Federal Register / Vol. 86, No. 1 / Monday, January 4, 2021 / Notices 159 

13 15 U.S.C. 78s(b)(2). 

14 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4See note 5, infra. 

5See Securities Exchange Act Release No. 90216 

(October 16, 2020), 85 FR 67401 (October 22, 2020) 

(SR–NYSEArca–2020–59) (Notice of Filing of 

Amendment No. 3 and Order Granting Accelerated 

Approval of a Proposed Rule Change, as Modified 

by Amendment No. 3, To Amend NYSE Arca Rule 

8.201–E (Commodity-Based Trust Shares) and To 

Permit the Listing and Trading of Shares of the 

Wilshire wShares Enhanced Gold Trust Under 

Amended NYSE Arca Rule 8.201–E) (‘‘Prior 

Order’’). 

6On November 18, 2020 the Trust filed with the 

Commission an amended registration statement on 

Form S–1 under the Securities Act of 1933 relating 

to the Trust (File No. 333–235913) (‘‘Registration 

Statement’’). The description of the operation of the 

Trust herein is based, in part, on the Prior Order. 

The procedures described in this proposed rule 

change will not be implemented until this proposed 

rule change is effective and operative. 

7As stated in the Prior Order, the LBMA Gold 

Price PM is the price of Physical Gold obtained 

from auctions conducted in the afternoon (London 

time) by ICE Benchmark Administration (‘‘IBA’’), a 

benchmark administrator appointed by the LBMA. 

lifts the halt, suspension, or pause 

during an extra-hours session, the 

Exchanges would re-open their markets 

in that security automatically when the 

two aforementioned conditions are met, 

thereby eliminating the need for manual 

intervention. The Exchanges have 

narrowly tailored this new automated 

process to be invoked only when both 

conditions are met. The Exchanges have 

stated that, currently, Exchange 

personnel would confirm that the 

security is no longer halted and identify 

that there are quotes in the security 

available on other exchanges, and that 

the Exchanges believe that an automated 

process would be more consistent and 

reliable. By setting forth a clear, rulesbased approach to re-opening trading in 

a narrow set of circumstances, the 

proposals are reasonably designed to 

increase the consistency and efficiency 

of the re-opening process in these 

circumstances. Therefore, the 

Commission finds that the proposals are 

consistent with the Act. As noted above, 

the Commission received no comments 

opposing the proposed rule changes. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,13 that the 

proposed rule changes (SR–CboeBYX– 

2020–032, SR–CboeBZX–2020–083, SR– 

CboeEDGA–2020–029, and SR– 

CboeEDGX–2020–055) be, and hereby 

are, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–29021 Filed 12–31–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90807; File No. SR– 

NYSEArca–2020–114] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Reflect a Change in 

the Time of Calculation and 

Publication of the Wilshire Gold Index 

Applicable to Shares of the Wilshire 

wShares Enhanced Gold Trust 

December 28, 2020. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that, on December 

21, 2020, NYSE Arca, Inc. (‘‘NYSE 

Arca’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the self-regulatory 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 reflect a 

change in the time of calculation and 

publication of the Wilshire Gold Index 

applicable to shares of the Wilshire 

wShares Enhanced Gold Trust 

(‘‘Trust’’). Shares of the Trust have been 

approved by the Commission for listing 

and trading on the Exchange under 

NYSE Arca Rule 8.201–E.4 The Trust’s 

shares have not commenced trading on 

the Exchange. The proposed rule 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 Commission has approved a 

proposed rule change relating to listing 

and trading on the Exchange of shares 

(‘‘Shares’’) of the Wilshire wShares 

Enhanced Gold Trust (‘‘Trust’’) for 

listing and trading on the Exchange 

under NYSE Arca Rule 8.201–E 

(‘‘Commodity-Based Trust Shares’’).5

The Exchange proposes to reflect a 

change in the time of calculation and 

publication of the Wilshire Gold Index 

(‘‘Index’’) applicable to Shares of the 

Trust. The Trust’s Shares have not 

commenced trading on the Exchange.6

According to the Registration 

Statement and the Prior Order, the 

investment objective of the Trust is for 

the Shares to closely reflect the Index, 

which will be published by Solactive 

AG (the Index Calculation Agent), less 

the Trust’s liabilities and expenses. The 

Trust will have no assets other than (a) 

physical gold bullion (‘‘Physical Gold’’) 

in proportions that seek to closely 

replicate the Index and (b) cash. 

The Prior Order stated that the Index 

value using the London Bullion Market 

Association (‘‘LBMA’’) Gold Price PM 7

will be calculated and published daily 

each business day at approximately 5:00 

p.m. (Eastern time (‘‘E.T.’’)) on the 

Trust’s website. The Exchange proposes 

to change this representation to state 

that the Index value using the LBMA 

Gold Price PM will be calculated and 

published daily each business day by 

approximately 7:00 p.m. E.T. on the 

Trust’s website. The revised time is 

being proposed as a result of certain 

contractual licensing restrictions which 

prevents the publication of the Index 

value prior to 7:00 p.m. E.T. 

The Exchange believes that modifying 

the representation regarding when the 

Index value using the LBMA Gold Price 

PM is published to reflect that such 

Index value would be published each 

business day by approximately 7:00 

p.m. E.T. would have no impact on the 

Trust’s shareholders. During the 

proposed two hour extension from 

approximately 5:00 p.m. E.T. to 

approximately 7:00 p.m. E.T., the value 

of the Trust’s holdings and net asset 

value (‘‘NAV’’) will be available, which 

will provide investors and authorized 

participants (‘‘APs’’) with a basis to 

determine whether Shares during the 

160 Federal Register / Vol. 86, No. 1 / Monday, January 4, 2021 / Notices 

8The Commission has previously approved 

proposed rule changes permitting listing and 

trading of shares of gold-related commodity trusts 

where such proposed rule changes did not specify 

when NAV or the value of the applicable trust’s 

holdings would be posted to the trust’s website. 

See, e.g., Securities Exchange Act Release Nos. 

50603 (October 28, 2004), 69 FR 64614 (November 

5, 2004) (SR–NYSE–2004–22) Order Granting 

Approval of Proposed Rule Change and Notice of 

Filing and Order Granting Accelerated Approval to 

Amendments No. 1 and No. 2 Thereto to the 

Proposed Rule Change by the New York Stock 

Exchange, Inc. Regarding Listing and Trading of 

streetTRACKS® Gold Shares); 71378 (January 13, 

2014), 79 FR 4786 (January 29, 2014) (SR– 

NYSEArca–2013–137) (Order Approving a 

Proposed Rule Change, as Modified by Amendment 

No. 1 Thereto, to List and Trade Shares of the Merk 

Gold Trust Pursuant to NYSE Arca Equities Rule 

8.201). 

9The LBMA Gold Price PM for such day does not 

change between the hours of 4:00 p.m. E.T. and 7:00 

p.m. E.T. and the investment objective of the Trust 

is for the Shares to closely reflect the Index. 

10The Index currently is published daily through 

various market data vendors, including Bloomberg 

LP, under the ticker symbol ‘‘WGIX’’, and Refinitiv, 

under the Reuters instrument code (‘‘RIC’’) 

‘‘WGIX’’. Wilshire Phoenix Funds LLC, the Trust’s 

‘‘Sponsor,’’ represents that both the cash and 

Physical Gold weights for the Index are posted on 

the Trust’s website on the first Business Day after 

the rebalance date, which is the last Business Day 

of each month. 

11See Securities Exchange Act Release Nos. 

79518 (December 9, 2016), 81 FR 90876 (December 

15, 2016) (SR–NYSEArca–2016–84) (order 

approving listing and trading of shares of the Long 

Dollar Gold Trust); 80840 (June 1, 2017), 82 FR 

26534 (June 7, 2017) (SR–NYSEArca–2017–33) 

(Order Approving a Proposed Rule Change, as 

Modified by Amendment No. 2 Thereto, To List and 

Trade Shares of the Euro Gold Trust, Pound Gold 

Trust, and the Yen Gold Trust Under NYSE Arca 

Equities Rule 8.201). 

12As stated in the Prior Order, the current Index 

value will be disseminated by one or more major 

market vendors at least every 15 seconds during the 

Exchange’s Core Trading Session. 

13The proposed approximately 7:00 p.m. E.T. 

time for Index publication, like the approximately 

5:00 p.m., E.T. Index calculation and publication 

time, would overlap with part of the Exchange’s 

Late Trading Session (normally 4:00 p.m., E.T. to 

8:00 p.m., E.T.). The Exchange notes, that NYSE 

Arca Rule 7.34–E (Trading Sessions) includes 

certain requirements for orders entered in the Late 

Trading Session. Among these is the requirement 

that no Equity Trading Permit (‘‘ETP’’) Holder may 

accept an order from a non-ETP Holder for 

execution in the Exchange’s Late Trading Session 

without disclosing to such non-ETP Holder certain 

risks, including the risk that an updated underlying 

index value or IIV may not be calculated or publicly 

disseminated in extended trading hours. 

14For purposes of the Prior Order and this filing, 

the IIV is the value referenced in NYSE Arca Rule 

8.201–E(e)(2)(v). 

15See note 5, supra. All terms referenced but not 

defined herein are defined in the Prior Order. 

16 15 U.S.C. 78f(b)(5). 

Exchange’s Late Trading Session 

(normally 4:00 p.m., E.T. to 8:00 p.m., 

E.T.) are trading at a premium or a 

discount to the Trust’s NAV. Therefore, 

investors and APs will have sufficient 

information to be able to ascertain 

whether any premiums or discounts 

will have a material impact on their 

trading in Shares of the Trust.8 The 

creation and redemption process used 

by the Trust will not be affected by the 

proposed change because the value used 

for purposes of effecting creations and 

redemptions of the Shares is based on 

NAV, not the Index value. 

The proposed two-hour extension of 

the calculation and publication of the 

Index value will not impact investors 

trading Shares during the Exchange’s 

Early Trading Session (normally 4:00 

a.m. to 9:30 a.m. E.T.) or the Exchange’s 

Core Trading Session (normally 9:30 

a.m. to 4:00 p.m. E.T.) as such 

calculation and publication time will, 

consistent with the Prior Order, occur 

after such trading sessions. In addition, 

investors trading Shares during the 

Exchange’s Late Trading Session 

(normally 4:00 p.m. to 8:00 p.m. E.T.) 

will not be impacted by such change, as 

the Trust’s NAV will be determined as 

of 4:00 p.m., E.T. (or as soon thereafter 

as practicable) and then disseminated 

via market data feeds as well as posted 

on the Trust’s website. Like the Index, 

the value of the Physical Gold held by 

the Trust for purposes of determining 

the Trust’s NAV is determined by 

reference to the LBMA Gold Price PM 

for that day. Therefore, whether the 

Index value is calculated and published 

at 5:00 p.m. E.T. or 7:00 p.m. E.T., 

investors trading in the Exchange’s Late 

Trading Session will trade based on the 

Trust’s NAV determined as of 4:00 p.m. 

E.T. (or as soon thereafter as 

practicable).9

The Exchange notes that the Prior 

Order stated that the Index value is 

calculated and published each business 

day at approximately 5:00 p.m. E.T. on 

the Trust’s website.10 Such calculation 

and publication time occurs outside of 

the Exchange’s Core Trading Session 

(normally 9:30 a.m. to 4:00 p.m. E.T.) for 

each business day but occurs during the 

Exchange’s Late Trading Session. The 

proposed change to the calculation and 

publication time from approximately 

5:00 p.m. E.T. to approximately 7:00 

p.m. E.T. is consistent with the Prior 

Order in that calculation and 

publication of the Index value will 

continue to occur outside of the 

Exchange’s Core Trading Session for 

each business day but during the 

Exchange’s Late Trading Session. The 

Exchange notes that the Commission 

has previously approved listing and 

trading on the Exchange of shares of 

gold-related commodity trusts under 

NYSE Arca Rule 8.201–E where the 

specified time (i.e., approximately 6:00 

a.m. E.T.) for dissemination of the 

applicable index value occurs outside of 

the Core Trading Session for such 

business day but during the Exchange’s 

Early Trading Session (normally 4:00 

a.m., E.T. to 9:30 a.m., E.T.).11

The proposed change would not affect 

the Trust’s requirement to provide 

investors with an updated Index value 

each day and would not alter any 

information that is provided to investors 

during the trading day.12 Rather, the 

proposed publication of the Index value 

at approximately 7:00 p.m., E.T. would, 

like the approximately 5:00 p.m., E.T. 

time frame approved in the Prior Order, 

provide for publication after the close of 

the Exchange’s Core Trading Session.13

In addition, as stated in the Prior Order, 

the Exchange, the Index Calculation 

Agent or a third party financial data 

provider will calculate an intraday 

indicative value (‘‘IIV’’) for the Shares 

every fifteen seconds during the 

Exchange’s Core Trading Session, which 

will be available from one or more major 

market data vendors.14

The Sponsor represents that the 

proposed change described above will 

not impact investors. Except for the 

change noted above, all other 

representations made in the Prior Order 

remain unchanged.15

2. Statutory Basis 

The basis under the Act for this 

proposed rule change is the requirement 

under Section 6(b)(5) 16 that an 

exchange have rules that are 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, in general, to protect investors and 

the public interest. 

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. The 

Exchange believes that the proposed 

change to the time of Index value 

calculation and publication would have 

no impact on the Trust’s shareholders. 

The Trust’s ability to pursue its 

investment objective will not be 

impacted by the proposed change to 

provide for a later calculation and 

publication of an updated Index value 

for a particular business day. 

The proposed change would provide 

investors with an updated Index value 

each day and would not alter any 

information that is provided to investors 

during the trading day. Like the 

approximately 5:00 p.m., E.T. time 

frame approved in the Prior Order, the 

Index would be calculated and 

published after the close of the 

Exchange’s Core Trading Session and 

during the Exchange’s Late Trading 

Federal Register / Vol. 86, No. 1 / Monday, January 4, 2021 / Notices 161 

17 15 U.S.C. 78s(b)(3)(A)(iii). 

18 17 CFR 240.19b–4(f)(6). 

19 Id. 

20 17 CFR 240.19b–4(f)(6)(iii). 

21For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 22 17 CFR 200.30–3(a)(12). 

Session. In addition, as stated in the 

Prior Order, the Exchange, the Index 

Calculation Agent or a third party 

financial data provider will calculate an 

IIV for the Shares every fifteen seconds 

during the Exchange’s Core Trading 

Session, which will be available from 

one or more major market data vendors. 

The Sponsor represents that both the 

cash and Physical Gold weights for the 

Index are posted on the Trust’s website 

on the first Business Day after the 

rebalance date, which is the last 

Business Day of each month. 

The Sponsor represents that the 

proposed change described above will 

not impact investors. Except for the 

change noted above, all other 

representations made in the Prior Order 

remain unchanged. 

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 and will 

enhance competition among issues of 

gold-based Commodity-Based Trust 

Shares. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 17 and Rule 

19b–4(f)(6) thereunder.18 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 

prior to 30 days from the date on which 

it was filed, or such shorter time as the 

Commission may designate, if 

consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act and Rule 19b–4(f)(6)(iii) 

thereunder. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 19 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),20 the 

Commission may 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 immediately upon 

filing. The Exchange states that the 

proposed change would not alter any 

information that is provided to investors 

during the Exchange’s Core Trading 

Session and that investors and APs will 

have sufficient information to determine 

whether Shares are trading at a 

premium or discount to the Trust’s NAV 

during the Exchange’s Late Trading 

Session. In addition, the Exchange 

represents that other than the change 

discussed herein, all other 

representations made in the Prior Order 

remain unchanged. Finally, the change 

would not affect the Trust’s requirement 

to provide investors with an updated 

Index value each day. For these reasons, 

the proposed rule change does not raise 

any novel regulatory issues, and the 

Commission believes waiver of the 30- 

day operative delay is consistent with 

the protection of investors and the 

public interest. The Commission 

therefore waives the 30-day operative 

delay and designates the proposed rule 

change to be operative upon filing.21

At any time within 60 days of the 

filing of such 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– 

NYSEArca–2020–114 on the subject 

line. 

Paper Comments 

• 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–NYSEArca–2020–114. 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–NYSEArca–2020–114 and 

should be submitted on or before 

January 25, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–29025 Filed 12–31–20; 8:45 am] 

BILLING CODE 8011–01–P