Federal Register / Vol. 88, No. 190 / Tuesday, October 3, 2023 / Notices 68187 

10 15 U.S.C. 78s(b)(3)(A)(ii). 

11 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 98467 

(Sept. 21, 2023), 88 FR 66515. 

will be excluded from the Marketing 

Fees in order to avoid potential 

confusion by market participants and 

investors. The Exchange also believes 

that it is reasonable to exclude singly 

listed options in Options 7, Section 5 

from the Marketing Fees because the 

purpose of this program is to generate 

more Customer order flow to the 

Exchange. Because singly listed options 

are exclusively listed products on Phlx, 

the Exchange does not believe that 

applying Marketing Fees is necessary for 

these products. 

Lastly, the Exchange believes that its 

proposal to memorialize that all options 

symbols subject to Options 7, Section 5 

pricing are excluded from the Marketing 

Fees program set forth in Options 7, 

Section 4 is equitable and not unfairly 

discriminatory because the program will 

uniformly exclude all market 

participant orders in these symbols. As 

noted above, the Exchange’s proposal 

does not alter its existing Marketing 

Fees program, but instead memorializes 

current practice. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange does not believe that its 

proposal would impose an undue 

burden on intra-market competition. 

The proposed changes will memorialize 

current practice that no Marketing Fees 

will be assessed on transactions in 

options symbols subject to Options 7, 

Section 5 pricing, which will continue 

to apply uniformly to all market 

participant orders in such symbols. 

In terms of inter-market competition, 

the Exchange notes that it operates in a 

highly competitive market in which 

market participants can readily favor 

competing venues if they deem fee 

levels at a particular venue to be 

excessive, or rebate opportunities 

available at other venues to be more 

favorable. In such an environment, the 

Exchange must continually adjust its 

fees to remain competitive with other 

exchanges. Because competitors are free 

to modify their own fees in response, 

and because market participants may 

readily adjust their order routing 

practices, the Exchange believes that the 

degree to which fee changes in this 

market may impose any burden on 

competition is extremely limited. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act.10

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is: (i) necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) otherwise in 

furtherance of the purposes of the Act. 

If the Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

Phlx–2023–44 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to file 

number SR–Phlx–2023–44. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–Phlx–2023–44 and should be 

submitted on or before October 24, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–21786 Filed 10–2–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98565; File No. SRCboeBZX–2023–070] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of 

Designation of a Longer Period for 

Commission Action on a Proposed 

Rule Change To List and Trade Shares 

of the ARK 21Shares Ethereum ETF 

Under BZX Rule 14.11(e)(4), 

Commodity-Based Trust Shares 

September 27, 2023. 

On September 6, 2023, Cboe BZX 

Exchange, Inc. (‘‘BZX’’ or ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

to Section 19(b)(1) of the Securities 

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b-4 thereunder,2 a proposed rule 

change to list and trade shares of the 

ARK 21Shares Ethereum ETF under 

BZX Rule 14.11(e)(4), Commodity-Based 

Trust Shares. The proposed rule change 

was published for comment in the 

Federal Register on September 27, 

2023.3 The Commission has received no 

comments on the proposal. 


ddrumheller on DSK120RN23PROD with NOTICES1
68188 Federal Register / Vol. 88, No. 190 / Tuesday, October 3, 2023 / Notices 

4 15 U.S.C. 78s(b)(2). 

5 15 U.S.C. 78s(b)(2). 

6 17 CFR 200.30–3(a)(31). 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4See Securities Exchange Act Release No. 34– 

94620 (April 6, 2022), 87 FR 21676 (April 12, 2022) 

(SR–NYSEArca–2021–53) (Order Approving a 

Proposed Rule Change, as Modified by Amendment 

No. 2, To List and Trade Shares of the Teucrium 

Bitcoin Futures Fund Under NYSE Arca Rule 

8.200–E, Commentary .02 (Trust Issued Receipts)) 

(the ‘‘Approval Order’’). The representations herein 

supersede and replace the representations in the 

Exchange’s prior rule filing relating to the Teucrium 

Bitcoin Futures Fund and Partial Amendment No. 

2 thereto. See Securities Exchange Act Release No. 

92573 (August 5, 2021), 86 FR 44062 (August 11, 

2021) (SR–NYSEArca–2021–53) (Notice of Filing of 

a Proposed Rule Change To List and Trade Shares 

of Teucrium Bitcoin Futures Fund Under NYSE 

Arca Rule 8.200–E) and Partial Amendment No. 2, 

available at: https://www.sec.gov/comments/srnysearca-2021-53/srnysearca202153-20118884- 

271701.pdf. 

5On April 18, 2022, Teucrium Commodity Trust 

filed with the Commission Pre-Effective 

Amendment No. 2 to the registration statement on 

Form S–1 under the Securities Act of 1933 (the 

‘‘Securities Act’’) (File No. 333–256339) changing 

the name of the Fund from Teucrium Bitcoin 

Futures Fund to Hashdex Bitcoin Futures ETF. 

6On July 21, 2023, the Trust filed with the 

Commission a registration statement on Form S–1 

under the Securities Act (15 U.S.C. 77a) (File No. 

333–ll) (the ‘‘July 21, 2023 Form S–1’’) reflecting 

the Trust’s assumption of management and control 

of Fund from Teucrium Commodity Trust. The 

Shares of the Fund were originally issued by the 

Teucrium Commodity Trust pursuant to a 

registration statement on Form S–1 filed with the 

Commission on May 20, 2021 (File No. 333– 

256339). The Exchange will submit a separate 

proposed rule change relating to the transfer of 

management and control of the Fund from 

Teucrium Commodity Trust to the Trust. 

7On August 25, 2023, the Trust confidentially 

filed a draft registration statement under the 

Securities Act (the ‘‘Registration Statement’’). The 

Jumpstart Our Business Startups Act (the ‘‘JOBS 

Act’’), enacted on April 5, 2012, added Section 6(e) 

to the Securities Act. Section 6(e) of the Securities 

Act provides that an ‘‘emerging growth company’’ 

may confidentially submit to the Commission a 

draft registration statement for confidential, nonpublic review by the Commission staff prior to 

public filing, provided that the initial confidential 

submission and all amendments thereto shall be 

publicly filed not later than 21 days before the date 

on which the issuer conducts a road show, as such 

term is defined in Securities Act Rule 433(h)(4). An 

emerging growth company is defined in Section 

2(a)(19) of the Securities Act as an issuer with less 

than $1,000,000,000 total annual gross revenues 

during its most recently completed fiscal year. The 

Trust meets the definition of an emerging growth 

company and consequently submitted its 

Registration Statement to the Commission on a 

confidential basis. The description of the operation 

of the Trust and the Fund herein is based, in part, 

on the Registration Statement. 

8The July 21, 2023 Form S–1 also reflects that 

Toroso Investments LLC has assumed role of the 

Sponsor of the Trust from Teucrium Trading, LLC. 

The Sponsor is not registered as a broker-dealer or 

affiliated with a broker-dealer. In the event that (a) 

the Sponsor becomes registered as a broker-dealer 

or newly affiliated with a broker-dealer, or (b) any 

new sponsor or sub-adviser is registered as a brokerdealer or becomes affiliated with a broker-dealer, it 

will implement and maintain a fire wall with 

respect to its relevant personnel or personnel of the 

broker-dealer affiliate, as applicable, regarding 

access to information concerning the composition 

of and/or changes to the portfolio, and will be 

subject to procedures designed to prevent the use 

and dissemination of material non-public 

information regarding the portfolio. 

Section 19(b)(2) of the Act 4 provides 

that within 45 days of the publication of 

notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day after 

publication of the notice for this 

proposed rule change is November 11, 

2023. The Commission is extending this 

45-day time period. 

The Commission finds it appropriate 

to designate a longer period within 

which to take action on the proposed 

rule change so that it has sufficient time 

to consider the proposed rule change 

and the issues raised therein. 

Accordingly, the Commission, pursuant 

to Section 19(b)(2) of the Act,5

designates December 26, 2023, as the 

date by which the Commission shall 

either approve or disapprove, or 

institute proceedings to determine 

whether to disapprove, the proposed 

rule change (File No. SR-CboeBZX– 

2023–070). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–21790 Filed 10–2–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98564; File No. SR– 

NYSEARCA–2023–58)] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing of a 

Proposed Rule Change Regarding the 

Hashdex Bitcoin Futures ETF 

September 27, 2023. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on 

September 22, 2023, NYSE Arca, Inc. 

(‘‘NYSE Arca’’ or the ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the selfregulatory organization. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to list and 

trade shares of the Hashdex Bitcoin 

Futures ETF under NYSE Arca Rule 

8.500–E (‘‘Trust Units’’). The proposed 

rule change is available on the 

Exchange’s website at www.nyse.com, at 

the principal office of the Exchange, and 

at the Commission’s Public Reference 

Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization included 

statements concerning the purpose of, 

and basis for, the proposed rule change 

and discussed any comments it received 

on the proposed rule change. The text 

of those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

set forth in sections A, B, and C below, 

of the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to list and 

trade shares of the Hashdex Bitcoin 

Futures ETF (the ‘‘Fund’’) under NYSE 

Arca Rule 8.500–E. The Commission 

previously approved the listing and 

trading of the Shares pursuant to NYSE 

Arca Rule 8.200–E, Commentary .02 as 

shares of the Teucrium Bitcoin Futures 

Fund.4 The Fund’s name was 

subsequently changed to the Hashdex 

Bitcoin Futures ETF pursuant to an 

April 18, 2022 amendment to the Fund’s 

registration statement.5 In addition to 

the proposed changes to the Fund’s 

investment objective and strategy, as 

further discussed below, the Exchange 

proposes to update the name of the 

Fund to the Hashdex Bitcoin ETF to 

reflect the same. This new name for the 

Fund is reflected in the Form S–1 filed 

by the Tidal Commodities Trust I (the 

‘‘Trust’’) on July 21, 2023.6

The Fund is a series of the Trust, a 

Delaware statutory trust.7 The Fund is 

managed and controlled by Toroso 

Investments LLC (the ‘‘Sponsor’’).8 The 


ddrumheller on DSK120RN23PROD with NOTICES1