Federal Register / Vol. 87, No. 103 / Friday, May 27, 2022 / Notices 32215 

22See supra note 11. 

23 15 U.S.C. 78s(b)(3)(A)(ii). 

24 17 CFR 240.19b–4(f)(2). 

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. 

(‘‘Professional Members’’). The 

Exchange believes that it is equitable 

and not unfairly discriminatory to 

assess higher Taker fees to Market 

Makers and Professional Members than 

to Priority Customer Origin orders. A 

Priority Customer is by definition not a 

broker or dealer in securities, and does 

not place more than 390 orders in listed 

options per day on average during a 

calendar month for its own beneficial 

account(s).22 This limitation does not 

apply to participants on the Exchange 

whose behavior is substantially similar 

to that of market professionals, 

including non-Priority Customers, NonMIAX Pearl Market Makers, Firms, and 

Broker-Dealers, who will generally 

submit a higher number of orders (many 

of which do not result in executions) 

than Priority Customers. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule changes will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange believes that the proposed 

changes in the Taker fees for the 

applicable market participants should 

continue to encourage the provision of 

liquidity that enhances the quality of 

the Exchange’s market and increases the 

number of trading opportunities on the 

Exchange for all participants who will 

be able to compete for such 

opportunities. The proposed rule 

changes should enable the Exchange to 

continue to attract and compete for 

order flow with other exchanges. 

However, this competition does not 

create an undue burden on competition 

but rather offers all market participants 

the opportunity to receive the benefit of 

competitive pricing. 

The proposed Taker fee adjustments 

are intended to keep the Exchange’s fees 

highly competitive with those of other 

exchanges, and to encourage liquidity 

and should enable the Exchange to 

continue to attract and compete for 

order flow with other exchanges. 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. In such an environment, the 

Exchange must continually adjust its 

rebates and fees to remain competitive 

with other exchanges and to attract 

order flow. The Exchange believes that 

the proposed rule changes reflect this 

competitive environment because the 

proposal modifies the Exchange’s fees in 

a manner that encourages market 

participants to continue to provide 

liquidity and to send order flow to the 

Exchange. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

Written comments were neither 

solicited nor 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,23 and Rule 

19b–4(f)(2) 24 thereunder. At any time 

within 60 days of the filing of the 

proposed rule change, the Commission 

summarily may temporarily suspend 

such rule change if it appears to the 

Commission that such action is 

necessary or appropriate in the public 

interest, for the protection of investors, 

or otherwise in furtherance of the 

purposes of the Act. If the Commission 

takes such action, the Commission shall 

institute proceedings to determine 

whether the proposed rule 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– 

PEARL–2022–19 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–PEARL–2022–19. 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–PEARL–2022–19, and 

should be submitted on or before June 

17, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.25

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–11398 Filed 5–26–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–94961; File No. SR– 

NYSEArca–2022–30] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Permit the Use of 

Custom Baskets by Certain Series of 

Active Proxy Portfolio Shares Listed 

and Traded on the Exchange Pursuant 

to NYSE Arca Rule 8.601–E 

May 23, 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 May 12, 

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 


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32216 Federal Register / Vol. 87, No. 103 / Friday, May 27, 2022 / Notices 

4See Securities Exchange Act Release No. 89185 

(June 29, 2020), 85 FR 40328 (July 6, 2020) (SR– 

NYSEArca–2019–95) (Notice of Filing of 

Amendment No. 6 and Order Granting Accelerated 

Approval of a Proposed Rule Change, as Modified 

by Amendment No. 6, to Adopt NYSE Arca Rule 

8.601–E to Permit the Listing and Trading of Active 

Proxy Portfolio Shares and To List and Trade 

Shares of the Natixis U.S. Equity Opportunities ETF 

Under Proposed NYSE Arca Rule 8.601–E) (the 

‘‘Natixis Approval Order’’). 

5See Securities Exchange Act Release No. 93120 

(September 24, 2021), 86 FR 54257 (September 30, 

2021) (SR–NYSEArca–2021–64) (the ‘‘Custom 

Basket Approval Order’’). 

6The approval orders and notices of immediate 

effectiveness pursuant to which shares of the Funds 

are listed and traded are referred to collectively 

herein as the ‘‘Prior Filings.’’ 

7See Natixis Approval Order, supra note 4. 

8See Securities Exchange Act Release No. 89191 

(June 30, 2020), 85 FR 40358 (July 6, 2020) (SR– 

NYSEArca–2019–92) (Notice of Filing of 

Amendment No. 3 and Order Granting Accelerated 

Approval of a Proposed Rule Change, as Modified 

by Amendment No. 3, to List and Trade Four Series 

of Active Proxy Portfolio Shares Issued by T. Rowe 

Price Exchange-Traded Funds, Inc. under NYSE 

Arca Rule 8.601–E) (the ‘‘T. Rowe Price Approval 

Order’’). 

9See Securities Exchange Act Release No. 89192 

(June 30, 2020), 85 FR 40699 (July 7, 2020) (SR– 

NYSEArca–2019–96) (Notice of Filing of 

Amendment No. 5 and Order Granting Accelerated 

Approval of a Proposed Rule Change, as Modified 

by Amendment No. 5, to List and Trade Two Series 

of Active Proxy Portfolio Shares Issued by the 

American Century ETF Trust under NYSE Arca 

Rule 8.601–E) (the ‘‘American Century Approval 

Order’’). 

10See Securities Exchange Act Release No. 89438 

(July 31, 2020), 85 FR 47821 (August 6, 2020) (SR– 

NYSEArca–2020–51) (Order Granting Approval of a 

Proposed Rule Change, as Modified by Amendment 

No. 2, to List and Trade Shares of Natixis Vaughan 

Nelson Select ETF and Natixis Vaughan Nelson 

MidCap ETF under NYSE Arca Rule 8.601–E) (the 

‘‘Natixis Vaughan Approval Order’’). 

11See Securities Exchange Act Release No. 91266 

(March 5, 2021), 86 FR 13930 (March 11, 2021) (SR– 

NYSEArca–2020–104) (Order Approving a 

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 facilitate 

the use of Custom Baskets by certain 

series of Active Proxy Portfolio Shares 

listed and traded on the Exchange 

pursuant to NYSE Arca Rule 8.601–E. 

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 Exchange adopted NYSE Arca 

Rule 8.601–E for the purpose of 

permitting the listing and trading, or 

trading pursuant to unlisted trading 

privileges, of Active Proxy Portfolio 

Shares, which are securities issued by 

an actively managed open-end 

investment management company.4 The 

Exchange subsequently amended Rule 

8.601–E to provide for the use of 

Custom Baskets, which are portfolios of 

securities that are different from the 

Proxy Portfolio and are otherwise 

consistent with the exemptive relief 

issued pursuant to the Investment 

Company Act of 1940 (the ‘‘1940 Act’’) 

applicable to a series of Active Proxy 

Portfolio Shares.5

Background 

Rule 8.601–E sets forth certain rules 

related to the listing and trading of 

Active Proxy Portfolio Shares. Under 

Rule 8.601–E(c)(1), the term Active 

Proxy Portfolio Shares means a security 

that (a) is issued by an investment 

company registered under the 1940 Act 

(an ‘‘Investment Company’’) organized 

as an open-end management investment 

company that invests in a portfolio of 

securities selected by the Investment 

Company’s investment adviser 

consistent with the Investment 

Company’s investment objectives and 

policies; (b) is issued in a specified 

minimum number of shares, or 

multiples thereof, in return for a deposit 

by the purchaser of the Proxy Portfolio 

or Custom Basket, as applicable, and/or 

cash with a value equal to the next 

determined net asset value (‘‘NAV’’); (c) 

when aggregated in the same specified 

minimum number of Active Proxy 

Portfolio Shares, or multiples thereof, 

may be redeemed at a holder’s request 

in return for the Proxy Portfolio or 

Custom Basket, as applicable, and/or 

cash to the holder by the issuer with a 

value equal to the next determined 

NAV; and (d) the portfolio holdings for 

which are disclosed within at least 60 

days following the end of every fiscal 

quarter. 

Rule 8.601–E(c)(2) defines the term 

‘‘Actual Portfolio’’ as identities and 

quantities of the securities and other 

assets held by the Investment Company 

that shall form the basis for the 

Investment Company’s calculation of 

NAV at the end of the business day. 

Rule 8.601–E(c)(3) defines the term 

‘‘Proxy Portfolio’’ as a specified 

portfolio of securities, other financial 

instruments, and/or cash designed to 

track closely the daily performance of 

the Actual Portfolio of a series of Active 

Proxy Portfolio Shares as provided in 

the exemptive relief pursuant to the 

1940 Act applicable to such series. The 

website for each series of Active Proxy 

Portfolio Shares shall disclose the 

information regarding the Proxy 

Portfolio as provided in the exemptive 

relief pursuant to the 1940 Act 

applicable to such series, including the 

following, to the extent applicable: 

(i) Ticker symbol; 

(ii) CUSIP or other identifier; 

(iii) Description of holding; 

(iv) Quantity of each security or other 

asset held; and 

(v) Percentage weighting of the 

holding in the portfolio. 

Rule 8.601–E(c)(4) defines the term 

‘‘Custom Basket’’ as a portfolio of 

securities that is different from the 

Proxy Portfolio and is otherwise 

consistent with the exemptive relief 

issued pursuant to the 1940 Act 

applicable to a series of Active Proxy 

Portfolio Shares. 

Proposed Rule Change 

Commentary .01 to Rule 8.601–E 

requires the Exchange to file separate 

proposals under Section 19(b) of the Act 

before listing and trading any series of 

Active Proxy Portfolio Shares on the 

Exchange. Pursuant to this provision, 

the Exchange submitted proposals 

relating to the following series of Active 

Proxy Portfolio Shares that are currently 

listed and traded on the Exchange (each, 

a ‘‘Fund’’ and, collectively, the 

‘‘Funds’’): 6

• Natixis U.S Equity Opportunities 

ETF 7

• T. Rowe Price Blue Chip Growth ETF, 

T. Rowe Price Dividend Growth ETF, 

T. Rowe Price Growth Stock ETF, and 

T. Rowe Price Equity Income ETF 8

• American Century Mid Cap Growth 

Impact ETF and American Century 

Sustainable Equity ETF 9

• Natixis Vaughan Nelson Select ETF 

and Natixis Vaughan Nelson Mid Cap 

ETF 10

• Stance Equity ESG Large Cap Core 

ETF 11


jspears on DSK121TN23PROD with NOTICES1
Federal Register / Vol. 87, No. 103 / Friday, May 27, 2022 / Notices 32217 

Proposed Rule Change, as Modified by Amendment 

No. 2, to List and Trade Shares of the Stance Equity 

ESG Large Cap Core ETF under NYSE Arca Rule 

8.601–E) (the ‘‘Stance Approval Order’’). 

12See Securities Exchange Act Release No. 91322 

(March 15, 2021), 86 FR 14980 (March 19, 2021) 

(SR–NYSEArca–2021–17) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change 

Relating to Listing and Trading of Shares of the T. 

Rowe Price U.S. Equity Research ETF under NYSE 

Arca Rule 8.601–E) (the ‘‘T. Rowe Price Notice’’). 

13See Securities Exchange Act Release No. 91514 

(April 8, 2021), 86 FR 19657 (April 14, 2021) (SR– 

NYSEArca–2021–23) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change 

List and Trade Shares of the: Fidelity Women’s 

Leadership ETF and Fidelity Sustainability U.S. 

Equity ETF) (the ‘‘Fidelity Notice’’). 

14See Securities Exchange Act Release No. 91895 

(May 13, 2021), 86 FR 27126 (May 19, 2021) (SR– 

NYSEArca–2021–39) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change 

to List and Trade Shares of the Putnam Focused 

Large Cap Growth ETF; Putnam Focused Large Cap 

Value ETF; Putnam Sustainable Future ETF; and 

Putnam Sustainable Leaders ETF) (the ‘‘Putnam 

Notice’’). 

15See Securities Exchange Act Release No. 92052 

(May 27, 2021), 86 FR 29810 (June 3, 2021) (SR– 

NYSEArca–2021–44) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change 

to List and Trade Shares of the American Century 

Sustainable Growth ETF) (the ‘‘American Century 

Notice’’). 

16See Securities Exchange Act Release No. 92104 

(June 3, 2021), 86 FR 30635 (June 9, 2021) (SR– 

NYSEArca–2021–46) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change 

to List and Trade Shares of the Nuveen Santa 

Barbara Dividend Growth ETF, Nuveen Small Cap 

Select ETF, and Nuveen Winslow Large-Cap 

Growth ESG ETF Under NYSE Arca Rule 8.601–E) 

(the ‘‘Nuveen Notice’’). 

17See Securities Exchange Act Release No. 92958 

(September 13, 2021), 86 FR 51933 (September 17, 

2021) (SR–NYSEArca–2021–77) (Notice of Filing 

and Immediate Effectiveness of Proposed Rule 

Change to List and Trade Shares of the Nuveen 

Growth Opportunities ETF Under NYSE Arca Rule 

8.601–E) (the ‘‘Nuveen Growth Opportunities 

Notice’’). 

18See Securities Exchange Act Release No. 93264 

(October 6, 2021), 86 FR 56989 (October 13, 2021) 

(SR–NYSEArca–2021–84) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change 

to List and Trade Shares of the Schwab Ariel ESG 

ETF) (the ‘‘Schwab Notice’’). 

19 17 CFR 243.100–243.103. Regulation Fair 

Disclosure provides that whenever an issuer, or any 

person acting on its behalf, discloses material nonpublic information regarding that issuer or its 

securities to certain individuals or entities— 

generally, securities market professionals, such as 

stock analysts, or holders of the issuer’s securities 

who may well trade on the basis of the 

information—the issuer must make public 

disclosure of that information. 

• T. Rowe Price U.S. Equity Research 

ETF 12

• Fidelity Sustainability U.S. Equity 

ETF and Fidelity Women’s 

Leadership ETF 13

• Putnam Sustainable Future ETF, 

Putnam Sustainable Leaders ETF, 

Putnam Focused Large Cap Growth 

ETF, and Putnam Focused Large Cap 

Value ETF 14

• American Century Sustainable 

Growth ETF 15

• Nuveen Dividend Growth ETF, 

Nuveen Small Cap Select ETF, and 

Nuveen Winslow Large-Cap Growth 

ESG ETF 16

• Nuveen Growth Opportunities ETF 17

• Schwab Ariel ESG ETF 18

The Exchange proposes to modify 

representations made in each Fund’s 

original filing that provided for the 

creation and redemption of shares using 

the Proxy Portfolio or cash. Specifically, 

the Exchange proposes to permit each 

Fund to use a Custom Basket, in 

addition to a Proxy Portfolio or cash, to 

create or redeem shares in accordance 

with its respective exemptive relief and 

current Rule 8.601–E. The Exchange 

believes that updating such 

representations to permit the Funds to 

use Custom Baskets, to the extent 

consistent with the terms of a Fund’s 

exemptive relief, would benefit the 

investing public and the marketplace by 

providing greater flexibility in the 

creation and redemption process for 

shares of Active Proxy Portfolio Shares 

and would promote competition among 

various ETF products. 

Accordingly, the issuers of each Fund 

each represent that it and any person 

acting on behalf of the series of Active 

Proxy Portfolio Shares which are the 

subject of this filing will comply with 

Regulation Fair Disclosure under the 

Act,19 including with respect to any 

Custom Basket. Each issuer also 

represents that for each Custom Basket 

utilized by each Fund, each business 

day, before the opening of trading 

during the Exchange’s Core Trading 

Session (as defined in Rule 7.34–E(a)), 

each Fund will make publicly available 

on its website the composition of any 

Custom Basket transacted on the 

previous business day, except a Custom 

Basket that differs from the applicable 

Proxy Portfolio only with respect to 

cash. 

Finally, the issuers of each Fund each 

represent that the adviser and subadviser(s), as applicable, to each of the 

Funds each represent that, if the adviser 

and/or sub-adviser(s), as applicable, is 

registered as a broker-dealer or is 

affiliated with a broker-dealer, such 

adviser and/or sub-adviser(s), as 

applicable, has erected and will 

maintain a ‘‘fire wall’’ between the 

adviser and/or sub-adviser(s), as 

applicable, and personnel of the brokerdealer or broker-dealer affiliate, as 

applicable, with respect to access to 

information concerning the composition 

and/or changes to the applicable Fund’s 

Actual Portfolio, Proxy Portfolio, and/or 

Custom Basket, as applicable. The 

issuers of each Fund each also represent 

that any person related to the 

investment adviser or Investment 

Company who make decisions 

pertaining to the applicable Fund’s 

Actual Portfolio, Proxy Portfolio, and/or 

Custom Basket, as applicable, or who 

have access to non-public information 

regarding the Actual Portfolio, Proxy 

Portfolio, and/or Custom Basket, as 

applicable, or changes thereto are 

subject to procedures reasonably 

designed to prevent the use and 

dissemination of material non-public 

information regarding the Actual 

Portfolio, Proxy Portfolio, and/or 

Custom Basket, as applicable, or 

changes thereto. 

In the event that (a) a Fund’s adviser 

or sub-adviser(s), as applicable, becomes 

registered as a broker-dealer or becomes 

newly affiliated with a broker-dealer, or 

(b) any new adviser or sub-adviser is a 

registered broker-dealer or becomes 

newly affiliated with a broker-dealer, it 

will implement and maintain a ‘‘fire 

wall’’ with respect to personnel of the 

broker-dealer or broker-dealer affiliate, 

as applicable, regarding access to 

information concerning the composition 

and/or changes to the Actual Portfolio, 

Proxy Portfolio, and/or Custom Basket, 

as applicable, and will be subject to 

procedures designed to prevent the use 

and dissemination of material nonpublic information regarding the 

applicable Actual Portfolio, Proxy 

Portfolio, and/or Custom Basket, as 

applicable. 

Any person or entity, including any 

service provider for any of the Funds, 

who has access to non-public 

information regarding the Actual 

Portfolio, Proxy Portfolio, and/or 

Custom Basket, as applicable, or 

changes thereto for a Fund will be 

subject to procedures reasonably 

designed to prevent the use and 

dissemination of material non-public 

information regarding the Actual 

Portfolio, Proxy Portfolio, or Custom 

Basket, as applicable, or changes 

thereto. Furthermore, any person or 

entity that is registered as a brokerdealer or affiliated with a broker-dealer, 

must have erected and will maintain a 

‘‘fire wall’’ between the person or entity 

and the broker-dealer with respect to 

access to information concerning the 

composition and/or changes to such 

Actual Portfolio, Proxy Portfolio, or 

Custom Basket, as applicable. 

Each Fund will comply with the 

above-described conditions as well as 

the conditions of the applicable 

exemptive order, and the Exchange 

proposes to update the listing rule for 

each Fund’s shares accordingly. Except 

for the changes noted above, all other 

representations made in the Prior 

Filings for each of the Funds remain 

unchanged and will continue to 


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20See notes 7–18, supra. 

21See Investment Company Act Release No. 

33684 (November 14, 2019) (File No. 812–14870). 

22See Investment Company Act Release No. 

33711 (December 10, 2019) (File No. 812–14870). 

23See Investment Company Act Release No. 

33841 (April 16, 2020) (File No. 812–15082). 

24See Investment Company Act Release No. 

33862 (May 12, 2020) (File No. 812–15082). 

25See Investment Company Act Release No. 

34243 (April 8, 2021) (File No. 812–15199). 

26See Investment Company Act Release No. 

34265 (May 4, 2021) (File No. 812–15199). 

27See Investment Company Act Release No. 

34298 (June 11, 2021) (File No. 812–15216). 

28See Investment Company Act Release No. 

34323 (July 7, 2021) (File No. 812–15216). 

29See Natixis Approval Order, supra note 4; 

Natixis Vaughan Approval Order, supra note 10; 

American Century Approval Order, supra note 9; 

American Century Notice, supra note 15; Nuveen 

Notice, supra note 16; Nuveen Growth 

Opportunities Notice, supra note 17; Schwab 

Notice, supra note 18. 

30Pursuant to the Prior Natixis Exemptive Order 

and the exemptive orders described above that 

incorporate the terms and conditions of the Prior 

Natixis Exemptive Order, a Creation Basket with 

respect to the Natixis Model Funds consists of the 

instruments that purchasers would deposit and that 

shareholders would receive upon purchasing or 

redeeming shares of the funds. 

31See Investment Company Act Release No. 

34171 (January 12, 2021) (File No. 812–15157). 

32See Investment Company Act Release No. 

34192 (February 9, 2021) (File No. 812–15157). 

constitute continued listing 

requirements for each of the Funds.20

The Funds will also continue to comply 

with the requirements of Rule 8.601–E. 

The Funds each represent that that [sic] 

are currently in compliance with Rule 

8.601–E, as amended by the Custom 

Basket Approval Order, and will 

continue to comply with all 

requirements of Rule 8.601–E, as 

amended by the Custom Basket 

Approval Order. 

The Natixis Model Funds 

The Natixis U.S. Equity Opportunities 

ETF, Natixis Vaughan Nelson Select 

ETF, and Natixis Vaughan Nelson Mid 

Cap ETF (the ‘‘Natixis Funds’’) are 

series of the Natixis ETF Trust II. The 

Natixis ETF Trust II and NYSE Group, 

Inc. filed an application for an order 

under Section 6(c) of the 1940 Act for 

exemptions from various provisions of 

the 1940 Act and rules thereunder (the 

‘‘Prior Natixis Application’’).21 On 

December 10, 2019, the Commission 

issued an order under the 1940 Act 

granting the exemptions requested in 

the Prior Natixis Application (the ‘‘Prior 

Natixis Exemptive Order’’).22

The American Century Mid Cap 

Growth Impact ETF, American Century 

Sustainable Equity ETF, and American 

Century Sustainable Growth ETF (the 

‘‘American Century Funds’’) are series 

of the American Century ETF Trust. The 

American Century ETF Trust filed an 

application for an order under Section 

6(c) of the 1940 Act for exemptions from 

various provisions of the 1940 Act and 

rules thereunder (the ‘‘American 

Century Application’’).23 On May 12, 

2020, the Commission issued an order 

under the 1940 Act granting the 

exemptions requested in the American 

Century Application (the ‘‘American 

Century Exemptive Order’’).24 The 

American Century Application and 

American Century Exemptive Order 

incorporate by reference the terms and 

conditions of the Prior Natixis 

Exemptive Order, as such order may be 

amended from time to time. 

The Nuveen Dividend Growth ETF, 

Nuveen Small Cap Select ETF, Nuveen 

Winslow Large-Cap Growth ESG ETF, 

and Nuveen Growth Opportunities ETF 

(the ‘‘Nuveen Funds’’) are series of the 

Nushares ETF Trust. The Nushares ETF 

Trust filed an application for an order 

under Section 6(c) of the 1940 Act for 

exemptions from various provisions of 

the 1940 Act and rules thereunder (the 

‘‘Nuveen Application’’).25 On May 4, 

2021, the Commission issued an order 

under the 1940 Act granting the 

exemptions requested in the Nuveen 

Application (the ‘‘Nuveen Exemptive 

Order’’).26 The Nuveen Application and 

Nuveen Exemptive Order incorporate by 

reference the terms and conditions of 

the Prior Natixis Exemptive Order, as 

such order may be amended from time 

to time. 

The Schwab Ariel ESG ETF (the 

‘‘Schwab Fund’’) is a series of the 

Schwab Strategic Trust. The Schwab 

Strategic Trust filed an application for 

an order under Section 6(c) of the 1940 

Act for exemptions from various 

provisions of the 1940 Act and rules 

thereunder (the ‘‘Schwab 

Application’’).27 On July 7, 2021, the 

Commission issued an order under the 

1940 Act granting the exemptions 

requested in the Schwab Application 

(the ‘‘Schwab Exemptive Order’’).28 The 

Schwab Application and Schwab 

Exemptive Order incorporate by 

reference the terms and conditions of 

the Prior Natixis Exemptive Order, as 

such order may be amended from time 

to time. 

Under the Prior Natixis Exemptive 

Order (and, accordingly, the exemptive 

orders described above that incorporate 

the terms and conditions of the Prior 

Natixis Exemptive Order), each of the 

Natixis Funds, American Century 

Funds, Nuveen Funds, and the Schwab 

Fund (collectively, the ‘‘Natixis Model 

Funds’’) is required to publish a Proxy 

Portfolio, which is designed to closely 

track its daily performance but will not 

be a Fund’s Actual Portfolio. The Prior 

Natixis Application stated that a Natixis 

Model Fund’s Proxy Portfolio would be 

designed to reflect the economic 

exposures and risk characteristics of 

such fund’s actual holdings on each 

trading day, which would be achieved 

by performing an analysis of such fund’s 

Actual Portfolio (the ‘‘Factor Model’’). 

Each Natixis Model Fund would have a 

universe of securities (the ‘‘Model 

Universe’’) that would be used to 

generate its Proxy Portfolio. The Model 

Universe would be comprised solely of 

securities that a Natixis Model Fund can 

purchase and would be a financial 

index or stated portfolio of securities 

from which a Natixis Model Fund’s 

investments would be selected. The 

results of the Factor Model analysis of 

a Natixis Model Fund’s Actual Portfolio 

would then be applied to such fund’s 

Model Universe. The daily rebalanced 

Proxy Portfolio would then be generated 

as a result of this Model Universe 

analysis with the Proxy Portfolio being 

a small sub-set of the Model Universe. 

The Factor Model would be applied to 

both the Actual Portfolio and the Model 

Universe to construct a Natixis Model 

Fund’s Proxy Portfolio that performs in 

a manner substantially identical to the 

performance of its Actual Portfolio. 

Investments made by the Natixis Model 

Funds will comply with the conditions 

set forth in the Prior Natixis Application 

and the Prior Natixis Exemptive 

Order.29

On August 31, 2020, and as amended 

on November 16, 2020 and December 8, 

2020, the Natixis ETF Trust II sought to 

amend the Prior Natixis Exemptive 

Order (the ‘‘Updated Natixis 

Application’’) to enable the Natixis 

Funds to use Creation Baskets 30 that 

include instruments that are not in the 

Proxy Portfolio, or are included in the 

Proxy Portfolio but in different 

weightings (i.e., for purposes of this 

filing, Custom Baskets).31 On February 

9, 2021, the Commission issued an order 

permitting the Natixis Funds to use 

Custom Baskets that include 

instruments that are not included, or are 

included with different weightings, in a 

Natixis Model Fund’s Proxy Portfolio 

(the ‘‘Updated Natixis Order’’).32

The Exchange thus proposes to 

update the listing rules for each of the 

Natixis Model Funds to reflect the terms 

and conditions of the Updated Natixis 

Order. Specifically, the Exchange 

proposes to reflect that each of the 

Natixis Model Funds will comply with 

the terms of the Updated Natixis 

Application and the Updated Natixis 

Order and, accordingly, are permitted to 

use Custom Baskets that include 

instruments that are not included, or are 


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33See Investment Company Act Release No. 

33685 (November 14, 2019) (File No. 812–14214). 

34See Investment Company Act Release No. 

33713 (December 10, 2019) (File No. 812–14214). 

35See T. Rowe Price Approval Order, supra note 

8; T. Rowe Price Notice, supra note 12. 

36Pursuant to the Prior T. Rowe Exemptive Order, 

a Creation Basket with respect to the T. Rowe Funds 

consists of the instruments that purchasers would 

deposit and that shareholders would receive upon 

purchasing or redeeming shares of the funds. 

37See Investment Company Act Release No. 

34248 (April 22, 2021) (File No. 812–15197). 

38See Investment Company Act Release No. 

34272 (May 18, 2021) (File No. 812–15197). 

39See Investment Company Act Release No. 

33683 (November 14, 2019) (File No. 812–14364). 

40See Investment Company Act Release No. 

33712 (December 10, 2019) (File No. 812–14364). 

41See Investment Company Act Release No. 

34245 (April 15, 2021) (File No. 812–15203). 

42See Investment Company Act Release No. 

34266 (May 10, 2021) (File No. 812–15203). 

43See Fidelity Notice, supra note 13; Putnam 

Notice, supra note 14. 

44Pursuant to the Prior Fidelity Exemptive Order, 

a Creation Basket with respect to the Fidelity Model 

Funds consists of the instruments that purchasers 

would deposit and that shareholders would receive 

upon purchasing or redeeming shares of the funds. 

included with different weightings, in a 

Natixis Model Fund’s Proxy Portfolio. 

The T. Rowe Price Model Funds 

Shares of the T. Rowe Price Blue Chip 

Growth ETF, T. Rowe Price Dividend 

Growth ETF, T. Rowe Price Growth 

Stock ETF, T. Rowe Price Equity Income 

ETF, and T. Rowe Price U.S. Equity 

Research ETF (the ‘‘T. Rowe Funds’’) are 

issued by T. Rowe Price ExchangeTraded Funds, Inc. T. Rowe Price 

Exchange-Traded Funds, Inc. filed an 

application for an order under Section 

6(c) of the 1940 Act for exemptions from 

various provisions of the 1940 Act and 

rules thereunder (the ‘‘Prior T. Rowe 

Application’’).33 On December 10, 2019, 

the Commission issued an order under 

the 1940 Act granting the exemptions 

requested in the Prior T. Rowe 

Application (the ‘‘Prior T. Rowe 

Exemptive Order’’).34

Under the Prior T. Rowe Exemptive 

Order, the T. Rowe Funds are required 

to publish a Proxy Portfolio, which is a 

basket of securities and cash that, while 

different from a T. Rowe Fund’s 

portfolio, is designed to closely track its 

daily performance. The Prior T. Rowe 

Application stated that each T. Rowe 

Fund’s Proxy Portfolio will be 

determined such that at least 80% of its 

total assets will overlap with the 

portfolio weightings of such fund. 

Investments made by the T. Rowe Funds 

will comply with the conditions set 

forth in the Prior T. Rowe Application 

and the Prior T. Rowe Exemptive 

Order.35

On February 4, 2021, and as amended 

on March 30, 2021, T. Rowe Price 

Exchange-Traded Funds, Inc. sought to 

amend the Prior T. Rowe Exemptive 

Order (the ‘‘Updated T. Rowe 

Application’’) to permit use of Creation 

Baskets 36 that include instruments that 

are not included, or are included with 

different weightings, in a T. Rowe 

Fund’s Proxy Portfolio (i.e., for purposes 

of this filing, Custom Baskets).37 On 

May 18, 2021, the Commission issued 

an amended order permitting the T. 

Rowe Funds to use Custom Baskets that 

include instruments that are not 

included, or are included with different 

weightings in a T. Rowe Fund’s Proxy 

Portfolio (the ‘‘Updated T. Rowe 

Order’’).38

The Exchange thus proposes to 

update the listing rules for the T. Rowe 

Funds to reflect the terms and 

conditions of the Updated T. Rowe 

Order. Specifically, the Exchange 

proposes to reflect that the T. Rowe 

Funds will comply with the terms of the 

Updated T. Rowe Application and the 

Updated T. Rowe Order and, 

accordingly, are permitted to use 

Custom Baskets that include 

instruments that are not included, or are 

included with different weightings, in a 

T. Rowe Fund’s Proxy Portfolio. 

The Fidelity Model Funds 

Shares of the Fidelity Sustainability 

U.S. Equity ETF and Fidelity Women’s 

Leadership ETF (the ‘‘Fidelity Funds’’) 

are issued by the Fidelity Covington 

Trust. Fidelity Beach Street Trust 

(‘‘Beach Street’’), Fidelity Management 

& Research Company (‘‘FMR’’), and 

Fidelity Distributors Corporation 

(‘‘FDC’’) filed a ninth amended 

application for an order under Section 

6(c) of the 1940 Act for exemptions from 

various provisions of the 1940 Act and 

rules thereunder (the ‘‘Prior Fidelity 

Application’’).39 On December 10, 2019, 

the Commission issued an order (the 

‘‘Prior Fidelity Exemptive Order’’) 

under the 1940 Act granting the relief 

sought in the Application.40 The 

Fidelity Funds are subject to the relief 

set forth in the Prior Fidelity Exemptive 

Order because FMR is the investment 

adviser to the Fidelity Funds. 

The Putnam Sustainable Future ETF, 

Putnam Sustainable Leaders ETF, 

Putnam Focused Large Cap Growth ETF, 

and Putnam Focused Large Cap Value 

ETF (the ‘‘Putnam Funds’’) are series of 

the Putnam ETF Trust. The Putnam ETF 

Trust filed an application for an order 

under Section 6(c) of the 1940 Act for 

exemptions from various provisions of 

the 1940 Act and rules thereunder (the 

‘‘Putnam Application’’).41 On May 10, 

2021, the Commission issued an order 

under the 1940 Act granting the 

exemptions requested in the Putnam 

Application (the ‘‘Putnam Exemptive 

Order’’).42 The Putnam Application and 

Putnam Exemptive Order incorporate by 

reference the terms and conditions of 

the Prior Fidelity Exemptive Order, as 

such order may be amended from time 

to time. 

Under the Prior Fidelity Exemptive 

Order, each of the Fidelity Funds and 

Putnam Funds (collectively, the 

‘‘Fidelity Model Funds’’) is required to 

publish a Proxy Portfolio that is a basket 

of securities and cash that, while 

different from a fund’s portfolio, is 

designed to closely track its daily 

performance. Such Proxy Portfolio is 

comprised of (1) select recently 

disclosed portfolio holdings (‘‘Strategy 

Components’’); (2) liquid ETFs that 

convey information about the types of 

instruments in which the fund invests 

that are not otherwise fully represented 

by Strategy Components; and (3) cash 

and cash equivalents. Investments made 

by the Fidelity Model Funds will 

comply with the conditions set forth in 

the Prior Fidelity Application and the 

Prior Fidelity Exemptive Order.43

On October 30, 2020, and as amended 

on April 2, 2021, June 11, 2021, and 

June 30, 2021, Beach Street, FMR, FDC, 

and Fidelity Covington Trust sought to 

amend the Prior Fidelity Exemptive 

Order (the ‘‘Updated Fidelity 

Application’’) to permit the use of 

Creation Baskets 44 that include 

instruments that are not included, or are 

included with different weightings, in a 

fund’s Proxy Portfolio (i.e., for purposes 

of this filing, Custom Baskets). On 

August 5, 2021, the Commission issued 

an order granting the relief requested 

(the ‘‘Updated Fidelity Order’’). 

The Exchange thus proposes to 

update the listing rules for the Fidelity 

Model Funds to reflect the terms and 

conditions of the Updated Fidelity 

Order. Specifically, the Exchange 

proposes to reflect that the Fidelity 

Model Funds will comply with the 

terms of the Updated Fidelity 

Application and the Updated Fidelity 

Order and, accordingly, are permitted to 

use Custom Baskets that include 

instruments that are not included, or are 

included with different weightings, in a 

Fidelity Model Fund’s Proxy Portfolio. 

Stance Equity ESG Large Cap Core ETF 

Shares of the Stance Equity ESG Large 

Cap Core ETF (the ‘‘Stance Fund’’ or 

‘‘Blue Tractor Model Fund’’) are issued 

by The RBB Fund, Inc. The RBB Fund, 

Inc. filed an application for an order 

under Section 6(c) of the 1940 Act for 

exemptions from various provisions of 

the 1940 Act and rules thereunder (the 


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45See Investment Company Act Release No. 

34189 (February 5, 2021) (File No. 812–15165). 

46See Investment Company Act Release No. 

34215 (February 26, 2021) (File No. 812–15165). 

47See Investment Company Act Release No. 

34221 (March 8, 2021) (File No. 812–15162). The 

Prior Blue Tractor Exemptive Order was granted in 

response to an application filed by Blue Tractor 

ETF Trust and Blue Tractor Group, LLC for an order 

under Section 6(c) of the 1940 Act for exemptions 

from various provisions of the 1940 Act and rules 

thereunder (the ‘‘Prior Blue Tractor Application’’). 

See Investment Company Act Release Nos. 33682 

(November 14, 2019) (Prior Blue Tractor 

Application) and 33710 (December 10, 2019) (Prior 

Blue Tractor Exemptive Order) (File No. 812– 

14625). 

48See Stance Approval Order, supra note 11. 

49Pursuant to the Prior Blue Tractor Exemptive 

Order and the RBB Exemptive Order, a Creation 

Basket with respect to the Stance Fund consists of 

the instruments that purchasers would deposit and 

that shareholders would receive upon purchasing or 

redeeming shares of the fund. 

50See Investment Company Act Release No. 

34194 (February 10, 2021) (File No. 812–15162). 

51See Investment Company Act Release No. 

34221 (March 9, 2021) (File No. 812–15162). 

52 15 U.S.C. 78f(b). 

53 15 U.S.C. 78f(b)(5). 

54See note 5, supra. 

55 15 U.S.C. 78f(b)(8). 56 15 U.S.C. 78s(b)(3)(A). 57 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

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

‘‘RBB Application’’).45 On February 26, 

2021, the Commission issued an order 

(the ‘‘RBB Exemptive Order’’) under the 

1940 Act granting the exemptions 

requested in the RBB Application.46 The 

RBB Application and RBB Exemptive 

Order incorporate by reference the terms 

and conditions of the exemptive order 

granted to Blue Tractor ETF Trust and 

Blue Tractor Group, LLC, as such order 

may be amended from time to time (the 

‘‘Prior Blue Tractor Exemptive 

Order’’).47

Under the Prior Blue Tractor 

Exemptive Order and thus the RBB 

Exemptive Order, the Stance Fund is 

required to publish a Proxy Portfolio 

that is a basket of securities and cash 

that, while different from the fund’s 

portfolio, is designed to closely track its 

daily performance. Specifically, each 

day, a proprietary algorithmic process 

will be applied to the Stance Fund’s 

portfolio to generate a basket of 

securities and cash the performance of 

which is designed to closely track the 

daily performance of the fund’s 

portfolio. Investments made by the 

Stance Fund will comply with the 

conditions set forth in the RBB 

Exemptive Order and the Prior Blue 

Tractor Exemptive Order.48

On September 18, 2020, and as 

amended on January 19, 2021, Blue 

Tractor ETF Trust and Blue Tractor 

Group, LLC sought to amend the Prior 

Blue Tractor Exemptive Order (the 

‘‘Updated Blue Tractor Application’’) to 

permit use of Creation Baskets 49 that 

include instruments that are not 

included, or are included with different 

weightings, in a fund’s Proxy Portfolio 

(i.e., for purposes of this filing, Custom 

Baskets).50 On March 9, 2021, the 

Commission issued an amended order 

that, among other things, permits the 

use of Custom Baskets that include 

instruments that are not included, or are 

included with different weightings in a 

fund’s Proxy Portfolio (the ‘‘Updated 

Blue Tractor Order’’).51

The Exchange thus proposes to 

update the listing rule for the Stance 

Fund to reflect the terms and conditions 

of the Updated Blue Tractor Order. 

Specifically, the Exchange proposes to 

reflect that the Stance Fund will comply 

with the terms of the Updated Blue 

Tractor Application and the Updated 

Blue Tractor Order and, accordingly, are 

permitted to use Custom Baskets that 

include instruments that are not 

included, or are included with different 

weightings, in the Stance Fund’s Proxy 

Portfolio. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,52 in general, and 

furthers the objectives of Section 6(b)(5) 

of the Act,53 in particular, in that it is 

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 a national market 

system, and, in general, to protect 

investors and the public interest. 

The proposed rule change is designed 

to remove impediments to and perfect 

the mechanism of a free and open 

market and, in general, to protect 

investors and the public interest 

because it would permit each of the 

Funds to use Custom Baskets, to the 

extent consistent with their applicable 

exemptive relief and in accordance with 

amended NYSE Arca Rule 8.601–E. The 

Exchange believes that the proposal, 

which would permit the Funds to use 

Custom Baskets that include 

instruments that are not included, or are 

included with different weightings, in a 

Fund’s Proxy Portfolio raises no novel 

issues under the Act.54 In addition, the 

Funds’ use of Custom Baskets would be 

consistent with, and contemplated by, 

amended Rule 8.601–E, and the 

Exchange believes that the proposed 

rule change would remove impediments 

to and perfect the mechanism of a free 

and open market and, in general, protect 

investors and the public interest 

because, to the extent the Funds wish to 

utilize Custom Baskets, the Funds will 

continue to be required to meet the 

initial and continued listing criteria set 

forth in Rule 8.601–E. 

The proposed rule change is also 

designed to prevent fraudulent and 

manipulative acts and practices, 

promote just and equitable principles of 

trade, remove impediments to and 

perfect the mechanism of a free and 

open market, and, in general, to protect 

investors and the public interest 

because, as noted above, all other 

representations made in the prior filings 

for the Funds remain unchanged and 

will continue to constitute continuing 

listing requirements for the Funds. 

For these reasons, the Exchange 

believes that the proposal is consistent 

with the Act. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

In accordance with Section 6(b)(8) of 

the Act,55 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. 

As noted above, the proposed rule 

change reflects amendments to the 

exemptive orders applicable to the 

Funds and would thus permit the Funds 

to operate consistent with their 

exemptive relief. The Exchange does not 

believe that the proposed change 

imposes any burden on competition, 

and, to the extent that the proposed rule 

change would continue to permit listing 

and trading of the Funds, the Exchange 

believes that the proposal could 

promote competition among various 

ETF products, to the benefit of 

investors. 

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 

19(b)(3)(A) of the Act 56 and Rule 19b– 

4(f)(6) thereunder.57


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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. 

58 17 CFR 240.19b–4(f)(6). 

59 17 CFR 240.19b–4(f)(6)(iii). 

60See the Custom Basket Approval Order, supra 

note 5. See also Securities Exchange Act Nos. 93546 

(November 9, 2021) 86 FR 63429 (November 16, 

2021) (SR–CboeBZX–2021–075) (Notice of Filing 

and Immediate Effectiveness of a Proposed Rule 

Change to Reflect a Modification to the Permitted 

Components of the Tracking Baskets of the Invesco 

Real Assets ESG ETF and Invesco US Large Cap 

Core ESG ETF). 

61For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 62 17 CFR 200.30–3(a)(12). 

A proposed rule change filed under 

Rule 19b–4(f)(6) 58 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),59 the 

Commission may designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange has asked the 

Commission to waive the 30-day 

operative delay so that the proposed 

rule change may take effect upon filing. 

The Commission notes that each Fund 

seeking to use Custom Baskets pursuant 

to this rule change represents that it is 

currently in compliance with Rule 

8.601–E, as amended by the Custom 

Basket Approval Order, and will 

continue to comply with all 

requirements of Rule 8.601–E, as 

amended by the Custom Basket 

Approval Order. In addition, the 

Exchange represents that all other 

representations made in the prior filings 

for the Funds remain unchanged and 

will continue to constitute continuing 

listing requirements for the Funds. The 

Commission believes that waiver of the 

30-day operative delay is consistent 

with the protection of investors and the 

public interest because the proposed 

rule change does not raise any new or 

novel issues.60 Accordingly, the 

Commission waives the 30-day 

operative delay and designates the 

proposal operative upon filing.61

At any time within 60 days of the 

filing of such proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSEArca–2022–30 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–2022–30. 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–2022–30 and 

should be submitted on or before June 

17, 2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.62

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–11397 Filed 5–26–22; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF STATE 

[Public Notice: 11752] 

30-Day Notice of Proposed Information 

Collection: Statement of Registration 

ACTION: Notice of request for public 

comment and submission to OMB of 

proposed collection of information. 

SUMMARY: The Department of State has 

submitted the information collection 

described below to the Office of 

Management and Budget (OMB) for 

approval. In accordance with the 

Paperwork Reduction Act of 1995 we 

are requesting comments on this 

collection from all interested 

individuals and organizations. The 

purpose of this Notice is to allow 30 

days for public comment. 

DATES: Submit comments up to June 27, 

2022. 

ADDRESSES: Written comments and 

recommendations for the proposed 

information collection should be sent 

within 30 days of publication of this 

notice to www.reginfo.gov/public/do/ 

PRAMain. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. 

FOR FURTHER INFORMATION CONTACT: 

Direct requests for additional 

information regarding the collection 

listed in this notice, including requests 

for copies of the proposed collection 

instrument and supporting documents, 

to Andrea Battista, who may be reached 

at BattistaAL@state.gov or 202–663– 

3136. 

SUPPLEMENTARY INFORMATION:

• Title of Information Collection: 

Statement of Registration. 

• OMB Control Number: 1405–0002. 

• Type of Request: Extension of a 

Currently Approved Collection. 

• Originating Office: Directorate of 

Defense Trade Controls (DDTC). 

• Form Number: DS–2032. 

• Respondents: Respondents are any 

person/s who engages in the United 

States in the business of manufacturing 

or exporting or temporarily importing 

defense articles. 

• Estimated Number of Respondents: 

14,800. 

• Estimated Number of Responses: 

17,688. 

• Average Time per Response: 1 hour 

to complete the registration. 

• Total Estimated Burden Time: 

17,688 hours. 

• Frequency: Annually, with 

amendments as necessary. 

• Obligation to Respond: Required to 

Obtain or Retain a Benefit. 


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