The following Letter Type B, or variations thereof, was submitted by individuals or entities.

Letter Type B:

File No. SR-NYSE-2025-20; File No. SR-CboeBZX-2025-072 
 


Dear SEC Officials, 

I’m asking you to support the exchange’s proposed rule to exempt newly listed CEFs from an annual meeting requirement. This outdated requirement is not something I annually participate in, yet I have to pay the expenses annually for my fund to conduct these meetings. Further, this requirement has created a major loophole that activist investors have been exploiting to make a quick buck at the expense of the fund shareholders. 
In fact, these activist takeovers have been so harmful that only three new listed CEFs have launched in the past three years, meaning less options for investors like me looking to diversify their portfolios. The annual meeting requirement, and the activist exploitation of it, has effectively frozen the listed CEF IPO market and ended my ability to buy products providing strategies that only the listed CEF can provide. 
This rule proposal will help re-open the listed CEF IPO market and help broaden my portfolio by providing increased access to private markets. Private markets continue to grow in size and importance as public markets shrink, leaving less options for retail investors. Listed CEFs are uniquely positioned to offer access to these assets. Protecting listed CEFs can help bring American investors access to wealth-building opportunities usually accessible to wealthy Americans alone. 

Further, my future investment in listed CEF will continue to be protected under the regulatory requirements that Congress intended. There will still be elections for an initial board of directors as well as additional situations specified by Congress. Aligning exchange voting standards with existing laws for funds protects my right to vote while also stopping activists from raiding the funds to implement their own regime, and will help re-open the listed CEF IPO market and expand investor choice. 
By supporting this proposal, you are protecting investors from misguided activist attacks, and aligning with the presidential executive order (EO), Democratizing Access to Alternative Assets for 401(k) Investors, to create more economic opportunities for everyday investors. 
Thank you. 
Sincerely,