Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To List and Trade Shares of the ARK 21Shares Ethereum ETF Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares, 68187-68188 [2023-21790]
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Federal Register / Vol. 88, No. 190 / Tuesday, October 3, 2023 / Notices
will be excluded from the Marketing
Fees in order to avoid potential
confusion by market participants and
investors. The Exchange also believes
that it is reasonable to exclude singly
listed options in Options 7, Section 5
from the Marketing Fees because the
purpose of this program is to generate
more Customer order flow to the
Exchange. Because singly listed options
are exclusively listed products on Phlx,
the Exchange does not believe that
applying Marketing Fees is necessary for
these products.
Lastly, the Exchange believes that its
proposal to memorialize that all options
symbols subject to Options 7, Section 5
pricing are excluded from the Marketing
Fees program set forth in Options 7,
Section 4 is equitable and not unfairly
discriminatory because the program will
uniformly exclude all market
participant orders in these symbols. As
noted above, the Exchange’s proposal
does not alter its existing Marketing
Fees program, but instead memorializes
current practice.
ddrumheller on DSK120RN23PROD with NOTICES1
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 does not believe that its
proposal would impose an undue
burden on intra-market competition.
The proposed changes will memorialize
current practice that no Marketing Fees
will be assessed on transactions in
options symbols subject to Options 7,
Section 5 pricing, which will continue
to apply uniformly to all market
participant orders in such symbols.
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. 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.
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 foregoing rule change has become
effective pursuant to Section
19(b)(3)(A)(ii) of the Act.10
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: (i) necessary or appropriate in
the public interest; (ii) for the protection
of investors; or (iii) otherwise in
furtherance of the purposes of the Act.
If the Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
Phlx–2023–44 on the subject line.
Paper Comments
• 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–Phlx–2023–44. 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 (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
10 15
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U.S.C. 78s(b)(3)(A)(ii).
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68187
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549, on official
business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also
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–Phlx–2023–44 and should be
submitted on or before October 24,
2023.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–21786 Filed 10–2–23; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–98565; File No. SRCboeBZX–2023–070]
Self-Regulatory Organizations; Cboe
BZX Exchange, Inc.; Notice of
Designation of a Longer Period for
Commission Action on a Proposed
Rule Change To List and Trade Shares
of the ARK 21Shares Ethereum ETF
Under BZX Rule 14.11(e)(4),
Commodity-Based Trust Shares
September 27, 2023.
On September 6, 2023, Cboe BZX
Exchange, Inc. (‘‘BZX’’ 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 of the
ARK 21Shares Ethereum ETF under
BZX Rule 14.11(e)(4), Commodity-Based
Trust Shares. The proposed rule change
was published for comment in the
Federal Register on September 27,
2023.3 The Commission has received no
comments on the proposal.
11 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 See Securities Exchange Act Release No. 98467
(Sept. 21, 2023), 88 FR 66515.
1 15
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68188
Federal Register / Vol. 88, No. 190 / Tuesday, October 3, 2023 / Notices
Section 19(b)(2) of the Act 4 provides
that within 45 days of the publication of
notice of the filing of a proposed rule
change, or within such longer period up
to 90 days as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or as to which the
self-regulatory organization consents,
the Commission shall either approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether the
proposed rule change should be
disapproved. The 45th day after
publication of the notice for this
proposed rule change is November 11,
2023. The Commission is extending this
45-day time period.
The Commission finds it appropriate
to designate a longer period within
which to take action on the proposed
rule change so that it has sufficient time
to consider the proposed rule change
and the issues raised therein.
Accordingly, the Commission, pursuant
to Section 19(b)(2) of the Act,5
designates December 26, 2023, as the
date by which the Commission shall
either approve or disapprove, or
institute proceedings to determine
whether to disapprove, the proposed
rule change (File No. SR-CboeBZX–
2023–070).
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.6
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023–21790 Filed 10–2–23; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–98564; File No. SR–
NYSEARCA–2023–58)]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of a
Proposed Rule Change Regarding the
Hashdex Bitcoin Futures ETF
September 27, 2023.
ddrumheller on DSK120RN23PROD with NOTICES1
19(b)(1) 1
Pursuant to Section
of the
Securities Exchange Act of 1934
(‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on
September 22, 2023, NYSE Arca, Inc.
(‘‘NYSE Arca’’ or the ‘‘Exchange’’) filed
with the Securities and Exchange
Commission (the ‘‘Commission’’) the
4 15
U.S.C. 78s(b)(2).
U.S.C. 78s(b)(2).
6 17 CFR 200.30–3(a)(31).
1 15 U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
5 15
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20:04 Oct 02, 2023
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proposed rule change as described in
Items I, II, and III below, which Items
have been prepared by the selfregulatory organization. The
Commission is publishing this notice to
solicit comments on the proposed rule
change 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 the Hashdex Bitcoin
Futures ETF under NYSE Arca Rule
8.500–E (‘‘Trust Units’’). The proposed
rule change is available on the
Exchange’s website at www.nyse.com, at
the principal office of the Exchange, and
at the Commission’s Public Reference
Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
self-regulatory organization included
statements concerning the purpose of,
and basis for, the proposed rule change
and discussed any comments it received
on the proposed rule change. The text
of those statements may be examined at
the places specified in Item IV below.
The Exchange has prepared summaries,
set forth in sections A, B, and C below,
of the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to list and
trade shares of the Hashdex Bitcoin
Futures ETF (the ‘‘Fund’’) under NYSE
Arca Rule 8.500–E. The Commission
previously approved the listing and
trading of the Shares pursuant to NYSE
Arca Rule 8.200–E, Commentary .02 as
shares of the Teucrium Bitcoin Futures
Fund.4 The Fund’s name was
4 See Securities Exchange Act Release No. 34–
94620 (April 6, 2022), 87 FR 21676 (April 12, 2022)
(SR–NYSEArca–2021–53) (Order Approving a
Proposed Rule Change, as Modified by Amendment
No. 2, To List and Trade Shares of the Teucrium
Bitcoin Futures Fund Under NYSE Arca Rule
8.200–E, Commentary .02 (Trust Issued Receipts))
(the ‘‘Approval Order’’). The representations herein
supersede and replace the representations in the
Exchange’s prior rule filing relating to the Teucrium
Bitcoin Futures Fund and Partial Amendment No.
2 thereto. See Securities Exchange Act Release No.
92573 (August 5, 2021), 86 FR 44062 (August 11,
2021) (SR–NYSEArca–2021–53) (Notice of Filing of
a Proposed Rule Change To List and Trade Shares
of Teucrium Bitcoin Futures Fund Under NYSE
Arca Rule 8.200–E) and Partial Amendment No. 2,
available at: https://www.sec.gov/comments/srnysearca-2021-53/srnysearca202153-20118884271701.pdf.
PO 00000
Frm 00095
Fmt 4703
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subsequently changed to the Hashdex
Bitcoin Futures ETF pursuant to an
April 18, 2022 amendment to the Fund’s
registration statement.5 In addition to
the proposed changes to the Fund’s
investment objective and strategy, as
further discussed below, the Exchange
proposes to update the name of the
Fund to the Hashdex Bitcoin ETF to
reflect the same. This new name for the
Fund is reflected in the Form S–1 filed
by the Tidal Commodities Trust I (the
‘‘Trust’’) on July 21, 2023.6
The Fund is a series of the Trust, a
Delaware statutory trust.7 The Fund is
managed and controlled by Toroso
Investments LLC (the ‘‘Sponsor’’).8 The
5 On April 18, 2022, Teucrium Commodity Trust
filed with the Commission Pre-Effective
Amendment No. 2 to the registration statement on
Form S–1 under the Securities Act of 1933 (the
‘‘Securities Act’’) (File No. 333–256339) changing
the name of the Fund from Teucrium Bitcoin
Futures Fund to Hashdex Bitcoin Futures ETF.
6 On July 21, 2023, the Trust filed with the
Commission a registration statement on Form S–1
under the Securities Act (15 U.S.C. 77a) (File No.
333–ll) (the ‘‘July 21, 2023 Form S–1’’) reflecting
the Trust’s assumption of management and control
of Fund from Teucrium Commodity Trust. The
Shares of the Fund were originally issued by the
Teucrium Commodity Trust pursuant to a
registration statement on Form S–1 filed with the
Commission on May 20, 2021 (File No. 333–
256339). The Exchange will submit a separate
proposed rule change relating to the transfer of
management and control of the Fund from
Teucrium Commodity Trust to the Trust.
7 On August 25, 2023, the Trust confidentially
filed a draft registration statement under the
Securities Act (the ‘‘Registration Statement’’). The
Jumpstart Our Business Startups Act (the ‘‘JOBS
Act’’), enacted on April 5, 2012, added Section 6(e)
to the Securities Act. Section 6(e) of the Securities
Act provides that an ‘‘emerging growth company’’
may confidentially submit to the Commission a
draft registration statement for confidential, nonpublic review by the Commission staff prior to
public filing, provided that the initial confidential
submission and all amendments thereto shall be
publicly filed not later than 21 days before the date
on which the issuer conducts a road show, as such
term is defined in Securities Act Rule 433(h)(4). An
emerging growth company is defined in Section
2(a)(19) of the Securities Act as an issuer with less
than $1,000,000,000 total annual gross revenues
during its most recently completed fiscal year. The
Trust meets the definition of an emerging growth
company and consequently submitted its
Registration Statement to the Commission on a
confidential basis. The description of the operation
of the Trust and the Fund herein is based, in part,
on the Registration Statement.
8 The July 21, 2023 Form S–1 also reflects that
Toroso Investments LLC has assumed role of the
Sponsor of the Trust from Teucrium Trading, LLC.
The Sponsor is not registered as a broker-dealer or
affiliated with a broker-dealer. In the event that (a)
the Sponsor becomes registered as a broker-dealer
or newly affiliated with a broker-dealer, or (b) any
new sponsor or sub-adviser is registered as a brokerdealer or becomes affiliated with a broker-dealer, it
will implement and maintain a fire wall with
respect to its relevant personnel or personnel of the
broker-dealer affiliate, as applicable, regarding
access to information concerning the composition
of and/or changes to the portfolio, and will be
subject to procedures designed to prevent the use
and dissemination of material non-public
information regarding the portfolio.
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]]>Agencies
[Federal Register Volume 88, Number 190 (Tuesday, October 3, 2023)]
[Notices]
[Pages 68187-68188]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-21790]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-98565; File No. SR-CboeBZX-2023-070]
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Designation of a Longer Period for Commission Action on a Proposed Rule
Change To List and Trade Shares of the ARK 21Shares Ethereum ETF Under
BZX Rule 14.11(e)(4), Commodity-Based Trust Shares
September 27, 2023.
On September 6, 2023, Cboe BZX Exchange, Inc. (``BZX'' 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 of the ARK 21Shares
Ethereum ETF under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares.
The proposed rule change was published for comment in the Federal
Register on September 27, 2023.\3\ The Commission has received no
comments on the proposal.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 98467 (Sept. 21,
2023), 88 FR 66515.
---------------------------------------------------------------------------
[[Page 68188]]
Section 19(b)(2) of the Act \4\ provides that within 45 days of the
publication of notice of the filing of a proposed rule change, or
within such longer period up to 90 days as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding or as to which the self-regulatory organization
consents, the Commission shall either approve the proposed rule change,
disapprove the proposed rule change, or institute proceedings to
determine whether the proposed rule change should be disapproved. The
45th day after publication of the notice for this proposed rule change
is November 11, 2023. The Commission is extending this 45-day time
period.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------
The Commission finds it appropriate to designate a longer period
within which to take action on the proposed rule change so that it has
sufficient time to consider the proposed rule change and the issues
raised therein. Accordingly, the Commission, pursuant to Section
19(b)(2) of the Act,\5\ designates December 26, 2023, as the date by
which the Commission shall either approve or disapprove, or institute
proceedings to determine whether to disapprove, the proposed rule
change (File No. SR-CboeBZX-2023-070).
---------------------------------------------------------------------------
\5\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\6\
---------------------------------------------------------------------------
\6\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-21790 Filed 10-2-23; 8:45 am]
BILLING CODE 8011-01-P
