[Federal Register Volume 84, Number 21 (Thursday, January 31, 2019)]
[Notices]
[Pages 847-854]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-00476]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84966; File No. SR-CboeBZX-2018-089]


Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change To List 
and Trade Shares of the VanEck Vectors AMT-Free Intermediate Municipal 
Index ETF, VanEck Vectors AMT-Free Long Municipal Index ETF, VanEck 
Vectors AMT-Free Short Municipal Index ETF, VanEck Vectors High-Yield 
Municipal Index ETF, and VanEck Vectors Pre-Refunded Municipal Index 
ETF, Each a Series of the VanEck Vectors ETF Trust, Under Rule 
14.11(c)(4) (Index Fund Shares)

December 26, 2018.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that on December 18, 2018, Cboe BZX Exchange, Inc. (the ``Exchange'' or 
``BZX'') filed with the Securities and Exchange Commission (the 
``Commission'') the proposed rule change as described in Items I and II 
below, which Items have been prepared by the Exchange. The Exchange 
filed the proposal as a ``non-controversial'' proposed rule change 
pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-
4(f)(6) thereunder.\4\ The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to list and trade Shares of the following 
series of the Trust, that do not otherwise meet the standards set forth 
under BZX Rule 14.11(c)(4)(B)(i)(b), under BZX Rule 14.11(c)(4),\5\ 
which governs the listing and trading of index fund shares based on 
fixed income securities indices: VanEck Vectors AMT-Free Intermediate 
Municipal Index ETF; VanEck Vectors AMT-Free Long Municipal Index ETF; 
VanEck Vectors AMT-Free Short Municipal Index ETF; VanEck Vectors High-
Yield Municipal Index ETF and VanEck Vectors Pre-Refunded Municipal 
Index ETF (each a ``Fund'' and, collectively, the ``Funds'').\6\
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    \5\ The Commission approved BZX Rule 14.11(c) in Securities 
Exchange Act Release No. 65225 (August 30, 2011), 76 FR 55148 
(September 6, 2011) (SR-BATS-2011-018).
    \6\ The Exchange notes that the Commission previously approved a 
proposal to list and trade the Shares on Arca. See Securities 
Exchange Act Release No. 82295 (December 12, 2017), 82 FR 60056 
(December 18, 2017) (SR-NYSEArca-2017-56) (the ``Prior Proposal''). 
This proposal is substantively identical to the Prior Proposal as it 
relates to the Funds and the Shares and the issuer represents that 
all material representations contained within the Prior Proposal 
remain true. As further described below, the Exchange believes that 
its surveillance procedures are adequate to properly monitor the 
trading of the Shares on the Exchange during all trading sessions 
and to deter and detect violations of Exchange rules and the 
applicable federal securities laws. Trading of the Shares through 
the Exchange will be subject to the Exchange's surveillance 
procedures for derivative products, including Index Fund Shares.
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    The text of the proposed rule change is available on the Exchange's 
website (http://www.cboe.com/AboutCBOE/CBOELegalRegulatoryHome.aspx), 
at the Exchange's Office of the Secretary, and at the Commission's 
Public Reference Room.

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 Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to list and trade Shares of the following 
series of the Trust, that do not otherwise meet the standards set forth 
under BZX Rule 14.11(c)(4)(B)(i)(b), under BZX Rule 14.11(c)(4),\7\ 
which governs the listing and trading of index fund shares based on 
fixed income securities indices: VanEck Vectors AMT-Free Intermediate 
Municipal Index ETF; VanEck Vectors AMT-Free Long Municipal Index ETF; 
VanEck Vectors AMT-Free Short Municipal Index ETF; VanEck Vectors High-
Yield Municipal Index ETF and VanEck Vectors Pre-Refunded

[[Page 848]]

Municipal Index ETF (each a ``Fund'' and, collectively, the 
``Funds'').\8\
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    \7\ The Commission approved BZX Rule 14.11(c) in Securities 
Exchange Act Release No. 65225 (August 30, 2011), 76 FR 55148 
(September 6, 2011) (SR-BATS-2011-018).
    \8\ The Exchange notes that the Commission previously approved a 
proposal to list and trade the Shares on Arca. See Securities 
Exchange Act Release No. 82295 (December 12, 2017), 82 FR 60056 
(December 18, 2017) (SR-NYSEArca-2017-56) (the ``Prior Proposal''). 
This proposal is substantively identical to the Prior Proposal as it 
relates to the Funds and the Shares and the issuer represents that 
all material representations contained within the Prior Proposal 
remain true. As further described below, the Exchange believes that 
its surveillance procedures are adequate to properly monitor the 
trading of the Shares on the Exchange during all trading sessions 
and to deter and detect violations of Exchange rules and the 
applicable federal securities laws. Trading of the Shares through 
the Exchange will be subject to the Exchange's surveillance 
procedures for derivative products, including Index Fund Shares.
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    The Exchange notes that the Shares are currently listed on Arca and 
the Shares are already trading on the Exchange pursuant to unlisted 
trading privileges, as provided in Rule 14.11(j).
    The Shares are offered by the Trust, which was established as a 
Delaware statutory trust on March 15, 2001. The Trust is registered 
with the Commission as an open-end investment company and has filed a 
registration statement on behalf of the Funds on Form N-1A 
(``Registration Statement'') with the Commission.\9\ All statements and 
representations made in this filing regarding (a) the description of 
each Fund's index, portfolio, or reference asset, (b) limitations on 
index or portfolio holdings or reference assets, or (c) the 
applicability of Exchange rules and surveillance procedures shall 
constitute continued listing requirements for listing the Shares on the 
Exchange.
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    \9\ See Registration Statement on Form N-1A for the Trust, dated 
September 1, 2018 (File Nos. 333-123257 and 811-10325). The 
descriptions of the Funds and the Shares contained herein are based, 
in part, on information in the Registration Statement. The 
Commission has issued an order granting certain exemptive relief to 
the Trust under the Investment Company Act of 1940 (15 U.S.C. 80a-1) 
(``1940 Act'') (the ``Exemptive Order''). See Investment Company Act 
Release No. 28021 (October 24, 2007) (File No. 812-13426).
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Description of the Shares and the Funds
    Van Eck Associates Corporation is the investment adviser 
(``Adviser'') to the Funds.\10\ The Adviser also serves as the 
administrator for the Funds (the ``Administrator''). The Bank of New 
York Mellon serves as the custodian (``Custodian'') and transfer agent 
(``Transfer Agent'') for the Funds. Van Eck Securities Corporation (the 
``Distributor'') is the distributor of the Shares. Barclays Inc. is the 
index provider (``Index Provider'').
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    \10\ An investment adviser to an open-end fund is required to be 
registered under the Investment Advisers Act of 1940 (the ``Advisers 
Act''). As a result, the Adviser and its related personnel are 
subject to the provisions of Rule 204A-1 under the Advisers Act 
relating to codes of ethics. This Rule requires investment advisers 
to adopt a code of ethics that reflects the fiduciary nature of the 
relationship to clients as well as compliance with all applicable 
securities laws. Accordingly, procedures designed to prevent the 
communication and misuse of non-public information by an investment 
adviser must be consistent with Rule 204A-1 under the Advisers Act. 
In addition, Rule 206(4)-7 under the Advisers Act makes it unlawful 
for an investment adviser to provide investment advice to clients 
unless such investment adviser has (i) adopted and implemented 
written policies and procedures reasonably designed to prevent 
violation, by the investment adviser and its supervised persons, of 
the Advisers Act and the Commission rules adopted thereunder; (ii) 
implemented, at a minimum, an annual review regarding the adequacy 
of the policies and procedures established pursuant to subparagraph 
(i) above and the effectiveness of their implementation; and (iii) 
designated an individual (who is a supervised person) responsible 
for administering the policies and procedures adopted under 
subparagraph (i) above.
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VanEck Vectors AMT-Free Intermediate Municipal Index ETF
    According to its prospectus, the VanEck Vectors AMT-Free 
Intermediate Municipal Index ETF seeks to replicate as closely as 
possible, before fees and expenses, the price and yield performance of 
the Bloomberg Barclays AMT-Free Intermediate Continuous Municipal 
Index. The Bloomberg Barclays AMT-Free Intermediate Continuous 
Municipal Index is a market size weighted index comprised of publicly 
traded municipal bonds that cover the U.S. dollar denominated 
intermediate term tax-exempt bond market.
    As of November 30, 2018, the Bloomberg Barclays AMT-Free 
Intermediate Continuous Municipal Index included 17,860 component fixed 
income municipal bond securities from issuers in 53 different states or 
U.S. territories. The most heavily weighted security in the index 
represented less than 0.25% of the total weight of the index and the 
aggregate weight of the top five most heavily weighted securities in 
the index represented approximately 0.77% of the total weight of the 
index. Approximately 9.71% of the weight of the components in the index 
had a minimum original principal amount outstanding of $100 million or 
more. In addition, the total dollar amount outstanding of issues in the 
index was approximately $355,526,745,016 and the average dollar amount 
outstanding of issues in the index was approximately $19,906,313.
    Under normal market conditions, the VanEck Vectors AMT-Free 
Intermediate Municipal Index ETF will invest at least 80% of its total 
assets in fixed income securities that comprise the Bloomberg Barclays 
AMT-Free Intermediate Continuous Municipal Index. With respect to the 
remaining 20% of its assets, the VanEck Vectors AMT-Free Intermediate 
Municipal Index ETF may invest in municipal bonds not included in the 
Bloomberg Barclays AMT-Free Intermediate Continuous Municipal Index, 
money market instruments (including repurchase agreements or other 
funds which invest exclusively in money market instruments), 
convertible securities, exchange-traded warrants, participation notes, 
structured notes, cleared or non-cleared index, interest rate or credit 
default swap agreements, and, to the extent permitted by the 1940 Act, 
affiliated and unaffiliated funds, such as open-end or closed-end 
management investment companies, including other exchange-traded funds. 
In addition, the VanEck Vectors AMT-Free Intermediate Municipal Index 
ETF may invest up to 20% of its assets in when-issued securities in 
order to manage cash flows as well as exchange-traded futures contracts 
and exchange-traded options thereon (all such exchange-traded futures 
contracts and exchange-traded options thereon will be traded on an 
exchange that is a member of the Intermarket Surveillance Group 
(``ISG'') or with which the Exchange has in place a comprehensive 
surveillance sharing agreement), together with positions in cash and 
money market instruments, to simulate full investment in the Bloomberg 
Barclays AMT-Free Intermediate Continuous Municipal Index.
Index Overview
    At least 90% of the weight of the Bloomberg Barclays AMT-Free 
Intermediate Continuous Municipal Index will be comprised of securities 
that that have an outstanding par value of at least $7 million and were 
issued as part of a transaction of at least $75 million.
VanEck Vectors AMT-Free Long Municipal Index ETF
    According to its prospectus, the VanEck Vectors AMT-Free Long 
Municipal Index ETF seeks to replicate as closely as possible, before 
fees and expenses, the price and yield performance of the Bloomberg 
Barclays AMT-Free Long Continuous Municipal Index. The Bloomberg 
Barclays AMT-Free Long Continuous Municipal Index is a market size 
weighted index comprised of publicly traded municipal bonds that cover 
the U.S. dollar denominated long-term tax-exempt bond market.
    As of November 30, 2018, the Bloomberg Barclays AMT-Free Long 
Continuous Municipal Index included

[[Page 849]]

8,152 component fixed income municipal bond securities from issuers in 
52 different states or U.S. territories. The most heavily weighted 
security in the index represented 0.27% of the total weight of the 
index and the aggregate weight of the top five most heavily weighted 
securities in the index represented approximately 1.24% of the total 
weight of the index. Approximately 13.96% of the weight of the 
components in the index had a minimum original principal amount 
outstanding of $100 million or more. In addition, the total dollar 
amount outstanding of issues in the index was approximately 
$291,429,759,251and the average dollar amount outstanding of issues in 
the index was approximately $3,574,949,480.
    Under normal market conditions, the VanEck Vectors AMT-Free Long 
Municipal Index ETF will invest at least 80% of its total assets in 
fixed income securities that comprise the Bloomberg Barclays AMT-Free 
Long Continuous Municipal Index. With respect to the remaining 20% of 
its assets, the VanEck Vectors AMT-Free Long Municipal Index ETF may 
invest in municipal bonds not included in the Bloomberg Barclays AMT- 
Free Long Continuous Municipal Index, money market instruments 
(including repurchase agreements or other funds which invest 
exclusively in money market instruments), convertible securities, 
exchange-traded warrants, participation notes, structured notes, 
cleared or non-cleared index, interest rate or credit default swap 
agreements, and, to the extent permitted by the 1940 Act, affiliated 
and unaffiliated funds, such as open- end or closed-end management 
investment companies, including other exchange-traded funds. In 
addition, the VanEck Vectors AMT-Free Long Municipal Index ETF may 
invest up to 20% of its assets in when-issued securities in order to 
manage cash flows as well as exchange-traded futures contracts and 
exchange-traded options thereon (all such exchange-traded futures 
contracts and exchange-traded options thereon will be traded on an 
exchange that is a member of the ISG or with which the Exchange has in 
place a comprehensive surveillance sharing agreement), together with 
positions in cash and money market instruments, to simulate full 
investment in the Bloomberg Barclays AMT-Free Long Continuous Municipal 
Index.
Index Overview
    At least 90% of the weight of the Bloomberg Barclays AMT-Free Long 
Continuous Municipal Index will be comprised of securities that have an 
outstanding par value of at least $7 million and were issued as part of 
a transaction of at least $75 million.
VanEck Vectors AMT-Free Short Municipal Index ETF
    According to its prospectus, the VanEck Vectors AMT-Free Short 
Municipal Index ETF seeks to replicate as closely as possible, before 
fees and expenses, the price and yield performance of the Bloomberg 
Barclays AMT-Free Short Continuous Municipal Index. The Bloomberg 
Barclays AMT-Free Short Continuous Municipal Index is a market size 
weighted index comprised of publicly traded municipal bonds that cover 
the U.S. dollar denominated short-term tax-exempt bond market.
    As of November 30, 2018, the Bloomberg Barclays AMT-Free Short 
Continuous Municipal Index included 7,482component fixed income 
municipal bond securities from issuers in 48 different states or U.S. 
territories. The most heavily weighted security in the index 
represented approximately .47% of the total weight of the index and the 
aggregate weight of the top five most heavily weighted securities in 
the index represented approximately 2.14% of the total weight of the 
index. Approximately 17.16% of the weight of the components in the 
index had a minimum original principal amount outstanding of $100 
million or more. In addition, the total dollar amount outstanding of 
issues in the index was approximately $167,594,060,156 and the average 
dollar amount outstanding of issues in the index was approximately 
$22,399,634.
    Under normal market conditions, the VanEck Vectors AMT-Free Short 
Municipal Index ETF will invest at least 80% of its total assets in 
fixed income securities that comprise the Bloomberg Barclays AMT-Free 
Short Continuous Municipal Index. With respect to the remaining 20% of 
its assets, the VanEck Vectors AMT-Free Short Municipal Index ETF may 
invest in municipal bonds not included in the Bloomberg Barclays AMT-
Free Short Continuous Municipal Index, money market instruments 
(including repurchase agreements or other funds which invest 
exclusively in money market instruments), convertible securities, 
exchange-traded warrants, participation notes, structured notes, 
cleared or non-cleared index, interest rate or credit default swap 
agreements, and, to the extent permitted by the 1940 Act, affiliated 
and unaffiliated funds, such as open- end or closed-end management 
investment companies, including other exchange-traded funds. In 
addition, the VanEck Vectors AMT-Free Short Municipal Index ETF may 
invest up to 20% of its assets in when-issued securities in order to 
manage cash flows as well as exchange-traded futures contracts and 
exchange-traded options thereon (all such exchange-traded futures 
contracts and exchange-traded options thereon will be traded on an 
exchange that is a member of the ISG or with which the Exchange has in 
place a comprehensive surveillance sharing agreement), together with 
positions in cash and money market instruments, to simulate full 
investment in the Bloomberg Barclays AMT-Free Short Continuous 
Municipal Index.
Index Overview
    At least 90% of the weight of the Bloomberg Barclays AMT-Free Short 
Continuous Municipal Index will be comprised of securities that have an 
outstanding par value of at least $7 million and were issued as part of 
a transaction of at least $75 million.
VanEck Vectors High-Yield Municipal Index ETF
    According to its prospectus, the VanEck Vectors High-Yield 
Municipal Index ETF seeks to replicate as closely as possible, before 
fees and expenses, the price and yield performance of the Bloomberg 
Barclays Municipal Custom High Yield Composite Index. The Bloomberg 
Barclays Municipal Custom High Yield Composite Index is a market size 
weighted index composed of publicly traded municipal bonds that cover 
the U.S. dollar denominated high yield long-term tax-exempt bond 
market. The Bloomberg Barclays Municipal Custom High Yield Composite 
Index is calculated using a market value weighting methodology, 
provided that the total allocation to issuers from each individual 
territory of the United States (including Puerto Rico, Guam, the U.S. 
Virgin Islands, American Samoa and the Northern Mariana Islands) does 
not exceed 4%. The Bloomberg Barclays Municipal Custom High Yield 
Composite Index tracks the high yield municipal bond market with a 75% 
weight in non-investment grade municipal bonds and a targeted 25% 
weight in Baa/BBB rated investment grade municipal bonds.
    As of November 30, 2018, the Bloomberg Barclays Municipal Custom 
High Yield Composite Index included 6,557component fixed income 
municipal bond securities from issuers in 56 different states or U.S. 
territories. The most heavily weighted security in the index 
represented approximately 1.14% of the total weight of the index and 
the aggregate weight of the top five

[[Page 850]]

most heavily weighted securities in the index represented approximately 
4.03% of the total weight of the index. Approximately 22.52% of the 
weight of the components in the index had a minimum original principal 
amount outstanding of $100 million or more. In addition, the total 
dollar amount outstanding of issues in the index was approximately 
$308,369,566,945 and the average dollar amount outstanding of issues in 
the index was approximately $47,029,063.
    Under normal market conditions, the VanEck Vectors High-Yield 
Municipal Index ETF will invest at least 80% of its total assets in 
securities that comprise the Bloomberg Barclays Municipal Custom High 
Yield Composite Index. With respect to the remaining 20% of its assets, 
the VanEck Vectors High-Yield Municipal Index ETF may invest in 
municipal bonds not included in the Bloomberg Barclays Municipal Custom 
High Yield Composite Index, money market instruments (including 
repurchase agreements or other funds which invest exclusively in money 
market instruments), convertible securities, exchange-traded warrants, 
participation notes, structured notes, cleared or non-cleared index, 
interest rate or credit default swap agreements, and, to the extent 
permitted by the 1940 Act, affiliated and unaffiliated funds, such as 
open- end or closed-end management investment companies, including 
other exchange-traded funds. In addition, the VanEck Vectors High-Yield 
Municipal Index ETF may invest up to 20% of its assets in when-issued 
securities in order to manage cash flows as well as exchange-traded 
futures contracts and exchange-traded options thereon (all such 
exchange-traded futures contracts and exchange-traded options thereon 
will be traded on an exchange that is a member of the ISG or with which 
the Exchange has in place a comprehensive surveillance sharing 
agreement), together with positions in cash and money market 
instruments, to simulate full investment in the Bloomberg Barclays 
Municipal Custom High Yield Composite Index.
Index Overview
    The Bloomberg Barclays Municipal Custom High Yield Composite Index 
is comprised of three total return, market size weighted benchmark 
indices with weights as follows: (i) 50% weight in Muni High Yield/$100 
Million Deal Size Index, (ii) 25% weight in Muni High Yield/Under $100 
Million Deal Size Index, and (iii) 25% weight in Muni Baa Rated/$100 
Million Deal Size Index. At least 90% of the weight of the Muni High 
Yield/$100 Million Deal Size Index will be comprised of securities that 
have an outstanding par value of at least $3 million and were issued as 
part of a transaction of at least $100 million. At least 90% of the 
weight of the Muni High Yield/Under $100 Million Deal Size Index will 
be comprised of securities that have an outstanding par value of at 
least $3 million and were issued as part of a transaction of under $100 
million but over $20 million. At least 90% of the weight of the Muni 
Baa Rated/$100 Million Deal Size Index will be comprised of securities 
that have an outstanding par value of at least $7 million and were 
issued as part of a transaction of at least $100 million.
VanEck Vectors Pre-Refunded Municipal Index ETF
    According to its prospectus, the VanEck Vectors Pre-Refunded 
Municipal Index ETF seeks to replicate as closely as possible, before 
fees and expenses, the price and yield performance of the Bloomberg 
Barclays Municipal Pre-Refunded--Treasury-Escrowed Index. The Bloomberg 
Barclays Municipal Pre-Refunded--Treasury-Escrowed Index is a market 
size weighted index comprised of publicly traded municipal bonds that 
cover the U.S. dollar denominated tax-exempt bond market. The Bloomberg 
Barclays Municipal Pre-Refunded--Treasury-Escrowed Index is comprised 
of pre-refunded and/or escrowed-to-maturity municipal bonds.
    As of November 30 2018, the Bloomberg Barclays Municipal Pre-
Refunded Treasury-Escrowed Index included 3,076 component fixed income 
municipal bond securities from issuers in 45 different states or U.S. 
territories. The most heavily weighted security in the index 
represented approximately 0.54% of the total weight of the index and 
the aggregate weight of the top five most heavily weighted securities 
in the index represented approximately 2.27% of the total weight of the 
index. Approximately 10.46% of the weight of the components in the 
index had a minimum original principal amount outstanding of $100 
million or more. In addition, the total dollar amount outstanding of 
issues in the index was approximately $77,017,953,117 and the average 
dollar amount outstanding of issues in the index was approximately 
$25,038,346.
    Under normal market conditions, the VanEck Vectors Pre-Refunded 
Municipal Index ETF will invest at least 80% of its total assets in 
securities that comprise the Bloomberg Barclays Municipal Pre-
Refunded--Treasury-Escrowed Index. With respect to the remaining 20% of 
its assets, the VanEck Vectors Pre-Refunded Municipal Index ETF may 
invest in municipal bonds not included in the Bloomberg Barclays 
Municipal Pre-Refunded--Treasury-Escrowed Index, money market 
instruments (including repurchase agreements or other funds which 
invest exclusively in money market instruments), convertible 
securities, exchange-traded warrants, participation notes, structured 
notes, cleared or non-cleared index, interest rate or credit default 
swap agreements, and, to the extent permitted by the 1940 Act, 
affiliated and unaffiliated funds, such as open-end or closed-end 
management investment companies, including other exchange-traded funds. 
In addition, the VanEck Vectors Pre-Refunded Municipal Index ETF may 
invest up to 20% of its assets in when-issued securities in order to 
manage cash flows as well as exchange-traded futures contracts and 
exchange-traded options thereon (all such exchange-traded futures 
contracts and exchange-traded options thereon will be traded on an 
exchange that is a member of the ISG or with which the Exchange has in 
place a comprehensive surveillance sharing agreement), together with 
positions in cash and money market instruments, to simulate full 
investment in the Bloomberg Barclays Municipal Pre-Refunded--Treasury-
Escrowed Index.
Index Overview
    At least 90% of the weight of the Bloomberg Barclays Municipal Pre-
Refunded--Treasury-Escrowed Index will be comprised of securities that 
have an outstanding par value of at least $7 million and were issued as 
part of a transaction of at least $75 million.
    Based on the characteristics of each index as described above, the 
Exchange believes it is appropriate to facilitate the listing and 
trading of the Funds. Each index underlying the Funds satisfies all of 
the generic listing requirements for the Funds based on a fixed income 
index, except for the minimum principal amount outstanding requirement 
of BZX Rule 14.11(c)(4)(B)(i)(b). A fundamental purpose behind the 
minimum principal amount outstanding requirement is to ensure that 
component securities of an index are sufficiently liquid such that the 
potential for index manipulation is reduced.
    As discussed above, the Exchange believes that each index 
underlying the Funds is sufficiently broad-based to deter potential 
manipulation. Each index underlying the Funds currently includes, on 
average, more than 10,012 component securities. Whereas the generic 
listing rules require that an

[[Page 851]]

index contain securities from a minimum of 13 non-affiliated 
issuers,\11\ each index underlying the Funds currently includes 
securities issued by municipal entities in at least 45 states or U.S. 
territories. Further, whereas the generic listing rules permit a single 
component security to represent up to 30% of the weight of an index and 
the top five component securities to, in aggregate, represent up to 65% 
of the weight of an index,\12\ no single security currently represents 
more than approximately 1.5% of the weight of any index underlying the 
Funds. Similarly, the aggregate weight of the five most heavily 
weighted securities in each index does not exceed approximately 5%. The 
Exchange believes that this significant diversification and the lack of 
concentration among constituent securities provides a strong degree of 
protection against index manipulation.
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    \11\ See BZX Rule 14.11(c)(4)(B)(i)(e).
    \12\ See BZX Rule 14.11(c)(4)(B)(i)(d).
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    On a continuous basis, each index underlying a Fund will (i) 
contain at least 500 component securities and (ii) comply with the 
parameters described under the heading ``Index Overview'' contained in 
the description of its related Fund set forth above.\13\ In addition, 
the Exchange represents that: (1) Except for BZX Rule 
14.11(c)(4)(B)(i)(b), each index currently satisfies all of the generic 
listing standards under BZX Rule 14.11(c)(4); (2) the continued listing 
standards under BZX Rule 14.11(c) applicable to index fund shares shall 
apply to the Shares of each Fund; and (3) the issuer of each Fund is 
required to comply with Rule 10A-3 \14\ under the Act for the initial 
and continued listing of the shares of each Fund. In addition, the 
Exchange represents that the Shares of the Funds will comply with all 
other requirements applicable to index fund shares including, but not 
limited to, requirements relating to the dissemination of key 
information such as the value of the Indices and the Intraday 
Indicative Value, rules governing the trading of equity securities, 
trading hours, trading halts, surveillance, and the information 
circular, as set forth in Exchange rules applicable to index fund 
shares and the orders approving such rules.
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    \13\ The Commission has previously approved a proposed rule 
change relating to the listing and trading on the Exchange of a 
series of Funds based on a municipal bond index that did not satisfy 
BZX Rule 14.11(c)(4)(B)(i)(b) provided that such municipal bond 
index contained at least 500 component securities on a continuous 
basis. See Securities Exchange Act Release No. 78329 (July 14, 
2016), 81 FR 47217 (July 20, 2016) (SR-BatsBZX-2016-01) (order 
approving proposed rule change relating to the listing and trading 
of Shares of the Following Series of VanEck Vectors ETF Trust: 
VanEck Vectors AMT-Free 6-8 Year Municipal Index ETF; VanEck Vectors 
AMT-Free 8-12 Year Municipal Index ETF; and VanEck Vectors AMT-Free 
12-17 Year Municipal Index ETF).
    \14\ 17 CFR 240.10A-3.
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    The current value for each index underlying the Funds is widely 
disseminated by one or more major market data vendors at least once per 
day. The IIV for shares of each Fund is disseminated by one or more 
major market data vendors, updated at least every 15 seconds during the 
Exchange's Regular Trading Hours \15\. In addition, the portfolio of 
securities held by each Fund is disclosed daily on each Fund's website. 
Further, the website for each Fund will contain the applicable fund's 
prospectus and additional data relating to net asset value (``NAV'') 
and other applicable quantitative information. The Exchange has 
obtained a representation from the issuer that the applicable NAV per 
share will be calculated daily will be made available to all market 
participants at the same time. None of the indices underlying the Funds 
is maintained by a broker-dealer.
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    \15\ Regular Trading Hours are 9:30 a.m. to 4:00 p.m. Eastern 
Time.
---------------------------------------------------------------------------

    Further, the Exchange's existing rules require that the Funds 
notify the Exchange of any material change to the methodology used to 
determine the composition of the index. Therefore, if the methodology 
of an index underlying the Funds was changed in a manner that would 
materially alter its existing composition, the Exchange would have 
advance notice and would evaluate the index, as modified, to determine 
whether it was sufficiently broad-based and well diversified.
    Price information regarding municipal bonds, convertible 
securities, and non- exchange traded assets, including investment 
companies, derivatives, money market instruments, repurchase 
agreements, structured notes, participation notes, and when-issued 
securities is available from third party pricing services and major 
market data vendors. For exchange-traded assets, including investment 
companies, futures, warrants, and options, such intraday information is 
available directly from the applicable listing exchange.
Availability of Information
    Each Fund's website is publicly available and includes a form of 
the prospectus for the Funds that may be downloaded. The website will 
include additional quantitative information updated on a daily basis, 
including, for the Fund: (1) The prior business day's reported NAV, 
daily trading volume, and a calculation of the premium and discount of 
the Bid/Ask Price against the NAV; and (2) data in chart format 
displaying the frequency distribution of discounts and premiums of the 
daily Bid/Ask Price against the NAV, within appropriate ranges, for 
each of the four previous calendar quarters. Daily trading volume 
information for the Funds will also be available in the financial 
section of newspapers, through subscription services such as Bloomberg, 
Thomson Reuters, and International Data Corporation, which can be 
accessed by authorized participants and other investors, as well as 
through other electronic services, including major public websites. On 
each business day, before commencement of trading in Shares during 
Regular Trading Hours on the Exchange, each Fund will disclose on its 
website the identities and quantities of the portfolio of securities 
and other assets in the daily disclosed portfolio held by the Funds 
that formed the basis for each Fund's calculation of NAV at the end of 
the previous business day. The daily disclosed portfolio will include, 
as applicable: The ticker symbol; CUSIP number or other identifier, if 
any; a description of the holding (including the type of holding, such 
as the type of swap); the identity of the security, index or other 
asset or instrument underlying the holding, if any; for options, the 
option strike price; quantity held (as measured by, for example, par 
value, notional value or number of shares, contracts, or units); 
maturity date, if any; coupon rate, if any; effective date, if any; 
market value of the holding; and the percentage weighting of the 
holding in each Fund's portfolio. The website and information will be 
publicly available at no charge. The value, components, and percentage 
weightings of each of the Indices will be calculated and disseminated 
at least once daily and will be available from major market data 
vendors. Rules governing the Indices are available on Barclays' website 
and in each respective Fund's prospectus.
    In addition, for each Fund, an estimated value, defined in BZX Rule 
14.11(c)(6)(A) as the ``Intraday Indicative Value,'' that reflects an 
estimated intraday value of each Fund's portfolio, will be 
disseminated. Moreover, the Intraday Indicative Value will be based 
upon the current value for the components of the daily disclosed 
portfolio and will be updated and widely disseminated by one or more 
major market data vendors at least every 15 seconds during the 
Exchange's

[[Page 852]]

Regular Trading Hours. In addition, the quotations of certain of each 
Fund's holdings may not be updated during U.S. trading hours if updated 
prices cannot be ascertained.
    The dissemination of the Intraday Indicative Value, together with 
the daily disclosed portfolio, will allow investors to determine the 
value of the underlying portfolio of the Funds on a daily basis and 
provide a close estimate of that value throughout the trading day.
    Quotation and last sale information for the Shares of each Fund 
will be available via the CTA high speed line. Trade price and other 
information relating to municipal bonds is available through the 
Municipal Securities Rulemaking Board's Electronic Municipal Market 
Access (``EMMA'') system. For exchange-traded assets, including 
investment companies, futures, warrants, and options, such intraday 
information is available directly from the applicable listing exchange.
Initial and Continued Listing
    The Shares of each Fund will conform to the initial and continued 
listing criteria under BZX Rule 14.11(c)(4), except for those set forth 
in 14.11(c)(4)(B)(i)(b). The Exchange represents that, for initial and/
or continued listing, the Funds and the Trust must be in compliance 
with Rule 10A-3 under the Act. \16\ A minimum of 100,000 Shares of each 
Fund will be outstanding at the commencement of trading on the 
Exchange. The Exchange will obtain a representation from the issuer of 
the Shares that the NAV per Share for each Fund will be calculated 
daily and will be made available to all market participants at the same 
time.
---------------------------------------------------------------------------

    \16\ See 17 CFR 240.10A-3.
---------------------------------------------------------------------------

Trading Halts
    With respect to trading halts, the Exchange may consider all 
relevant factors in exercising its discretion to halt or suspend 
trading in the Shares of the Funds. The Exchange will halt trading in 
the Shares under the conditions specified in BZX Rule 11.18. Trading 
may be halted because of market conditions or for reasons that, in the 
view of the Exchange, make trading in the Shares inadvisable. These may 
include: (1) The extent to which trading is not occurring in the 
securities and/or the financial instruments composing the daily 
disclosed portfolio of the Funds; or (2) whether other unusual 
conditions or circumstances detrimental to the maintenance of a fair 
and orderly market are present. Trading in the Shares also will be 
subject to Rule 14.11(c)(1)(B)(iv), which sets forth circumstances 
under which Shares of a Fund may be halted.
Trading Rules
    The Exchange deems the Shares to be equity securities, thus 
rendering trading in the Shares subject to the Exchange's existing 
rules governing the trading of equity securities. The Exchange will 
allow trading in the Shares from 8:00 a.m. until 5:00 p.m. Eastern Time 
and has the appropriate rules to facilitate transactions in the Shares 
during all trading sessions. As provided in BZX Rule 11.11(a), the 
minimum price variation for quoting and entry of orders in securities 
traded on the Exchange is $0.01, with the exception of securities that 
are priced less than $1.00, for which the minimum price variation for 
order entry is $0.0001.
Surveillance
    The Exchange believes that its surveillance procedures are adequate 
to properly monitor the trading of the Shares on the Exchange during 
all trading sessions and to deter and detect violations of Exchange 
rules and the applicable federal securities laws. Trading of the Shares 
through the Exchange will be subject to the Exchange's surveillance 
procedures for derivative products, including Index Fund Shares. The 
issuer has represented to the Exchange that it will advise the Exchange 
of any failure by a Fund to comply with the continued listing 
requirements, and, pursuant to its obligations under Section 19(g)(1) 
of the Exchange Act, the Exchange will surveil for compliance with the 
continued listing requirements. If a Fund is not in compliance with the 
applicable listing requirements, the Exchange will commence delisting 
procedures for the Fund under Exchange Rule 14.12. The Exchange may 
obtain information regarding trading in the Shares via the ISG, from 
other exchanges that are members or affiliates of the ISG, or with 
which the Exchange has entered into a comprehensive surveillance 
sharing agreement.\17\ In addition, the Exchange is able to access, as 
needed, trade information for certain fixed income instruments reported 
to FINRA's Trade Reporting and Compliance Engine (``TRACE''). FINRA 
also can access data obtained from the EMMA system relating to 
municipal bond trading activity for surveillance purposes in connection 
with trading in the Shares. In addition, the Exchange may obtain 
information regarding trading in the Shares and the underlying shares 
in exchange-traded investment companies, futures, options, and warrants 
from markets or other entities that are members of ISG or with which 
the Exchange has in place a comprehensive surveillance sharing 
agreement. The Exchange prohibits the distribution of material non-
public information by its employees.
---------------------------------------------------------------------------

    \17\ For a list of the current members of ISG, see 
www.isgportal.org. The Exchange notes that not all components of the 
disclosed portfolio for the Funds may trade on markets that are 
members of ISG or with which the Exchange has in place a 
comprehensive surveillance sharing agreement.
---------------------------------------------------------------------------

Information Circular
    Prior to the commencement of trading, the Exchange will inform its 
members in an Information Circular of the special characteristics and 
risks associated with trading the Shares. Specifically, the Information 
Circular will discuss the following: (1) The procedures for purchases 
and redemptions of Shares in Creation Units (and that Shares are not 
individually redeemable); (2) BZX Rule 3.7, which imposes suitability 
obligations on Exchange members with respect to recommending 
transactions in the Shares to customers; (3) how information regarding 
the Intraday Indicative Value is disseminated; (4) the risks involved 
in trading the Shares during the Pre-Opening \18\ and After Hours 
Trading Sessions \19\ when an updated Intraday Indicative Value will 
not be calculated or publicly disseminated; (5) the requirement that 
members deliver a prospectus to investors purchasing newly issued 
Shares prior to or concurrently with the confirmation of a transaction; 
and (6) trading information.
---------------------------------------------------------------------------

    \18\ The Pre-Opening Session is from 8:00 a.m. to 9:30 a.m. 
Eastern Time.
    \19\ The After Hours Trading Session is from 4:00 p.m. to 5:00 
p.m. Eastern Time.
---------------------------------------------------------------------------

    In addition, the Information Circular will advise members, prior to 
the commencement of trading, of the prospectus delivery requirements 
applicable to the Funds. Members purchasing Shares from the Funds for 
resale to investors will deliver a prospectus to such investors. The 
Information Circular will also discuss any exemptive, no-action, and 
interpretive relief granted by the Commission from any rules under the 
Act.
    In addition, the Information Circular will reference that each Fund 
is subject to various fees and expenses described in the Registration 
Statement. The Information Circular will also disclose the trading 
hours of the Shares of the Funds and the applicable NAV calculation 
time for the Shares. The

[[Page 853]]

Information Circular will disclose that information about the Shares of 
the Funds will be publicly available on the Funds' website. In 
addition, the Information Circular will reference that the Trust is 
subject to various fees and expenses described in each Fund's 
Registration Statement.
2. Statutory Basis
    The Exchange believes that the proposal is consistent with Section 
6(b) of the Act \20\ in general and Section 6(b)(5) of the Act \21\ in 
particular in that it is designed to prevent fraudulent and 
manipulative acts and practices, to promote just and equitable 
principles of trade, to remove impediments to and perfect the mechanism 
of a free and open market and a national market system and, in general, 
to protect investors and the public interest because, in addition to 
the reasons laid out above, the Commission has previously approved the 
Shares to list and trade on Arca and this proposal is substantively 
identical to the Prior Proposal as it relates to the Funds and the 
Shares and all material representations contained within the Prior 
Proposal remain true.
---------------------------------------------------------------------------

    \20\ 15 U.S.C. 78f.
    \21\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange also believes that the proposed rule change is 
designed to prevent fraudulent and manipulative acts and practices in 
that the Shares of each Fund will be listed and traded on the Exchange 
pursuant to the initial and continued listing criteria in BZX Rule 
14.11(c). The Exchange believes that its surveillances, which generally 
focus on detecting securities trading outside of their normal patterns 
which could be indicative of manipulative or other violative activity, 
and associated surveillance procedures are adequate to properly monitor 
the trading of the Shares on the Exchange during all trading sessions 
and to deter and detect violations of Exchange rules and the applicable 
federal securities laws. The Exchange or FINRA, on behalf of the 
Exchange, or both, will communicate as needed regarding trading in the 
Shares of each Fund with other markets or other entities that are 
members of the Intermarket Surveillance group (``ISG''), and may obtain 
trading information regarding trading in the Shares from such markets 
or entities. FINRA can also access data obtained from the EMMA system 
relating to municipal bond trading activity for surveillance purposes 
in connection with trading in the Shares. The Exchange or FINRA, on 
behalf of the Exchange, are able to access, as needed, trade 
information for certain fixed income securities held by a Fund reported 
to FINRA's TRACE. In addition, the Exchange may obtain information 
regarding trading in the Shares and the underlying shares in exchange-
traded investment companies, futures, options, and warrants from 
markets or other entities that are members of ISG or with which the 
Exchange has in place a comprehensive surveillance sharing agreement.
    As discussed above, the Exchange believes that each index 
underlying the Funds is sufficiently broad-based to deter potential 
manipulation. Each index underlying the Funds currently includes, on 
average, more than 10,012 component securities. Whereas the generic 
listing rules require that an index contain securities from a minimum 
of 13 non-affiliated issuers,\22\ each index underlying the Funds 
currently includes securities issued by municipal entities in at least 
45 states or U.S. territories. Further, whereas the generic listing 
rules permit a single component security to represent up to 30% of the 
weight of an index and the top five component securities to, in 
aggregate, represent up to 65% of the weight of an index,\23\ no single 
security currently represents more than approximately 1.5% of the 
weight of any index underlying the Funds. Similarly, the aggregate 
weight of the five most heavily weighted securities in each index does 
not exceed approximately 5%.
---------------------------------------------------------------------------

    \22\ See BZX Rule 14.11(c)(4)(B)(i)(e).
    \23\ See BZX Rule 14.11(c)(4)(B)(i)(d).
---------------------------------------------------------------------------

    On a continuous basis, each index underlying a Fund will (i) 
contain at least 500 component securities and (ii) comply with the 
parameters described under the heading ``Requirement for Index 
Constituents'' contained in the description of its related Fund set 
forth above.
    The value, components, and percentage weightings of each of the 
Indices will be calculated and disseminated at least once daily and 
will be available from major market data vendors. In addition, the 
portfolio of securities held by the Funds will be disclosed on the 
Funds' website at www.vaneck.com/etfs. The intraday indicative value 
for Shares of the Funds will be disseminated by one or more major 
market data vendors, updated at least every 15 seconds during Regular 
Trading Hours. The Adviser represents that bonds that share similar 
characteristics, as described above, tend to trade similarly to one 
another; therefore, within these categories, the issues may be 
considered fungible from a portfolio management perspective. Within a 
single municipal bond issuer, Adviser represents that separate issues 
by the same issuer are also likely to trade similarly to one another.
    The proposed rule change is designed to promote just and equitable 
principles of trade and to protect investors and the public interest in 
that a large amount of information will be publicly available regarding 
the Funds and the Shares, thereby promoting market transparency. The 
Funds' portfolio holdings will be disclosed on the Funds' website daily 
after the close of trading on the Exchange and prior to the opening of 
trading on the Exchange the following day. Moreover, the IIV will be 
widely disseminated by one or more major market data vendors at least 
every 15 seconds during Regular Trading Hours. The current value of 
each of the Indices will be disseminated by one or more major market 
data vendors at least once per day. Information regarding market price 
and trading volume of the Shares will be continually available on a 
real-time basis throughout the day on brokers' computer screens and 
other electronic services, and quotation and last sale information will 
be available via the CTA high-speed line. The website for the Funds 
will include the prospectus for the Funds and additional data relating 
to NAV and other applicable quantitative information. If the Exchange 
becomes aware that the NAV is not being disseminated to all market 
participants at the same time, it will halt trading in the Shares until 
such time as the NAV is available to all market participants. With 
respect to trading halts, the Exchange may consider all relevant 
factors in exercising its discretion to halt or suspend trading in the 
Shares of the Funds. Trading also may be halted because of market 
conditions or for reasons that, in the view of the Exchange, make 
trading in the Shares inadvisable. These may include: (1) The extent to 
which trading is not occurring in the securities and/or the financial 
instruments composing the daily disclosed portfolio of each Fund; or 
(2) whether other unusual conditions or circumstances detrimental to 
the maintenance of a fair and orderly market are present. Trading in 
the Shares also will be subject to Rule 14.11(c)(1)(B)(iv), which sets 
forth circumstances under which Shares of a Fund may be halted. If the 
IIV of any of the Funds or value of the Indices are not being 
disseminated as required, the Exchange may halt trading during the day 
in which the interruption to the dissemination of the IIV or index 
value occurs.

[[Page 854]]

    The proposed rule change is designed to perfect the mechanism of a 
free and open market and, in general, to protect investors and the 
public interest in that it will facilitate the listing and trading of 
additional types of exchange-traded funds that holds municipal bonds 
and that will enhance competition among market participants, to the 
benefit of investors and the marketplace. As noted above, the Exchange 
has in place surveillance procedures relating to trading in the Shares 
and may obtain information in the Shares and the underlying shares in 
exchange-traded investment companies, futures, options, and warrants 
via ISG from other exchanges that are members of ISG or with which the 
Exchange has entered into a comprehensive surveillance sharing 
agreement. In addition, investors will have ready access to information 
regarding the IIV and quotation and last sale information for the 
Shares.
    For the above reasons, the Exchange believes that the proposed rule 
change is consistent with the requirements of Section 6(b)(5) of the 
Act.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purpose of the Act. The Exchange notes that the 
proposed rule change, rather will facilitate the transfer from Arca and 
listing of additional exchange-traded products on the Exchange, which 
will enhance competition among listing venues, to the benefit of 
issuers, investors, and the marketplace more broadly.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    The Exchange has neither solicited nor received written comments on 
the proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the proposed rule change does not (i) significantly affect 
the protection of investors or the public interest; (ii) impose any 
significant burden on competition; and (iii) become operative for 30 
days from the date on which it was filed, or such shorter time as the 
Commission may designate, it has become effective pursuant to Section 
19(b)(3)(A) of the Act \24\ and subparagraph (f)(6) of Rule 19b-4 
thereunder.\25\
---------------------------------------------------------------------------

    \24\ 15 U.S.C. 78s(b)(3)(A).
    \25\ 17 CFR 240.19b-4(f)(6). In addition, Rule19b-4(f)(6)(iii) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change, along 
with a brief description and text of the proposed rule change, at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 
Act \26\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6)(iii) \27\ permits the 
Commission to designate a shorter time if such action is consistent 
with the protection of investors and the public interest. The Exchange 
has asked the Commission to waive the 30-day operative delay so that 
the proposal may become operative upon filing. The Exchange states that 
waiver of the 30-day operative delay would allow the Funds to transfer 
listing to the Exchange as soon as is practicable and minimize the 
amount of time that the Funds' listing venue will be in transition. 
Additionally, the Exchange states that waiver will allow the Funds to 
be listed on the Exchange in December 2018, which will allow the Funds 
to have lower listing fees on a going forward basis, and to avoid 
paying Arca's listing fees for 2019, which will be applied at the 
beginning of January 2019. For these reasons, the Commission believes 
that waiver of the 30-day operative delay is consistent with the 
protection of investors and the public interest. Accordingly, the 
Commission hereby waives the operative delay and designates the 
proposed rule change operative upon filing.\28\
---------------------------------------------------------------------------

    \26\ 17 CFR 240.19b-4(f)(6).
    \27\ 17 CFR 240.19b-4(f)(6)(iii).
    \28\ For purposes only of waiving the 30-day operative delay, 
the Commission also has considered the proposed rule's impact on 
efficiency, competition, and capital formation. See 15 U.S.C. 
78c(f).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act. If the Commission 
takes such action, the Commission shall institute proceedings to 
determine whether the proposed rule change should be approved or 
disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

    <bullet> Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
    <bullet> Send an email to <a href="/cdn-cgi/l/email-protection#a5d7d0c9c088c6cac8c8c0cbd1d6e5d6c0c68bc2cad3"><span class="__cf_email__" data-cfemail="1a686f767f37797577777f746e695a697f79347d756c">[email protected]</span></a>. Please include 
File Number SR-CboeBZX-2018-089 on the subject line.

Paper Comments

    <bullet> Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to File Number SR-CboeBZX-2018-089. This 
file number should be included on the subject line if email is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's internet website (http://www.sec.gov/rules/sro.shtml). 
Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed rule change that are filed with 
the Commission, and all written communications relating to the proposed 
rule change between the Commission and any person, other than those 
that may be withheld from the public in accordance with the provisions 
of 5 U.S.C. 552, will be available for website viewing and printing in 
the Commission's Public Reference Room, 100 F Street NE, Washington, DC 
20549 on official business days between the hours of 10:00 a.m. and 
3:00 p.m. Copies of the filing also will be available for inspection 
and copying at the principal office of the Exchange. All comments 
received will be posted without change. Persons submitting comments are 
cautioned that we do not redact or edit personal identifying 
information from comment submissions. You should submit only 
information that you wish to make available publicly. All submissions 
should refer to File Number SR-CboeBZX-2018-089 and should be submitted 
on or before February 21, 2019.
---------------------------------------------------------------------------

    \29\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\29\
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-00476 Filed 1-30-19; 8:45 am]
 BILLING CODE 8011-01-P


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