35502 Federal Register / Vol. 83, No. 144 / Thursday, July 26, 2018 / Notices 

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

2 17 CFR 240.19b–4. 

3Pursuant to Rule 7018(a), the term 

‘‘Consolidated Volume’’ means the total 

consolidated volume reported to all consolidated 

transaction reporting plans by all exchanges and 

trade reporting facilities during a month in equity 

securities, excluding executed orders with a size of 

less than one round lot. 

email at OIRA_Submission@

OMB.EOP.gov and (2) NCUA PRA 

Clearance Officer, 1775 Duke Street, 

Suite 5080, Alexandria, VA 22314, or 

email at PRAComments@ncua.gov. 

FOR FURTHER INFORMATION CONTACT: 

Copies of the submission may be 

obtained by contacting Dawn Wolfgang 

at (703) 548–2279, emailing 

PRAComments@ncua.gov, or viewing 

the entire information collection request 

at www.reginfo.gov. 

SUPPLEMENTARY INFORMATION: 

OMB Number: 3133–0188. 

Type of Review: Extension of a 

currently approved collection. 

Title: Generic Clearance for the 

Collection of Qualitative Feedback on 

Agency Service Delivery. 

Abstract: This collection of 

information is necessary to enable the 

Agency to garner customer and 

stakeholder feedback in an efficient, 

timely manner, in accordance with our 

commitment to improving service 

delivery. The information collected 

from our customers and stakeholders 

will help ensure that users have an 

effective, efficient, and satisfying 

experience with the Agency’s programs. 

Affected Public: Individuals or 

Households; Private Sector: Businesses 

or other for-profits and Not-for-profit 

institutions. 

Estimated Total Burden Hours: 

42,000. 

By Gerard Poliquin, Secretary of the Board, 

the National Credit Union Administration, on 

July 23, 2018. 

Dated: July 23, 2018. 

Dawn D. Wolfgang, 

NCUA PRA Clearance Officer. 

[FR Doc. 2018–15983 Filed 7–25–18; 8:45 am] 

BILLING CODE 7535–01–P 

NATIONAL LABOR RELATIONS 

BOARD 

Sunshine Act Meetings Notice 

TIME AND DATE: Every other Wednesday 

through Fiscal Year 2018 at 2:00 p.m., 

beginning on August 8, 2018. Meeting 

updates, such as changes in date and 

time or cancellations, will be posted at 

www.nlrb.gov. 

PLACE: Board Agenda Room, No. 5065, 

1015 Half St. SE, Washington DC. 

STATUS: Closed. 

MATTERS TO BE CONSIDERED: Pursuant to 

§ 102.139(a) of the Board’s Rules and 

Regulations, the Board or a panel 

thereof will consider ‘‘the issuance of a 

subpoena, the Board’s participation in a 

civil action or proceeding or an 

arbitration, or the initiation, conduct, or 

disposition . . . of particular 

representation or unfair labor practice 

proceedings under section 8, 9, or 10 of 

the [National Labor Relations] Act, or 

any court proceedings collateral or 

ancillary thereto.’’ See also 5 U.S.C. 

552b(c)(10). 

CONTACT PERSON FOR MORE INFORMATION: 

Roxanne Rothschild, Deputy Executive 

Secretary, 1015 Half Street SE, 

Washington, DC 20570. Telephone: 

(202) 273–2917. 

Dated: July 24, 2018. 

Roxanne Rothschild, 

Deputy Executive Secretary, National Labor 

Relations Board. 

[FR Doc. 2018–16047 Filed 7–24–18; 11:15 am] 

BILLING CODE 7545–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83680; File No. SR–BX– 

2018–032] 

Self-Regulatory Organizations; Nasdaq 

BX, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Section 

7018(a) of the Exchange’s Rules 

July 20, 2018. 

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

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on July 10, 

2018, Nasdaq BX, Inc. (‘‘BX’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (‘‘SEC’’ or 

‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III below, which Items have been 

prepared by the Exchange. 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 amend the 

Exchange’s transaction fees at Rule 

7018(a), as described further below. 

The text of the proposed rule change 

is available on the Exchange’s website at 

http://nasdaqbx.cchwallstreet.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 

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 purpose of the proposed rule 

change is to amend the Exchange’s 

transaction fees at Rule 7018 to (i) adjust 

the volume threshold for a credit 

associated with orders that access 

liquidity that are entered by members 

that access liquidity equal to or in 

excess of a certain percentage of their 

total Consolidated Volume 3 for a 

month; (ii) establish two new credit tiers 

for orders that access liquidity equal to 

or exceeding 0.20% of total 

Consolidated Volume during a month 

and access 20% more liquidity as a 

percentage of Consolidated Volume than 

the member accessed in May 2018; and 

(iii) increase the fee applicable to buy 

(sell) orders with Midpoint pegging that 

receive an execution price that is lower 

(higher) than the midpoint of the 

National Best Bid and Offer (‘‘NBBO’’). 

First Change 

The Exchange operates on the ‘‘takermaker’’ model, whereby it pays credits 

to members that take liquidity and 

charges fees to members that provide 

liquidity. Currently, the Exchange offers 

several different credits for orders that 

access liquidity on the Exchange. 

Among these credits, the Exchange pays 

a credit of $0.0015 per share executed 

for an order that accesses liquidity 

(excluding orders with Midpoint 

pegging and excluding orders that 

receive price improvement and execute 

against an order with a Non-displayed 

price) entered by a member that 

accesses liquidity equal to or exceeding 


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Federal Register / Vol. 83, No. 144 / Thursday, July 26, 2018 / Notices 35503 

4Pursuant to Rule 4703(d), an order with a 

‘‘Midpoint pegging’’ attribute is a nondisplayed 

order whose price is determined withreference to 

midpoint between the Inside Bid and Inside Offer 

(the ‘‘Midpoint’’). 

5See Release No. 34–83224 (May 14, 2018), 83 FR 

23312 (May 18, 2018) (SR–BX–2018–018). 

6See id. 

7See id. 

8 15 U.S.C. 78f(b). 

9 15 U.S.C. 78f(b)(4) and (5). 

10Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) 

(‘‘Regulation NMS Adopting Release’’). 

11NetCoalition v. SEC, 615 F.3d 525 (DC Cir. 

2010). 

12See NetCoalition, at 534–535. 

13 Id. at 537. 

14 Id. at 539 (quoting Securities Exchange Act 

Release No. 59039 (December 2, 2008), 73 FR 

74770, 74782–83 (December 9, 2008) (SR– 

NYSEArca-2006–21)). 

0.05% of total Consolidated Volume 

during a month. The Exchange proposes 

to increase the Consolidated Volume 

threshold applicable to this credit to 

0.075% of total Consolidated Volume 

during a month. The Exchange proposes 

this changes [sic] to provide a greater 

incentive to member firms to remove 

liquidity from the Exchange. 

Second and Third Changes 

The Exchange proposes to add two 

new categories of credit for members 

whose orders remove liquidity from the 

Exchange. First, the Exchange proposes 

to offer a $0.0018 per share executed 

credit for orders that access liquidity in 

securities in Tapes A and C (excluding 

orders with Midpoint pegging and 

excluding orders that receive price 

improvement and execute against an 

order with a Non-displayed price) that 

are entered by a member that: (i) 

Accesses liquidity equal to or exceeding 

0.20% of total Consolidated Volume 

during a month; and (ii) accesses 20% 

more liquidity as a percentage of 

Consolidated Volume than the member 

accessed in May 2018. Second, the 

Exchange proposes to offer a $0.0019 

per share executed credit for orders that 

access liquidity in securities in Tape B 

(excluding orders with Midpoint 

pegging and excluding orders that 

receive price improvement and execute 

against an order with a Non-displayed 

price) that are entered by a member that: 

(i) Accesses liquidity equal to or 

exceeding 0.20% of total Consolidated 

Volume during a month; and (ii) 

accesses 20% more liquidity as a 

percentage of Consolidated Volume than 

the member accessed in May 2018. 

An example of how these credits will 

work is as follows. Firm X removes 

0.19% of total Consolidated Volume in 

securities in Tape A in May 2018. In 

July 2018, Firm X removes 0.23% of 

total Consolidated Volume in securities 

in the same Tape. Firm X will therefore 

qualify for a $0.0018 per share executed 

credit for its orders that access liquidity 

in securities in Tape A (excluding 

orders with Midpoint pegging and 

excluding orders that receive price 

improvement and execute against an 

order with a Non-displayed price) 

because, during July, Firm X removed 

more than 0.20% of total Consolidated 

Volume in securities in Tape A and it 

also removed 20% more liquidity in 

July (as a percentage of Consolidated 

Volume) than it did in May. 

The Exchange proposes to add these 

credits to provide new and stronger 

incentive for members to remove and to 

increase their removal of liquidity from 

the Exchange. In particular, the 

Exchange proposes a higher credit for 

removing liquidity in Tape B than it 

does in Tapes A or C to specifically 

target Tape B securities, where the 

Exchange has seen less activity than it 

has in Tape A and C securities. 

Fourth Change 

Presently, the Exchange charges a 

baseline fee of $0.0030 per share 

executed for each non-displayed order 

that adds liquidity. However, for certain 

types of non-displayed orders that add 

liquidity, the Exchange charges lower 

fees relative to the baseline fee as a 

means of incentivizing additional 

liquidity. For example, the Exchange 

charges $0.0015 per share executed for 

orders with Midpoint pegging 4 or 

$0.0005 if the order with Midpoint 

pegging is entered by a member that 

adds 0.02% of total Consolidated 

Volume of non-displayed liquidity. 

In May 2018, the Exchange added a 

fee of $0.0017 per share executed for 

buy (sell) orders with Midpoint pegging 

that receive execution prices that are 

lower (higher) than the midpoint of the 

NBBO.5 In doing so, the Exchange 

explained that the $0.0017 per share 

executed fee—which is higher than the 

fees that the Exchange charges to 

execute regular Midpoint pegging 

orders—is reasonable because orders 

that execute at prices better than the 

Midpoint of the NBBO receive better 

prices than regular Midpoint pegging 

orders.6 The Exchange also explained 

that the fee is also reasonable because it 

is lower than the baseline $0.0030 fee 

that the Exchange charges for nondisplay orders, and thus provides 

incentives for non-displayed orders that 

provide price improvement relative to 

the Midpoint.7

After having observed the impact of 

this fee over the past few months, the 

Exchange has determined to re-calibrate 

it so that it is better aligned with the 

Exchange’s objectives in imposing it. 

Accordingly, the Exchange proposes to 

increase the fee from $0.0017 per share 

executed to $0.0024 per share executed. 

Even with this re-calibration, the 

Exchange believes that the fee remains 

reasonable for the same reasons it 

expressed upon establishing it. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,8 in general, and furthers the 

objectives of Sections 6(b)(4) and 6(b)(5) 

of the Act,9 in particular, in that it 

provides for the equitable allocation of 

reasonable dues, fees and other charges 

among members and issuers and other 

persons using any facility, and is not 

designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

The Commission and the courts have 

repeatedly expressed their preference 

for competition over regulatory 

intervention in determining prices, 

products, and services in the securities 

markets. In Regulation NMS, while 

adopting a series of steps to improve the 

current market model, the Commission 

highlighted the importance of market 

forces in determining prices and SRO 

revenues and, also, recognized that 

current regulation of the market system 

‘‘has been remarkably successful in 

promoting market competition in its 

broader forms that are most important to 

investors and listed companies.’’ 10

Likewise, in NetCoalition v. Securities 

and Exchange Commission 11

(‘‘NetCoalition’’) the D.C. Circuit upheld 

the Commission’s use of a market-based 

approach in evaluating the fairness of 

market data fees against a challenge 

claiming that Congress mandated a costbased approach.12 As the court 

emphasized, the Commission ‘‘intended 

in Regulation NMS that ‘market forces, 

rather than regulatory requirements’ 

play a role in determining the market 

data . . . to be made available to 

investors and at what cost.’’ 13

Further, ‘‘[n]o one disputes that 

competition for order flow is ‘fierce.’ 

. . . As the SEC explained, ‘[i]n the U.S. 

national market system, buyers and 

sellers of securities, and the brokerdealers that act as their order-routing 

agents, have a wide range of choices of 

where to route orders for execution’; 

[and] ‘no exchange can afford to take its 

market share percentages for granted’ 

because ‘no exchange possesses a 

monopoly, regulatory or otherwise, in 

the execution of order flow from broker 

dealers’. . . .’’ 14 Although the court 

and the SEC were discussing the cash 

equities markets, the Exchange believes 


sradovich on DSK3GMQ082PROD with NOTICES
35504 Federal Register / Vol. 83, No. 144 / Thursday, July 26, 2018 / Notices 

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

that these views apply with equal force 

to the options markets. 

First Change 

The Exchange believes that it is 

reasonable to increase the Consolidated 

Volume threshold on its credit for 

orders that access liquidity (excluding 

orders with Midpoint pegging and 

excluding orders that receive price 

improvement and execute against an 

order with Midpoint pegging) entered 

by members that access liquidity equal 

to or exceeding 0.05% of total 

Consolidated Volume during a month. 

The Exchange must, from time to time, 

assess the effectiveness of its credits in 

achieving their intended objectives and 

adjust the levels of such credits based 

on the Exchange’s observations of 

market participant behavior. In this 

instance, the Exchange determined that 

the threshold percentage of 

Consolidated Volume that is necessary 

for members to qualify for the credits 

should be increased to provide stronger 

incentives to market participants to 

improve the market. The Exchange 

believes that the proposed increase is 

equitable and is not unfairly 

discriminatory because it will apply to 

all similarly situated member firms. 

Second and Third Changes 

Likewise, the Exchange believes that 

its proposal is reasonable to add new 

credits for orders that access liquidity 

(excluding orders with Midpoint 

pegging and those that receive price 

improvement and execute against an 

order with a non-displayed price) that 

are entered by members that access 

liquidity equal to or in excess of 0.20% 

of total Consolidated Volume during a 

month and that access 20% more 

liquidity as a percentage of 

Consolidated Volume than the member 

accessed in May 2018. This proposal is 

reasonable because it will provide new 

and stronger incentive for members to 

improve the market by removing 

liquidity from the Exchange. It will also 

incent them to increase the extent of 

this activity on the Exchange relative to 

their activity levels as of May 2018. The 

Exchange believes it is reasonable, 

equitable, and not unfairly 

discriminatory to propose a higher 

credit to members that remove liquidity 

in securities in Tape B than those that 

do so in securities in Tapes A and C 

because the Exchange has experienced 

less activity in Tape B securities relative 

to Tapes A and C securities and it 

wishes to specifically target increased 

activity with respect to Tape B 

securities. The Exchange also believes 

that these proposals are equitable and 

not unfairly discriminatory because they 

will apply to all similarly situated 

member firms. 

Fourth Change 

Finally, the Exchange believes that its 

proposal is reasonable to increase the 

fee it charges for Midpoint pegging buy 

(sell) orders that receive execution 

prices that are lower (higher) than the 

midpoint of the NBBO. A Midpoint 

pegging order that receives price 

improvement relative to the midpoint of 

the NBBO receives a better price than an 

order that executes at the midpoint of 

the NBBO, such that the fee that the 

Exchange charges for the former is 

higher than the latter. Notwithstanding 

the proposed fee increase, the Exchange 

notes that the $0.0024 per share 

executed fee that it proposes to charge 

for Midpoint pegging orders that receive 

price improvement relative to the 

midpoint of the NBBO remains lower 

than the baseline $0.0030 per share 

executed fee that the Exchange charges 

for non-displayed orders. 

The Exchange also notes that it is 

reasonable for it, from time to time, to 

adjust its mix of fees, rebates, and 

credits so as to ensure that the Exchange 

is allocating its limited resources 

efficiently and in a manner that best 

achieves its overarching objectives. The 

proposed fee change is function of that 

adjustment. 

The Exchange believes that the 

proposed fee increase is an equitable 

allocation and is not unfairly 

discriminatory because the Exchange 

will apply the same fee to all similarly 

situated members. 

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 not 

necessary or appropriate in furtherance 

of the purposes of the Act. In terms of 

inter-market competition, the Exchange 

notes that it operates in a highly 

competitive market in which market 

participants can readily favor competing 

venues if they deem fee levels at a 

particular venue to be excessive, or 

rebate opportunities available at other 

venues to be more favorable. In such an 

environment, the Exchange must 

continually adjust its fees and credits to 

remain competitive with other 

exchanges and with alternative trading 

systems that have been exempted from 

compliance with the statutory standards 

applicable to exchanges. Because 

competitors are free to modify their own 

fees and credits in response, and 

because market participants may readily 

adjust their order routing practices, the 

Exchange believes that the degree to 

which fee or credit changes in this 

market may impose any burden on 

competition is extremely limited. 

In this instance, the Exchange’s 

proposals to add to or modify its credits 

do not impose a burden on competition 

because these proposals are reflective of 

the Exchange’s overall efforts to provide 

greater incentives to market participants 

that it believes will improve the market, 

to the benefit of all participants. The 

Exchange does not believe that any of 

the proposed changes will impair the 

ability of members or competing order 

execution venues to maintain their 

competitive standing in the financial 

markets. Moreover, because there are 

numerous competitive alternatives to 

the use of the Exchange, it is likely that 

BX will lose market share as a result of 

the changes if they are unattractive to 

market participants. 

Likewise, the Exchange’s proposed fee 

increase does not impose a burden on 

competition because the Exchange’s 

execution services are completely 

voluntary and subject to extensive 

competition both from other exchanges 

and from off-exchange venues. Again, if 

the proposed fee increase is unattractive 

to market participants, it is likely that 

the Exchange will lose market share as 

a result. Accordingly, the Exchange does 

not believe that the proposal will impair 

the ability of members or competing 

order execution venues to maintain 

their competitive standing in the 

financial markets. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

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)(ii) of the Act.15

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: (i) Necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) 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 

should be approved or disapproved. 


sradovich on DSK3GMQ082PROD with NOTICES
Federal Register / Vol. 83, No. 144 / Thursday, July 26, 2018 / Notices 35505 

16 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 Securities Exchange Act Release No. 82097 

(November 16, 2017), 82 FR 55689. 

5See Securities Exchange Act Release No. 82387, 

82 FR 61613 (December 28, 2017) (extending the 

time period to February 20, 2018). 

6See Securities Exchange Act Release No. 82739, 

83 FR 8309 (February 26, 2018). 

7The amendments to the proposed rule change 

are available at: https://www.sec.gov/comments/srbatsbzx-2017-72/batsbzx201772.htm. In 

Amendment No. 4, the Exchange (among other 

things) narrowed the scope of the proposed rule 

change to withdraw its request to list and trade 

shares of the Innovator S&P 500 Ultra ETF Series 

(formerly known as the Innovator S&P 500 Ultra 

Strategy ETF Series). 

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– 

BX–2018–032 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–BX–2018–032. 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–BX–2018–032 and should 

be submitted on or before August 16, 

2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Brent J. Fields, 

Secretary. 

[FR Doc. 2018–15944 Filed 7–25–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83679; File No. SR– 

BatsBZX–2017–72] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing of 

Amendment No. 4 and Order Granting 

Accelerated Approval of a Proposed 

Rule Change, as Modified by 

Amendment No. 4 Thereto, To List and 

Trade Shares of the Innovator S&P 500 

Buffer ETF Series, Innovator S&P 500 

Power Buffer ETF Series, and 

Innovator S&P 500 Ultra Buffer ETF 

Series Under Rule 14.11(i) 

July 20, 2018. 

I. Introduction 

On November 7, 2017, Cboe BZX 

Exchange, Inc. (‘‘Exchange’’ or ‘‘BZX’’), 

formerly known as Bats BZX Exchange, 

Inc., filed with the Securities and 

Exchange Commission (‘‘Commission’’), 

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

Securities Exchange Act of 1934 

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

proposed rule change to list and trade 

shares of the Innovator S&P 500 Buffer 

ETF Series (formerly known both as the 

Innovator S&P 500 Enhance and Buffer 

ETF Series and Innovator S&P 500 

Enhance and 10% Shield Strategy ETF 

Series), Innovator S&P 500 Power Buffer 

ETF Series (formerly known as both the 

Innovator S&P 500 Buffer ETF Series 

and Innovator S&P 500 15% Shield 

Strategy ETF Series), and Innovator S&P 

500 Ultra Buffer ETF Series (formerly 

known as both the Innovator S&P 500 

Power Buffer ETF Series and Innovator 

S&P 500 ¥5% to ¥35% Shield Strategy 

ETF Series) under BZX Rule 14.11(i). 

The proposed rule change was 

published for comment in the Federal 

Register on November 22, 2017.4 On 

December 21, 2017, the Commission 

extended the time period within which 

to approve the proposed rule change, 

disapprove the proposed rule change, or 

institute proceedings to determine 

whether to approve or disapprove the 

proposed rule change.5 On February 20, 

2018, the Commission initiated 

proceedings to determine whether to 

disapprove the proposed rule change.6

On April 4, 2018, the Exchange filed 

Amendment No. 1 to the proposed rule 

change, which amended and superseded 

the proposed rule change as originally 

filed. On July 12, 2018, the Exchange 

filed Amendment No. 2 to the proposed 

rule change, which amended and 

superseded the proposed rule change as 

modified by Amendment No. 1, as well 

as Amendment No. 3 to the proposed 

rule change, which amended and 

superseded the proposed rule change as 

modified by Amendment No. 2. On July 

18, 2018, the Exchange filed 

Amendment No. 4 to the proposed rule 

change, which amended and superseded 

the proposed rule change as modified by 

Amendment No. 3.7 The Commission 

received no comments on the proposed 

rule change. The Commission is 

publishing this notice to solicit 

comments on Amendment No. 4 from 

interested persons and is approving the 

proposed rule change, as modified by 

Amendment No. 4, on an accelerated 

basis. 

II. The Exchange’s Description of the 

Proposed Rule Change, as Modified by 

Amendment No. 4 

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 parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

This Amendment No. 4 to SR– 

BatsBZX–2017–72 amends and replaces 

in its entirety the third amended 

proposal submitted on July 12, 2018. 


sradovich on DSK3GMQ082PROD with NOTICES