46292 Federal Register / Vol. 86, No. 157 / Wednesday, August 18, 2021 / Notices 

participant’s activities to the clearing agency; 

provided, however, that the clearing agency may 

provide for a higher net capital requirement as a 

condition for membership at the clearing agency if 

the clearing agency demonstrates to the 

Commission that such a requirement is necessary to 

mitigate risks that could not otherwise be 

effectively managed by other measures and the 

Commission approves the higher net capital 

requirement as part of a rule filing or clearing 

agency registration application.’’ 

10 17 CFR 240.17 Ad–22(b)(7). 

11 17 CFR 240.17 Ad–22(e)(2). The rule states that 

‘‘[e]ach covered clearing agency shall establish, 

implement, maintain and enforce written policies 

and procedures reasonably designed to, as 

applicable: 

(2) Provide for governance arrangements that: 

(i) Are clear and transparent . . . 

(v) Specify clear and direct lines of responsibility 

. . .’’ 

12 17 CFR 240.17 Ad–22(e)(2). 13 17 CFR 200.30–3(a)(12). 

membership to persons that maintain 

net capital equal to or greater than $50 

million, providing such persons can 

comply with other reasonable 

membership standards and that any net 

capital requirements be scalable so that 

they are proportional to the risks posed 

by the member’s activities to the 

clearing agency. The Procedures do not 

change ICE Clear Europe’s existing 

membership and minimum capital 

standards in this regard, but more 

clearly document those requirements 

and the process for monitoring 

compliance. The amendments are thus 

consistent with Rule 17Ad–22(b)(7).10

Rule 17Ad–22(e)(2)(i) and (v) 11

requires clearing agencies to establish 

reasonably designed policies and 

procedures to provide for governance 

arrangements that are clear and 

transparent and specify clear and direct 

lines of responsibility. The proposed 

Documents clearly define the roles and 

responsibilities of the document owner, 

the Head of Department, the senior 

members of the Risk Oversight 

Department and the senior members of 

the Compliance Department, consistent 

with governance arrangement for other 

ICE Clear Europe policies and 

procedures. ICE Clear Europe believes 

that the amendments to the Documents 

are therefore consistent with the 

requirements of Rule 17Ad–22(e)(2)(i) 

and (v).12

(B) Clearing Agency’s Statement on 

Burden on Competition 

ICE Clear Europe does not believe the 

proposed Documents would have any 

impact, or impose any burden, on 

competition not necessary or 

appropriate in furtherance of the 

purposes of the Act. The Documents are 

not changing existing membership 

criteria and would apply uniformly to 

all Clearing Members. As a result, ICE 

Clear Europe does not believe the 

amendments would affect the cost of 

clearing for Clearing Members or other 

market participants, the market for 

cleared services generally or access to 

clearing by Clearing Members or other 

market participants, or otherwise affect 

competition among Clearing Members 

or market participants in a manner not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

(C) Clearing Agency’s Statement on 

Comments on the Proposed Rule 

Change Received From Members, 

Participants or Others 

Written comments relating to the 

proposed Documents have not been 

solicited or received by ICE Clear 

Europe. ICE Clear Europe will notify the 

Commission of any written comments 

received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period 

up to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the self-regulatory organization 

consents, the Commission will: 

(A) By order approve or disapprove 

the proposed rule change or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be 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 

• 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– 

ICEEU–2021–014 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–ICEEU–2021–014. 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 such 

filings will also be available for 

inspection and copying at the principal 

office of ICE Clear Europe and on ICE 

Clear Europe’s website at https://

www.theice.com/clear-europe/ 

regulation. 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–ICEEU– 

2021–014 and should be submitted on 

or before September 8, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–17671 Filed 8–17–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92651; File No. SR– 

NYSEArca–2021–28] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing of 

Amendment No. 1 and Order Instituting 

Proceedings To Determine Whether To 

Approve or Disapprove a Proposed 

Rule Change, as Modified by 

Amendment No. 1, To List and Trade 

Shares of ConvexityShares Daily 1.5x 

SPIKES Futures ETF Under NYSE Arca 

Rule 8.200–E (Trust Issued Receipts) 

August 12, 2021. 

I. Introduction 

On May 13, 2021, NYSE Arca, Inc. 

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


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Federal Register / Vol. 86, No. 157 / Wednesday, August 18, 2021 / Notices 46293 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 91949 

(May 20, 2021), 86 FR 28420. 

4 15 U.S.C. 78s(b)(2). 

5See Securities Exchange Act Release No. 92320, 

86 FR 36309 (July 9, 2021). The Commission 

designated August 24, 2021, as the date by which 

the Commission shall approve or disapprove, or 

institute proceedings to determine whether to 

approve or disapprove, the proposed rule change. 

6 In Amendment No. 1, the Exchange: (i) Stated 

that Teucrium Trading, LLC will be the SubAdviser for the Fund; (ii) represented that neither 

the Sponsor nor the Sub-Adviser (as such terms are 

defined below) is registered as a broker-dealer or 

affiliated with a broker-dealer and made additional 

representations with respect to firewalls; (iii) stated 

that the Sponsor or Sub-Adviser determines the 

type, quantity and mix of investments that the 

Sponsor or Sub-Adviser believes, in combination, 

should provide daily leveraged exposure to the 

Index (as defined below) to seek investment results 

equal to one-and-a-half times the performance of 

the Index; (iv) stated that the Sponsor or SubAdviser may cause the Fund to invest in VIX 

Related Positions (as defined below) if the market 

for a specific futures contract experiences 

emergencies or disruptions or in situations where 

the Sponsor or Sub-Adviser deems it impractical or 

inadvisable to buy or sell SPIKES futures contracts; 

(v) represented that (a) the Fund will attempt to 

limit counterparty risk in uncleared swap 

agreements by entering into such agreements only 

with counterparties the Sponsor and Sub-Adviser 

believes are creditworthy and by limiting the 

Fund’s exposure to each counterparty and (b) the 

Sponsor and Sub-Adviser will monitor the 

creditworthiness of each counterparty and the 

Fund’s exposure to each counterparty on an 

ongoing basis; (vi) stated that, with respect to 

halting trading in the Shares, the Exchange may 

consider (a) the extent to which trading is not 

occurring in the securities and/or the financial 

instruments composing the daily disclosed portfolio 

of the Fund; or (b) whether other unusual 

conditions or circumstances detrimental to the 

maintenance of a fair and orderly market are 

present; (vii) represented that information regarding 

market price and trading volume for the Shares will 

be continually available on a real-time basis 

throughout the day on brokers’ computer screens 

and other electronic services; and (viii) made 

technical, clarifying, and conforming changes. 

Amendment No. 1 is available at: https://

www.sec.gov/comments/sr-nysearca-2021-28/ 

srnysearca202128-9090695-246773.pdf. 

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

8Additional information regarding the Fund, the 

Trust, and the Shares, including investment 

strategies, creation and redemption procedures, and 

portfolio holdings can be found in Amendment No. 

1, supra note 6. 

9On December 15, 2020, the Trust submitted to 

the Commission its draft registration statement on 

Form S–1 (‘‘Registration Statement’’) under the 

Securities Act of 1933 on a confidential basis. The 

Registration Statement for the Fund is not yet 

effective and the Exchange will not commence 

trading in Shares of the Fund until the Registration 

Statement becomes effective. 

10Commentary .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. 

11The Sponsor is not registered as a broker-dealer 

or affiliated with a broker-dealer. In the event (a) 

the Sponsor becomes registered as a broker-dealer 

or becomes newly affiliated with a broker-dealer, or 

(b) any new sponsor becomes registered as a brokerdealer or becomes newly affiliated with a brokerdealer, it will implement and maintain a fire wall 

with respect to its relevant personnel of the brokerdealer or broker-dealer affiliate, as applicable, 

regarding access to information concerning the 

composition and/or changes to the portfolio, and 

will be subject to procedures designed to prevent 

the use and dissemination of material non-public 

information regarding the portfolio. 

12The Sub-Adviser is not registered as a brokerdealer or affiliated with a broker-dealer. In the event 

(a) the Sub-Adviser becomes registered as a brokerdealer or becomes newly affiliated with a brokerdealer, or (b) any new Sub-Adviser becomes 

registered as a broker-dealer or becomes newly 

affiliated with a broker-dealer, it will implement 

and maintain a fire wall with respect to its relevant 

personnel of the broker-dealer or broker-dealer 

affiliate, as applicable, regarding access to 

information concerning the composition and/or 

changes to the portfolio, and will be subject to 

procedures designed to prevent the use and 

dissemination of material non-public information 

regarding the portfolio. 

13A ‘‘single day’’ is measured from the time the 

Fund calculates its net asset value (‘‘NAV’’) to the 

time of the Fund’s next NAV calculation. The NAV 

calculation time for the Fund is typically 4:00 p.m. 

(Eastern Time). 

14The Index is sponsored by Triple Three 

Partners Pty Ltd, which licenses the use of the 

Index to its affiliated company, T3i Pty Ltd (Triple 

Three Partners Pty Ltd and T3i Pty Ltd. are 

collectively referred to herein as ‘‘T3 Index’’ or 

‘‘Index Sponsor’’). The Index Sponsor is affiliated 

with the Sponsor. The Index Sponsor has 

implemented and will maintain a fire wall 

regarding access to information concerning the 

composition of and/or changes to the Index. In 

addition, the Index Sponsor has implemented and 

will maintain procedures that are designed to 

prevent the use and dissemination of material, nonpublic information regarding the Index. The Index 

Sponsor is not registered as an investment adviser 

or broker-dealer and is not affiliated with any 

broker-dealers. The Index is calculated and 

published by Solactive AG, which is not affiliated 

with T3 Index. 

15The Exchange states that the SPIKES Index is 

a non-investable index that measures the implied 

volatility of the SPDR S&P 500 ETF Trust (‘‘SPY’’) 

over 30 days in the future. SPY is a unit investment 

trust that holds a portfolio of common stocks that 

closely tracks the price performance and dividend 

yield of the S&P 500 Composite Price Index (‘‘S&P 

500’’). The SPIKES Index does not represent the 

actual or the realized volatility of SPY. The SPIKES 

Index is calculated based on the prices of a 

constantly changing portfolio of SPY put and call 

options. The SPIKES Index is reflective of the 

premium paid by investors for certain options 

linked to the level of the S&P 500. The SPIKES 

Index is a theoretical calculation and cannot be 

traded on a spot basis. T3 Index is the owner, 

creator and licensor of the SPIKES Index. The 

SPIKES Index is calculated, maintained and 

published by Miami International Securities 

Exchange, LLC via the Options Price Reporting 

Authority. 

with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (‘‘Act’’ or 

‘‘Exchange Act’’) 1 and Rule 19b–4 

thereunder,2 a proposed rule change to 

list and trade shares (‘‘Shares’’) of the 

ConvexityShares Daily 1.5x SPIKES 

Futures ETF (‘‘Fund’’), a series of the 

ConvexityShares Trust (‘‘Trust’’), under 

NYSE Arca Rule 8.200–E, Commentary 

.02 (‘‘Trust Issued Receipts’’). The 

proposed rule change was published for 

comment in the Federal Register on 

May 26, 2021.3 On July 2, 2021, 

pursuant to Section 19(b)(2) of the Act,4

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 

approve or disapprove the proposed 

rule change.5 On July 26, 2021, the 

Exchange filed Amendment No. 1 to the 

proposed rule change, which replaced 

and superseded the proposed rule 

change as originally filed.6 The 

Commission has received no comments 

on the proposed rule change. The 

Commission is publishing this notice 

and order to solicit comments on 

Amendment No. 1 from interested 

persons, and to institute proceedings 

pursuant to 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. 

II. Description of the Proposed Rule 

Change, as Modified by Amendment 

No. 1 8

The Exchange proposes to list and 

trade Shares of the Fund 9 under NYSE 

Arca Rule 8.200–E, Commentary .02 

which governs the listing and trading of 

Trust Issued Receipts 10 on the 

Exchange. The Fund will be managed 

and controlled by ConvexityShares, LLC 

(‘‘Sponsor’’), a commodity pool 

operator.11 Teucrium Trading, LLC, a 

commodity trading adviser registered 

with the Commodity Futures Trading 

Commission, will be the Sub-Adviser 

for the Fund (‘‘Sub-Adviser’’) and will 

manage the Fund’s commodity futures 

investment strategy.12 U.S. Bank will 

provide custody and fund accounting to 

the Trust and the Fund; U.S. Bancorp 

Fund Services will be the transfer agent 

for the Shares and administrator for the 

Fund; and Foreside will serve as the 

distributor for the Fund. 

The Fund will seek daily investment 

results, before fees and expenses, that 

correspond to one-and-a-half times 

(1.5x) the performance of its benchmark 

index for a single day.13 The Fund is 

benchmarked to the T3 SPIKE Front 2 

Futures Index (‘‘Index’’), an investable 

index of SPIKES futures contracts.14 The 

Index is intended to reflect the returns 

that are potentially available through an 

unleveraged investment in a theoretical 

portfolio of first- and second-month 

futures contracts on the SPIKES 

Volatility Index (‘‘SPIKES Index’’).15


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46294 Federal Register / Vol. 86, No. 157 / Wednesday, August 18, 2021 / Notices 

16According to the Exchange, SPIKES futures 

contracts were launched for trading by the 

Minneapolis Grain Exchange, LLC (‘‘MGEX’’) on 

December 14, 2020. While the SPIKES Index 

represents a measure of the expected 30-day 

volatility of SPY, the prices of SPIKES futures 

contracts are based on the current expectation of the 

expected 30-day volatility of SPY on the expiration 

date of the futures contract. 

17According to the Exchange, a Trade at 

Settlement (‘‘TAS’’) transaction is a transaction at 

a price equal to the daily settlement price, or at a 

specified differential above or below the daily 

settlement price. The TAS transaction price will be 

determined following execution and based upon the 

daily settlement price of the respective SPIKES 

futures contracts month. The permissible price 

range for permitted TAS transactions is from 0.50 

index points below the daily settlement price to 

0.50 index points above the daily settlement price. 

The permissible minimum increment for a TAS 

transaction is 0.01 index points. See MGEX Rule 

83.15 at http://www.mgex.com/documents/ 

20210318-Rulebook.pdf. 

18According to the Exchange, the VIX is a 

measure of estimated near-term future volatility 

based upon the weighted average of the implied 

volatilities of near-term put and call options on the 

S&P 500. 

19The Fund will attempt to limit counterparty 

risk in uncleared swap agreements by entering into 

such agreements only with counterparties the 

Sponsor and Sub-Adviser believes are creditworthy 

and by limiting the Fund’s exposure to each 

counterparty. The Exchange represents that the 

Sponsor and Sub-Adviser will monitor the 

creditworthiness of each counterparty and the 

Fund’s exposure to each counterparty on an 

ongoing basis. 

20 15 U.S.C. 78s(b)(2)(B). 

21 Id. 

22 15 U.S.C. 78f(b)(5). 

23 17 CFR 201.700(b)(3). 

24See id. 

25See id. 

The Index is comprised solely of 

SPIKES futures contracts.16 The Index 

employs rules for selecting the SPIKES 

futures contracts comprising the Index 

and a formula to calculate a level for the 

Index from the prices of these SPIKES 

futures contracts. Currently, the SPIKES 

futures contracts comprising the Index 

represent the prices of two near-term 

SPIKES futures contracts, replicating a 

position that rolls the nearest month 

SPIKES futures contracts to the next 

month SPIKES futures contracts at or 

close to the daily settlement price via a 

Trade-At-Settlement 17 program towards 

the end of each business day in equal 

fractional amounts. This results in a 

constant weighted average maturity of 

one month. 

The Fund will invest primarily in 

SPIKES futures contracts to gain the 

appropriate exposure to the Index. 

Under certain circumstances (described 

below), the Fund may also invest in 

futures contracts and swap contracts 

(‘‘VIX Related Positions’’) on the Cboe 

Volatility Index (‘‘VIX’’).18 The 

Exchange states that the VIX is an index 

that tracks volatility and would be 

expected to perform in a substantially 

similar manner as the SPIKES Index. 

The Fund seeks to achieve its 

investment objective through the 

appropriate amount of exposure to the 

SPIKES futures contracts included in 

the Index. The Fund will not directly 

invest in the SPIKES Index. The 

Sponsor or Sub-Adviser determines the 

type, quantity and mix of investments 

that the Sponsor or Sub-Adviser 

believes, in combination, should 

provide daily leveraged exposure to the 

Index to seek investment results equal 

to one-and-a-half times the performance 

of the Index. In the event accountability 

rules, price limits, position limits, 

margin limits or other exposure limits 

are reached with respect to SPIKES 

futures contracts, or if the market for a 

specific futures contract experiences 

emergencies (e.g., natural disaster, 

terrorist attack or an act of God) or 

disruptions (e.g., a trading halt or a flash 

crash), or in situations where the 

Sponsor or Sub-Adviser deems it 

impractical or inadvisable to buy or sell 

SPIKES futures contracts (such as 

during periods of market volatility or 

illiquidity, or when trading in SPY is 

halted), the Sponsor or Sub-Adviser 

may cause the Fund to invest in VIX 

Related Positions. The Sponsor expects 

the Fund’s positions in VIX Related 

Positions to consist primarily of VIX 

futures contracts, which are traded on 

the Cboe Futures Exchange. However, in 

the event accountability rules, price 

limits, position limits, margin limits or 

other exposure limits are reached with 

respect to VIX futures contracts, or if the 

market for a specific VIX futures 

contract experiences emergencies or 

disruptions or in situations where the 

Sponsor or Sub-Adviser deems it 

impractical or inadvisable to buy or sell 

VIX futures contracts, the Fund would 

hold VIX swap agreements.19 The Fund 

will also hold cash or cash equivalents 

such as U.S. Treasury securities or other 

high credit quality, short-term fixedincome or similar securities (such as 

shares of money market funds) as 

collateral for investments and pending 

investments. 

III. Proceedings To Determine Whether 

To Approve or Disapprove SR– 

NYSEArca–2021–28, as Modified by 

Amendment No. 1, and Grounds for 

Disapproval Under Consideration 

The Commission is instituting 

proceedings pursuant to Section 

19(b)(2)(B) of the Act 20 to determine 

whether the proposed rule change, as 

modified by Amendment No. 1, should 

be approved or disapproved. Institution 

of such proceedings is appropriate at 

this time in view of the legal and policy 

issues raised by the proposal. Institution 

of proceedings does not indicate that the 

Commission has reached any 

conclusions with respect to any of the 

issues involved. Rather, as described 

below, the Commission seeks and 

encourages interested persons to 

provide comments on the proposed rule 

change. 

Pursuant to Section 19(b)(2)(B) of the 

Act,21 the Commission is providing 

notice of the grounds for disapproval 

under consideration. The Commission is 

instituting proceedings to allow for 

additional analysis of the proposal’s 

consistency with Section 6(b)(5) of the 

Act, which requires, among other 

things, that the rules of a national 

securities exchange be ‘‘designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade,’’ and ‘‘to 

protect investors and the public 

interest.’’ 22

Under the Commission’s Rules of 

Practice, the ‘‘burden to demonstrate 

that a proposed rule change is 

consistent with the Exchange Act and 

the rules and regulations issued 

thereunder . . . is on the [SRO] that 

proposed the rule change.’’ 23 The 

description of a proposed rule change, 

its purpose and operation, its effect, and 

a legal analysis of its consistency with 

applicable requirements must all be 

sufficiently detailed and specific to 

support an affirmative Commission 

finding,24 and any failure of an SRO to 

provide this information may result in 

the Commission not having a sufficient 

basis to make an affirmative finding that 

a proposed rule change is consistent 

with the Act and the applicable rules 

and regulations.25

The Commission is instituting 

proceedings to allow for additional 

consideration and comment on the 

issues raised herein, including as to 

whether the proposal is consistent with 

the Act. 

IV. Procedure: Request for Written 

Comments 

The Commission requests that 

interested persons provide written 

submissions of their views, data, and 

arguments with respect to the issues 

identified above, as well as any other 

concerns they may have with the 

proposal. In particular, the Commission 

invites the written views of interested 

persons concerning whether the 

proposed rule change, as modified by 

Amendment No. 1, is consistent with 

Section 6(b)(5) or any other provision of 

the Act, or the rules and regulations 

thereunder. Although there do not 

appear to be any issues relevant to 


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Federal Register / Vol. 86, No. 157 / Wednesday, August 18, 2021 / Notices 46295 

26Section 19(b)(2) of the Act, as amended by the 

Securities Act Amendments of 1975, Public Law 

94–29 (June 4, 1975), grants the Commission 

flexibility to determine what type of proceeding— 

either oral or notice and opportunity for written 

comments—is appropriate for consideration of a 

particular proposal by a self-regulatory 

organization. See Securities Act Amendments of 

1975, Senate Comm. on Banking, Housing & Urban 

Affairs, S. Rep. No. 75, 94th Cong., 1st Sess. 30 

(1975). 27 17 CFR 200.30–3(a)(57). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 92256 

(June 24, 2021), 86 FR 34815 (June 30, 2021). 

Comment received on the proposed rule change 

available at: https://www.sec.gov/comments/srnasdaq-2021-045/srnasdaq2021045.htm. 

4 15 U.S.C. 78s(b)(2). 

5 Id. 

6 17 CFR 200.30–3(a)(31). 

approval or disapproval that would be 

facilitated by an oral presentation of 

views, data, and arguments, the 

Commission will consider, pursuant to 

Rule 19b–4, any request for an 

opportunity to make an oral 

presentation.26

Interested persons are invited to 

submit written data, views, and 

arguments regarding whether the 

proposed rule change, as modified by 

Amendment No. 1, should be approved 

or disapproved by September 8, 2021. 

Any person who wishes to file a rebuttal 

to any other person’s submission must 

file that rebuttal by September 22, 2021. 

The Commission asks that 

commenters address the sufficiency of 

the Exchange’s statements in support of 

the proposal, which are set forth in the 

Amendment No. 1, in addition to any 

other comments they may wish to 

submit about the proposed rule change. 

In this regard, the Commission seeks 

commenters’ views regarding whether 

the Exchange’s proposal to list and trade 

the Shares, which seek to provide daily 

investment results that correspond to 

one-and-a-half times the return of an 

index designed to measure the daily 

performance of a theoretical portfolio of 

first- and second-month SPIKES futures 

contracts, is adequately designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, and to 

protect investors and the public interest, 

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–2021–28 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–2021–28. 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–2021–28 and 

should be submitted by September 8, 

2021. Rebuttal comments should be 

submitted by September 22, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.27

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–17670 Filed 8–17–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–92649; File No. SR– 

NASDAQ–2021–045] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Designation of a Longer Period for 

Commission Action on a Proposed 

Rule Change To Modify Certain Pricing 

Limitations for Companies Listing in 

Connection With a Direct Listing 

Primary Offering 

August 12, 2021. 

On June 11, 2021, The Nasdaq Stock 

Market LLC (‘‘Nasdaq’’ or ‘‘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 to allow companies to modify 

certain pricing limitations for 

companies listing in connection with a 

direct listing primary offering in which 

the company will sell shares itself in the 

opening auction on the first day of 

trading on Nasdaq. The proposed rule 

change was published for comment in 

the Federal Register on June 30, 2021.3

Section 19(b)(2) of the Act 4 provides 

that within 45 days of the publication of 

notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding, or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day after 

publication of the notice for this 

proposed rule change is August 14, 

2021. The Commission is extending this 

45-day time period. 

The Commission finds it appropriate 

to designate a longer period within 

which to take action on the proposed 

rule change so that it has sufficient time 

to consider the proposed rule change 

and the comments received. 

Accordingly, the Commission, pursuant 

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

designates September 28, 2021 as the 

date by which the Commission shall 

either approve or disapprove, or 

institute proceedings to determine 

whether to disapprove, the proposed 

rule change (File No. SR–NASDAQ– 

2021–045). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–17668 Filed 8–17–21; 8:45 am] 

BILLING CODE 8011–01–P 


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