Federal Register / Vol. 88, No. 242 / Tuesday, December 19, 2023 / Notices 87825 

17 15 U.S.C. 78s(b)(3)(A)(iii). 

18 17 CFR 240.19b–4(f)(6). 

19 15 U.S.C. 78s(b)(3)(A)(iii). 

20 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires a self-regulatory organization to 

give the Commission written notice of its intent to 

file the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

has satisfied this requirement. 

21 17 CFR 240.19b–4(f)(6). 

22 17 CFR 240.19b–4(f)(6)(iii). 

23See supra note 4. 

24For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

25 17 CFR 200.30–3(a)(12), (59). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

participants will be treated in the same 

manner under this proposal. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has filed the proposed 

rule change pursuant to section 

19(b)(3)(A)(iii) of the Act 17 and Rule 

19b–4(f)(6) thereunder.18 Because the 

foregoing proposed rule change does 

not: (i) significantly affect the protection 

of investors or the public interest; (ii) 

impose any significant burden on 

competition; and (iii) become operative 

for 30 days from the date on which it 

was filed, or such shorter time as the 

Commission may designate, it has 

become effective pursuant to section 

19(b)(3)(A)(iii) of the Act 19 and 

subparagraph (f)(6) of Rule 19b-4 

thereunder.20

A proposed rule change filed under 

Rule 19b–4(f)(6) 21 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),22 the 

Commission may designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange has requested 

that the Commission waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. According to the Exchange, the 

proposed rule change is a competitive 

response to a filing submitted by Nasdaq 

ISE that was recently approved by the 

Commission.23 The Exchange has stated 

that waiver of the 30-day operative 

delay would ensure fair competition 

among the exchanges by allowing the 

Exchange to permit the listing of two 

Wednesday expirations for options on 

ETPs. The Commission believes that the 

proposed rule change presents no novel 

issues and that waiver of the 30-day 

operative delay is consistent with the 

protection of investors and the public 

interest. Accordingly, the Commission 

hereby waives the 30-day operative 

delay and designates the proposed rule 

change as operative upon filing.24

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 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– 

MIAX–2023–49 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–MIAX–2023–49. 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–MIAX–2023–49 and should be 

submitted on or before January 9, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.25

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–27782 Filed 12–18–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99164; File No. SR– 

NYSEARCA–2023–84] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Make Changes to 

Certain Representations Relating to 

the Hashdex Bitcoin Futures Fund 

December 13, 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 December 

1, 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 and II 

below, which Items have been prepared 

by the self-regulatory 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 make 

changes to certain representations made 

in the proposed rule change previously 

filed with the Securities and Exchange 

Commission (the ‘‘Commission’’ or 

‘‘SEC’’) pursuant to Rule 19b–4 relating 

to the Hashdex Bitcoin Futures Fund, 


lotter on DSK11XQN23PROD with NOTICES1
87826 Federal Register / Vol. 88, No. 242 / Tuesday, December 19, 2023 / Notices 

4See Securities Exchange Act Release Nos. 94620 

(April 6, 2022), 87 FR 21676 (April 12, 2022)) (SR– 

NYSEARCA–2021–53) (Order Granting Approval of 

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) (‘‘Approval Order’’); and 92573 (August 5, 

2021), 86 FR 44062 (August 11, 2021) (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) (‘‘Notice’’). (The 

Approval Order and the Notice are referred to 

collectively herein as the ‘‘Releases’’). The Fund 

was renamed as the Hashdex Bitcoin Futures Fund 

after approval of the proposed rule change but prior 

to its initial listing and trading on the Exchange. 

5Commentary .02 to NYSE Arca Rule 8.200–E 

applies to Trust Issued Receipts that invest in 

‘‘Financial Instruments.’’ The term ‘‘Financial 

Instruments,’’ as defined in Commentary .02(b)(4) to 

NYSE Arca Rule 8.200–E, means any combination 

of investments, including cash; securities; options 

on securities and indices; futures contracts; options 

on futures contracts; forward contracts; equity caps, 

collars, and floors; and swap agreements. 

6On July 21, 2023, the Tidal Commodities Trust 

I submitted to the Commission its registration 

statement on Form S–1 under the Securities Act of 

1933 (the ‘‘Registration Statement’’). The 

Registration Statement is not yet effective. 

7According to the Notice, the investment 

objective of the Target ETF is to have the daily 

changes in the NAV of the Target ETF’s Shares 

reflect the daily changes in the price of a specified 

benchmark (the ‘‘Benchmark’’). The Benchmark is 

the average of the closing settlement prices for the 

first to expire and second to expire BTC Contracts 

listed on the Chicago Mercantile Exchange, Inc. The 

first to expire and second to expire BTC Contracts 

and MBT Contracts are referred to as the Bitcoin 

Futures Contracts. According to the Notice, under 

normal market conditions, the Target ETF will 

invest in Bitcoin Futures Contracts and in cash and 

cash equivalents. 

8 15 U.S.C. 78f(b)(5). 

shares of which are currently listed and 

traded on the Exchange under NYSE 

Arca Rule 8.200–E. 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 Commission has approved the 

listing and trading on the Exchange of 

shares (‘‘Shares’’) of the Hashdex 

Bitcoin Futures Fund (the ‘‘Target 

ETF’’),4 under NYSE Arca Rule 8.200– 

E, Commentary .02, which governs the 

listing and trading of Trust Issued 

Receipts.5 Shares of the Target ETF are 

currently listed and traded on the 

Exchange under NYSE Arca Rule 8.200– 

E, Commentary .02. According to the 

Releases, the Target ETF is a series of 

Teucrium Commodity Trust (the 

‘‘Teucrium Trust’’), a Delaware statutory 

trust. The Exchange represented in the 

Releases that the Target ETF is managed 

and controlled by Teucrium Trading, 

LLC (‘‘Sponsor’’) and that the Sponsor is 

registered as a commodity pool operator 

(‘‘CPO’’) and a commodity trading 

adviser (‘‘CTA’’) with the Commodity 

Futures Trading Commission (‘‘CFTC’’) 

and is a member of the National Futures 

Association (‘‘NFA’’). 

The Tidal Commodities Trust I 

(‘‘Tidal Trust’’) has filed a combined 

prospectus and information statement 

(the ‘‘Information Statement’’) with the 

Commission describing an Agreement 

and Plan of Partnership Merger and 

Liquidation (‘‘Plan of Merger’’) between 

the Teucrium Trust and the Tidal Trust 

pursuant to which the assets of the 

Target ETF will be reorganized into the 

Hashdex Bitcoin Futures ETF (the 

‘‘Acquiring ETF’’), a series of the Tidal 

Trust.6 According to the Information 

Statement, the Target ETF has the same 

investment objective and investment 

strategies and substantially identical 

investment risks as the Acquiring ETF. 

Upon the closing of the reorganization 

contemplated by the Plan of Merger 

(‘‘Reorganization’’), the Target ETF will 

transfer all of its assets and liabilities to 

the Acquiring ETF. Simultaneously, the 

Acquiring ETF will distribute its shares 

(the ‘‘Merger Shares’’) to the 

shareholders of the Target ETF. The 

Merger Shares will have a net asset 

value (‘‘NAV’’) per share equal to the 

NAV per share of the Target ETF 

determined immediately before the 

closing of the Reorganization resulting 

in a distribution of one share of Merger 

Shares for each outstanding share of the 

Target ETF. Closing of the 

Reorganization will result in the 

termination of all outstanding Target 

ETF shares and the liquidation of the 

Target ETF. Shareholders of the Target 

ETF will thus effectively be converted 

into shareholders of the Acquiring ETF 

and will hold shares of the Acquiring 

ETF with the same NAV as shares of the 

Target ETF that they held prior to the 

Reorganization. According to the 

Information Statement, following the 

Reorganization, the Shares will be 

issued by the Tidal Trust and the 

sponsor of the Acquiring ETF will be 

Toroso Investments LLC (‘‘New 

Sponsor’’). 

The purpose of this proposed rule 

change is to change certain 

representations made in the proposed 

rule change previously filed with the 

Commission pursuant to Rule 19b–4 

relating to the Target ETF, as described 

above, which changes would be 

implemented as a result of the 

Reorganization. Following the 

Reorganization, the Acquiring ETF will 

continue to comply with all initial and 

continued listing requirements under 

NYSE Arca Rule 8.200–E, Commentary 

.02. In addition, the Acquiring ETF’s 

portfolio meets and will continue to 

meet the representations regarding the 

Target ETF’s investments as described 

in the Releases.7 Except for the changes 

noted above, all other representations 

made in the Releases remain 

unchanged. 

2. Statutory Basis 

The basis under the Act for this 

proposed rule change is the requirement 

under section 6(b)(5) 8 that an exchange 

have rules that are designed to prevent 

fraudulent and manipulative acts and 

practices, to promote just and equitable 

principles of trade, to remove 

impediments to, and perfect the 

mechanism of a free and open market 

and, in general, to protect investors and 

the public interest. 

The Exchange believes that the 

proposed rule change is designed to 

prevent fraudulent and manipulative 

acts and practices, and is designed to 

promote just and equitable principles of 

trade and to protect investors and the 

public interest. 

Tidal Trust has filed the Information 

Statement describing the Reorganization 

pursuant to which the assets of the 

Target ETF will be reorganized into the 

Acquiring ETF. This filing proposes to 

reflect organizational and administrative 

changes that would be implemented as 

a result of the Reorganization, including 

changes to the trust entity issuing shares 

of the Target ETF and the sponsor to the 

Target ETF. According to the 

Information Statement, the investment 

objective of the Acquiring ETF will be 

the same as that of the Target ETF 

following the Reorganization. The 

Exchange believes these changes will 

not adversely impact investors or 

Exchange trading. In addition, the 

Acquiring ETF’s portfolio meets and 

will continue to meet the 

representations regarding the Target 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 88, No. 242 / Tuesday, December 19, 2023 / Notices 87827 

9 15 U.S.C. 78s(b)(3)(A)(iii). 

10 17 CFR 240.19b–4(f)(6). 

11 In addition, Rule 19b–4(f)(6) requires a selfregulatory organization to give the Commission 

written notice of its intent to file the proposed rule 

change at least five business days prior to the date 

of filing of the proposed rule change, or such 

shorter time as designated by the Commission. The 

Exchange has satisfied this requirement. 

12 17 CFR 240.19b–4(f)(6). 

13 17 CFR 240.19b–4(f)(6)(iii). 

14For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

15 17 CFR 200.30–3(a)(12), (59). 

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

2 17 CFR 240.19b–4. 

ETF’s investments as described in the 

Releases. Except for the changes noted 

above, all other representations made in 

the Releases remain unchanged. As 

stated above and in the Releases, shares 

of the Acquiring ETF shall also conform 

to the initial and continued listing 

criteria under Rule 8.200–E. 

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 purpose of the Act. The Exchange 

believes the proposed rule change will 

not impose a burden on competition 

and will benefit investors and the 

marketplace by permitting continued 

listing and trading of Shares of the 

Acquiring ETF following 

implementation of the changes 

described above, which changes would 

not impact the investment objective of 

the Acquiring ETF. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has filed the proposed 

rule change pursuant to section 

19(b)(3)(A)(iii) of the Act 9 and Rule 

19b–4(f)(6) thereunder.10 Because the 

proposed rule change does not: (i) 

significantly affect the protection of 

investors or the public interest; (ii) 

impose any significant burden on 

competition; and (iii) become operative 

prior to 30 days from the date on which 

it was filed, or such shorter time as the 

Commission may designate, it has 

become effective pursuant to section 

19(b)(3)(A) of the Act and Rule 19b– 

4(f)(6) thereunder.11

A proposed rule change filed under 

Rule 19b–4(f)(6) 12 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b4(f)(6)(iii),13 the Commission 

may designate a shorter time if such 

action is consistent with the protection 

of investors and the public interest. The 

Exchange has asked the Commission to 

waive the 30-day operative delay so that 

the proposal may become operative 

immediately upon filing. The Exchange 

states that the proposed changes reflect 

organizational and administrative 

changes that would be implemented as 

a result of the Reorganization. The 

Commission believes that waiver of the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest because the proposal 

does not raise any new or novel issues. 

Accordingly, the Commission hereby 

waives the 30-day operative delay and 

designates the proposal operative upon 

filing.14

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. 

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– 

NYSEARCA–2023–84 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–NYSEARCA–2023–84. 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–NYSEARCA–2023–84 and should be 

submitted on or before January 9, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–27809 Filed 12–18–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99163; File No. SR– 

NASDAQ–2023–055] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend the 

Definition of Commodity-Based Trust 

Shares in Nasdaq Rule 5711(d)(iv)(A) 

and To Correct a Typographical Error 

in Nasdaq Rule 5711(d)(iv)(B) 

December 13, 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 December 

11, 2023, The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Commission is 

publishing this notice to solicit 


lotter on DSK11XQN23PROD with NOTICES1