Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Grayscale Ethereum Trust ETF and Grayscale Ethereum Mini Trust ETF

<NOTICE> SECURITIES AND EXCHANGE COMMISSION <DEPDOC>[Release No. 34-104021; File No. SR-NYSEARCA-2025-72]</DEPDOC> <SUBJECT>Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Grayscale Ethereum Trust ETF and Grayscale Ethereum Mini Trust ETF</SUBJECT> <DATE>September 23, 2025.</DATE> Pursuant to Section 19(b)(1)  <SU>1</SU> <FTREF/> of the Securities Exchange Act of 1934 (“Act”)  <SU>2</SU> <FTREF/> and Rule 19b-4 thereunder, <SU>3</SU> <FTREF/> notice is hereby given that, on September 19, 2025, NYSE Arca, Inc. (“NYSE Arca” or the “Exchange”) filed with the Securities and Exchange Commission (the “Commission”) the proposed rule change as described in Items I and II below, which Items have been prepared by the self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. <FTNT> <SU>1</SU>  15 U.S.C. 78s(b)(1). </FTNT> <FTNT> <SU>2</SU>  15 U.S.C. 78a. </FTNT> <FTNT> <SU>3</SU>  17 CFR 240.19b-4. </FTNT> <HD SOURCE="HD1">I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change</HD> The Exchange proposes to amend the Grayscale Ethereum Trust ETF (the “Trust”) and Grayscale Ethereum Mini Trust ETF (the “Mini Trust” and, together with the Trust, the “Trusts”), shares of which are currently listed and traded on the Exchange pursuant to Rule 8.201-E (Non-Generic), to list and trade on the Exchange pursuant to Rule 8.201-E (Generic). The proposed rule change is available on the Exchange's website at <E T="03">www.nyse.com</E> , at the principal office of the Exchange, and at the Commission's Public Reference Room. <HD SOURCE="HD1">II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD> In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. <HD SOURCE="HD2">A. Self-Regulatory Organization's Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change</HD> <HD SOURCE="HD3">1. Purpose</HD> The Exchange proposes to amend the Trusts, shares of which currently list and trade on the Exchange pursuant to Rule 8.201-E (Non-Generic), <SU>4</SU> <FTREF/> to list and trade on the Exchange pursuant to Rule 8.201-E (Generic). <FTNT> <SU>4</SU>  In connection with the adoption of new NYSE Arca Rule 8.201-E (Generic), as further discussed below, the Exchange renamed Rule 8.201-E as Rule 8.201-E (Non-Generic). <E T="03">See</E> Securities Exchange Act Release No. 103995 (September 17, 2025) (SR-NASDAQ-2025-056; SR-CboeBZX-2025-104; SRNYSEARCA-2025-54) (Order Granting Accelerated Approval of Proposed Rule Changes, as Modified by Amendments Thereto, to Adopt Generic Listing Standards for Commodity-Based Trust Shares) (“Generic Listing Standards Approval Order”). </FTNT> The Commission approved the listing and trading of shares of the Trust (the “Trust Shares”) on the Exchange under Rule 8.201-E on May 23, 2024  <SU>5</SU> <FTREF/> and the listing and trading of shares of the Mini Trust (the “Mini Trust Shares”) on the Exchange under Rule 8.201-E on July 17, 2024. <SU>6</SU> <FTREF/> <FTNT> <SU>5</SU>   <E T="03">See</E> Securities Exchange Act Release No. 100224 (May 23, 2024), 89 FR 46937 (May 30, 2024) (SR-NYSEARCA-2023-70; SR-NYSEARCA-2024-31; SR-NASDAQ-2023-045; SR-CboeBZX-2023-069; SR-CboeBZX-2023-070; SR-CboeBZX-2023-087; SR-CboeBZX-2023-095; SR-CboeBZX-2024-018) (Order Granting Accelerated Approval of Proposed Rule Changes, as Modified by Amendments Thereto, to List and Trade Shares of Ether-Based Exchange-Traded Products) (“Trust Shares Approval Order”). </FTNT> <FTNT> <SU>6</SU>   <E T="03">See</E> Securities Exchange Act Release No. 100541 (July 17, 2024), 89 FR 59786 (July 23, 2024) (SR-NYSEARCA-2024-44; SR-NYSEARCA-2024-53) (Order Granting Approval of Proposed Rule Changes To List and Trade Shares of the Grayscale Ethereum Mini Trust and ProShares Ethereum ETF) (together with the Trust Shares Approval Order, the “Original Approval Orders”). </FTNT> Rule 8.201-E (Non-Generic) governs the listing and trading of Commodity-Based Trust Shares. Commodity-Based Trust Shares are securities issued by a trust that represents investors' discrete identifiable and undivided beneficial ownership interest in the commodities deposited into the trust. On September 17, 2025, the Commission approved a proposed rule change to adopt Rule 8.201-E (Generic). <SU>7</SU> <FTREF/> Rule 8.201-E (Generic) provides for the generic listing and trading of Commodity-Based Trust Shares that meet the requirements of the Rule, and which are permitted to be listed and traded on the Exchange without prior Commission approval order or notice of effectiveness pursuant to Section 19(b) of the Act. <FTNT> <SU>7</SU>   <E T="03">See</E> Generic Listing Standards Approval Order, note 4, <E T="03">supra.</E> </FTNT> The Exchange proposes to amend the Trusts to provide for the listing and trading of the Trust Shares and Mini Trust Shares under the generic listing standards set forth in Rule 8.201-E (Generic), which would permit the Trusts to operate in reliance on the generic listing standards in Rule 8.201-E (Generic) instead of the terms of the Original Approval Orders. The Trust Shares and Mini Trust Shares will meet the requirements of Rule 8.201-E (Generic) and will be required to comply with the continued listing requirements set forth in such Rule. <HD SOURCE="HD3">2. Statutory Basis</HD> 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)  <SU>8</SU> <FTREF/> of the Act. Specifically, the Exchange believes the proposed rule change is consistent with the Section 6(b)(5)  <SU>9</SU> <FTREF/> 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. <FTNT> <SU>8</SU>  15 U.S.C. 78f(b)(5). </FTNT> <FTNT> <SU>9</SU>  15 U.S.C. 78f(b)(5). </FTNT> The Exchange believes the proposed rule change is designed to remove impediments to and perfect the mechanism of a free and open market and, in general, to protect investors and the public interest because it would provide for the transition of the Trusts from being listed under Rule 8.201-E (Generic [sic]) to Rule 8.201-E (Generic) instead. The proposed change would allow the Trust Shares and Mini Trust Shares to continue listing and trading on the Exchange and permit the Trusts to operate in reliance on the generic listing standards in Rule 8.201-E (Generic) instead of the terms of the Original Approval Orders, thereby facilitating the continued listing and trading of exchange-traded products that will enhance competition among market participants, to the benefit of investors and the marketplace. The Trust Shares and Mini Trust Shares will meet the requirements of Rule 8.201-E (Generic) and will be required to comply with the continued listing standards set forth in Rule 8.201-E (Generic). <HD SOURCE="HD2">B. Self-Regulatory Organization's Statement on Burden on Competition</HD> 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 purpose of the Act. As discussed above, the proposed change is intended to facilitate the continued listing and trading of the Trust Shares and Mini Trust Shares on the Exchange, thereby promoting competition among exchange-traded products to the benefit of investors and the marketplace. <HD SOURCE="HD2">C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others</HD> No written comments were solicited or received with respect to the proposed rule change. <HD SOURCE="HD1">III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action</HD> The Exchange has filed the proposed rule change pursuant to Section 19(b)(3)(A) of the Act  <SU>10</SU> <FTREF/> and Rule 19b-4(f)(6)  <SU>11</SU> <FTREF/> thereunder. Because the foregoing proposed rule change does not: (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; or (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) of the Act  <SU>12</SU> <FTREF/> and Rule 19b-4(f)(6)  <SU>13</SU> <FTREF/> thereunder. <FTNT> <SU>10</SU>  15 U.S.C. 78s(b)(3)(A). </FTNT> <FTNT> <SU>11</SU>  17 CFR 240.19b-4(f)(6). </FTNT> <FTNT> <SU>12</SU>  15 U.S.C. 78s(b)(3)(A). </FTNT> <FTNT> <SU>13</SU>  17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii) requires the Exchange to give the Commission written notice of its intent to file the proposed rule change, along with a brief description and text of the prop ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ Preview showing 10k of 14k characters. 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