Federal Register / Vol. 89, No. 232 / Tuesday, December 3, 2024 / Notices 95865 

47 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

Platforms and other publicly available 

websites. In addition, such prices are 

published in public sources, or on-line 

information services such as Bloomberg 

and Reuters. The NAV per Share will be 

calculated daily and made available to 

all market participants at the same time. 

The Trust will provide website 

disclosure of its NAV daily. One or 

more major market data vendors will 

disseminate for the Trust on a daily 

basis information with respect to the 

most recent NAV per Share and Shares 

outstanding. In addition, if the 

Exchange becomes aware that the NAV 

per Share is not disseminated to all 

market participants at the same time, it 

will halt trading in the Shares until such 

time as the NAV is available to all 

market participants. Quotation and lastsale information regarding the Shares 

will be disseminated through the 

facilities of the CTA. The ITV will be 

widely disseminated on a per Share 

basis every 15 seconds during the NYSE 

Arca Core Trading Session (normally 

9:30 a.m. E.T. to 4:00 p.m. E.T.) by one 

or more major market data vendors. The 

Exchange represents that the Exchange 

may halt trading during the day in 

which an interruption to the 

dissemination of the ITV or the value of 

the Index occurs. If the interruption to 

the dissemination of the ITV or the 

value of the Index persists past the 

trading day in which it occurred, the 

Exchange will halt trading no later than 

the beginning of the NYSE Arca Core 

Trading Session on the trading day 

following the interruption. 

The proposed rule change is designed 

to perfect the mechanism of a free and 

open market and, in general, to protect 

investors and the public interest in that 

it will facilitate the listing and trading 

of an additional type of exchange-traded 

product that will enhance competition 

among market participants, to the 

benefit of investors and the marketplace. 

As noted above, the Exchange has in 

place surveillance procedures relating to 

trading in the Shares and may obtain 

information via ISG from other 

exchanges that are members of ISG or 

with which the Exchange has entered 

into a CSSA for at least 90% of the 

Trust’s commodity and/or digital asset 

holdings. In addition, as noted above, 

investors will have ready access to 

information regarding the Trust’s NAV, 

ITV, and quotation and last sale 

information for the Shares. 

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. The 

Exchange notes that the proposed rule 

change will facilitate the listing and 

trading of an additional type of 

exchange-traded product that would 

enhance competition among market 

participants, 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 solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period 

up to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the self-regulatory organization 

consents, the Commission will: 

(A) by order approve or disapprove 

the proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be 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– 

NYSEARCA–2024–98 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–2024–98. 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–2024–98 and should be 

submitted on or before December 24, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.47

Stephanie J. Fouse, 

Assistant Secretary. 

[FR Doc. 2024–28343 Filed 12–2–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101776; File No. SR–Phlx– 

2024–63] 

Self-Regulatory Organizations; Nasdaq 

PHLX LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Remove Rules Related 

to the Nasdaq-100® Volatility Index 

November 27, 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 November 

21, 2024, Nasdaq PHLX LLC (‘‘Phlx’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) a 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 


lotter on DSK11XQN23PROD with NOTICES1
95866 Federal Register / Vol. 89, No. 232 / Tuesday, December 3, 2024 / Notices 

3 VOLQ is a proprietary index product. The 

VOLQ options index product measured ‘‘at-themoney’’ volatility, a precise measure of volatility 

used by investors. Specifically, VOLQ options 

measured changes in 30-day implied volatility of 

the Nasdaq-100 Index (commonly known as and 

referred to by its ticker symbol, NDX). 

4See Securities Exchange Act Release No. 91781 

(May 5, 2021), 86 FR 25918 (May 11, 2021) (SR– 

Phlx–2020–41) (Notice of Filing of Amendment 

Nos. 1 and 2 and Order Granting Accelerated 

Approval of a Proposed Rule Change, as Modified 

by Amendment Nos. 1 and 2, To List and Trade 

Options on a Nasdaq-100 Volatility Index) (‘‘VOLQ 

Options Approval Order’’). 

5See Securities Exchange Act Release No. 93628 

(November 19, 2021), 86 FR 67555 (November 26, 

2021) (SR–Phlx–2021–56) (Order Approving a 

Proposed Rule Change To Amend Options 4A, 

Section 12 Regarding the Calculation of the Closing 

Volume Weighted Average Price for Options on the 

Nasdaq-100 Volatility Index in Certain 

Circumstances) (‘‘Amendment to VOLQ Options’’). 

6See Options Trader Alert #2022–16 (http://

www.nasdaqtrader.com/MicroNews.aspx?id=OTA 

2022–16). 

7The Exchange proposes to remove a stray period 

after the title ‘‘Definitions.’’ 

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

9 15 U.S.C. 78f(b)(5). 

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

11 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires a self-regulatory 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. 

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 remove 

rule text related to the listing of options 

on the Nasdaq-100® Volatility Index. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/phlx/rules, 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 

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 

various rules to remove references to the 

listing of options on the Nasdaq-100®

Volatility Index.3

In 2021, Phlx received approval 4 to 

list and trade options on VOLQ. Phlx 

subsequently received approval 5 to 

amend the calculation of its final 

settlement price for options on VOLQ. 

Phlx launched VOLQ options on June 

14, 2022.6 On May 18, 2023, Phlx 

delisted options on VOLQ and the 

Exchange does not have plans to re-list 

VOLQ options in the foreseeable future. 

There is no open interest in VOLQ at 

this time. The Exchange proposes to 

delete all references to VOLQ options to 

provide greater clarity to members and 

member organizations and the public 

regarding the Exchange’s offerings and 

Rulebook. 

Specifically, the Exchange proposes to 

delete references to the Nasdaq-100 ®

Volatility Index or ‘‘VOLQ’’ in Options 

3, Section 1, Hours of Business; and 

Options 4A Rules at: Section 2, 

Definitions; 7 Section 6, Position Limits; 

and Section 12, Terms of Index Options 

Contracts. The Exchange also proposes 

to remove pricing in Options 7, Pricing 

Schedule, at Section 5, Index and Singly 

Listed Options (Includes options 

overlying FX Options, equities, ETFs, 

ETNs, and indexes not listed on another 

exchange). 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,8 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,9

in particular, in that it is designed to 

promote just and equitable principles of 

trade, 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. 

Phlx’s proposal to remove references 

to the Nasdaq-100 ® Volatility Index or 

‘‘VOLQ’’ in Phlx Rules is consistent 

with the Act as Phlx delisted options on 

VOLQ in 2023 and there is no open 

interest in VOLQ options at this time. 

Further, the Exchange does not have 

plans to re-list VOLQ options in the 

foreseeable future. The Exchange 

proposes to delete all references to 

VOLQ options to provide greater clarity 

to members and member organizations 

and the public regarding the Exchange’s 

offerings and Rulebook. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The proposed rule change does not 

impose any burden on competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act. 

The Exchange’s proposal to remove 

references to the Nasdaq-100 ® Volatility 

Index or ‘‘VOLQ’’ in Phlx Rules does 

not impose an undue burden on intramarket competition as, today, no 

member or member organization is able 

to options on VOLQ or will be able to 

trade options on VOLQ in the future. 

The Exchange’s proposal to remove 

references to the Nasdaq-100 ® Volatility 

Index or ‘‘VOLQ’’ in Phlx Rules does 

not impose an undue burden on intermarket competition as VOLQ options 

was a proprietary product of Nasdaq, 

Inc. and singly listed on Phlx. Other 

options markets can develop a similar 

index options product on their market. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

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 10 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.11

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: 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 89, No. 232 / Tuesday, December 3, 2024 / Notices 95867 

12 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. 

4On November 1, 2024, the Exchange filed to 

amend the Fee Schedule (NYSEARCA–2024–93) 

and withdrew such filing on November 15, 2024 

(NYSEARCA–2024–99), which latter filing the 

Exchange withdrew on November 21, 2024. 

5See Fee Schedule, MARKET MAKER PENNY 

AND SPY POSTING CREDIT TIERS. 

6 IWM is the iShares Russell 2000 ETF. QQQ is 

the Invesco QQQ Trust. SPY is the SPDR S&P 500 

ETF Trust. 

7See Fee Schedule, MARKET MAKER PENNY 

AND SPY POSTING CREDIT TIERS. The Additional 

Credit does not apply to executions of issues in a 

Lead Market Maker’s appointment. See id. 

8 Id. The total potential Super Tier credits 

combines the ($0.37) standard per contract credit 

(for Penny Issues other than SPY) with the ($0.03) 

Additional Credit to equal a per contract credit of 

Continued 

Electronic Comments 

• Use the Commission’s internet 

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

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

Phlx–2024–63 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to file 

number SR–Phlx–2024–63. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

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

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

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

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

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

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–Phlx–2024–63 and should be 

submitted on or before December 24, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Stephanie J. Fouse, 

Assistant Secretary. 

[FR Doc. 2024–28344 Filed 12–2–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101758; File No. SR– 

NYSEARCA–2024–102] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Modify the NYSE Arca 

Options Fee Schedule 

November 26, 2024. 

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 

November 21, 2024, 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 modify the 

NYSE Arca Options Fee Schedule (‘‘Fee 

Schedule’’) regarding incentives 

available to Market Makers. The 

Exchange proposes to implement the fee 

change effective November 21, 2024.4

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 purpose of this filing is to amend 

the Fee Schedule to modify certain 

incentives intended to encourage 

Market Maker posted volume. The 

Exchange proposes to implement the fee 

change on November 21, 2024. 

Currently, the Fee Schedule provides 

a variety of incentives to encourage 

greater participation by Market Makers 

and Market Maker affiliates, including 

more favorable rates for higher volumes 

from posted interest (e.g., the Market 

Maker Incentive For Non-Penny Interval 

Issues and the Market Maker Incentives 

for SPY). The Exchange also offers 

incentives that reward higher volume 

from posted interest in conjunction with 

activity in the NYSE Arca Equity Market 

(for purposes of this filing, activity in 

the NYSE Arca Equity Market is referred 

to as ‘‘cross asset activity’’). 

The Exchange proposes to modify the 

Market Maker Penny and SPY Posting 

Credit Tiers (the ‘‘Market Maker Penny 

Tiers’’) 5 by creating two new tiers 

(described below) that would replace 

the current ‘‘Additional Credit’’ per 

contract credit of ($0.03) on Market 

Maker posted interest that is available to 

OTP Holder or OTP Firm (collectively, 

‘‘OTP Holders’’) that qualify for either 

Super Tier. 

Pursuant to the Fee Schedule, to 

qualify for the Additional Credit, 

eligible OTP Holders must achieve (i) at 

least 0.55% of total combined IWM, 

QQQ, and SPY industry ADV from 

Market Maker posted interest in IWM, 

QQQ, and SPY,6 and (ii) ETP Holder 

and Market Maker posted volume in 

Tape B Adding ADV that is equal to at 

least 1.50% of US Tape B CADV 

executed on NYSE Arca Equity Market 

for the billing month.7 As a result, OTP 

Holders that qualify for the Super Tier 

and the Additional Credit will receive a 

per contract credit of ($0.40) on all 

Penny Issues other than SPY and a per 

contract credit of ($0.42) per contract for 

executions in SPY.8 Similarly, OTP 


lotter on DSK11XQN23PROD with NOTICES1