Federal Register / Vol. 82, No. 157 / Wednesday, August 16, 2017 / Notices 38973 

13 15 U.S.C. 78s(b)(3)(A). 14 17 CFR 240.19b–4(f). 

15 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. 

3Managed Trust Security means a security that is 

registered under the Securities Act of 1933 (15 

U.S.C. 77a), as amended (the ‘‘Securities Act’’), is 

issued by a trust that (1) is a commodity pool as 

defined in the Commodity Exchange Act (7 U.S.C. 

1) (the ‘‘CEA’’), and that is managed by a 

commodity pool operator registered with the 

Commodity Futures Trading Commission (the 

‘‘CFTC’’), and (2) holds long and/or short positions 

in exchange-traded futures contracts and/or certain 

Continued 

change to fee code RT represents a 

significant departure from previous 

pricing offered by the Exchange or from 

pricing offered by the Exchange’s 

competitors. Additionally, Members 

may opt to disfavor the Exchange’s 

pricing if they believe that alternatives 

offer them better value. Accordingly, the 

Exchange does not believe that the 

proposed changes will impair the ability 

of Members or competing venues to 

maintain their competitive standing in 

the financial markets. The Exchange 

believes that its proposal would not 

burden intramarket competition because 

the proposed rates would apply 

uniformly to all Members. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The Exchange has not solicited, and 

does not intend to solicit, comments on 

this proposed rule change. The 

Exchange has not received any written 

comments from members or other 

interested parties. 

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) 

of the Act 13 and paragraph (f) of Rule 

19b–4 thereunder.14 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. 

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 No. SR– 

BatsEDGA–2017–20 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 No. 

SR–BatsEDGA–2017–20. 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 Web site (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 Web site 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; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File No. SR–BatsEDGA– 

2017–20, and should be submitted on or 

before September 6, 2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.15

Robert W. Errett, 

Deputy Secretary. 

[FR Doc. 2017–17274 Filed 8–15–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81373; File No. SR– 

NYSEArca–2017–85] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing of Proposed 

Rule Change To Amend NYSE Arca 

Equities Rule 8.700 To Reference 

EURO STOXX 50 Volatility Index 

Futures and To List and Trade Shares 

of the ProShares European Volatility 

Futures ETF 

August 10, 2017. 

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 July 28, 

2017, NYSE Arca, Inc. (‘‘Exchange’’ or 

‘‘NYSE Arca’’) filed with the Securities 

and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the self-regulatory organization. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to amend 

NYSE Arca Equities Rule 8.700 to add 

EURO STOXX 50 Volatility Index 

(VSTOXX®) futures to the financial 

instruments that an issue of Managed 

Trust Securities may hold; and (2) to list 

and trade shares of the ProShares 

European Volatility Futures ETF under 

proposed amended NYSE Arca Equities 

Rule 8.700. The proposed change is 

available on the Exchange’s Web site 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 

NYSE Arca Equities Rule 8.700 

permits the trading of Managed Trust 

Securities either by listing or pursuant 

to unlisted trading privileges (‘‘UTP’’).3


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currency forward contracts and/or swaps selected 

by the trust’s advisor consistent with the trust’s 

investment objectives, which will only include, 

exchange-traded futures contracts involving 

commodities, commodity indices, currencies, 

currency indices, stock indices, fixed income 

indices, interest rates and sovereign, private and 

mortgage or asset backed debt instruments, and/or 

forward contracts on specified currencies, and/or 

swaps on stock indices, fixed income indices, 

commodity indices, commodities, currencies, 

currency indices, or interest rates, each as disclosed 

in the trust’s prospectus as such may be amended 

from time to time, and cash and cash equivalents; 

and (ii) is issued and redeemed continuously in 

specified aggregate amounts at the next applicable 

net asset value. See NYSE Arca Equities Rule 

8.700(c)(1). 

4On May 12, 2017, the Trust filed with the 

Commission a registration statement on Form S–1 

under the Securities Act of 1933 (15 U.S.C. 77a) 

(‘‘Securities Act’’) relating to the Fund (File No. 

333–217962) (the ‘‘Registration Statement’’). The 

description of the operation of the Trust and the 

Fund herein is based, in part, on the Registration 

Statement. 

5The VSTOXX is a non-investable index that 

seeks to measure the volatility of the Index over a 

future time horizon as implied by the price of 

option contracts on the Index available on the 

Eurex. The VSTOXX does not measure the actual 

volatility of the Index. 

6These countries include Austria, Belgium, 

Finland, France, Germany, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal and Spain. 

7Eurex is a member of the ISG and, as such, the 

Exchange may obtain information regarding trading 

in the Futures Contracts. For a list of the current 

members and affiliate members of ISG, see 

www.isgportal.com. 

8The Exchange notes that the Commission has 

issued a notice of effectiveness regarding 

amendments to NYSE Arca Equities Rule 5.2(j)(6)(v) 

to add futures on VSTOXX as a ‘‘Futures Reference 

Asset’’ underlying an issue of ‘‘Futures-Linked 

Securities’’. See Securities Exchange Act Release 

No. 79975 (February 6, 2017), 82 FR 10418 

(February 10, 2017) (SR–NYSEArca–2017–08) 

(notice of filing and immediate effectiveness to 

amend NYSE Arca Equities Rule 5.2(j)(6)(v) to add 

EURO STOXX 50 Volatility Futures to the 

definition of Futures Reference Asset in Rule 

5.2(j)(6)). See also, Securities Exchange Act Release 

No. 79069 (October 7, 2016), 81 FR 70714 (October 

13, 2016) (SR–BatsBZX–2016–26) (order approving 

amendments to Bats BZX Exchange, Inc. Rule 

14.11(d) to add EURO STOXX 50 Volatility Futures 

to the definition of Futures Reference Asset). 

9The Commission has previously approved the 

listing and trading of other issues of Managed Trust 

Securities on the Exchange. See Securities 

Exchange Act Release Nos. 60064 (June 8, 2009), 74 

FR 28315 (June 15, 2009) (SR–NYSEArca–2009–30) 

(order approving the adoption of listing standards 

for Managed Trust Securities and the listing and 

trading of shares of the iShares® Diversified 

Alternatives Trust); 80254 (March 15, 2017), 82 FR 

14548 (March 21, 2017) (SR–NYSEArca–2016–96) 

(order approving proposed rule change to amend 

NYSE Arca Equities Rule 8.700 and to list and trade 

shares of the Managed Emerging Markets Trust). 

The Exchange proposes to amend NYSE 

Arca Equities Rule 8.700 to add futures 

and swaps on the EURO STOXX 50 

Volatility Index (VSTOXX) to the 

financial instruments in which an issue 

of Managed Trust Securities may hold 

long and/or short positions. (Futures on 

VSTOXX are referred to herein as 

‘‘Futures Contracts.’’) In addition, the 

Exchange proposes to list and trade the 

shares (the ‘‘Shares’’) of the ProShares 

European Volatility Futures ETF (the 

‘‘Fund’’) under proposed amended 

NYSE Arca Equities Rule 8.700.4

Proposed Amendments to NYSE Arca 

Equities Rule 8.700 

The Exchange proposes to amend 

NYSE Arca Equities Rule 8.700(c)(1) to 

add Futures Contracts and/or swaps on 

VSTOXX to the financial instruments in 

which an issue of Managed Trust 

Securities may hold long and/or short 

positions. 

The VSTOXX is based on EURO 

STOXX 50 Index (‘‘Index’’) real-time 

option prices that are listed on the 

Eurex Exchange (‘‘Eurex’’) and are 

designed to reflect the market 

expectations of near-term up to longterm volatility by measuring the square 

root of the implied variances across all 

options of a given time to expiration.5

The Index includes 50 stocks that are 

among the largest free-float market 

capitalization stocks from 11 Eurozone 

countries.6 Futures Contracts are cash 

settled and trade between the hours of 

7:30 a.m. and 10:30 p.m. Central 

European Time (‘‘CET’’) (2:30 a.m. and 

5:30 p.m. Eastern Time). The Futures 

Contract value is 100 Euros per index 

point of the underlying and it is traded 

to two decimal places with a minimum 

price change of 0.05 points (equivalent 

to a value of 5 Euros). The daily 

settlement price is determined during 

the closing auction of the respective 

Futures Contract. The last trading day 

and final settlement day is 30 calendar 

days prior to the third Friday of the 

expiration month of the underlying 

options, which is usually the 

Wednesday prior to the second to last 

Friday of the respective maturity month. 

Information regarding the VSTOXX and 

the Futures Contracts can be found on 

the STOXX Limited (‘‘STOXX’’) Web 

site and the Eurex Web site, 

respectively.7

STOXX computes the Index on a realtime basis throughout each trading day, 

from 8:50 a.m. until 5:30 CET (3:50 a.m. 

until 12:30 p.m. Eastern Time [sic]. 

VSTOXX levels will be calculated by 

STOXX and disseminated by major 

market data vendors on a real-time basis 

throughout each trading day. 

The Exchange believes that the 

proposed amendment to add Futures 

Contracts and/or swaps on VSTOXX to 

the financial instruments in which an 

issue of Managed Trust Securities may 

hold long and/or short positions will 

provide investors with the ability to 

better diversify and hedge their 

portfolios using an exchange traded 

security without having to trade directly 

in the underlying Futures Contracts, and 

will facilitate the listing and trading on 

the Exchange of additional Managed 

Trust Securities that will enhance 

competition among market participants, 

to the benefit of investors and the 

marketplace.8

ProShares European Volatility Futures 

ETF 

The Exchange proposes to list and 

trade the Shares of the Fund under 

proposed amended NYSE Arca Equities 

Rule 8.700. The Fund will be a 

commodity pool that is a series of the 

ProShares Trust II (‘‘Trust’’). The Fund’s 

sponsor and commodity pool operator 

will be ProShare Capital Management 

LLC (the ‘‘Sponsor’’). Brown Brothers 

Harriman & Co. will be the 

Administrator, Custodian and Transfer 

Agent of the Fund and its Shares. SEI 

Investments Distribution Co. (‘‘SEI’’) 

will be the distributor for the Fund’s 

Shares.9

The Sponsor is registered as a 

commodity pool operator and is 

affiliated with a FINRA-registered 

broker-dealer through common 

ownership. As part of the enterprisewide compliance program, the Sponsor 

has implemented a ‘‘fire wall’’ regarding 

access to information concerning the 

composition and/or changes to the 

Fund’s portfolio. The Sponsor’s Code of 

Ethics and internal controls are 

designed to prevent and detect such 

exchange of information. 

In the event (a) the Sponsor becomes 

newly affiliated with a broker-dealer, or 

(b) any new sponsor becomes affiliated 

with a broker-dealer, such broker-dealer 

shall erect and maintain a ‘‘fire wall’’ 

around the personnel of the sponsor 

who have access to information 

concerning changes and adjustments to 

the Disclosed Portfolio (as defined in 

NYSE Arca Equities Rule 8.700(c)(2)). 

Personnel of the sponsor who make 

decisions regarding the composition of 

the Disclosed Portfolio must be subject 

to procedures designed to prevent the 

use and dissemination of material 

nonpublic information regarding the 

Disclosed Portfolio. 

Operation of the Trust 

According to the Registration 

Statement, the Fund’s primary 

investment objective will be to provide 

long exposure to lead month Futures 

Contracts. The Futures Contracts are 

widely regarded as a general measure of 

the forward implied volatility of certain 


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10The Futures Contracts offer traders the ability 

to take a view on European implied volatility 

changes, trade the spread between different 

volatility indexes or hedge the volatility exposure 

of portfolios. The Futures Contracts are 

denominated in Euros and are traded on the Eurex 

under the ticker symbol ‘‘FVS’’. The performance of 

the Futures Contracts is tied to the performance of 

the VSTOXX. Both the Futures Contracts and the 

VSTOXX are negatively correlated to the Index. 

Investors that believe the forward implied market 

volatility of the Index will increase may buy the 

Futures Contracts. Conversely, investors that 

believe that the forward implied market volatility 

of the Index will decline may sell the Futures 

Contracts. The Futures Contracts are available with 

respect to the eight nearest successive calendar 

months. The market value of the Futures Contracts 

is available on the Eurex. 

11According to the Registration Statement, to 

‘‘roll’’ a Futures Contract means to sell a Futures 

Contract as it nears its expiration date and to 

replace it with a new contract that has a later 

expiration date. When rolling Futures Contracts, the 

Fund generally will select between Futures 

Contracts with the three nearest expiration dates 

(known as the front, second and third month 

contracts) based on an analysis of the cost of 

establishing and maintaining such positions. 

Futures Contracts with a longer term to expiration 

may be priced higher than Futures Contracts with 

a shorter term to expiration, a relationship called 

‘‘contango’’. When rolling Futures Contracts that are 

in contango, the Fund may sell the expiring Futures 

Contract at a lower price and buy a longer-dated 

Futures Contract at a higher price, resulting in a 

negative roll yield. During contango environments, 

the Fund’s active investment strategy will attempt 

to select among the front, second, and third month 

Futures Contracts in a manner that mitigates 

negative roll yield and potentially increases returns 

as compared to a strategy that uses a formulaic roll, 

always rolling to the Futures Contract with the 

nearest expiration. Conversely, Futures Contracts 

with a longer term to expiration may be priced 

lower than Futures Contracts with a shorter term to 

expiration, a relationship called ‘‘backwardation’’. 

When rolling Futures Contracts that are in 

backwardation, the Fund may sell the expiring 

Futures Contract at a higher price and buy the 

longer-dated Futures Contract at a lower price, 

resulting in a positive roll yield. During 

backwardation environments, the Fund’s active 

strategy will attempt to select among the front, 

second, and third month Futures Contracts in a 

manner that maximizes positive roll yield and 

potentially increases returns. 

12The term ‘‘normal market conditions’’ is 

defined in NYSE Arca Equities Rule 8.600(c)(5). 

13The Fund intends to enter into swap 

agreements only with major, global financial 

institutions; however, there are no limitations on 

the percentage of its assets the Fund may invest in 

swap agreements with a particular counterparty. 

The Fund may use various techniques to minimize 

credit risk. The Fund will seek to mitigate risks in 

connection with the uncleared OTC swaps by 

generally requiring that the counterparties for the 

Fund agree to post collateral for the benefit of the 

Fund, marked to market daily, subject to certain 

minimum thresholds. 

14According to the Registration Statement, 

Creation Units of the Fund are expected to be 

created when there is sufficient demand for Shares 

of the Fund that the market price per Share is at 

a premium to the net asset value (‘‘NAV’’) per 

Share. Authorized Participants will likely sell the 

Shares to the public at prices that are expected to 

reflect, among other factors, the trading price of the 

Shares and the supply of and demand for the Shares 

at the time of sale and are expected to fall between 

the NAV and the trading price of the Shares at the 

time of sale. Similarly, it is expected that Creation 

Units of the Fund will be redeemed when the 

market price per Share of the Fund is at a discount 

to the NAV per Share. The Sponsor expects that the 

exploitation of such arbitrage opportunities by 

Authorized Participants and their clients and 

customers will tend to cause the public trading 

price of the Shares to track the NAV per Share of 

the Fund closely over time. Retail investors seeking 

Continued 

blue-chip European companies.10 The 

Fund will use these Futures Contracts as 

a performance benchmark 

(‘‘Benchmark’’). The Fund will be 

actively managed and will have a 

secondary investment objective to 

outperform its Benchmark by actively 

managing the ‘‘rolling’’ of these Futures 

Contracts.11

According to the Registration 

Statement, by being long Futures 

Contracts, the Fund will seek to benefit 

from increases in the price of the 

Futures Contracts. When the price of 

Futures Contracts held by the Fund 

declines the Fund will lose value. The 

performance of the Futures Contracts is 

related to the performance of the 

VSTOXX. The Fund will not seek to 

track or outperform either the VSTOXX 

or the Index and the performance of the 

Fund will be very different from the 

performance of either the VSTOXX 

Index or the Index. 

According to the Registration 

Statement, in seeking to achieve the 

Fund’s investment objectives, the 

Sponsor will use a mathematical 

approach to investing. Using this 

approach, the Sponsor will determine 

the type, quantity and mix of 

investment positions that the Sponsor 

believes, in combination, should 

produce daily returns consistent with 

the Fund’s objectives. The Sponsor will 

rely upon a pre-determined model to 

generate orders that result in 

repositioning the Fund’s investments in 

accordance with its investment 

objective. 

Under normal market conditions,12

the Fund generally will seek to remain 

fully invested at all times in the Futures 

Contracts in a manner consistent with 

its investment objectives without regard 

to market conditions, trends or 

direction. 

The Fund will invest the remainder of 

its un-invested assets in high-quality, 

short-term debt instruments that have 

terms-to-maturity of less than 397 days, 

such as U.S. government securities and 

repurchase agreements (‘‘Money Market 

Instruments’’). 

Under limited circumstances, the 

Fund also may invest in swap contracts 

and forward contracts that reference its 

Benchmark (‘‘Financial Instruments’’). 

In the event position price or 

accountability limits are reached with 

respect to Futures Contracts, the 

Sponsor may, in its commercially 

reasonable judgment, cause the Fund to 

obtain exposure to the Futures Contracts 

through swaps referencing the Futures 

Contracts.13 The Fund may also invest 

in swaps if the market for a specific 

Futures Contract experiences 

emergencies (e.g., natural disaster, 

terrorist attack or an act of God) or 

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

crash) which, in the Sponsor’s 

commercially reasonable judgment, 

prevent, or otherwise make it 

impractical, for the Fund to obtain the 

appropriate amount of investment 

exposure to the affected Futures 

Contracts. 

The Fund will also hold cash or cash 

equivalents, such as U.S. Treasury 

securities or other high credit quality, 

short-term fixed-income or similar 

securities (such as shares of money 

market funds and collateralized 

repurchase agreements), for direct 

investment or as collateral for Futures 

Contracts and Financial Instruments 

and pending investment in Futures 

Contracts and Financial Instruments. 

The Fund may invest up to 100% of its 

assets in any of these types of cash or 

cash equivalent securities. 

Subject to the Sponsor’s rolling 

methodology used for the Fund, the 

Sponsor will not invest the assets of the 

Fund based on its view of the 

investment merit of a particular 

investment, other than for cash 

management purposes, nor does it 

conduct conventional volatility research 

or analysis, or forecast market 

movement or trends, in managing the 

assets of the Fund. The Fund will seek 

to remain fully invested at all times in 

Futures Contracts, Financial 

Instruments and Money Market 

Instruments that, in combination, 

provide exposure to the Futures 

Contracts consistent with its investment 

objective without regard to market 

conditions, trends or direction. 

Creation and Redemption Transactions 

According to the Registration 

Statement, an ‘‘Authorized Participant’’ 

may purchase (i.e., create) or redeem 

‘‘Creation Units’’ in the Fund. A 

Creation Unit is a block of 50,000 Shares 

of a Fund. The size of a Creation Unit 

is subject to change. A creation 

transaction generally will take place 

when an Authorized Participant 

deposits a specified amount of cash in 

exchange for a specified number of 

Creation Units. Similarly, Shares can be 

redeemed only in Creation Units, 

generally for cash.14 Purchase orders 


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38976 Federal Register / Vol. 82, No. 157 / Wednesday, August 16, 2017 / Notices 

to purchase or sell Shares on any day are expected 

to effect such transactions in the secondary market 

at the market price per Share, rather than in 

connection with the creation or redemption of 

Creation Units. 

15A Business Day is any day on which the NAV 

of the Fund is determined. 

will be irrevocable. Except when 

aggregated in Creation Units, Shares 

will not be redeemable. The prices at 

which creations and redemptions occur 

will be based on the next calculation of 

the NAV after an order is received in 

proper form. 

Creation and redemption transactions 

must be placed each day with SEI by the 

create/redeem cut-off time (i.e., 3:00 

Central Europe Time (9:00 a.m. Eastern 

Time most of the year)), or earlier if the 

Exchange or other exchange material to 

the valuation or operation of the Fund 

closes before the cut-off time, to receive 

that day’s NAV. The total payment 

required to create each Creation Unit is 

the NAV of 50,000 Shares on the 

purchase order date plus the applicable 

transaction fee. 

If permitted by the Sponsor in its sole 

discretion with respect to the Fund, an 

Authorized Participant may also agree 

to enter into or arrange for an exchange 

of a futures contract for related position 

(‘‘EFCRP’’) or block trade with the Fund 

whereby the Authorized Participant 

would also transfer to the Fund Futures 

Contracts at or near the closing 

settlement price for such contracts on 

the purchase order date. 

Redemption Procedures 

According to the Registration 

Statement, the procedures by which an 

Authorized Participant can redeem one 

or more Creation Units will mirror the 

procedures for the creation of Creation 

Units. On any ‘‘Business Day’’,15 an 

Authorized Participant may place an 

order with the Distributor to redeem one 

or more Creation Units. If a redemption 

order is received prior to the applicable 

cut-off time, or earlier if the Exchange 

or other exchange material to the 

valuation or operation of the Fund 

closes before the cut-off time, the day on 

which SEI receives a valid redemption 

order is the redemption order date. If 

the redemption order is received after 

the applicable cut-off time, the 

redemption order date will be the next 

day. Redemption orders will be 

irrevocable. 

Upon request of an Authorized 

Participant made at the time of a 

redemption order, the Sponsor at its 

sole discretion may determine, in 

addition to delivering redemption 

proceeds, to transfer Futures Contracts 

to the Authorized Participant pursuant 

to an EFCRP or to a block trade sale of 

Futures Contracts to the Authorized 

Participant. 

The redemption proceeds from the 

Fund will consist of the cash 

redemption amount and, if permitted by 

the Sponsor in its sole discretion with 

respect to the Fund, an EFCRP or block 

trade with the Fund as described in ‘‘— 

Creation and Redemption Transactions’’ 

above. The cash redemption amount 

will be equal to the NAV of the number 

of Creation Unit(s) of the Fund 

requested in the Authorized 

Participant’s redemption order as of the 

time of the calculation of the Fund’s 

NAV on the redemption order date, less 

transaction fees and any amounts 

attributable to any applicable EFCRP or 

block trade. 

Net Asset Value 

According to the Registration 

Statement, the NAV in respect of the 

Fund means the total assets of the Fund 

including, but not limited to, all cash 

and cash equivalents or other debt 

securities less total liabilities of the 

Fund, consistently applied under the 

accrual method of accounting. In 

particular, the NAV will include any 

unrealized profit or loss on open 

Futures Contracts and Financial 

Instruments, and any other credit or 

debit accruing to the Fund but unpaid 

or not received by the Fund. The NAV 

per Share of the Fund will be computed 

by dividing the value of the net assets 

of the Fund (i.e., the value of its total 

assets less total liabilities) by its total 

number of Shares outstanding. Expenses 

and fees will be accrued daily and taken 

into account for purposes of 

determining the NAV. The Fund will 

compute its NAV at the time set forth 

below, or an earlier time as set forth on 

www.ProShares.com, if necessitated by 

the Exchange or other exchange material 

to the valuation or operation of the 

Fund closing early. The Fund’s NAV is 

calculated only once each trading day. 

The NAV calculation time for the Fund 

will typically be 5:30 Central Europe 

Time (11:30 a.m. Eastern Time most of 

the year). 

In calculating the NAV of the Fund, 

the settlement value of the Fund’s nonexchange-traded Financial Instruments 

will be determined by applying the 

then-current disseminated levels for the 

Futures Contracts to the terms of the 

Fund’s non-exchange-traded Financial 

Instruments. However, in the event that 

underlying Futures Contracts are not 

trading due to the operation of daily 

limits or otherwise, the Sponsor may, in 

its sole discretion, choose to fair value 

the Futures Contracts in order to value 

the Fund’s non-exchange-traded 

Financial Instruments for purposes of 

the NAV calculation. Such fair value 

prices would generally be determined 

based on available inputs about the 

current value of the Futures Contracts 

and would be based on principles that 

the Sponsor deems fair and equitable so 

long as such principles are consistent 

with normal industry standards. 

Futures Contracts will be calculated at 

their then current market value, which 

is based upon the settlement price (for 

the Fund) or the last traded price before 

the NAV time, for that particular 

Futures Contract traded on the 

applicable exchange on the date with 

respect to which the NAV is being 

determined. If a Futures Contract could 

not be liquidated on such day, due to 

the operation of daily limits or other 

rules of the exchange upon which that 

position is traded or otherwise, the 

Sponsor may, in its sole discretion, 

choose to determine a fair value price as 

the basis for determining the market 

value of such position for such day. 

Such fair value prices would generally 

be determined based on available inputs 

about the current value of the Futures 

Contracts and would be based on 

principles that the Sponsor deems fair 

and equitable so long as such principles 

are consistent with normal industry 

standards. 

Short-term debt instruments will be 

priced at amortized cost. 

Indicative Optimized Portfolio Value 

(‘‘IOPV’’) 

The IOPV is an indicator of the value 

of the Fund’s net assets at the time the 

IOPV is disseminated. The IOPV will be 

calculated and disseminated every 15 

seconds throughout the trading day. The 

IOPV will generally be calculated using 

the prior day’s closing net assets of the 

Fund as a base and updating throughout 

the trading day changes in the value of 

the Futures Contracts and Financial 

Instruments held by the Fund. The 

IOPV should not be viewed as an actual 

real time update of the NAV because 

NAV is calculated only once at the end 

of each trading day. The IOPV also 

should not be viewed as a precise value 

of the Shares. 

The Exchange will disseminate the 

IOPV. In addition, the IOPV will be 

published on the Exchange’s Web site 

and is available through on-line 

information services such as Bloomberg 

Finance L.P. and/or Reuters. 

Availability of Information 

The Trust’s Web site, which will be 

publicly accessible at no charge, will 

contain the following information: (a) 

The daily NAV of the Trust, the daily 

NAV per Share, the prior Business Day’s 

NAV per Share, the reported daily 


asabaliauskas on DSKBBXCHB2PROD with NOTICES
Federal Register / Vol. 82, No. 157 / Wednesday, August 16, 2017 / Notices 38977 

16NYSE Arca Equities Rule 8.700(c)(2) provides 

that the term ‘‘Disclosed Portfolio’’ means ‘‘the 

identities and quantities of the securities and other 

assets held by the Trust that will form the basis for 

the Trust’s calculation of net asset value at the end 

of the business day’’. 

17The Exchange will obtain a representation from 

the Trust that the NAV and the NAV per Share will 

be calculated daily and that the NAV, the NAV per 

Share and the composition of the Disclosed 

Portfolio will be made available to all market 

participants at the same time. 

18Currently, it is the Exchange’s understanding 

that several major market data vendors widely 

disseminate IOPVs taken from the CTA high-speed 

line or other data feeds. 19 17 CFR 240.10A–3. 

closing price and the reported daily 

trading volume; (b) the daily 

composition of the Disclosed Portfolio, 

as defined in NYSE Arca Equities Rule 

8.700(c)(2);16 (c) the midpoint of the 

bid-ask price as of the time the NAV per 

Share is calculated (the ‘‘Bid-Ask 

Price’’); (d) the calculation of the 

premium or discount of such price 

against such NAV per Share; (e) data in 

chart form displaying the frequency 

distribution of discounts or premiums of 

the bid-ask price against the NAV per 

Share, within appropriate ranges for 

each of the four (4) previous calendar 

quarters; and (f) the current prospectus 

of the Trust, included in the 

Registration Statement. 

On a daily basis, the Trust will 

disclose on its Web site 

(www.Proshares.com) for the Futures 

Contracts and Financial Instruments in 

the Disclosed Portfolio the following 

information: Name; ticker symbol (if 

applicable); CUSIP or other identifier (if 

applicable); description of the holding; 

with respect to derivatives, the identity 

of the security, commodity, index or 

other underlying asset; the quantity or 

aggregate amount of the holding as 

measured by par value, notional value 

or amount, number of contracts or 

number of units (if applicable); maturity 

date; coupon rate (if applicable); 

effective date or issue date (if 

applicable); market value; percentage 

weighting in the Disclosed Portfolio; 

and expiration date (if applicable). The 

Web site information will be publicly 

available at no charge. In addition, price 

information for the Futures Contracts 

and Financial Instruments held by the 

Trust will be available through major 

market data vendors and/or the 

exchange on which they are listed and 

traded, as applicable. 

As noted above, the Trust’s NAV and 

the NAV per Share will be calculated 

and disseminated daily.17 The Exchange 

will disseminate for the Trust on a daily 

basis by means of the Consolidated Tape 

Association (the ‘‘CTA’’) high-speed line 

information with respect to the most 

recent NAV per Share, and the number 

of Shares outstanding. The Exchange 

also will make available on its Web site 

daily trading volume, closing prices and 

the NAV per Share. 

Pricing for Futures Contracts will be 

available from Eurex and pricing for 

Financial Instruments will be available 

from major market data vendors. Price 

information for cash equivalents and 

Money Market Instruments will be 

available from major market data 

vendors. 

The IOPV will be widely 

disseminated by one or more major 

market data vendors at least every 15 

seconds during the Exchange’s Core 

Trading Session (as defined in NYSE 

Arca Equities Rule 7.34).18

Information regarding market price 

and trading volume of the Shares will be 

continually available on a real-time 

basis throughout the day on brokers’ 

computer screens and other electronic 

services. The previous day’s closing 

price and trading volume information 

for the Shares will be published daily in 

the financial section of newspapers. 

Quotation and last sale information for 

the Shares will be available via the CTA 

high-speed line. 

The current trading price per Share 

will be published continuously as trades 

occur throughout each trading day 

through CTA, or through major market 

data vendors. 

Impact on Arbitrage Mechanism 

The Sponsor believes there will be 

minimal, if any, impact to the arbitrage 

mechanism as a result of the use of 

derivatives, including swaps. Market 

makers and participants should be able 

to value derivatives, including swaps, as 

long as the positions are disclosed with 

relevant information. The Sponsor 

believes that the price at which Shares 

trade will continue to be disciplined by 

arbitrage opportunities created by the 

ability to purchase or redeem Shares at 

their NAV, which should help ensure 

that Shares will not trade at a material 

discount or premium in relation to their 

NAV. 

The Sponsor does not believe there 

will be any significant impacts to the 

settlement or operational aspects of the 

Fund’s arbitrage mechanism due to the 

use of derivatives, including swaps. 

Criteria for Initial and Continued Listing 

The Trust will be subject to the 

criteria in NYSE Arca Equities Rule 

8.700 for initial and continued listing of 

the Shares. 

The minimum number of Shares to be 

outstanding at the start of trading will 

be 100,000 Shares. The Exchange 

believes that this minimum number of 

Shares to be outstanding at the start of 

trading is sufficient to provide adequate 

market liquidity. The Exchange 

represents that, for the initial and 

continued listing of the Shares, the 

Trust must be in compliance with NYSE 

Arca Equities Rule 5.3 and Rule 10A–3 

under the Exchange Act.19

Trading Rules 

Under NYSE Arca Equities Rule 

8.700(b), Managed Trust Securities are 

included within the Exchange’s 

definition of ‘‘securities.’’ The Exchange 

deems the Shares to be equity securities, 

thus rendering trading in the Shares 

subject to the Exchange’s existing rules 

governing the trading of equity 

securities. Commentary .02 to NYSE 

Arca Equities Rule 8.700 provides that 

transactions in Managed Trust 

Securities will occur during the trading 

hours specified in NYSE Arca Equities 

Rule 7.34. Therefore, in accordance with 

NYSE Arca Equities Rule 7.34, the 

Shares will trade on the NYSE Arca 

Marketplace from 4:00 a.m. to 8:00 p.m. 

E.T. The Exchange has appropriate rules 

to facilitate transactions in the Shares 

during all trading sessions. As provided 

in NYSE Arca Equities Rule 7.6, the 

minimum price variation (‘‘MPV’’) for 

quoting and entry of orders in equity 

securities traded on the NYSE Arca 

Marketplace is $0.01, with the exception 

of securities that are priced less than 

$1.00 for which the MPV for order entry 

is $0.0001. 

Trading Halts 

With respect to trading halts, the 

Exchange may consider all relevant 

factors in exercising its discretion to 

halt or suspend trading in the Shares. 

Trading in the Shares will be halted if 

the circuit breaker parameters under 

NYSE Arca Equities Rule 7.12 are 

reached. Trading may also be halted 

because of market conditions or for 

reasons that, in the view of the 

Exchange, make trading in the Shares 

inadvisable. 

In addition, if the Exchange becomes 

aware that the NAV, the NAV per Share 

and/or the Disclosed Portfolio with 

respect to a series of Managed Trust 

Securities is not disseminated to all 

market participants at the same time, it 

will halt trading in such series until 

such time as the NAV, the NAV per 

Share and the Disclosed Portfolio is 

available to all market participants. 

Surveillance 

The Exchange represents that trading 

in the Shares will be subject to the 


asabaliauskas on DSKBBXCHB2PROD with NOTICES
38978 Federal Register / Vol. 82, No. 157 / Wednesday, August 16, 2017 / Notices 

20FINRA conducts cross-market surveillances on 

behalf of the Exchange pursuant to a regulatory 

services agreement. The Exchange is responsible for 

FINRA’s performance under this regulatory services 

agreement. 

21For a list of the current members of ISG, see 

www.isgportal.org. The Exchange notes that not all 

components of the Disclosed Portfolio for the Fund 

may trade on markets that are members of ISG or 

with which the Exchange has in place a CSSA. 22 15 U.S.C. 78f(b)(5). 

existing trading surveillances 

administered by the Exchange, as well 

as cross-market surveillances 

administered by the Financial Industry 

Regulatory Authority (‘‘FINRA’’) on 

behalf of the Exchange, which are 

designed to detect violations of 

Exchange rules and applicable federal 

securities laws.20 The Exchange 

represents that these procedures are 

adequate to properly monitor Exchange 

trading of the Shares in all trading 

sessions and to deter and detect 

violations of Exchange rules and 

applicable federal securities laws. 

The surveillances referred to above 

generally focus on detecting securities 

trading outside their normal patterns, 

which could be indicative of 

manipulative or other violative activity. 

When such situations are detected, 

surveillance analysis follows and 

investigations are opened, where 

appropriate, to review the behavior of 

all relevant parties for all relevant 

trading violations. 

The Exchange or FINRA, on behalf of 

the Exchange, or both, will 

communicate as needed regarding 

trading in the Shares and Futures 

Contracts with other markets or other 

entities that are members of the ISG, and 

the Exchange or FINRA, on behalf of the 

Exchange, or both, may obtain trading 

information regarding trading in the 

Shares and Futures Contracts from such 

markets or entities. In addition, the 

Exchange may obtain information 

regarding trading in the Shares and 

Futures Contracts from markets or other 

entities that are members of ISG or with 

which the Exchange has in place a 

comprehensive surveillance sharing 

agreement (‘‘CSSA’’).21 FINRA, on 

behalf of the Exchange, is able to access, 

as needed, trade information for certain 

Money Market Instruments held by the 

Fund reported to FINRA’s Trade 

Reporting and Compliance Engine 

(‘‘TRACE’’). 

In addition, the Exchange also has a 

general policy prohibiting the 

distribution of material, non-public 

information by its employees. 

All statements and representations 

made in this filing regarding (a) the 

description of the portfolio of the Fund 

or Benchmark, (b) limitations on 

portfolio of the Fund or Benchmark, or 

(c) the applicability of Exchange listing 

rules specified in this rule filing shall 

constitute continued listing 

requirements for listing the Shares on 

the Exchange. 

The issuer has represented to the 

Exchange that it will advise the 

Exchange of any failure by the Fund to 

comply with the continued listing 

requirements, and, pursuant to its 

obligations under Section 19(g)(1) of the 

Act, the Exchange will monitor for 

compliance with the continued listing 

requirements. If a Fund is not in 

compliance with the applicable listing 

requirements, the Exchange will 

commence delisting procedures under 

NYSE Arca Equities Rule 5.5(m). 

Information Bulletin 

Prior to the commencement of 

trading, the Exchange will inform its 

ETP Holders in an Information Bulletin 

(‘‘Bulletin’’) of the special 

characteristics and risks associated with 

trading the Shares. Specifically, the 

Bulletin will discuss the following: (1) 

The procedures for purchases and 

redemptions of Shares (and that Shares 

are not individually redeemable); (2) 

NYSE Arca Equities Rule 9.2(a), which 

imposes a duty of due diligence on its 

ETP Holders to learn the essential facts 

relating to every customer prior to 

trading the Shares; (3) the requirement 

that ETP Holders deliver a prospectus to 

investors purchasing newly issued 

Shares prior to or concurrently with the 

confirmation of a transaction; (4) how 

information regarding the IOPV and the 

Disclosed Portfolio is disseminated; (5) 

the risks involved in trading the Shares 

during the opening and late trading 

sessions when an updated IOPV will not 

be calculated or publicly disseminated; 

and (6) trading information. 

In addition, the Bulletin will 

reference that the Trust is subject to 

various fees and expenses described in 

the Registration Statement. 

The Bulletin also will reference the 

fact that there is no regulated source of 

last sale information regarding certain of 

the asset classes that the Trust may hold 

and that the Commission has no 

jurisdiction over the trading of the 

Futures Contracts. 

The Bulletin also will discuss any 

exemptive, no-action and interpretive 

relief granted by the Commission from 

any rules under the Exchange Act. 

The Bulletin also will disclose that 

the NAV and NAV per Share will be 

calculated after 4:00 p.m. E.T. each 

trading day. 

2. Statutory Basis 

The basis under the Exchange Act for 

this proposed rule change is the 

requirement under Section 6(b)(5) 22

that an exchange have rules that are 

designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, to remove impediments to, and 

perfect the mechanism of a free and 

open market and, in general, to protect 

investors and the public interest. 

The Exchange believes that the 

proposed amendment to add Futures 

Contracts and/or swaps on VSTOXX to 

the financial instruments in which an 

issue of Managed Trust Securities may 

hold long and/or short positions will 

provide investors with the ability to 

better diversify and hedge their 

portfolios using an exchange traded 

security without having to trade directly 

in the underlying Futures Contracts, and 

will facilitate the listing and trading on 

the Exchange of additional Managed 

Trust Securities that will enhance 

competition among market participants, 

to the benefit of investors and the 

marketplace. 

The Exchange believes that the 

proposed rule change is designed to 

prevent fraudulent and manipulative 

acts and practices because the Shares 

will be listed and traded on the 

Exchange pursuant to the initial and 

continued listing criteria in NYSE Arca 

Equities Rule 8.700. The Exchange has 

in place surveillance procedures that are 

adequate to properly monitor trading in 

the Shares in all trading sessions and to 

deter and detect violations of Exchange 

rules and applicable federal securities 

laws. The Exchange may obtain 

information via the ISG from other 

exchanges that are members of the ISG 

or with which the Exchange has entered 

into a CSSA. The NAV of the Trust, the 

NAV per Share and the Disclosed 

Portfolio will be disseminated to all 

market participants at the same time. 

The Trust will provide Web site 

disclosure of portfolio holdings daily. 

The IOPV per Share (quoted in U.S. 

dollars) will be widely disseminated at 

least every 15 seconds during the 

Exchange’s Core Trading Session by 

major market data vendors. Pricing for 

Futures Contracts will be available from 

Eurex and pricing for forward contracts 

and swaps will be available from major 

market data vendors. Quotation and 

last-sale information regarding the 

Shares will be disseminated through the 

CTA high-speed line. 

The proposed rule change is designed 

to promote just and equitable principles 

of trade and to protect investors and the 

public interest given that a large amount 

of information will be publicly available 

regarding the Trust and the Shares, 


asabaliauskas on DSKBBXCHB2PROD with NOTICES
Federal Register / Vol. 82, No. 157 / Wednesday, August 16, 2017 / Notices 38979 

23 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

thereby promoting market transparency. 

The Exchange may halt trading during 

the day in which an interruption to the 

dissemination of the IOPV occurs, or the 

value of the underlying Futures 

Contracts occurs. If the interruption to 

the dissemination of the IOPV or the 

value of the underlying Futures 

Contracts persists past the trading day 

in which it occurred, the Exchange will 

halt trading no later than the beginning 

of the trading day following the 

interruption. If the Exchange becomes 

aware that the NAV, the NAV per Share 

and the Disclosed Portfolio with respect 

to a series of Managed Trust Securities 

are not disseminated to all market 

participants at the same time, it will halt 

trading in such series until such time as 

the NAV, the NAV per Share and the 

Disclosed Portfolio are available to all 

market participants. Trading in Shares 

of the Trust will be halted if the circuit 

breaker parameters under NYSE Arca 

Equities Rule 7.12 have been reached or 

because of market conditions or for 

reasons that, in the view of the 

Exchange, make trading in the Shares 

inadvisable. Moreover, prior to the 

commencement of trading, the Exchange 

will inform its ETP Holders in the 

Bulletin of the special characteristics 

and risks associated with trading the 

Shares. 

The proposed rule change is designed 

to perfect the mechanism of a free and 

open market and, in general, to protect 

investors and the public interest given 

that it will facilitate the listing and 

trading of an additional type of 

exchange-traded product that will 

principally hold futures contracts and 

that will enhance competition among 

market participants, to the benefit of 

investors and the marketplace. As noted 

above, the Exchange has in place 

surveillance procedures relating to 

trading in the Shares and may obtain 

information via the ISG from other 

exchanges that are members of the ISG 

or with which the Exchange has entered 

into a CSSA. In addition, as noted 

above, investors will have ready access 

to information regarding the IOPV and 

quotation and last sale information for 

the Shares. 

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 Exchange Act. 

The Exchange notes that the proposed 

rule change will facilitate the listing and 

trading of an additional type of activelymanaged exchange-traded product that 

will principally hold futures contracts, 

and that will enhance competition 

among market participants, 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 solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or up to 90 days (i) as the 

Commission may designate if it finds 

such longer period to be appropriate 

and publishes its reasons for so finding 

or (ii) as to which the self-regulatory 

organization consents, the Commission 

will: 

(A) By order approve or disapprove 

the proposed rule change; or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

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

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSEArca–2017–85 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–2017–85. 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 Web site (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 Web site 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; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR– 

NYSEArca–2017–85 and should be 

submitted on or before September 6, 

2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.23

Robert W. Errett, 

Deputy Secretary. 

[FR Doc. 2017–17275 Filed 8–15–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81374; File No. SR–Phlx– 

2017–63] 

Self-Regulatory Organizations; 

NASDAQ PHLX LLC; Notice of Filing 

and Immediate Effectiveness of 

Proposed Rule Change To Amend 

Chapter VI, Section A of Its Pricing 

Schedule Relating to the Exchange’s 

Monthly Permit Fees for PSX Only 

Members 

August 10, 2017. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that on July 31, 

2017, NASDAQ PHLX LLC (‘‘Phlx’’ or 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (‘‘SEC’’ or 

‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III, below, which Items have been 

prepared by the Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 


asabaliauskas on DSKBBXCHB2PROD with NOTICES