26244 Federal Register / Vol. 87, No. 85 / Tuesday, May 3, 2022 / Notices 

21 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(6). 

5See Securities Exchange Act Release No. 68888 

(February 8, 2013), 78 FR 10668 (February 14, 2013) 

(SR–CBOE–2012–120) (the ‘‘SPXPM Approval 

Order’’). Pursuant to Securities Exchange Act 

Release No. 80060 (February 17, 2017), 82 FR 11673 

(February 24, 2017) (SR–CBOE–2016–091), the 

Exchange moved third-Friday P.M.-settled options 

into the S&P 500 Index options class, and as a 

result, the trading symbol for P.M.-settled S&P 500 

Index options that have standard third Friday-ofthe-month expirations changed from ‘‘SPXPM’’ to 

‘‘SPXW.’’ This change went into effect on May 1, 

2017, pursuant to Cboe Options Regulatory Circular 

RG17–054. 

6See Securities Exchange Act Release No. 70087 

(July 31, 2013), 78 FR 47809 (August 6, 2013) (SR– 

CBOE–2013–055) (the ‘‘P.M.-settled XSP Approval 

Order’’). 

7See Securities Exchange Act Release No. 91067 

(February 5, 2021), 86 FR 9108 (SR–2020–CBOE– 

116) (the ‘‘P.M.-settled MRUT Approval Order’’). 

8For more information on the Pilot Products or 

the Pilot Program, see the SPXPM Approval Order, 

the P.M.-settled XSP Approval Order, and the P.M.- 

settled MRUT Approval Order. 

9See Securities Exchange Act Release Nos. 71424 

(January 28, 2014), 79 FR 6249 (February 3, 2014) 

(SR–CBOE–2014–004); 73338 (October 10, 2014), 79 

FR 62502 (October 17, 2014) (SR–CBOE–2014–076); 

77573 (April 8, 2016), 81 FR 22148 (April 14, 2016) 

(SR–CBOE–2016–036); 80386 (April 6, 2017), 82 FR 

17704 (April 12, 2017) (SR–CBOE–2017–025); 

83166 (May 3, 2018), 83 FR 21324 (May 9, 2018) 

(SR–CBOE–2018–036); 84535 (November 5, 2018), 

83 FR 56129 (November 9, 2018) (SR–CBOE–2018– 

069); 85688 (April 18, 2019), 84 FR 17214 (April 24, 

2019) (SR–CBOE–2019–023); 87464 (November 5, 

2019), 84 FR 61099 (November 12, 2019) (SR– 

CBOE–2019–107); 88674 (April 16, 2020), 85 FR 

22479 (April 22, 2020) (SR–CBOE–2020–036); 

90263 (October 23, 2020), 85 FR 68611 (October 29, 

2020) (SR–CBOE–2020–100); 91698 (April 28, 

2021), 86 FR 23761 (May 4, 2021) (SR–CBOE–2021– 

027); and 93455 (October 28, 2021), 86 FR 60660 

(November 3, 2021) (SR–CBOE–2021–062). 

office of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–CboeBZX–2022–029 and 

should be submitted on or before May 

24, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–09399 Filed 5–2–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94799; File No. SR–CBOE– 

2022–019] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Extend the Operation 

of its SPXPM Pilot Program 

April 27, 2022. 

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

Securities Exchange Act of 1934 (the 

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

notice is hereby given that on April 20, 

2022, Cboe Exchange, Inc. (‘‘Exchange’’ 

or ‘‘Cboe Options’’) filed with the 

Securities and Exchange Commission 

(the ‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Exchange filed the 

proposal as a ‘‘non-controversial’’ 

proposed rule change pursuant to 

Section 19(b)(3)(A)(iii) of the Act 3 and 

Rule 19b–4(f)(6) thereunder.4 The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

Cboe Exchange, Inc. (the ‘‘Exchange’’ 

or ‘‘Cboe Options’’) proposes to extend 

the operation of its SPXPM pilot 

program. The text of the proposed rule 

change is provided below. 

(additions are italicized; deletions are 

[bracketed]) 

* * * * * 

Rules of Cboe Exchange, Inc. 

* * * * * 

Rule 4.13. Series of Index Options 

* * * * * 

Interpretations and Policies 

.01–.12 No change. 

.13 In addition to A.M.-settled S&P 

500 Stock Index (‘‘SPX’’) options 

approved for trading on the Exchange 

pursuant to Rule 4.13, the Exchange 

may also list options on SPX whose 

exercise settlement value is derived 

from closing prices on the last trading 

day prior to expiration (P.M.-settled 

third Friday-of-the-month SPX options 

series). The Exchange may also list 

options on the Mini-SPX Index (‘‘XSP’’) 

and Mini-RUT Index (‘‘MRUT’’) whose 

exercise settlement value is derived 

from closing prices on the last trading 

day prior to expiration (‘‘P.M.-settled’’). 

P.M.-settled third Friday-of-the-month 

SPX options series and P.M.-settled XSP 

and MRUT options will be listed for 

trading for a pilot period ending [May 

2]November 7, 2022. 

* * * * * 

The text of the proposed rule change 

is also available on the Exchange’s 

website (http://www.cboe.com/ 

AboutCBOE/CBOELegalRegulatory

Home.aspx), at the Exchange’s Office of 

the Secretary, and at the Commission’s 

Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

On February 8, 2013, the Securities 

and Exchange Commission (the 

‘‘Commission’’) approved a rule change 

that established a Pilot Program that 

allows the Exchange to list options on 

the S&P 500 Index whose exercise 

settlement value is derived from closing 

prices on the last trading day prior to 

expiration (‘‘SPXPM’’).5 On July 31, 

2013, the Commission approved a rule 

change that amended the Pilot Program 

to allow the Exchange to list options on 

the Mini-SPX Index (‘‘XSP’’) whose 

exercise settlement value is derived 

from closing prices on the last trading 

day prior to expiration (‘‘P.M.-settled 

XSP’’).6 On February 5, 2021, the 

Commission approved a rule change 

that amended the Pilot Program to allow 

the Exchange to list options on the Mini 

Russell 2000 Index (‘‘MRUT’’ or ‘‘MiniRUT’’) whose exercise settlement value 

is derived from closing prices on the last 

trading day prior to expiration (‘‘P.M.- 

settled MRUT’’) 7 (together, SPXPM, 

P.M.-settled XSP, and P.M.-settled 

MRUT to be referred to herein as the 

‘‘Pilot Products’’).8 The Exchange has 

extended the pilot period numerous 

times, which, pursuant to Rule 4.13.13, 

is currently set to expire on the earlier 

of May 2, 2022 or the date on which the 

pilot program is approved on a 

permanent basis.9 The Exchange hereby 

proposes to further extend the end date 


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Federal Register / Vol. 87, No. 85 / Tuesday, May 3, 2022 / Notices 26245 

10The Exchange notes that it is currently drafting 

a proposal to make the Pilot Program for SPXPM 

permanent. The Exchange intends to submit the 

proposal to make the Pilot Program for SPXPM 

permanent prior to the proposed November 7, 2022 

Pilot Program expiration date. Following the 

Commission’s review and approval of the 

Exchange’s proposal, the Exchange intends to file 

a similar proposal(s) to make its Pilot Program for 

the other Pilot Products permanent. 

11See supra note 5. 

12See supra note 6. 

13See supra note 7. 

14 5 U.S.C. 552. 

15Pursuant to Securities Exchange Act Release 

No. 75914 (September 14, 2015), 80 FR 56522 

(September 18, 2015) (SR–CBOE–2015–079), the 

Exchange added SPXPM and P.M.-settled XSP 

options to the list of products approved for trading 

during Extended Trading Hours (‘‘ETH’’). The 

Exchange will also include the applicable 

information regarding SPXPM and P.M.-settled XSP 

options that trade during ETH in its annual and 

interim reports. 

16Available at https://www.cboe.com/aboutcboe/ 

legal-regulatory/national-market-system-plans/pmsettlement-spxpm-data. 

17 15 U.S.C. 78f(b). 

18 15 U.S.C. 78f(b)(5). 

19 Id. 

of the pilot period to November 7, 

2022.10

During the course of the Pilot Program 

and in support of the extensions of the 

Pilot Program, the Exchange submits 

reports to the Commission regarding the 

Pilot Program that detail the Exchange’s 

experience with the Pilot Program, 

pursuant to the SPXPM Approval 

Order,11 the P.M.-settled XSP Approval 

Order,12 and the P.M.-settled MRUT 

Approval Order.13 Specifically, the 

Exchange submits annual Pilot Program 

reports to the Commission that contain 

an analysis of volume, open interest, 

and trading patterns. The analysis 

examines trading in Pilot Products as 

well as trading in the securities that 

comprise the underlying index. 

Additionally, for series that exceed 

certain minimum open interest 

parameters, the annual reports provide 

analysis of index price volatility and 

share trading activity. The Exchange 

also submits periodic interim reports 

that contain some, but not all, of the 

information contained in the annual 

reports. In providing the annual and 

periodic interim reports (the ‘‘pilot 

reports’’) to the Commission, the 

Exchange has previously requested 

confidential treatment of the pilot 

reports under the Freedom of 

Information Act (‘‘FOIA’’).14

The pilot reports both contain the 

following volume and open interest 

data: 

(1) monthly volume aggregated for all 

trades; 

(2) monthly volume aggregated by 

expiration date; 

(3) monthly volume for each individual 

series; 

(4) month-end open interest aggregated for 

all series; 

(5) month-end open interest for all series 

aggregated by expiration date; and 

(6) month-end open interest for each 

individual series. 

The annual reports also contain (or 

will contain) the information noted in 

Items (1) through (6) above for 

Expiration Friday, A.M.-settled, S&P 

500 and RUT index options traded on 

Cboe Options, as well as the following 

analysis of trading patterns in the Pilot 

Products options series in the Pilot 

Program: 

(1) A time series analysis of open 

interest; and 

(2) an analysis of the distribution of 

trade sizes. 

Finally, for series that exceed certain 

minimum parameters, the annual 

reports contain the following analysis 

related to index price changes and 

underlying share trading volume at the 

close on Expiration Fridays: 

(1) A comparison of index price changes at 

the close of trading on a given Expiration 

Friday with comparable price changes from 

a control sample. The data includes a 

calculation of percentage price changes for 

various time intervals and compare that 

information to the respective control sample. 

Raw percentage price change data as well as 

percentage price change data normalized for 

prevailing market volatility, as measured by 

the Cboe Volatility Index (VIX), is provided; 

and 

(2) a calculation of share volume for a 

sample set of the component securities 

representing an upper limit on share trading 

that could be attributable to expiring in-themoney series. The data includes a 

comparison of the calculated share volume 

for securities in the sample set to the average 

daily trading volumes of those securities over 

a sample period. 

The minimum open interest 

parameters, control sample, time 

intervals, method for randomly selecting 

the component securities, and sample 

periods are determined by the Exchange 

and the Commission. In proposing to 

extend the Pilot Program, the Exchange 

will continue to abide by the reporting 

requirements described herein, as well 

as in the SPXPM Approval Order, the 

P.M.-settled XSP Approval Order, and 

the P.M.-settled MRUT Approval 

Order.15 Additionally, the Exchange 

will provide the Commission with any 

additional data or analyses the 

Commission requests because it deems 

such data or analyses necessary to 

determine whether the Pilot Program is 

consistent with the Exchange Act. The 

Exchange is in the process of making 

public on its website all data and 

analyses previously submitted to the 

Commission under the Pilot Program,16

and will continue to make public any 

data and analyses it submits to the 

Commission under the Pilot Program in 

the future. 

The Exchange proposes the extension 

of the Pilot Program in order to continue 

to give the Commission more time to 

consider the impact of the Pilot 

Program. To this point, Cboe Options 

believes that the Pilot Program has been 

well-received by its Trading Permit 

Holders and the investing public, and 

the Exchange would like to continue to 

provide investors with the ability to 

trade SPXPM and P.M.-settled XSP and 

MRUT options. All terms regarding the 

trading of the Pilot Products shall 

continue to operate as described in the 

SPXPM Approval Order, the P.M.- 

settled XSP Approval Order, and the 

P.M.-settled MRUT Approval Order. 

The Exchange merely proposes herein to 

extend the term of the Pilot Program to 

November 7, 2022. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is consistent with the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) and the rules and regulations 

thereunder applicable to the Exchange 

and, in particular, the requirements of 

Section 6(b) of the Act.17 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 18 requirements that the rules of 

an exchange be designed to prevent 

fraudulent and manipulative acts and 

practices, to promote just and equitable 

principles of trade, to foster cooperation 

and coordination with persons engaged 

in regulating, clearing, settling, 

processing information with respect to, 

and facilitating transactions in 

securities, to remove impediments to 

and perfect the mechanism of a free and 

open market and a national market 

system, and, in general, to protect 

investors and the public interest. 

Additionally, the Exchange believes the 

proposed rule change is consistent with 

the Section 6(b)(5) 19 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

In particular, the Exchange believes 

that the proposed extension of the Pilot 

Program will continue to provide greater 

opportunities for investors. Further, the 

Exchange believes that it has not 

experienced any adverse effects or 

meaningful regulatory concerns from 

the operation of the Pilot Program. As 

such, the Exchange believes that the 

extension of the Pilot Program does not 

raise any unique or prohibitive 

regulatory concerns. Also, the Exchange 


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26246 Federal Register / Vol. 87, No. 85 / Tuesday, May 3, 2022 / Notices 

20 15 U.S.C. 78s(b)(3)(A). 

21 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires a self-regulatory organization to 

give the Commission written notice of its intent to 

file the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

has satisfied this requirement. 

22 17 CFR 240.19b–4(f)(6). 

23 17 CFR 240.19b–4(f)(6)(iii). 

24For 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). 

believes that such trading has not, and 

will not, adversely impact fair and 

orderly markets on Expiration Fridays 

for the underlying stocks comprising the 

S&P 500 index and RUT index. The 

extension of the Pilot Program will 

continue to provide investors with the 

opportunity to trade the desirable 

products of SPXPM and P.M.-settled 

XSP and MRUT, while also providing 

the Commission further opportunity to 

observe such trading of the Pilot 

Products. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

Cboe Options does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange does not believe the 

continuation of the Pilot Program will 

impose any unnecessary or 

inappropriate burden on intramarket 

competition because it will continue to 

apply equally to all Cboe Options 

market participants, and the Pilot 

Products will be available to all Cboe 

Options market participants. The 

Exchange believes there is sufficient 

investor interest and demand in the 

Pilot Program to warrant its extension. 

The Exchange believes that, for the 

period that the Pilot Program has been 

in operation, it has provided investors 

with desirable products with which to 

trade. Furthermore, the Exchange 

believes that it has not experienced any 

adverse market effects or regulatory 

concerns with respect to the Pilot 

Program. The Exchange further does not 

believe that the proposed extension of 

the Pilot Program will impose any 

burden on intermarket competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act 

because it only applies to trading on 

Cboe Options. To the extent that the 

continued trading of the Pilot Products 

may make Cboe Options a more 

attractive marketplace to market 

participants at other exchanges, such 

market participants may elect to become 

Cboe Options market participants. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange neither solicited nor 

received comments on the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (i) Significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 20 and Rule 19b– 

4(f)(6) thereunder.21

A proposed rule change filed under 

Rule 19b–4(f)(6) 22 normally does not 

become operative prior to 30 days after 

the date of the filing. However, Rule 

19b–4(f)(6)(iii) 23 permits the 

Commission to designate a shorter time 

if such action is consistent with the 

protection of investors and the public 

interest. The Exchange has asked the 

Commission to waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. The Exchange states that waiver 

of the 30-day operative delay will allow 

it to extend the Pilot Program prior to 

its expiration on May 2, 2022, and 

maintain the status quo, thereby 

reducing market disruption. The 

Commission believes that waiving the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest as it will allow the Pilot 

Program to continue uninterrupted, 

thereby avoiding investor confusion that 

could result from a temporary 

interruption in the Pilot Program. 

Accordingly, the Commission hereby 

waives the 30-day operative delay and 

designates the proposed rule change as 

operative upon filing.24

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

change should be approved or 

disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• 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– 

CBOE–2022–019 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–CBOE–2022–019. 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–CBOE–2022–019 and 

should be submitted on or before May 

24, 2022. 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 87, No. 85 / Tuesday, May 3, 2022 / Notices 26247 

25 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. 94518 

(March 25, 2022), 87 FR 18837 (March 31, 2022) 

(SR–NYSEArca–2021–65) (Notice of Filing of 

Amendment No. 1 and Order Granting Accelerated 

Approval of a Proposed Rule Change, as Modified 

by Amendment No. 1, to List and Trade Shares of 

the Sprott ESG Gold ETF under NYSE Arca Rule 

8.201–E (Commodity-Based Trust Shares)) (the 

‘‘Prior Order’’). 

5Commodity-Based Trust Shares are securities 

issued by a trust that represent investors’ discrete 

identifiable and undivided beneficial ownership 

interest in the commodities deposited into the 

Trust. 

6 15 U.S.C. 78f(b)(5). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.25

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–09400 Filed 5–2–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94798; File No. SR– 

NYSEArca–2022–24] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend a 

Representation Regarding the Sprott 

ESG Gold ETF 

April 27, 2022. 

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 April 18, 

2022, 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 amend a 

representation regarding the Sprott ESG 

Gold ETF (the ‘‘Trust’’). 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 Trust under NYSE 

Arca Rule 8.201–E.4 Under NYSE Arca 

Rule 8.201–E, the Exchange may 

propose to list and/or trade CommodityBased Trust Shares pursuant to unlisted 

trading privileges (‘‘UTP’’).5 Shares of 

the Trust have not commenced listing 

and trading on the Exchange. 

The Exchange proposes to amend a 

representation made in the Prior Order 

relating to the Trust. Specifically, the 

Prior Order represented that: ‘‘A 

minimum of two Creation Units or 

100,000 Shares will be required to be 

outstanding at the start of trading, 

which is equivalent to 20,000 fine 

ounces of gold or about $36,527,000 as 

of February 9, 2022.’’ The sponsor of the 

Trust, Sprott Asset Management LP, has 

determined instead that 100,000 Shares 

would be equivalent to 2,000 fine 

ounces of gold. The Exchange 

accordingly proposes to delete the 

representation quoted above and replace 

it with the following: ‘‘A minimum of 

two Creation Units or 100,000 Shares 

will be required to be outstanding at the 

start of trading, which is equivalent to 

2,000 fine ounces of gold or about 

$3,903,100 as of April 11, 2022.’’ All of 

the remaining representations in the 

Prior Order remain unchanged. 

2. Statutory Basis 

The basis under the Act for this 

proposed rule change is the requirement 

under Section 6(b)(5) 6 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 merely 

amends the number of fine ounces of 

gold that are equivalent to 100,000 

Shares, which 100,00 Shares would still 

be required to be outstanding at the start 

of trading. The Exchange believes that 

amending the representation to reflect 

the correct equivalent of fine ounces of 

gold, and the correct corresponding 

dollar amount that would be equivalent 

to the 100,000 Shares that will be 

available at the onset of trading, would 

promote just and equitable principles of 

trade and remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system, and in general, protect investors 

and the public interest because it is to 

correct the number of fine ounces of 

gold, and the corresponding dollar 

amount equivalent to 100,000 Shares, 

before the Shares begin trading. 

Other than this proposed change, all 

remaining statements 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 purposes of the Act. The 

proposed change is not designed to 

address any competitive issue but rather 

to amend a representation regarding the 

number of fine ounces of gold that are 

equivalent to 100,000 Shares, which 

100,00 Shares would still be required to 

be outstanding at the start of trading, 

and the corresponding dollar amount 

that would be equivalent to the 100,000 

Shares. The Exchange believes that this 

change will have no impact at all on 

intramarket or intermarket competition. 

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 

Because the foregoing proposed rule 

change does not: (i) Significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 


lotter on DSK11XQN23PROD with NOTICES1