attempt by an issuer to induce bidding or purchasing under
Rule 102.
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\38\ 17 CFR 242.102.
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With respect to the Qualified Securities that are registered under
the Investment Company Act of 1940 (``1940 Act'') and listed under
Nasdaq Rules 5703 (Class ETF Shares), 5704 (Exchange Traded Fund
Shares), 5705 (Portfolio Depository Receipts and Index Fund Shares),
5735 (Managed Fund Shares), 5750 (Proxy Portfolio Shares), and 5760
(Managed Portfolio Shares), the Exchange notes that these products are
exempt from Rule 102 pursuant to Rule 102(d)(4), which provides that
Rule 102 shall not apply to redeemable securities issued by an open-end
management investment company or a unit investment trust.\39\
Accordingly, the QLP program does not implicate Rule 102 with respect
to the foregoing ETPs, which constitute the substantial majority of
Qualified Securities eligible to participate in the QLP program.
---------------------------------------------------------------------------
\39\ 17 CFR 242.102(d)(4).
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With respect to Qualified Securities that are not registered under
the 1940 Act and listed under Nasdaq Rules 5710 (Index and Commodity
Linked Securities), 5711(b) (Equity Gold Shares), 5711(d) (Commodity-
Based Trust Shares), 5711(e) (Currency Trust Shares), 5711(f)
(Commodity Index Trust Shares), 5711(g) (Commodity Futures Trust
Shares), 5711(h) (Partnership Units), 5711(i) (Trust Units), 5711(j)
Managed Trust Securities, and 5720 (Trust Issued Receipts), the
Exchange does not believe that the QLP program implicates the concerns
underlying Rule 102 for the following reasons.
First, the derivative and open-ended nature of many of the non-1940
Act ETPs eligible to participate in the QLP program would allow for
transparent intrinsic intraday pricing. As such, the Exchange does not
believe that such products would lend themselves to the type of market
manipulation that Rule 102 was designed to prevent. The Exchange notes
that the Commission and its staff have previously granted relief from
Rule 102 to a number of ETPs (``Prior Relief'') in order to permit the
operation of such ETPs.\40\ In granting the Prior Relief, the
Commission has relied in part on the exclusion from the provisions of
Rule 102 provided by paragraph (d)(4) of Rule 102 for securities issued
by an open-end management investment company or unit investment trust.
In granting the Prior Relief from Rule 102 to other types of ETPs for
which the (d)(4) exception is not available (i.e., non-1940 Act ETPs),
the staff has relied
[[Page 56241]]
on (i) representations that the fund in question would continuously
redeem ETP shares in basket-size aggregations at their net asset value
(``NAV'') and that there should be little disparity between the market
price of an ETP share and the NAV per share and (ii) a finding that
``[t]he creation, redemption, and secondary market transactions in
[shares] do not appear to result in the abuses that . . . Rules 101 and
102 of Regulation M . . . were designed to prevent.'' \41\ The crux of
the Commission's findings in granting the Prior Relief rests on the
premise that the prices of ETP shares closely track their per-share
NAVs. Given that the proposed QLP program neither alters the derivative
pricing nature of ETPs nor impacts the arbitrage opportunities inherent
therein, the conclusion on which the Prior Relief is based remains
unaffected by the QLP program. In this regard, most ETPs that would be
eligible to participate in the QLP program would have previously been
granted relief from Rule 102.
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\40\ See, e.g., Class Relief for Exchange Traded Index Funds,
SEC No-Action Letter (October 24, 2006); Commodity-based Investment
Vehicles Class Letter, SEC No-Action Letter (June 21, 2006); and
iPath Securities--Exchange-Traded Notes, SEC No-Action Letter (July
27, 2006).
\41\ See Commodity-based Investment Vehicles Class Letter, SEC
No-Action Letter (June 21, 2006).
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Second, the QLP program requires, among other things, that the QLP
make two-sided quotes and not just bids. It is not intended to raise
ETP prices but rather to improve market quality. In light of the
derivative nature of ETPs described above, the Exchange does not expect
QLPs would quote outside of the normal ranges. Specifically, the
transparent nature of many ETPs' portfolio composition as well as their
accessibility and the elasticity of shares outstanding contribute to an
arbitrage process that will lead to executions of orders of many ETPs
priced at or near their NAVs. If and when a quote is priced beyond the
intrinsic value of an ETP, an arbitrage opportunity can arise, and
market participants will arbitrage such spread until price equilibrium
is restored. Accordingly, the QLP program would not create any
incentive for a QLP to quote outside of the normal quoting ranges for
these products as a result of the QLP incentive, but rather would quote
within their normal ranges as determined by market factors.
In light of the pricing mechanisms of ETPs and the structural
safeguards of the QLP program, the Exchange does not believe that the
proposed QLP program implicates the concerns underlying Rule 102 of
Regulation M with respect to any Qualified Securities eligible to
participate in the program.
Related Amendments
In connection with the proposed changes to adopt the new QLP
program in proposed Equity 7, Section 114(h), the Exchange proposes to
update the rule of interpretation in the introductory paragraph of
Section 114 by adding a reference to the new QLP program in proposed
Section 114(h). This would allow the Exchange to bring the QLP program
into compliance with Reg NMS Rule 610(d), which became effective on
February 2, 2026 and provides that ``[a] national securities exchange
shall not impose, nor permit to be imposed, any fee or fees, or
provide, or permit to be provided, any rebate or other remuneration,
for the execution of an order in an NMS stock that cannot be determined
at the time of execution.'' \42\ This way all QLP incentives associated
with the execution of an order in an NMS stock at the Exchange can be
determined at the time of execution of said order.\43\ Effectively,
this would mean the Exchange will look at the QLP's quoting activity in
the prior month to determine whether the QLP met the relevant MQMs to
be eligible for the QLP incentives.
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\42\ 17 CFR 242.610(d).
\43\ See Securities Exchange Act Release No. 104785 (February 9,
2026), 91 FR 6693 (February 12, 2026) (SR-NASDAQ-2026-007).
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The Exchange also proposes technical amendments to reflect the
addition of the QLP program in Section 114(h). Specifically, the
Exchange proposes to renumber current Sections 114(h)-(l) as Sections
114(i)-(m). The Exchange also proposes to update the cross-cites to
current Section 114(h) within: (1) the rule of interpretation in the
introductory paragraph of Equity 7, Section 114, (2) the definition of
``Consolidated Volume'' in current Equity 7, Section 114(i)(5)(B), and
(3) the definition of ``Designated Retail Order'' in Equity 7, Section
118(a).
Implementation
The Exchange plans to implement the proposed changes on September
1, 2026.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\44\ in general, and furthers the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\45\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees and
other charges among members and issuers and other persons using any
facility, and is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers. The Exchange notes that its
ETP listing business operates in a highly-competitive market in which
market participants, which include both ETP issuers and ETP market
makers, can readily transfer their listings or opt not to participate,
respectively, if they deem fee levels, liquidity incentive programs, or
any other factor at a particular venue to be insufficient or excessive.
The proposed rule change reflects a competitive pricing structure
designed to incentivize issuers to list new products and transfer
existing products to the Exchange, and market participants to enroll
and participate as ETP market makers on the Exchange, which will
enhance market quality in listed ETPs on the Exchange.
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\44\ 15 U.S.C. 78f(b).
\45\ 15 U.S.C. 78f(b)(4) and (5).
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ETP Listing Fee
The Exchange believes that proposed addition of the new Premier
Annual Listing Fee is reasonable because it is designed to support the
proposed QLP program and offset the costs associated with the Exchange
providing the rebates thereunder. Paying the higher Premier Annual
Listing Fee is completely optional and issuers may opt to keep paying
the Standard Annual Listing Fee instead. While the Premier Annual
Listing Fee will result in higher listing fees for issuers that choose
to participate, the issuers would receive significant benefits for
participating, including tighter spreads and overall better market
quality in their ETPs, which ultimately benefits all market
participants and investors. As specified in proposed Section 114(h)(3),
in the event QLP does not meet the QLP Market Quality Metrics in
proposed Section 114(h)(4) for a given month, the QLP would not receive
a QLP rebate and fees and credits would revert to the normal pricing
schedule in Sections 118(a) and 114. If a QLP does not meet the QLP
Market Quality Metrics for 3 out of the 4 months, the QLP would be
subject to forfeit of QLP status for the issuer's Qualified Security,
at Nasdaq's discretion. Additionally, issuers will have the ability to
switch back to the Standard Annual Listing Fee tier at any time if they
determine that paying the higher listing fee is not beneficial. The
Exchange notes that the proposed Premier Annual Listing Fee of $50,000
is the same fee level that the Exchange previously assessed under its
Market Quality Program, which was approved by the Commission in 2013
and assessed an annual basic MQP fee of $50,000 per participating
security, with combined basic and supplemental MQP
[[Page 56242]]
fees capped at $100,000 per year.\46\ The Exchange is therefore
proposing to assess the same base level of fees as it assessed under
its prior MQP, which the Commission previously found to be consistent
with the Act.
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\46\ See Securities Exchange Act Release Nos. 69195 (March 20,
2013), 78 FR 18393 (March 26, 2013) (SR-NASDAQ-2012-137).
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The Exchange also believes that the proposed Premier Annual Listing
Fee is equitable and not unfairly discriminatory because it will apply
uniformly to all issuers of ETPs listed on the Exchange. As noted
above, the Premier Annual Listing Fee is completely voluntary, and the
issuer may instead opt to continue paying the Standard Annual Listing
Fee.
QLP Program
The Exchange believes that the proposed QLP program is reasonable
because the program would provide tailored incentives to QLPs that
demonstrate high performance, including in Nasdaq-listed ETPs that
exhibit lower trading volume and wider NBBO spreads. As discussed
above, the Exchange is proposing the QLP program to incentivize high
market quality in Nasdaq-listed ETPs. The program would provide
enhanced rebates for QLPs that meet rigorous thresholds for quoting,
depth, and auction performance. Further, to qualify a market maker for
eligibility in the QLP program, the issuer must pay the Premier Annual
Listing Fee of $50,000. As it relates to the Premier Annual Listing
Fee, the Exchange believes that the proposed condition is reasonable,
equitable and not unfairly discriminatory for the reasons set forth
under the Premier Annual Listing Fee sub-section above in the statutory
basis section.
The Exchange believes that the proposed changes to add a Low Volume
group framework for the QLP program is reasonable because the proposed
framework is intended to more precisely calibrate the QLP rebate
qualifications in proposed Section 114(h)(4) to the liquidity profile
of the investment strategy that the QLP's assigned ETP falls under. In
other words, segmenting Low Volume ETPs into three groups based on 2-
year average NBBO spread is intended to better align the QLP's
performance expectations to the nature of the ETP's investment strategy
and structure. The Exchange believes that the proposed framework will
encourage tighter spreads and more liquidity in investment strategies
that may typically be less actively traded or exhibit wider spreads
across all exchanges. As noted above, the Exchange currently uses the
same Investment Strategy Group framework for its current DLP and MQS
programs in Equity 7, Section 114(f)(4)(A) and (g)(4)(A).
The Exchange believes that the proposed MQMs for the QLP program
are reasonable as they are intended to address multiple aspects of
market quality such as depth and tighter quoted spread, using
benchmarks tailored to each ETP's characteristics. As discussed above,
the MQMs proposed for the QLP program are the same MQMs for the current
DLP program, but the minimum thresholds will be set at higher levels
for the QLP program. The Exchange believes the more stringent QLP
thresholds are commensurate with the higher rebates that it is
providing under this program.
The Exchange believes that the flat monthly payment of $3,000 is
set at an appropriate level to incentivize QLPs to enhance market
quality in Low Volume ETPs. In addition, providing a flat stipend (as
opposed to a per-executed share rebate) would provide for a more
reliable business model for QLPs that choose to participate in this
program, particularly in lower volume and less liquid ETPs, which can
help offset the relatively higher cost of quoting in such ETPs.
The Exchange further believes that waiving the MQM requirements and
automatically providing the relevant QLP incentive during the current
month and the immediately following month of a new allocation or launch
is reasonable for the reasons that follow. Automatically providing the
relevant incentive for the current month and the immediately following
month would help ensure that QLPs have clear visibility into their
incentive earnings at the time of the ETP's launch or allocation, as
ETPs may launch or be allocated to QLPs at various points throughout
the month. Furthermore, the Exchange believes that the proposed change
will provide QLPs adequate time to quote and maintain liquidity in
newly allocated or newly launched ETPs, which are often initially more
thinly-traded and may initially present challenges in meeting liquidity
standards. The proposal is therefore intended to support the
development of liquidity in new and transitioning products, which
benefits all market participants, including issuers and investors.
The Exchange also believes that its proposal to adopt the
additional Tape C incentives for QLPs along similar lines as the DLP
additional Tape C incentives (other than with respect to High Volume
ETPs as discussed above) is reasonable because the proposal seeks to
further encourage registered market makers to pursue QLP assignments
and thereby support the provision of consistent liquidity in Low Volume
ETPs, ultimately leading to improved market quality for investors in
those ETPs. The Exchange also believes that the proposed rebates are
set at appropriate levels, and will incentivize QLPs to add liquidity
in Tape C Low Volume ETPs in order to qualify for these rebates.
The Exchange also believes that the proposed QLP program is
equitable and not unfairly discriminatory because the QLP program
includes objective, measurable standards that the Exchange will apply
equally to all market makers that are QLPs. The Exchange does not
believe it is unfairly discriminatory to only offer the program to
market makers because of their unique role in the markets, including
their obligation to provide liquidity in the securities in which they
are registered. Thus, the QLP program is a further extension of the
market maker's role in providing liquidity in specific securities, to
the benefit of all market participants.
Further, the Exchange believes that the proposed QLP program will
promote price discovery and market quality in Nasdaq-listed securities
and further, that the tightened spreads and increased liquidity from
the proposal will benefit all market participants and investors by
deepening the Exchange's liquidity pool (specifically in lower volume
and less liquid ETPs), offering additional flexibility for all
investors to enjoy cost savings, supporting the quality of price
discovery, enhancing quoting competition across exchanges, promoting
market transparency, and improving investor protection. Accordingly,
the Exchange believes that the proposal is reasonable, equitably
allocated, and non-discriminatory because it would enhance market
quality to the benefit of all market participants and investors.
The Exchange further believes that the proposed changes to waive
the MQM requirements and automatically provide QLPs with the relevant
incentive in the current and immediately following months of a new
allocation or new launch are equitable and not unfairly discriminatory
because the proposed changes will apply to all QLPs. Any member that
becomes a QLP for a newly allocated or launched ETP will receive
uniform treatment under this proposal. Furthermore, the proposed relief
is temporary and limited in duration. After the specified two-month
period, the QLPs must meet their MQMs in order to qualify for the
relevant incentives. By facilitating liquidity provision in newly
allocated or newly launched ETPs, the
[[Page 56243]]
proposal is intended to promote tighter spreads and deeper markets
during the initial stages of trading in these products. The Exchange
further believes the proposal will fortify participation in the QLP
program while continuing to encourage meaningful liquidity that
benefits all market participants.
The Exchange has also designed the QLP program to include
structural safeguards that are intended to mitigate the potential
concerns that may arise from an ETP's participation in the program,
including concerns relating to the potential impact on market quality
if a product enters or exits the program. The Exchange is mindful that
market participants and investors should be informed about which ETPs
are participating in the QLP program, that participation in the program
is not guaranteed in perpetuity, and that there are potential risks to
product market quality if an ETP enters or exits the program. To
address these concerns, the Exchange has incorporated mitigating
provisions in proposed Section 114(h) that are designed to provide
disclosure to the market and to potential investors in these products.
Specifically, the Exchange will provide notification on a dedicated
page on its website regarding the specific ETPs participating in the
QLP program, the dates of each ETP's entry into the program, the QLP
assigned to each participating ETP, along with a fair and balanced
description of the QLP program that discloses the potential benefits
that may be realized by an ETP's participation in the program, the
potential risks that may be attendant with participation, the potential
impact resulting from an ETP's entry into and exit from the program,
and how interested parties can request additional information regarding
the QLP program and/or the ETPs participating therein. The Exchange
believes that these mitigating provisions are designed to provide
adequate disclosure to address the potential concerns arising from the
program and to ensure that the market and investors are fully informed
about the program's operation and its potential impact on market
quality in the participating ETPs. Further, as noted above the proposed
QLP program will be designed as a premium tier that is layered on top
of the Exchange's existing DLP program. An ETP that exits the QLP
program would default to the DLP program, which maintains its own
Market Quality Metrics. The transition from QLP to DLP therefore
represents a step-down in performance thresholds rather than a loss of
dedicated liquidity support. The Exchange believes this layered
structure mitigates the potential impact on market quality when an ETP
exits the QLP program. Accordingly, the Exchange believes that the QLP
program is designed to be consistent with the protection of investors
and the promotion of fair and orderly markets pursuant to Section
6(b)(5) of the Act.
The Exchange further believes that the proposed QLP program is
consistent with Section 6(b)(5) of the Act in that it is designed to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in 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. The Exchange believes that
the QLP program would enhance quote competition among market makers,
improve liquidity in lower volume Nasdaq-listed ETPs, support the
quality of price discovery, promote market transparency, and reduce
spreads and transaction costs for all market participants. The Exchange
further believes that enhancing liquidity in ETPs participating in the
QLP program, together with the structural safeguards described below,
would help raise investors' confidence in the fairness of the market
generally and their transactions in particular. As such, the QLP
program would foster cooperation and coordination with persons engaged
in facilitating securities transactions, enhance the mechanism of a
free and open market, and promote fair and orderly markets in ETPs on
the Exchange.
The Exchange notes that the proposed QLP program is substantially
similar to the Prior Programs, each of which the Commission has
previously found to be consistent with the Act.\47\ Like the Prior
Programs, participation in the proposed QLP program is voluntary,
funded by an optional issuer-paid annual fee credited to the Exchange's
general revenues, and pays market maker incentives from those general
revenues. Like the Prior Programs, the proposed QLP program is
administered by the Exchange based on objective and rules-based Market
Quality Metrics, and is supported by robust Exchange website disclosure
requirements.
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\47\ See supra note 10.
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Finally, for the reasons stated above, the Exchange believes that
the QLP program is designed to mitigate the risks and concerns that
FINRA Rule 5250 addresses and that the QLP program does not implicate
the concerns underlying Rule 102 of Regulation M.
Related Amendments
The Exchange believes that adding proposed Section 114(h) to the
rule of interpretation in the introductory paragraph of Section 114 is
reasonable because it will bring the new QLP program into compliance
with Reg NMS Rule 610(d). As proposed, the Exchange will look at the
quoting activity in the prior month to assess whether the QLP qualified
for the QLP incentives. The Exchange further believes that the addition
of the QLP program to the rule of interpretation is equitable and not
unfairly discriminatory because the rule will apply uniformly to all
QLPs.
The Exchange also believes that the technical amendments to reflect
the addition of proposed Section 114(h) are reasonable, equitable, and
not unfairly discriminatory. The proposed changes will bring clarity
and avoid potential confusion in Exchange's Pricing Schedule to the
benefit of all market participants and investors.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed changes consisting
of the introduction of the Premier Annual Listing Fee and adoption of
the QLP program will impose any burden on competition not necessary or
appropriate in furtherance of the purposes of the Act. Rather, the
Exchange believes that the proposed changes, taken together, will
enhance competition by improving the market quality in Nasdaq-listed
ETPs, which will benefit all market participants through additional
trading opportunities, tighter spreads, and enhanced price discovery.
In terms of intra-market competition, the Premier Annual Listing
Fee will be available to all issuers, who can also opt to not pay this
higher listing fee and instead continue to pay the lower Standard
Annual Listing Fee. As it relates to the QLP program, the Exchange
notes the respective programs will be applied uniformly to all
similarly situated market participants that are QLPs. The Exchange does
not believe it is unfairly discriminatory to only offer the QLP program
to registered market makers because of their unique role in the
markets, including their obligation to provide liquidity in the
securities in which they are registered. Thus, the QLP program is a
further extension of the registered market maker's role in providing
liquidity in specific ETPs, to the benefit of all market participants.
Furthermore, the Exchange does not believe that the proposed changes to
waive the MQM
[[Page 56244]]
requirements and automatically provide the relevant QLP incentive
during the current month and the immediately following month of a new
allocation or new launch impose an undue burden on intra-market
competition because the waiver will apply to all QLPs. As discussed
above, this approach ensures they have sufficient runway to quote and
maintain liquidity in newly allocated or newly launched ETPs, which are
often initially more thinly-traded and may initially present challenges
in meeting liquidity standards. The proposal is therefore intended to
support the development of liquidity in new and transitioning products,
which benefits all market participants, including issuers and
investors.
In terms of inter-market competition, the Exchange notes that it
operates in a highly competitive market in which market participants
can readily favor competing venues if they deem fee levels at a
particular venue to be excessive, or rebate opportunities available at
other venues to be more favorable. In such an environment, the Exchange
must continually adjust its fees to remain competitive with other
exchanges and with alternative trading systems that have been exempted
from compliance with the statutory standards applicable to exchanges.
Because competitors are free to modify their own fees in response, and
because market participants may readily adjust their order routing
practices, the Exchange believes that the degree to which fee changes
in this market may impose any burden on competition is extremely
limited. In sum, if the changes proposed herein are unattractive to
market participants, it is likely that the Exchange will lose market
share as a result. Accordingly, the Exchange does not believe that the
proposed changes will impair the ability of members or competing order
execution venues to maintain their competitive standing in the
financial markets.
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
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \48\ and Rule 19b-4(f)(6) thereunder.\49\
Because the proposed rule change does not: (i) significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \50\ and Rule 19b-
4(f)(6) thereunder.\51\
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\48\ 15 U.S.C. 78s(b)(3)(A)(iii).
\49\ 17 CFR 240.19b-4(f)(6).
\50\ 15 U.S.C. 78s(b)(3)(A).
\51\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
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A proposed rule change filed under Rule 19b-4(f)(6) \52\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\53\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay so that the Exchange
can implement the proposed changes on September 1, 2026. According to
the Exchange, this would allow market participants to realize the
benefits of the QLP program sooner rather than later, including tighter
spreads, deeper markets, and enhanced market-making support for Low
Volume ETPs that qualify for the QLP program. For these reasons, and
because the proposed rule change does not raise any new or novel
regulatory issues, the Commission finds that waiving the 30-day
operative delay is consistent with the protection of investors and the
public interest. Accordingly, the Commission hereby waives the 30-day
operative delay and designates the proposed rule change as operative
upon filing.\54\
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\52\ 17 CFR 240.19b-4(f)(6).
\53\ 17 CFR 240.19b-4(f)(6)(iii).
\54\ For purposes only of waiving the 30-day operative delay,
the Commission has also considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings under
Section 19(b)(2)(B) \55\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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\55\ 15 U.S.C. 78s(b)(2)(B).
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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#b3c1c6dfd69ed0dcdeded6ddc7c0f3c0d6d09dd4dcc5"><span class="__cf_email__" data-cfemail="e092958c85cd838f8d8d858e9493a0938583ce878f96">[email protected]</span></a>. Please include
file number SR-NASDAQ-2026-068 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-2026-068. 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-2026-068 and should be submitted
on or before September 22, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\56\
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\56\ 17 CFR 200.30-3(a)(12), (59).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-17808 Filed 8-31-26; 8:45 am]
BILLING CODE 8011-01-P
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