Pursuant to Section 19(b)(1) ^[1] of the Securities Exchange Act of 1934 (“Act”) ^[2] and Rule 19b-4 thereunder,^[3] notice is hereby given that, on September 22, 2026, the Investors Exchange LLC (“IEX” or “Exchange”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.

I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change

Pursuant to the provisions of Section 19(b)(1) under the Act,^[4] and Rule 19b-4 thereunder,^[5] the Exchange is filing with the Commission a proposed rule change to update certain of its options listing standards and position and exercise limits rules in advance of the launch of IEX Options. The Exchange has designated this proposal as non-controversial and provided the Commission with the notice required by Rule 19b-4(f)(6)(iii) under the Act.^[6]

The text of the proposed rule change is available at the Exchange's website at www.iexexchange.io/​resources/​regulation/​rule-filings and at the principal office of the Exchange.

II. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change

In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The self-regulatory organization has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change

1. Purpose

On September 18, 2025, the Commission approved IEX's proposal to adopt rules governing the trading of options on the Exchange in a new facility called “IEX Options”; ^[7] IEX Options has announced its plan to commence trading options on October 2, 2026.^[8] In advance of the launch of IEX Options, IEX proposes to update certain of its options listing standards and position and exercise limits rules. Specifically, as described herein, the Exchange proposes to amend Rule 20.120, Criteria for Underlying Securities, Rule 20.130, Withdrawal of Approval of Underlying Securities, Rule 19.160, Position Limits, and Rule 19.180, Exercise Limits, to amend certain listing standards, establish certain listing standards and withdrawal criteria, and amend position and exercise limits.

The Exchange proposes to amend Rule 20.120(i) and Rule 20.130(g) to establish listing criteria and withdrawal standards for options on Commodity-Based Trusts that hold a single crypto asset or multiple crypto assets. Specifically, the Exchange proposes to amend the criteria for listing options on Fund Shares ^[9] at Rule 20.120(i) and withdrawal criteria at Rule 20.130(g). This aspect of the proposal is competitive and is substantively identical to proposals submitted by other options exchanges that have been approved by the Commission.^[10]

The Exchange proposes to amend Rule 19.160, Position Limits, and Rule 19.180, Exercise Limits, to establish position and exercise limits for iShares Bitcoin Trust ETF (“IBIT”). This aspect of the proposal is competitive and is substantively identical to proposals submitted by other options exchanges that have been approved by the Commission or were immediately effective upon filing.^[11]

(i) Proposed Amendments to Rule 20.120(i) To Add a Generic Listing Standard for Crypto-Asset Commodity-Based Trusts

The Exchange proposes to amend Rule 20.120, Criteria for Underlying Securities, and Rule 20.130, Withdrawal of Approval of Underlying Securities, to establish listing criteria and withdrawal standards for options on Commodity-Based Trusts that hold a single crypto asset or multiple crypto assets.

Specifically, the Exchange proposes to amend the criteria for listing options on Fund Shares at Rule 20.120(i) ^[12] to allow the Exchange to list and trade options on Fund Shares that represent interests in a Commodity-Based Trust that meets the generic criteria of the U.S. securities exchange that is the primary equities listing market for the Commodity-Based Trust, except that Commodity-Based Trust holds a single crypto asset or multiple crypto assets that meets the following requirements: (1) the total global supply of each underlying crypto asset(s) held by the Commodity-Based Trust has an average daily market value of at least $700 million over the last 12 months; and (2) each crypto asset held by the Commodity-Based Trust underlies a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement, whether directly or through common membership in the Intermarket Surveillance Group. For purposes of this section of the Rule, the term “crypto asset” means an asset that is generated, issued and/or transferred using a blockchain or similar distributive ledger technology network, including but not limited to, assets known as “tokens,” “digital assets,” “virtual currencies,” and “coins,” and that relies on cryptographic protocols. This aspect of the proposal is competitive and is substantively identical to proposals submitted by other options exchanges ( printed page 64196) that have been approved or deemed approved by the Commission.^[13]

On September 17, 2025, the Commission approved proposals by The Nasdaq Stock Market LLC, Cboe BZX Exchange, Inc., and NYSE Arca, Inc. to Adopt Generic Listing Standards for Commodity-Based Trusts.^[14] In the Generic Listing Standards for Commodity-Based Trust Shares Approval Order, the Commission noted that each of the exchanges proposed to adopt substantially identical “generic” listing standards for Commodity-Based Trusts. Those generic listing standards define the term shares of a “Commodity-Based Trust” as a security ^[15] that:

(1) 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 the Commodity Exchange Act (“CEA”), and is not registered as an investment company pursuant to the Investment Company Act of 1940, or series or class thereof;

(2) is designed to reflect the performance of one or more reference assets or an index of reference assets;

(3) in order to reflect the performance, is issued by a Trust that holds (a) one or more commodities or commodity-based assets, and (b) in addition to such commodities or commodity-based assets, may hold securities, cash, and cash equivalents;

(4) is issued by such Trust in a specified aggregate minimum number in return for a deposit of (a) a specified quantity of the underlying commodities, commodity-based assets, securities, cash, and/or cash equivalents or (b) a cash amount with a value based on the next determined net asset value per Trust share; and

(5) when aggregated in the same specified minimum number, 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/or cash equivalents or (b) a cash amount with a value based on the next determined net asset value per Trust share.

As proposed, the Commodity-Based Trust must satisfy the following: (1) the total global supply of each underlying crypto asset held by the Commodity-Based Trust has an average daily market value of at least $700 million over the last 12 months; and (2) each crypto asset held by the Commodity-Based Trust underlies a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement, whether directly or through common membership in the Intermarket Surveillance Group (“ISG”).

The proposed rule change would require a Commodity-Based Trust to: (1) meet the generic criteria of a U.S. equities listing exchange ^[16] and hold a single crypto asset or multiple crypto assets; ^[17] (2) meet the criteria and guidelines set forth in Rule 20.120(a) ^[18] and (b),^[19] or Rule 20.120(i)(1)(B); ^[20] and (3) meet the requirements of proposed Rule 20.120(i)(v),^[21] which are as follows: (A) the total global supply of each underlying crypto asset held by the Commodity-Based Trust has an average daily market value of at least $700 million over the last 12 months; and (B) each crypto asset held by the Commodity-Based Trust underlies a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement, whether directly or through common membership in the ISG.

The Exchange will calculate the market value of each underlying crypto asset by taking the total global supply of the particular crypto asset multiplied by the token price.^[22] Total supply of crypto assets includes all crypto assets currently issued and does not include unissued crypto assets.^[23] Further, the Exchange has specified in proposed ( printed page 64197) Rule 20.120(i)(v) that each crypto asset held by the Commodity-Based Trust must underlie a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement, whether directly or through common membership in the ISG.^[24] The Exchange will be required to ensure that this requirement is met prior to listing options on a Commodity-Based Trust pursuant to proposed Rule 20.120(i)(v).

As a result of this proposal, the proposed listing criteria would permit a Commodity-Based Trust that (a) is generically listed on a U.S. exchange that is the primary equities listing market for the Commodity-Based Trust and (b) holds a single crypto asset or multiple crypto assets to qualify for the listing of options on that ETF, provided proposed Rule 20.120(i)(v) has also been met, as well as the listing criteria in Rule 20.120(a) and (b), or Rule 20.120(i)(1)(B).

Accordingly, the Exchange proposes to add the following rule text as new subparagraph (v) to Rule 20.120(i):

(v) represent interests in a Commodity-Based Trust that meets the generic criteria of the U.S. securities exchange that is the primary equities listing market for the Commodity-Based Trust, except that the Commodity-Based Trust holds a single crypto asset or multiple crypto assets that meets the following requirements: (1) the total global supply of each underlying crypto asset held by the Commodity-Based Trust has an average daily market value of at least $700 million over the last 12 months; and (2) each crypto asset held by the Commodity-Based Trust underlies a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement, whether directly or through common membership in the Intermarket Surveillance Group. For purposes of subparagraph (v) in this Rule, the term “crypto asset” means an asset that is generated, issued and/or transferred using a blockchain or similar distributive ledger technology network, including but not limited to, assets known as “tokens,” “digital assets,” “virtual currencies,” and “coins” and that relies on cryptographic protocols.

(ii) Proposed Amendments to Rule 20.130(g) To Add Delisting Requirements for Options on Commodity-Based Trusts

Similar to options on any ETF, an option on a Commodity-Based Trust that meets the requirements of proposed Rule 20.120(i)(v) would also be subject to the Exchange's delisting requirements set forth in Rule 20.130(g) for Fund Shares approved for options trading pursuant to Rule 20.120(i). Rule 20.130(g) provides that Fund Shares approved for options trading pursuant to Rule 20.120 will not be deemed to meet the requirements for continued approval, and the Exchange shall not open for trading any additional series of option contracts of the class covering such Fund Shares if the security is delisted from trading as provided in Rule 20.130(b)(4) ( i.e., the underlying security ceases to be an “NMS stock” as defined in Rule 600 of Regulation NMS under the Act).^[25] With respect to options on Commodity-Based Trusts that are approved subject to proposed Rule 20.120(i)(v), the Exchange proposes to amend Rule 20.130(g) to adopt a new subparagraph (3) which states: “In the case of options covering Fund Shares approved pursuant to Rule 20.120(i)(v), if the criteria in Rule 20.120(i)(v)(1) are no longer satisfied, as determined by the Exchange on a monthly basis, or if the criteria in Rule 20.120(i)(v)(2) are no longer satisfied.” ^[26]

This proposed new criteria would require ETFs that are listed pursuant to Rule 20.120(i)(v) to continue to meet the requirements of Rules 20.120(i)(v)(1) and (2). Additionally, this proposed new criteria, which would also be added to Rule 20.130(g)(1), would require ETFs that are listed pursuant to 20.120(i)(1)(A) to continue to meet the requirements of subparagraphs (1), (2), (3), and (4), of Rule 20.130(g), as amended.

The Exchange is proposing that the criteria in Rule 20.120(i)(v)(1) be met on a monthly basis while the criteria in Rule 20.120(i)(v)(2) be met on a continuous basis. The Exchange believes that requiring the criteria in Rule 20.120(i)(v)(1) to be met on a monthly basis is reasonable given that the Exchange believes that it is unlikely that a crypto asset with an average daily market value of at least $700 million over the previous twelve months would fail to meet that standard as a result of trading over a relatively short period of time. By way of example, if a crypto asset has a market capitalization of $900 million and traded at that market capitalization for 15 days in a 20-day trading month, the crypto asset could lose a substantial amount of its value (up to 88%) and still meet the criteria. Similarly, a crypto asset with a market capitalization of $500 million for 15 days in a 20-day trading month would have to achieve a market capitalization of $1.3 billion (a 160% increase) in the last 5 days to meet the criteria. Given the unlikelihood that there would be a huge movement over a month's period of time and considering the work that would be required to calculate the criteria on a daily basis as compared to each month, the Exchange believes that the proposed continued listing obligation for the average daily market value criteria is sufficient. Also, the Exchange proposes to add “crypto asset(s)” to the list of items covered by subparagraph (4).

Further, options on Commodity-Based Trusts that are approved subject to Rule 20.120(i)(v) would continue to be subject to Exchange Rule 20.130(g)(5), as renumbered, which states that the Exchange may consider suspending opening transactions in options on Fund Shares if, “such other event occurs or condition exists that in the opinion of the Exchange makes further dealing in such options on IEX Options inadvisable.” The Exchange may determine at any point to delist an option on a Commodity-Based Trust that may not have sufficient liquidity or market demand.

Consistent with current Rule 20.140, which governs the opening of options series on a specific underlying security (including ETFs), the Exchange will open at least one expiration month series of options on a Commodity-Based Trust Fund Share ^[27] at the commencement of trading on the Exchange and may also list series of options on a Commodity-Based Fund ( printed page 64198) Share for trading on a weekly,^[28] monthly,^[29] or quarterly basis.^[30] The Exchange may also list long-term options series that expire from 12 to 39 months from the time they are listed.^[31]

Pursuant to Rule 20.140, Supplementary Material .01, which governs strike prices of series of options on Fund Shares, the interval of strike prices for series of options on Commodity-Based Fund Shares may be $1 or greater where the strike price is $200 or less or $5 or greater where the strike price is over $200.^[32] Additionally, the Exchange may list series of options pursuant to the $1 Strike Price Interval Program,^[33] the $0.50 Strike Program,^[34] the $2.50 Strike Price Program,^[35] and the $5 Strike Program.^[36] Pursuant to Rule 22.140, where the price of a series of a Commodity-Based Fund Share option is less than $3.00, the minimum increment will be $0.05, and where the price is $3.00 or higher, the minimum increment will be $0.10.^[37] Any and all new series of Commodity-Based Fund Share options that the Exchange lists will be consistent and comply with the expirations, strike prices, and minimum increments set forth in Rules 20.140 and 22.140, as applicable.

Options on Commodity-Based Trusts that may be listed pursuant to proposed Rule 20.120(i)(v) will trade in the same manner as options on other ETFs on the Exchange. The Exchange Rules that currently apply to the listing and trading of all Fund Share options on the Exchange, including, for example, Rules that govern listing criteria, expirations, exercise prices, minimum increments, position and exercise limits, margin requirements, customer accounts, and trading halt procedures will apply to the listing and trading of options on Commodity-Based Trusts that are approved subject to Rule 20.120(i)(v) in the same manner.

Position and exercise limits for options, including options on Commodity-Based Trust Shares, are determined pursuant to Rules 19.160 and 19.180, respectively. Position and exercise limits for options on ETFs vary according to the number of outstanding shares and the trading volumes of the underlying security over the past six months, where the largest in capitalization and the most frequently traded funds have an option position and exercise limit of 250,000 contracts (with adjustments for splits, re-capitalizations, etc.) on the same side of the market; and smaller capitalization funds have position and exercise limits of 200,000, 75,000, 50,000 or 25,000 contracts (with adjustments for splits, re-capitalizations, etc.) on the same side of the market.^[38] Further, the Exchange notes that Rule 29.120, which governs margin requirements applicable to the trading of all options on the Exchange, including options on ETFs, will also apply to the trading of options on Commodity-Based Trusts listed pursuant to proposed Rule 20.120(i)(v).

The Exchange represents that, upon launch, it will have an adequate surveillance program in place for options and intends to apply those same program procedures to options on Commodity-Based Trusts that may be listed pursuant to proposed Rule 20.120(i)(v) that it will apply to the Exchange's other options products.^[39] The Exchange believes that its planned surveillance procedures are designed to deter and detect possible manipulative behavior which might potentially arise from listing and trading the proposed options on Commodity-Based Trusts. Additionally, the Exchange is a member of the ISG under the Intermarket Surveillance Group Agreement. ISG members work together to coordinate surveillance and investigative information sharing in the stock, options, and futures markets. In addition, the Exchange has a Regulatory Services Agreement (“RSA”) with the Financial Industry Regulatory Authority (“FINRA”) for certain market surveillance, investigation, and examinations functions, including for options-related regulation. Further, pursuant to a multi-party 17d-2 joint plan, all options exchanges allocate amongst themselves and FINRA responsibilities to conduct certain options-related market surveillance that are common to rules of all options exchanges.^[40] Further, the Exchange will implement any new surveillance procedures it deems necessary to effectively monitor the trading of options on Commodity-Based Trusts pursuant to proposed Rule 20.120(i)(v).

The Exchange has also analyzed its capacity and represents that it believes the Exchange and the Options Price Reporting Authority (“OPRA”) have the necessary systems capacity to handle the additional traffic associated with the listing of new series of options on ETFs, including on Commodity-Based Trusts pursuant to proposed Rule 20.120(i)(v), up to the number of expirations currently permissible under the Rules. The Exchange believes any additional traffic generated from the trading of options on Commodity-Based Trusts listed pursuant to proposed Rule 20.120(i)(v) would be manageable. The Exchange represents that Exchange members will not have a capacity issue as a result of this proposed rule change.

Further, quotation and last sale information for Commodity-Based Trusts listed pursuant to proposed Rule 20.120(i)(v) is available via the Consolidated Tape Association (“CTA”) high speed line and the Unlisted Trading Privileges Plan. Quotation and last sale information for such securities is also available from the exchange on which such securities are listed. Quotation and last sale information for options on Commodity-Based Trusts listed pursuant to proposed Rule 20.120(i)(v) will be available via OPRA,^[41] IEX's proprietary market data fees, and major market data vendors.

(iii) Proposed Amendments to Rules 19.160 and 19.180 To Add Position and Exercise Limits for IBIT

The Exchange proposes to amend Rules 19.160 (Position Limits) and 19.180 (Exercise Limits) to provide for ( printed page 64199) position and exercise limits for options on IBIT that are identical to such limits provided for in other options exchanges' rules.^[42] IBIT is an ETF that holds bitcoin and is listed on The Nasdaq Stock Market LLC.^[43] The Exchange plans to list options on IBIT as a Commodity-Based Trust listed pursuant to proposed Rule 20.120(i)(v).

Position and exercise limits are designed to limit the number of options contracts in an underlying security traded across all options exchanges that an investor, acting alone or in concert with others directly or indirectly, may control. These limits are intended to address potential manipulative schemes and adverse market impacts surrounding the use of options, such as disrupting the market in the security underlying the options. Position and exercise limits must balance concerns regarding mitigating potential manipulation and the cost of inhibiting potential hedging activity that could be used for legitimate economic purposes.

To achieve this balance, the Exchange proposes to specify the position limits and exercise limits for options on IBIT to 1,000,000 contracts by including the proposed position limit in Rule 19.160, Supplementary Material .01, Position Limits, and the proposed exercise limit in Rule 19.180, Supplementary Material .01, Exercise Limits. The Exchange notes that the proposed position limits and exercise limits for options on IBIT are consistent with existing position limits and exercise limits for options on iShares Russell 2000 ETF, iShares MSCI Emerging Markets ETF, iShares China Large-Cap ETF, and iShares MSCI EAFE ETF.

Composition and Growth Analysis for Underlying ETFs

As stated above, position (and exercise) limits are intended to prevent the establishment of options positions that can be used or might create incentives to manipulate the underlying market so as to benefit options positions. The Commission has recognized that these limits are designed to minimize the potential for mini-manipulations and for corners or squeezes of the underlying market, as well as serve to reduce the possibility for disruption of the options market itself, especially in illiquid classes.^[44]

Per the Commission, “rules regarding position and exercise limits are intended to prevent the establishment of options positions that can be used or might create incentives to manipulate or disrupt the underlying market so as to benefit the options positions.” ^[45] For this reason, the Commission requires that “position and exercise limits must be sufficient to prevent investors from disrupting the market for the underlying security by acquiring and exercising a number of options contracts disproportionate to the deliverable supply and average trading volume of the underlying security.” ^[46]

The Exchange believes that establishing the position limit (and exercise limit) for options on IBIT at 1,000,000 contracts would enable liquidity providers to provide liquidity to the Exchange, as well as other options exchanges on which they participate. As described in further detail below, the Exchange believes that the continuously increasing market capitalization of IBIT options, as well as the highly liquid markets for those securities, reduces the concerns for potential market manipulation and/or disruption in the underlying markets upon the proposed position limits, while the rising demand for trading options on IBIT for legitimate economic purposes compels the proposed position limits and corresponding exercise limits.

Absent this proposed change, the Exchange believes that options trading on IBIT would be subject to the 250,000-contract position limit pursuant to the criteria in Rule 19.160(d).^[47] However, as described below, at the time that Nasdaq ISE, LLC (“ISE”) proposed to increase the position and exercise limits for IBIT to 1,000,000 contracts, it provided a robust analysis on why the proposed increased limits were appropriate. The following describes the information provided by ISE:

As of February 11, 2026, the market capitalization for IBIT was $52,661,063,818 ^[48] with an average daily volume (“ADV”) for the preceding 6 months prior to February 11, 2026 of 61,803,035 shares. By comparison on the same day, the iShares MSCI Emerging Markets (“EEM”) had an ADV of 29,459,889 shares and assets under management (“AUM”) of $27,761,941,292; the iShares China Large-Cap ETF (“FXI”) had an ADV of 31,656,532 shares and an AUM of $6,594,337,253, and the iShares MSCI EAFE ETF (“EFA”) had an ADV of 17,215,037 shares and an AUM of $76,788,457,200.^[49] As of September 18, 2026, the market capitalization for IBIT was $63,708,756,000 ^[50] with ADV for the 6 months prior to September 18, 2026 of 46,401,565 shares. By comparison on the same day, EEM had an ADV of 27,258,887 shares and an AUM of $31,274,777,620; FXI had an ADV of 25,059,273 shares and an AUM of $4,097,373,502, and EFA had an ADV of 13,905,337 shares and an AUM of $77,651,223,358.^[51]

In addition to IBIT's Rule 19.160(d) eligibility for the 250,000 contract position limit, in proposing to establish the 1,000,000 contract position and exercise limits for IBIT, ISE performed additional analysis with respect to IBIT.^[52] First, ISE considered IBIT's market capitalization and ADV, and prospective position limit in relation to other securities. In measuring IBIT against other securities, ISE aggregated market capitalization and volume data for securities that have defined position limits utilizing data from The Options Clearing Corporation (“OCC”).^[53] This ( printed page 64200) pool of data took into consideration 3,797 options on single stock securities, excluding broad based ETFs.^[54] Next, the data was aggregated based on market capitalization and ADV and grouped by option symbol and position limit utilizing statistical thresholds for ADV, based on 180 days, and market capitalization that were one standard deviation ^[55] above the mean for each position limit category ( i.e., 25,000; 50,000 to 52,000; 75,000; 200,000; 250,000 to 375,000; 450,000 to 650,000; 750,000 to 1,250,000 and greater than or equal to 2,000,000).^[56] This exercise was performed to demonstrate IBIT's position limit relative to other options symbols in terms of market capitalization and ADV. For reference, at the time of the ISE filing, the market capitalization for IBIT was $52,661,063,818 ^[57] with an ADV for the preceding 180 days prior to February 11, 2026 of 61,803,035 shares. As noted above, IBIT's market capitalization as of September 18, 2026 was $63,708,756,000 and its ADV for the preceding 180 days prior to September 18, 2026 was 46,401,565 shares.

According to the ISE IBIT Approval Order,^[58] if IBIT were compared to the 10 stocks that have position limits of 750,000 contracts to 1.25 million contracts, it would rank in the 45th percentile for market capitalization and the 89th percentile for ADV. ISE also analyzed the position limits for IBIT by regressing the median elements from each bucket of market capitalization and the 180-day ADV of all non-ETF equities, against their respective position limit figures. From this regression, ISE was able to determine the implied coefficients to create a formulaic method for determining an appropriate position limit.^[59] ISE utilized a linear model approach which incorporated the median metric from each bucket given the data at both the lower end of each position limit bucket and the higher end of each position limit bucket could be considered significant outliers, thereby skewing the results.

ISE utilized IBIT's market capitalization of $52,661,063,818 to arrive at a modeled position limit of 1,707,654. Additionally, ISE utilized IBIT's ADV of 61,803,035 to arrive at a modeled position limit of 5,672,081. Based on the aforementioned analysis, the Exchange believes that the proposed 1,000,000 contracts position and exercise limit is appropriate.

Second, ISE reviewed IBIT's data relative to the market capitalization of the entire Bitcoin market in terms of exercise risk and availability of deliverables. Also, as of February 11, 2026, there were approximately 20.5 million Bitcoins in circulation.^[60] At a price of $66,938,^[61] that equates to a market capitalization of greater than $1.374 trillion. If a position limit of 1,000,000 contracts were considered, the exercisable risk would represent 7.474% ^[62] of the outstanding shares of IBIT. Since IBIT has a creation and redemption process managed through the issuer, the position limit can be compared to the total market capitalization of the entire Bitcoin market and in that case, the exercisable risk for options on IBIT would represent 0.278% of all Bitcoin outstanding.^[63] Assuming a scenario where all options on IBIT shares were exercised given the proposed 1,000,000-contract position limit (and exercise limit), this would have a virtually unnoticed impact on the entire Bitcoin market. This analysis demonstrates that the proposed 1,000,000 per same side position and exercise limit is appropriate for options on IBIT given its liquidity.

Third, ISE reviewed the proposed position limit by comparing it to position limits for derivative products regulated by the Commodity Futures Trading Commission (“CFTC”). While the CFTC, through the relevant Designated Contract Markets, only regulates options positions based upon delta equivalents (creating a less stringent standard), ISE examined equivalent bitcoin futures position limits. In particular, ISE looked at the Chicago Mercantile Exchange (“CME”) bitcoin futures contract ^[64] that has a position limit of 2,000 futures.^[65]

On February 11, 2026, CME bitcoin futures settled at $677,150,406.33.^[66] On February 11, 2026, IBIT settled at $38.29, which would equate to greater than 17,684,774 shares of IBIT if the CME notional position limit was utilized. Since substantial portions of any distributed options portfolio is likely to be out of the money on expiration, an options position limit equivalent to the CME position limit for bitcoin futures (considering that all options deltas are <=1.00) should be a bit higher than the CME implied 176,848 limit. Of note, unlike options contracts, CME position limits are calculated on a net futures-equivalent basis by contract and include contracts that aggregate into one or more base contracts according to an aggregation ratio(s).^[67] Therefore, if a portfolio includes positions in options on futures, CME would aggregate those positions into the underlying futures contracts in accordance with a table published by CME on a delta equivalent value for the relevant spot month, subsequent spot month, single month and all month position limits.^[68] If a position exceeds position limits because of an option assignment, CME permits market participants to liquidate the excess position within one business day without being considered in violation of its rules. Additionally, if at the close of trading, a position that includes options exceeds position limits for futures contracts, when evaluated using the delta factors as of that day's close of trading, but does not exceed the limits when evaluated using the previous day's delta factors, then the position shall not constitute a position limit violation. Based on the aforementioned analysis, the Exchange believes that the proposed 1,000,000 contracts position and exercise limit is appropriate.

Fourth, ISE analyzed a position limit and exercise limit of 1,000,000 for IBIT options against other options on ETFs with an underlying commodity, namely SPDR Gold Shares (“GLD”), iShares Silver Trust (“SLV”), and ProShares ( printed page 64201) Bitcoin ETF (“BITO”).^[69] GLD has a float of 377 million shares ^[70] and a position limit of 250,000 contracts. SLV has a float of 552 million shares,^[71] and a position limit of 250,000 contracts. Finally, BITO has 200.89 million shares outstanding ^[72] and a position limit of 250,000 contracts.

As previously noted, position limits and exercise limits are designed to limit the number of options contracts traded on the Exchange in an underlying security that an investor, acting alone or in concert with others directly or indirectly, may control. A position limit exercise in GLD would represent 6.63% of the float of GLD; a position limit exercise in SLV would represent 4.53% of the float of SLV; a position limit exercise in BITO would represent 12.44% of the float of BITO.

In comparison, ISE determined that, as of February 11, 2026, a 1,000,000-contract position limit in IBIT options would represent 7.474% of the outstanding shares of IBIT. Consequently, the 1,000,000 proposed IBIT options position and exercise limit is generally aligned with the standard applied to GLD, SLV, and BITO, and appropriate.

Fifth, ISE notes that IBIT began trading in penny increments as of January 2, 2025 pursuant to the Penny Interval Program.^[73] The Commission noted that evidence and analysis provided in connection with the Penny Pilot demonstrated that the Pilot benefited investors and other market participants in the form of narrower spreads.^[74] The most actively traded options classes are included in the Penny Program based on certain objective criteria (trading volume thresholds and initial price tests). As noted in the Penny Approval Order, the Penny Program reflects a certain level of trading interest (either because the class is newly listed or a class experienced a significant growth in investor interest) to quote in finer trading increments, which in turn should benefit market participants by reducing the cost of trading such options.^[75]

The IBIT options class is among a select group of products that have achieved a certain level of liquidity that have garnered it the ability to trade in finer increments. Failing to increase position and exercise limits for IBIT options, now that it is trading in finer increments, may artificially inhibit liquidity and create price inefficiency. The Exchange notes that options on iShares MSCI Emerging Markets, iShares China Large-Cap ETF, and iShares MSCI EAFE ETF also trade in penny increments based on their liquidity.

Based on ISE's analysis, the Exchange believes the 1,000,000-contract position and exercise limits for options trading on IBIT continue to be appropriate. Specifically, the Exchange believes that IBIT options have more than sufficient liquidity to garner position and exercise limits of 1,000,000 contracts. The Exchange believes that any concerns related to manipulation and protection of investors are mollified by the significant liquidity provision in IBIT. The Exchange believes that, as a general principle, increases in active trading volume and deep liquidity of the underlying securities do not lead to manipulation and/or disruption.

The Exchange believes that the proposed position and exercise limits for IBIT options, which are identical to such limits in place at all other options exchanges as noted above, would continue to support a liquid and competitive market for IBIT options, which will benefit customers that trade these options. Further, the reporting requirement for such options (which would be identical to the requirements of all other options exchanges), would require that each Options Member ^[76] that maintains positions in impacted options on the same side of the market, for its own account or for the account of a customer, report certain information to the Exchange. This information includes, but would not be limited to, the options' positions, whether such positions are hedged and, if so, a description of the hedge(s). Market Makers would continue to be exempt from this reporting requirement, however, the Exchange may access Market Maker position information.^[77] Moreover, the Exchange's requirement that Options Members file reports with the Exchange for any customer who held aggregate large long or short positions on the same side of the market of 200 or more option contracts of any single class for the previous day will remain at this level and will continue to serve as an important part of the Exchange's surveillance efforts.^[78]

The Exchange understands that continued options volume growth in IBIT would provide opportunities for investors to participate in the options markets. The Exchange agrees with the other options exchanges that the proposed position and exercise limits are appropriate and that if lower limits had been established ( e.g., position (and exercise) limits for IBIT at 250,000 contracts pursuant to Rules 19.160(d)(5) and 19.180), trading in IBIT options would be restricted and the listed options markets would be prevented from being able to compete fairly and effectively with the over-the-counter (“OTC”) markets. OTC transactions occur through bilateral agreements, the terms of which are not publicly disclosed to the marketplace. As such, OTC transactions do not contribute to the price discovery process on a public exchange or other lit markets. The Exchange believes that without the proposed change to position and exercise limits for IBIT options, market participants will find the 250,000-contract position an impediment to their business and investment objectives as well as an impediment to efficient pricing. As such, market participants may find the less transparent OTC markets a more attractive alternative to achieve their investment and hedging objectives, leading to a retreat from the listed options markets, where trades are subject to reporting requirements and daily surveillance. Moreover, the Exchange notes that exchange position and exercise limits apply across all options exchanges and thus it would be disruptive to options exchange trading for IEX to not adopt conforming limits.

The Exchange believes that upon launch, its surveillance procedures and reporting requirements at the Exchange are capable of properly identifying disruptive and/or manipulative trading ( printed page 64202) activity. The Exchange also represents that it will have adequate surveillances in place to detect potential manipulation, as well as reviews in place to identify continued compliance with the Exchange's listing standards. These procedures monitor market activity via automated surveillance techniques to identify unusual activity in both options and the underlying securities, as applicable. The Exchange also notes that large stock holdings must be disclosed to the Commission by way of Schedules 13D or 13G,^[79] which are used to report ownership of stock which exceeds 5% of a company's total stock issue and may assist in providing information in monitoring for any potential manipulative schemes. Further, the Exchange believes that the current financial requirements imposed by the Exchange and by the Commission adequately address concerns regarding potentially large, unhedged positions in equity options. Current margin and risk-based haircut methodologies serve to limit the size of positions maintained by any one account by increasing the margin and/or capital that a Participant must maintain for a large position held by itself or by its customer.^[80] In addition, Rule 15c3-1 ^[81] imposes a capital charge on Participants to the extent of any margin deficiency resulting from the higher margin requirement.

2. Statutory Basis

The Exchange believes the proposed rule change is consistent with the Act and the rules and regulations thereunder applicable to the Exchange and, in particular, the requirements of Section 6(b) of the Act.^[82] Specifically, the Exchange believes the proposed rule change is consistent with Section 6(b)(5) ^[83] requirements that the rules of an exchange be designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system, and, in general, to protect investors and the public interest.

(i) Proposed Amendments to Rule 20.120(i) To Add a Generic Listing Standard for Crypto-Asset Commodity-Based Trusts

The Exchange believes its proposal to permit Commodity-Based Trust Shares that hold a single or multiple crypto assets to be listed and traded without the need for additional Commission approvals, is consistent with the Act and will remove impediments to and perfect the mechanism of a free and open market and a national market system and, in general, protect investors because it would allow the Exchange to immediately list and trade qualifying options on Commodity-Based Trusts, provided the initial listing criteria has been met, without any additional approvals from the Commission.

Specifically, the Exchange's proposal to adopt Rule 20.120(i)(v) to allow the listing and trading of options on units that represent interests in Commodity-Based Trusts that meet the generic listing standards for Commodity-Based Trust Shares of the applicable primary listing market,^[84] and hold a single or multiple crypto assets, is consistent with the Act because it will permit the Exchange to offer options on Commodity-Based Trusts soon after the listing of the ETF on the primary listing market, provided that all the generic listing standards for that Commodity-Based Trust on that primary listing market have been met. Listing these options will avail market participants of the opportunity to hedge their positions in the Commodity-Based Trusts in a timely manner, thereby providing investors with the ability to hedge their exposure to the underlying Commodity-Based Trust. Options on Commodity-Based Trusts benefits investors, similar to the listing of any other option on an ETF, by providing investors with a relatively lower-cost risk management tool to manage their positions and associated risk in their portfolios more easily in connection with exposure to the price of a crypto asset. Additionally, listing options on Commodity-Based Trusts provides investors with the ability to transact in such options on a listed market as opposed to the OTC options market, which increases market transparency and enhances the process of price discovery to the benefit of all investors.

In addition, this proposal would permit options on Commodity-Based Trusts to be listed on the Exchange in the same manner as all other securities that are subject to the current listing criteria in Rule 20.120(i). The Exchange notes that the majority of ETFs are able to list and trade options once the initial listing criteria have been met without the need for additional approvals. The proposed rule change would allow options on certain Commodity-Based Trusts to likewise list and trade options once the initial listing criteria on the primary listing market have been met without the need for additional approvals.

As proposed, the Exchange would list options in a Commodity-Based Trust that met the generic criteria of the applicable primary listing market, provided the Commodity-Based Trust held a single or multiple crypto assets. Further, each crypto asset held by the Commodity-Based Trust would also be required to satisfy the conditions in proposed Rule 20.120(i)(v), which requires that (1) the total global supply of each underlying crypto asset held by the Commodity-Based Trust has an average daily market value of at least $700 million over the last 12 months; and (2) each crypto asset held by the Commodity-Based Trust underlies a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement, whether directly or through common membership in the ISG.

These requirements are consistent with the Act and the protection of investors as they should ensure that each crypto asset held by the underlying ETF has sufficient liquidity prior to listing options, which will serve to prevent disruption to the underlying market. The Exchange believes that market supply serves as a good measure of liquidity to permit options trading in options on Commodity-Based Trusts that hold a single or multiple crypto assets. Requiring each underlying crypto asset to have a requisite amount of deliverable supply, in addition to all the other criteria the ETF is required to have under the applicable primary listing market rules, should ensure adequate liquidity prior to listing.

In addition, ensuring each crypto asset held by the Commodity-Based Trust underlies a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement, whether directly or through common membership in the ISG, will provide the Exchange with information to adequately surveil options on qualifying Commodity-Based Trusts. Today, the Exchange has a comprehensive surveillance sharing agreement in place with both the CME and Coinbase Derivatives through their common membership in ISG. This facilitates the sharing of information that is available ( printed page 64203) to the CME and Coinbase Derivatives through their surveillance of their respective markets, including their surveillance of their respective digital asset futures markets.

The Exchange also believes the proposed rule change will remove impediments to and perfect the mechanism of a free and open market and a national market system, because it is consistent with current IEX Rules, previously filed with the Commission. Options on qualifying Commodity-Based Trusts must satisfy the initial listing standards and continued listing standards currently in IEX Rules applicable to options on all ETFs. Options on qualifying Commodity-Based Trusts would trade in the same manner as any other ETF options—the same Exchange Rules that currently govern the listing and trading of all ETF options, including permissible strike prices and minimum increments, and applicable position and exercise limits and margin requirements, will govern the listing and trading of options on qualifying Commodity-Based Trusts.

Further, the proposal adopts new subparagraph (3) to Rule 20.130(g) which will require each crypto asset held by a Commodity-Based Trust to continue to meet the requirement of Rule 20.120(i)(v)(1) on a monthly basis and for the criteria in Rule 20.120(i)(v)(2) to be met on a continuous basis. Accordingly, each crypto asset held by a Commodity-Based Trust must continue to have a total global supply with an average daily market value of at least $700 million over the last 12 months, and also must continue to underlie a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement, whether directly or through common membership in the ISG. The Exchange believes that this continued listing standard, in addition to the requirements of Rule 20.120(i), would protect investors and the public interest by ensuring that each crypto asset held by the Commodity-Based Trust continues to remain liquid.

The Exchange believes that requiring the criteria in proposed Rule 20.120(i)(v)(1) on a monthly basis is consistent with the Act and the protection of investors given that the Exchange believes it is unlikely that a crypto asset with an average daily market value of at least $700 million over the previous twelve months would fail to meet that standard as a result of trading over a relatively short period of time. Given the unlikelihood that there would be a huge movement over a month's period of time and considering the work that would be required to calculate the criteria on a daily basis as compared to each month, the Exchange believes that the proposed continued listing obligation for the average daily market value criteria is sufficient.

In addition, options on Commodity-Based Trusts that are approved subject to proposed Rule 20.120(i)(v) would continue to be subject to Rule 20.130(g)(5), as renumbered, which states that the Exchange may consider suspending open transactions in options on an ETF if, “such other event occurs or condition exists that in the opinion of the Exchange makes further dealing in such options on IEX Options inadvisable.” The Exchange may determine at any point to delist an option on a Commodity-Based Trust that may not have sufficient liquidity or market demand.

Options on qualifying Commodity-Based Trusts would trade in the same manner as any other ETF options—the same Exchange Rules that currently govern the listing and trading of all ETF options, including permissible expirations, strike prices and minimum increments, and applicable position and exercise limits and margin requirements, will govern the listing and trading of options on qualifying Commodity-Based Trusts.

The Exchange represents that it has the necessary systems capacity to support the listing and trading of options on qualifying Commodity-Based Trusts. The Exchange believes that its existing surveillance and reporting safeguards are designed to deter and detect possible manipulative behavior which might arise from listing and trading of these options on Commodity-Based Trusts, particularly in light of the additional requirement that each crypto asset held by the Commodity-Based Trust underlies a derivatives contract that trades on a market with which the Exchange has a comprehensive surveillance sharing agreement, whether directly or through common membership in ISG.

(ii) Proposed Amendments to Rules 19.160 and 19.180 To Add Position and Exercise Limits for IBIT

The Exchange believes that establishing position limits and exercise limits for options on IBIT at 1,000,000 contracts is consistent with the Act and the proposed position and exercise limits conform to such limits adopted by all other options exchanges for IBIT options. This proposal will remove impediments to and perfect the mechanism of a free and open market and a national market system and, in general, protect investors because it will provide market participants with the ability to more effectively execute their trading and hedging activities. Also, the proposed position and exercise limits for IBIT options may allow Market Makers to maintain their liquidity in these options in amounts commensurate with the continued high consumer demand in IBIT options. The proposed position and exercise limits may also encourage other liquidity providers to continue to trade on the Exchange rather than shift their volume to OTC markets, which will enhance the process of price discovery conducted on the Exchange through increased order flow. Further, this proposal would allow institutional investors to utilize IBIT options for prudent risk management purposes.

In addition, the Exchange believes that the liquidity in IBIT will continue to mitigate concerns regarding potential manipulation of IBIT options and/or disruption of IBIT upon amending the table of position limits in Rule 19.160, Supplementary Material .01. ISE compared IBIT's data relative to the market capitalization of the entire Bitcoin market in terms of exercise risk and availability of deliverables, and concluded that if a position limit of 1,000,000 contracts were considered, the exercisable risk would represent 7.474% of the outstanding shares of IBIT.^[85] Since IBIT has a creation and redemption process managed through the issuer (whereby Bitcoin is used to create IBIT shares), the position limit can be compared to the total market capitalization of the entire Bitcoin market and in that case, the exercisable risk for options on IBIT would represent less than 0.278% of all Bitcoin outstanding.^[86] This analysis demonstrated that a 1,000,000 contracts position and exercise limits would be appropriate.

Comparing a position limit of 1,000,000 for IBIT options against other options on ETFs with an underlying commodity, namely GLD, SLV, and BITO, a position limit exercise in GLD represents 6.63% of the float of GLD; a position limit exercise in SLV represents 4.53% of the float of SLV; and a position limit exercise of BITO represents 12.44% of the float of BITO. In comparison, a 1,000,000-contract position limit in IBIT options would ( printed page 64204) represent 7.474% ^[87] of the outstanding shares of IBIT. Consequently, a 1,000,000 IBIT options position limit is generally aligned with the standards applied to GLD, SLV, and BITO, and appropriate.

ISE notes that IBIT began trading in penny increments on January 2, 2025 pursuant to the Penny Interval Program.^[88] The Commission noted that evidence and analysis provided in connection with the Penny Pilot demonstrated that the Pilot benefited investors and other market participants in the form of narrower spreads.^[89] The most actively traded options classes are included in the Penny Program based on certain objective criteria (trading volume thresholds and initial price tests). As noted in the Penny Approval Order, the Penny Program reflects a certain level of trading interest (either because the class is newly listed or a class experienced a significant growth in investor interest) to quote in finer trading increments, which in turn should benefit market participants by reducing the cost of trading such options.^[90]

The IBIT options class is among a select group of products that have achieved a certain level of liquidity that have garnered it the ability to trade in finer increments pursuant to the Penny Interval Program. Failing to increase position and exercise limits for IBIT options may artificially inhibit liquidity and create price inefficiency.

Finally, as discussed above, the Exchange's planned surveillance and reporting safeguards for launch are designed to deter and detect possible manipulative behavior that might arise from increasing or eliminating position and exercise limits in certain classes. The Exchange believes that the current financial requirements imposed by the Exchange and by the Commission adequately address concerns regarding potentially large, unhedged positions in the options on the underlying securities, further promoting just and equitable principles of trading, the maintenance of a fair and orderly market, and the protection of investors.

B. Self-Regulatory Organization's Statement on Burden on Competition

As set forth in more detail below, the Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. To the contrary, as noted in the Purpose section, each aspect of the proposed rule change is designed to adopt conforming rule changes to address competitive concerns and/or provide for regulatory consistency across the options exchanges.

Generic Listing Standard for Crypto-Asset Commodity-Based Trusts

The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange notes that the proposed rule change is substantially similar in all material respects to proposals submitted by other options exchanges.^[91] The Exchange does not believe that the proposal to add the proposed listing criteria at Rule 20.120(i)(v) with respect to ETFs, to adopt new criteria to permit the listing and trading of options on certain Commodity-Based Trusts that hold a single or multiple crypto assets and that were listed pursuant to the generic listing standards for Commodity-Based Trust Shares of the applicable primary listing market, without the need for additional approvals, will impose any burden on intramarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. Options on qualifying Commodity-Based Trusts would need to satisfy the initial listing standards set forth in the Exchange Rules in the same manner as any other ETF before the Exchange could list options on them. Additionally, options on qualifying Commodity-Based Trusts will be equally available to all market participants who wish to trade such options. The Exchange Rules currently applicable to the listing and trading of options on ETFs on the Exchange will apply in the same manner to the listing and trading of all options on qualifying Commodity-Based Trusts.

Additionally, the Exchange notes that listing and trading options on qualifying Commodity-Based Trusts on the Exchange will subject such options to transparent exchange-based rules as well as price discovery and liquidity, as opposed to alternatively trading such options in the OTC market. The Exchange believes that the proposed rule change may relieve any burden on, or otherwise promote, competition as it is designed to increase competition for order flow on the Exchange in a manner that is beneficial to investors by providing them with a lower-cost option to hedge their investment portfolios in a timely manner.

The Exchange does not believe that the proposal to adopt new listing criteria at Rule 20.120(i)(v) to permit the listing and trading of options on certain Commodity-Based Trusts that hold a single or multiple crypto assets and that were listed pursuant to the generic listing standards for Commodity-Based Trust Shares of the applicable primary listing market, without the need for additional approvals, will impose any burden on intermarket competition that is not necessary or appropriate in furtherance of the purposes of the Act. And as noted herein, the proposed rule change would conform IEX listing rules to those in effect at other options exchanges.

Position and Exercise Limits for IBIT

The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange notes that the proposed rule change is substantially similar in all material respects to proposals submitted by other options exchanges.^[92]

The Exchange does not believe that the proposed rule change will impose any burden on intra-market competition because all market participants would be subject to the same position limits in Rule 19.160 and corresponding exercise limits in Rule 19.180. The proposed rule change will conform position and exercise limits for options on IBIT at IEX with limits already in effect at all other options exchanges.

The Exchange does not believe that the proposed rule change will impose any burden on intermarket competition as the proposal is not competitive in nature. The Exchange notes that other options exchanges have already adopted substantively similar proposals. For these reasons, the Exchange does not believe that the proposed rule change will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others

Written comments were neither solicited nor received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action

Because the foregoing proposed rule change does not: (i) significantly affect the protection of investors or the public interest; (ii) impose any significant ( printed page 64205) burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A)(iii) of the Act ^[93] and subparagraph (f)(6) of Rule 19b-4 thereunder.^[94]

A proposed rule change filed under Rule 19b-4(f)(6) ^[95] normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b-4(f)(6)(iii),^[96] the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay. Waiver of the 30-day operative delay would permit the proposed rule change to be effective on the date IEX Options launches. The Exchange proposes to amend its rules to establish listing criteria and withdrawal standards for options on Commodity-Based Trusts that hold a single crypto asset or multiple crypto assets. This aspect of the proposal would amend IEX's rules to be substantively identical to rules governing listing standards and withdrawal criteria for options on Commodity-Based Trusts that hold a single crypto asset or multiple crypto assets on other options exchanges, as discussed herein.^[97] The Exchange also proposes to amend IBIT options position and exercise limits on the Exchange in a manner to conform to IBIT options position and exercise limits on other exchanges.^[98] Therefore, this aspect of the proposal also raises no novel legal or regulatory issues. For these reasons, waiver of the 30-day operative delay is consistent with the protection of investors and the public interest. Accordingly, the Commission hereby waives the 30-day operative delay and designates the proposed rule change operative upon filing.^[99]

At any time within 60 days of the filing of the proposed rule change, the Commission summarily may temporarily suspend such rule change if it appears to the Commission that such action is necessary or appropriate in the public interest, for the protection of investors, or otherwise in furtherance of the purposes of the Act.

IV. Solicitation of Comments

Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed rule change is consistent with the Act. Comments may be submitted by any of the following methods:

Electronic Comments

• Use the Commission's internet comment form (www.sec.gov/​rules/​sro.shtml); or
• Send an email torule-comments@sec.gov. Please include file number SR-IEX-2026-34 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-IEX-2026-34. This file number should be included on the subject line if email is used. To help the Commission process and review your comments more efficiently, please use only one method. The Commission will post all comments on the Commission's internet website ( www.sec.gov/​rules/​sro.shtml). Copies of the filing will be available for inspection and copying at the principal office of the Exchange. Do not include personal identifiable information in submissions; you should submit only information that you wish to make available publicly. We may redact in part or withhold entirely from publication submitted material that is obscene or subject to copyright protection. All submissions should refer to file number SR-IEX-2026-34 and should be submitted on or before October 28, 2026.