Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend Rule 19.3 To Permit the Listing of Options on Commodity-Based Trust Shares, 12838-12843 [2025-04504]
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12838
Federal Register / Vol. 90, No. 52 / Wednesday, March 19, 2025 / Notices
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.44
Vanessa A. Countryman,
Secretary.
[FR Doc. 2025–04510 Filed 3–18–25; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0633]
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Proposed Collection; Comment
Request; Extension: Rule 0–4
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Notice is hereby given that pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission (the
‘‘Commission’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this collection of
information to the Office of
Management and Budget for extension
and approval.
Rule 0–4 (17 CFR 275.0–4) under the
Investment Advisers Act of 1940 (‘‘Act’’
or ‘‘Advisers Act’’) (15 U.S.C. 80b–1 et
seq.) entitled ‘‘General Requirements of
Papers and Applications,’’ prescribes
general instructions for filing an
application seeking exemptive relief
with the Commission.
The requirements of rule 0–4 are
designed to provide Commission staff
with the necessary information to assess
whether granting the Orders of
exemption are necessary and
appropriate in the public interest and
consistent with the protection of
investors and the intended purposes of
the Act.
Applicants for Orders under the
Advisers Act can include registered
investment advisers, affiliated persons
of registered investment advisers, and
entities seeking to avoid investment
adviser status, among others.
Commission staff estimates that it
receives up to 7 applications per year
submitted under rule 0–4 of the Act
seeking relief from various provisions of
the Advisers Act. Although each
application typically is submitted on
behalf of multiple applicants, the
applicants in the vast majority of cases
are related entities and are treated as a
single respondent for purposes of this
analysis. Most of the work of preparing
an application is performed by outside
44 17
CFR 200.30–3(a)(57).
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counsel and, therefore, imposes no
hourly burden on respondents. The cost
outside counsel charges applicants
depends on the complexity of the issues
covered by the application and the time
required. Based on conversations with
applicants and attorneys, the cost for
applications ranges from approximately
$15,259.94 for preparing a wellprecedented, routine (or otherwise less
involved) application to approximately
$238,761.88 to prepare a complex or
novel application. We estimate that the
Commission receives 1 of the most timeconsuming applications annually, 3
applications of medium difficulty, and 3
of the least difficult applications subject
to rule 0–4. This distribution gives a
total estimated annual cost burden to
applicants of filing all applications of
$440,387.38 [(1 × $238,761.88) + (3 ×
$51,948.56) + (3 × $15,259.94)]. The
estimate of annual cost burden is made
solely for the purposes of the Paperwork
Reduction Act and is not derived from
a comprehensive or even representative
survey or study of the costs of
Commission rules and forms.
The requirements of this collection of
information are required to obtain or
retain benefits. Responses will not be
kept confidential. An agency may not
conduct or sponsor, and a person is not
required to respond to a collection of
information unless it displays a
currently valid control number.
Written comments are invited on: (a)
whether the proposed collection of
information is necessary for the proper
performance of the functions of the
Commission, including whether the
information shall have practical utility;
(b) the accuracy of the Commission’s
estimate of the burden of the collection
of information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
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information on respondents, including
through the use of automated collection
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technology. Consideration will be given
to comments and suggestions submitted
by May 19, 2025.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
under the PRA unless it displays a
currently valid OMB control number.
Please direct your written comments
to: Austin Gerig, Director/Chief Data
Officer, Securities and Exchange
Commission, c/o Tanya Ruttenberg, 100
F Street NE, Washington, DC 20549 or
send an email to:
PaperworkReductionAct@sec.gov.
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Dated: March 14, 2025.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2025–04569 Filed 3–18–25; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–102649; File No. SR–
CboeEDGX–2025–018]
Self-Regulatory Organizations; Cboe
EDGX Exchange, Inc.; Notice of Filing
of a Proposed Rule Change To Amend
Rule 19.3 To Permit the Listing of
Options on Commodity-Based Trust
Shares
March 13, 2025.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on March 5,
2025, Cboe EDGX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘EDGX’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Cboe EDGX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘EDGX Options’’)
proposes to amend Rule 19.3 to permit
the listing of options on CommodityBased Trust Shares. The text of the
proposed rule change is provided in
Exhibit 5.
The text of the proposed rule change
is also available on the Exchange’s
website (https://markets.cboe.com/us/
options/regulation/rule_filings/edgx/),
at the Exchange’s Office of the
Secretary, 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
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
1 15
2 17
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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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
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1. Purpose
The Exchange proposes to amend
Rules 19.3 regarding the criteria for
underlying securities. Specifically, the
Exchange proposes to amend Rule
19.3(i) to allow the Exchange to list and
trade options on Fund Shares 3 that
represent interests in Commodity-Based
Trusts. This is a competitive filing
substantively identical to proposals
submitted by other options exchanges
that are currently pending with the
Securities and Exchange Commission
(the ‘‘Commission’’).4
3 Rule 19.3(i) states that securities deemed
appropriate for options trading shall include shares
or other securities (‘‘Fund Shares’’), including but
not limited to Partnership Units as defined in this
Rule, that are principally traded on a national
securities exchange and are defined as an ‘‘NMS
stock’’ under Rule 600 of Regulation NMS, and that
(1) represent interests in registered investment
companies (or series thereof) organized as open-end
management investment companies, unit
investment trusts or similar entities, and that hold
portfolios of securities comprising or otherwise
based on or representing investments in indexes or
portfolios of securities (or that hold securities in
one or more other registered investment companies
that themselves hold such portfolios of securities)
(‘‘Funds ’’) and/or financial instruments including,
but not limited to, stock index futures contracts,
options on futures, options on securities and
indexes, equity caps, collars and floors, swap
agreements, forward contracts, repurchase
agreements and reverse repurchase agreements (the
‘‘Financial Instruments’’), and money market
instruments, including, but not limited to, U.S.
government securities and repurchase agreements
(the ‘‘Money Market Instruments’’) constituting or
otherwise based on or representing an investment
in an index or portfolio of securities and/or
Financial Instruments and Money Market
Instruments, or (2) represent commodity pool
interests principally engaged, directly or indirectly,
in holding and/or managing portfolios or baskets of
securities, commodity futures contracts, options on
commodity futures contracts, swaps, forward
contracts and/or options on physical commodities
and/or non-U.S. currency (‘‘Commodity Pool
ETFs’’) or (3) represent interests in a trust or similar
entity that holds a specified non- U.S. currency or
currencies deposited with the trust or similar entity
when aggregated in some specified minimum
number may be surrendered to the trust by the
beneficial owner to receive the specified non-U.S.
currency or currencies and pays the beneficial
owner interest and other distributions on the
deposited non-U.S. currency or currencies, if any,
declared and paid by the trust (‘‘Currency Trust
Shares’’), or (4) represent interests in the SPDR Gold
Trust or are issued by the iShares COMEX Gold
Trust or iShares Silver Trust, or the Fidelity Wise
Origin Bitcoin Fund, the ARK 21Shares Bitcoin
ETF, the iShares Bitcoin Trust, the Grayscale
Bitcoin Trust, the Grayscale Bitcoin Mini Trust, or
the Bitwise Bitcoin ETF.
4 See Securities Exchange Act Release No. 102465
(February 20, 2025) (SR–ISE–2025–08); SR–
NYSEArca–2025–16 (February 24, 2025); and SR–
NYSEAmerican–2025–07 (February 24, 2025).
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A Commodity-Based Trust is defined
in Cboe BZX Exchange, Inc. 14.11(e)(4),
NYSE Arca, Inc. Rule 8.201(c)(1), and
The Nasdaq Stock Market LLC Rule
5711(d)(iv) as a security (a) that is
issued by a trust (‘‘Trust’’) that holds (1)
a specified commodity deposited with
the Trust, or (2) a specified commodity
and, in addition to such specified
commodity, cash; (b) that is issued by
such Trust in a specified aggregate
minimum number in return for a
deposit of a quantity of the underlying
commodity and/or cash; and (c) that,
when aggregated in the same specified
minimum number, may be redeemed at
a holder’s request by such Trust which
will deliver to the redeeming holder the
quantity of the underlying commodity
and/or cash. The Exchange proposes to
amend Rule 19.3(i) to provide that
securities deemed appropriate for
options trading include Fund Shares
that represent interests in a security (A)
issued by a trust that holds (i) a
specified commodity deposited with the
trust, or (ii) a specified commodity and,
in addition to such specified
commodity, cash; (B) that is issued by
such trust in a specified aggregate
minimum number in return for a
deposit of a quantity of the underlying
commodity and/or cash; and (C) that,
when aggregated in the same specified
minimum number, may be redeemed at
a holder’s request by such trust which
will deliver to the redeeming holder the
quantity of the underlying commodity
and/or cash (‘‘Commodity-Based Trust
Share’’). The proposed rule change
removes from that rule provision
references to the SPDR Gold Trust, the
iShares COMEX Gold Trust, the iShares
Silver Trust, the Aberdeen Standard
Physical Silver Trust, the Aberdeen
Standard Physical Gold Trust, the
Aberdeen Standard Physical Palladium
Trust, the Aberdeen Standard Physical
Platinum Trust, the Sprott Physical
Gold Trust, the Goldman Sachs Physical
Gold ETF, the Fidelity Wise Origin
Bitcoin Fund, the ARK 21Shares Bitcoin
ETF, the iShares Bitcoin Trust, the
Grayscale Bitcoin Trust, the Grayscale
Bitcoin Mini Trust, or the Bitwise
Bitcoin ETF, which are all CommodityBased Trust Shares, thus making
references to those trusts no longer
necessary. As a result of this proposed
rule change, the Exchange’s listing
criteria would allow any ETF approved
to list on a primary equities market as
a Commodity-Based Trust Share to
qualify as an underlying for options
traded on the Exchange, provided other
listing criteria have been met.5
5 The Exchange believes this proposal is
consistent with the Options Clearing Corporation
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The Exchange’s initial listing
standards for Fund Shares on which
options may be listed and traded on the
Exchange will apply to CommodityBased Trust Shares. Pursuant to Rule
19.3(a), a security (which includes a
Fund Share) on which options may be
listed and traded on the Exchange must
be duly registered (with the
Commission) and be an NMS stock (as
defined in Rule 600 of Regulation NMS
under the Securities Exchange Act of
1934, as amended (the ‘‘Act’’)), and be
characterized by a substantial number of
outstanding shares that are widely held
and actively traded. Additionally, Rule
19.3(i) requires that Fund Shares must
either (1) meet the criteria and standards
set forth in Rule 19.3(a) and (b) 6 or (2)
be available for creation or redemption
each business day in cash or in kind
from the investment company,
commodity pool or other entity at a
price related to net asset value, and the
investment company, commodity pool
or other entity is obligated to provide
that Fund Shares may be created even
if some or all of the securities and/or
cash required to be deposited have not
been received by the Fund, the unit
investment trust or the management
investment company, provided the
authorized creation participant has
undertaken to deliver the securities and/
or cash as soon as possible and such
undertaking is secured by the delivery
and maintenance of collateral consisting
of cash or cash equivalents satisfactory
to the Fund, all as described in the
Fund’s or unit trust’s prospectus.
Additionally, Commodity-Based Trust
Shares will also be subject to the
Exchange’s set forth in Rule 19.4(g) for
Fund Shares deemed appropriate for
options trading pursuant to Rule 19.3(i).
Rule 19.4(g) provides that Fund Shares
approved for options trading pursuant
(‘‘OCC’’) recent amendment of ‘‘Fund Share’’
(which covers ETFs), as defined in OCC’s By-Laws
(including the Interpretation and Policy), to remove
references to specific precious metal commoditybased ETFs as ‘‘no longer relevant or necessary.’’
See Securities Exchange Act Release No. 102018
(December 20, 2024), 89 FR 106660 (December 30,
2024) (SR–OCC–2024–018). The impetus for this
rule change was the staff advisory issued by the
Commodity Futures Trading Commission (‘‘CFTC’’)
that deemed it ‘‘‘substantially likely’ that spot
commodity ETF shares would be held to be
securities’’ which, in turn, resulted in the OCC’s
determination that ‘‘it no longer needs to seek
product-by-product exemptive relief from the CFTC
to clear spot commodity-based ETF products,
including precious metals commodity-based ETFs.’’
See id. at 106661; see also CFTC Staff Advisory
Relating to the Clearing of Options on Spot
Commodity Exchange Traded Funds (ETFs), Letter
No. 24-16 (Nov. 15, 2024), available at https://
www.cftc.gov/csl/24-16/download.
6 Rule 19.3(b) provides for guidelines to be
followed by the Exchange when evaluating
potential underlying securities for Exchange option
transactions.
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to Rule 19.3 will not be deemed to meet
the requirements for continued
approval, and the Exchange shall not
open for trading any additional series of
option contracts of the class covering
such Fund Shares if the security is
delisted from trading as provided in
Rule 19.4(b)(4) (i.e., the underlying
security ceases to be an ‘‘NMS stock’’ as
defined in Rule 600 of Regulation NMS
under the Act). In addition, the
Exchange shall consider suspension of
opening transactions in any series of
options of the class covering Fund
Shares in any of the following
circumstances: in the case of options
covering Fund Shares approved
pursuant to Rule 19.3(i)(4)(A), in
accordance with Rule 19.4(b)(1), (2), and
(3); (2) in the case of options covering
Fund Shares approved pursuant to Rule
19.3(i)(4)(B), following the initial 12month period beginning upon the
commencement of trading in the Fund
Shares on a national securities exchange
and are defined as NMS stock under
Rule 600 of Regulation NMS, there were
fewer than 50 record and/or beneficial
holders of such Fund Shares for 30
consecutive days; (3) the value of the
index, non-U.S. currency, portfolio of
commodities including commodity
futures contracts, options on commodity
futures contracts, swaps, forward
contracts and/or options on physical
commodities and/or Financial
Instruments or Money Market
Instruments, or portfolio of securities on
which the Fund Shares are based is no
longer calculated or available; or (4)
such other event occurs or condition
exists that in the opinion of the
Exchange makes further dealing in such
options on the Exchange inadvisable.
The Exchange notes that Fund Shares
that hold financial instruments, money
market instruments, precious metal
commodities, or cryptocurrencies that
are deemed commodities on which the
Exchange may already list and trade
options pursuant to Rule 19.3(i) are
trusts structured in substantially the
same manner as options on a
Commodity-Based Trust Share and
essentially offer the same objectives and
benefits to investors, just with respect to
different assets. The Exchange notes that
it has not identified any issues with the
continued listing and trading of any
Fund Share options, including Fund
Shares that hold commodities (e.g.,
precious metals, cryptocurrencies) that
it currently lists and trades on the
Exchange.
Options on a Commodity-Based Fund
Share will be physically settled
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contracts with American-style exercise.7
Consistent with current Rule 19.6,
which governs the opening of options
series on a specific underlying security
(including ETFs), the Exchange will
open at least one expiration month and
one series of options on a CommodityBased Fund Share 8 at the
commencement of trading on the
Exchange and may also list series of
options on a Commodity-Based Fund
Share for trading on a weekly,9
monthly,10 or quarterly basis.11 The
Exchange may also list long-term
options series that expire from 12 to 39
months from the time they are listed.12
Pursuant to Rule 19.6, Interpretation
and Policy .01, which governs strike
prices of series of options on Fund
Shares, the interval of strike prices for
series of options on Commodity-Based
Fund Shares may be $1 or greater where
the strike price is $200 or less or $5 or
greater where the strike price is over
$200.13 Additionally, the Exchange may
list series of options pursuant to the $1
Strike Price Interval Program,14 the
7 See Rule 19.2, which provides that the rights
and obligations of holders and writers are set forth
in the Rules of the Options Clearing Corporation
(‘‘OCC’’); and Equity Options Product
Specifications January 3, 2024), available at Equity
Options Specifications (cboe.com); see also OCC
Rules, Chapters VIII (which governs exercise and
assignment) and Chapter IX (which governs the
discharge of delivery and payment obligations
arising out of the exercise of physically settled stock
option contracts).
8 See Rule 19.6(b) and (e). The monthly
expirations are subject to certain listing criteria for
underlying securities described within Rule 19.3.
Monthly listings expire the third Friday of the
month. The term ‘‘expiration date’’ (unless
separately defined elsewhere in the OCC By-Laws),
when used in respect of an option contract (subject
to certain exceptions), means the third Friday of the
expiration month of such option contract, or if such
Friday is a day on which the exchange on which
such option is listed is not open for business, the
preceding day on which such exchange is open for
business. See OCC By-Laws Article I, Section 1.
Pursuant to Rule 19.6(c), additional series of
options of the same class may be opened for trading
on the Exchange when the Exchange deems it
necessary to maintain an orderly market, to meet
customer demand or when the market price of the
underlying stock moves more than five strike prices
from the initial exercise price or prices. New series
of options on an individual stock may be added
until the beginning of the month in which the
options contract will expire. Due to unusual market
conditions, the Exchange, in its discretion, may add
a new series of options on an individual stock until
the close of trading on the business day prior to
expiration.
9 See Rule 19.6, Interpretation and Policy .05.
10 See Rule 19.6, Interpretation and Policy .08.
11 See Rule 19.6, Interpretation and Policy .04.
12 See Rule 19.8.
13 The Exchange notes that for options listed
pursuant to the Short Term Option Series Program,
Rule 19.6, Interpretation and Policy .05 sets forth
intervals between strike prices for Short Term
Option Series.
14 See Rule 19.6, Interpretations and Policies .01
and .02.
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$0.50 Strike Program,15 the $2.50 Strike
Price Program,16 and the $5 Strike
Program.17 Pursuant to Rule 21.5, where
the price of a series of a CommodityBased Fund Share option is less than
$3.00, the minimum increment will be
$0.05, and where the price is $3.00 or
higher, the minimum increment will be
$0.10.18 Any and all new series of
Commodity-Based Fund Share options
that the Exchange lists will be
consistent and comply with the
expirations, strike prices, and minimum
increments set forth in Rules 19.6 and
21.5, as applicable.
Options on a Commodity-Based Trust
Share will trade in the same manner as
options on other ETFs on the Exchange.
The Exchange Rules that currently
apply to the listing and trading of all
Fund Share options on the Exchange,
including, for example, Rules that
govern listing criteria, expirations,
exercise prices, minimum increments,
position and exercise limits, margin
requirements, customer accounts, and
trading halt procedures will apply to the
listing and trading of options on
Commodity-Based Trust Shares on the
Exchange in the same manner as they
apply to other options on all other Fund
Shares that are listed and traded on the
Exchange.
Position and exercise limits for
options, including options on a
Commodity-Based Trust Share, are
determined pursuant to Rules 18.7 and
18.9, respectively, which refer to
position and exercise limits fixed by
Cboe Exchange, Inc. (‘‘Cboe Options’’).19
Pursuant to Cboe Options Rule 8.30 and
8.42, position and exercise limits for
options on ETFs vary according to the
number of outstanding shares and the
trading volumes of the underlying
security over the past six months, where
the largest in capitalization and the
most frequently traded funds have an
option position and exercise limit of
250,000 contracts (with adjustments for
splits, re-capitalizations, etc.) on the
same side of the market; and smaller
capitalization funds have position and
exercise limits of 200,000, 75,000,
50,000 or 25,000 contracts (with
adjustments for splits, re-capitalizations,
15 See
Rule 19.6, Interpretation and Policy .06.
Rule 19.6, Interpretation and Policy .03.
17 See Rule 19.6(d)(5).
18 If options on a Commodity-Based Fund Share
are eligible to participate in the Penny Interval
Program, the minimum increment will be $0.01 for
series with a price below $3.00 and $0.05 for series
with a price at or above $3.00. See 21.5(d) (which
describes the requirements for the Penny Interval
Program).
19 Cboe Options submitted a separate
substantively identical proposal to list options on
Commodity-Based Trust Shares.
16 See
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etc.) on the same side of the market.20
Further, the Exchange notes that Rule
28.3, which governs margin
requirements applicable to the trading
of all options on the Exchange,
including options on ETFs, will also
apply to the trading of options on a
Commodity-Based Trust Share
The Exchange represents it has an
adequate surveillance program in place
for options and intends to apply those
same program procedures to options on
Commodity-Based Fund Shares that it
applies to the Exchange’s other options
products.21 The Exchange believes that
existing surveillance procedures are
designed to deter and detect possible
manipulative behavior which might
potentially arise from listing and trading
the proposed options on CommodityBased Trust Shares. Additionally, the
Exchange is a member of the
Intermarket Surveillance Group (‘‘ISG’’)
under the Intermarket Surveillance
Group Agreement. ISG members work
together to coordinate surveillance and
investigative information sharing in the
stock, options, and futures markets. In
addition, the Exchange has a Regulatory
Services Agreement with the Financial
Industry Regulatory Authority
(‘‘FINRA’’) for certain market
surveillance, investigation and
examinations functions. Pursuant to a
multi-party 17d–2 joint plan, all options
exchanges allocate amongst themselves
and FINRA responsibilities to conduct
certain options-related market
surveillance that are common to rules of
all options exchanges.22 Further, the
Exchange will implement any new
surveillance procedures it deems
necessary to effectively monitor the
trading of options on Commodity-Based
Fund Shares.
20 See Cboe Options Rule 8.30, Interpretation and
Policy .02.
21 The surveillance program includes surveillance
patterns for price and volume movements as well
as patterns for potential manipulation (e.g.,
spoofing and marking the close).
22 Section 19(g)(1) of the Act, among other things,
requires every self-regulatory organization (‘‘SRO’’)
registered as a national securities exchange or
national securities association to comply with the
Act, the rules and regulations thereunder, and the
SRO’s own rules, and, absent reasonable
justification or excuse, enforce compliance by its
members and persons associated with its members.
See 15 U.S.C. 78q(d)(1) and 17 CFR 240.17d–2.
Section 17(d)(1) of the Act allows the Commission
to relieve an SRO of certain responsibilities with
respect to members of the SRO who are also
members of another SRO (‘‘common members’’).
Specifically, Section 17(d)(1) allows the
Commission to relieve an SRO of its responsibilities
to: (i) receive regulatory reports from such
members; (ii) examine such members for
compliance with the Act and the rules and
regulations thereunder, and the rules of the SRO;
or (iii) carry out other specified regulatory
responsibilities with respect to such members.
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The Exchange has also analyzed its
capacity and represents that it believes
the Exchange and the Options Price
Reporting Authority (‘‘OPRA’’) have the
necessary systems capacity to handle
the additional traffic associated with the
listing of new series of ETFs, including
on Commodity-Based Trust Shares, up
to the number of expirations currently
permissible under the Rules. The
Exchange believes any additional traffic
generated from the trading of options on
Commodity-Based Trust Shares would
be manageable. The Exchange
represents that Exchange members will
not have a capacity issue as a result of
this proposed rule change.
Further, quotation and last sale
information for Commodity-Based Trust
Shares is available via the Consolidated
Tape Association (‘‘CTA’’) high speed
line. Quotation and last sale information
for such securities is also available from
the exchange on which such securities
are listed. Quotation and last sale
information for options on CommodityBased Fund Shares will be available via
OPRA 23 and major market data vendors.
The Exchange notes that the
Commission has previously approved
generic listing standards pursuant to
Rule 19b–4(e) of the Act 24 for ETFs
based on indexes that consist of stocks
listed on U.S. exchanges.25 In addition,
the Commission has previously
approved proposals for the listing and
trading of options on ETFs based on
international indexes as well as global
indexes (e.g., based on non-U.S. and
U.S. component stocks).26
In approving Commodity-Based Trust
Shares for equities exchange trading, the
Commission thoroughly considered the
23 Last sale reports and quotations are the core of
the information that OPRA disseminates. OPRA
also disseminates certain other types of information
with respect to the trading of options on the
markets of the OPRA participants, such as the
number of options contracts traded, open interest
and end of day summaries. OPRA also disseminates
certain kinds of administrative messages.
24 17 CFR 240.19b–4(e).
25 See Securities Exchange Act Release No. 54739
(November 9, 2006), 71 FR 66993 (November 17,
2006) (SR–AMEX–2006–78) (approval order relating
to generic listing standards for ETFs based on
international or global indexes).
26 See, e.g., Securities Exchange Act Release Nos.
56778 (November 9, 2007), 72 FR 65113 (November
19, 2007) (SR–AMEX–2007–100) (approval order to
list and trade options on iShares MSCI Mexico
Index Fund); and 55648 (April 19, 2007), 72 FR
20902 (April 26, 2007) (SR–AMEX–2007–09)
(approval order to list and trade options on
Vanguard Emerging Markets ETF); see also
Securities Exchange Act Release Nos. 50189
(August 12, 2004), 69 FR 51723 (August 20, 2004)
(SR–AMEX–2001–05) (approving the listing and
trading of certain Vanguard International Equity
Index Funds); and 44700 (August 14, 2001), 66 FR
43927 (August 21, 2001) (SR–2001–34) (approving
the listing and trading of series of the iShares Trust
based on foreign stock indexes).
PO 00000
Frm 00146
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12841
structure of the Commodity-Based Trust
Shares, their usefulness to investors and
to the markets, and self-regulatory
organization rules that govern their
trading. The Exchange believes that
allowing the listing of options overlying
Commodity-Based Trust Shares that are
listed pursuant to Commission approval
on equities exchanges and applying
Rule 19b–4(e) 27 should fulfill the
intended objective of that rule by
allowing options on those CommodityBased Trust Shares that have satisfied
the generic listing standards to
commence trading, without the need for
the public comment period and
Commission approval. The proposed
rule change has the potential to
significantly reduce the time and costs
associated with bringing options on
Commodity-Based Trust Shares to
market, thereby reducing the burden on
issuers and other market participants,
while also promoting competition
among options exchanges, to the benefit
of the investing public. The failure of a
particular Commodity-Based Trust
Share to comply with the generic listing
standards under Rule 19b–4(e) 28 would
not, however, preclude the Exchange
from submitting a separate filing
pursuant to Section 19(b)(2) 29
requesting Commission approval to list
and trade options on a particular
Commodity-Based Trust Share.
2. Statutory Basis
The Exchange believes the proposed
rule change is consistent with the
Securities Exchange Act of 1934 (the
‘‘Act’’) and the rules and regulations
thereunder applicable to the Exchange
and, in particular, the requirements of
Section 6(b) of the Act.30 Specifically,
the Exchange believes the proposed rule
change is consistent with the Section
6(b)(5) 31 requirements that the rules of
an exchange be designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade, to foster cooperation
and coordination with persons engaged
in regulating, clearing, settling,
processing information with respect to,
and facilitating transactions in
securities, to remove impediments to
and perfect the mechanism of a free and
open market and a national market
system, and, in general, to protect
investors and the public interest.
Additionally, the Exchange believes the
proposed rule change is consistent with
27 17
CFR 240.19b–4(e).
28 Id.
29 15
U.S.C. 78s(b)(2).
U.S.C. 78f(b).
31 15 U.S.C. 78f(b)(5).
30 15
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the Section 6(b)(5) 32 requirement that
the rules of an exchange not be designed
to permit unfair discrimination between
customers, issuers, brokers, or dealers.
In particular, the Exchange believes
the proposal will remove impediments
to and perfect the mechanism of a free
and open market and a national market
system because it would allow the
Exchange to immediately list and trade
options on Commodity-Based Trust
Shares, provided the initial listing
criteria has been met, without requiring
additional approvals from the
Commission.33 Commodity-Based Trust
Shares are securities approved for
trading by the Commission. The
Exchange believes that allowing options
on qualifying Commodity-Based Trust
Shares soon after the listing of such
underlying security in the primary
market will benefit investors and the
public interest as it will afford market
participants the opportunity to hedge
their positions in the underlying ETF in
a timely manner. Given the potential to
reduce the time to market for options on
Commodity-Based Trust Shares, the
proposed rule change will also reduce
the burdens on issuers and other market
participants, while also promoting
competition among options exchanges
to the benefit of the investing public.
This proposal will enable the listing of
options on Commodity-Based Trust
Shares in the same manner as other
securities listed and traded on the
Exchange. The Exchange notes that most
ETFs are eligible for options trading
without the need for additional
approvals, provided the ETFs meet the
initial listing criteria. Accordingly, the
proposed rule change would align the
treatment of Commodity-Based Trust
Shares with other ETFs for purposes of
options trading, which would add
internal consistency to Exchange rules.
The Exchange believes that the
proposed rule change will facilitate the
listing and trading of options on
additional ETFs that will enhance
competition among market participants,
to the benefit of investors and the
marketplace. Like options on any other
securities, options on Commodity-Based
Trust Shares will provide investors with
the ability to hedge exposure to the
underlying security. The Exchange
believes that offering options on
Commodity-Based Trust Shares will
benefit investors by providing them
with a relatively lower-cost risk
32 Id.
33 As noted herein, the Exchange believes this
proposal is consistent with the OCC’s determination
that, based on a staff advisory from the CFTC, the
‘‘it no longer needs to seek product-by-product
exemptive relief from the CFTC to clear spot
commodity-based ETF products.’’ See supra note 5.
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18:11 Mar 18, 2025
Jkt 265001
management tool, which will allow
them to manage their positions and
associated risk in their portfolios more
easily in connection with exposure to
the price of a commodity. Additionally,
the Exchange’s offering of options on
Commodity-Based Trust Shares will
provide investors with the ability to
transact in such options in a listed
market environment as opposed to in
the unregulated over-the-counter
market, which would increase market
transparency and enhance the process of
price discovery conducted on the
Exchange through increased order flow
to the benefit of all investors.
As noted herein, the Exchange already
lists options on other commodity-based
ETFs,34 which are trusts structured in
substantially the same manner as
Commodity-Based Trust Shares. The
Exchange has not identified any issues
with the continued listing and trading of
options on Commodity-Based Trust
Shares. The Exchange also believes the
proposed rule change will remove
impediments to and perfect the
mechanism of a free and open market
and a national market system, because
it is consistent with current Exchange
Rules previously filed with the
Commission. Options on CommodityBased Trust Shares must satisfy the
initial listing standards and continued
listing standards currently in the
Exchange Rules applicable to options on
all ETFs, including ETFs that hold other
commodities already deemed
appropriate for options trading on the
Exchange.35 Options on CommodityBased Trust Shares will trade in the
same manner as any other ETF
options—the same Exchange Rules that
currently govern the listing and trading
of options, including permissible
expirations, strike prices minimum
increments, position and exercise limits,
and margin requirements, will govern
the listing and trading of options on
Commodity-Based Trust Shares in the
same manner.
The Exchange believes the proposed
rule change will result in increased
competition as other exchanges will
likely adopt an identical rule to the one
proposed by the Exchange that would
allow the listing and trading of options
on Commodity-Based Trust Shares that
are approved for trading on those other
markets.36 Multiple listing of ETFs,
options and other securities and
competition are some of the central
features of the national market system.
The Exchange believes that the proposal
would encourage a more open market
34 See
Rule 19.3(i).
id.
36 See supra note 4.
35 See
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Fmt 4703
Sfmt 4703
and national market system based on
competition and multiple listing. The
Exchange represents that it has the
necessary systems capacity to support
the listing and trading of options on
Commodity-Based Trust Shares as the
Exchange lists these products today,
except that it requires additional
approvals prior to listing. The Exchange
believes that its existing surveillance
and reporting safeguards are designed to
deter and detect possible manipulative
behavior which might arise from listing
and trading of options on CommodityBased Trust Shares.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act. To the
contrary, the Exchange believes that the
proposal is pro-competitive and is a
competitive response to the Exchange’s
inability to list options on CommodityBased Trust Shares without submitting
a separate proposed rule change. The
Exchange believes the proposed rule
change will result in additional
investment options and opportunities to
achieve the investment objectives of
market participants seeking efficient
trading and hedging vehicles, to the
benefit of investors, market participants,
and the marketplace in general.
Competition is one of the principal
features of the national market system.
The Exchange believes that this
proposal will expand competitive
opportunities to list and trade products
on the Exchange as noted.
The Exchange does not believe the
proposal will impose any burden on
intramarket competition that is not
necessary or appropriate in furtherance
of the purposes of the Act because
Commodity-Based Trust Shares, like
any other ETF, would have to satisfy the
Exchange’s initial listing standards to be
eligible for options trading.
Additionally, the proposed rule change
would apply to all market participants
in the same manner as options on
Commodity-Based Trust Shares will be
equally available to all market
participants who wish to trade such
options.
The Exchange does not believe the
proposal will impose any burden on
inter-market competition that is not
necessary or appropriate in furtherance
of the purposes of the Act, as nothing
prevents the other options exchanges
from proposing similar rules to list and
trade options on Commodity-Based
Trust Shares. As noted herein, other
options exchanges have submitted
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proposed rule changes to adopt
identical rules to permit the listing and
trading of options on Commodity-Based
Trust Shares without submitting a
separate proposed rule change.37
Furthermore, the Exchange notes that
listing and trading options on a
Commodity-Based Trust Share on the
Exchange will subject such options to
transparent exchange-based rules as
well as price discovery and liquidity, as
opposed to alternatively trading such
options in the OTC market. The
Exchange believes that the proposed
rule change may relieve any burden on,
or otherwise promote, competition as it
is designed to increase competition for
order flow on the Exchange in a manner
that is beneficial to investors by
providing them with a lower-cost option
to hedge their investment portfolios in
a timely manner.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received written comments on the
proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or within such longer period
up to 90 days (i) as the Commission may
designate if it finds such longer period
to be appropriate and publishes its
reasons for so finding or (ii) as to which
the Exchange consents, the Commission
will:
A. by order approve or disapprove
such proposed rule change, or
B. institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
lotter on DSK11XQN23PROD with NOTICES1
• 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–
CboeEDGX–2025–018 on the subject
line.
id.
VerDate Sep<11>2014
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.38
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025–04504 Filed 3–18–25; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
35498; 812–15682]
Electronic Comments
37 See
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–CboeEDGX–2025–018. 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
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–CboeEDGX–2025–018 and should be
submitted on or before April 9, 2025.
Columbia Credit Income Opportunities
Fund and Columbia Management
Investment Advisers, LLC
March 14, 2025.
Securities and Exchange
Commission (‘‘Commission’’ or ‘‘SEC’’).
AGENCY:
38 17
18:11 Mar 18, 2025
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ACTION:
12843
Notice.
Notice of an application under section
6(c) of the Investment Company Act of
1940 (the ‘‘Act’’) for an exemption from
sections 18(a)(2), 18(c) and 18(i) of the
Act, under sections 6(c) and 23(c) of the
Act for an exemption from rule 23c–3
under the Act, and for an order pursuant
to section 17(d) of the Act and rule 17d–
1 under the Act.
SUMMARY OF APPLICATION: Applicants
request an order to permit certain
registered closed-end investment
companies to issue multiple classes of
shares and to impose asset-based
distribution and/or service fees and
early withdrawal charges.
APPLICANTS: Columbia Credit Income
Opportunities Fund and Columbia
Management Investment Advisers, LLC.
FILING DATES: The application was filed
on December 31, 2024, and amended on
February 12, 2025.
HEARING OR NOTIFICATION OF HEARING: An
order granting the requested relief will
be issued unless the Commission orders
a hearing. Interested persons may
request a hearing on any application by
emailing the SEC’s Secretary at
Secretarys-Office@sec.gov and serving
the Applicants with a copy of the
request by email, if an email address is
listed for the relevant Applicant below,
or personally or by mail, if a physical
address is listed for the relevant
Applicant below. Hearing requests
should be received by the Commission
by 5:30 p.m. on April 8, 2025, and
should be accompanied by proof of
service on the Applicants, in the form
of an affidavit, or, for lawyers, a
certificate of service. Pursuant to rule 0–
5 under the Act, hearing requests should
state the nature of the writer’s interest,
any facts bearing upon the desirability
of a hearing on the matter, the reason for
the request, and the issues contested.
Persons who wish to be notified of a
hearing may request notification by
emailing the Commission’s Secretary.
ADDRESSES: The Commission:
Secretarys-Office@sec.gov. Applicants:
Ryan C. Larrenaga, Esq., Columbia
Management Investment Advisers, LLC,
ryan.c.larrenaga@
columbiathreadneedle.com, and Joseph
D’Alessandro, Esq., Columbia
Management Investment Advisers, LLC,
joseph.l.dalessandro@ampf.com, with
copies to Brian D. McCabe, Esq., Ropes
& Gray LLP, brian.mccabe@
ropesgray.com, and Angela C. Jaimes,
Esq., Ropes & Gray LLP, angela.jaimes@
ropesgray.com.
FOR FURTHER INFORMATION CONTACT:
Trace W. Rakestraw, Senior Special
Counsel, at (202) 551–6825 (Division of
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]]>Agencies
[Federal Register Volume 90, Number 52 (Wednesday, March 19, 2025)]
[Notices]
[Pages 12838-12843]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-04504]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102649; File No. SR-CboeEDGX-2025-018]
Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice
of Filing of a Proposed Rule Change To Amend Rule 19.3 To Permit the
Listing of Options on Commodity-Based Trust Shares
March 13, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on March 5, 2025, Cboe EDGX Exchange, Inc. (the ``Exchange'' or
``EDGX'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe EDGX Exchange, Inc. (the ``Exchange'' or ``EDGX Options'')
proposes to amend Rule 19.3 to permit the listing of options on
Commodity-Based Trust Shares. The text of the proposed rule change is
provided in Exhibit 5.
The text of the proposed rule change is also available on the
Exchange's website (https://markets.cboe.com/us/options/regulation/rule_filings/edgx/), at the Exchange's Office of the Secretary, 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 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
[[Page 12839]]
forth in sections A, B, and C below, of the most significant aspects of
such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to amend Rules 19.3 regarding the criteria
for underlying securities. Specifically, the Exchange proposes to amend
Rule 19.3(i) to allow the Exchange to list and trade options on Fund
Shares \3\ that represent interests in Commodity-Based Trusts. This is
a competitive filing substantively identical to proposals submitted by
other options exchanges that are currently pending with the Securities
and Exchange Commission (the ``Commission'').\4\
---------------------------------------------------------------------------
\3\ Rule 19.3(i) states that securities deemed appropriate for
options trading shall include shares or other securities (``Fund
Shares''), including but not limited to Partnership Units as defined
in this Rule, that are principally traded on a national securities
exchange and are defined as an ``NMS stock'' under Rule 600 of
Regulation NMS, and that (1) represent interests in registered
investment companies (or series thereof) organized as open-end
management investment companies, unit investment trusts or similar
entities, and that hold portfolios of securities comprising or
otherwise based on or representing investments in indexes or
portfolios of securities (or that hold securities in one or more
other registered investment companies that themselves hold such
portfolios of securities) (``Funds '') and/or financial instruments
including, but not limited to, stock index futures contracts,
options on futures, options on securities and indexes, equity caps,
collars and floors, swap agreements, forward contracts, repurchase
agreements and reverse repurchase agreements (the ``Financial
Instruments''), and money market instruments, including, but not
limited to, U.S. government securities and repurchase agreements
(the ``Money Market Instruments'') constituting or otherwise based
on or representing an investment in an index or portfolio of
securities and/or Financial Instruments and Money Market
Instruments, or (2) represent commodity pool interests principally
engaged, directly or indirectly, in holding and/or managing
portfolios or baskets of securities, commodity futures contracts,
options on commodity futures contracts, swaps, forward contracts
and/or options on physical commodities and/or non-U.S. currency
(``Commodity Pool ETFs'') or (3) represent interests in a trust or
similar entity that holds a specified non- U.S. currency or
currencies deposited with the trust or similar entity when
aggregated in some specified minimum number may be surrendered to
the trust by the beneficial owner to receive the specified non-U.S.
currency or currencies and pays the beneficial owner interest and
other distributions on the deposited non-U.S. currency or
currencies, if any, declared and paid by the trust (``Currency Trust
Shares''), or (4) represent interests in the SPDR Gold Trust or are
issued by the iShares COMEX Gold Trust or iShares Silver Trust, or
the Fidelity Wise Origin Bitcoin Fund, the ARK 21Shares Bitcoin ETF,
the iShares Bitcoin Trust, the Grayscale Bitcoin Trust, the
Grayscale Bitcoin Mini Trust, or the Bitwise Bitcoin ETF.
\4\ See Securities Exchange Act Release No. 102465 (February 20,
2025) (SR-ISE-2025-08); SR-NYSEArca-2025-16 (February 24, 2025); and
SR-NYSEAmerican-2025-07 (February 24, 2025).
---------------------------------------------------------------------------
A Commodity-Based Trust is defined in Cboe BZX Exchange, Inc.
14.11(e)(4), NYSE Arca, Inc. Rule 8.201(c)(1), and The Nasdaq Stock
Market LLC Rule 5711(d)(iv) as a security (a) that is issued by a trust
(``Trust'') that holds (1) a specified commodity deposited with the
Trust, or (2) a specified commodity and, in addition to such specified
commodity, cash; (b) that is issued by such Trust in a specified
aggregate minimum number in return for a deposit of a quantity of the
underlying commodity and/or cash; and (c) that, when aggregated in the
same specified minimum number, may be redeemed at a holder's request by
such Trust which will deliver to the redeeming holder the quantity of
the underlying commodity and/or cash. The Exchange proposes to amend
Rule 19.3(i) to provide that securities deemed appropriate for options
trading include Fund Shares that represent interests in a security (A)
issued by a trust that holds (i) a specified commodity deposited with
the trust, or (ii) a specified commodity and, in addition to such
specified commodity, cash; (B) that is issued by such trust in a
specified aggregate minimum number in return for a deposit of a
quantity of the underlying commodity and/or cash; and (C) that, when
aggregated in the same specified minimum number, may be redeemed at a
holder's request by such trust which will deliver to the redeeming
holder the quantity of the underlying commodity and/or cash
(``Commodity-Based Trust Share''). The proposed rule change removes
from that rule provision references to the SPDR Gold Trust, the iShares
COMEX Gold Trust, the iShares Silver Trust, the Aberdeen Standard
Physical Silver Trust, the Aberdeen Standard Physical Gold Trust, the
Aberdeen Standard Physical Palladium Trust, the Aberdeen Standard
Physical Platinum Trust, the Sprott Physical Gold Trust, the Goldman
Sachs Physical Gold ETF, the Fidelity Wise Origin Bitcoin Fund, the ARK
21Shares Bitcoin ETF, the iShares Bitcoin Trust, the Grayscale Bitcoin
Trust, the Grayscale Bitcoin Mini Trust, or the Bitwise Bitcoin ETF,
which are all Commodity-Based Trust Shares, thus making references to
those trusts no longer necessary. As a result of this proposed rule
change, the Exchange's listing criteria would allow any ETF approved to
list on a primary equities market as a Commodity-Based Trust Share to
qualify as an underlying for options traded on the Exchange, provided
other listing criteria have been met.\5\
---------------------------------------------------------------------------
\5\ The Exchange believes this proposal is consistent with the
Options Clearing Corporation (``OCC'') recent amendment of ``Fund
Share'' (which covers ETFs), as defined in OCC's By-Laws (including
the Interpretation and Policy), to remove references to specific
precious metal commodity-based ETFs as ``no longer relevant or
necessary.'' See Securities Exchange Act Release No. 102018
(December 20, 2024), 89 FR 106660 (December 30, 2024) (SR-OCC-2024-
018). The impetus for this rule change was the staff advisory issued
by the Commodity Futures Trading Commission (``CFTC'') that deemed
it ```substantially likely' that spot commodity ETF shares would be
held to be securities'' which, in turn, resulted in the OCC's
determination that ``it no longer needs to seek product-by-product
exemptive relief from the CFTC to clear spot commodity-based ETF
products, including precious metals commodity-based ETFs.'' See id.
at 106661; see also CFTC Staff Advisory Relating to the Clearing of
Options on Spot Commodity Exchange Traded Funds (ETFs), Letter No.
24-16 (Nov. 15, 2024), available at https://www.cftc.gov/csl/24-16/download.
---------------------------------------------------------------------------
The Exchange's initial listing standards for Fund Shares on which
options may be listed and traded on the Exchange will apply to
Commodity-Based Trust Shares. Pursuant to Rule 19.3(a), a security
(which includes a Fund Share) on which options may be listed and traded
on the Exchange must be duly registered (with the Commission) and be an
NMS stock (as defined in Rule 600 of Regulation NMS under the
Securities Exchange Act of 1934, as amended (the ``Act'')), and be
characterized by a substantial number of outstanding shares that are
widely held and actively traded. Additionally, Rule 19.3(i) requires
that Fund Shares must either (1) meet the criteria and standards set
forth in Rule 19.3(a) and (b) \6\ or (2) be available for creation or
redemption each business day in cash or in kind from the investment
company, commodity pool or other entity at a price related to net asset
value, and the investment company, commodity pool or other entity is
obligated to provide that Fund Shares may be created even if some or
all of the securities and/or cash required to be deposited have not
been received by the Fund, the unit investment trust or the management
investment company, provided the authorized creation participant has
undertaken to deliver the securities and/or cash as soon as possible
and such undertaking is secured by the delivery and maintenance of
collateral consisting of cash or cash equivalents satisfactory to the
Fund, all as described in the Fund's or unit trust's prospectus.
---------------------------------------------------------------------------
\6\ Rule 19.3(b) provides for guidelines to be followed by the
Exchange when evaluating potential underlying securities for
Exchange option transactions.
---------------------------------------------------------------------------
Additionally, Commodity-Based Trust Shares will also be subject to
the Exchange's set forth in Rule 19.4(g) for Fund Shares deemed
appropriate for options trading pursuant to Rule 19.3(i). Rule 19.4(g)
provides that Fund Shares approved for options trading pursuant
[[Page 12840]]
to Rule 19.3 will not be deemed to meet the requirements for continued
approval, and the Exchange shall not open for trading any additional
series of option contracts of the class covering such Fund Shares if
the security is delisted from trading as provided in Rule 19.4(b)(4)
(i.e., the underlying security ceases to be an ``NMS stock'' as defined
in Rule 600 of Regulation NMS under the Act). In addition, the Exchange
shall consider suspension of opening transactions in any series of
options of the class covering Fund Shares in any of the following
circumstances: in the case of options covering Fund Shares approved
pursuant to Rule 19.3(i)(4)(A), in accordance with Rule 19.4(b)(1),
(2), and (3); (2) in the case of options covering Fund Shares approved
pursuant to Rule 19.3(i)(4)(B), following the initial 12-month period
beginning upon the commencement of trading in the Fund Shares on a
national securities exchange and are defined as NMS stock under Rule
600 of Regulation NMS, there were fewer than 50 record and/or
beneficial holders of such Fund Shares for 30 consecutive days; (3) the
value of the index, non-U.S. currency, portfolio of commodities
including commodity futures contracts, options on commodity futures
contracts, swaps, forward contracts and/or options on physical
commodities and/or Financial Instruments or Money Market Instruments,
or portfolio of securities on which the Fund Shares are based is no
longer calculated or available; or (4) such other event occurs or
condition exists that in the opinion of the Exchange makes further
dealing in such options on the Exchange inadvisable. The Exchange notes
that Fund Shares that hold financial instruments, money market
instruments, precious metal commodities, or cryptocurrencies that are
deemed commodities on which the Exchange may already list and trade
options pursuant to Rule 19.3(i) are trusts structured in substantially
the same manner as options on a Commodity-Based Trust Share and
essentially offer the same objectives and benefits to investors, just
with respect to different assets. The Exchange notes that it has not
identified any issues with the continued listing and trading of any
Fund Share options, including Fund Shares that hold commodities (e.g.,
precious metals, cryptocurrencies) that it currently lists and trades
on the Exchange.
Options on a Commodity-Based Fund Share will be physically settled
contracts with American-style exercise.\7\ Consistent with current Rule
19.6, which governs the opening of options series on a specific
underlying security (including ETFs), the Exchange will open at least
one expiration month and one series of options on a Commodity-Based
Fund Share \8\ at the commencement of trading on the Exchange and may
also list series of options on a Commodity-Based Fund Share for trading
on a weekly,\9\ monthly,\10\ or quarterly basis.\11\ The Exchange may
also list long-term options series that expire from 12 to 39 months
from the time they are listed.\12\
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\7\ See Rule 19.2, which provides that the rights and
obligations of holders and writers are set forth in the Rules of the
Options Clearing Corporation (``OCC''); and Equity Options Product
Specifications January 3, 2024), available at Equity Options
Specifications (cboe.com); see also OCC Rules, Chapters VIII (which
governs exercise and assignment) and Chapter IX (which governs the
discharge of delivery and payment obligations arising out of the
exercise of physically settled stock option contracts).
\8\ See Rule 19.6(b) and (e). The monthly expirations are
subject to certain listing criteria for underlying securities
described within Rule 19.3. Monthly listings expire the third Friday
of the month. The term ``expiration date'' (unless separately
defined elsewhere in the OCC By-Laws), when used in respect of an
option contract (subject to certain exceptions), means the third
Friday of the expiration month of such option contract, or if such
Friday is a day on which the exchange on which such option is listed
is not open for business, the preceding day on which such exchange
is open for business. See OCC By-Laws Article I, Section 1. Pursuant
to Rule 19.6(c), additional series of options of the same class may
be opened for trading on the Exchange when the Exchange deems it
necessary to maintain an orderly market, to meet customer demand or
when the market price of the underlying stock moves more than five
strike prices from the initial exercise price or prices. New series
of options on an individual stock may be added until the beginning
of the month in which the options contract will expire. Due to
unusual market conditions, the Exchange, in its discretion, may add
a new series of options on an individual stock until the close of
trading on the business day prior to expiration.
\9\ See Rule 19.6, Interpretation and Policy .05.
\10\ See Rule 19.6, Interpretation and Policy .08.
\11\ See Rule 19.6, Interpretation and Policy .04.
\12\ See Rule 19.8.
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Pursuant to Rule 19.6, Interpretation and Policy .01, which governs
strike prices of series of options on Fund Shares, the interval of
strike prices for series of options on Commodity-Based Fund Shares may
be $1 or greater where the strike price is $200 or less or $5 or
greater where the strike price is over $200.\13\ Additionally, the
Exchange may list series of options pursuant to the $1 Strike Price
Interval Program,\14\ the $0.50 Strike Program,\15\ the $2.50 Strike
Price Program,\16\ and the $5 Strike Program.\17\ Pursuant to Rule
21.5, where the price of a series of a Commodity-Based Fund Share
option is less than $3.00, the minimum increment will be $0.05, and
where the price is $3.00 or higher, the minimum increment will be
$0.10.\18\ Any and all new series of Commodity-Based Fund Share options
that the Exchange lists will be consistent and comply with the
expirations, strike prices, and minimum increments set forth in Rules
19.6 and 21.5, as applicable.
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\13\ The Exchange notes that for options listed pursuant to the
Short Term Option Series Program, Rule 19.6, Interpretation and
Policy .05 sets forth intervals between strike prices for Short Term
Option Series.
\14\ See Rule 19.6, Interpretations and Policies .01 and .02.
\15\ See Rule 19.6, Interpretation and Policy .06.
\16\ See Rule 19.6, Interpretation and Policy .03.
\17\ See Rule 19.6(d)(5).
\18\ If options on a Commodity-Based Fund Share are eligible to
participate in the Penny Interval Program, the minimum increment
will be $0.01 for series with a price below $3.00 and $0.05 for
series with a price at or above $3.00. See 21.5(d) (which describes
the requirements for the Penny Interval Program).
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Options on a Commodity-Based Trust Share will trade in the same
manner as options on other ETFs on the Exchange. The Exchange Rules
that currently apply to the listing and trading of all Fund Share
options on the Exchange, including, for example, Rules that govern
listing criteria, expirations, exercise prices, minimum increments,
position and exercise limits, margin requirements, customer accounts,
and trading halt procedures will apply to the listing and trading of
options on Commodity-Based Trust Shares on the Exchange in the same
manner as they apply to other options on all other Fund Shares that are
listed and traded on the Exchange.
Position and exercise limits for options, including options on a
Commodity-Based Trust Share, are determined pursuant to Rules 18.7 and
18.9, respectively, which refer to position and exercise limits fixed
by Cboe Exchange, Inc. (``Cboe Options'').\19\ Pursuant to Cboe Options
Rule 8.30 and 8.42, position and exercise limits for options on ETFs
vary according to the number of outstanding shares and the trading
volumes of the underlying security over the past six months, where the
largest in capitalization and the most frequently traded funds have an
option position and exercise limit of 250,000 contracts (with
adjustments for splits, re-capitalizations, etc.) on the same side of
the market; and smaller capitalization funds have position and exercise
limits of 200,000, 75,000, 50,000 or 25,000 contracts (with adjustments
for splits, re-capitalizations,
[[Page 12841]]
etc.) on the same side of the market.\20\ Further, the Exchange notes
that Rule 28.3, which governs margin requirements applicable to the
trading of all options on the Exchange, including options on ETFs, will
also apply to the trading of options on a Commodity-Based Trust Share
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\19\ Cboe Options submitted a separate substantively identical
proposal to list options on Commodity-Based Trust Shares.
\20\ See Cboe Options Rule 8.30, Interpretation and Policy .02.
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The Exchange represents it has an adequate surveillance program in
place for options and intends to apply those same program procedures to
options on Commodity-Based Fund Shares that it applies to the
Exchange's other options products.\21\ The Exchange believes that
existing surveillance procedures are designed to deter and detect
possible manipulative behavior which might potentially arise from
listing and trading the proposed options on Commodity-Based Trust
Shares. Additionally, the Exchange is a member of the Intermarket
Surveillance Group (``ISG'') under the Intermarket Surveillance Group
Agreement. ISG members work together to coordinate surveillance and
investigative information sharing in the stock, options, and futures
markets. In addition, the Exchange has a Regulatory Services Agreement
with the Financial Industry Regulatory Authority (``FINRA'') for
certain market surveillance, investigation and examinations functions.
Pursuant to a multi-party 17d-2 joint plan, all options exchanges
allocate amongst themselves and FINRA responsibilities to conduct
certain options-related market surveillance that are common to rules of
all options exchanges.\22\ Further, the Exchange will implement any new
surveillance procedures it deems necessary to effectively monitor the
trading of options on Commodity-Based Fund Shares.
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\21\ The surveillance program includes surveillance patterns for
price and volume movements as well as patterns for potential
manipulation (e.g., spoofing and marking the close).
\22\ Section 19(g)(1) of the Act, among other things, requires
every self-regulatory organization (``SRO'') registered as a
national securities exchange or national securities association to
comply with the Act, the rules and regulations thereunder, and the
SRO's own rules, and, absent reasonable justification or excuse,
enforce compliance by its members and persons associated with its
members. See 15 U.S.C. 78q(d)(1) and 17 CFR 240.17d-2. Section
17(d)(1) of the Act allows the Commission to relieve an SRO of
certain responsibilities with respect to members of the SRO who are
also members of another SRO (``common members''). Specifically,
Section 17(d)(1) allows the Commission to relieve an SRO of its
responsibilities to: (i) receive regulatory reports from such
members; (ii) examine such members for compliance with the Act and
the rules and regulations thereunder, and the rules of the SRO; or
(iii) carry out other specified regulatory responsibilities with
respect to such members.
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The Exchange has also analyzed its capacity and represents that it
believes the Exchange and the Options Price Reporting Authority
(``OPRA'') have the necessary systems capacity to handle the additional
traffic associated with the listing of new series of ETFs, including on
Commodity-Based Trust Shares, up to the number of expirations currently
permissible under the Rules. The Exchange believes any additional
traffic generated from the trading of options on Commodity-Based Trust
Shares would be manageable. The Exchange represents that Exchange
members will not have a capacity issue as a result of this proposed
rule change.
Further, quotation and last sale information for Commodity-Based
Trust Shares is available via the Consolidated Tape Association
(``CTA'') high speed line. Quotation and last sale information for such
securities is also available from the exchange on which such securities
are listed. Quotation and last sale information for options on
Commodity-Based Fund Shares will be available via OPRA \23\ and major
market data vendors.
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\23\ Last sale reports and quotations are the core of the
information that OPRA disseminates. OPRA also disseminates certain
other types of information with respect to the trading of options on
the markets of the OPRA participants, such as the number of options
contracts traded, open interest and end of day summaries. OPRA also
disseminates certain kinds of administrative messages.
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The Exchange notes that the Commission has previously approved
generic listing standards pursuant to Rule 19b-4(e) of the Act \24\ for
ETFs based on indexes that consist of stocks listed on U.S.
exchanges.\25\ In addition, the Commission has previously approved
proposals for the listing and trading of options on ETFs based on
international indexes as well as global indexes (e.g., based on non-
U.S. and U.S. component stocks).\26\
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\24\ 17 CFR 240.19b-4(e).
\25\ See Securities Exchange Act Release No. 54739 (November 9,
2006), 71 FR 66993 (November 17, 2006) (SR-AMEX-2006-78) (approval
order relating to generic listing standards for ETFs based on
international or global indexes).
\26\ See, e.g., Securities Exchange Act Release Nos. 56778
(November 9, 2007), 72 FR 65113 (November 19, 2007) (SR-AMEX-2007-
100) (approval order to list and trade options on iShares MSCI
Mexico Index Fund); and 55648 (April 19, 2007), 72 FR 20902 (April
26, 2007) (SR-AMEX-2007-09) (approval order to list and trade
options on Vanguard Emerging Markets ETF); see also Securities
Exchange Act Release Nos. 50189 (August 12, 2004), 69 FR 51723
(August 20, 2004) (SR-AMEX-2001-05) (approving the listing and
trading of certain Vanguard International Equity Index Funds); and
44700 (August 14, 2001), 66 FR 43927 (August 21, 2001) (SR-2001-34)
(approving the listing and trading of series of the iShares Trust
based on foreign stock indexes).
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In approving Commodity-Based Trust Shares for equities exchange
trading, the Commission thoroughly considered the structure of the
Commodity-Based Trust Shares, their usefulness to investors and to the
markets, and self-regulatory organization rules that govern their
trading. The Exchange believes that allowing the listing of options
overlying Commodity-Based Trust Shares that are listed pursuant to
Commission approval on equities exchanges and applying Rule 19b-4(e)
\27\ should fulfill the intended objective of that rule by allowing
options on those Commodity-Based Trust Shares that have satisfied the
generic listing standards to commence trading, without the need for the
public comment period and Commission approval. The proposed rule change
has the potential to significantly reduce the time and costs associated
with bringing options on Commodity-Based Trust Shares to market,
thereby reducing the burden on issuers and other market participants,
while also promoting competition among options exchanges, to the
benefit of the investing public. The failure of a particular Commodity-
Based Trust Share to comply with the generic listing standards under
Rule 19b-4(e) \28\ would not, however, preclude the Exchange from
submitting a separate filing pursuant to Section 19(b)(2) \29\
requesting Commission approval to list and trade options on a
particular Commodity-Based Trust Share.
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\27\ 17 CFR 240.19b-4(e).
\28\ Id.
\29\ 15 U.S.C. 78s(b)(2).
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\30\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \31\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with
[[Page 12842]]
the Section 6(b)(5) \32\ requirement that the rules of an exchange not
be designed to permit unfair discrimination between customers, issuers,
brokers, or dealers.
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\30\ 15 U.S.C. 78f(b).
\31\ 15 U.S.C. 78f(b)(5).
\32\ Id.
---------------------------------------------------------------------------
In particular, the Exchange believes the proposal will remove
impediments to and perfect the mechanism of a free and open market and
a national market system because it would allow the Exchange to
immediately list and trade options on Commodity-Based Trust Shares,
provided the initial listing criteria has been met, without requiring
additional approvals from the Commission.\33\ Commodity-Based Trust
Shares are securities approved for trading by the Commission. The
Exchange believes that allowing options on qualifying Commodity-Based
Trust Shares soon after the listing of such underlying security in the
primary market will benefit investors and the public interest as it
will afford market participants the opportunity to hedge their
positions in the underlying ETF in a timely manner. Given the potential
to reduce the time to market for options on Commodity-Based Trust
Shares, the proposed rule change will also reduce the burdens on
issuers and other market participants, while also promoting competition
among options exchanges to the benefit of the investing public. This
proposal will enable the listing of options on Commodity-Based Trust
Shares in the same manner as other securities listed and traded on the
Exchange. The Exchange notes that most ETFs are eligible for options
trading without the need for additional approvals, provided the ETFs
meet the initial listing criteria. Accordingly, the proposed rule
change would align the treatment of Commodity-Based Trust Shares with
other ETFs for purposes of options trading, which would add internal
consistency to Exchange rules.
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\33\ As noted herein, the Exchange believes this proposal is
consistent with the OCC's determination that, based on a staff
advisory from the CFTC, the ``it no longer needs to seek product-by-
product exemptive relief from the CFTC to clear spot commodity-based
ETF products.'' See supra note 5.
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The Exchange believes that the proposed rule change will facilitate
the listing and trading of options on additional ETFs that will enhance
competition among market participants, to the benefit of investors and
the marketplace. Like options on any other securities, options on
Commodity-Based Trust Shares will provide investors with the ability to
hedge exposure to the underlying security. The Exchange believes that
offering options on Commodity-Based Trust Shares will benefit investors
by providing them with a relatively lower-cost risk management tool,
which will allow them to manage their positions and associated risk in
their portfolios more easily in connection with exposure to the price
of a commodity. Additionally, the Exchange's offering of options on
Commodity-Based Trust Shares will provide investors with the ability to
transact in such options in a listed market environment as opposed to
in the unregulated over-the-counter market, which would increase market
transparency and enhance the process of price discovery conducted on
the Exchange through increased order flow to the benefit of all
investors.
As noted herein, the Exchange already lists options on other
commodity-based ETFs,\34\ which are trusts structured in substantially
the same manner as Commodity-Based Trust Shares. The Exchange has not
identified any issues with the continued listing and trading of options
on Commodity-Based Trust Shares. The Exchange also believes the
proposed rule change will remove impediments to and perfect the
mechanism of a free and open market and a national market system,
because it is consistent with current Exchange Rules previously filed
with the Commission. Options on Commodity-Based Trust Shares must
satisfy the initial listing standards and continued listing standards
currently in the Exchange Rules applicable to options on all ETFs,
including ETFs that hold other commodities already deemed appropriate
for options trading on the Exchange.\35\ Options on Commodity-Based
Trust Shares will trade in the same manner as any other ETF options--
the same Exchange Rules that currently govern the listing and trading
of options, including permissible expirations, strike prices minimum
increments, position and exercise limits, and margin requirements, will
govern the listing and trading of options on Commodity-Based Trust
Shares in the same manner.
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\34\ See Rule 19.3(i).
\35\ See id.
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The Exchange believes the proposed rule change will result in
increased competition as other exchanges will likely adopt an identical
rule to the one proposed by the Exchange that would allow the listing
and trading of options on Commodity-Based Trust Shares that are
approved for trading on those other markets.\36\ Multiple listing of
ETFs, options and other securities and competition are some of the
central features of the national market system. The Exchange believes
that the proposal would encourage a more open market and national
market system based on competition and multiple listing. The Exchange
represents that it has the necessary systems capacity to support the
listing and trading of options on Commodity-Based Trust Shares as the
Exchange lists these products today, except that it requires additional
approvals prior to listing. The Exchange believes that its existing
surveillance and reporting safeguards are designed to deter and detect
possible manipulative behavior which might arise from listing and
trading of options on Commodity-Based Trust Shares.
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\36\ See supra note 4.
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. To the contrary, the
Exchange believes that the proposal is pro-competitive and is a
competitive response to the Exchange's inability to list options on
Commodity-Based Trust Shares without submitting a separate proposed
rule change. The Exchange believes the proposed rule change will result
in additional investment options and opportunities to achieve the
investment objectives of market participants seeking efficient trading
and hedging vehicles, to the benefit of investors, market participants,
and the marketplace in general. Competition is one of the principal
features of the national market system. The Exchange believes that this
proposal will expand competitive opportunities to list and trade
products on the Exchange as noted.
The Exchange does not believe the proposal will impose any burden
on intramarket competition that is not necessary or appropriate in
furtherance of the purposes of the Act because Commodity-Based Trust
Shares, like any other ETF, would have to satisfy the Exchange's
initial listing standards to be eligible for options trading.
Additionally, the proposed rule change would apply to all market
participants in the same manner as options on Commodity-Based Trust
Shares will be equally available to all market participants who wish to
trade such options.
The Exchange does not believe the proposal will impose any burden
on inter-market competition that is not necessary or appropriate in
furtherance of the purposes of the Act, as nothing prevents the other
options exchanges from proposing similar rules to list and trade
options on Commodity-Based Trust Shares. As noted herein, other options
exchanges have submitted
[[Page 12843]]
proposed rule changes to adopt identical rules to permit the listing
and trading of options on Commodity-Based Trust Shares without
submitting a separate proposed rule change.\37\ Furthermore, the
Exchange notes that listing and trading options on a Commodity-Based
Trust Share on the Exchange will subject such options to transparent
exchange-based rules as well as price discovery and liquidity, as
opposed to alternatively trading such options in the OTC market. The
Exchange believes that the proposed rule change may relieve any burden
on, or otherwise promote, competition as it is designed to increase
competition for order flow on the Exchange in a manner that is
beneficial to investors by providing them with a lower-cost option to
hedge their investment portfolios in a timely manner.
---------------------------------------------------------------------------
\37\ See id.
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C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received written comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission will:
A. by order approve or disapprove such proposed rule change, or
B. institute proceedings to determine whether the proposed rule
change should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
file number SR-CboeEDGX-2025-018 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-CboeEDGX-2025-018. 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 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-CboeEDGX-2025-018 and should
be submitted on or before April 9, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\38\
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\38\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-04504 Filed 3-18-25; 8:45 am]
BILLING CODE 8011-01-P
