[Federal Register Volume 81, Number 166 (Friday, August 26, 2016)]
[Notices]
[Pages 59002-59004]
[FR Doc No: 2016-20454]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78627; File No. SR-NYSEArca-2016-67]

Self-Regulatory Organizations; NYSE Arca, Inc.; Order Instituting
Proceedings To Determine Whether To Approve or Disapprove a Proposed
Rule Change, as Modified by Amendment No. 3, To List and Trade Shares
of the Natixis Seeyond International Minimum Volatility ETF Under NYSE
Arca Equities Rule 8.600

August 22, 2016.
    On May 5, 2016, NYSE Arca, Inc. (``Exchange'' or ``NYSE Arca'')
filed with the Securities and Exchange Commission (``Commission''),
pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to
list and trade shares (``Shares'') of the Natixis Seeyond International
Minimum Volatility ETF (``Fund'') under NYSE Arca Equities Rule 8.600.
The proposed rule change was published for comment in the Federal
Register on May 25, 2016.\3\ On June 13, 2016, the Exchange filed
Amendment No. 1 to the proposed rule change, which replaced and
superseded the proposed rule change as originally filed.\4\ On June 22,
2016, the Exchange filed Amendment No. 2 to the proposed rule
change.\5\ On July 1, 2016, the Exchange filed Amendment No. 3 to the
proposed rule change, which replaced and superseded the proposed rule
change as modified by Amendments No. 1 and No. 2.\6\ The Commission has
received no comments on the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 77861 (May 19,
2016), 81 FR 33291.
    \4\ In Amendment No. 1, the Exchange: (1) Narrows the universe
of investments that may be held by the Fund; (2) discusses the types
of corporate bonds of foreign issuers that the Fund would ordinarily
hold; (3) clarifies potentially ambiguous language in the filing.
    \5\ In Amendment No. 2, the Exchange proposes standards for the
corporate bonds of foreign issuers that may be held by the Fund and
clarifies how spot foreign currency transactions would be priced for
purposes of calculating the net asset value (``NAV'') of the Fund.
    \6\ In Amendment No. 3, the Exchange revises the standards for
the Fund's investment in non-U.S. equity securities. Amendments No.
1, No. 2, and No. 3 are available at: http://www.sec.gov/comments/sr-nysearca-2016-67/nysearca201667.shtml.
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    On June 30, 2016, pursuant to section 19(b)(2) of the Act,\7\ the
Commission designated a longer period within which to approve the
proposed rule change, disapprove the proposed rule change, or institute
proceedings to determine whether to disapprove the proposed rule
change.\8\ The Commission has not received any comments on the
proposal, as modified by Amendment No. 3.
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    \7\ 15 U.S.C. 78s(b)(2).
    \8\ See Securities Exchange Act Release No. 78204, 81 FR 44393
(July 7, 2016). The Commission designated a longer period within
which to take action on the proposed rule change and designated
August 23, 2016, as the date by which it should approve, disapprove,
or institute proceedings to determine whether to disapprove the
proposed rule change.
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    This order institutes proceedings under section 19(b)(2)(B) of the
Act \9\ to determine whether to approve or disapprove the proposed rule
change, as modified by Amendment No. 3.
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    \9\ 15 U.S.C. 78s(b)(2)(B).
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I. The Exchange's Description of Proposal \10\
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    \10\ The Commission notes that additional information regarding
Natixis ETF Trust (``Trust''), the Fund, its investments, and the
Shares, including investment strategies, risks, creation and
redemption procedures, fees, portfolio holdings disclosure policies,
calculation of NAV, distributions, and taxes, among other things,
can be found in Amendment No. 3, supra note 6, and the initial
registration statement filed with the Commission on March 14, 2016
on Form N-1A under the Securities Act of 1933 (15 U.S.C. 77a) and
under the Investment Company Act of 1940 (15 U.S.C. 80a-1) relating
to the Fund (File Nos. 333-210156 and 811-23146) (File Nos. 333-
210156 and 811-23146) (``Registration Statement''), as applicable.
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    The Exchange proposes to list and trade the Shares under NYSE Arca
Equities Rule 8.600, which governs the listing and trading of Managed
Fund Shares. The Shares will be offered by the Trust, which is
registered with the Commission as an open-end management investment
company. NGAM Advisors, L.P. will serve as the investment adviser and
administrator to the Fund (``Adviser''). Natixis Asset Management U.S.,
LLC will serve as the Fund's sub-adviser (``Sub-Adviser''). State
Street Bank and Trust Company will serve as custodian and transfer
agent for the Fund.

Principal Investments

    The Exchange states that, under normal circumstances,\11\ the Fund
will invest primarily in non-U.S. equity securities, which are common
stocks and ``Depositary Receipts.'' \12\ The Fund

may invest in companies of any size and typically will invest in a
number of different countries throughout the world. The Fund's
investments may include non-U.S. equity securities traded over-the-
counter (``OTC'') as well as those traded on a U.S. or foreign
securities exchange.\13\
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    \11\ The term ``under normal circumstances'' includes, but is
not limited to, the absence of extreme volatility or trading halts
in the securities markets or the financial markets generally;
circumstances under which the Fund's investments are made for
temporary defensive purposes; operational issues (e.g., systems
failures) causing dissemination of inaccurate market information; or
force majeure type events such as natural or man-made disaster, act
of God, armed conflict, act of terrorism, riot or labor disruption,
or any similar intervening circumstance.
    \12\ Investments in common stock of foreign corporations may be
in the form of American Depositary Receipts (``ADRs'') and Global
Depositary Receipts (collectively ``Depositary Receipts''). Not more
than 10% of the Fund's assets will be invested in non-exchange-
listed ADRs.
    \13\ Non-U.S. equity securities in the Fund's portfolio will
meet the following criteria on a continual basis: (1) Non-U.S.
equity securities each shall have a minimum market value of at least
$100 million; (2) non-U.S. equity securities each shall have a
minimum global monthly trading volume of 250,000 shares, or minimum
global notional volume traded per month of $25,000,000, averaged
over the last six months; (3) the most heavily weighted non-U.S.
equity security shall not exceed 25% of the weight of the Fund's
entire portfolio, and, to the extent applicable, the five most
heavily weighted non-U.S. equity securities shall not exceed 60% of
the weight of the Fund's entire portfolio; and (4) each non-U.S.
equity security shall be listed and traded on an exchange that has
last-sale reporting. See Amendment No. 3, supra note 6, at 6, n.8.
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Other Investments

    The Exchange states that, while the Fund, under normal
circumstances, will invest primarily (more than 50% of its assets) in
non-U.S. equity securities, as described above, the Fund will invest
its remaining assets in the securities and financial instruments
described below (``Non-Principal Investments'').
    The Fund may invest in: certificates of deposit; time deposits,
which are non-negotiable deposits maintained in a bank for a specified
period of time up to seven days at a stated interest rate; and bankers'
acceptances, which are credit instruments evidencing the obligation of
a bank to pay a draft drawn on it by a customer.
    The Fund also may purchase U.S. dollar-denominated obligations
issued by foreign branches of domestic banks or foreign branches of
foreign banks (``Eurodollar'' obligations) and domestic branches of
foreign banks (``Yankee dollar'' obligations).
    The Fund may invest in the following U.S. government securities:
U.S. Treasury Bills; U.S. Treasury Notes and Bonds; U.S. Treasury
Floating Rate Notes; and Treasury Inflation-Protected Securities.
    The Fund may invest in other investment companies, including
exchange-traded funds. The Fund may invest in U.S. or foreign exchange-
traded real estate investment trusts (``REITs'').
    The Fund may invest in preferred stock traded on a U.S. or foreign
exchange or OTC.
    The Fund may invest in the following foreign debt securities, all
or a portion of which may be non-U.S. dollar-denominated: (1) Debt
obligations issued or guaranteed by non-U.S. national, provincial,
state, municipal or other governments or by their agencies or
instrumentalities, including ``Brady Bonds''; (ii) debt obligations of
supranational entities; (iii) debt obligations of the U.S. government
issued in non-dollar securities; (iv) debt obligations and other fixed-
income securities of foreign corporate issuers; \14\ and (v) non-U.S.
dollar-denominated securities of U.S. corporate issuers.
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    \14\ Under normal circumstances, the Fund will invest in
corporate bond issuances that have at least $100,000,000 par amount
outstanding in developed countries and at least $200,000,000 par
amount outstanding in emerging market countries. See Amendment No.
3, supra note 6, at 11.
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    The Fund may engage in foreign currency transactions for both
hedging and investment purposes. To protect against a change in the
foreign currency exchange rate between the date on which the Fund
contracts to purchase or sell a security and the settlement date for
the purchase or sale, to gain exposure to one or more foreign
currencies or to ``lock in'' the equivalent of a dividend or interest
payment in another currency, the Fund might purchase or sell a foreign
currency on a spot (i.e., cash) basis at the prevailing spot rate.
    The Fund may enter into repurchase agreements.
    The Fund may invest in money market instruments. Money market
instruments are high-quality, short-term securities.
    The Fund may invest in U.S. equity securities (other than
Depositary Receipts) that are traded on a U.S. exchange or OTC.

II. Proceedings To Determine Whether To Approve or Disapprove SR-
NYSEArca-2016-67 and Grounds for Disapproval Under Consideration

    The Commission is instituting proceedings pursuant to section
19(b)(2)(B) of the Act \15\ to determine whether the proposed rule
change, as modified by Amendment No. 3, should be approved or
disapproved. Institution of such proceedings is appropriate at this
time in view of the legal and policy issues raised by the proposed rule
change, as modified by Amendment No. 3. Institution of proceedings does
not indicate that the Commission has reached any conclusions with
respect to any of the issues involved. Rather, as described below, the
Commission seeks and encourages interested persons to provide comments
on the proposed rule change, as modified by Amendment No. 3.
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    \15\ 15 U.S.C. 78s(b)(2)(B).
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    Pursuant to section 19(b)(2)(B) of the Act,\16\ the Commission is
providing notice of the grounds for disapproval under consideration.
The Commission is instituting proceedings to allow for additional
analysis of the proposed rule change's consistency with section 6(b)(5)
of the Act, which requires, among other things, that the rules of a
national securities exchange be ``designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade,'' and ``to protect investors and the public
interest.'' \17\
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    \16\ Id.
    \17\ 15 U.S.C. 78f(b)(5).
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III. Procedure: Request for Written Comments

    The Commission requests that interested persons provide written
submissions of their views, data, and arguments with respect to the
issues identified above, as well as any other concerns they may have
with the proposal. In particular, the Commission invites the written
views of interested persons concerning whether the proposal is
consistent with section 6(b)(5) or any other provision of the Act, or
the rules and regulations thereunder. Although there do not appear to
be any issues relevant to approval or disapproval that would be
facilitated by an oral presentation of views, data, and arguments, the
Commission will consider, pursuant to Rule 19b-4, any request for an
opportunity to make an oral presentation.\18\
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    \18\ Section 19(b)(2) of the Act, as amended by the Securities
Act Amendments of 1975, Pub. L. 94-29 (June 4, 1975), grants the
Commission flexibility to determine what type of proceeding--either
oral or notice and opportunity for written comments--is appropriate
for consideration of a particular proposal by a self-regulatory
organization. See Securities Act Amendments of 1975, Senate Comm. on
Banking, Housing & Urban Affairs, S. Rep. No. 75, 94th Cong., 1st
Sess. 30 (1975).
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    Interested persons are invited to submit written data, views, and
arguments regarding whether the proposal should be approved or
disapproved by September 16, 2016. Any person who wishes to file a
rebuttal to any other person's submission must file that rebuttal by
September 30, 2016.
    The Commission asks that commenters address the sufficiency of the
Exchange's statements in support of the proposal, which are set forth
in the Notice,\19\ in addition to any other comments they may wish to
submit about the proposed rule change, as modified by Amendment No. 3.
In

particular, the Commission seeks comment on the following:
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    \19\ See Notice, supra note 3.
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    1. In general, do commenters believe that the proposal is
consistent with the requirements of section 6(b)(5) of the Act, which
requires that the rules of a national securities exchange be designed,
among other things, to promote just and equitable principles of trade,
to remove impediments to and perfect the mechanism of a free and open
market and a national market system, and, in general, to protect
investors and the public interest?
    2. What are commenters' views regarding the lack of quantitative
requirements proposed with respect to certain Non-Principal Investments
(e.g., U.S. equity securities other than Depositary Receipts, preferred
stock, and foreign REITs), which may constitute up to 50% of the Fund's
portfolio? Is the proposal adequate, with respect to Non-Principal
Investments, to ensure that the price of the Shares is not susceptible
to manipulation?
    3. What are commenters' views regarding whether the proposal is
adequate, with respect to Non-Principal Investments, to ensure adequate
pricing transparency for assets held in the Fund's portfolio?
    Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2016-67 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 Numbers SR-NYSEArca-2016-67. 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 Web site (http://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 Web site 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
10:00 a.m. and 3:00 p.m. Copies of these filings also will be available
for inspection and copying at the principal office of the Exchange. All
comments received will be posted without change; the Commission does
not edit personal identifying information from submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSEArca-2016-67 and should
be submitted on or before September 16, 2016. Rebuttal comments should
be submitted by September 30, 2016.
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    \20\ 17 CFR 200.30-3(a)(57).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-20454 Filed 8-25-16; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 88, Number 245 (Friday, December 22, 2023)]
[Notices]
[Pages 88683-88685]
[FR Doc No: 2023-28192]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-99195; File No. SR-CboeBZX-2023-069]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order
Instituting Proceedings To Determine Whether To Approve or Disapprove a
Proposed Rule Change To List and Trade Shares of the VanEck Ethereum
ETF Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares

December 18, 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 (``Shares'') of the
VanEck Ethereum ETF (``Trust'') 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 26, 2023.\3\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 98457 (Sept. 20,
2023), 88 FR 66076 (``Notice''). The Commission has received no
comments on the proposal.
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    On September 27, 2023, pursuant to Section 19(b)(2) of the Act,\4\
the Commission designated a longer period within which to approve the
proposed rule change, disapprove the proposed rule change, or institute
proceedings to determine whether to disapprove the proposed rule
change.\5\ This order institutes proceedings under Section 19(b)(2)(B)
of the Act \6\ to determine whether to approve or disapprove the
proposed rule change.
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    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 98566, 88 FR 68236
(Oct. 3, 2023). The Commission designated December 25, 2023, as the
date by which the Commission shall approve or disapprove, or
institute proceedings to determine whether to disapprove, the
proposed rule change.
    \6\ 15 U.S.C. 78s(b)(2)(B).
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I. Summary of the Proposal

    As described in more detail in the Notice,\7\ the Exchange proposes
to list and trade the Shares of the Trust under BZX Rule 14.11(e)(4),
which governs the listing and trading of Commodity-Based Trust Shares
on the Exchange.
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    \7\ See Notice, supra note 3.
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    The investment objective of the Trust is for the Shares to reflect
the performance of the MarketVector\TM\ Ethereum Benchmark Rate
(``Benchmark'') less the expenses of the Trust's operations.\8\ The
Trust's assets will consist of ether held by the Trust's custodian on
behalf of the Trust.\9\ The Trust will value its Shares daily based on
the reported Benchmark.\10\ The administrator of the Trust will
determine the net asset value (``NAV'') of the Trust on each day that
the Exchange is open for regular trading, as promptly as practicable
after 4:00 p.m. ET.\11\ In determining the Trust's NAV, the
administrator values the ether held by the Trust based on the price set
by the Benchmark as of 4:00 p.m. ET.\12\ When the Trust sells or
redeems its Shares, it will do so in ``in-kind'' transactions with
authorized participants in blocks of 50,000 Shares.\13\
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    \8\ See id. at 66078. VanEck Digital Assets, LLC (``Sponsor'')
is the sponsor of the Trust. See id. at 66077.
    \9\ See id. at 66077. The Trust generally does not intend to
hold cash or cash equivalents; however, there may be situations
where the Trust would unexpectedly hold cash on a temporary basis.
See id.
    \10\ See id. at 66078.
    \11\ See id. at 66079.
    \12\ See id.
    \13\ See id. at 66077.
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II. Proceedings To Determine Whether To Approve or Disapprove SR-
CboeBZX-2023-069 and Grounds for Disapproval Under Consideration

    The Commission is instituting proceedings pursuant to Section
19(b)(2)(B) of the Act \14\ to determine whether the proposed rule
change should be approved or disapproved. Institution of proceedings is
appropriate at this time in view of the legal and policy issues raised
by the proposed rule change, as discussed below. Institution of
proceedings does not indicate that the Commission has reached any
conclusions with respect to any of the issues involved. Rather, as
described below, the Commission seeks and encourages interested persons
to provide comments on the proposed rule change.
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    \14\ 15 U.S.C. 78s(b)(2)(B).
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    Pursuant to Section 19(b)(2)(B) of the Act,\15\ the Commission is
providing notice of the grounds for disapproval under consideration.
The Commission is instituting proceedings to allow for additional
analysis of the proposed rule change's consistency with Section 6(b)(5)
of the Act, which requires, among other things, that the rules of a
national securities exchange be ``designed to prevent fraudulent and
manipulative acts and practices'' and ``to protect investors and the
public interest.'' \16\
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    \15\ Id.
    \16\ 15 U.S.C. 78f(b)(5).
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    The Commission asks that commenters address the sufficiency of the
Exchange's statements in support of the proposal, which are set forth
in the Notice, in addition to any other comments they may wish to
submit about the proposed rule change. In particular, the Commission
seeks comment on the following questions and asks commenters to submit
data where appropriate to support their views:
    1. Given the nature of the underlying assets held by the Trust, has
the Exchange properly filed its proposal to list and trade the Shares
under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares? \17\
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    \17\ BZX Rule 14.11(e)(4)(C)(i) defines the term ``Commodity-
Based Trust Shares'' as a security (a) that is issued by a trust
that holds a specified commodity deposited with the trust; (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
(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.

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    2. The Exchange raises substantially similar arguments to support
the listing and trading of the Shares as those made in proposals to
list and trade spot bitcoin exchange-traded products (``Bitcoin
ETPs''). Do commenters agree that arguments to support the listing of
Bitcoin ETPs apply equally to the Shares? Are there particular features
related to ether and its ecosystem, including its proof of stake
consensus mechanism and concentration of control or influence by a few
individuals or entities, that raise unique concerns about ether's
susceptibility to fraud and manipulation?
    3. What are commenters' views on whether the proposed Trust and
Shares would be susceptible to manipulation? What are commenters' views
generally on whether the Exchange's proposal is designed to prevent
fraudulent and manipulative acts and practices? What are commenters'
views generally with respect to the liquidity and transparency of the
ether markets and the ether markets' susceptibility to manipulation?
    4. Based on data and analysis provided by the Exchange,\18\ do
commenters agree with the Exchange that the Chicago Mercantile Exchange
(``CME''), on which CME ether futures trade, represents a regulated
market of significant size related to spot ether? \19\ What are
commenters' views on whether there is a reasonable likelihood that a
person attempting to manipulate the Shares would also have to trade on
the CME to manipulate the Shares? \20\ Do commenters agree with the
Exchange that trading in the Shares would not be the predominant
influence on prices in the CME ether futures market? \21\
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    \18\ See Notice, 88 FR at 66081-84.
    \19\ See id. at 66078.
    \20\ See id. at 66084.
    \21\ See id.
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    5. The Exchange states that ether is resistant to price
manipulation and that other means to prevent fraudulent and
manipulative acts and practices ``exist to justify dispensing with the
requisite surveillance sharing agreement'' with a regulated market of
significant size related to spot ether.\22\ In support, the Exchange
states, among other things, that the geographically diverse and
continuous nature of ether trading make it difficult and prohibitively
costly to manipulate the price of ether, and that the fragmentation
across ether platforms, the relatively slow speed of transactions, and
the capital necessary to maintain a significant presence on each
trading platform make manipulation of ether prices through continuous
trading activity challenging.\23\ Do commenters agree with the
Exchange's statements regarding the ether market's resistance to price
manipulation?
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    \22\ See id. at 66083 n.30.
    \23\ See id.
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    6. The Exchange also states that it will execute a surveillance-
sharing agreement with Coinbase, Inc. (``Coinbase'') that is intended
to supplement the Exchange's market surveillance program.\24\ According
to the Exchange, the agreement is ``expected to have the hallmarks of a
surveillance-sharing agreement between two members of the [Intermarket
Surveillance Group], which would give the Exchange supplemental access
to data regarding spot [ether] trades on Coinbase where the Exchange
determines it is necessary as part of its surveillance program for the
Commodity-Based Trust Shares.'' \25\ Based on the description of the
surveillance-sharing agreement as provided by the Exchange, what are
commenters' views of such an agreement if finalized and executed? Do
commenters agree with the Exchange that such an agreement with Coinbase
would be ``helpful in detecting, investigating, and deterring fraud and
market manipulation in the Commodity-Based Trust Shares''? \26\
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    \24\ See id. at 66084-85.
    \25\ See id. at 66085. The Exchange states that ``[t]his means
that the Exchange expects to receive market data for orders and
trades from Coinbase, which it will utilize in surveillance of the
trading of Commodity-Based Trust Shares.'' Id.
    \26\ See id. at 66084.
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    7. The Exchange states that the ``Sponsor's research indicates
daily correlation between the spot [ether] and the CME [ether]
[f]utures is 0.998.'' \27\ The Exchange further states that this ``high
correlation'' indicates that there is a reasonable likelihood that a
person attempting to manipulate the Trust would also have to trade on
the CME ether futures market.\28\ What are commenters' views on the
correlation between the ether spot market and the CME ether futures
market? What are commenters' views on the extent to which a
surveillance-sharing agreement with the CME would assist in detecting
and deterring fraud and manipulation that impacts an exchange-traded
product (``ETP'') that holds spot ether, and on whether the Sponsor's
daily price correlation analysis provides any evidence to this effect?
What are commenters' views generally on whether an ETP that holds CME
ether futures and an ETP that holds spot ether are similar products?
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    \27\ See id. at 66081. The Exchange states that this is based on
data from September 1, 2022, through September 1, 2023. See id.
    \28\ See id. at 66084.
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III. Procedure: Request for Written Comments

    The Commission requests that interested persons provide written
submissions of their views, data, and arguments with respect to the
issues identified above, as well as any other concerns they may have
with the proposal. In particular, the Commission invites the written
views of interested persons concerning whether the proposal is
consistent with Section 6(b)(5) or any other provision of the Act, and
the rules and regulations thereunder. Although there do not appear to
be any issues relevant to approval or disapproval that would be
facilitated by an oral presentation of views, data, and arguments, the
Commission will consider, pursuant to Rule 19b-4, any request for an
opportunity to make an oral presentation.\29\
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    \29\ Section 19(b)(2) of the Act, as amended by the Securities
Acts Amendments of 1975, Public Law 94-29 (June 4, 1975), grants the
Commission flexibility to determine what type of proceeding--either
oral or notice and opportunity for written comments--is appropriate
for consideration of a particular proposal by a self-regulatory
organization. See Securities Acts Amendments of 1975, Senate Comm.
on Banking, Housing & Urban Affairs, S. Rep. No. 75, 94th Cong., 1st
Sess. 30 (1975).
---------------------------------------------------------------------------

    Interested persons are invited to submit written data, views, and
arguments regarding whether the proposed rule change should be approved
or disapproved by January 12, 2024. Any person who wishes to file a
rebuttal to any other person's submission must file that rebuttal by
January 26, 2024.
    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-CboeBZX-2023-069 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-CboeBZX-2023-069. 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-CboeBZX-2023-069 and should be submitted on or before January 12,
2024. Rebuttal comments should be submitted by January 26, 2024.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
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    \30\ 17 CFR 200.30-3(a)(57).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-28192 Filed 12-21-23; 8:45 am]
BILLING CODE 8011-01-P