NYSE Arca Proposes Options Rule Changes for Bitcoin/Ethereum ETFs

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1. Text of Proposed Rule Change(a) Pursuant to the provisions of Section 19(b)(1) of the Securities ExchangeAct of 1934 (the “Act”)and Rule 19b-4 thereunder,NYSE Arca, Inc.(“NYSE Arca” or the “Exchange”) proposes to amend Rule 5.32-O (Termsof FLEX Options), Rule 5.35-O (Position Limits for FLEX Options) andRule 6.8-O (Position Limits) in connection with options overlying thefollowing Exchange-Traded Fund Shares, as applicable: GrayscaleBitcoin Trust, Grayscale Bitcoin Mini Trust, Bitwise Bitcoin ETF, iSharesBitcoin Trust, Fidelity Wise Origin Bitcoin Fund, ARK21Shares BitcoinETF, Grayscale Ethereum Trust ETF, Grayscale Ethereum Mini TrustETF, Bitwise Ethereum ETF, iShares Ethereum Trust ETF, and FidelityEthereum Fund.A notice of the proposed rule change for publication in the FederalRegister is attached hereto as Exhibit 1 and the text of the proposed rulechange is attached as Exhibit 5.(b) The Exchange does not believe that the proposed rule change would haveany direct effect, or any significant indirect effect, on any other Exchangerule in effect at the time of this filing.(c) Not applicable.2. Procedures of the Self-Regulatory OrganizationSenior management has approved the proposed rule change pursuant to authoritydelegated to it by the Board of the Exchange. No further action is required underthe Exchange’s governing documents. Therefore, the Exchange’s internalprocedures with respect to the proposed rule change are complete.The person on the Exchange staff prepared to respond to questions and commentson the proposed rule change is:David De GregorioAssociate General CounselNYSE Group, Inc.(212) 656-15 U.S.C. 78s(b)(1).17 CFR 240.19b-4.
2. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basisfor, the Proposed Rule Change(a) PurposeThe Exchange proposes to amend Rule 5.32-O(f)(1) (Terms of FLEX Options),Rule 5.35-O (Position Limits for FLEX Options), and Commentary .06(f) to Rule6.8-O (Position Limits) in connection with the following options overlyingExchange-Traded Fund Shares, as applicable: Grayscale Bitcoin Trust, GrayscaleBitcoin Mini Trust, Bitwise Bitcoin ETF, iShares Bitcoin Trust, Fidelity WiseOrigin Bitcoin Fund, ARK21Shares Bitcoin ETF, Grayscale Ethereum Trust ETF,Grayscale Ethereum Mini Trust ETF, Bitwise Ethereum ETF, iShares EthereumTrust ETF, and Fidelity Ethereum Fund (collectively “the Crypto Assets”). Thisfiling is based on similar proposals submitted by Nasdaq ISE, LLC (“ISE”),Miami International Securities Exchange, LLC (“MIAX”),and Nasdaq PHLXLLC (“Phlx”).BackgroundOn November 20, 2024, the Exchange filed to list and trade option contracts onthe iShares Bitcoin Trust, the Fidelity Wise Origin Bitcoin Fund, and theARK21Shares Bitcoin ETF.Also on November 20, 2024, the Exchange filed tolist and trade options contracts on the Grayscale Bitcoin Trust, the GrayscaleBitcoin Mini Trust, and the Bitwise Bitcoin ETF.On April 9, 2025, theExchange filed to list and trade the Grayscale Ethereum Trust, the GrayscaleEthereum Mini Trust, and the Bitwise Ethereum ETF.Also on April 9, 2025, theSee Securities Exchange Act Release No. 34-104648 (Jan. 21, 2026), 91 FR 3282 (Jan. 26, 2026)(SR-ISE-2026-01) (Notice of Filing and Immediate Effectiveness of Proposed Rule Change ToRemove Restrictions on Certain Crypto Assets).See Securities Exchange Act Release No. 34-104738 (Jan. 29, 2026), 91 FR 5000 (Feb. 03, 2026)(SR-MIAX-2026-04) (Notice of Filing and Immediate Effectiveness of a Proposed Rule ChangeTo Amend Rule 307, Position Limits, and Rule 309, Exercise Limits, Regarding Position andExercise Limits on Options Overlying Certain Crypto Assets).See Securities Exchange Act Release No. 34-104650 (Jan. 21, 2026), 91 FR 3265 (Jan. 26, 2026)(SR-Phlx-2026-02) (Notice of Filing and Immediate Effectiveness of Proposed Rule Change ToRemove Restrictions on Certain Crypto Assets).See Securities Exchange Act Release No. 101712 (Nov. 22, 2024), 89 FR 94794 (Nov. 29, 2024)(SR-NYSEArca-2024-100) (Notice of Filing and Immediate Effectiveness of Proposed RuleChange to List and Trade Option Contracts on the iShares Bitcoin Trust, the Fidelity Wise OriginBitcoin Fund, and the ARK21Shares Bitcoin ETF).See Securities Exchange Act Release No. 101713 (Nov. 22, 2024), 89 FR 94839 (Nov. 29, 2024)(SR-NYSEArca-2024-101) (Notice of Filing and Immediate Effectiveness of Proposed RuleChange to List and Trade Option Contracts on the Grayscale Fund, the Grayscale Bitcoin MiniTrust BTC, and the Bitwise Bitcoin ETF).See Securities Exchange Act Release No. 102817 (Apr. 11, 2025), 90 FR 16283 (Apr. 17, 2025)(SR-NYSEArca-2025-31) (Notice of Filing and Immediate Effectiveness of Proposed Rule Exchange filed to list and trade options on the iShares Ethereum Trust ETF andthe Fidelity Ethereum Fund.These immediately effective filings permitted theExchange to list and trade options on the Crypto Assets subject to a 25,000contract position and exercise limit and a restriction on the trading of FLEXoptions.On July 29, 2025, the Commission approved a rule filing to eliminate the 25,000-contract position and exercise limit for the Grayscale Bitcoin Trust ETF optionsand apply the position limits in Exchange Rule 6.8-O, Commentary .06(a)-(e) tooptions on the Grayscale Bitcoin Trust ETF and to permit options on theGrayscale Bitcoin Trust ETF to trade as FLEX Equity Options.Also on July 29,2025, the Commission approved a rule filing to eliminate the 25,000-contractposition and exercise limit for the Grayscale Bitcoin Mini Trust ETF and theBitwise Bitcoin ETF and to apply the position limits in Exchange Rule 6.8-O,Commentary .06(a)-(e) to options on those funds, and to permit options on thosefunds to trade as FLEX Equity Options.Thereafter, on July 31, 2025, theExchange amended Rules 5.32-O and 5.35-O to permit iShares Bitcoin Trust ETFoptions to trade as FLEX Equity Options with an aggregated position and exerciselimit for IBIT options of 25,000-contracts.On November 12, 2025, the Exchange’s proposal to amend its listing rules at Rule5.3- O(g) to permit certain options on Exchange-Traded Fund Shares that meetcertain generic requirements to be listed as a Commodity-Based Trust wasdeemed approved pursuant to Section 19(b)(2)(D) of the Act.On November 7,2025, during the shutdown resulting from a lapse of appropriations, the ExchangeChange To Amend Rules 5.3-O, 5.4-O, and 6.8-O).See Securities Exchange Act Release No. 102818 (Apr. 11, 2025), 90 FR 16181 (Apr. 17, 2025)(SR-NYSEArca-2025-32) (Notice of Filing and Immediate Effectiveness of Proposed RuleChange To Amend Rules 5.3-O, 5.4-O, and 6.8-O).See Securities Exchange Act Release No. 103567 (July 29, 2025), 90 FR 36253 (Aug. 1, 2025)(SR-NYSEArca-2025-07) (Order Approving a Proposed Rule Change, as Modified byAmendment No. 3, To Amend Rules Regarding Position and Exercise Limits for Options on theGrayscale Bitcoin Trust (“GBTC”) and To Permit Flexible Exchange Options on GBTC).Exercise limits for options on an underlying security are the same as the position limits for optionson that underlying security. See Exchange Rule 6.9-O, Commentary .01.See Securities Exchange Act Release No. 103568 (July 29, 2025), 90 FR 36238 (Aug. 1, 2025)(SR-NYSEArca-2025-10) (Order Approving a Proposed Rule Change, as Modified byAmendment No. 2, to Amend Rules Regarding Position and Exercise Limits for Options on theGrayscale Bitcoin Mini Trust (“BTC”) and the Bitwise Bitcoin ETF (“BITB”) and to PermitFlexible Exchange Options on BTC and BITB).See Securities Exchange Act Release No. 103622 (Aug. 1, 2025), 90 FR 37900 (Aug. 6, 2025)(SR-NYSEArca-2025-55) (Notice of Filing and Immediate Effectiveness of Proposed RuleChange To Amend Rules 5.32-O and 5.35-O To Permit Flexible Exchange Options in the iSharesBitcoin Trust ETF).See 15 U.S.C. 78s(b)(2)(D); Securities Exchange Act Release No. 104210 (November 21, 2025),90 FR 52727 (November 21, 2025) (SR-NYSEArca-2025-16).

submitted an amendment that would have superseded the original filing that wasdeemed approved in its entirety. The amendment could not be processed orpublished due to the pendency of the shutdown, which ended on November 12,2025. On November 21, 2025, the Exchange filed to adopt the rule text includedin the amendment to the original filing that could not be processed during thegovernment shutdown, reinstate text that was previously deleted, and remove textthat was added when the original filing was deemed approved.Specifically, as amended, Rule 5.3-O(g)(x) provides that the Exchange may listand trade options on shares of a Commodity-Based Trust that meets the genericcriteria of NYSE Arca Rule 8.201 (Generic)except that the Commodity-BasedTrust holds a single crypto asset.Further, a Commodity-Based Trust that meetsthe requirements of Rule 5.3-O(g)(x) must also satisfy the followingrequirements: (A) the total global supply of the underlying crypto asset held bythe Commodity-Based Trust has an average daily market value of at least $700million over the last 12 months; and (B) the crypto asset held by the Commodity-Based Trust underlies a derivatives contract that trades on a market with whichthe Exchange has a comprehensive surveillance sharing agreement, whetherdirectly or through common membership in the Intermarket Surveillance Group(“ISG”). Any option approved pursuant to Rule 5.3-O(g)(x) is subject to theposition limits set forth in Rule 6.8-O, Commentary .06, and subject to theexercise limits set forth in Rule 6.9-O. Further, any option approved pursuant toSee Securities Exchange Act Release No. 104320 (Dec. 5, 2025), 90 FR 57230 (Dec. 10, 2025)(SR-NYSEArca-2025-79) (Notice of Filing and Immediate Effectiveness of Proposed RuleChange of Amendments to Rules 5.3-O and 5.4-O).NYSE Arca Rule 8.201-E (generic) permits the listing and trading of certain qualifying exchange-traded products that physically hold commodities like precious metals and digital assetcommodities on the Exchange. Pursuant to NYSE Arca Rule 8.201-E (Generic), the term“Commodity-Based Trust Shares” means a security that: (i) is issued by a trust, limited liabilitycompany, partnership, or other similar entity (“Trust”) that, if applicable, is operated by aregistered commodity pool operator pursuant to the Commodity Exchange Act, and is notregistered as an investment company pursuant to the Investment Company Act of 1940, or seriesor class thereof; (ii) is designed to reflect the performance of one or more reference assets or anindex of reference assets; (iii) in order to reflect the performance as provided in (c)(1)(ii) above, isissued by a Trust that holds (A) one or more commodities or commodity-based assets as defined in(c)(3) below, and (B) in addition to such commodities or commodity-based assets, may holdsecurities, cash, and cash equivalents; (iv) is issued by such Trust in a specified aggregateminimum number in return for a deposit of (A) a specified quantity of the underlyingcommodities, commodity-based assets, securities, cash, and/or cash equivalents, or (B) a cashamount with a value based on the next determined net asset value per Trust share; and (v) whenaggregated in the same specified minimum number, may be redeemed at a holder's request by suchTrust which will deliver to the redeeming holder (A) the specified quantity of the underlyingcommodities, commodity-based assets, securities, cash, and/or cash equivalents, or (B) a cashamount with a value based on the next determined net asset value per Trust share.For purposes of this rule the term “crypto asset” means an asset that is generated, issued and/ortransferred using a blockchain or similar distributive ledger technology network, including but notlimited to, assets known as “tokens,” “digital assets,” “virtual currencies,” and “coins” and thatrelies on cryptographic protocols. See Rule 5.3-O(g)(3).

Rule 5.3-O(g)(x) is not restricted from trading as a FLEX Option.The Crypto Assets all qualify for listing pursuant to Rule 5.3-O(g)(x). As such,similar to other options listed pursuant to Rule 5.3-O, the Crypto Assets should allbe subject to the position limits set forth in Commentary .06 to Rule 6.8-O and thecorresponding exercise limits set forth in Rule 6.9-O. Also, the Crypto Assetsshould not be restricted from trading as FLEX Options. To effectuate thesechanges, the Exchange proposes the following changes.Position LimitsThe Exchange proposes to remove the 25,000 position and exercise limitrestrictions for Fidelity Wise Origin Bitcoin Fund, ARK21Shares Bitcoin ETF,Grayscale Ethereum Trust ETF, Grayscale Ethereum Mini Trust ETF, BitwiseEthereum ETF, iShares Ethereum Trust ETF, and Fidelity Ethereum Fund from6.8-O, Commentary .06(f). Position limits for these products will be determinedin accordance with Rule 6.8-O. Additionally, the Exchange proposes to removethe following rule text in Rule 5.35-O(b)(iv) in its entirety:FLEX GBTC, BTC, BITB, and IBIT Options. Positionlimits on FLEX Equity Options for GBTC, BTC, BITB,and IBIT will be aggregated with positions on the samenon-FLEX underlying ETF for the purpose of calculatingposition and exercise limits on GBTC, BTC, BITB, andIBIT options as set forth in Rules 6.8-O and 6.9-O.A conforming change will be made to the first sentence of Rule 5.35-O(b), whichcurrently references “paragraphs (i)-(iv) below.”Similar to all other options, FLEX Equity Options on the iShares Bitcoin TrustETF, the Grayscale Bitcoin Trust, the Grayscale Bitcoin Mini Trust BTC, and theBitwise Bitcoin ETF would no longer be aggregated with positions on the samenon-FLEX underlying ETF for the purpose of calculating the position limits setforth in Rules 6.8-O, and the exercise limits set forth in Rules 6.9-O. TheExchange notes that similar to all other options, the Grayscale Bitcoin Trust, theGrayscale Bitcoin Mini Trust BTC, and the Bitwise Bitcoin ETF would not besubject to positions limits for FLEX Equity Options that are physically settled.As of February 1, 2026, the iShares Bitcoin Trust ETF is eligible to have cash as a settlementterm. Seehttps://www.nyse.com/publicdocs/nyse/products/options/NYSE_Cash_Settled_FLEX_ETF_Options.pdf.

FLEX OptionsCurrently, pursuant to Rule 5.32-O(f)(1), the Exchange may approve and open fortrading any FLEX Equity Options series on any security that is eligible for Non-FLEX Options trading under Rule 5.3-O except those set forth in Commentary .01to Rule 5.3-O other than GBTC, BTC, BITB, and IBIT, and that has Non-FLEXOptions on such security listed and traded on at least one national securitiesexchange, even if the Exchange does not list and trade such Non-FLEX Options.For the avoidance of doubt, to permit all the Crypto Assets to trade as FLEXoptions, the Exchange proposes to remove the following text from Rule 5.32-O(f)(1): “(except those set forth in Commentary .01 to Rule 5.3-O other thanGBTC, BTC, BITB, and IBIT)”. With this proposal, the Crypto Assets thatqualify to be listed pursuant to Rule 5.3-O(g)(x) would be treated similar to allother options for purposes of position and exercise limits and FLEX Optionstrading.(b) Statutory BasisThe Exchange believes that the proposal is consistent with the requirements ofSection 6(b) of the Act,in general, and Section 6(b)(5) of the Act,inparticular, in that it is designed to prevent fraudulent and manipulative acts andpractices, to promote just and equitable principles of trade, to foster cooperationand coordination with persons engaged in facilitating transactions in securities, toremove impediments to and perfect the mechanism of a free and open market anda national market system, and, in general to protect investors and the publicinterest. Additionally, the Exchange believes the proposed rule change isconsistent with the Section 6(b)(5)requirement that the rules of an exchange notbe designed to permit unfair discrimination between customers, issuers, brokers,or dealers.The Exchange believes that proposal to permit the Crypto Assets, which qualify forlisting pursuant to Rule 5.3-O(g)(x), to be subject to the position limits set forth inRule 6.8-O, and subject to the corresponding exercise limits set forth in Rule 6.9-Osimilar to all other options is consistent with the Act as this treatment promotes justCommentary .01 to Rule 5.3-O provides that “the Exchange may list and trade options on sharesof the Grayscale Bitcoin Trust (BTC) (symbol: GBTC), the Grayscale Bitcoin Mini Trust (BTC)(symbol: BTC), and the Bitwise Bitcoin ETF (symbol: BITB), iShares Bitcoin Trust (symbol:IBIT), the Fidelity Wise Origin Bitcoin Fund (symbol: FBTC), and the ARK21Shares Bitcoin ETF(symbol: ARKB), the Grayscale Ethereum Trust ETF (symbol: ETHE), the Grayscale EthereumMini Trust ETF (symbol: ETH), the Bitwise Ethereum ETF (symbol: ETHW), the iSharesEthereum Trust ETF (symbol: ETHA), and the Fidelity Ethereum Fund (symbol: FETH), pursuantto Rules 5.3-O and 5.4-O.”15 U.S.C. 78f(b).15 U.S.C. 78f(b)(5).Id.

and equitable principles of trade. Further, the Exchange’s proposal to permit theCrypto Assets, which qualify for listing pursuant to Rule 5.3-O(g)(x), to trade asFLEX Options similar to all other options is consistent with the Act insofar as thistreatment promotes just and equitable principles of trade.4. Self-Regulatory Organization’s Statement on Burden on CompetitionThe Exchange does not believe that the proposed rule change will impose anyburden on intra-market competition because the Crypto Assets that qualify to belisted on the Exchange would be treated similar to all other options for purposes ofposition and exercise limits and FLEX Option trading. The Exchange does notbelieve that the proposed rule change will impose any burden on inter-marketcompetition as the proposal is not competitive in nature. The Exchange expects thatall option exchanges will adopt substantively similar proposals, such that theExchange’s proposal would benefit competition. For the foregoing reasons, theExchange does not believe that the proposed rule change will impose any burden oncompetition not necessary or appropriate in furtherance of the purposes of the Act.5. Self-Regulatory Organization’s Statement on Comments on the Proposed RuleChange Received from Members, Participants or OthersThe Exchange has neither solicited nor received written comments on theproposed rule change.6. Extension of Time Period for Commission Action7. Basis for Summary Effectiveness Pursuant to Section 19(b)(3) or for AcceleratedEffectiveness Pursuant to Section 19(b)(2)The Exchange believes that the proposal qualifies for immediate effectivenessupon filing as a “non-controversial” rule change in accordance with Section19(b)(3)(A) of the Actand Rule 19b-4(f)(6) thereunder.The Exchange asserts that the proposed rule change (i) will not significantly affectthe protection of investors or the public interest, (ii) will not impose anysignificant burden on competition, and (iii) by its terms, will not becomeoperative for 30 days after the date of this filing, or such shorter time as theCommission may designate, if consistent with the protection of investors and thepublic interest. Additionally, the Exchange provided the Commission with writtennotice of its intent to file the proposed rule change, along with a brief descriptionand text of the proposed rule change, at least five business days prior to the dateof the filing, or such shorter time as the Commission may designate.15 U.S.C. 78s(b)(3)(A).

The Exchange believes that this filing is non-controversial and eligible to becomeeffective immediately. The Exchange believes that the proposed rule changewould not significantly affect the protection of investors or the public interest orimpose any significant burden on competition because any of the Crypto Assetsthat qualify for listing pursuant to Rule 5.3-O(g)(x) would be subject to theposition and exercise limits set forth in Rule 6.8-O and Rule 6.9-O and trade asFLEX Options, similar to all other options traded on the Exchange. TheExchange does not believe that its proposal imposes any significant burden oncompetition because the Crypto Assets that qualify to be listed on the Exchangewould be treated similarly to all other options for purposes of position andexercise limits and FLEX Option trading. Accordingly, the Exchange believesthat these proposed rule changes are eligible for immediately effective treatmentunder the Commission’s current procedures for processing rule filings.For the foregoing reasons, this rule filing qualifies for immediate effectiveness as a“non-controversial” rule change under paragraph (f)(6) of Rule 19b-4.At anytime within 60 days of the filing of the proposed rule change, the Commissionsummarily may temporarily suspend such rule change if it appears to theCommission that such action is necessary or appropriate in the public interest, forthe protection of investors, or otherwise in furtherance of the purposes of the Act.A proposed rule change filed under Rule 19b-4(f)(6) normally does not becomeoperative prior to 30 days after the date of filing. Rule 19b-4(f)(6)(iii),however, permits the Commission to designate a shorter time if such action isconsistent with the protection of investors and the public interest. The Exchangerespectfully requests that the Commission waive the 30-day operating delayperiod so that it may list and trade the Crypto Assets in the same manner as allother options that qualify for listing pursuant to Rule 5.3-O(g).8. Proposed Rule Change Based on Rules of Another Self-Regulatory Organizationor of the CommissionThe proposed rule change is based on similar proposals submitted by ISE, MIAXand Phlx.9. Security-Based Swap Submissions Filed Pursuant to Section 3C of the Act17 CFR 240.19b-4(f)(6)(iii).See notes 3-5, supra.

1. Advance Notices Filed Pursuant to Section 806(e) of the Payment, Clearing andSettlement Supervision Act11. ExhibitsExhibit 1 – Form of Notice of Proposed Rule Change for Federal Register.Exhibit 5 – Text of Proposed Changes.
   EXHIBIT 1SECURITIES AND EXCHANGE COMMISSION(Release No. 34- ; File No. SR-NYSEARCA-2026-27)[Date]Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectivenessof Proposed Rule Change to Amend Rule 5.32-O, Rule 5.35-O and Rule 6.8-OPursuant to Section 19(b)(1)of the Securities Exchange Act of 1934 (“Act”)and Rule19b-4 thereunder,notice is hereby given that, on March 10, 2026, NYSE Arca, Inc. (“NYSEArca” or the “Exchange”) filed with the Securities and Exchange Commission (the“Commission”) the proposed rule change as described in Items I, II, and III below, which Itemshave been prepared by the self-regulatory organization. The Commission is publishing thisnotice to solicit comments on the proposed rule change from interested persons.I. Self-Regulatory Organization’s Statement of the Terms of Substance of the ProposedRule ChangeThe Exchange proposes to amend Rule 5.32-O (Terms of FLEX Options), Rule 5.35-O(Position Limits for FLEX Options) and Rule 6.8-O (Position Limits) in connection with optionsoverlying the following Exchange-Traded Fund Shares, as applicable: Grayscale Bitcoin Trust,Grayscale Bitcoin Mini Trust, Bitwise Bitcoin ETF, iShares Bitcoin Trust, Fidelity Wise OriginBitcoin Fund, ARK21Shares Bitcoin ETF, Grayscale Ethereum Trust ETF, Grayscale EthereumMini Trust ETF, Bitwise Ethereum ETF, iShares Ethereum Trust ETF, and Fidelity EthereumFund. The proposed rule change is available on the Exchange’s website at www.nyse.com, at theprincipal office of the Exchange, and at the Commission’s Public Reference Room.15 U.S.C. 78s(b)(1).15 U.S.C. 78a.17 CFR 240.19b-4.

2. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, theIn its filing with the Commission, the self-regulatory organization included statementsconcerning the purpose of, and basis for, the proposed rule change and discussed any commentsit received on the proposed rule change. The text of those statements may be examined at theplaces specified in Item IV below. The Exchange has prepared summaries, set forth in sectionsA, B, and C below, of the most significant parts of such statements.A. Self-Regulatory Organization’s Statement of the Purpose of, and the StatutoryBasis for, the Proposed Rule Change1. PurposeThe Exchange proposes to amend Rule 5.32-O(f)(1) (Terms of FLEX Options), Rule5.35-O (Position Limits for FLEX Options), and Commentary .06(f) to Rule 6.8-O (PositionLimits) in connection with the following options overlying Exchange-Traded Fund Shares, asapplicable: Grayscale Bitcoin Trust, Grayscale Bitcoin Mini Trust, Bitwise Bitcoin ETF, iSharesBitcoin Trust, Fidelity Wise Origin Bitcoin Fund, ARK21Shares Bitcoin ETF, GrayscaleEthereum Trust ETF, Grayscale Ethereum Mini Trust ETF, Bitwise Ethereum ETF, iSharesEthereum Trust ETF, and Fidelity Ethereum Fund (collectively “the Crypto Assets”). This filingis based on similar proposals submitted by Nasdaq ISE, LLC (“ISE”),Miami International Securities Exchange, LLC (“MIAX”),and Nasdaq PHLX LLCSee Securities Exchange Act Release No. 34-104648 (Jan. 21, 2026), 91 FR 3282 (Jan. 26, 2026) (SR-ISE-2026-01) (Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Remove Restrictionson Certain Crypto Assets).See Securities Exchange Act Release No. 34-104738 (Jan. 29, 2026), 91 FR 5000 (Feb. 03, 2026) (SR-MIAX-2026-04) (Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To AmendRule 307, Position Limits, and Rule 309, Exercise Limits, Regarding Position and Exercise Limits onOptions Overlying Certain Crypto Assets).
   (“Phlx”).BackgroundOn November 20, 2024, the Exchange filed to list and trade option contracts on theiShares Bitcoin Trust, the Fidelity Wise Origin Bitcoin Fund, and the ARK21Shares BitcoinETF.Also on November 20, 2024, the Exchange filed to list and trade options contracts on theGrayscale Bitcoin Trust, the Grayscale Bitcoin Mini Trust, and the Bitwise Bitcoin ETF.OnApril 9, 2025, the Exchange filed to list and trade the Grayscale Ethereum Trust, the GrayscaleEthereum Mini Trust, and the Bitwise Ethereum ETF.Also on April 9, 2025, the Exchangefiled to list and trade options on the iShares Ethereum Trust ETF and the Fidelity EthereumFund.These immediately effective filings permitted the Exchange to list and trade options onthe Crypto Assets subject to a 25,000 contract position and exercise limit and a restriction on thetrading of FLEX options.On July 29, 2025, the Commission approved a rule filing to eliminate the 25,000-contractposition and exercise limit for the Grayscale Bitcoin Trust ETF options and apply the positionSee Securities Exchange Act Release No. 34-104650 (Jan. 21, 2026), 91 FR 3265 (Jan. 26, 2026) (SR-Phlx-2026-02) (Notice of Filing and Immediate Effectiveness of Proposed Rule Change To RemoveRestrictions on Certain Crypto Assets).See Securities Exchange Act Release No. 101712 (Nov. 22, 2024), 89 FR 94794 (Nov. 29, 2024) (SR-NYSEArca-2024-100) (Notice of Filing and Immediate Effectiveness of Proposed Rule Change to List andTrade Option Contracts on the iShares Bitcoin Trust, the Fidelity Wise Origin Bitcoin Fund, and theARK21Shares Bitcoin ETF).See Securities Exchange Act Release No. 101713 (Nov. 22, 2024), 89 FR 94839 (Nov. 29, 2024) (SR-NYSEArca-2024-101) (Notice of Filing and Immediate Effectiveness of Proposed Rule Change to List andTrade Option Contracts on the Grayscale Fund, the Grayscale Bitcoin Mini Trust BTC, and the BitwiseBitcoin ETF).See Securities Exchange Act Release No. 102817 (Apr. 11, 2025), 90 FR 16283 (Apr. 17, 2025) (SR-NYSEArca-2025-31) (Notice of Filing and Immediate Effectiveness of Proposed Rule Change To AmendRules 5.3-O, 5.4-O, and 6.8-O).See Securities Exchange Act Release No. 102818 (Apr. 11, 2025), 90 FR 16181 (Apr. 17, 2025) (SR-NYSEArca-2025-32) (Notice of Filing and Immediate Effectiveness of Proposed Rule Change To AmendRules 5.3-O, 5.4-O, and 6.8-O).

limits in Exchange Rule 6.8-O, Commentary .06(a)-(e) to options on the Grayscale Bitcoin TrustETF and to permit options on the Grayscale Bitcoin Trust ETF to trade as FLEX EquityOptions.Also on July 29, 2025, the Commission approved a rule filing to eliminate the25,000-contract position and exercise limit for the Grayscale Bitcoin Mini Trust ETF and theBitwise Bitcoin ETF and to apply the position limits in Exchange Rule 6.8-O, Commentary.06(a)-(e) to options on those funds, and to permit options on those funds to trade as FLEXEquity Options.Thereafter, on July 31, 2025, the Exchange amended Rules 5.32-O and 5.35-Oto permit iShares Bitcoin Trust ETF options to trade as FLEX Equity Options with an aggregatedposition and exercise limit for IBIT options of 25,000-contracts.On November 12, 2025, the Exchange’s proposal to amend its listing rules at Rule 5.3-O(g) to permit certain options on Exchange-Traded Fund Shares that meet certain genericrequirements to be listed as a Commodity-Based Trust was deemed approved pursuant to Section19(b)(2)(D) of the Act.On November 7, 2025, during the shutdown resulting from a lapse ofappropriations, the Exchange submitted an amendment that would have superseded the originalfiling that was deemed approved in its entirety. The amendment could not be processed orSee Securities Exchange Act Release No. 103567 (July 29, 2025), 90 FR 36253 (Aug. 1, 2025) (SR-NYSEArca-2025-07) (Order Approving a Proposed Rule Change, as Modified by Amendment No. 3, ToAmend Rules Regarding Position and Exercise Limits for Options on the Grayscale Bitcoin Trust(“GBTC”) and To Permit Flexible Exchange Options on GBTC). Exercise limits for options on anunderlying security are the same as the position limits for options on that underlying security. SeeExchange Rule 6.9-O, Commentary .01.See Securities Exchange Act Release No. 103568 (July 29, 2025), 90 FR 36238 (Aug. 1, 2025) (SR-NYSEArca-2025-10) (Order Approving a Proposed Rule Change, as Modified by Amendment No. 2, toAmend Rules Regarding Position and Exercise Limits for Options on the Grayscale Bitcoin Mini Trust(“BTC”) and the Bitwise Bitcoin ETF (“BITB”) and to Permit Flexible Exchange Options on BTC andBITB).See Securities Exchange Act Release No. 103622 (Aug. 1, 2025), 90 FR 37900 (Aug. 6, 2025) (SR-NYSEArca-2025-55) (Notice of Filing and Immediate Effectiveness of Proposed Rule Change To AmendRules 5.32-O and 5.35-O To Permit Flexible Exchange Options in the iShares Bitcoin Trust ETF).See 15 U.S.C. 78s(b)(2)(D); Securities Exchange Act Release No. 104210 (November 21, 2025), 90 FR52727 (November 21, 2025) (SR-NYSEArca-2025-16).

published due to the pendency of the shutdown, which ended on November 12, 2025. OnNovember 21, 2025, the Exchange filed to adopt the rule text included in the amendment to theoriginal filing that could not be processed during the government shutdown, reinstate text thatwas previously deleted, and remove text that was added when the original filing was deemedapproved.Specifically, as amended, Rule 5.3-O(g)(x) provides that the Exchange may list and tradeoptions on shares of a Commodity-Based Trust that meets the generic criteria of NYSE ArcaRule 8.201 (Generic)except that the Commodity-Based Trust holds a single crypto asset.Further, a Commodity-Based Trust that meets the requirements of Rule 5.3-O(g)(x) must alsosatisfy the following requirements: (A) the total global supply of the underlying crypto assetheld by the Commodity-Based Trust has an average daily market value of at least $700 millionSee Securities Exchange Act Release No. 104320 (Dec. 5, 2025), 90 FR 57230 (Dec. 10, 2025) (SR-NYSEArca-2025-79) (Notice of Filing and Immediate Effectiveness of Proposed Rule Change ofAmendments to Rules 5.3-O and 5.4-O).NYSE Arca Rule 8.201-E (generic) permits the listing and trading of certain qualifying exchange-tradedproducts that physically hold commodities like precious metals and digital asset commodities on theExchange. Pursuant to NYSE Arca Rule 8.201-E (Generic), the term “Commodity-Based Trust Shares”means a security that: (i) is issued by a trust, limited liability company, partnership, or other similar entity(“Trust”) that, if applicable, is operated by a registered commodity pool operator pursuant to theCommodity Exchange Act, and is not registered as an investment company pursuant to the InvestmentCompany Act of 1940, or series or class thereof; (ii) is designed to reflect the performance of one or morereference assets or an index of reference assets; (iii) in order to reflect the performance as provided in(c)(1)(ii) above, is issued by a Trust that holds (A) one or more commodities or commodity-based assets asdefined in (c)(3) below, and (B) in addition to such commodities or commodity-based assets, may holdsecurities, cash, and cash equivalents; (iv) is issued by such Trust in a specified aggregate minimumnumber in return for a deposit of (A) a specified quantity of the underlying commodities, commodity-basedassets, securities, cash, and/or cash equivalents, or (B) a cash amount with a value based on the nextdetermined net asset value per Trust share; and (v) when aggregated in the same specified minimumnumber, may be redeemed at a holder's request by such Trust which will deliver to the redeeming holder(A) the specified quantity of the underlying commodities, commodity-based assets, securities, cash, and/orcash equivalents, or (B) a cash amount with a value based on the next determined net asset value per Trustshare.For purposes of this rule the term “crypto asset” means an asset that is generated, issued and/or transferredusing a blockchain or similar distributive ledger technology network, including but not limited to, assetsknown as “tokens,” “digital assets,” “virtual currencies,” and “coins” and that relies on cryptographicprotocols. See Rule 5.3-O(g)(3).

over the last 12 months; and (B) the crypto asset held by the Commodity-Based Trust underlies aderivatives contract that trades on a market with which the Exchange has a comprehensivesurveillance sharing agreement, whether directly or through common membership in theIntermarket Surveillance Group (“ISG”). Any option approved pursuant to Rule 5.3-O(g)(x) issubject to the position limits set forth in Rule 6.8-O, Commentary .06, and subject to the exerciselimits set forth in Rule 6.9-O. Further, any option approved pursuant to Rule 5.3-O(g)(x) is notrestricted from trading as a FLEX Option.The Crypto Assets all qualify for listing pursuant to Rule 5.3-O(g)(x). As such, similar toother options listed pursuant to Rule 5.3-O, the Crypto Assets should all be subject to theposition limits set forth in Commentary .06 to Rule 6.8-O and the corresponding exercise limitsset forth in Rule 6.9-O. Also, the Crypto Assets should not be restricted from trading as FLEXOptions. To effectuate these changes, the Exchange proposes the following changes.Position LimitsThe Exchange proposes to remove the 25,000 position and exercise limit restrictions forFidelity Wise Origin Bitcoin Fund, ARK21Shares Bitcoin ETF, Grayscale Ethereum Trust ETF,Grayscale Ethereum Mini Trust ETF, Bitwise Ethereum ETF, iShares Ethereum Trust ETF, andFidelity Ethereum Fund from 6.8-O, Commentary .06(f). Position limits for these products willbe determined in accordance with Rule 6.8-O. Additionally, the Exchange proposes to removethe following rule text in Rule 5.35-O(b)(iv) in its entirety:FLEX GBTC, BTC, BITB, and IBIT Options. Position limits onFLEX Equity Options for GBTC, BTC, BITB, and IBIT will beaggregated with positions on the same non-FLEX underlying ETF

for the purpose of calculating position and exercise limits onGBTC, BTC, BITB, and IBIT options as set forth in Rules 6.8-Oand 6.9-O.A conforming change will be made to the first sentence of Rule 5.35-O(b), whichcurrently references “paragraphs (i)-(iv) below.”Similar to all other options, FLEX Equity Options on the iShares Bitcoin Trust ETF, theGrayscale Bitcoin Trust, the Grayscale Bitcoin Mini Trust BTC, and the Bitwise Bitcoin ETFwould no longer be aggregated with positions on the same non-FLEX underlying ETF for thepurpose of calculating the position limits set forth in Rules 6.8-O, and the exercise limits setforth in Rules 6.9-O. The Exchange notes that similar to all other options, the Grayscale BitcoinTrust, the Grayscale Bitcoin Mini Trust BTC, and the Bitwise Bitcoin ETF would not be subjectto positions limits for FLEX Equity Options that are physically settled.FLEX OptionsCurrently, pursuant to Rule 5.32-O(f)(1), the Exchange may approve and open for tradingany FLEX Equity Options series on any security that is eligible for Non-FLEX Options tradingunder Rule 5.3-O except those set forth in Commentary .01 to Rule 5.3-O other than GBTC,BTC, BITB, and IBIT, and that has Non-FLEX Options on such security listed and traded on atleast one national securities exchange, even if the Exchange does not list and trade such Non-As of February 1, 2026, the iShares Bitcoin Trust ETF is eligible to have cash as a settlement term. Seehttps://www.nyse.com/publicdocs/nyse/products/options/NYSE_Cash_Settled_FLEX_ETF_Options.pdf.

FLEX Options.For the avoidance of doubt, to permit all the Crypto Assets to trade as FLEXoptions, the Exchange proposes to remove the following text from Rule 5.32-O(f)(1): “(exceptthose set forth in Commentary .01 to Rule 5.3-O other than GBTC, BTC, BITB, and IBIT)”.With this proposal, the Crypto Assets that qualify to be listed pursuant to Rule 5.3-O(g)(x) wouldbe treated similar to all other options for purposes of position and exercise limits and FLEXOptions trading.2. Statutory BasisThe Exchange believes that the proposal is consistent with the requirements of Section6(b) of the Act,in general, and Section 6(b)(5) of the Act,in particular, in that it is designedto prevent fraudulent and manipulative acts and practices, to promote just and equitableprinciples of trade, to foster cooperation and coordination with persons engaged in facilitatingtransactions in securities, to remove impediments to and perfect the mechanism of a free andopen market and a national market system, and, in general to protect investors and the publicinterest. Additionally, the Exchange believes the proposed rule change is consistent with theSection 6(b)(5)requirement that the rules of an exchange not be designed to permit unfairdiscrimination between customers, issuers, brokers, or dealers.Commentary .01 to Rule 5.3-O provides that “the Exchange may list and trade options on shares of theGrayscale Bitcoin Trust (BTC) (symbol: GBTC), the Grayscale Bitcoin Mini Trust (BTC) (symbol: BTC),and the Bitwise Bitcoin ETF (symbol: BITB), iShares Bitcoin Trust (symbol: IBIT), the Fidelity WiseOrigin Bitcoin Fund (symbol: FBTC), and the ARK21Shares Bitcoin ETF (symbol: ARKB), the GrayscaleEthereum Trust ETF (symbol: ETHE), the Grayscale Ethereum Mini Trust ETF (symbol: ETH), theBitwise Ethereum ETF (symbol: ETHW), the iShares Ethereum Trust ETF (symbol: ETHA), and theFidelity Ethereum Fund (symbol: FETH), pursuant to Rules 5.3-O and 5.4-O.”15 U.S.C. 78f(b).15 U.S.C. 78f(b)(5).Id.

The Exchange believes that proposal to permit the Crypto Assets, which qualify for listingpursuant to Rule 5.3-O(g)(x), to be subject to the position limits set forth in Rule 6.8-O, and subjectto the corresponding exercise limits set forth in Rule 6.9-O similar to all other options is consistentwith the Act as this treatment promotes just and equitable principles of trade. Further, theExchange’s proposal to permit the Crypto Assets, which qualify for listing pursuant to Rule 5.3-O(g)(x), to trade as FLEX Options similar to all other options is consistent with the Act insofar asthis treatment promotes just and equitable principles of trade.B. Self-Regulatory Organization’s Statement on Burden on CompetitionThe Exchange does not believe that the proposed rule change will impose any burden onintra-market competition because the Crypto Assets that qualify to be listed on the Exchange wouldbe treated similar to all other options for purposes of position and exercise limits and FLEX Optiontrading. The Exchange does not believe that the proposed rule change will impose any burden oninter-market competition as the proposal is not competitive in nature. The Exchange expects that alloption exchanges will adopt substantively similar proposals, such that the Exchange’s proposalwould benefit competition. For the foregoing reasons, the Exchange does not believe that theproposed rule change will impose any burden on competition not necessary or appropriate infurtherance of the purposes of the Act.C. Self-Regulatory Organization’s Statement on Comments on the Proposed RuleChange Received from Members, Participants, or OthersNo 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 ActionThe Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A)(iii) of

the Actand Rule 19b-4(f)(6) thereunder.Because the proposed rule change does not: (i)significantly affect the protection of investors or the public interest; (ii) impose any significantburden on competition; and (iii) become operative prior to 30 days from the date on which it wasfiled, or such shorter time as the Commission may designate, if consistent with the protection ofinvestors and the public interest, the proposed rule change has become effective pursuant toSection 19(b)(3)(A) of the Act and Rule 19b-4(f)(6)(iii) thereunder.A proposed rule change filed under Rule 19b-4(f)(6)normally does not becomeoperative prior to 30 days after the date of the filing. However, pursuant to Rule19b4(f)(6)(iii),the Commission may designate a shorter time if such action is consistent withthe protection of investors and the public interest. The Exchange has asked the Commission towaive the 30-day operative delay so that the proposal may become operative immediately uponfiling.At any time within 60 days of the filing of such proposed rule change, the Commissionsummarily may temporarily suspend such rule change if it appears to the Commission that suchaction is necessary or appropriate in the public interest, for the protection of investors, orotherwise in furtherance of the purposes of the Act. If the Commission takes such action, theCommission shall institute proceedings under Section 19(b)(2)(B)of the Act to determinewhether the proposed rule change should be approved or disapproved.15 U.S.C. 78s(b)(3)(A)(iii).17 CFR 240.19b-4(f)(6)(iii).15 U.S.C. 78s(b)(2)(B).

1. Solicitation of CommentsInterested persons are invited to submit written data, views and arguments concerning theforegoing, including whether the proposed rule change is consistent with the Act. Commentsmay 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-2026-27 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-2026-27. This file numbershould be included on the subject line if email is used. To help the Commission process andreview your comments more efficiently, please use only one method. The Commission will postall comments on the Commission’s internet website (https://www.sec.gov/rules/sro.shtml).Copies of the filing will be available for inspection and copying at the principal office of theExchange. Do not include personal identifiable information in submissions; you should submitonly information that you wish to make available publicly. We may redact in part or withholdentirely from publication submitted material that is obscene or subject to copyright protection.All submissions should refer to file number SR-NYSEARCA-2026-27 and should be submittedon or before [INSERT DATE 21 DAYS AFTER DATE OF PUBLICATION IN THE FEDERAL REGISTER]. For the Commission, by the Division of Trading and Markets, pursuant to delegatedauthority.Sherry R. Haywood,Assistant Secretary. 17 CFR 200.30-3(a)(12).

EXHIBIT 5New text is underlined;Deleted text is in [brackets]Rules of NYSE Arca, Inc.**RULE 5-O OPTION CONTRACTS TRADED ON THE EXCHANGESection 4. Flexible Exchange (“FLEX”) OptionsRule 5.32-O. Terms of FLEX Options(f) Special Terms for FLEX Equity Options(1) The Exchange may approve and open for trading any FLEX Equity Options series on anysecurity that is eligible for Non-FLEX Options trading under Rule 5.3-O[ (except those setforth in Commentary .01 to Rule 5.3-O other than GBTC, BTC, BITB, and IBIT)], and thathas Non-FLEX Options on such security listed and traded on at least one national securitiesexchange, even if the Exchange does not list and trade such Non-FLEX Options;Rule 5.35-O. Position Limits for FLEX Options**(b) FLEX Equity Options. Except as provided in paragraphs (i) - (iii[v]) below, there shall be noposition limits for FLEX Equity Options. However, every OTP Holder or OTP Firm (other thana Market Maker) that maintains a position on the same side of the market in excess of thestandard position limit established pursuant to Rule 6.8-O for Non-FLEX Equity Optionsoverlying the same underlying issue on behalf of its own account or for the account of acustomer shall report information on such FLEX Equity Option position, positions in any relatedinstrument, the purpose or, strategy for the position, and the collateral used by the account. Thisreport shall lie in the form and manner prescribed by the Exchange. In addition, whenever theExchange determines that a higher margin requirement is necessary in light of the risksassociated with a FLEX Equity Option position in excess of the standard position limitestablished for Non-FLEX Equity Options overlying the same underlying issue, the Exchangemay, pursuant to its authority under Exchange Rule 4.16-O(a), consider imposing additionalmargin upon the account maintaining such under-hedged position. It should be noted that the

clearing firm carrying the account will be subject to capital charges under SEC Rule 15c3-1 tothe extent of any margin deficiency resulting from the higher margin requirement.**[(iv) FLEX GBTC, BTC, BITB, and IBIT Options. Position limits on FLEX Equity Optionsfor GBTC, BTC, BITB, and IBIT will be aggregated with positions on the same non-FLEX underlying ETF for the purpose of calculating position and exercise limits onGBTC, BTC, BITB, and IBIT options as set forth in Rules 6.8-O and 6.9-O.]RULE 6-O OPTIONS TRADINGRules Principally Applicable to Trading of Option ContractsRule 6.8-O. Position LimitsCommentary:***.06(a) The position limit shall be 75,000 contracts for options:(i) on an underlying stock or Exchange-Traded Fund Share that had trading volume of atleast 40,000,000 shares during the most recent six-month trading period; or(ii) on an underlying stock or Exchange-Traded Fund Share that had trading volume of atleast 30,000,000 shares during the most recent six-month trading period and has at least120,000,000 shares currently outstanding.(b) The position limit shall be 50,000 contracts for options:(i) on an underlying stock or Exchange-Traded Fund Share that had trading volume of atleast 20,000,000 shares during the most recent six-month trading period; or(ii) on an underlying stock or Exchange-Traded Fund Share that had trading volume of atleast 15,000,000 shares during the most recent six-month trading period and has atleast 40,000,000 shares currently outstanding.(c) The position limit shall be 25,000 contracts for all other options, except as provided insubsections (d) and (e), below.

(d) The position limit shall be 200,000 contracts for options:(i) on underlying stock or Exchange-Traded Fund Share that had trading volume ofat least 80,000,000 shares during the most recent six-month trading period; or(ii) on an underlying stock or Exchange-Traded Fund Share that had trading volumeof at least 60,000,000 shares during the most recent six-month trading period andhas at least 240,000,000 shares currently outstanding.(e) The position limit shall be 250,000 contracts for options:(i) on underlying stock or Exchange-Traded Fund Share that had trading volume ofat least 100,000,000 shares during the most recent six-month trading period; or(ii) on an underlying stock or Exchange-Traded Fund Share that had trading volumeof at least 75,000,000 shares during the most recent six-month trading period andhas at least 300,000,000 shares currently outstanding.The Exchange will review the volume and outstanding share information on all underlyingstocks and Exchange-Traded Fund Shares on which options are traded on the Exchange every sixmonths to determine which limit shall apply. A higher contract limit will be effective on the dateset by the Exchange, while any change to a lower limit will take effect after the last expirationthen trading, unless the requirement for the same or a higher contract limit is met at the time ofthe intervening six-month review. However, if subsequent to a six-month review an increase involume and/or outstanding shares would make a stock eligible for a higher position limit prior tothe next review, the Exchange, at its discretion, may immediately increase such position limit.(f) The position limit for the options contracts set forth below are as follows:Options Position LimitsPowerShares QQQ TrustSM, Series 1 (QQQ)1,800,000 contractsSPDR® S&P 500® ETF (SPY)3,600,000 contractsiShares® Russell 2000® ETF (IWM)1,000,000 contractsSPDR®DowJones Industrial AverageSMETF Trust (DIA)300,000 contractsiShares MSCI Emerging Markets ETF (EEM)1,000,000 contractsiShares China Large-Cap ETF (FXI)1,000,000 contractsiShares MSCI EAFE ETF (EFA)1,000,000 contractsiShares MSCI Brazil Capped ETF (EWZ)500,000 contractsiShares 20+ Year Treasury Bond Fund ETF (TLT)500,000 contractsiShares MSCI Japan ETF (EWJ)500,000 contractsiShares iBoxxHigh Yield Corporate Bond Fund (HYG)500,000 contracts

iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD)500,000 contractsFinancial Select Sector SPDR Fund (XLF)500,000 contractsVanEck Vectors Gold Miners ETF (GDX)500,000 contracts[Fidelity Wise Origin Bitcoin Fund (FBTC)25,000 contracts][ARK21Shares Bitcoin ETF (ARKB)25,000 contracts][Grayscale Ethereum Trust ETF (ETHE)25,000 contracts][Grayscale Ethereum Mini Trust ETF (ETH)25,000 contracts][Bitwise Ethereum ETF (ETHW)25,000 contracts][iShares Ethereum Trust ETF (ETHA)25,000 contracts][Fidelity Ethereum Fund (FETH)25,000 contracts]*****