Subject: File No. SR-CboeBZX-2018-040
From: Shan T Belew
Affiliation: Engineer

October 17, 2018

What an #ETF brings to #Bitcoin:
-Increased liquidity via the AP ETF ecosystem
-Lower counter-party risk
-Better valuation and execution practices
-Separation of duties: trading, custody, valuation
-Lower fees
-Compliance with global regulations
-Asset mgmt experience