Subject: File No. SR-CboeBZX-2023-095
From: Ryan Posey

I strongly support the approval of the Fidelity Ethereum Fund as an individual investor seeking greater access to the Ethereum asset class. This ETF will provide a safe, regulated, and efficient way for me and other investors to participate in this growing market. Currently, the public has limited options for investing in Ethereum through traditional brokerages. An ETF would allow me to seamlessly add Ethereum to my investment portfolio alongside other assets. The history of ETFs in other asset classes demonstrates how competition drives fees down. This benefits investors by reducing overall investment costs. We've witnessed this recently with the significant outflows from GBTC, a high-fee Bitcoin investment vehicle, towards lower-cost Bitcoin ETFs. ETFs provide a familiar and regulated framework for investing in Ethereum. This offers greater protection and transparency compared to some alternative investment methods. While Ethereum is a novel asset class, it has a nearly decade-long track record with established markets operating 24/7 worldwide. This maturity and deep liquidity are critical factors for successful ETF listings. The strong correlation between the spot Ethereum market and, for example, Ethereum futures contracts further demonstrates the market's readiness for ETFs. Finally, I believe Ethereum should not be classified as a security. It functions primarily as a utility token on a decentralized network, facilitating transactions and smart contract execution. This differs significantly from traditional securities that represent ownership in a company. The approval of the Fidelity Ethereum Fund will provide numerous benefits to individual investors like myself. It offers a secure and cost-effective way to invest in Ethereum, fostering innovation and competition within the financial system. Furthermore, the maturity and established nature of the Ethereum market make it a suitable candidate for an ETF structure. Thank you for considering my comment.