83176 Federal Register / Vol. 88, No. 227 / Tuesday, November 28, 2023 / Notices 

2 15 U.S.C. 78k–1(a)(3). 

3 17 CFR 242.608. 

4See Letter from Brandon Becker, CAT NMS Plan 

Operating Committee Chair, to Vanessa 

Countryman, Secretary, Commission (Aug. 3, 2023). 

5See Exchange Act Release No. 98165 (Aug. 18, 

2023), 88 FR 58012 (Aug. 24, 2023). Comments 

received in response to the Notice can be found on 

the Commission’s website at https://www.sec.gov/ 

comments/4-698/4-698-c.htm. 

6See 17 CFR 242.608(b)(2)(i). 

7See Letter from Brandon Becker, CAT NMS Plan 

Operating Committee Chair, to Vanessa 

Countryman, Secretary, Commission (Nov. 9, 2023). 

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

2 17 CFR 240.19b–4. 

3The Exchange initially filed the proposed fee 

change on November 1, 2023 (SR–CboeEDGA– 

2023–019). On November 10, 2023, the Exchange 

withdrew that filing and submitted this proposal. 

4See Cboe Global Markets, U.S. Equities Market 

Volume Summary, Month-to-Date (October 27, 

2023), available at https://www.cboe.com/us/ 

equities/market_statistics/. 

5See EDGA Equities Fee Schedule, Standard 

Rates. 

6 Id. 

7Fee code 3 is appended to orders that add 

liquidity to EDGA in Tape A or Tape C securities 

during the pre and post market. 

8Fee code 4 is appended to orders that add 

liquidity to EDGA in Tape B securities during the 

pre and post market. 

9Fee code B is appended to orders that add 

liquidity to EDGA in Tape B securities. 

10Fee code V is appended to orders that add 

liquidity to EDGA in Tape A securities. 

11Fee code Y is appended to orders that add 

liquidity to EDGA in Tape C securities. 

Chicago, Inc. and NYSE National, Inc. 

(collectively, the ‘‘Participants’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) pursuant 

to Section 11A(a)(3) of the Securities 

Exchange Act of 1934 (‘‘Exchange 

Act’’),2 and Rule 608 of Regulation NMS 

thereunder,3 a proposed amendment to 

the CAT NMS Plan to modify the 

current linkage timeline for the 

consolidated audit trail to a different 

linkage timeline.4 The proposed plan 

amendment (the ‘‘Proposed 

Amendment’’) was published for 

comment in the Federal Register on 

August 24, 2023.5

The Commission is publishing this 

notice to reflect that on November 9, 

2023, prior to the end of the 90-day 

period provided for in Rule 608(b)(2)(i) 

of Regulation NMS,6 the Participants 

withdrew the Proposed Amendment.7

By the Commission. 

J. Matthew DeLesDernier, 

Deputy Secretary. 

[FR Doc. 2023–26125 Filed 11–27–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99012; File No. SR– 

CboeEDGA–2023–020] 

Self-Regulatory Organizations; Cboe 

EDGA Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change To Amend Its 

Fee Schedule 

November 22, 2023. 

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 November 

10, 2023, Cboe EDGA Exchange, Inc. 

(the ‘‘Exchange’’ or ‘‘EDGA’’) 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 EDGA Exchange, Inc. (the 

‘‘Exchange’’) proposes to amend its Fee 

Schedule. 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 (http://markets.cboe.com/us/ 

equities/regulation/rule_filings/edga/), 

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 

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 its 

Fee Schedule applicable to its equities 

trading platform (‘‘EDGA Equities’’) by 

modifying its Add/Remove Volume 

Tiers. The Exchange proposes to 

implement these changes effective 

November 1, 2023.3

The Exchange first notes that it 

operates in a highly competitive market 

in which market participants can 

readily direct order flow to competing 

venues if they deem fee levels at a 

particular venue to be excessive or 

incentives to be insufficient. More 

specifically, the Exchange is only one of 

16 registered equities exchanges, as well 

as a number of alternative trading 

systems and other off-exchange venues 

that do not have similar self-regulatory 

responsibilities under the Securities 

Exchange Act of 1934 (the ‘‘Act’’), to 

which market participants may direct 

their order flow. Based on publicly 

available information,4 no single 

registered equities exchange has more 

than 17% of the market share. Thus, in 

such a low-concentrated and highly 

competitive market, no single equities 

exchange possesses significant pricing 

power in the execution of order flow. 

The Exchange in particular operates a 

‘‘Taker-Maker’’ model whereby it pays 

credits to members that remove 

liquidity and assesses fees to those that 

add liquidity. The Exchange’s Fee 

Schedule sets forth the standard rebates 

and rates applied per share for orders 

that remove and provide liquidity, 

respectively. Currently, for orders in 

securities priced at or above $1.00, the 

Exchange provides a standard rebate of 

$0.00160 per share for orders that 

remove liquidity and assesses a fee of 

$0.0030 per share for orders that add 

liquidity.5 For orders in securities 

priced below $1.00, the Exchange does 

not assess any fees or provide any 

rebates for orders that add or remove 

liquidity.6 Additionally, in response to 

the competitive environment, the 

Exchange also offers tiered pricing 

which provides Members opportunities 

to qualify for higher rebates or reduced 

fees where certain volume criteria and 

thresholds are met. Tiered pricing 

provides an incremental incentive for 

Members to strive for higher tier levels, 

which provides increasingly higher 

benefits or discounts for satisfying 

increasingly more stringent criteria. 

Add/Remove Volume Tiers 

Under footnote 7 of the Fee Schedule, 

the Exchange currently offers various 

Add/Remove Volume Tiers. In 

particular, the Exchange offers three 

Add Volume Tiers that each assess a 

reduced fee for Members’ qualifying 

orders yielding fee codes 3,7 4,8 B,9 V,10

and Y,11 where a Member reaches 

certain add volume-based criteria. The 

Exchange is proposing to introduce a 

new Add Volume Tier 4. The proposed 

criteria is as follows: 


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Federal Register / Vol. 88, No. 227 / Tuesday, November 28, 2023 / Notices 83177 

12 ‘‘ADV’’ means average daily volume calculated 

as the number of shares added to, removed from, 

or routed by, the Exchange, or any combination or 

subset thereof, per day. ADV is calculated on a 

monthly basis. 

13 ‘‘TCV’’ means total consolidated volume 

calculated as the volume reported by all exchanges 

and trade reporting facilities to a consolidated 

transaction reporting plan for the month for which 

the fees apply. 

14Fee code N is appended to orders that remove 

liquidity from EDGA in Tape C securities. 

15Fee code W is appended to orders that remove 

liquidity from EDGA in Tape A securities. 

16Fee code 6 is appended to orders that remove 

liquidity from EDGA in all tapes in the pre and post 

market. 

17Fee code BB is appended to orders that remove 

liquidity from EDGA in Tape B securities. 

18 15 U.S.C. 78f(b). 

19 15 U.S.C. 78f(b)(5). 

20 Id. 

21 15 U.S.C. 78f(b)(4). 

22See e.g., BYX Equities Fee Schedule, Footnote 

1, Add/Remove Volume Tiers. 

23See e.g., EDGA Equities Fee Schedule, Fee 

Codes 3 and 6. 

• Proposed Tier 4 assesses a reduced 

fee of $0.0014 per share for securities 

priced at or above $1.00 to qualifying 

orders (i.e., orders yielding fee codes 3, 

4, B, V, or Y) where a Member adds or 

removes an ADV 12 ≥0.90% of the 

TCV.13

The Exchange believes that proposed 

Add Volume Tier 4 will incentivize 

Members to add volume to and remove 

volume from the Exchange, thereby 

contributing to a deeper and more liquid 

market, which benefits all market 

participants and provides greater 

execution opportunities on the 

Exchange. The Exchange further 

believes the proposed reduced fee 

associated with proposed Add Volume 

Tier 4 provides a fee commensurate 

with the difficulty of meeting the 

criteria associated with the tier. 

In addition to the Add Volume Tiers 

offered under footnote 7, the Exchange 

also offers three Remove Volume Tiers 

that each provide an enhanced rebate 

for Members’ qualifying orders yielding 

fee codes N,14 W,15 6 16 and BB,17 where 

a Member reaches certain remove 

volume-based criteria. Currently 

Members who satisfy the criteria of 

Remove Volume Tier 2 receive an 

enhanced rebate of $0.0022 per share for 

securities priced at or above $1.00. The 

Exchange now proposed to revise the 

enhanced rebate associated with 

Remove Volume Tier 2. As proposed, 

Members who satisfy the criteria of 

Remove Volume Tier 2 will receive an 

enhanced rebate of $0.0020 per share for 

securities priced at or above $1.00. The 

purpose of reducing the enhanced 

rebate associated with Remove Volume 

Tier 2 is for business and competitive 

reasons, as the Exchange believes that 

reducing such rebate as proposed would 

decrease the Exchange’s expenditures 

with respect to transaction pricing in a 

manner that is still consistent with the 

Exchange’s overall pricing philosophy 

of encouraging added liquidity. The 

Exchange notes that despite the modest 

decrease in the enhanced rebate 

associated with Remove Volume Tier 2, 

the enhanced rebate remains 

competitive and continues to be in-line 

with the enhanced rebate provided 

under Remove Volume Tier 1 and 

Remove Volume Tier 3 (discussed 

infra). 

Additionally, the Exchange proposes 

to amend Remove Volume Tier 3. 

Currently, the criteria for Remove 

Volume Tier 3 is as follows: 

• Remove Volume Tier 3 provides an 

enhanced rebate of $0.0024 per share for 

securities priced at or above $1.00 to 

qualifying orders (i.e., orders yielding 

fee codes N, W, 6, or BB) where (1) 

Member adds or removes a Step-Up 

ADV from May 2021 ≥0.05% of the TCV 

or Member adds or removes a Step-Up 

ADV from May 2021 ≥3,000,000 shares; 

and (2) Member adds an ADV ≥0.05% or 

Member adds an ADV ≥3,000,000 

shares. 

The proposed criteria for Remove 

Volume Tier 3 is as follows: 

• Proposed Remove Volume Tier 3 

provides an enhanced rebate of $0.0022 

per share for securities priced at or 

above $1.00 to qualifying orders (i.e., 

orders yielding fee codes N, W, 6, or BB) 

where a Member adds or removes an 

ADV ≥0.25% of the TCV. 

The proposed criteria is less stringent 

than the current criteria as the proposed 

criteria does not have a Step-Up ADV 

component. The Exchange believes that 

proposed Remove Volume Tier 3 will 

incentivize Members to add volume to 

and remove volume from the Exchange, 

thereby contributing to a deeper and 

more liquid market, which benefits all 

market participants and provides greater 

execution opportunities on the 

Exchange. While the proposed rebate 

under Remove Volume Tier 3 is less 

than the current rebate provided under 

such tier, the Exchange believes the 

proposed enhanced rebate associated 

with proposed Remove Volume Tier 3 

provides a rebate commensurate with 

the difficulty of meeting the criteria 

associated with the tier and is in-line 

with the enhanced rebates provided 

under Remove Volume Tiers 1 and 2. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the Act 

and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

section 6(b) of the Act.18 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the section 

6(b)(5) 19 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 

the section 6(b)(5) 20 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers as 

well as section 6(b)(4) 21 as it is designed 

to provide for the equitable allocation of 

reasonable dues, fees and other charges 

among its Members and other persons 

using its facilities. 

As described above, the Exchange 

operates in a highly competitive market 

in which market participants can 

readily direct order flow to competing 

venues if they deem fee levels at a 

particular venue to be excessive or 

incentives to be insufficient. The 

Exchange believes that its proposal to 

introduce Add Volume Tier 4, reduce 

the rebate provided under Remove 

Volume Tier 2, and modify Remove 

Volume Tier 3 reflects a competitive 

pricing structure designed to incentivize 

market participants to direct their order 

flow to the Exchange, which the 

Exchange believes would enhance 

market quality to the benefit of all 

Members. Additionally, the Exchange 

notes that relative volume-based 

incentives and discounts have been 

widely adopted by exchanges,22

including the Exchange,23 and are 

reasonable, equitable and nondiscriminatory because they are open to 

all Members on an equal basis and 

provide additional benefits or discounts 

that are reasonably related to (i) the 

value to an exchange’s market quality 

and (ii) associated higher levels of 

market activity, such as higher levels of 

liquidity provision and/or growth 

patterns. Competing equity exchanges 

offer similar tiered pricing structures, 

including schedules of rebates and fees 

that apply based upon members 

achieving certain volume and/or growth 

thresholds, as well as assess similar fees 

or rebates for similar types of orders, to 

that of the Exchange. 


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83178 Federal Register / Vol. 88, No. 227 / Tuesday, November 28, 2023 / Notices 

24Supra note 3 [sic]. 

In particular, the Exchange believes 

its proposal to introduce Add Volume 

Tier 4 and modify Remove Volume 

Tiers 2 and 3 is reasonable because the 

tiers will be available to all Members 

and provide all Members with an 

additional opportunity to receive a 

reduced fee or an enhanced rebate. The 

Exchange further believes that despite 

any proposed reduced rebates, the 

proposed Add Volume Tier 4 and 

modified Remove Volume Tiers 2 and 3 

will provide a reasonable means to 

encourage adding and/or removing 

displayed orders in Members’ order 

flow to the Exchange and to incentivize 

Members to continue to provide volume 

to the Exchange by offering them an 

additional opportunity to receive a 

reduced fee or an enhanced rebate on 

qualifying orders. An overall increase in 

activity would deepen the Exchange’s 

liquidity pool, offers additional cost 

savings, support the quality of price 

discovery, promote market transparency 

and improve market quality, for all 

investors. 

In addition, the Exchange believes 

that its proposal to lower the enhanced 

rebate paid to Members that satisfy the 

criteria of Remove Volume Tier 2 is 

reasonable, equitable, and consistent 

with the Act because such change is 

designed to decrease the Exchange’s 

expenditures with respect to transaction 

pricing in order to offset some of the 

costs associated with the Exchange’s 

current pricing structure, which 

provides various rebates for liquidityremoving orders, and the Exchange’s 

operations generally, in a manner that is 

consistent with the Exchange’s overall 

pricing philosophy of encouraging 

added liquidity. The proposed lower 

enhanced rebate ($0.0020 per share) is 

reasonable and appropriate because it 

represents only a modest decrease from 

the current enhanced rebate ($0.0022 

per share) and remains competitive with 

the reduced fees offered under Remove 

Volume Tier 1 and proposed Remove 

Volume Tier 3. The Exchange further 

believes that the proposed decrease to 

the enhanced rebate associated with 

Remove Volume Tier 2 is not unfairly 

discriminatory because it applies to all 

Members equally, in that all Members 

will receive the reduced fee upon 

satisfying the criteria of Remove Volume 

Tier 2. 

Similarly, the Exchange believes its 

proposal to lower the enhanced rebate 

to Members that satisfy the criteria of 

Remove Volume Tier 3 is reasonable, 

equitable, and consistent with the Act 

because such is commensurate with the 

new proposed criteria. As noted above, 

the proposed criteria under Remove 

Volume Tier 3 is less stringent than the 

existing criteria as there is no Step-Up 

ADV component. The Exchange further 

believes that the proposed decrease to 

the enhanced rebate associated with 

Remove Volume Tier 3 is not unfairly 

discriminatory because it applies to all 

Members equally, in that all Members 

will receive the reduced fee upon 

satisfying the criteria of Remove Volume 

Tier 3. 

The Exchange believes the proposed 

Add Volume Tier 4 and the proposed 

modified Remove Volume Tier 3 are 

reasonable as they do not represent a 

significant departure from the criteria 

currently offered in the Fee Schedule. 

The Exchange also believes that the 

proposal represents an equitable 

allocation of fees and rebates and is not 

unfairly discriminatory because all 

Members will be eligible for the new 

and revised tiers and have the 

opportunity to meet the tiers’ criteria 

and receive the corresponding reduced 

fee or enhanced rebate if such criteria 

are met. Without having a view of 

activity on other markets and offexchange venues, the Exchange has no 

way of knowing whether these proposed 

rule changes would definitely result in 

any Members qualifying for the new 

proposed tiers. While the Exchange has 

no way of predicting with certainty how 

the proposed changes will impact 

Member activity, based on the prior 

months volume, the Exchange 

anticipates that at least one Member will 

be able to satisfy proposed Add Volume 

Tier 4, and at least five Members will be 

able to satisfy proposed Remove Volume 

Tier 3. The Exchange also notes that the 

proposed changes will not adversely 

impact any Member’s ability to qualify 

for reduced fees or enhanced rebates 

offered under other tiers. Should a 

Member not meet the proposed new 

criteria, the Member will merely not 

receive that corresponding enhanced 

rebate or reduced fee. 

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. Rather, as 

discussed above, the Exchange believes 

that the proposed changes would 

encourage the submission of additional 

order flow to a public exchange, thereby 

promoting market depth, execution 

incentives and enhanced execution 

opportunities, as well as price discovery 

and transparency for all Members. As a 

result, the Exchange believes that the 

proposed changes further the 

Commission’s goal in adopting 

Regulation NMS of fostering 

competition among orders, which 

promotes ‘‘more efficient pricing of 

individual stocks for all types of orders, 

large and small.’’ 

The Exchange believes the proposed 

rule changes do not impose any burden 

on intramarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. Particularly, 

the proposed introduction of Add 

Volume Tier 4 and the proposed 

changes to Remove Volume Tiers 2 and 

3 will apply to all Members equally in 

that all Members are eligible for each of 

the Tiers, have a reasonable opportunity 

to meet the Tiers’ criteria and will 

receive the reduced fee or enhanced 

rebate on their qualifying orders if such 

criteria are met. The Exchange does not 

believe the proposed changes burden 

competition, but rather, enhance 

competition. Despite any proposed 

reduced rebate, the Exchange’s fee 

structure is intended to increase the 

competitiveness of EDGA by adopting a 

new pricing incentive and amending 

existing pricing incentives in order to 

attract order flow and incentivize 

participants to increase their 

participation on the Exchange, 

providing for additional execution 

opportunities for market participants 

and improved price transparency. 

Greater overall order flow, trading 

opportunities, and pricing transparency 

benefits all market participants on the 

Exchange by enhancing market quality 

and continuing to encourage Members 

to send orders, thereby contributing 

towards a robust and well-balanced 

market ecosystem. 

Next, the Exchange believes the 

proposed rule changes does not impose 

any burden on intermarket competition 

that is not necessary or appropriate in 

furtherance of the purposes of the Act. 

As previously discussed, the Exchange 

operates in a highly competitive market. 

Members have numerous alternative 

venues that they may participate on and 

direct their order flow, including other 

equities exchanges, off-exchange 

venues, and alternative trading systems. 

Additionally, the Exchange represents a 

small percentage of the overall market. 

Based on publicly available information, 

no single equities exchange has more 

than 17% of the market share.24

Therefore, no exchange possesses 

significant pricing power in the 

execution of order flow. Indeed, 

participants can readily choose to send 

their orders to other exchange and offexchange venues if they deem fee levels 

at those other venues to be more 

favorable. Moreover, the Commission 

has repeatedly expressed its preference 


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Federal Register / Vol. 88, No. 227 / Tuesday, November 28, 2023 / Notices 83179 

25See Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005). 

26NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. 

Cir. 2010) (quoting Securities Exchange Act Release 

No. 59039 (December 2, 2008), 73 FR 74770, 74782– 

83 (December 9, 2008) (SR–NYSEArca–2006–21)). 

27 15 U.S.C. 78s(b)(3)(A). 

28 17 CFR 240.19b–4(f). 29 17 CFR 200.30–3(a)(12). 

for competition over regulatory 

intervention in determining prices, 

products, and services in the securities 

markets. Specifically, in Regulation 

NMS, the Commission highlighted the 

importance of market forces in 

determining prices and SRO revenues 

and, also, recognized that current 

regulation of the market system ‘‘has 

been remarkably successful in 

promoting market competition in its 

broader forms that are most important to 

investors and listed companies.’’ 25 The 

fact that this market is competitive has 

also long been recognized by the courts. 

In NetCoalition v. Securities and 

Exchange Commission, the D.C. Circuit 

stated as follows: ‘‘[n]o one disputes 

that competition for order flow is 

‘fierce.’ . . . As the SEC explained, ‘[i]n 

the U.S. national market system, buyers 

and sellers of securities, and the brokerdealers that act as their order-routing 

agents, have a wide range of choices of 

where to route orders for execution’; 

[and] ‘no exchange can afford to take its 

market share percentages for granted’ 

because ‘no exchange possesses a 

monopoly, regulatory or otherwise, in 

the execution of order flow from broker 

dealers.’ . . .’’.26 Accordingly, the 

Exchange does not believe its proposed 

fee change imposes any burden on 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. 

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 comments on the proposed 

rule change. 

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) 

of the Act 27 and paragraph (f) of Rule 

19b–4 28 thereunder. At any time within 

60 days of the filing of the proposed rule 

change, the Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission will institute proceedings 

to determine whether the proposed rule 

change 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– 

CboeEDGA–2023–020 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–CboeEDGA–2023–020. 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–CboeEDGA–2023–020 and should 

be submitted on or before December 19, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.29

Christina Z. Milnor, 

Assistant Secretary. 

[FR Doc. 2023–26189 Filed 11–27–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

35055; 812–15514] 

IndexIQ Active ETF Trust and IndexIQ 

Advisors LLC 

November 21, 2023. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’ or ‘‘SEC’’). 

ACTION: Notice. 

Notice of an application under section 

6(c) of the Investment Company Act of 

1940 (‘‘Act’’) for an exemption from 

section 15(a) of the Act, as well as from 

certain disclosure requirements in rule 

20a–1 under the Act, Item 19(a)(3) of 

Form N–1A, Items 22(c)(1)(ii), 

22(c)(1)(iii), 22(c)(8) and 22(c)(9) of 

Schedule 14A under the Securities 

Exchange Act of 1934, and sections 6– 

07(2)(a), (b), and (c) of Regulation S–X 

(‘‘Disclosure Requirements’’). 

Summary of Application: The requested 

exemption would permit Applicants to 

enter into and materially amend 

subadvisory agreements with 

subadvisers without shareholder 

approval and would grant relief from 

the Disclosure Requirements as they 

relate to fees paid to the subadvisers. 

Applicants: IndexIQ Active ETF Trust 

and IndexIQ Advisors LLC. 

Filing Dates: The application was filed 

on October 12, 2023. 

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 December 18, 2023, 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 


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