Federal Register / Vol. 85, No. 240 / Monday, December 14, 2020 / Notices 80853 

16 15 U.S.C 78s(b)(3)(A). 

17 17 CFR 240.19b–4(f). 

18 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 89058 

(June 12, 2020), 85 FR 36918. Comments received 

on the proposed rule change are available on the 

Commission’s website at: https://www.sec.gov/ 

comments/sr-cboe-2020-051/srcboe2020051.htm. 

4 In Amendment No. 1, the Exchange: (1) 

Amended its proposal to modify the proposed 

maximum size requirement for AIM and C–AIM 

agency orders in SPX to ten contracts rather than 

a size determined by the Exchange of up to 100 

contracts, specify that this size requirement would 

apply to all agency orders in SPX, and make related 

conforming changes to its proposed rule text; and 

(2) provided additional data, justification, and 

support for its modified proposal. The full text of 

Amendment No. 1 is available on the Commission’s 

website at: https://www.sec.gov/comments/sr-cboe2020-051/srcboe2020051-7470738-221292.pdf. 

5 15 U.S.C. 78s(b)(2). 

6See Securities Exchange Act Release No. 89399, 

85 FR 46202 (July 31, 2020). The Commission 

designated September 16, 2020 as the date by which 

the Commission shall approve or disapprove, or 

institute proceedings to determine whether to 

disapprove, the proposed rule change. 

7 15 U.S.C. 78s(b)(2)(B). 

8See Securities Exchange Act Release No. 89636, 

85 FR 53029 (August 27, 2020). 

9 15 U.S.C. 78s(b)(2). 

changes described above would begin to 

impact the Members. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received from Members, 

Participants, or Others 

NSCC has not received or solicited 

any written comments relating to this 

proposal. NSCC will notify the 

Commission of any written comments 

received by NSCC. 

III. Date of Effectiveness of the 

Proposed Rule Change, and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A) 16 of the Act and paragraph 

(f) 17 of Rule 19b–4 thereunder. 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. 

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 

• Use the Commission’s internet 

comment form 

(http://www.sec.gov/rules/sro.shtml); 

or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NSCC–2020–020 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street, NE, 

Washington, DC 20549. 

All submissions should refer to File 

Number SR–NSCC–2020–020. 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 NSCC and on DTCC’s website 

(http://dtcc.com/legal/sec-rulefilings.aspx). 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–NSCC– 

2020–020 and should be submitted on 

or before January 4, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–27396 Filed 12–11–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90594; File No. SR–CBOE– 

2020–051] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Designation 

of a Longer Period for Commission 

Action on Proceedings To Determine 

Whether To Approve or Disapprove a 

Proposed Rule Change, as Modified by 

Amendment No. 1, To Amend the 

Automated Price Improvement Auction 

Rules in Connection With Agency 

Order Size Requirements 

December 8, 2020. 

On June 11, 2020, Cboe Exchange, Inc. 

(‘‘Exchange’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’), pursuant to Section 

19(b)(1) of the Securities Exchange Act 

of 1934 (‘‘Act’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change 

permitting the Exchange to impose a 

maximum size requirement for an 

agency order submitted into the 

Automated Price Improvement 

Mechanism (‘‘AIM’’) and the Complex 

Automated Price Improvement 

Mechanism (‘‘C–AIM’’) in S&P 500®

Index Options (‘‘SPX’’). The proposed 

rule change was published for comment 

in the Federal Register on June 18, 

2020.3 On July 23, 2020, the Exchange 

submitted Amendment No. 1 to the 

proposed rule change, which replaced 

and superseded the proposed rule 

change in its entirety.4 On July 27, 2020, 

pursuant to Section 19(b)(2) of the Act,5

the Commission designated a longer 

period within which to approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether to 

disapprove the proposed rule change.6

On August 21, 2020, the Commission 

published notice of Amendment No. 1 

and instituted proceedings under 

Section 19(b)(2)(B) of the Act 7 to 

determine whether to approve or 

disapprove the proposed rule change, as 

modified by Amendment No. 1.8

Section 19(b)(2) of the Act 9 provides 

that, after initiating disapproval 

proceedings, the Commission shall issue 

an order approving or disapproving the 

proposed rule change not later than 180 

days after the date of publication of 

notice of filing of the proposed rule 

change. The Commission may extend 

the period for issuing an order 

approving or disapproving the proposed 

rule change, however, by not more than 

60 days if the Commission determines 

that a longer period is appropriate and 

publishes the reasons for such 

determination. The date of publication 

of notice of filing of the proposed rule 

change was June 18, 2020. December 15, 

2020, is 180 days from that date, and 


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80854 Federal Register / Vol. 85, No. 240 / Monday, December 14, 2020 / Notices 

10 Id. 

11 17 CFR 200.30–3(a)(57). 

1 15 U.S.C. 78s(b)(1). 

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4Commentary .02 to NYSE Arca Rule 8.200–E 

applies to Trust Issued Receipts that invest in 

‘‘Financial Instruments.’’ The term ‘‘Financial 

Instruments,’’ as defined in Commentary .02(b)(4) to 

NYSE Arca Rule 8.200–E, means any combination 

of investments, including cash; securities; options 

on securities and indices; futures contracts; options 

on futures contracts; forward contracts; equity caps, 

collars, and floors; and swap agreements. 

5On September 21, 2020, the Trust filed with the 

Commission a registration statement on Form S–1 

under the Securities Act of 1933 (15 U.S.C. 77a) 

(‘‘Securities Act’’) relating to the Fund (File No. 

333–248948) (the ‘‘Registration Statement’’). The 

description of the operation of the Trust and the 

Fund herein is based, in part, on the Registration 

Statement. 

6According to the Registration Statement, futures 

contracts are agreements between two parties that 

are executed on a designated contract market 

(‘‘DCM’’), i.e., a commodity futures exchange, and 

that are cleared and margined through a derivatives 

clearing organization (‘‘DCO’’), i.e., a clearing 

house. One party agrees to buy a commodity such 

as water from the other party at a later date at a 

price and quantity agreed upon when the contract 

is made. In market terminology, a party who 

purchases a futures contract is long in the market 

and a party who sells a futures contract is short in 

the market. The contractual obligations of a buyer 

or seller may generally be satisfied by taking or 

making physical delivery of the underlying 

commodity or by making an offsetting sale or 

purchase of an identical futures contract on the 

same or linked exchange before the designated date 

of delivery. The difference between the price at 

which the futures contract is purchased or sold and 

the price paid for the offsetting sale or purchase, 

after allowance for brokerage commissions, 

constitutes the profit or loss to the trader. 

February 13, 2021, is 240 days from that 

date. 

The Commission finds it appropriate 

to designate a longer period within 

which to issue an order approving or 

disapproving the proposed rule change 

so that it has sufficient time to consider 

this proposed rule change. Accordingly, 

the Commission, pursuant to Section 

19(b)(2) of the Act,10 designates 

February 13, 2021, as the date by which 

the Commission shall either approve or 

disapprove the proposed rule change, as 

modified by Amendment No. 1 (File No. 

SR–CBOE–2020–051). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.11

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–27389 Filed 12–11–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90608; File No. SR– 

NYSEArca–2020–105] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing of Proposed 

Rule Change To List and Trade the 

Shares of the Teucrium Water Fund 

Under NYSE Arca Rule 8.200–E, 

Commentary .02 

December 8, 2020. 

Pursuant to Section 19(b)(1) 1 of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on 

November 25, 2020, NYSE Arca, Inc. 

(‘‘NYSE Arca’’ or the ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the selfregulatory organization. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to list and 

trade the shares of the following under 

NYSE Arca Rule 8.200–E, Commentary 

.02 (‘‘Trust Issued Receipts’’): Teucrium 

Water Fund. The proposed change is 

available on the Exchange’s website at 

www.nyse.com, at the principal office of 

the Exchange, 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 

self-regulatory organization 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 those 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 parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to list and 

trade shares (‘‘Shares’’) of the following 

under NYSE Arca Rule 8.200–E, 

Commentary .02, which governs the 

listing and trading of Trust Issued 

Receipts: Teucrium Water Fund (the 

‘‘Fund’’).4

The Fund is a series of Teucrium 

Commodity Trust (the ‘‘Trust’’), a 

Delaware statutory trust.5 The Fund is 

managed and controlled by Teucrium 

Trading, LLC (‘‘Teucrium Trading’’ or 

the ‘‘Sponsor’’). Teucrium Trading is 

registered as a commodity pool operator 

(‘‘CPO’’) and a commodity trading 

adviser (‘‘CTA’’) with the Commodity 

Futures Trading Commission (‘‘CFTC’’) 

and is a member of the National Futures 

Association (‘‘NFA’’). Foreside Fund 

Services, LLC will be the Fund’s 

distributor (‘‘Distributor’’). In its 

capacity as the Custodian for the Fund, 

U.S. Bank, N.A. (‘‘U.S. Bank’’) may hold 

the Fund’s securities and cash and/or 

cash equivalents pursuant to a custodial 

agreement (the ‘‘Custodian’’). U.S. 

Bancorp Fund Services, LLC, (‘‘U.S. 

Bancorp’’) will be the Fund’s ‘‘Transfer 

Agent.’’ In addition, in its capacity as 

Administrator for the Fund, U.S. 

Bancorp (the ‘‘Administrator’’) will 

perform certain administrative and 

accounting services for the Fund and 

prepare certain Commission and CFTC 

reports on behalf of the Fund. 

The Fund’s Investment Objective and 

Strategy 

The investment objective of the Fund 

is for changes in the Shares’ Net Asset 

Value (‘‘NAV’’) to reflect the changes of 

the price of water rights in the state of 

California, as measured by the Fund’s 

Benchmark (as defined below). The 

Benchmark is a weighted average of the 

closing settlement prices for three 

equally weighted Nasdaq Veles 

California Water index futures contracts 

(‘‘Benchmark Component Futures 

Contracts’’) that are traded on the 

Chicago Mercantile Exchange Inc. 

(‘‘CME’’).6 Nasdaq Veles California 

Water index futures contracts will be 

financially settled and will trade eight 

consecutive quarterly contracts (March, 

June, September and December) plus the 

two nearest serial months which are not 

included in the quarterly contracts. 

Settlement for each futures contract will 

occur the third Wednesday of the 

expiration month. 

The Benchmark will have three 

components, consisting of equally 

weighted Nasdaq Veles California Water 

index futures contracts selected from 

the following contract months: May, 

June, July, August and September. The 

Benchmark will always hold a June 

contract month. The Benchmark will 

roll upon the expiration of the February, 

May, June, July and August contract 

months. See grid below for the full 

futures rolls and holdings. The 


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