Federal Register / Vol. 87, No. 116 / Thursday, June 16, 2022 / Notices 36347 

1See Docket No. RM2018–3, Order Adopting 

Final Rules Relating to Non-Public Information, 

June 27, 2018, Attachment A at 19–22 (Order No. 

4679). 

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

2 17 CFR 240.19b–4. 

FOR FURTHER INFORMATION CONTACT: 

David A. Trissell, General Counsel, at 

202–789–6820. 

SUPPLEMENTARY INFORMATION: 

Table of Contents 

I. Introduction 

II. Docketed Proceeding(s) 

I. Introduction 

The Commission gives notice that the 

Postal Service filed request(s) for the 

Commission to consider matters related 

to negotiated service agreement(s). The 

request(s) may propose the addition or 

removal of a negotiated service 

agreement from the market dominant or 

the competitive product list, or the 

modification of an existing product 

currently appearing on the market 

dominant or the competitive product 

list. 

Section II identifies the docket 

number(s) associated with each Postal 

Service request, the title of each Postal 

Service request, the request’s acceptance 

date, and the authority cited by the 

Postal Service for each request. For each 

request, the Commission appoints an 

officer of the Commission to represent 

the interests of the general public in the 

proceeding, pursuant to 39 U.S.C. 505 

(Public Representative). Section II also 

establishes comment deadline(s) 

pertaining to each request. 

The public portions of the Postal 

Service’s request(s) can be accessed via 

the Commission’s website (http://

www.prc.gov). Non-public portions of 

the Postal Service’s request(s), if any, 

can be accessed through compliance 

with the requirements of 39 CFR 

3011.301.1

The Commission invites comments on 

whether the Postal Service’s request(s) 

in the captioned docket(s) are consistent 

with the policies of title 39. For 

request(s) that the Postal Service states 

concern market dominant product(s), 

applicable statutory and regulatory 

requirements include 39 U.S.C. 3622, 39 

U.S.C. 3642, 39 CFR part 3030, and 39 

CFR part 3040, subpart B. For request(s) 

that the Postal Service states concern 

competitive product(s), applicable 

statutory and regulatory requirements 

include 39 U.S.C. 3632, 39 U.S.C. 3633, 

39 U.S.C. 3642, 39 CFR part 3035, and 

39 CFR part 3040, subpart B. Comment 

deadline(s) for each request appear in 

section II. 

II. Docketed Proceeding(s) 

1. Docket No(s).: MC2022–66 and 

CP2022–72; Filing Title: USPS Request 

to Add Priority Mail Contract 746 to 

Competitive Product List and Notice of 

Filing Materials Under Seal; Filing 

Acceptance Date: June 10, 2022; Filing 

Authority: 39 U.S.C. 3642, 39 CFR 

3040.130 through 3040.135, and 39 CFR 

3035.105; Public Representative: 

Gregory Stanton; Comments Due: June 

21, 2022. 

2. Docket No(s).: MC2022–67 and 

CP2022–73; Filing Title: USPS Request 

to Add Priority Mail Contract 747 to 

Competitive Product List and Notice of 

Filing Materials Under Seal; Filing 

Acceptance Date: June 10, 2022; Filing 

Authority: 39 U.S.C. 3642, 39 CFR 

3040.130 through 3040.135, and 39 CFR 

3035.105; Public Representative: 

Jennaca Upperman; Comments Due: 

June 21, 2022. 

This Notice will be published in the 

Federal Register. 

Erica A. Barker, 

Secretary. 

[FR Doc. 2022–12971 Filed 6–15–22; 8:45 am] 

BILLING CODE 7710–FW–P 

POSTAL SERVICE 

Product Change—Priority Mail 

Negotiated Service Agreement 

AGENCY: Postal ServiceTM. 

ACTION: Notice. 

SUMMARY: The Postal Service gives 

notice of filing a request with the Postal 

Regulatory Commission to add a 

domestic shipping services contract to 

the list of Negotiated Service 

Agreements in the Mail Classification 

Schedule’s Competitive Products List. 

DATES: Date of required notice: June 16, 

2022. 

FOR FURTHER INFORMATION CONTACT: 

Sean Robinson, 202–268–8405. 

SUPPLEMENTARY INFORMATION: The 

United States Postal Service® hereby 

gives notice that, pursuant to 39 U.S.C. 

3642 and 3632(b)(3), on June 10, 2022, 

it filed with the Postal Regulatory 

Commission a USPS Request to Add 

Priority Mail Contract 746 to 

Competitive Product List. Documents 

are available at www.prc.gov, Docket 

Nos. MC2022–66, CP2022–72. 

Sean Robinson, 

Attorney, Corporate and Postal Business Law. 

[FR Doc. 2022–12948 Filed 6–15–22; 8:45 am] 

BILLING CODE 7710–12–P 

POSTAL SERVICE 

Product Change—Priority Mail 

Negotiated Service Agreement 

AGENCY: Postal ServiceTM. 

ACTION: Notice. 

SUMMARY: The Postal Service gives 

notice of filing a request with the Postal 

Regulatory Commission to add a 

domestic shipping services contract to 

the list of Negotiated Service 

Agreements in the Mail Classification 

Schedule’s Competitive Products List. 

DATES: Date of required notice: June 16, 

2022. 

FOR FURTHER INFORMATION CONTACT: 

Sean Robinson, 202–268–8405. 

SUPPLEMENTARY INFORMATION: The 

United States Postal Service® hereby 

gives notice that, pursuant to 39 U.S.C. 

3642 and 3632(b)(3), on June 10, 2022, 

it filed with the Postal Regulatory 

Commission a USPS Request to Add 

Priority Mail Contract 747 to 

Competitive Product List. Documents 

are available at www.prc.gov, Docket 

Nos. MC2022–67, CP2022–73. 

Sean Robinson, 

Attorney, Corporate and Postal Business Law. 

[FR Doc. 2022–12945 Filed 6–15–22; 8:45 am] 

BILLING CODE 7710–12–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95082; File No. SR– 

NASDAQ–2022–035] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Relating to the 

ALPS Active REIT ETF of ALPS ETF 

Trust To Provide for the Use of 

‘‘Custom Baskets’’ Applicable to a 

Series of Proxy Portfolio Shares Listed 

Pursuant to Nasdaq Rule 5750 

June 10, 2022. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that on May 27, 

2022, The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’ 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 


khammond on DSKJM1Z7X2PROD with NOTICES
36348 Federal Register / Vol. 87, No. 116 / Thursday, June 16, 2022 / Notices 

3Nasdaq submitted for immediate effectiveness a 

proposed rule change for Nasdaq Rule 5750 in 

Securities Exchange Act Release No. 89110 (June 

22, 2020), 85 FR 38461 (June 26, 2020) (SR– 

NASDAQ–2020–032). 

4See Securities Exchange Act Release No. 91062 

(Feb. 4, 2021), 86 FR 8972 (Feb. 10, 2021) (SR– 

NASDAQ–2021–005). 

5See Securities Exchange Act Release No. 93277 

(Oct. 8, 2021), 86 FR 57227 (Oct. 14, 2021) (SR– 

NASDAQ–2021–065); see also Securities Exchange 

Act Release No. 92790 (Aug. 27, 2021), 86 FR 49357 

(Sept. 2, 2021) (SR–NASDAQ–2021–065); see also 

Investment Company Act Release No. 34194 (Feb. 

10, 2021) (notice); see also Investment Company 

Act Release No. 34221 (March 9, 2021) (order). 6See ALPS ETF Trust, et al., Investment 

Company Act Release No. 34149 (Dec. 22, 2020) 

(notice); see also Investment Company Act Release 

No. 34181 (Jan. 21, 2021) (order); see also 

Investment Company Act Release No. 34194 (Feb. 

10, 2021) (notice); see also Investment Company 

Act Release No. 34221 (March 9, 2021) (order). 7The Registration Statement, as amended to date, 

is available on the Commission’s website: https:// 

www.sec.gov/ix?doc=/Archives/edgar/data/ 

0001414040/000139834422006698/fp0074021_

485bpos-ixbrl.htm. 

8 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. 

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 provide for 

the use of ‘‘Custom Baskets’’ consistent 

with the exemptive relief issued 

pursuant to the Investment Company 

Act of 1940 applicable to a series of 

Proxy Portfolio Shares. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/nasdaq/rules, at the principal 

office of the Exchange, and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

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

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

In June 2020 Nasdaq submitted a 

proposed rule change for immediate 

effectiveness with the Commission for 

the listing and trading, or trading 

pursuant to unlisted trading privileges, 

of Proxy Portfolio Shares under Nasdaq 

Rule 5750 (‘‘Proxy Portfolio Shares’’), 

the rule governing the listing and 

trading of Proxy Portfolio Shares on the 

Exchange.3 In February 2021 Nasdaq 

filed a proposed rule change for 

immediate effectiveness to list and trade 

shares of the Fund under Nasdaq Rule 

5750 (‘‘ALPS Fund Filing’’).4

Subsequently, the Commission 

approved a filing to amend Nasdaq Rule 

5750 (‘‘Custom Baskets Filing’’) to 

provide for the use of ‘‘Custom Baskets’’ 

consistent with the exemptive relief 

issued pursuant to the Investment 

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

applicable to a series of Proxy Portfolio 

Shares.5 The Exchange filed this 

proposed rule change to permit the 

Fund to use Custom Baskets. 

As set forth in the ALPS Fund Filing, 

the Fund is an actively-managed 

exchange-traded fund. The Shares are 

offered by the Trust, which was 

established as a Delaware statutory trust 

on September 13, 2007. The 

Commission issued an order, upon 

which the Trust may rely, granting 

certain exemptive relief under the 1940 

Act.6 The Trust, which is registered 

with the Commission as an investment 

company under the 1940 Act, has filed 

a registration statement on Form N–1A 

(‘‘Registration Statement’’) relating to 

the Fund with the Commission.7 The 

Fund is a series of the Trust. 

The Shares are currently listed and 

traded on the Exchange and the 

proposed rule change updates certain 

representations made in the ALPS Fund 

Filing to incorporate the necessary 

additional representations in the 

Custom Baskets Filing to permit the 

Fund to avail itself of the use of Custom 

Baskets. 

The ALPS Fund Filing currently says 

that the names and quantities of the 

instruments that constitute the basket of 

securities for creations and redemptions 

will be the same as the Fund’s Proxy 

Basket, except to the extent purchases 

and redemptions are made entirely or in 

part on a cash basis. The representation 

adds that in the event that the value of 

the Proxy Basket is not the same as the 

Fund’s net asset value (‘‘NAV’’), the 

creation and redemption baskets will 

consist of the securities included in the 

Proxy Basket plus or minus an amount 

of cash equal to the difference between 

the NAV and the value of the Proxy 

Basket, as described in more detail in 

the ALPS Fund Filing (the 

representations referred to in this 

paragraph are collectively referred to 

hereafter as the ‘‘Names and Quantities 

Rep’’). 

This Names and Quantities Rep will 

be updated to take into account that the 

Custom Baskets Filing adopted 

subparagraph (c)(6) under Nasdaq Rule 

5750 (Definitions), which defines 

‘‘Custom Basket,’’ for the purposes of 

Nasdaq Rule 5750. The issuer represents 

that for the purposes of this rule, the 

term ‘‘Custom Basket’’ means a portfolio 

of securities that is different from the 

Proxy Basket and is otherwise 

consistent with the exemptive relief 

issued pursuant to the Investment 

Company Act of 1940 applicable to a 

series of Proxy Portfolio Shares. 

The ALPS Fund Filing also says the 

Exchange will obtain a representation 

from the issuer of the shares of the Fund 

that the NAV per share of the Fund will 

be calculated daily and will be made 

available to all market participants at 

the same time. This representation will 

be updated to comply with the Custom 

Baskets Filing’s initial listing 

requirement and as reflected in Nasdaq 

Rule 5750(d)(1)(B). The issuer 

represents that (i) the NAV per share for 

the Fund will be calculated daily, (ii) 

each of the following will be made 

available to all market participants at 

the same time when disclosed: the NAV, 

the Proxy Basket, and the Fund 

Portfolio, and (iii) the issuer and any 

person acting on behalf of the series of 

Proxy Portfolio Shares will comply with 

Regulation Fair Disclosure under the 

Securities Exchange Act of 1934,8

including with respect to any Custom 

Basket. 

The issuer represents that it will 

update the representation in the ALPS 

Fund Filing to reflect Nasdaq Rule 

5750(b)(5), as amended by the Custom 

Basket filing, to take into account 

Custom Baskets. Specifically, the issuer 

represents that if the investment adviser 

to the Investment Company issuing 

Proxy Portfolio Shares is registered as a 

broker-dealer or is affiliated with a 

broker-dealer, such investment adviser 

will erect and maintain a ‘‘fire wall’’ 

between the investment adviser and 

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

respect to access to information 

concerning the composition of and/or 

changes to the Fund Portfolio, the Proxy 

Basket, and/or Custom Basket, as 

applicable. Any person related to the 

investment adviser or Investment 


khammond on DSKJM1Z7X2PROD with NOTICES
Federal Register / Vol. 87, No. 116 / Thursday, June 16, 2022 / Notices 36349 

9 15 U.S.C. 80a et seq. 10See Nasdaq Rule 5750(d)(1)(B). 

Company who makes decisions 

pertaining to the Investment Company’s 

Fund Portfolio, the Proxy Basket, and/ 

or Custom Basket, as applicable, or has 

access to nonpublic information 

regarding the Fund Portfolio, the Proxy 

Basket, and/or Custom Basket, as 

applicable, or changes thereto must be 

subject to procedures designed to 

prevent the use and dissemination of 

material nonpublic information 

regarding the Fund Portfolio and/or the 

Proxy Basket, and/or Custom Basket, as 

applicable, or changes thereto. 

Under the ALPS Fund Filing, the 

issuer represents that it will continue to 

comply with all aspects of the listing 

rule and additionally will comply with 

the revised listing rule, Nasdaq Rule 

5750(d)(2)(A), as amended by the 

Custom Baskets Filing, to provide that 

with respect to each Custom Basket 

utilized by a series of Proxy Portfolio 

Shares, each business day, before the 

opening of trading in the regular market 

session, the investment company shall 

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 Basket only with 

respect to cash. 

The Custom Baskets Filing added 

‘‘Custom Basket’’ to the non-exclusive 

list of information relating to Proxy 

Portfolio Shares that a Reporting 

Authority calculates and reports, i.e., 

including, but not limited to, the Proxy 

Basket; the Fund Portfolio; the amount 

of any cash distribution to holders of 

Proxy Portfolio Shares, net asset value, 

or other information relating to the 

issuance, redemption or trading of 

Proxy Portfolio Shares. The issuer 

represents that it will comply with this 

and the Custom Baskets Filing’s 

additional requirement in Nasdaq Rule 

5750(b)(6). Thus, the issuer represents 

that any person or entity, including a 

custodian, Reporting Authority, 

distributor, or administrator, who has 

access to nonpublic information 

regarding the Fund Portfolio, the Proxy 

Basket, or the Custom Basket, as 

applicable, or changes thereto, must be 

subject to procedures designed to 

prevent the use and dissemination of 

material nonpublic information 

regarding the applicable Fund Portfolio, 

the Proxy Basket, or the Custom Basket, 

as applicable, or changes thereto. 

Moreover, if any such person or entity 

is registered as a broker-dealer or 

affiliated with a broker-dealer, such 

person or entity will erect and 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 Fund Portfolio, Proxy 

Basket, or the Custom Basket, as 

applicable. 

The adviser/sub-adviser firewall 

representation in the ALPS Fund Filing 

is being updated to reflect Custom 

Baskets and will now state that in the 

event (a) the Adviser or any sub adviser 

registers 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 

affiliated with another broker dealer, it 

will implement and will maintain a fire 

wall with respect to its relevant 

personnel and/or such broker dealer 

affiliate, as applicable, regarding access 

to information concerning the 

composition and/or changes to the 

Fund’s Portfolio, the Proxy Basket, and/ 

or the Custom Basket, as applicable, and 

will be subject to procedures designed 

to prevent the use and dissemination of 

material nonpublic information 

regarding the Fund’s Portfolio, the 

Proxy Basket, and/or the Custom Basket, 

as applicable. 

The Fund will comply with the 

above-described conditions and with 

the Proxy Portfolio Shares listing rule 

Nasdaq Rule 5750, as amended, to 

provide for the use of Custom Baskets 

consistent with the exemptive relief 

issued pursuant to the Investment 

Company Act of 1940 9 applicable to a 

series of Proxy Portfolio Shares. 

Otherwise, the listing and trading rules, 

including all representations made in 

the ALPS Fund Filing, will remain 

unchanged and will continue to comply 

with Nasdaq Rule 5750. 

2. Statutory Basis 

Nasdaq believes that the proposal is 

consistent with Section 6(b) of the Act 

in general and Section 6(b)(5) of the Act, 

in particular, in that it is 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 facilitating 

transactions in securities, and 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 Exchange believes that proposed 

rule change to update certain 

representations made in the ALPS Fund 

Filing to incorporate the necessary 

additional representations in the 

Custom Baskets Filing to permit the 

Fund to use Custom Baskets will perfect 

the mechanism of a free and open 

market and, in general, to protect 

investors and the public interest in that 

it will permit use of Custom Baskets by 

the Fund, and is consistent with the 

applicable exemptive relief, in a manner 

that will benefit investors by increasing 

efficiencies in the creation and 

redemption process. More specifically, 

Custom Baskets will provide flexibility 

in portfolio construction that may assist 

in reducing taxable capital gains 

distributions for investors and may 

generally improve tax efficiencies. 

Further, the use of Custom Baskets, to 

the extent permitted by the Fund’s 

exemptive relief, may also result in 

narrower bid/ask spreads and smaller 

premiums and discounts to the NAV for 

Proxy Portfolio Shares to the extent that 

the Fund utilizes Custom Baskets with 

fewer securities which may, in turn, 

allow authorized participants to more 

efficiently hedge and participate 

generally in the Proxy Portfolio Shares. 

In addition to this, the flexibility 

provided in the creation of Custom 

Baskets may serve to increase 

competition between the issuer of the 

Shares and other issuers. The Exchange 

believes the proposed rule change will 

enhance competition among market 

participants overall, to the benefit of 

investors and the marketplace. 

The Exchange also believes that 

updating the Names and Quantities Rep 

in the ALPS Fund Filing to take into 

account that the Custom Baskets Filing 

adopted subparagraph (c)(6) under 

Nasdaq Rule 5750 (Definitions), which 

defines ‘‘Custom Basket,’’ for the 

purposes of Nasdaq Rule 5750, to mean 

a portfolio of securities that is different 

from the Proxy Basket and is otherwise 

consistent with the exemptive relief 

issued pursuant to the 1940 Act 

applicable to a series of Proxy Portfolio 

Shares, will remove impediments to and 

perfects the mechanism of a free and 

open market and, in general, protects 

investors and the public interest. 

Additionally, the Exchange believes 

that updating the current representation 

in the ALPS Fund Filing that says the 

Exchange will obtain a representation 

from the issuer of the Shares of the 

Fund that the NAV per share of the 

Fund will be calculated daily and will 

be made available to all market 

participants at the same time, to provide 

that the Exchange will also obtain a 

representation from the issuer of each 

series of Proxy Portfolio Shares that the 

issuer and any person acting on behalf 

of the series of Proxy Portfolio Shares 

will comply with Regulation Fair 

Disclosure under the Securities 

Exchange Act of 1934, including with 

respect to any Custom Basket,10 will be 


khammond on DSKJM1Z7X2PROD with NOTICES
36350 Federal Register / Vol. 87, No. 116 / Thursday, June 16, 2022 / Notices 

11 15 U.S.C. 78s(b)(3)(A)(iii). 

12 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires the Exchange 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. 

13 17 CFR 240.19b–4(f)(6). 

14 17 CFR 240.19b–4(f)(6)(iii). 

15See supra note 5. 

16See id. See also Securities Exchange Act No. 

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). 

17For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

to the benefit of the investing public and 

market participants. 

Nasdaq believes that having the issuer 

update its representation in the ALPS 

Fund Filing to reflect Nasdaq Rule 

5750(b)(5), as amended by the Custom 

Basket filing, to take into account 

Custom Baskets is designed to prevent 

fraudulent and manipulative acts and 

practices by acting as a safeguard 

against any misuse and improper 

dissemination of nonpublic information 

related to the Fund’s Custom Basket or 

changes thereto. 

The Exchange also believes that 

updating the current representation 

under the ALPS Fund Filing will 

continue to comply with all aspects of 

the listing rule and additionally will 

comply with the revised listing rule, 

Nasdaq Rule 5750(d)(2)(A), as amended 

by the Custom Baskets Filing, to provide 

that with respect to each Custom Basket 

utilized by a series of Proxy Portfolio 

Shares, each business day, before the 

opening of trading in the regular market 

session, the investment company shall 

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 Basket only with 

respect to cash, will remove 

impediments to and perfect the 

mechanism of a free and open market 

and, in general, protect investors and 

the public interest. 

Additionally, the Exchange believes 

that in accordance with the Custom 

Baskets Filing that added ‘‘Custom 

Basket’’ to the non-exclusive list of 

information relating to Proxy Portfolio 

Shares that a Reporting Authority 

calculates and reports, that updating the 

representation to include the issuer 

representing the Custom Baskets Filing’s 

additional requirement set forth in 

Nasdaq Rule 5750(b)(6) that says any 

person or entity, including a custodian, 

Reporting Authority, distributor, or 

administrator, who has access to 

nonpublic information regarding the 

Fund Portfolio, the Proxy Basket, or the 

Custom Basket, as applicable, or 

changes thereto, must be subject to 

procedures designed to prevent the use 

and dissemination of material 

nonpublic information regarding the 

applicable Fund Portfolio, the Proxy 

Basket, or the Custom Basket, as 

applicable, or changes thereto, will 

remove impediments to and perfect the 

mechanism of a free and open market 

and, in general, to protect investors and 

the public interest. Nasdaq also believes 

that the issuer updating its 

representation to include that if any 

such person or entity is registered as a 

broker-dealer or affiliated with a brokerdealer, such person or entity will erect 

and 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 Fund Portfolio, Proxy 

Basket, or Custom Basket, as applicable, 

will remove impediments to and perfect 

the mechanism of a free and open 

market and, in general, protect investors 

and the public interest. 

The Exchange also believes that 

updating the current adviser/subadviser firewall representation under 

the ALPS Fund Filing to reflect Custom 

Baskets and to now state that in the 

event (a) the Adviser or any sub adviser 

registers 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 

affiliated with another broker dealer, it 

will implement and will maintain a fire 

wall with respect to its relevant 

personnel and/or such broker dealer 

affiliate, as applicable, regarding access 

to information concerning the 

composition and/or changes to the 

Fund’s Portfolio, the Proxy Basket, and/ 

or the Custom Basket, as applicable, and 

will be subject to procedures designed 

to prevent the use and dissemination of 

material nonpublic information 

regarding the Fund’s Portfolio, the 

Proxy Basket, and/or the Custom Basket, 

as applicable, will remove impediments 

to and perfect the mechanism of a free 

and open market and, in general, protect 

investors and the public interest. 

For the above reasons, the Exchange 

believes that the proposed rule change 

is consistent with the requirements of 

Section 6(b)(5) of the Act. 

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 

Exchange believes the proposed rule 

change, by permitting the use of Custom 

Baskets by the Fund, is consistent with 

the Fund’s exemptive relief and would 

be to the benefit of investors and the 

marketplace. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

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)(iii) of the Act 11 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.12

A proposed rule change filed under 

Rule 19b–4(f)(6) 13 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),14 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 the 

Exchange represents that the Fund will 

comply with all representations stated 

herein, in particular, regarding its use of 

Custom Baskets, consistent with Nasdaq 

Rule 5750, as amended by the Custom 

Baskets Filing.15 In addition, the 

Exchange represents that all other 

representations made in the ALPS Fund 

Filing remain unchanged, and the Fund 

will continue to comply with Nasdaq 

Rule 5750, as amended. 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.16 Accordingly, the 

Commission waives the 30-day 

operative delay and designates the 

proposal operative upon filing.17


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Federal Register / Vol. 87, No. 116 / Thursday, June 16, 2022 / Notices 36351 

proposed rule’s impact on efficiency, competition, 

and capital formation. See 15 U.S.C. 78c(f). 

18 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3 In light of the proposed change, the Exchange 

proposes to eliminate the reference to Fee Code CP 

in the Rate Table—Underlying Symbol List A table 

in the Fee Schedule. Fee Code CP will continue to 

apply to Sector Indexes, which will continue to be 

reflected in the Rate Table—All Products Excluding 

Underlying Symbol List A. 

4 15 U.S.C. 78f(b). 

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

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– 

NASDAQ–2022–035 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–NASDAQ–2022–035. 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–NASDAQ–2022–035 and 

should be submitted on or before July 7, 

2022. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.18

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2022–12943 Filed 6–15–22; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–95084; File No. SR–CBOE– 

2022–025] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Its Fees 

Schedule 

June 10, 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 June 1, 

2022, Cboe Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘Cboe Options’’) filed 

with the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been prepared by the Exchange. 

The Commission is publishing this 

notice to solicit comments on the 

proposed rule change from interested 

persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

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

or ‘‘Cboe Options’’) proposes to amend 

its Fees Schedule. The text of the 

proposed rule change is provided in 

Exhibit 5. 

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 

The Exchange proposes to amend its 

Fees Schedule, effective June 1, 2022. 

Particularly, the Exchange proposes to 

amend fees relating to Customer orders 

in OEX, OEX Weekly, XEO and XEO 

Weekly. Currently, Customer orders in 

OEX and XEO yield fee code CO and are 

assessed a fee of $0.40 per contract. 

Customer orders in OEX Weekly and 

XEO Weekly yield fee code CP and are 

assessed a fee of $0.30 per contract. The 

Exchange proposes now to apply a 

single rate for both monthly and weekly 

OEX and XEO Customer orders. 

Specifically, the Exchange proposes to 

assess $0.35 per contract for all OEX 

and XEO Customers orders, which will 

each yield Fee Code CO going forward.3

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.4 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 5 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, 


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