CBOE BZX Exchange提議列出金絲雀TRX ETF共享

CBOE BZX Exchange已向美國證券交易委員會（SEC）（SR-CBOEBZX-2025-069）提交了提交文件（SR-CBOEBZX-2025-069），以列出了Canary Staked TRX ETF的列表和交易股份。

The Cboe BZX Exchange has submitted a filing (SR-CboeBZX-2025-069) with the U.S. Securities and Exchange Commission (SEC) to list and trade shares of the Canary Staked TRX ETF (Symbol: STAK).

CBOE BZX Exchange已向美國證券交易委員會（SEC）（SR-CBOEBZX-2025-069）提交了一份提交文件（SEC），以列出了金絲雀Staked TRX ETF（符號：Stak）的列表和交易股票。

This filing proposes to list these shares under BZX Rule 14.11(e)(4), which pertains to the listing and trading of Commodity-Based Trust Shares.

該文件建議根據BZX規則14.11（e）（4）列出這些股份，該股份與基於商品的信託股份的上市和交易有關。

The Trust

信任

The Canary Staked TRX ETF was established as a Delaware statutory trust on February 27, 2025, and operates as a C corporation with no set termination date. The Trust is sponsored by Canary Capital Group LLC. Importantly, the Trust is not registered as an investment company under the Investment Company Act of 1940, nor is it classified as a commodity pool under the Commodity Exchange Act. As such, neither the Trust nor its Sponsor is regulated as a commodity pool operator or commodity trading advisor in connection with the Shares.

金絲雀TRX ETF於2025年2月27日成立為特拉華州法定信託，並作為C公司運營，沒有設定終止日期。該信託由Canary Capital Group LLC贊助。重要的是，根據1940年的《投資公司法》，該信託未註冊為投資公司，也不根據《商品交換法》歸類為商品庫。因此，與股票有關的信託和讚助商都不被監管為商品池經營者或商品交易顧問。

Listing and Registration

清單和註冊

The Canary Staked TRX ETF shares will be listed and traded on the Cboe BZX Exchange in accordance with BZX Rule 14.11(e)(4), which governs the listing of Commodity-Based Trust Shares. The shares are set to be registered with the SEC through the Trust’s registration statement on Form S-1, dated April 18, 2025. This filing provides details of the Trust’s operations and structure, confirming its classification outside the scope of traditional investment company and commodity pool regulations.

金絲雀TRX ETF股票將根據BZX規則14.11（e）（4）在CBOE BZX交易所上市和交易，該規則管理基於商品的信託股份的上市。該股票定於2025年4月18日的S-1上的信託註冊表進行註冊。該文件提供了信託基金運營和結構的詳細信息，並在傳統投資公司和商品池法規的範圍之外確認其分類。

The filing also mentions that the Trust’s organizational documents and the Articles of Incorporation were filed with the Delaware Secretary of State on February 27, 2025.

該文件還提到該信託基金的組織文件和公司章程於2025年2月27日向特拉華州國務卿提交。

Surveillance and Regulatory Considerations

監視和監管考慮

In its filing, Cboe BZX Exchange addresses regulatory concerns regarding the potential for market manipulation and fraud. Since 2017, the SEC has approved exchange filings for Trust Issued Receipts based on whether the listing exchange has a comprehensive surveillance-sharing agreement with a regulated market of significant size related to the underlying commodity. This is known as the “Winklevoss Test.” While this has been the primary standard for approval, the SEC has acknowledged that exchanges may demonstrate sufficient safeguards through alternative means to justify listing without a surveillance-sharing agreement.

CBOE BZX交易所在提交文件中解決了有關市場操縱和欺詐的潛力的監管問題。自2017年以來，SEC已根據上市交易所是否與與基本商品相關的大量規模的監管市場達成了全面的監視共享協議，批准了對信託發行的收據的交易所申請。這被稱為“ Winklevoss測試”。儘管這一直是批准的主要標準，但SEC已承認，交易所可以通過替代手段證明有足夠的保障措施，以在無需監視共享協議的情況下證明上市的合理性。

The filing notes that the Cboe BZX Exchange aims to meet regulatory expectations by demonstrating its capacity to prevent fraudulent and manipulative practices. This proposal highlights the growing interest in offering investors access to new and innovative exchange-traded products based on digital assets like the Canary Staked TRX ETF.

該文件指出，CBOE BZX交易所旨在通過證明其防止欺詐性和操縱性實踐的能力來滿足監管期望。該提案強調了基於金絲雀蛋白TRX ETF等數字資產的數字資產，為投資者提供新的和創新的交易所交易產品的興趣越來越多。

If approved, the integration of the Canary Staked TRX ETF into the traditional securities market could open up new avenues for investors seeking exposure to cryptocurrency-linked assets in a regulated environment.

如果獲得批准，將加那利湯店ETF的集成到傳統證券市場可能會為尋求在受監管環境中接觸加密貨幣鏈接資產的投資者提供新的途徑。

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