Federal Register / Vol. 89, No. 10 / Tuesday, January 16, 2024 / Notices 2687 

21 15 U.S.C. 78s(b)(3)(A). 

22 17 CFR 240.19b–4(f). 23 17 CFR 200.30–3(a)(12). 

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 21 and paragraph (f) of Rule 

19b–4 22 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– 

CBOE–2024–001 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–CBOE–2024–001. 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–CBOE–2024–001 and should be 

submitted on or before February 6, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.23

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–00639 Filed 1–12–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. IC– 

35087; 812–15495] 

Elevation Series Trust and Sovereign’s 

Capital Management, LLC 

January 9, 2024. 

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 certain 

subadvisors without shareholder 

approval and grant relief from the 

Disclosure Requirements as they relate 

to fees paid to the subadvisors. 

APPLICANTS: Elevation Series Trust and 

Sovereign’s Capital Management, LLC. 

FILING DATES: The application was filed 

on August 10, 2023, and amended on 

November 30, 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 February 5, 2024, and 

should be accompanied by proof of 

service on the Applicants, in the form 

of an affidavit, or, for lawyers, a 

certificate of service. Pursuant to rule 0– 

5 under the Act, hearing requests should 

state the nature of the writer’s interest, 

any facts bearing upon the desirability 

of a hearing on the matter, the reason for 

the request, and the issues contested. 

Persons who wish to be notified of a 

hearing may request notification by 

emailing the Commission’s Secretary. 

ADDRESSES: The Commission: 

Secretarys-Office@sec.gov. Applicants: 

JoAnn M. Strasser, JoAnn.Strasser@

thompsonhine.com and Christopher 

Moore, Elevation Series Trust c/o 

Sovereign’s Capital Management, LLC, 

1700 Broadway, Suite 1850, Denver, CO 

80290. 

FOR FURTHER INFORMATION CONTACT: Jean 

E. Minarick, Senior Counsel, or Kyle R. 

Ahlgren, Branch Chief, at (202) 551– 

6825 (Division of Investment 

Management, Chief Counsel’s Office). 

SUPPLEMENTARY INFORMATION: For 

Applicants’ representations, legal 

analysis, and conditions, please refer to 

Applicants’ amended application, dated 

November 30, 2023, which may be 

obtained via the Commission’s website 

by searching for the file number at the 

top of this document, or for an 

Applicant using the Company name 

search field on the SEC’s EDGAR 

system. 

The SEC’s EDGAR system may be 

searched at https://www.sec.gov/edgar/ 

searchedgar/legacy/ 

companysearch.html. You may also call 

the SEC’s Public Reference Room at 

(202) 551–8090. 


ddrumheller on DSK120RN23PROD with NOTICES1
2688 Federal Register / Vol. 89, No. 10 / Tuesday, January 16, 2024 / Notices 

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

2 17 CFR 240.19b–4. 

3 In addition to proposing to delete the language 

in Rule 29.11(a)(6) and (j)(3) regarding the 

expiration date of the Pilot Programs (and 

renumbering Rule 29.11(j)(4) to be subparagraph 

(3)), the Exchange proposes to delete the word 

‘‘pilot’’ from the heading of Rule 29.11(j) and make 

a corresponding change to Rules 29.11(c)(5)(C). The 

Exchange also proposes a nonsubstantive change to 

the introductory paragraph of Rule 29.11(c) to 

change an incorrect semicolon to a colon. 

4See Securities Exchange Act Release No. 85181 

(February 22, 2019), 84 FR 6842 (February 28, 2019) 

(SR–CboeBZX–2018–066) (‘‘Pilot Programs 

Approval Order’’). Under the terms of the 

Nonstandard Expirations Pilot Program, Weekly 

Expirations and EOMs are permitted on any broadbased index that is eligible for regular options 

trading. 

5See id. 

6See Securities Exchange Act Release Nos. 88052 

(January 27, 2020), 85 FR 5753 (January 31, 2020) 

(Notice of Filing and Immediate Effectiveness of a 

Proposed Rule Change To Extend the Pilot 

Programs in Connection With the Listing and 

Trading of P.M.-Settled Series on Certain BroadBased Index Options) (SR–CboeBZX–2020–004); 

88788 (April 30, 2020), 85 FR 27008 (May 6, 2020) 

(Notice of Filing and Immediate Effectiveness of a 

Proposed Rule Change To Extend the Pilot 

Programs in Connection With the Listing and 

Trading of P.M.-Settled Series on Certain BroadBased Index Options) (SR–CboeBZX–2020–038); 

90255 (October 22, 2020), 85 FR 68378 (October 28, 

2020) (Notice of Filing and Immediate Effectiveness 

of a Proposed Rule Change To Extend the Pilot 

Programs in Connection With the Listing and 

Trading of P.M.-Settled Series on Certain BroadBased Index Options) (SR–CboeBZX–2020–076); 

91699 (April 28, 2021), 86 FR 23767 (May 4, 2021) 

(Notice of Filing and Immediate Effectiveness of a 

Proposed Rule Change To Extend the Pilot 

Programs in Connection With the Listing and 

Trading of P.M.-Settled Series on Certain BroadBased Index Options) (SR–CboeBZX–2021–031); 

93454 (October 28, 2021), 86 FR 60727 (November 

3, 2021) (Notice of Filing and Immediate 

Effectiveness of a Proposed Rule Change To Extend 

the Pilot Programs in Connection With the Listing 

and Trading of P.M.-Settled Series on Certain 

Broad-Based Index Options) (SR–CboeBZX–2021– 

072); 94802 (April 27, 2022), 87 FR 26240 (May 3, 

2022) (Notice of Filing and Immediate Effectiveness 

of a Proposed Rule Change To Extend the Pilot 

Programs in Connection With the Listing and 

Trading of P.M.-Settled Series on Certain BroadBased Index Options) (SR–CboeBZX–2022–029); 

96208 (November 2, 2022), 87 FR 67524 (November 

8, 2022) (Notice of Filing and Immediate 

Effectiveness of a Proposed Rule Change To Extend 

the Pilot Programs in Connection With the Listing 

and Trading of P.M.-Settled Series on Certain 

Broad-Based Index Options) (SR–CboeBZX–2022– 

052); 97442 (May 5, 2023), 88 FR 30362 (May 11, 

2023) (Notice of Filing and Immediate Effectiveness 

of a Proposed Rule Change To Extend the Pilot 

Programs in Connection With the Listing and 

Trading of P.M.-Settled Series on Certain BroadBased Index Options) (SR–CboeBZX–2023–034); 

and 98635 (September 28, 2023), 88 FR 68715 

(October 4, 2023) (SR–CboeBZX–2023–073) (Notice 

of Filing and Immediate Effectiveness of a Proposed 

Rule Change To Extend the Pilot Programs in 

Connection With the Listing and Trading of P.M.- 

Settled Series on Certain Broad-Based Index 

Options). 7The seller of a ‘‘cash-settled’’ index option pays 

out the cash value of the applicable index on 

expiration or exercise. A ‘‘physically settled’’ 

option, like equity and ETF options, involves the 

transfer of the underlying asset rather than cash. 

See Characteristics and Risks of Standardized 

Options, available at: https://www.theocc.com/ 

Company-Information/Documents-and-Archives/ 

Options-Disclosure-Document. 

For the Commission, by the Division of 

Investment Management, under delegated 

authority. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–00605 Filed 1–12–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99299; File No. SR– 

CboeBZX–2023–107] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing of 

a Proposed Rule Change To Make 

Permanent Pilot Programs in 

Connection With the Listing and 

Trading of P.M.-Settled Series on 

Certain Broad-Based Index Options 

January 9, 2024. 

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 

26, 2023, Cboe BZX Exchange, Inc. 

(‘‘Exchange’’ or ‘‘BZX’’) 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 

The Exchange proposes to make 

permanent the operation of its programs 

that allow the Exchange to list options 

on the Mini-SPX Index (‘‘XSP options’’) 

with P.M.-settlement and to list broadbased index options with nonstandard 

expirations (‘‘Nonstandard Expirations 

Pilot Program’’). 

The text of the proposed rule change 

is available on the Exchange’s website 

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

regulation/rule_filings/bzx/), 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 make 

permanent its XSPPM Pilot Program and 

its Nonstandard Expirations Pilot 

Program. Specifically, the Exchanges 

proposes to be permitted to list on a 

permanent basis (1) XSP options with 

third-Friday-of-the-month expiration 

dates whose exercise settlement value is 

derived from closing prices on the last 

trading day prior to expiration (‘‘P.M.- 

settled’’) (‘‘XSPPM options’’) and (2) 

options on broad-based indexes that are 

P.M.-settled and expire (a) on any 

Monday, Wednesday, or Friday (other 

than the third Friday-of-the-month or 

days that coincide with an end-ofmonth (‘‘EOM’’) expiration) (‘‘Weekly 

Expirations’’) and (b) on the last day of 

the trading month (‘‘EOM 

Expirations’’).3 The Securities and 

Exchange Commission (the 

‘‘Commission’’) approved a rule change 

that established a pilot program under 

which the Exchange is permitted to list 

(1) XSP options with third-Friday-ofthe-month expiration dates that are 

P.M.-settled (the ‘‘XSPPM Pilot 

Program’’) and (2) options on broadbased indexes with Weekly Expirations 

and Monthly Expirations (the 

‘‘Nonstandard Expirations Pilot 

Program’’ and, with the XSPPM Pilot 

Program, the ‘‘Pilot Programs’’).4

XSPPM Options, Weekly Expirations, 

and EOMs are cash-settled and have 

European-style exercise. The Pilot 

Programs became effective on a pilot 

basis for a period of twelve months from 

the date of the approval of the Pilot 

Programs 5 and were subsequently 

extended.6 Pursuant to Rule 29.11(a)(6) 

and (j)(3), the Pilot Programs are 

scheduled to expire on May 6, 2024. 

The Exchange hereby requests that the 

Commission approve the Pilot Programs 

on a permanent basis. 

By way of background, when cashsettled 7 index options were first 

introduced in the 1980s, settlement was 

based on the closing value of the 

underlying index on the option’s 

expiration date. The Commission later 

became concerned about the impact of 

P.M.-settled, cash-settled index options 


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