Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove Proposed Rule Change To Amend Options 4, Section 3, Criteria for Underlying Securities

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-103718; File No. SR-ISE-2025-08]

Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove Proposed Rule Change To Amend Options 4, Section 3, Criteria for Underlying Securities

August 15, 2025.

On February 7, 2025, Nasdaq ISE, LLC (“Exchange”) filed with the Securities and Exchange Commission (“Commission”), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”),

1

and Rule 19b-4 thereunder,

2

a proposed rule change to amend its listing rules at ISE Options 4, Section 3, Criteria for Underlying Securities to allow the listing and trading of options on units that represent interests in a trust that in a Commodity-Based Trust. The proposed rule change was published for comment in the

Federal Register

on February 26, 2025.

3

On March 12, 2025, pursuant to Section 19(b)(2) of the Act,

4

the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.

5

On May 23, 2025, the Commission issued an order

instituting proceedings under Section 19(b)(2)(B) of the Act

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to determine whether to approve or disapprove the proposed rule change (“Order Instituting Proceedings”).

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1

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

2

17 CFR 240.19b-4.

3

See

Securities Exchange Act Release No. 102465 (Feb. 20, 2025), 90 FR 10740 (“Notice”).

4

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

5

See

Securities Exchange Act Release No. 102628 (Mar. 12, 2025), 90 FR 12587 (Mar. 18, 2025) (designating Aug. 25, 2025, as the date by which the Commission shall either approve, disapprove, or institute proceedings to determine whether to disapprove the proposed rule change).

6

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

7

See

Securities Exchange Act Release No. 103116, 90 FR 23084 (May 30, 2025). The Commission has received no comment letters on the proposed rule change.

Section 19(b)(2) of the Act

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provides that, after initiating proceedings, the Commission shall issue an order approving or disapproving the proposed rule change not later than 180 days after the date of publication of notice of filing of the proposed rule change. The Commission may extend the period for issuing an order approving or disapproving the proposed rule change, however, by not more than 60 days if the Commission determines that a longer period is appropriate and publishes the reasons for such determination. The proposed rule change was published for notice and comment in the

Federal Register

on February 26, 2025.

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August 25, 2025, is 180 days from that date, and October 24, 2025, is 240 days from that date.

8

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

9

See

Notice,

supra

note 3.

The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act,

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designates October 24, 2025, as the date by which the Commission shall either approve or disapprove the proposed rule change (File No. SR-ISE-2025-08).

10

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

For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.

11

11

17 CFR 200.30-3(a)(57).

J. Mathew DeLesDernier,

Deputy Secretary.

[FR Doc. 2025-15832 Filed 8-19-25; 8:45 am]

BILLING CODE 8011-01-P