Amends Rules 402 and 403 for Crypto Trust Options

20530

as the Commission may designate, it has protection. All submissions should refer of each calendar quarter to five days after the end of each calendar month. become effective pursuant to Section to file number SR-GEMX-2026-14 and The Exchange does not believe that 19(b)(3)(A)(iii) of the Act should be submitted on or before May and 12this amendment is a significant 7, 2026. subparagraph (f)(6) of Rule 19b-4 departure from the current rule, nor thereunder. 13 For the Commission, by the Division of does it impose any burden on any At any time within 60 days of the Trading and Markets, pursuant to delegated Member because each broker-dealer is filing of the proposed rule change, the authority. 14required currently to perform the Commission summarily may Sherry R. Haywood, necessary calculation daily to arrive at temporarily suspend such rule change if Assistant Secretary. the requisite average. Further, in it appears to the Commission that such [FR Doc. 2026-07350 Filed 4-15-26; 8:45 am] addition to the calculation, broker- action is necessary or appropriate in the dealers are subject to know-your- public interest, for the protection of BILLING CODE 8011-01-P customer and suitability requirements investors, or otherwise in furtherance of under FINRA Rules 2090 (Know Your the purposes of the Act. If the SECURITIES AND EXCHANGE Customer) and 2111 (Suitability) and Commission takes such action, the COMMISSION would need to consider whether a Commission shall institute proceedings customer meets the Professional to determine whether the proposed rule [Release No. 34-105220; File No. SR-MIAX- designation for purposes of determining should be approved or disapproved. 2026-13] best execution and making appropriate IV. Solicitation of Commentsrecommendations. Finally, some Self-Regulatory Organizations; Miami Members currently designate a Priority Interested persons are invited to International Securities Exchange, Customer that has averaged more than submit written data, views and LLC; Notice of Filing of a Proposed 390 orders per day during a month as arguments concerning the foregoing, Rule Change To Amend Exchange a Professional on a more expedited including whether the proposed rule Rule 402, Criteria for Underlying basis, not waiting until five days after change is consistent with the Act. Securities, and Exchange Rule 403, the quarter. Comments may be submitted by any of Withdrawal of Approval of Underlying The Exchange notes that the trading the following methods: Securities, To Establish Listing Criteria behavior of a Priority Customer can be and Withdrawal Standards for Options Electronic Comments distinguished from that of a Professional on Commodity-Based Trusts Holding • Use the Commission's internetwhich is the purpose of the separate Multiple Crypto Assets comment form (https://www.sec.gov/ designations. Further, the designation of rules/sro.shtml); or April 13, 2026. • Send an email to rule-comments@Professional orders would not result in Pursuant to Section 19(b)(1) of the any different treatment of such orders sec.gov. Please include file number SR- Securities Exchange Act of 1934 for purposes of compliance with the GEMX-2026-14 on the subject line. (''Act''), and Rule 19b-4 thereunder, 1 2Exchange's Rules. Priority Customers notice is hereby given that on March 30, Paper Comments have been granted certain priority over 2026, Miami International Securities • Send paper comments in triplicateother non-broker-dealer individuals and Exchange, LLC (''MIAX'' or ''Exchange'') to Secretary, Securities and Exchange entities that have access to information filed with the Securities and Exchange Commission, 100 F Street NE, and technology that enables them to Commission (''Commission'') a Washington, DC 20549-1090. Professionally trade listed options in the proposed rule change as described in same manner as a broker or dealer in All submissions should refer to file Items I and II below, which Items have securities. Further, the Priority number SR-GEMX-2026-14. This file been prepared by the Exchange. The Customer designation allows the number should be included on the Commission is publishing this notice to Exchange to attract order flow or create subject line if email is used. To help the solicit comments on the proposed rule more competitive markets. Commission process and review your change from interested persons. Also, the Exchange does not believe comments more efficiently, please use I. Self-Regulatory Organization'sthat the proposed rule change will only one method. The Commission will Statement of the Terms of Substance ofimpose any burden on inter-market post all comments on the Commission's the Proposed Rule Changecompetition because other exchanges internet website (https://www.sec.gov/ are expected to adopt similar rules. rules/sro.shtml). Copies of the filing will be available for inspection and copying C. Self-Regulatory Organization'sat the principal office of the Exchange. Statement on Comments on theDo not include personal identifiable Proposed Rule Change Received Frominformation in submissions; you should Members, Participants, or Otherssubmit only information that you wish No written comments were either to make available publicly. We may solicited or received. redact in part or withhold entirely from publication submitted material that is III. Date of Effectiveness of the assets. obscene or subject to copyright Proposed Rule Change and Timing for The text of the proposed rule change Commission Action is available on the Exchange's website at 15 U.S.C. 78s(b)(3)(A)(iii). Because the foregoing proposed rule https://www.miaxglobal.com/markets/ 1217 CFR 240.19b-4(f)(6). In addition, Rule 19b- change does not: (i) significantly affect us-options/all-options-exchanges/rule- 134(f)(6) requires a self-regulatory organization to give the protection of investors or the public filings and at MIAX's principal office. the Commission written notice of its intent to file interest; (ii) impose any significant the proposed rule change at least five business days burden on competition; and (iii) become prior to the date of filing of the proposed rule 17 CFR 200.30-3(a)(12). change, or such shorter time as designated by the 14operative for 30 days from the date on 15 U.S.C. 78s(b)(1). Commission. The Exchange has satisfied this 1which it was filed, or such shorter time requirement. 17 CFR 240.19b-4. 2

VerDate Sep<11>2014 17:59 Apr 15, 2026 Jkt 268001 PO 00000 Frm 00133 Fmt 4703 Sfmt 4703 E:\FR\FM\16APN1.SGM 16APN1

20531

1. Self-Regulatory Organization's allow the listing and trading of options Trusts. Those generic listing standards Statement of the Purpose of, and on interests in a Commodity-Based define the term shares of a ''Commodity- Statutory Basis for, the Proposed Rule Trust and on November 6, 2025, during Based Trust'' as a security that: 10 (1) is issued by a trust, limited Change the government shutdown, the liability company, partnership, or other Exchange submitted Amendment 2 to In its filing with the Commission, the similar entity (''Trust'') that, if SR-MIAX-2025-07. SR-MIAX-2025-07 Exchange included statements applicable, is operated by a registered was deemed approved as of November concerning the purpose of and basis for commodity pool operator pursuant to 14, 2025. The Exchange also reiterated the proposed rule change and discussed 6 the Commodity Exchange Act (''CEA''), the changes proposed in SR-MIAX- any comments it received on the and is not registered as an investment 2025-07 to codify the proposed rule text proposed rule change. The text of these company pursuant to the Investment in the Exchange's Rulebook by filing statements may be examined at the Company Act of 1940, or series or class SR-MIAX-2025-49, which was noticed places specified in Item IV below. The thereof; for immediate effectiveness. Currently, 7Exchange has prepared summaries, set (2) is designed to reflect the Exchange Rule 402(i)(6) allows the forth in sections A, B, and C below, of performance of one or more reference Exchange to list and trade options on a the most significant aspects of such assets or an index of reference assets; Commodity-Based Trust that meets the statements. (3) in order to reflect the performance, is issued by a Trust that holds (a) one A. Self-Regulatory Organization's or more commodities or commodity- Statement of the Purpose of, and based assets, and (b) in addition to such provided that the Commodity-Based Statutory Basis for, the Proposed Rule commodities or commodity-based Trust holds a single crypto asset. Change 8 assets, may hold securities, cash, and On September 17, 2025, the 1. Purpose cash equivalents; Commission approved proposals by The (4) is issued by such Trust in a Nasdaq Stock Market LLC, Cboe BZX specified aggregate minimum number in Exchange, Inc. and NYSE Arca, Inc., to return for a deposit of (a) a specified Adopt Generic Listing Standards for quantity of the underlying commodities, Commodity-Based Trusts. In the 9 commodity-based assets, securities, approval order, the Commission noted cash, and/or cash equivalents or (b) a that each of the exchanges proposed to cash amount with a value based on the adopt substantially identical ''generic'' next determined net asset value per listing standards for Commodity-Based Trust share; and assets. 3 (5) when aggregated in the same proposes to amend the criteria for listing See Securities Exchange Act Release No. 104210 specified minimum number, may be 6options on Exchange-Traded Fund (November 18, 2025), 90 FR 52727 (November 21, redeemed at a holder's request by such Shares (''ETFs'') at Exchange Rule 402(i) 2025) (SR-MIAX-2025-07) (Self-Regulatory Trust which will deliver to the Organizations; BOX Exchange LLC, Cboe Exchange, and withdrawal criteria at Exchange redeeming holder (a) the specified Inc., Cboe BYX Exchange, Inc., Cboe BZX Exchange, Rule 403. This is a competitive filing Inc., Cboe EDGX Exchange, Inc., Miami quantity of the underlying commodities, substantively identical to the proposal International Securities Exchange, LLC, MIAX commodity-based assets, securities, submitted by Nasdaq ISE, LLC (''ISE'') PEARL, LLC, MIAX Sapphire, LLC, Nasdaq ISE, cash, and/or cash equivalents or (b) a LLC, New York Stock Exchange LLC, NYSE to the Securities and Exchange cash amount with a value based on the American LLC, NYSE Arca, Inc., NYSE National, Commission (the ''Commission''), which Inc., and NYSE Texas, Inc.; Notice of Deemed next determined net asset value per was recently approved. Approval of Various Proposed Rule Changes). 4 Trust share. On March 5, 2025, the Exchange See Securities Exchange Act Release No. 104451 5 7 Further, a Commodity-Based Trust (December 4, 2025), 90 FR 60208 (December 23, filed SR-MIAX-2025-07, as Modified that meets the requirements of Exchange 2025) (SR-MIAX-2025-49) (Self-Regulatory by Partial Amendment No. 1, a Rule 402(i)(6) must also satisfy the Organizations; Miami International Securities proposed rule change to amend its Exchange, LLC; Notice of Filing of a Proposed Rule following requirements: (A) the total listing rules at Exchange Rule 402, Change To Amend Exchange Rule 402, Criteria for global supply of the underlying crypto Underlying Securities, To Permit Options on Criteria for Underlying Securities, to asset held by the Commodity Based Commodity-Based Trust Shares). Trust must have an average daily market The term ''crypto asset'' means an asset that is 8The Exchange notes that its affiliate options value of at least $700 million over the generated, issued and/or transferred using a 3exchanges, MIAX PEARL, LLC (''MIAX Pearl'') and blockchain or similar distributive ledger technology last 12 months; and (B) the crypto asset MIAX Sapphire, LLC (''MIAX Sapphire''), network, including but not limited to, assets known held by the Commodity-Based Trust submitted (or will submit) substantively similar as ''tokens,'' ''digital assets,'' ''virtual currencies,'' must underlie a derivatives contract that proposals. The Exchange notes that the rules of and ''coins'' and that relies on cryptographic Chapter IV of MIAX, including Exchange Rule 402, trades on a market with which the protocols. See Exchange Rule 402(i)(6)(iii). are incorporated by reference into the MIAX See Securities Exchange Act Release No. 103995 9Emerald, LLC (''MIAX Emerald'') rulebook. (Sept. 17, 2025), 90 FR 45414 (Sept. 22, 2025) (Self- See Securities Exchange Act Release No. 105072 Regulatory Organizations; The Nasdaq Stock Market 4(March 24, 2026), (SR-ISE-2025-30) (Self- LLC; Cboe BZX Exchange, Inc.; NYSE Arca, Inc.; Shares of the applicable Commodity-Based 10Regulatory Organizations; Nasdaq ISE, LLC; Order Order Granting Accelerated Approval of Proposed Trust trade as equity securities. See Securities Approving a Proposed Rule Change, as Modified by Rule Changes, as Modified by Amendments Exchange Act Release No. 50603 (Oct. 28, 2004), 69 Amendment Nos. 1 and 2, Regarding the Adoption Thereto, To Adopt Generic Listing Standards for FR 64614, 64619 (Nov. 5, 2004) (SR-NYSE-2004- of Listing Criteria for Options on Commodity-Based Commodity-Based Trust Shares) (SR-NASDAQ- 22) (approving the listing and trading of Trusts That Hold Multiple Crypto Assets). 2025-056; SR-CboeBZX-2025-104; SR- streetTRACKS Gold Shares) (''Spot Gold Approval See Securities Exchange Act Release No. 102658 NYSEARCA-2025-54) (''Generic Listing Standards Order'') and ETP Request for Comments, infra note 5(March 5, 2025), 90 FR 12870 (March 19, 2025) (SR- for Commodity-Based Trust Shares Approval''). The 20, at 34731. See also Nasdaq Rule 5711(d)(ii); MIAX-2025-07) (Self-Regulatory Organizations; Exchange believes that it is appropriate to rely on proposed BZX Rule 14.11(e)(4)(B); proposed NYSE Notice of Filing of a Proposed Rule Change, as the generic listing standards outlined by the Arca Rule 8.201-E(b) (Generic) (stating that Modified by Partial Amendment No. 1, by Miami primary listing market due to the potential Commodity-Based Trust Shares are included within International Securities Exchange, LLC To Amend proliferation of new primary listing markets and the the definition of a ''security'' as such term is used Exchange Rule 402, Criteria for Underlying Commission's acknowledgment that the definition in the Exchanges' rules and are subject to the Securities, To List and Trade Options on of shares of a Commodity-Based Trust across those Exchanges' existing rules governing the trading of Commodity-Based Trust Shares). primary listing markets is substantially identical. equity securities).

VerDate Sep<11>2014 17:59 Apr 15, 2026 Jkt 268001 PO 00000 Frm 00134 Fmt 4703 Sfmt 4703 E:\FR\FM\16APN1.SGM 16APN1

20532

issued and does not include unissued criteria, which would also be added to crypto assets. Exchange Rule 403(g)(1), would require As a result of this filing, the proposed ETFs that are listed pursuant to membership in the Intermarket listing criteria would permit a Exchange Rule 402(i)(6)(i)(A) to Surveillance Group (''ISG''). Commodity Based Trust that is continue to meet the requirements of At this time, the Exchange proposes to generically listed on the applicable Exchange Rule 403 subparagraphs (b)(1), amend Exchange Rule 402(i)(6) to primary listing market and holds (2), (3) and (4) of Exchange Rule 403. permit the listing and trading of options multiple crypto assets to qualify for the The Exchange is proposing that the on a Commodity-Based Trust that holds listing of options on that ETF, provided criteria in Exchange Rule multiple crypto assets in addition to a Exchange Rule 402(i)(6)(iii), as amended 402(i)(6)(iii)(A) be met on a monthly Commodity-Based Trust that holds a in the relevant part, has also been met, basis while the criteria in Exchange single crypto asset. As amended, as well as the listing criteria in Rule 402(i)(6)(iii)(B) be met on a daily Exchange Rule 402(i)(6) would state, Exchange Rule 402(a) and (b), or basis. The Exchange believes that represent interests in a Commodity- Exchange Rule 402(i)(6)(i)(B). requiring the criteria in Exchange Rule Based Trust that meet the generic listing Similar to options on any ETF, an 402(i)(6)(iii)(A) to be met on a monthly standards for Commodity-Based Trust option on a Commodity-Based Trust basis is reasonable given that the Shares of the applicable primary listing that meets the requirements of Exchange Exchange believes that it is unlikely that market, except that the Commodity- Rule 402(i)(6) would also be subject to a crypto asset with an average daily Based Trust holds a single crypto asset the Exchange's continued listing market value of at least $700 million or multiple crypto assets as defined in standards for options on ETFs set forth over the previous twelve months would subparagraph (iii) below, provided that in Exchange Rule 403(g). Currently, fail to meet that standard as a resulting all of the following conditions are met: pursuant to Exchange Rule 403(g), ETFs of trading over a relatively short period Further, the Exchange proposes to approved for options trading pursuant of time. By way of example, if a crypto amend Exchange Rule 402(i)(6)(iii) to to Exchange Rule 402(i) will not be asset has a market capitalization of $900 state, deemed to meet the requirements for million and traded at that market Additionally, with respect to a continued approval, and the Exchange capitalization for 15 days in a 20-day Commodity-Based Trust that meets the shall not open for trading any additional trading month, the crypto asset could requirements of Exchange Rule series of option contracts of the class lose a substantial amount of its value 402(i)(6), the following requirements are covering that such ETFs, if the ETFs are (up to 88%) and still meet the criteria. satisfied: (A) the total global supply of delisted from trading pursuant to Similarly, a crypto asset with a market each underlying crypto asset(s) held by Exchange Rule 403(b)(4), are halted or capitalization of $500 million for 15 13the Commodity-Based Trust has an suspended from trading in their primary days in a 20-day trading month, would average daily market value of at least market. With respect to options on have to achieve a market capitalization 14$700 million over the last 12 months; Commodity-Based Trusts that are of $1.3 billion (a 160% increase) in the and (B) each crypto asset held by the last 5 days to meet the criteria. Given Commodity-Based Trust underlies a 402(i)(6), the Exchange proposes to the unlikelihood that there would be a derivatives contract that trades on a amend Exchange Rule 403(g) to adopt a huge movement over a month's period market with which the Exchange has a new subparagraph (3) which states, ''In of time and considering the work that the case of options covering Exchange- would be required to calculate the Traded Fund Shares approved pursuant criteria on a daily basis as compared to common membership in the Intermarket to Exchange Rule 402(i)(6), if the criteria each month, the Exchange believes that Surveillance Group. For purposes of this in Exchange Rule 402(i)(6)(iii)(A) are no the proposed continued listing rule the term ''crypto asset'' means an longer satisfied, as determined by the obligation for the average daily market asset that is generated, issued and/or Exchange on a monthly basis, or if the value criteria is sufficient. Further, transferred using a blockchain or similar criteria in Exchange Rule distributive ledger technology network, 402(i)(6)(iii)(B) are no longer including but not limited to, assets satisfied.'' This proposed new criteria Rule 402(i)(6) would continue to be 15known as ''tokens,'' ''digital assets,'' would require ETFs that are listed subject to Exchange Rule 403(g)(5), as ''virtual currencies,'' and ''coins'' and pursuant to Exchange Rule 402(i)(6) to renumbered, which states that the that relies on cryptographic protocols. continue to meet the requirements of Exchange may consider suspending With the addition of multiple crypto Exchange Rule 402(i)(6)(iii)(A) and (B). open transactions in options on an ETF assets, the criteria would require each Additionally, this proposed new if, ''such other event occurs or condition underlying crypto asset to meet the total exists that in the opinion of the global supply figure and to underlie a Exchange makes further dealing in such For example, if Bitcoin were the underlying 12derivative contract that trades on a options on the Exchange inadvisable.'' crypto asset, the Exchange would consider the total market with which the Exchange has a supply of all Bitcoin currently issued instead of the The Exchange may determine at any maximum supply, which would be currently issued point to delist an option on a as well as unminted Bitcoin. As of March 10, 2026 agreement. The market value for each Commodity-Based Trust that may not Bitcoin's total supply was 20,000,406 (the underlying crypto asset held by a have sufficient liquidity or market maximum supply is 21,000,000). See https://Commodity-Based Trust will be www.coingecko.com/en/coins/bitcoin. The demand. Exchange would calculate market value by utilizing calculated by taking the total global Consistent with current Exchange the total supply number multiplied by the Bitcoin supply of the particular crypto asset Rule 404, which governs the opening of price on that day. multiplied by the token price of that options series on a specific underlying Exchange Rule 403(b)(4) provides the Exchange 13asset. security (including ETFs), the Exchange The total supply of a crypto will not open for trading any additional series of 11options on shares of an ETF if the ETF is no longer asset includes all crypto assets currently will open at least one expiration an NMS stock as defined in Rule 600 of Reg NMS month for options on Commodity- 16under the Act. See Exchange Rule 403(g). The market supply information can be obtained 1411from publicly available sources such as The Exchange would renumber the remaining See Exchange Rule 404(b). The monthly 15 16coingecko.com or coinmarketcap.com. paragraphs of Exchange Rule 403(g). expirations are subject to certain listing criteria for

VerDate Sep<11>2014 17:59 Apr 15, 2026 Jkt 268001 PO 00000 Frm 00135 Fmt 4703 Sfmt 4703 E:\FR\FM\16APN1.SGM 16APN1

20533

Based Trusts that are approved subject is less than $100, and $1 or greater capitalizations, etc.) on the same side of to Exchange Rule 402(i)(6) and may also where the strike price is between $100 the market; and smaller capitalization list series of options on Commodity- and $150 for all option classes that ETFs have position and exercise limits Based Trust Share for trading on a participate in the Short Term Options of 200,000, 75,000, 50,000 or 25,000 weekly, monthly, or quarterly Series Program; (ii) $0.50 for option contracts (with adjustments for splits, 17 18 19basis. The Exchange may also list long- classes that trade in one dollar re-capitalizations, etc.) on the same side term equity option series (''LEAPS'') increments and are in the Short Term of the market. Further, Exchange Rule that expire from 12 to 39 months from Option Series Program; or (iii) $2.50 or 1502, which governs margin the time they are listed. greater where the strike price is above requirements applicable to trading on 20Pursuant to Exchange Rule 404, $150. Additionally, the Exchange may the Exchange, including options on 22Interpretation and Policy .06, which list series of options pursuant to the $1 ETFs, will also apply to the trading of governs strike prices of series of options Strike Price Interval Program, the options on a Commodity-Based Trusts 23on ETFs, the interval between strike $0.50 Strike Program, and the $2.50 listed pursuant to Exchange Rule 24prices of series of options on ETFs Strike Price Program. Pursuant to 402(i)(6). 25approved for options trading pursuant The Exchange represents that the Exchange Rule 510, where the price of to Exchange Rule 402(i) shall be fixed at same surveillance procedures applicable a series of options on a Commodity- a price per share which is reasonably to all other options on other ETFs Based Trust is less than $3.00, the close to the price per share at which the currently listed and traded on the minimum increment will be $0.05, and underlying security is traded in the Exchange will apply to the trading of where the price is $3.00 or higher, the primary market at or about the same minimum increment will be $0.10 26time such series of options is first open consistent with the minimum Rule 402(i)(6). The Exchange for trading on the Exchange, or at such increments for options on other ETFs 27 represents that it has the necessary intervals as may have been established listed on the Exchange. Any and all new systems capacity to support the new on another options exchange prior to the series of a Commodity-Based Trust option series. The Exchange believes initiation of trading on the Exchange. options that the Exchange lists will be that its existing surveillance and With respect to the Short Term Options consistent and comply with the reporting safeguards are designed to expirations, strike prices, and minimum Series or Weekly Program, during the deter and detect possible manipulative increments set forth in Rules 404 and month prior to expiration of an option behavior which might potentially arise 510, as applicable. class that is selected for the Short Term Further, options on Commodity-Based from listing and trading options on Option Series Program, the strike price Trusts that are approved subject to ETFs, including the listing of options on intervals for the related non-Short Term Exchange Rule 402(i)(6) would trade in Commodity-Based Trusts that are Option (''Related non-Short Term the same manner as options on other Option'') shall be the same as the strike ETFs on the Exchange. The Exchange 402(i)(6). Also, the Exchange may obtain price intervals for the Short Term Rules that currently apply to the listing information from designated contract Option. 21 and trading of all options on ETFs on markets that are members of the ISG may open for trading Short Term Option the Exchange, including, for example, related to a financial instrument that is Series at strike price intervals of (i) Rules that govern listing criteria, based, in whole or in part, upon an $0.50 or greater where the strike price expirations, exercise prices, minimum interest in or performance of a crypto increments, position and exercise limits, asset, as applicable. The Exchange has underlying securities described within Exchange margin requirements, customer accounts specified in proposed Exchange Rule Rule 404 and its Interpretations and Policies. and trading halt procedures would 402(i)(6) that each crypto asset held by Monthly listings expire the third Friday of the apply to the listing and trading of the Commodity-Based Trust must month. The term ''expiration date'' (unless separately defined elsewhere in the OCC By-Laws), underlie a derivatives contract that when used in respect of an option contract (subject trades on a market with which the to certain exceptions), means the third Friday of the Rule 402(i)(6) in the same manner. expiration month of such option contract, or if such Position and exercise limits for Friday is a day on which the exchange on which such option is listed is not open for business, the preceding day on which such exchange is open for that are approved pursuant to Exchange membership in ISG. The Exchange 28business. See OCC By-Laws Article I, Section 1. Rule 402(i)(6) would be determined will be required to ensure that this Pursuant to Exchange Rule 404(c), additional series pursuant to Exchange Rules 307 and requirement is met prior to listing of options of the same class may be opened for trading on the Exchange when the Exchange deems 309, respectively, as is the case for other options on a Commodity-Based Trust it necessary to maintain an orderly market, to meet options on other ETFs. Position and listed pursuant to proposed Exchange customer demand or when the market price of the exercise limits for options on ETF vary Rule 402(i)(6). underlying stock moves more than five strike prices according to the number of outstanding Additionally, the Exchange has also from the initial exercise price or prices. Pursuant shares and the trading volumes of the analyzed its capacity and represents that to Exchange Rule 404(e), new series of options on an individual stock may be added until the underlying ETF over the past six it believes the Exchange and the beginning of the month in which the options months, where the largest in Options Price Reporting Authority or contract will expire. Due to unusual market capitalization and the most frequently ''OPRA'' have the necessary systems conditions, the Exchange, in its discretion, may add traded ETFs have an option position a new series of options on an individual stock until the close of trading on the business day prior to and exercise limits of 250,000 contracts The surveillance program includes real-time expiration. 27 (with adjustments for splits, re- patterns for price and volume movements and post- See Exchange Rule 404, Interpretation and 17 trade surveillance patterns (e.g., spoofing, marking Policy .02. the close, pinging, phishing). See Exchange Rule 404, Interpretation and Id. 18 22 There are a number of futures contracts on 28Policy .13. See Exchange Rule 404, Interpretation and digital asset commodities that are listed and trading 23 Policy .01. See Exchange Rule 404, Interpretation and on the CME and Coinbase Derivatives, both of 19Policy .03. See Exchange Rule 404, Interpretation and which are ISG members. See https:// 24 Policy .04. See Exchange Rule 406. www.cmegroup.com/markets/cryptocurrencies.20 See Exchange Rule 404(f). See Exchange Rule 404, Interpretation and html#products. See also https://www.coinbase.com/ 2521Policy .02(e). See Exchange Rule 510. derivatives. 26

VerDate Sep<11>2014 17:59 Apr 15, 2026 Jkt 268001 PO 00000 Frm 00136 Fmt 4703 Sfmt 4703 E:\FR\FM\16APN1.SGM 16APN1

20534

options on Commodity-Based Trusts, each crypto asset held by the capacity to handle the additional traffic provided the initial listing criteria has Commodity-Based Trust would also be associated with the listing of new series been met, without any additional required to satisfy the conditions in of ETFs, including options on approvals from the Commission. proposed Exchange Rule 402(i)(6)(iii), Commodity-Based Trusts, that are Specifically, the Exchange's proposal which requires that (A) the total global to adopt Exchange Rule 402(i)(6) to 402(i)(6), up to the number of supply of each underlying crypto asset allow the listing and trading of options expirations currently permissible under held by the Commodity-Based Trust has on units that represent interests in the Exchange Rules. an average daily market value of at least Commodity- Based Trusts that meet the Finally, today, the Exchange lists and $700 million over the last 12 months; trades options on ETFs that would and (B) each crypto asset held by the qualify for listing as an option on a Commodity-Based Trust underlie a Commodity-Based Trust under and derivatives contract that trades on a 33proposed Exchange Rule 402(i)(6),and hold multiple crypto assets in addition market with which the Exchange has a 29it has not identified any issues with the to single crypto assets, is consistent listing and trading of options on those with the Act because it will permit the ETFs. Exchange to offer options on common membership in the ISG. Commodity-Based Trusts soon after the These requirements are consistent 2. Statutory Basis listing of the ETF on the primary listing with the Act and the protection of The Exchange believes the proposed market, provided that all the generic investors as they should ensure that rule change is consistent with the Act listing standards for that Commodity- each crypto asset held by the underlying and the rules and regulations Based Trust on that primary listing ETF has sufficient liquidity prior to thereunder applicable to the Exchange market have been met. Listing these listing options, which will serve to and, in particular, the requirements of options will avail market participants of prevent disruption to the underlying Section 6(b) of the Act.Specifically, market. The Exchange believes that the opportunity to hedge their positions 30the Exchange believes the proposed rule market supply serves as a good measure in the Commodity-Based Trusts in a change is consistent with the Section of liquidity to permit options trading in timely manner, thereby providing 6(b)(5)requirements that the rules of investors with the ability to hedge their 31an exchange be designed to prevent that holds multiple crypto assets. exposure to the underlying Commodity- fraudulent and manipulative acts and Based Trust. Options on Commodity- Requiring each underlying crypto asset practices, to promote just and equitable Based Trusts benefits investors, similar to have a requisite amount of principles of trade, to foster cooperation to the listing of any other option on an deliverable supply, in addition to all the and coordination with persons engaged ETF, by providing investors with a other criteria the ETF is required to have in regulating, clearing, settling, relatively lower-cost risk management under the applicable primary listing processing information with respect to, tool to manage their positions and market rules, should ensure adequate and facilitating transactions in associated risk in their portfolios more liquidity prior to listing. Further, securities, to remove impediments to easily in connection with exposure to ensuring each crypto asset held by the and perfect the mechanism of a free and the price of a crypto asset. Additionally, Commodity-Based Trust underlies a open market and a national market listing options on Commodity-Based derivatives contract that trades on a system, and, in general, to protect Trusts provides investors with the market with which the Exchange has a investors and the public interest. ability to transact in such options on a Additionally, the Exchange believes the listed market as opposed to the OTC proposed rule change is consistent with common membership in the ISG, will options market, which increases market the Section 6(b)(5)requirement that provide the Exchange with information transparency and enhances the process 32the rules of an exchange not be designed to adequately surveillance options on of price discovery to the benefit of all to permit unfair discrimination between qualifying Commodity-Based Trusts. investors. Also, this proposal would permit customers, issuers, brokers, or dealers. Today, the Exchange has a In particular, the Exchange believes options on Commodity-Based Trusts to that its proposal to permit Commodity- be listed on the Exchange in the same agreement in place with both the CME Based Trust Shares that hold multiple manner as all other securities that are and Coinbase Derivatives through its crypto assets to be listed and traded subject to the current listing criteria in common membership in ISG. This without the need for additional Exchange Rule 402. The Exchange notes facilitates the sharing of information approvals, will remove impediments to that the majority of ETFs are able to list that is available to the CME and and trade options once the initial listing and perfect the mechanism of a free and Coinbase Derivatives through their criteria have been met without the need open market and a national market surveillance of their respective markets, for additional approvals. The proposed system and, in general, protect investors including their surveillance of their rule change would allow options on because it would allow the Exchange to respective digital asset futures markets. The Exchange also believes the certain Commodity-Based Trusts to immediately list and trade qualifying proposed rule change will remove likewise list and trade options once the impediments to and perfect the initial listing criteria on the primary The following ETFs currently have options 29 mechanism of a free and open market listing market have been met without listed on them on the Exchange: iShares Bitcoin and a national market system, because Trust, the Fidelity Wise Origin Bitcoin Fund, the the need for additional approvals. ARK21Shares Bitcoin ETF, the Grayscale Bitcoin As proposed, the Exchange would list it is consistent with current Exchange Trust (BTC), the Grayscale Bitcoin Mini Trust BTC, Rules, previously filed with the options in a Commodity-Based Trust and the Bitwise Bitcoin ETF. See Exchange Rule Commission. Options on qualifying that met the generic criteria of the 402(i)(4). The Exchange filed rule proposals and Commodity-Based Trusts must satisfy received the appropriate regulatory notice or approval to list the aforementioned options on the the initial listing standards and provided the Commodity-Based Trust ETFs. continued listing standards currently in held multiple crypto assets. Further, 15 U.S.C. 78f(b). 30 the Exchange Rules applicable to 15 U.S.C. 78f(b)(5). 31 options on all ETFs, including ETFs that See supra note 9. Id. 3233

VerDate Sep<11>2014 17:59 Apr 15, 2026 Jkt 268001 PO 00000 Frm 00137 Fmt 4703 Sfmt 4703 E:\FR\FM\16APN1.SGM 16APN1

20535

Exchange may consider suspending hold other crypto assets already deemed proposed as a competitive response to open transactions in options on an ETF the filing submitted by ISE. appropriate for options trading on the The Exchange does not believe that if, ''such other event occurs or condition Exchange in addition to the proposed the proposal to amend the listing exists that in the opinion of the criteria. criteria at Exchange Rule 402(i)(6), with Exchange makes further dealing in such Further, the proposal adopts new respect to ETFs, to adopt new criteria to options on the Exchange inadvisable.'' subparagraph (3) to Exchange Rule permit the listing and trading of options The Exchange may determine at any 403(g) which will require each crypto on certain Commodity-Based Trusts that point to delist an option on a asset held by a Commodity-Based Trust hold multiple crypto assets and that Commodity-Based Trust that may not to continue to meet the requirement of were listed pursuant to the generic have sufficient liquidity or market Exchange Rule 402(i)(6)(iii)(A) on a listing standards for Commodity-Based demand. monthly basis and for the criteria in Options on qualifying Commodity- Trust Shares of the applicable primary Exchange Rule 402(i)(6)(iii)(B) to be met Based Trusts would trade in the same listing market, without the need for on a continuous basis. Accordingly, manner as any other ETF options--the additional approvals, will impose any each crypto asset held by a Commodity- same Exchange Rules that currently burden on intramarket competition that Based Trust must continue to have a govern the listing and trading of all ETF is not necessary or appropriate in total global supply with an average daily options, including permissible furtherance of the purposes of the Act. market value of at least $700 million expirations, strike prices and minimum Options on qualifying Commodity- over the last 12 months, and also must increments, and applicable position and Based Trusts would need to satisfy the continue to underlie a derivatives exercise limits and margin initial listing standards set forth in the contract that trades on a market with requirements, will govern the listing Exchange Rules in the same manner as which the Exchange has a and trading of options on qualifying any other ETF before the Exchange Commodity-Based Trusts. could list options on them. The Exchange represents that it has Additionally, options on qualifying common membership in the ISG. The the necessary systems capacity to Commodity-Based Trusts will be Exchange believes that this continued support the listing and trading of equally available to all market listing standard, in addition to options on qualifying Commodity-Based participants who wish to trade such requirements of Rule 402(i) would Trusts. The Exchange believes that its options. The Exchange Rules currently protect investors and the public interest existing surveillance and reporting applicable to the listing and trading of by ensuring that the crypto assets held safeguards are designed to deter and options on ETFs on the Exchange will by the Commodity-Based Trust continue detect possible manipulative behavior apply in the same manner to the listing to remain liquid. The Exchange believes which might arise from listing and and trading of all options on qualifying that requiring the criteria in Exchange trading of these options on Commodity- Commodity-Based Trusts. Rule 402(i)(6)(iii)(A) on a monthly basis Based Trust, particularly in light of the Additionally, the Exchange notes that is consistent with the Act and the additional requirement that each crypto listing and trading options on qualifying protection of investors given that the asset held by the Commodity-Based Commodity-Based Trusts on the Exchange believes that it is unlikely that Trust underlies a derivatives contract Exchange will subject such options to a crypto asset with an average daily that trades on a market with which the transparent exchange based rules as market value of at least $700 million well as price discovery and liquidity, as over the previous twelve months would opposed to alternatively trading such fail to meet that standard as a resulting options in the OTC market. The of trading over a relatively short period membership in ISG. Exchange believes that the proposed of time. By way of example, if a crypto Finally, today, the Exchange lists and rule change may relieve any burden on, asset has a market capitalization of $900 trades options on ETFs that would or otherwise promote, competition as it million and traded at that market qualify for listing as an option on a is designed to increase competition for capitalization for 15 days in a 20-day Commodity-Based Trust under order flow on the Exchange in a manner trading month, the crypto asset could proposed Exchange Rule 402(i)(6), and that is beneficial to investors by 34lose a substantial amount of its value it has not identified any issues with the providing them with a lower-cost option (up to 88%) and still meet the criteria. listing and trading of options on those to hedge their investment portfolios in Similarly, a crypto asset with a market ETFs. a timely manner. capitalization of $500 million for 15 The Exchange does not believe that B. Self-Regulatory Organization's days in a 20-day trading month, would the proposal to adopt new listing Statement on Burden on Competition have to achieve a market capitalization criteria at Exchange Rule 402(i)(6) to The Exchange does not believe that of $1.3 billion (a 160% increase) in the permit the listing and trading of certain the proposed rule change will impose last 5 days to meet the criteria. Given options on certain Commodity-Based any burden on competition that is not the unlikelihood that there would be a Trusts that hold multiple crypto assets necessary or appropriate in furtherance huge movement over a month's period and that were listed pursuant to the of the purposes of the Act. In this regard of time and considering the work that and as indicated above, the Exchange would be required to calculate the notes that the rule change is being criteria on a daily basis as compared to each month, the Exchange believes that without the need for additional the proposed continued listing approvals, will impose any burden on The following ETFs currently have options 34obligation for the average daily market listed on them on the Exchange: iShares Bitcoin intermarket competition that is not Trust, the Fidelity Wise Origin Bitcoin Fund, the value criteria is sufficient. Further, necessary or appropriate in furtherance ARK21Shares Bitcoin ETF, the Grayscale Bitcoin of the purposes of the Act. Other Trust (BTC), the Grayscale Bitcoin Mini Trust BTC, options exchanges are free to amend and the Bitwise Bitcoin ETF. See Exchange Rule Rule 402(i)(6) would continue to be 402(i)(4). The Exchange filed rule proposals and their applicable rules to permit them to received the appropriate regulatory notice or subject to exchange Rule 403(g)(5), as approval to list the aforementioned options on the renumbered, which states that the ETFs. See supra note 4. 35

VerDate Sep<11>2014 17:59 Apr 15, 2026 Jkt 268001 PO 00000 Frm 00138 Fmt 4703 Sfmt 4703 E:\FR\FM\16APN1.SGM 16APN1

20536

1. Self-Regulatory Organization's list and trade options on Commodity- obscene or subject to copyright Statement of the Purpose of, and protection. All submissions should refer Statutory Basis for, the Proposed Rule to file number SR-MIAX-2026-13 and assets. Change should be submitted on or before May C. Self-Regulatory Organization's 7, 2026. In its filing with the Commission, the Statement on Comments on the Exchange included statements For the Commission, by the Division of Proposed Rule Change Received From concerning the purpose of and basis for Trading and Markets, pursuant to delegated Members, Participants, or Others the proposed rule change and discussed authority. 36Written comments were neither any comments it received on the Sherry R. Haywood, solicited nor received. proposed rule change. The text of these Assistant Secretary. statements may be examined at the III. Date of Effectiveness of the [FR Doc. 2026-07351 Filed 4-15-26; 8:45 am] places specified in Item IV below. The Proposed Rule Change and Timing for BILLING CODE 8011-01-P Exchange has prepared summaries, set Commission Action forth in sections A, B, and C below, of Within 45 days of the date of the most significant aspects of such SECURITIES AND EXCHANGE publication of this notice in the Federal statements. COMMISSION Register or within such longer period up to 90 days (i) as the Commission may A. Self-Regulatory Organization's [Release No. 34-105222; File No. SR- Statement of the Purpose of, and designate if it finds such longer period SAPPHIRE-2026-13] Statutory Basis for, the Proposed Rule to be appropriate and publishes its

Change reasons for so finding or (ii) as to which Self-Regulatory Organizations; MIAX the Exchange consents, the Commission Sapphire, LLC; Notice of Filing of a 1. Purpose will: Proposed Rule Change To Amend A. by order approve or disapprove such proposed rule change, or B. institute proceedings to determine whether the proposed rule change Underlying Securities, To Establish should be disapproved. Listing Criteria and Withdrawal

Standards for Options on Commodity- IV. Solicitation of Comments Based Trusts Holding Multiple Crypto Interested persons are invited to Assets assets.submit written data, views, and 3 proposes to amend the criteria for listing arguments concerning the foregoing, April 13, 2026. options on Exchange-Traded Fund including whether the proposed rule Pursuant to Section 19(b)(1) of the Shares (''ETFs'') at Exchange Rule 402(i) change is consistent with the Act. Securities Exchange Act of 1934 and withdrawal criteria at Exchange Comments may be submitted by any of (''Act''), and Rule 19b-4 thereunder, 1 2 Rule 403. This is a competitive filing the following methods: notice is hereby given that on March 30, substantively identical to the proposal 2026, MIAX Sapphire, LLC (''MIAX Electronic Comments submitted by Nasdaq ISE, LLC (''ISE'') Sapphire'' or the ''Exchange''), filed • Use the Commission's internet to the Securities and Exchange with the Securities and Exchange comment form (https://www.sec.gov/ Commission (the ''Commission''), which Commission (''Commission'') a rules/sro.shtml); or was recently approved. proposed rule change as described in 4• Send an email to rule-comments@ On March 5, 2025, the Exchange Items I and II below, which Items have 5 filed SR-SAPPHIRE-2025-12, as sec.gov. Please include file number SR- been prepared by the Exchange. The Modified by Partial Amendments No. 1 MIAX-2026-13 on the subject line. Commission is publishing this notice to and 2, a proposed rule change to amend solicit comments on the proposed rule Paper Comments its listing rules at Exchange Rule 402, change from interested persons. • Send paper comments in triplicate Criteria for Underlying Securities, to I. Self-Regulatory Organization's to Secretary, Securities and Exchange Statement of the Terms of Substance of Commission, 100 F Street NE, The Exchange notes that its affiliate options 3the Proposed Rule Change Washington, DC 20549-1090. exchanges, Miami International Securities Exchange, LLC (''MIAX'') and MIAX Pearl, LLC All submissions should refer to file (''MIAX Pearl''), submitted (or will submit) number SR-MIAX-2026-13. This file substantively similar proposals. The Exchange number should be included on the notes that the rules of Chapter IV of MIAX, including Exchange Rule 402, are incorporated by subject line if email is used. To help the reference into the MIAX Emerald, LLC (''MIAX Commission process and review your Emerald'') rulebook. comments more efficiently, please use See Securities Exchange Act Release No. 105072 4only one method. The Commission will (March 24, 2026), (SR-ISE-2025-30) (Self- post all comments on the Commission's Regulatory Organizations; Nasdaq ISE, LLC; Order Approving a Proposed Rule Change, as Modified by internet website (https://www.sec.gov/ assets. Amendment Nos. 1 and 2, Regarding the Adoption rules/sro.shtml). Copies of the filing will The text of the proposed rule change of Listing Criteria for Options on Commodity-Based be available for inspection and copying is available on the Exchange's website at Trusts That Hold Multiple Crypto Assets). at the principal office of the Exchange. See Securities Exchange Act Release No. 102660 https://www.miaxglobal.com/markets/ 5 (March 5, 2025), 90 FR 12859 (March 19, 2025) (SR- Do not include personal identifiable us-options/miax-sapphire/rule-filings, SAPPHIRE-2025-12) (Self-Regulatory information in submissions; you should or at the Exchange's principal office. Organizations; Notice of Filing of a Proposed Rule submit only information that you wish Change, as Modified by Partial Amendment Nos. 1 to make available publicly. We may and 2, by MIAX Sapphire, LLC To Amend Exchange 17 CFR 200.30-3(a)(12). Rule 402, Criteria for Underlying Securities, To List 36redact in part or withhold entirely from 15 U.S.C. 78s(b)(1). and Trade Options on Commodity-Based Trust 1publication submitted material that is 17 CFR 240.19b-4. Shares). 2

VerDate Sep<11>2014 17:59 Apr 15, 2026 Jkt 268001 PO 00000 Frm 00139 Fmt 4703 Sfmt 4703 E:\FR\FM\16APN1.SGM 16APN1