2294 Federal Register / Vol. 89, No. 9 / Friday, January 12, 2024 / Notices 

36 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

the relevant securities information 

processor. 

Quotation and last sale information 

for bitcoin is widely disseminated 

through a variety of major market data 

vendors, including Bloomberg and 

Reuters, as well as CF Benchmarks. 

Information relating to trading, 

including price and volume 

information, in bitcoin is available from 

major market data vendors and from the 

platforms on which bitcoin are traded. 

Depth of book information is also 

available from bitcoin platforms. The 

normal trading hours for bitcoin 

platforms are 24 hours per day, 365 days 

per year. 

Information regarding market price 

and trading volume of the Shares will be 

continually available on a real-time 

basis throughout the day on brokers’ 

computer screens and other electronic 

services. Information regarding the 

previous day’s closing price and trading 

volume information for the Shares will 

be published daily in the financial 

section of newspapers. Market prices for 

the Shares will be available from a 

variety of sources, including brokerage 

firms, information websites and other 

information service providers. 

For the above reasons, the Exchange 

believes that the proposed rule change 

is consistent with the requirements of 

section 6(b)(5) of the Act. 

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 

notes that the proposed rule change, 

rather will facilitate the listing and 

trading of additional actively-managed 

exchange-traded products that will 

enhance competition among both 

market participants and listing venues, 

to the benefit of investors and the 

marketplace. 

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. 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– 

NASDAQ–2023–019 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–NASDAQ–2023–019. 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–NASDAQ–2023–019 and should be 

submitted on or before February 2, 2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.36

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–00507 Filed 1–11–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99282; File No. SR– 

NYSEAMER–2024–01] 

Self-Regulatory Organizations; NYSE 

American LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Change To Amend Certain Transaction 

Fees and Credits in the NYSE 

American Equities Price List and Fee 

Schedule 

January 8, 2024. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that on January 2, 

2024, NYSE American LLC (‘‘NYSE 

American’’ 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 amend 

certain transaction fees and credits in 

the NYSE American Equities Price List 

and Fee Schedule (‘‘Price List’’) 

pertaining to its optional monthly 

credits applicable to Electronic 

Designated Market Makers (‘‘eDMM’’) in 

assigned securities. The Exchange 

proposes to implement the fee changes 

effective January 2, 2024. 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. 


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Federal Register / Vol. 89, No. 9 / Friday, January 12, 2024 / Notices 2295 

4See Securities Exchange Act Release No. 51808 

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

(File No. S7–10–04) (Final Rule) (‘‘Regulation 

NMS’’). 

5See Securities Exchange Act Release No. 61358, 

75 FR 3594, 3597 (January 21, 2010) (File No. S7– 

02–10) (Concept Release on Equity Market 

Structure). 

6See Cboe U.S. Equities Market Volume 

Summary, available at https://markets.cboe.com/us/ 

equities/market_share. See generally https://

www.sec.gov/fast-answers/divisionsmarket

regmrexchangesshtml.html. 

7See FINRA ATS Transparency Data, available at 

https://otctransparency.finra.org/otctransparency/ 

AtsIssueData. A list of alternative trading systems 

registered with the Commission is available at 

https://www.sec.gov/foia/docs/atslist.htm. 

8See Cboe Global Markets U.S. Equities Market 

Volume Summary, available at http://markets.cboe.

com/us/equities/market_share/. 

9See id. 

10See Securities Exchange Act Release No. 95106 

(June 15, 2022), 87 FR 37364 (June 22, 2022) (SR– 

NYSEAMER–2022–24). 

11 15 U.S.C. 78f(b). 

12 15 U.S.C. 78f(b)(4) and (5). 

13See Regulation NMS, supra note 4, 70 FR at 

37499. 

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 

certain transaction fees and credits in 

the NYSE American Equities Price List 

and Fee Schedule (‘‘Price List’’) 

pertaining to its optional monthly 

credits applicable to Electronic 

Designated Market Makers (‘‘eDMM’’) in 

assigned securities. 

The proposed changes respond to the 

current competitive environment where 

order flow providers have a choice of 

where to direct liquidity-providing 

orders by offering further incentives for 

ETP Holders to send additional adding 

and removing liquidity to the Exchange. 

The Exchange proposes to implement 

the fee changes effective January 2, 

2024. 

Competitive Environment 

The Exchange operates in a highly 

competitive market. The Commission 

has repeatedly expressed its preference 

for competition over regulatory 

intervention in determining prices, 

products, and services in the securities 

markets. 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.’’ 4

While Regulation NMS has enhanced 

competition, it has also fostered a 

‘‘fragmented’’ market structure where 

trading in a single stock can occur 

across multiple trading centers. When 

multiple trading centers compete for 

order flow in the same stock, the 

Commission has recognized that ‘‘such 

competition can lead to the 

fragmentation of order flow in that 

stock.’’ 5 Indeed, cash equity trading is 

currently dispersed across 16 

exchanges,6 numerous alternative 

trading systems,7 and broker-dealer 

internalizers and wholesalers, all 

competing for order flow. Based on 

publicly-available information, no 

single exchange currently has more than 

17% market share.8 Therefore, no 

exchange possesses significant pricing 

power in the execution of cash equity 

order flow. More specifically, the 

Exchange currently has less than 1% 

market share of executed volume of cash 

equities trading.9

The Exchange believes that the evershifting market share among the 

exchanges from month to month 

demonstrates that market participants 

can move order flow, or discontinue or 

reduce use of certain categories of 

products. While it is not possible to 

know a firm’s reason for shifting order 

flow, the Exchange believes that one 

such reason is because of fee changes at 

any of the registered exchanges or nonexchange venues to which the firm 

routes order flow. Accordingly, 

competitive forces compel the Exchange 

to use exchange transaction fees and 

credits because market participants can 

readily trade on competing venues if 

they deem pricing levels at those other 

venues to be more favorable. 

Proposed Rule Change 

Currently, the Exchange offers 

eDMMs an optional monthly credit per 

security (‘‘Credit Per Security’’) up to a 

maximum credit of $850 per month per 

assigned security, provided that eDMMs 

agree to a credit of $0.0020 per share for 

orders adding displayed liquidity 

instead of the otherwise-applicable 

credit of $0.0045 per share. Specifically, 

for eDMMs agreeing to a $0.0020 credit 

per share for orders adding displayed 

liquidity, the Exchange currently offers 

a Credit Per Security of $100 for an 

eDMM quoting at the National Best Bid 

or Offer (‘‘NBBO’’) for a minimum 

average of 25% of the time; a Credit Per 

Security of $350 for an eDMM quoting 

at the NBBO for a minimum average of 

40% of the time; and a Credit Per 

Security of $850 for an eDMM quoting 

at the NBBO for a minimum average of 

50% of the time.10

The Exchange proposes to add a new 

Credit Per Security level, offering a 

Credit Per Security of $1,000 for an 

eDMM quoting at the NBBO for a 

minimum average of 70% of the time. 

The proposed change responds to the 

current competitive environment where 

order flow providers have a choice of 

where to direct liquidity-providing 

orders by offering further incentives for 

eDMMs to increase quoting on, and 

send additional displayed liquidity to, 

the Exchange. The Exchange believes 

that offering Exchange eDMMs the 

option to receive a new higher monthly 

rebate across all eDMM securities would 

foster liquidity provision, increased 

quoting, and stability in the marketplace 

and lessen eDMM reliance on 

transaction fees, to the benefit of the 

marketplace and all market participants. 

The Exchange does not propose any 

other changes to its rates to eDMMs on 

transactions in assigned securities. 

The proposed changes are not 

otherwise intended to address any other 

issues, and the Exchange is not aware of 

any significant problems that market 

participants would have in complying 

with the proposed changes. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,11 in general, and 

furthers the objectives of Sections 

6(b)(4) and (5) of the Act,12 in particular, 

because it provides for the equitable 

allocation of reasonable dues, fees, and 

other charges among its members, 

issuers and other persons using its 

facilities, is designed to prevent 

fraudulent and manipulative acts and 

practices and to promote just and 

equitable principles of trade, and does 

not unfairly discriminate between 

customers, issuers, brokers or dealers. 

The Proposed Fee Change Is Reasonable 

As discussed above, the Exchange 

operates in a highly fragmented and 

competitive market. The Commission 

has repeatedly expressed its preference 

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.’’ 13

The Exchange believes that the evershifting market share among the 

exchanges from month to month 


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2296 Federal Register / Vol. 89, No. 9 / Friday, January 12, 2024 / Notices 

14 15 U.S.C. 78f(b)(8). 

15See Securities Exchange Act Release No. 51808, 

70 FR 37495, 37498–99 (June 29, 2005) (S7–10–04) 

(Final Rule). 

demonstrates that market participants 

can shift order flow, or discontinue to 

reduce use of certain categories of 

products, in response to fee changes. 

ETP Holders can choose from any one 

of the 16 currently operating registered 

exchanges, and numerous off-exchange 

venues, to route such order flow. 

Accordingly, competitive forces 

constrain exchange transaction fees that 

relate to orders on an exchange. Stated 

otherwise, changes to exchange 

transaction fees can have a direct effect 

on the ability of an exchange to compete 

for order flow. 

Given this competitive environment, 

the proposal represents a reasonable 

attempt to attract additional order flow 

to the Exchange. Providing eDMMs with 

the option to receive a lower per share 

transaction credit for adding displayed 

liquidity in exchange for higher 

monthly rebates per assigned liquidity 

for higher quoting levels, up to a 

maximum credit of $1,000 per month 

across all eDMM assigned securities, is 

reasonable because it would foster 

liquidity provision, improved quoting, 

and stability in the marketplace and 

lessen eDMM reliance on transaction 

fees, to the benefit of the marketplace 

and all market participants. Moreover, 

the proposal is reasonable because it 

would balance the increased risks and 

heightened quoting and other 

obligations that eDMMs on the 

Exchange have and that other market 

participants do not. The Exchange 

believes that increasing the maximum 

Credit Per Security level to $1,000 (from 

$850) per month is reasonable and will 

provide a further incentive for eDMMs 

to quote and to quote at higher levels in 

a greater number of securities on the 

Exchange and will generally allow the 

Exchange and eDMMs to better compete 

for order flow, and thus enhance 

competition. 

The Proposed Change Is an Equitable 

Allocation of Fees and Credits 

The Exchange believes its proposal 

equitably allocates its fees among its 

market participants by fostering 

liquidity provision and stability in the 

marketplace. The Exchange believes that 

it is equitable to offer eDMMs the option 

to receive a lower per-share transaction 

credit for adding displayed liquidity in 

exchange for monthly rebates per 

assigned security because it would 

balance the increased risks and 

heightened quoting and other 

obligations that eDMMs on the 

Exchange have and that other market 

participants do not have. As such, it is 

equitable to offer eDMMs the option to 

receive a flat per-security credit based 

on the eDMM’s quoting in that symbol, 

coupled with a lower transaction fee. 

The Exchange believes that increasing 

the maximum Credit Per Security level 

to $1,000 (from $850) per month is 

equitable because it would apply 

equally to all eDMM firms, each of 

whom would have the option to elect to 

participate (or not participate) on a 

monthly basis. Any eDMM wishing to 

receive the Credit Per Security would be 

required to meet the prescribed quoting 

requirements in order to qualify for the 

payments, as described above. All 

eDMMs would be eligible to elect to 

receive a Credit Per Security and could 

do so by notifying the Exchange and 

meeting the per symbol quoting 

requirements. 

The Proposed Fee Change Is Not 

Unfairly Discriminatory 

The Exchange believes it is not 

unfairly discriminatory to offer eDMMs 

the option to receive a flat per-security 

credit coupled with a lower transaction 

fee for orders that provide displayed 

liquidity in assigned securities as the 

proposed credits would be provided on 

an equal basis to all such participants. 

The proposed $1,000 maximum Credit 

Per Security level would apply equally 

to all eDMM firms, who would have the 

option to elect to participate on a 

monthly basis. Further, the Exchange 

believes the new proposed maximum 

credit would incentivize eDMMs that 

meet the proposed quoting requirement 

to send more orders to the Exchange to 

qualify for a higher Credit Per Security. 

The proposal neither targets nor will 

it have a disparate impact on any 

particular category of market 

participant. The proposal does not 

permit unfair discrimination because 

the proposed thresholds would be 

applied to all similarly situated eDMMs, 

who would all be eligible for the same 

credit on an equal basis. Accordingly, 

no eDMM already operating on the 

Exchange would be disadvantaged by 

this allocation of fees. 

For the foregoing reasons, the 

Exchange believes that the proposal is 

consistent with the Act. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

In accordance with Section 6(b)(8) of 

the Act,14 the Exchange believes that the 

proposed rule change would not impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. Instead, as 

discussed above, the Exchange believes 

that the proposed fee change would 

encourage the submission of additional 

liquidity to a public exchange, thereby 

promoting market depth, price 

discovery, and transparency and 

enhancing order execution 

opportunities for market participants. 

As a result, the Exchange believes that 

the proposed change furthers the 

Commission’s goal in adopting 

Regulation NMS of fostering integrated 

competition among orders, which 

promotes ‘‘more efficient pricing of 

individual stocks for all types of orders, 

large and small.’’ 15

Intramarket Competition. The 

Exchange believes the proposed change 

would not impose any burden on 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. The proposed 

change is designed to attract additional 

orders to the Exchange. The Exchange 

believes that the proposed changes 

would incentivize market participants 

to direct their orders to the Exchange. 

Greater overall order flow, trading 

opportunities, and pricing transparency 

benefit all market participants on the 

Exchange by enhancing market quality 

and continuing to encourage ETP 

Holders to send orders, thereby 

contributing towards a robust and wellbalanced market ecosystem. 

Intermarket Competition. The 

Exchange operates in a highly 

competitive market in which market 

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. As noted above, the Exchange 

currently has less than 1% market share 

of executed volume of equities trading. 

In such an environment, the Exchange 

must continually adjust its fees and 

credits to remain competitive with other 

exchanges and with off-exchange 

venues. Because competitors are free to 

modify their own fees and credits in 

response, and because market 

participants may readily adjust their 

order routing practices, the Exchange 

does not believe its proposed fee change 

can impose any burden on intermarket 

competition. 

The Exchange believes that the 

proposed change could promote 

competition between the Exchange and 

other execution venues, including those 

that currently offer similar order types 

and comparable transaction pricing, by 

encouraging additional orders to be sent 

to the Exchange for execution. 


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Federal Register / Vol. 89, No. 9 / Friday, January 12, 2024 / Notices 2297 

16 15 U.S.C. 78s(b)(3)(A). 

17 17 CFR 240.19b–4(f)(2). 

18 15 U.S.C. 78s(b)(2)(B). 

19 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. 97884 

(July 12, 2023), 88 FR 45947. Comments on the 

proposed rule change are available at: https://

www.sec.gov/comments/sr-nysearca-2023-44/ 

srnysearca202344.htm. 

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

5See Securities Exchange Act Release No. 98268, 

88 FR 61647 (Sept. 7, 2023). 

6See Securities Exchange Act Release No. 98607, 

88 FR 68862 (Oct. 4, 2023). 

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 foregoing rule change is effective 

upon filing pursuant to Section 

19(b)(3)(A) 16 of the Act and 

subparagraph (f)(2) of Rule 19b–4 17

thereunder, because it establishes a due, 

fee, or other charge imposed by the 

Exchange. 

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 

under Section 19(b)(2)(B) 18 of the Act 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– 

NYSEAMER–2024–01 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–NYSEAMER–2024–01. 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–NYSEAMER–2024–01 and should 

be submitted on or before February 2, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.19

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–00497 Filed 1–11–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–99294; File No. SR– 

NYSEARCA–2023–44] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing of 

Amendment No. 2 to a Proposed Rule 

Change To List and Trade Shares of 

the Bitwise Bitcoin ETF Under NYSE 

Arca Rule 8.201–E (Commodity-Based 

Trust Shares) 

January 8, 2024. 

On June 28, 2023, NYSE Arca, Inc. 

(‘‘NYSE Arca’’ 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 

Bitwise Bitcoin ETF (f/k/a Bitwise 

Bitcoin ETP Trust) under NYSE Arca 

Rule 8.201–E (Commodity-Based Trust 

Shares). The proposed rule change was 

published for comment in the Federal 

Register on July 18, 2023.3 On August 

31, 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

On September 25, 2023, the Exchange 

filed Amendment No. 1, which 

amended and replaced the proposed 

rule change in its entirety. On 

September 28, 2023, the Commission 

noticed Amendment No. 1 and 

instituted proceedings to determine 

whether to disapprove the proposed 

rule change, as modified by Amendment 

No. 1.6 On January 5, 2024, the 

Exchange filed Amendment No. 2 to the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the Exchange. 

Amendment No. 2 amended and 

replaced the proposed rule change, as 

modified by Amendment No. 1, in its 

entirety. The Commission is publishing 

this notice to solicit comments on the 

proposed rule change, as modified by 

Amendment No. 2, 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 Bitwise Bitcoin ETF 

under NYSE Arca Rule 8.201–E 

(Commodity-Based Trust Shares). This 

Amendment No. 2 to SR–NYSEArca– 

2023–44 replaces SR–NYSEArca–2023– 

44 as originally filed and supersedes 

such filing in its entirety. 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, 


khammond on DSKJM1Z7X2PROD with NOTICES