Self-Regulatory Organizations; North American Derivatives Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Rules Governing Contract Specifications for Perpetual Cash-Settled Single Stock Security Futures

SFP will be cash settled and feature periodic real-time pricing mechanism adjustments, through which the contract will be adjusted throughout its existence to align with its underlying, full corporate-actions, and have no fixed expiration date and no scheduled final settlement. Each perpetual SFP may be terminated and settled in cash only upon an event specified in the Exchange's rulebook. Further, the Exchange hereby certifies the listing, under a common set of contract specifications, of cash-settled SFPs on a range of eligible equity securities that meet the applicable Nadex listing standards (including, by way of illustration, large-cap securities such as Alphabet Inc. (``GOOGL''), Amazon.com Inc. (``AMZN''), Apple Inc. (``AAPL''), Meta Platforms, Inc. (``META''), Microsoft Corporation (``MSFT''), Nvidia Corporation (``NVDA''), and Tesla Inc. (``TSLA''), among others). The specific instruments to be listed will be published on Nadex's website or by notice. The Exchange intends to offer SFPs exclusively on its electronic trading platform. The text of the proposed rule changes is included in Exhibit 4. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for the, Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of and basis for the proposed rule change and discuss