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 Securities and Exchange Commission [Release No. 34-81720; File No. 4-631]
 I. Introduction On August 31, 2017, NYSE Group, Inc., on behalf of the following parties to the National Market System Plan to Address Extraordinary Market Volatility (“the Plan”): [1]
                    
                     Bats BZX Exchange, Inc., Bats BYX Exchange, Inc., Bats EDGA Exchange, Inc., Bats EDGX Exchange, Inc., Chicago Stock Exchange, Inc., the Financial Industry Regulatory Authority, Inc. (“FINRA”), Investors Exchange LLC, NASDAQ BX, Inc., NASDAQ PHLX LLC, The NASDAQ Stock Market LLC (“Nasdaq”), New York Stock Exchange LLC (“NYSE”), NYSE Arca, Inc., NYSE American LLC, and NYSE National Inc. (collectively, the “Participants”) filed with the Securities and Exchange Commission (“Commission”) pursuant to Section 11A(a)(3) of the Securities Exchange Act of 1934 (“Exchange Act”) [2]
                    
                     and Rule 608 thereunder,[3]
                    
                     a proposal to amend the Plan (“Fifteenth Amendment”).[4]
                    
                     The proposal reflects changes unanimously approved by the Participants. The Fifteenth Amendment proposes to extend the implementation date for the twelfth amendment to the Plan (“Twelfth Amendment”) and related changes from the thirteenth amendment to the Plan (“Amendment 13 Changes”) set out in the fourteenth amendment to the Plan (“Fourteenth Amendment”), as discussed below.[5]
                    
                     The Participants are filing the Fifteenth Amendment for immediate effectiveness pursuant to 
                    ( print page 45923)
                    Rule 608(b)(3)(iii) of Regulation NMS (“Rule 608”) under the Exchange Act.[6]
                    
                     The Commission is publishing this notice to solicit comments from interested persons.[7] II. Description of the Plan Set forth in this Section II is the statement of the purpose and summary of the Fourteenth Amendment, along with the information required by Rule 608(a)(4) and (5) under the Exchange Act,[8]
                    
                     prepared and submitted by the Participants to the Commission.[9] A. Statement of Purpose and Summary of the Plan Amendment The Participants filed the Plan on April 5, 2011, to create a market-wide limit up-limit down mechanism intended to address extraordinary market volatility in NMS Stocks, as defined in Rule 600(b)(47) of Regulation NMS under the Exchange Act. The Plan sets forth procedures that provide for market-wide limit up-limit down requirements that would prevent trades in individual NMS Stocks from occurring outside of the specified price bands. These limit up-limit down requirements are coupled with Trading Pauses,[10]
                    
                     as defined in Section I(Y) of the Plan, to accommodate more fundamental price moves. In particular, the Participants adopted this Plan to address the type of sudden price movements that the market experienced on the afternoon of May 6, 2010. As set forth in more detail in the Plan, all trading centers in NMS Stocks, including both those operated by Participants and those operated by members of Participants, shall establish, maintain, and enforce written policies and procedures that are reasonably designed to comply with the limit up-limit down requirements specified in the Plan. More specifically, the Processor responsible for consolidation of information for an NMS Stock pursuant to Rule 603(b) of Regulation NMS under the Exchange Act will be responsible for calculating and disseminating a lower price band and upper price band, as provided for in Section V of the Plan. Section VI of the Plan sets forth the limit up-limit down requirements of the Plan, and in particular, that all trading centers in NMS Stocks, including both those operated by Participants and those operated by members of Participants, shall establish, maintain, and enforce written policies and procedures that are reasonably designed to prevent trades at prices that are below the lower price band or above the upper price band for an NMS Stock, consistent with the Plan. The changes approved by the Commission in the twelfth amendment to the Plan provide that a Trading Pause will continue until the Primary Listing Exchange has reopened trading using its established reopening procedures, and to require that trading centers not resume trading in an NMS Stock following a Trading Pause without Price Bands for such NMS Stock. In the Statement of Purpose filed with the twelfth amendment, the Participants stated that the changes described in the twelfth amendment would be implemented no later than six months after approval of that amendment. Based on the fourteenth amendment to the Plan, the twelfth amendment must be implemented no later than the end of the third quarter of 2017. Because the SIP technology changes necessary to implement the twelfth amendment to the Plan and the Amendment 13 Changes will not be ready by September 30, 2017, the Participants are filing this proposal to change the implementation date for the changes to the Plan set forth in the twelfth amendment and the Amendment 13 Changes to no later than November 30, 2017. Specifically, the CQS and CTA SIPs are in the process of upgrading to binary message type formats over their multicast channels and the changes described in the twelfth and thirteenth amendments to the Plan are scheduled to be implemented together with these upgrades. SIAC has announced revised implementation dates for the implementation of the CQS and CTA new binary formats, which impacts the implementation dates for SIAC's implementation of the twelfth amendment to the Plan and the Amendment 13 Changes.[11] Because of a dependency on certain SIP technology changes, certain Primary Listing Exchanges will not be ready to implement the changes to their automated reopening processes following a Trading Pause, which were made pursuant to exchange rule filings in conjunction with the twelfth amendment to the Plan, by September 30, 2017. To provide for a standardized approach that would allow for extensions of a Trading Pause by the Primary Listing Exchange if equilibrium cannot be met to establish a Reopening Price within specified parameters (“automated reopening changes”), the Primary Listing Exchanges amended their rules for automated reopenings.[12]
                    
                     The Primary Listing Exchanges anticipate implementing the automated reopening changes commensurate with implementation of the twelfth amendment to the Plan and the Amendment 13 Changes.[13] Accordingly, both to provide time to support the technology changes for the twelfth amendment to the Plan and to align the implementation date of the twelfth amendment and the Amendment 13 Changes with the implementation timeline for the automated reopening changes by the Primary Listing Exchanges, the Participants propose to change the implementation date for the changes in the twelfth amendment to the Plan and the Amendment 13 Changes to no later than November 30, 2017. This proposed change does not require any changes to the text of the Plan. The Participants believe that the proposed modification to the implementation schedule is technical and ministerial in nature because it simply extends the implementation period for the twelfth amendment to the Plan and does not change any substantive elements of the Plan.[14]
                    
                     The Participants believe that the proposal to extend the implementation schedule is consistent with the goal of the twelfth amendment to the Plan, which is to reduce the potential for sequential Trading Pauses in an NMS Stock by centralizing the reopening process through the Primary Listing Exchanges, because it would align the implementation schedule for the twelfth amendment to the Plan with the implementation schedule for the automated reopening changes. The proposed amendment would therefore protect investors and the public interest 
                    ( print page 45924)
                    and is appropriate to the maintenance of fair and orderly markets. B. Governing or Constituent Documents The governing documents of the Processor, as defined in Section I(P) of the Plan, will not be affected by the Plan, but once the Plan is implemented, the Processor's obligations will change, as set forth in detail in the Plan. C. Implementation of Plan The initial date of the Plan operations was April 8, 2013. D. Development and Implementation Phases The Plan was initially implemented as a one-year pilot program in two Phases, consistent with Section VIII of the Plan: Phase I of Plan implementation began on April 8, 2013 and was completed on May 3, 2013. Implementation of Phase II of the Plan began on August 5, 2013 and was completed on February 24, 2014. The tenth amendment to the Plan was implemented on July 18, 2016. Pursuant to the proposed thirteenth amendment to the Plan, the Participants propose [sic] to extend the pilot period until April 16, 2018.[15]
                    
                     Currently, the Participants must implement the twelfth amendment to the Plan to no later than the end of the third quarter of 2017. Pursuant to this proposed amendment, the Participants propose to extend the time frame to implement the twelfth amendment to the Plan and the Amendment 13 Changes to no later than November 30, 2017. E. Analysis of Impact on Competition The proposed Plan does not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Exchange Act. The Participants do not believe that the proposed Plan introduces terms that are unreasonably discriminatory for the purposes of Section 11A(c)(1)(D) of the Exchange Act. F. Written Understanding or Agreements Relating to Interpretation of, or Participation in, Plan The Participants have no written understandings or agreements relating to interpretation of the Plan. Section II(C) of the Plan sets forth how any entity registered as a national securities exchange or national securities association may become a Participant. G. Approval of Amendment of the Plan Each of the Plan's Participants has executed a written amended Plan. H. Terms and Conditions of Access Section II(C) of the Plan provides that any entity registered as a national securities exchange or national securities association under the Exchange Act may become a Participant by: (1) Becoming a participant in the applicable Market Data Plans, as defined in Section I(F) of the Plan; (2) executing a copy of the Plan, as then in effect; (3) providing each then-current Participant with a copy of such executed Plan; and (4) effecting an amendment to the Plan as specified in Section III(B) of the Plan. I. Method of Determination and Imposition, and Amount of, Fees and Charges Not applicable. J. Method and Frequency of Processor Evaluation Not applicable. K. Dispute Resolution Section III(C) of the Plan provides that each Participant shall designate an individual to represent the Participant as a member of an Operating Committee. No later than the initial date of the Plan, the Operating Committee shall designate one member of the Operating Committee to act as the Chair of the Operating Committee. Any recommendation for an amendment to the Plan from the Operating Committee that receives an affirmative vote of at least two-thirds of the Participants, but is less than unanimous, shall be submitted to the Commission as a request for an amendment to the Plan initiated by the Commission under Rule 608. On July 19, 2017, the Operating Committee, duly constituted and chaired by Mr. Robert Books of Bats, met and voted unanimously to amend the Plan as set forth herein in accordance with Section III(C) of the Plan. The Plan Advisory Committee was notified in connection with the Fifteenth Amendment and was in favor. III. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the amendment is consistent with the Exchange Act and the rules thereunder. 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 e-mail to*rule-comments@sec.gov.*
                     Please include File Number 4-631 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number 4-631.This file number should be included on the subject line if e-mail 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 plan amendment that are filed with the Commission, and all written communications relating to the amendment 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 such filing also will be available for inspection and copying at the Participants' offices. 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 4-631 and should be submitted on or before October 23, 2017. By the Commission. Brent J. Fields, Secretary.
 ATTACHMENT A Proposed new language is 
                        *italicized;*
                         proposed deletions are in [brackets].
                        ( print page 45925) PLAN TO ADDRESS EXTRAORDINARY MARKET VOLATILITY SUBMITTED TO THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 608 OF REGULATION NMS UNDER THE SECURITIES EXCHANGE ACT OF 1934 Table of Contents
Section
PagePreamble
1I. Definitions
2II. Parties
4III. Amendments to Plan
7IV. Trading Center Policies and Procedures
8V. Price Bands
8VI. Limit Up—Limit Down Requirements
11VII. Trading Pauses
13VIII. Implementation
15IX. Withdrawal from Plan
16X. Counterparts and Signatures
16Appendix A—Percentage Parameters
18Appendix A—Schedule 1
20Appendix B—Data
35
 Preamble The Participants submit to the SEC this Plan establishing procedures to address extraordinary volatility in NMS Stocks. The procedures provide for market-wide limit up-limit down requirements that prevent trades in individual NMS Stocks from occurring outside of the specified Price Bands. These limit up-limit down requirements are coupled with Trading Pauses to accommodate more fundamental price moves. The Plan procedures are designed, among other things, to protect investors and promote fair and orderly markets. The Participants developed this Plan pursuant to Rule 608(a)(3) of Regulation NMS under the Exchange Act, which authorizes the Participants to act jointly in preparing, filing, and implementing national market system plans. I. Definitions (A) “Eligible Reported Transactions” shall have the meaning prescribed by the Operating Committee and shall generally mean transactions that are eligible to update the last sale price of an NMS Stock. (B) “Exchange Act” means the Securities Exchange Act of 1934, as amended. (C) “Limit State” shall have the meaning provided in Section VI of the Plan. (D) “Limit State Quotation” shall have the meaning provided in Section VI of the Plan. (E) “Lower Price Band” shall have the meaning provided in Section V of the Plan. (F) “Market Data Plans” shall mean the effective national market system plans through which the Participants act jointly to disseminate consolidated information in compliance with Rule 603(b) of Regulation NMS under the Exchange Act. (G) “National Best Bid” and “National Best Offer” shall have the meaning provided in Rule 600(b)(42) of Regulation NMS under the Exchange Act. (H) “NMS Stock” shall have the meaning provided in Rule 600(b)(47) of Regulation NMS under the Exchange Act. (I) “Opening Price” shall mean the price of a transaction that opens trading on the Primary Listing Exchange
                        *.*
                         If the Primary Listing Exchange opens with quotations, the “Opening Price” shall mean the closing price of the NMS Stock on the Primary Listing Exchange on the previous trading day, or if no such closing price exists, the last sale on the Primary Listing Exchange. (J) “Operating Committee” shall have the meaning provided in Section III(C) of the Plan. (K) “Participant” means a party to the Plan. (L) “Plan” means the plan set forth in this instrument, as amended from time to time in accordance with its provisions. (M) “Percentage Parameter” shall mean the percentages for each tier of NMS Stocks set forth in Appendix A of the Plan. (N) “Price Bands” shall have the meaning provided in Section V of the Plan. (O) “Primary Listing Exchange” shall mean the Participant on which an NMS Stock is listed. If an NMS Stock is listed on more than one Participant, the Participant on which the NMS Stock has been listed the longest shall be the Primary Listing Exchange. (P) “Processor” shall mean the single plan processor responsible for the consolidation of information for an NMS Stock pursuant to Rule 603(b) of Regulation NMS under the Exchange Act. (Q) “Pro-Forma Reference Price” shall have the meaning provided in Section V(A)(2) of the Plan. (R) “Reference Price” shall have the meaning provided in Section V of the Plan. (S) “Regular Trading Hours” shall have the meaning provided in Rule 600(b)(64) of Regulation NMS under the Exchange Act. For purposes of the Plan, Regular Trading Hours can end earlier than 4:00 p.m. ET in the case of an early scheduled close. (T) “Regulatory Halt” shall have the meaning specified in the Market Data Plans. (U) “Reopening Price” shall mean the price of a transaction that reopens trading on the Primary Listing Exchange following a Trading Pause or a Regulatory Halt, or, if the Primary Listing Exchange reopens with quotations, the midpoint of those quotations. (V) “SEC” shall mean the United States Securities and Exchange Commission. (W) “Straddle State” shall have the meaning provided in Section VII(A)(2) of the Plan. (X) “Trading center” shall have the meaning provided in Rule 600(b)(78) of Regulation NMS under the Exchange Act. (Y) “Trading Pause” shall have the meaning provided in Section VII of the Plan. (Z) “Upper Price Band” shall have the meaning provided in Section V of the Plan. II. Parties (A) List of Parties The parties to the Plan are as follows: (1) Bats BZX Exchange, Inc. 8050 Marshall Drive Lenexa, Kansas 66214 (2) Bats BYX Exchange, Inc. 8050 Marshall Drive Lenexa, Kansas 66214 (3) Bats EDGA Exchange, Inc. 8050 Marshall Drive Lenexa, Kansas 66214 (4) Bats EDGX Exchange, Inc. 8050 Marshall Drive Lenexa, Kansas 66214 (5) Chicago Stock Exchange, Inc. 440 South LaSalle Street Chicago, Illinois 60605 (6) Financial Industry Regulatory Authority, Inc. 1735 K Street, NW Washington, DC 20006 (7) Investors Exchange LLC 4 World Trade Center, 44th Floor New York, New York 10007 (8) NASDAQ BX, Inc. One Liberty Plaza New York, New York 10006 (9) NASDAQ PHLX LLC 1900 Market Street Philadelphia, Pennsylvania 19103 (10) The Nasdaq Stock Market LLC 1 Liberty Plaza 165 Broadway New York, NY 10006 (11) NYSE
                        **
                         National, Inc. 11 Wall Street New York, NY 10005 (12) New York Stock Exchange LLC 11 Wall Street New York, New York 10005 (13) NYSE [MKT]
                        *American*
                         LLC 11 Wall Street New York, New York 10005 (14) NYSE Arca, Inc. 11 Wall Street New York, New York 10005 (B) Compliance Undertaking By subscribing to and submitting the Plan for approval by the SEC, each Participant agrees to comply with and to enforce compliance, as required by Rule 608(c) of Regulation NMS under the Exchange Act, by its members with the provisions of the Plan. To this end, each Participant shall adopt a rule requiring compliance by its members with the provisions of the Plan, and each Participant shall take such actions as are necessary and appropriate as a participant of the Market Data Plans to cause and enable the Processor for each NMS Stock to fulfill the functions set forth in this Plan. (C) New Participants The Participants agree that any entity registered as a national securities exchange or national securities association under the Exchange Act may become a Participant by: (1) becoming a participant in the applicable Market Data Plans; (2) executing a copy of the Plan, as then in effect; (3) providing each then-current Participant with a copy of such executed Plan; and (4) effecting an amendment to the Plan as specified in Section III (B) of the Plan. (D) Advisory Committee (1) 
                        *Formation.*
                         Notwithstanding other provisions of this Plan, an Advisory Committee to the Plan shall be formed and shall function in accordance with the provisions set forth in this section. (2) 
                        *Composition.*
                         Members of the Advisory Committee shall be selected for two-year terms as follows:
                        ( print page 45926) (A) 
                        *Advisory Committee Selections.*
                         By affirmative vote of a majority of the Participants, the Participants shall select at least one representatives from each of the following categories to be members of the Advisory Committee: (1) a broker-dealer with a substantial retail investor customer base; (2) a broker-dealer with a substantial institutional investor customer base; (3) an alternative trading system; (4) a broker-dealer that primarily engages in trading for its own account; and (5) an investor. (3) 
                        *Function.*
                         Members of the Advisory Committee shall have the right to submit their views to the Operating Committee on Plan matters, prior to a decision by the Operating Committee on such matters. Such matters shall include, but not be limited to, proposed material amendments to the Plan. (4) 
                        *Meetings and Information.*
                         Members of the Advisory Committee shall have the right to attend meetings of the Operating Committee and to receive any information concerning Plan matters; provided, however, that the Operating Committee may meet in executive session if, by affirmative vote of a majority of the Participants, the Operating Committee determines that an item of Plan business requires confidential treatment. III. Amendments to Plan (A) General Amendments Except with respect to the addition of new Participants to the Plan, any proposed change in, addition to, or deletion from the Plan shall be effected by means of a written amendment to the Plan that: (1) sets forth the change, addition, or deletion; (2) is executed on behalf of each Participant; and, (3) is approved by the SEC pursuant to Rule 608 of Regulation NMS under the Exchange Act, or otherwise becomes effective under Rule 608 of Regulation NMS under the Exchange Act. (B) New Participants With respect to new Participants, an amendment to the Plan may be effected by the new national securities exchange or national securities association executing a copy of the Plan, as then in effect (with the only changes being the addition of the new Participant's name in Section II(A) of the Plan) and submitting such executed Plan to the SEC for approval. The amendment shall be effective when it is approved by the SEC in accordance with Rule 608 of Regulation NMS under the Exchange Act or otherwise becomes effective pursuant to Rule 608 of Regulation NMS under the Exchange Act. (C) Operating Committee (1) Each Participant shall select from its staff one individual to represent the Participant as a member of an Operating Committee, together with a substitute for such individual. The substitute may participate in deliberations of the Operating Committee and shall be considered a voting member thereof only in the absence of the primary representative. Each Participant shall have one vote on all matters considered by the Operating Committee. No later than the initial date of Plan operations, the Operating Committee shall designate one member of the Operating Committee to act as the Chair of the Operating Committee. (2) The Operating Committee shall monitor the procedures established pursuant to this Plan and advise the Participants with respect to any deficiencies, problems, or recommendations as the Operating Committee may deem appropriate. The Operating Committee shall establish specifications and procedures for the implementation and operation of the Plan that are consistent with the provisions of this Plan and the Appendixes thereto. With respect to matters in this paragraph, Operating Committee decisions shall be approved by a simple majority vote. (3) Any recommendation for an amendment to the Plan from the Operating Committee that receives an affirmative vote of at least two-thirds of the Participants, but is less than unanimous, shall be submitted to the SEC as a request for an amendment to the Plan initiated by the Commission under Rule 608 of Regulation NMS. IV. Trading Center Policies and Procedures All trading centers in NMS Stocks, including both those operated by Participants and those operated by members of Participants, shall establish, maintain, and enforce written policies and procedures that are reasonably designed to comply with the limit up—limit down requirements specified in Sections VI of the Plan, and to comply with the Trading Pauses specified in Section VII of the Plan. V. Price Bands (A) Calculation and Dissemination of Price Bands (1) The Processor for each NMS stock shall calculate and disseminate to the public a Lower Price Band and an Upper Price Band during Regular Trading Hours for such NMS Stock. The Price Bands shall be based on a Reference Price for each NMS Stock that equals the arithmetic mean price of Eligible Reported Transactions for the NMS stock over the immediately preceding five-minute period (except for periods following openings and reopenings, which are addressed below). If no Eligible Reported Transactions for the NMS Stock have occurred over the immediately preceding five-minute period, the previous Reference Price shall remain in effect. The Price Bands for an NMS Stock shall be calculated by applying the Percentage Parameter for such NMS Stock to the Reference Price, with the Lower Price Band being a Percentage Parameter below the Reference Price, and the Upper Price Band being a Percentage Parameter above the Reference Price. The Price Bands shall be calculated during Regular Trading Hours. Between 9:30 a.m. and 9:45 a.m. ET, and 3:35 p.m. and 4:00 p.m. ET, or in the case of an early scheduled close, during the last 25 minutes of trading before the early scheduled close, the Price Bands shall be calculated by applying double the Percentage Parameters set forth in Appendix A. If the Processor has not yet disseminated Price Bands, but a Reference Price is available, a trading center may calculate and apply Price Bands based on the same Reference Price that the Processor would use for calculating such Price Bands until such trading center receives Price Bands from the Processor. If, under Section VII(B)(2), the Primary Listing Exchange notifies the Processor that it is unable to reopen an NMS Stock due to a systems or technology issue and it has not declared a Regulatory Halt, the Processor will calculate and disseminate Price Bands by applying triple the Percentage Parameters set forth in Appendix A for the first 30 seconds such Price Bands are disseminated. (2) The Processor shall calculate a Pro-Forma Reference Price on a continuous basis during Regular Trading Hours, as specified in Section V(A)(1) of the Plan. If a Pro-Forma Reference Price has not moved by 1% or more from the Reference Price currently in effect, no new Price Bands shall be disseminated, and the current Reference Price shall remain the effective Reference Price. When the Pro-Forma Reference Price has moved by 1% or more from the Reference Price currently in effect, the Pro-Forma Reference Price shall become the Reference Price, and the Processor shall disseminate new Price Bands based on the new Reference Price; provided, however, that each new Reference Price shall remain in effect for at least 30 seconds. (B) Openings (1) Except when a Regulatory Halt is in effect at the start of Regular Trading Hours, the first Reference Price for a trading day shall be the Opening Price on the Primary Listing Exchange in an NMS Stock if such Opening Price occurs less than five minutes after the start of Regular Trading Hours. During the period less than five minutes after the Opening Price, a Pro-Forma Reference Price shall be updated on a continuous basis to be the arithmetic mean price of Eligible Reported Transactions for the NMS Stock during the period following the Opening Price (including the Opening Price), and if it differs from the current Reference Price by 1% or more shall become the new Reference Price, except that a new Reference Price shall remain in effect for at least 30 seconds. Subsequent Reference Prices shall be calculated as specified in Section V(A) of the Plan. (2) If the Opening Price on the Primary Listing Exchange in an NMS Stock does not occur within five minutes after the start of Regular Trading Hours, the first Reference Price for a trading day shall be the arithmetic mean price of Eligible Reported Transactions for the NMS Stock over the preceding five minute time period, and subsequent Reference Prices shall be calculated as specified in Section V(A) of the Plan. (C) Reopenings (1) Following a Trading Pause in an NMS Stock, and if the Primary Listing Exchange has not declared a Regulatory Halt, if the Primary Listing Exchange reopens trading with a transaction or quotation that does not include a zero bid or zero offer, the next Reference Price shall be the Reopening Price on the Primary Listing Exchange. Subsequent Reference Prices shall be determined in the manner prescribed for normal openings, as specified in Section V(B)(1) of the Plan. If the Primary Listing Exchange notifies the Processor that it is unable to reopen an NMS Stock due to a systems or technology issue, 
                        ( print page 45927)
                        or if the Primary Listing Exchange reopens trading with a quotation that has a zero bid or zero offer, or both, the next Reference Price shall be the last effective Price Band that was in a Limit State before the Trading Pause. Subsequent Reference Prices shall be calculated as specified in Section V(A) of the Plan. (2) Following a Regulatory Halt, the next Reference Price shall be the Opening or Reopening Price on the Primary Listing Exchange if such Opening or Reopening Price occurs within five minutes after the end of the Regulatory Halt, and subsequent Reference Prices shall be determined in the manner prescribed for normal openings, as specified in Section V(B)(1) of the Plan. If such Opening or Reopening Price has not occurred within five minutes after the end of the Regulatory Halt, the Reference Price shall be equal to the arithmetic mean price of Eligible Reported Transactions for the NMS Stock over the preceding five minute time period, and subsequent Reference Prices shall be calculated as specified in Section V(A) of the Plan. VI. Limit Up—Limit Down Requirements (A) Limitations on Trades and Quotations Outside of Price Bands (1) All trading centers in NMS Stocks, including both those operated by Participants and those operated by members of Participants, shall establish, maintain, and enforce written policies and procedures that are reasonably designed to prevent trades at prices that are below the Lower Price Band or above the Upper Price Band for an NMS Stock. Single-priced opening, reopening, and closing transactions on the Primary Listing Exchange, however, shall be excluded from this limitation. In addition, any transaction that both (i) does not update the last sale price (except if solely because the transaction was reported late or because the transaction was an odd-lot sized transaction), and (ii) is excepted or exempt from Rule 611 under Regulation NMS shall be excluded from this limitation. (2) When a National Best Bid is below the Lower Price Band or a National Best Offer is above the Upper Price Band for an NMS Stock, the Processor shall disseminate such National Best Bid or National Best Offer with an appropriate flag identifying it as non-executable. When a National Best Offer is equal to the Lower Price Band or a National Best Bid is equal to the Upper Price Band for an NMS Stock, the Processor shall distribute such National Best Bid or National Best Offer with an appropriate flag identifying it as a “Limit State Quotation”. (3) All trading centers in NMS Stocks, including both those operated by Participants and those operated by members of Participants, shall establish, maintain, and enforce written policies and procedures that are reasonably designed to prevent the display of offers below the Lower Price Band and bids above the Upper Price Band for an NMS Stock. The Processor shall disseminate an offer below the Lower Price Band or bid above the Upper Price Band that may be submitted despite such reasonable policies and procedures, but with an appropriate flag identifying it as non-executable; provided, however, that any such bid or offer shall not be included in National Best Bid or National Best Offer calculations. (B) Entering and Exiting a Limit State (1) All trading for an NMS Stock shall immediately enter a Limit State if the National Best Offer equals the Lower Price Band and does not cross the National Best Bid, or the National Best Bid equals the Upper Price Band and does not cross the National Best Offer. (2) When trading for an NMS Stock enters a Limit State, the Processor shall disseminate this information by identifying the relevant quotation (
                        *i.e.,*
                         a National Best Offer that equals the Lower Price Band or a National Best Bid that equals the Upper Price Band) as a Limit State Quotation. At this point, the Processor shall cease calculating and disseminating updated Reference Prices and Price Bands for the NMS Stock until either trading exits the Limit State or trading resumes with an opening or re-opening as provided in Section V. (3) Trading for an NMS Stock shall exit a Limit State if, within 15 seconds of entering the Limit State, the entire size of all Limit State Quotations are executed or cancelled. (4) If trading for an NMS Stock exits a Limit State within 15 seconds of entry, the Processor shall immediately calculate and disseminate updated Price Bands based on a Reference Price that equals the arithmetic mean price of Eligible Reported Transactions for the NMS Stock over the immediately preceding five-minute period (including the period of the Limit State). (5) If trading for an NMS Stock does not exit a Limit State within 15 seconds of entry, the Limit State will terminate when the Primary Listing Exchange declares a Trading Pause pursuant to Section VII of the Plan or at the end of Regular Trading Hours. VII. Trading Pauses (A) Declaration of Trading Pauses (1) If trading for an NMS Stock does not exit a Limit State within 15 seconds of entry during Regular Trading Hours, then the Primary Listing Exchange shall declare a Trading Pause for such NMS Stock and shall notify the Processor. (2) The Primary Listing Exchange may also declare a Trading Pause for an NMS Stock when an NMS Stock is in a Straddle State, which is when National Best Bid (Offer) is below (above) the Lower (Upper) Price Band and the NMS Stock is not in a Limit State, and trading in that NMS Stock deviates from normal trading characteristics such that declaring a Trading Pause would support the Plan's goal to address extraordinary market volatility. The Primary Listing Exchange shall develop policies and procedures for determining when it would declare a Trading Pause in such circumstances. If a Trading Pause is declared for an NMS Stock under this provision, the Primary Listing Exchange shall notify the Processor. (3) The Processor shall disseminate Trading Pause information to the public. No trades in an NMS Stock shall occur during a Trading Pause, but all bids and offers may be displayed. (B) Reopening of Trading During Regular Trading Hours (1) Five minutes after declaring a Trading Pause for an NMS Stock, and if the Primary Listing Exchange has not declared a Regulatory Halt, the Primary Listing Exchange shall attempt to reopen trading using its established reopening procedures. The Processor will publish the following information that the Primary Listing Exchange provides to the Processor in connection with such reopening: auction reference price; auction collars; and number of extensions to the reopening auction. The Trading Pause shall end when the Primary Listing Exchange reports a Reopening Price. (2) The Primary Listing Exchange shall notify the Processor if it is unable to reopen trading in an NMS Stock due to a systems or technology issue and if it has not declared a Regulatory Halt. The Processor shall disseminate this information to the public. (3) Trading centers may not resume trading in an NMS Stock following a Trading Pause without Price Bands in such NMS Stock. (4) The Processor shall update the Price Bands as set forth in Section V(C)(1)-(2) of the Plan after receiving notification from the Primary Listing Exchange of a Reopening Price following a Trading Pause (or a resume message in the case of a reopening quote that has a zero bid or zero offer, or both) or that it is unable to reopen trading following a Trading Pause due to a systems or technology issue, provided that if the Primary Listing Exchange is unable to reopen due to a systems or technology issue, the update to the Price Bands will be no earlier than ten minutes after the beginning of the Trading Pause. (C) Trading Pauses Within Ten Minutes of the End of Regular Trading Hours (1) If an NMS Stock is in a Trading Pause during the last ten minutes of trading before the end of Regular Trading Hours, the Primary Listing Exchange shall not reopen trading and shall attempt to execute a closing transaction using its established closing procedures. All trading centers may begin trading the NMS Stock when the Primary Listing Exchange executes a closing transaction. (2) If the Primary Listing Exchange does not execute a closing transaction within five minutes after the end of Regular Trading Hours, all trading centers may begin trading the NMS Stock. VIII. Implementation The initial date of Plan operations shall be April 8, 2013. The Plan shall be implemented on a pilot basis set to end on April 16, 2018. IX. Withdrawal from Plan If a Participant obtains SEC approval to withdraw from the Plan, such Participant may withdraw from the Plan at any time on not less than 30 days' prior written notice to each of the other Participants. At such time, the withdrawing Participant shall have no further rights or obligations under the Plan. X. Counterparts and Signatures The Plan may be executed in any number of counterparts, no one of which need 
                        ( print page 45928)
                        contain all signatures of all Participants, and as many of such counterparts as shall together contain all such signatures shall constitute one and the same instrument. IN WITNESS THEREOF, this Plan has been executed as of the __ day of 
                        *August 2017*
                         [February 2017] by each of the parties hereto. BATS BZX EXCHANGE, INC. BY: BATS EDGA EXCHANGE, INC. BY: CHICAGO STOCK EXCHANGE, INC. BY: INVESTORS EXCHANGE LLC BY: NASDAQ PHLX LLC BY: NYSE NATIONAL, INC. BY: NYSE [MKT] 
                        *American*
                         LLC BY: BATS BYX EXCHANGE, INC. BY: BATS EDGX EXCHANGE, INC. BY: FINANCIAL INDUSTRY REGULATORY AUTHORITY, INC. BY: NASDAQ BX, Inc. BY: THE NASDAQ STOCK MARKET LLC BY: NEW YORK STOCK EXCHANGE LLC BY: NYSE ARCA, INC. BY: Appendix A—Percentage Parameters I. Tier 1 NMS Stocks (1) Tier 1 NMS Stocks shall include all NMS Stocks included in the S&P 500 Index, the Russell 1000 Index, and the exchange-traded products (“ETP”) identified as Schedule 1 to this Appendix. Schedule 1 to the Appendix will be reviewed and updated semi-annually based on the fiscal year by the Primary Listing Exchange to add ETPs that meet the criteria, or delete ETPs that are no longer eligible. To determine eligibility for an ETP to be included as a Tier 1 NMS Stock, all ETPs across multiple asset classes and issuers, including domestic equity, international equity, fixed income, currency, and commodities and futures will be identified. Leveraged ETPs will be excluded and the list will be sorted by notional consolidated average daily volume (“CADV”). The period used to measure CADV will be from the first day of the previous fiscal half year up until one week before the beginning of the next fiscal half year. Daily volumes will be multiplied by closing prices and then averaged over the period. ETPs, including inverse ETPs, that trade over $2,000,000 CADV will be eligible to be included as a Tier 1 NMS Stock. The semi-annual updates to Schedule 1 do not require an amendment to the Plan. The Primary Listing Exchanges will maintain the updated Schedule 1 on their respective websites. (2) The Percentage Parameters for Tier 1 NMS Stocks with a Reference Price more than $3.00 shall be 5%. (3) The Percentage Parameters for Tier 1 NMS Stocks with a Reference Price equal to $0.75 and up to and including $3.00 shall be 20%. (4) The Percentage Parameters for Tier 1 NMS Stocks with a Reference Price less than $0.75 shall be the lesser of (a) $0.15 or (b) 75%. (5) The Reference Price used for determining which Percentage Parameter shall be applicable during a trading day shall be based on the closing price of the NMS Stock on the Primary Listing Exchange on the previous trading day, or if no closing price exists, the last sale on the Primary Listing Exchange reported by the Processor. II. Tier 2 NMS Stocks (1) Tier 2 NMS Stocks shall include all NMS Stocks other than those in Tier 1, provided, however, that all rights and warrants are excluded from the Plan. (2) The Percentage Parameters for Tier 2 NMS Stocks with a Reference Price more than $3.00 shall be 10%. (3) The Percentage Parameters for Tier 2 NMS Stocks with a Reference Price equal to $0.75 and up to and including $3.00 shall be 20%. (4) The Percentage Parameters for Tier 2 NMS Stocks with a Reference Price less than $0.75 shall be the lesser of (a) $0.15 or (b) 75%. (5) Notwithstanding the foregoing, the Percentage Parameters for a Tier 2 NMS Stock that is a leveraged ETP shall be the applicable Percentage Parameter set forth in clauses (2), (3), or (4) above, multiplied by the leverage ratio of such product. (6) The Reference Price used for determining which Percentage Parameter shall be applicable during a trading day shall be based on the closing price of the NMS Stock on the Primary Listing Exchange on the previous trading day, or if no closing price exists, the last sale on the Primary Listing Exchange reported by the Processor.  Appendix A—Schedule 1 (as of January 3, 2017) Ticker
ETP name
ExchangeSPY
SPDR S&P 500 ETF Trust
NYSE ArcaIWM
iShares Russell 2000 ETF
NYSE ArcaQQQ
Powershares QQQ Trust Series 1
NASDAQEEM
iShares MSCI Emerging Markets ETF
NYSE ArcaGDX
VanEck Vectors Gold Miners ETF
NYSE ArcaXLF
Financial Select Sector SPDR Fund
NYSE ArcaGLD
SPDR Gold Shares
NYSE ArcaTLT
iShares 20+ Year Treasury Bond ETF
NASDAQVXX
iPATH S&P 500 VIX Short-Term Futures ETN
NYSE ArcaEFA
iShares MSCI EAFE ETF
NYSE ArcaXLE
Energy Select Sector SPDR Fund
NYSE ArcaHYG
iShares iBoxx $ High Yield Corporate Bond ETF
NYSE ArcaXIV
VelocityShares Daily Inverse VIX Short Term ETN
NASDAQIVV
iShares Core S&P 500 ETF
NYSE ArcaXLU
Utilities Select Sector SPDR Fund
NYSE ArcaGDXJ
VanEck Vectors Junior Gold Miners ETF
NYSE ArcaXLP
Consumer Staples Select Sector SPDR Fund
NYSE ArcaFXI
iShares China Large-Cap ETF
NYSE ArcaEWZ
iShares MSCI Brazil Capped ETF
NYSE ArcaXLV
Health Care Select Sector SPDR Fund
NYSE ArcaIYR
iShares U.S. Real Estate ETF
NYSE ArcaLQD
iShares iBoxx $ Investment Grade Corporate Bond ETF
NYSE ArcaXLI
Industrial Select Sector SPDR Fund
NYSE ArcaDIA
SPDR Dow Jones Industrial Average ETF Trust
NYSE ArcaXOP
SPDR S&P Oil & Gas Exploration & Production ETF
NYSE ArcaVWO
Vanguard FTSE Emerging Markets ETF
NYSE ArcaIBB
iShares Nasdaq Biotechnology ETF
NASDAQXLK
Technology Select Sector SPDR Fund
NYSE ArcaXLY
Consumer Discretionary Select Sector SPDR Fund
NYSE Arca( print page 45929)VOO
Vanguard S&P 500 ETF
NYSE ArcaUSO
United States Oil Fund LP
NYSE ArcaJNK
SPDR Bloomberg Barclays High Yield Bond ETF
NYSE ArcaXBI
SPDR S&P Biotech ETF
NYSE ArcaMDY
SPDR S&P MidCap 400 ETF Trust
NYSE ArcaVNQ
Vanguard REIT ETF
NYSE ArcaEWJ
iShares MSCI Japan ETF
NYSE ArcaSVXY
ProShares Short VIX Short-Term Futures ETF
NYSE ArcaAGG
iShares Core U.S. Aggregate Bond ETF
NYSE ArcaIEMG
iShares Core MSCI Emerging Markets ETF
NYSE ArcaKRE
SPDR S&P Regional Banking ETF
NYSE ArcaEMB
iShares JP Morgan USD Emerging Markets Bond ETF
NYSE ArcaIWD
iShares Russell 1000 Value ETF
NYSE ArcaVEA
Vanguard FTSE Developed Markets ETF
NYSE ArcaVTI
Vanguard Total Stock Market ETF
NYSE ArcaDXJ
WisdomTree Japan Hedged Equity Fund
NYSE ArcaXLB
Materials Select Sector SPDR Fund
NYSE ArcaEWW
iShares MSCI Mexico Capped ETF
NYSE ArcaIEF
iShares 7-10 Year Treasury Bond ETF
NYSE ArcaIJH
iShares Core S&P Mid-Cap ETF
NYSE ArcaXRT
SPDR S&P Retail ETF
NYSE ArcaSLV
iShares Silver Trust
NYSE ArcaIWF
iShares Russell 1000 Growth ETF
NYSE ArcaVGK
Vanguard FTSE Europe ETF
NYSE ArcaSMH
VanEck Vectors Semiconductor ETF
NYSE ArcaIWN
iShares Russell 2000 Value ETF
NYSE ArcaBND
Vanguard Total Bond Market ETF
NYSE ArcaRSX
VanEck Vectors Russia ETF
NYSE ArcaUSMV
iShares MSCI USA Minimum Volatility ETF
NYSE ArcaTIP
iShares TIPS Bond ETF
NYSE ArcaEZU
iShares MSCI Eurozone ETF
BatsIJR
iShares Core S&P Small-Cap ETF
NYSE ArcaSHY
iShares 1-3 Year Treasury Bond ETF
NYSE ArcaOIH
VanEck Vectors Oil Service ETF
NYSE ArcaEWY
iShares MSCI South Korea Capped ETF
NYSE ArcaPFF
iShares US Preferred Stock ETF
NYSE ArcaXME
SPDR S&P Metals & Mining ETF
NYSE ArcaIEFA
iShares Core MSCI EAFE ETF
NYSE ArcaIWB
iShares Russell 1000 ETF
NYSE ArcaKBE
SPDR S&P Bank ETF
NYSE ArcaBSV
Vanguard Short-Term Bond ETF
NYSE ArcaIWO
iShares Russell 2000 Growth ETF
NYSE ArcaHEDJ
WisdomTree Europe Hedged Equity Fund
NYSE ArcaEWT
iShares MSCI Taiwan ETF
NYSE ArcaSH
ProShares Short S&P 500
NYSE ArcaACWI
iShares MSCI ACWI ETF
NASDAQVCSH
Vanguard Short-Term Corporate Bond ETF
NASDAQSPLV
PowerShares S&P 500 Low Volatility Portfolio
NYSE ArcaEWG
iShares MSCI Germany ETF
NYSE ArcaVTV
Vanguard Value ETF
NYSE ArcaAMLP
Alerian MLP ETF
NYSE ArcaDBEF
Deutsche X-trackers MSCI EAFE Hedged Equity ETF
NYSE ArcaIAU
iShares Gold Trust
NYSE ArcaUNG
United States Natural Gas Fund LP
NYSE ArcaDVY
iShares Select Dividend ETF
NYSE ArcaBKLN
PowerShares Senior Loan Portfolio
NYSE ArcaVB
Vanguard Small-Cap ETF
NYSE ArcaVEU
Vanguard FTSE All-World ex-US ETF
NYSE ArcaIVE
iShares S&P 500 Value ETF
NYSE ArcaRSP
Guggenheim S&P 500 Equal Weight ETF
NYSE ArcaSHV
iShares Short Treasury Bond ETF
NYSE ArcaVIXY
ProShares VIX Short-Term Futures ETF
NYSE ArcaXHB
SPDR S&P Homebuilders ETF
NYSE ArcaIVW
iShares S&P 500 Growth ETF
NYSE ArcaVCIT
Vanguard Intermediate-Term Corporate Bond ETF
NASDAQEPI
WisdomTree India Earnings Fund
NYSE ArcaEFAV
iShares MSCI EAFE Minimum Volatility ETF
NYSE ArcaITB
iShares U.S. Home Construction ETF
NYSE ArcaSDY
SPDR S&P Dividend ETF
NYSE ArcaMUB
iShares National Muni Bond ETF
NYSE ArcaVUG
Vanguard Growth ETF
NYSE ArcaVYM
Vanguard High Dividend Yield ETF
NYSE ArcaINDA
iShares MSCI India ETF
BatsBIV
Vanguard Intermediate-Term Bond ETF
NYSE Arca( print page 45930)FEZ
SPDR EURO STOXX 50 ETF
NYSE ArcaAAXJ
iShares MSCI All Country Asia ex Japan ETF
NASDAQVIG
Vanguard Dividend Appreciation ETF
NYSE ArcaMCHI
iShares MSCI China ETF
NASDAQAMJ
JPMorgan Alerian MLP Index ETN
NYSE ArcaEWH
iShares MSCI Hong Kong ETF
NYSE ArcaEWU
iShares MSCI United Kingdom ETF
NYSE ArcaSOXX
iShares PHLX Semiconductor ETF
NASDAQFXE
CurrencyShares Euro Trust
NYSE ArcaMBB
iShares MBS ETF
NYSE ArcaCIU
iShares Intermediate Credit Bond ETF
NYSE ArcaVO
Vanguard Mid-Cap ETF
NYSE ArcaEWC
iShares MSCI Canada ETF
NYSE ArcaIEI
iShares 3-7 Year Treasury Bond ETF
NYSE ArcaCSJ
iShares 1-3 Year Credit Bond ETF
NYSE ArcaOEF
iShares S&P 100 ETF
NYSE ArcaILF
iShares Latin America 40 ETF
NYSE ArcaIYE
iShares U.S. Energy ETF
NYSE ArcaVGT
Vanguard Information Technology ETF
NYSE ArcaXLRE
Real Estate Select Sector SPDR Fund
NYSE ArcaIYT
iShares Transportation Average ETF
NYSE ArcaPCY
PowerShares Emerging Markets Sovereign Debt Portfolio
NYSE ArcaIWS
iShares Russell Mid-Cap Value ETF
NYSE ArcaEEMV
iShares MSCI Emerging Markets Minimum Volatility ETF/Dup
NYSE ArcaIYF
iShares US Financials ETF
NYSE ArcaVBR
Vanguard Small-Cap Value ETF
NYSE ArcaUUP
PowerShares DB US Dollar Index Bullish Fund
NYSE ArcaBNDX
Vanguard Total International Bond ETF
NASDAQSJNK
SPDR Bloomberg Barclays Short Term High Yield Bond ETF
NYSE ArcaEWA
iShares MSCI Australia ETF
NYSE ArcaMINT
PIMCO Enhanced Short Maturity Active Exchange-Traded Fund
NYSE ArcaHDV
iShares High Dividend ETF
NYSE ArcaSCHF
Schwab International Equity ETF
NYSE ArcaBIL
SPDR Bloomberg Barclays 1-3 Month T-Bill
NYSE ArcaCWB
SPDR Bloomberg Barclays Convertible Securities ETF
NYSE ArcaFDN
First Trust Dow Jones Internet Index Fund
NYSE ArcaPGX
PowerShares Preferred Portfolio
NYSE ArcaVFH
Vanguard Financials ETF
NYSE ArcaIWR
iShares Russell Mid-Cap ETF
NYSE ArcaHEFA
iShares Currency Hedged MSCI EAFE ETF
NYSE ArcaVT
Vanguard Total World Stock ETF
NYSE ArcaSCZ
iShares MSCI EAFE Small-Cap ETF
NASDAQVXF
Vanguard Extended Market ETF
NYSE ArcaHYS
PIMCO 0-5 Year High Yield Corporate Bond Index Exchange-Traded Fund
NYSE ArcaFLOT
iShares Floating Rate Bond ETF
NYSE ArcaDBC
PowerShares DB Commodity Index Tracking Fund
NYSE ArcaICF
iShares Cohen & Steers REIT ETF
NYSE ArcaITOT
iShares Core S&P Total US Stock Market ETF
NYSE ArcaRWM
ProShares Short Russell2000
NYSE ArcaSCHB
Schwab US Broad Market ETF
NYSE ArcaVHT
Vanguard Health Care ETF
NYSE ArcaRWR
SPDR Dow Jones REIT ETF
NYSE ArcaIWV
iShares Russell 3000 ETF
NYSE ArcaIYW
iShares US Technology ETF
NYSE ArcaVXUS
Vanguard Total International Stock ETF
NASDAQEWP
iShares MSCI Spain Capped ETF
NYSE ArcaDBEU
Deutsche X-trackers MSCI Europe Hedged Equity ETF
NYSE ArcaEZA
iShares MSCI South Africa ETF
NYSE ArcaDBJP
Deutsche X-trackers MSCI Japan Hedged Equity ETF
NYSE ArcaSCHX
Schwab US Large-Cap ETF
NYSE ArcaIJJ
iShares S&P Mid-Cap 400 Value ETF
NYSE ArcaACWX
iShares MSCI ACWI ex US ETF
NASDAQRWX
SPDR Dow Jones International Real Estate ETF
NYSE ArcaIEV
iShares Europe ETF
NYSE ArcaVBK
Vanguard Small-Cap Growth ETF
NYSE ArcaVOE
Vanguard Mid-Cap Value ETF
NYSE ArcaIWP
iShares Russell Mid-Cap Growth ETF
NYSE ArcaPSQ
ProShares Short QQQ
NYSE ArcaSCHD
Schwab US Dividend Equity ETF
NYSE ArcaQUAL
iShares MSCI USA Quality Factor ETF
NYSE ArcaSPHD
PowerShares S&P 500 High Dividend Low Volatility Portfolio
NYSE ArcaFXG
First Trust Consumer Staples AlphaDEX Fund
NYSE ArcaBLV
Vanguard Long-Term Bond ETF
NYSE ArcaIJS
iShares S&P Small-Cap 600 Value ETF
NYSE Arca( print page 45931)VPU
Vanguard Utilities ETF
NYSE ArcaVDE
Vanguard Energy ETF
NYSE ArcaEPP
iShares MSCI Pacific ex Japan ETF
NYSE ArcaFXD
First Trust Consumer Discretionary AlphaDEX Fund
NYSE ArcaIGV
iShares North American Tech-Software ETF
NYSE ArcaNEAR
iShares Short Maturity Bond ETF
BatsHEWJ
iShares Currency Hedged MSCI Japan ETF
NYSE ArcaEWI
iShares MSCI Italy Capped ETF
NYSE ArcaEIDO
iShares MSCI Indonesia ETF
NYSE ArcaHYD
VanEck Vectors High Yield Municipal Index ETF
NYSE ArcaSCPB
SPDR Bloomberg Barclays Short Term Corporate Bond ETF
NYSE ArcaSCHH
Schwab U.S. REIT ETF
NYSE ArcaEWL
iShares MSCI Switzerland Capped ETF
NYSE ArcaIJK
iShares S&P Mid-Cap 400 Growth ETF
NYSE ArcaEFV
iShares MSCI EAFE Value ETF
NYSE ArcaIJT
iShares S&P Small-Cap 600 Growth ETF
NYSE ArcaEMLC
VanEck Vectors J.P. Morgan EM Local Currency Bond ETF
NYSE ArcaSCHA
Schwab US Small-Cap ETF
NYSE ArcaIDU
iShares US Utilities ETF
NYSE ArcaHEZU
iShares Currency Hedged MSCI Eurozone ETF
NYSE ArcaSHM
SPDR Nuveen Barclays Short Term Municipal Bond ETF
NYSE ArcaIYH
iShares U.S. Healthcare ETF
NYSE ArcaFV
First Trust Dorsey Wright Focus 5 ETF
NASDAQIHI
iShares U.S. Medical Devices ETF
NYSE ArcaITA
iShares US Aerospace & Defense ETF
NYSE ArcaGOVT
iShares Core US Treasury Bond ETF
NYSE ArcaGUNR
FlexShares Global Upstream Natural Resources Index Fund
NYSE ArcaVV
Vanguard Large-Cap ETF
NYSE ArcaASHR
Deutsche X-trackers Harvest CSI 300 China A-Shares ETF
NYSE ArcaIYZ
iShares US Telecommunications ETF
NYSE ArcaBWX
SPDR Bloomberg Barclays International Treasury Bond ETF
NYSE ArcaTFI
SPDR Nuveen Barclays Municipal Bond ETF
NYSE ArcaSCHZ
Schwab U.S. Aggregate Bond ETF
NYSE ArcaVCLT
Vanguard Long-Term Corporate Bond ETF
NASDAQVNQI
Vanguard Global ex-U.S. Real Estate ETF
NASDAQKBWB
PowerShares KBW Bank Portfolio
NASDAQIDV
iShares International Select Dividend ETF
NYSE ArcaIXUS
iShares Core MSCI Total International Stock ETF
NASDAQACWV
iShares MSCI All Country World Minimum Volatility ETF
NYSE ArcaFXY
CurrencyShares Japanese Yen Trust
NYSE ArcaNOBL
ProShares S&P 500 Dividend Aristocrats ETF
BatsVPL
Vanguard FTSE Pacific ETF
NYSE ArcaTHD
iShares MSCI Thailand Capped ETF
NYSE ArcaTOTL
SPDR Doubleline Total Return Tactical ETF
NYSE ArcaVDC
Vanguard Consumer Staples ETF
NYSE ArcaVOX
Vanguard Telecommunication Services ETF
NYSE ArcaVTIP
Vanguard Short-Term Inflation-Protected Securities ETF
NASDAQMTUM
iShares MSCI USA Momentum Factor ETF
NYSE ArcaQTEC
First Trust NASDAQ-100 Technology Index Fund
NASDAQEWM
iShares MSCI Malaysia ETF
NYSE ArcaFXN
First Trust Energy AlphaDEX Fund
NYSE ArcaOIL
iPath Goldman Sachs Crude Oil Total Return Index ETN
NYSE ArcaREM
iShares Mortgage Real Estate Capped ETF
NYSE ArcaTBF
ProShares Short 20+ Year Treasury
NYSE ArcaFCG
First Trust Natural Gas ETF
NYSE ArcaFXR
First Trust Industrials/Producer Durables AlphaDEX Fund
NYSE ArcaPIN
PowerShares India Portfolio
NYSE ArcaVIS
Vanguard Industrials ETF
NYSE ArcaTUR
iShares MSCI Turkey ETF
NYSE ArcaVMBS
Vanguard Mortgage-Backed Securities ETF
NASDAQFVD
First Trust Value Line Dividend Index Fund
NYSE ArcaFXB
CurrencyShares British Pound Sterling Trust
NYSE ArcaPHB
PowerShares Fundamental High Yield Corporate Bond Portfolio
NYSE ArcaDOG
ProShares Short Dow30
NYSE ArcaEFG
iShares MSCI EAFE Growth ETF
NYSE ArcaEWQ
iShares MSCI France ETF
NYSE ArcaIYJ
iShares U.S. Industrials ETF
NYSE ArcaIYG
iShares U.S. Financial Services ETF
NYSE ArcaBOND
PIMCO Total Return Active Exchange-Traded Fund
NYSE ArcaHEWG
iShares Currency Hedged MSCI Germany ETF
NYSE ArcaSHYG
iShares 0-5 Year High Yield Corporate Bond ETF
NYSE ArcaVLUE
iShares MSCI USA Value Factor ETF
NYSE ArcaSCHE
Schwab Emerging Markets Equity ETF
NYSE ArcaECH
iShares MSCI Chile Capped ETF
NYSE Arca( print page 45932)FXU
First Trust Utilities AlphaDEX Fund
NYSE ArcaRWO
SPDR Dow Jones Global Real Estate ETF
NYSE ArcaPRF
Powershares FTSE RAFI US 1000 Portfolio
NYSE ArcaVGLT
Vanguard Long-Term Government Bond ETF
NASDAQVOT
Vanguard Mid-Cap Growth ETF
NYSE ArcaSCHM
Schwab U.S. Mid-Cap ETF
NYSE ArcaEUFN
iShares MSCI Europe Financials ETF
NASDAQEWS
iShares MSCI Singapore ETF
NYSE ArcaGVI
iShares Intermediate Government/Credit Bond ETF
NYSE ArcaSCHV
Schwab U.S. Large-Cap Value ETF
NYSE ArcaSCHP
Schwab US TIPs ETF
NYSE ArcaDEM
WisdomTree Emerging Markets High Dividend Fund
NYSE ArcaIYM
iShares U.S. Basic Materials ETF
NYSE ArcaDBA
PowerShares DB Agriculture Fund
NYSE ArcaSCHG
Schwab U.S. Large-Cap Growth ETF
NYSE ArcaIGOV
iShares International Treasury Bond ETF
NASDAQIGF
iShares Global Infrastructure ETF
NASDAQTLH
iShares 10-20 Year Treasury Bond ETF
NYSE ArcaEPHE
iShares MSCI Philippines ETF
NYSE ArcaSCHO
Schwab Short-Term U.S. Treasury ETF
NYSE ArcaEUM
ProShares Short MSCI Emerging Markets
NYSE ArcaPGF
PowerShares Financial Preferred Portfolio
NYSE ArcaIHF
iShares U.S. Healthcare Providers ETF
NYSE ArcaVSS
Vanguard FTSE All World ex-US Small-Cap ETF
NYSE ArcaKIE
SPDR S&P Insurance ETF
NYSE ArcaSPHB
PowerShares S&P 500 High Beta Port ETF
NYSE ArcaSDOG
ALPS Sector Dividend Dogs ETF
NYSE ArcaVAW
Vanguard Materials ETF
NYSE ArcaFPE
First Trust Preferred Securities and Income ETF
NYSE ArcaITR
SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF
NYSE ArcaVCR
Vanguard Consumer Discretionary ETF
NYSE ArcaIGE
iShares North American Natural Resources ETF
NYSE ArcaSIL
Global X Silver Miners ETF
NYSE ArcaEDV
Vanguard Extended Duration Treasury ETF
NYSE ArcaDLN
WisdomTree LargeCap Dividend Fund
NYSE ArcaDON
WisdomTree MidCap Dividend Fund
NYSE ArcaMLPI
ETRACS Alerian MLP Infrastructure Index ETN
NYSE ArcaCLY
iShares 10+ Year Credit Bond ETF
NYSE ArcaIUSG
iShares Core US Growth ETF
NYSE ArcaITM
VanEck Vectors AMT-Free Intermediate Municipal Index ETF
NYSE ArcaRPG
Guggenheim S&P 500 Pure Growth ETF
NYSE ArcaVGIT
Vanguard Intermediate-Term Government Bond ETF
NASDAQCRED
iShares Core US Credit Bond ETF
NYSE ArcaXES
SPDR S&P Oil & Gas Equipment & Services ETF
NYSE ArcaPHYS
Sprott Physical Gold Trust
NYSE ArcaTLO
SPDR Bloomberg Barclays Long Term Treasury ETF
NYSE ArcaBBH
VanEck Vectors Biotech ETF
NASDAQRYT
Guggenheim S&P 500 Equal Weight Technology ETF
NYSE ArcaFXO
First Trust Financial AlphaDEX Fund
NYSE ArcaCWI
SPDR MSCI ACWI ex-US ETF
NYSE ArcaFXH
First Trust Health Care AlphaDEX Fund
NYSE ArcaFDL
First Trust Morningstar Dividend Leaders Index
NYSE ArcaPJP
Powershares Dynamic Pharmaceuticals Portfolio
NYSE ArcaPZA
PowerShares National AMT-Free Municipal Bond Portfolio
NYSE ArcaRPV
Guggenheim S&P 500 Pure Value ETF
NYSE ArcaGSLC
Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF
NYSE ArcaSUB
iShares Short-Term National Muni Bond ETF
NYSE ArcaIXC
iShares Global Energy ETF
NYSE ArcaIAT
iShares US Regional Banks ETF
NYSE ArcaGSY
Guggenheim Enhanced Short Duration ETF
NYSE ArcaERUS
iShares MSCI Russia Capped ETF
NYSE ArcaIXJ
iShares Global Healthcare ETF
NYSE ArcaDES
WisdomTree SmallCap Dividend Fund
NYSE ArcaDJP
iPath Bloomberg Commodity Index Total Return ETN
NYSE ArcaFTSM
First Trust Enhanced Short Maturity ETF
NASDAQXPH
SPDR S&P Pharmaceuticals ETF
NYSE ArcaVTEB
Vanguard Tax-Exempt Bond Index ETF
NYSE ArcaVWOB
Vanguard Emerging Markets Government Bond ETF
NASDAQIUSV
iShares Core US Value ETF
NYSE ArcaPDP
PowerShares DWA Momentum Portfolio
NASDAQMGK
Vanguard Mega Cap Growth ETF
NYSE ArcaHYLS
First Trust Exchange-Traded Fund IV First Trust Tactical High Yield ETF
NASDAQFEX
First Trust Large Cap Core AlphaDEX Fund
NASDAQHYMB
SPDR Nuveen S&P High Yield Municipal Bond ETF
NYSE Arca( print page 45933)DGRO
iShares Core Dividend Growth ETF
NYSE ArcaVGSH
Vanguard Short-Term Government Bond ETF
NASDAQRHS
Guggenheim S&P 500 Equal Weight Consumer Staples ETF
NYSE ArcaLEMB
iShares Emerging Markets Local Currency Bond ETF
NYSE ArcaFBT
First Trust NYSE Arca Biotechnology Index Fund
NYSE ArcaIYK
iShares US Consumer Goods ETF
NYSE ArcaFNDX
Schwab Fundamental U.S. Large Company Index
NYSE ArcaBNDS
SPDR Bloomberg Barclays Aggregate Bond ETF
NYSE ArcaPEY
PowerShares High Yield Equity Dividend Achievers Portfolio
NASDAQVRP
PowerShares Variable Rate Preferred Portfolio
NYSE ArcaSPHQ
PowerShares S&P 500 Quality Portfolio
NYSE ArcaGNR
SPDR S&P Global Natural Resources ETF
NYSE ArcaANGL
VanEck Vectors Fallen Angel High Yield Bond ETF
NYSE ArcaEMLP
First Trust North American Energy Infrastructure Fund
NYSE ArcaVTWO
Vanguard Russell 2000
NASDAQSRLN
SPDR Blackstone/GSO Senior Loan ETF
NYSE ArcaEWD
iShares MSCI Sweden ETF
NYSE ArcaRING
iShares MSCI Global Gold Miners ETF
NYSE ArcaBAB
PowerShares Build America Bond Portfolio
NYSE ArcaXMLV
PowerShares S&P MidCap Low Volatility Portfolio
NYSE ArcaKWEB
KraneShares CSI China Internet ETF
NASDAQIEO
iShares U.S. Oil & Gas Exploration & Production ETF
NYSE ArcaXSLV
PowerShares S&P SmallCap Low Volatility Portfolio
NYSE ArcaIEUR
iShares Core MSCI Europe ETF
NYSE ArcaIFGL
iShares International Developed Real Estate ETF
NASDAQZROZ
PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund
NYSE ArcaXSD
SPDR S&P Semiconductor ETF
NYSE ArcaDFE
WisdomTree Europe SmallCap Dividend Fund
NYSE ArcaFTSL
First Trust Senior Loan ETF
NASDAQFXZ
First Trust Materials AlphaDEX Fund
NYSE ArcaBLHY
Virtus Newfleet Dynamic Credit ETF
NYSE ArcaSCHR
Schwab Intermediate-Term U.S. Treasury ETF
NYSE ArcaEPOL
iShares MSCI Poland Capped ETF
NYSE ArcaCMF
iShares California Muni Bond ETF
NYSE ArcaGXC
SPDR S&P China ETF
NYSE ArcaXAR
SPDR S&P Aerospace & Defense ETF
NYSE ArcaIYC
iShares U.S. Consumer Services ETF
NYSE ArcaFNDF
Schwab Fundamental International Large Company Index
NYSE ArcaDWX
SPDR S&P International Dividend ETF
NYSE ArcaSGOL
ETFS Physical Swiss Gold Shares
NYSE ArcaEWN
iShares MSCI Netherlands ETF
NYSE ArcaPKW
PowerShares Buyback Achievers Portfolio
NASDAQPSLV
Sprott Physical Silver Trust
NYSE ArcaIGM
iShares North American Tech ETF
NYSE ArcaFNCL
Fidelity MSCI Financials Index ETF
NYSE ArcaPPLT
ETFS Physical Platinum Shares
NYSE ArcaISTB
iShares Core 1-5 Year USD Bond ETF
NYSE ArcaDGRW
WisdomTree U.S. Quality Dividend Growth Fund
NASDAQIHE
iShares US Pharmaceuticals ETF
NYSE ArcaSLYV
SPDR S&P 600 Small CapValue ETF
NYSE ArcaHACK
PureFunds ISE Cyber Security ETF
NYSE ArcaFNDA
Schwab Fundamental U.S. Small Company Index
NYSE ArcaCORP
PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund
NYSE ArcaBSJI
Guggenheim BulletShares 2018 High Yield Corporate Bond ETF
NYSE ArcaECON
Columbia Emerging Markets Consumer ETF
NYSE ArcaPSK
SPDR Wells Fargo Preferred Stock ETF
NYSE ArcaGSG
iShares S&P GSCI Commodity Indexed Trust
NYSE ArcaVOOG
Vanguard S&P 500 Growth ETF
NYSE ArcaVXZ
iPATH S&P 500 VIX Mid-Term Futures ETN
NYSE ArcaONEQ
Fidelity NASDAQ Composite Index Tracking Stock ETF
NASDAQSLYG
SPDR S&P 600 Small Cap Growth ETF
NYSE ArcaSTIP
iShares 0-5 Year TIPS Bond ETF
NYSE ArcaPDBC
PowerShares DB Optimum Yield Diversified Commodity Strategy Portfolio
NASDAQFXL
First Trust Technology AlphaDEX Fund
NYSE ArcaIXN
iShares Global Tech ETF
NYSE ArcaMOO
VanEck Vectors Agribusiness ETF
NYSE ArcaEPU
iShares MSCI All Peru Capped ETF
NYSE ArcaSNLN
Highland/iBoxx Senior Loan ETF
NASDAQDHS
WisdomTree High Dividend Fund
NYSE ArcaAOR
iShares Core Growth Allocation ETF
NYSE ArcaQAI
IndexIQ ETF Trust—IQ Hedge Multi-Strategy Tracker ETF
NYSE ArcaPPH
VanEck Vectors Pharmaceutical ETF
NASDAQFTEC
Fidelity MSCI Information Technology Index ETF
NYSE ArcaDGS
WisdomTree Emerging Markets SmallCap Dividend Fund
NYSE Arca( print page 45934)FHLC
Fidelity MSCI Health Care Index ETF
NYSE ArcaFNDE
Schwab Fundamental Emerging Markets Large Company Index ETF
NYSE ArcaLMBS
First Trust Low Duration Opportunities ETF
NASDAQIPAC
iShares Core MSCI Pacific ETF
NYSE ArcaMGV
Vanguard Mega Cap Value ETF
NYSE ArcaFRI
First Trust S&P REIT Index Fund
NYSE ArcaJO
iPath Bloomberg Coffee Subindex Total Return ETN
NYSE ArcaPXH
PowerShares FTSE RAFI Emerging Markets Portfolio
NYSE ArcaWIP
SPDR Citi International Government Inflation-Protected Bond ETF
NYSE ArcaAOM
iShares Core Moderate Allocation ETF
NYSE ArcaEWK
iShares MSCI Belgium Capped ETF
NYSE ArcaVIIX
VelocityShares VIX Short Term ETN
NASDAQSCJ
iShares MSCI Japan Small-Cap ETF
NYSE ArcaDVYE
iShares Emerging Markets Dividend ETF
NYSE ArcaPXF
PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio
NYSE ArcaDBB
PowerShares DB Base Metals Fund
NYSE ArcaHYEM
VanEck Vectors Emerging High Yield Bond ETF
NYSE ArcaPPA
PowerShares Aerospace & Defense Portfolio
NYSE ArcaFTGC
First Trust Global Tactical Commodity Strategy Fund
NASDAQDLS
WisdomTree International SmallCap Dividend Fund
NYSE ArcaJHMD
John Hancock Multifactor Developed International ETF
NYSE ArcaSDIV
Global X SuperDividend ETF
NYSE ArcaPICK
iShares MSCI Global Metals & Mining Producers ETF
NYSE ArcaINDY
iShares India 50 ETF
NASDAQSPYG
SPDR S&P 500 Growth ETF
NYSE ArcaSTPZ
PIMCO 1-5 Year U.S. TIPS Index Exchange-Traded Fund
NYSE ArcaSCHC
Schwab International Small-Cap Equity ETF
NYSE ArcaIXG
iShares Global Financials ETF
NYSE ArcaIAGG
iShares International Aggregate Bond Fund
BatsIWC
iShares Micro-Cap ETF
NYSE ArcaDBO
PowerShares DB Oil Fund
NYSE ArcaFXC
CurrencyShares Canadian Dollar Trust
NYSE ArcaUSCI
United States Commodity Index Fund
NYSE ArcaPSCT
PowerShares S&P SmallCap Information Technology Portfolio
NASDAQITE
SPDR Bloomberg Barclays Intermediate Term Treasury ETF
NYSE ArcaDBP
PowerShares DB Precious Metals Fund
NYSE ArcaFENY
Fidelity MSCI Energy Index ETF
NYSE ArcaELD
WisdomTree Emerging Markets Local Debt Fund
NYSE ArcaREZ
iShares Residential Real Estate Capped ETF
NYSE ArcaEWX
SPDR S&P Emerging Markets SmallCap ETF
NYSE ArcaENZL
iShares MSCI New Zealand Capped ETF
NASDAQIDLV
PowerShares S&P International Developed Low Volatility Portfolio
NYSE ArcaBSJJ
Guggenheim BulletShares 2019 High Yield Corporate Bond ETF
NYSE ArcaSILJ
PureFunds ISE Junior Silver Small Cap Miners/Explorers ETF
NYSE ArcaVONG
Vanguard Russell 1000 Growth ETF
NASDAQJPIN
JPMorgan Diversified Return International Equity ETF
NYSE ArcaWBIY
WBI Power FactorTM High Dividend ETF
NYSE ArcaFTA
First Trust Large Cap Value AlphaDEX Fund
NASDAQGWX
SPDR S&P International Small Cap ETF
NYSE ArcaOUSA
O'Shares FTSE US Quality Dividend ETF
NYSE ArcaFM
iShares MSCI Frontier 100 ETF
NYSE ArcaSJB
ProShares Short High Yield
NYSE ArcaRYH
Guggenheim S&P 500 Equal Weight Healthcare ETF
NYSE ArcaVONV
Vanguard Russell 1000 Value
NASDAQPFXF
VanEck Vectors Preferred Securities ex Financials ETF
NYSE ArcaQDF
FlexShares Quality Dividend Index Fund
NYSE ArcaRYF
Guggenheim S&P 500 Equal Weight Financials ETF
NYSE ArcaRYE
Guggenheim S&P 500 Equal Weight Energy ETF
NYSE ArcaPID
PowerShares International Dividend Achievers Portfolio
NASDAQFUTY
Fidelity MSCI Utilities Index ETF
NYSE ArcaHDGE
AdvisorShares Ranger Equity Bear ETF
NYSE ArcaMOAT
VanEck Vectors Morningstar Wide Moat ETF
NYSE ArcaPWV
PowerShares Dynamic Large Cap Value Portfolio
NYSE ArcaBSCI
Guggenheim BulletShares 2018 Corporate Bond ETF
NYSE ArcaDFJ
WisdomTree Japan SmallCap Dividend Fund
NYSE ArcaTDTT
FlexShares iBoxx 3-Year Target Duration TIPS Index Fund
NYSE ArcaDGL
PowerShares DB Gold Fund
NYSE ArcaDBE
PowerShares DB Energy Fund
NYSE ArcaSMDV
Proshares Trust-Proshares Russell 2000 Dividend Growers ETF
BatsIFV
First Trust Dorsey Wright International Focus 5 ETF
NASDAQMDIV
First Trust Multi-Asset Diversified Income Index Fund
NASDAQPRFZ
PowerShares FTSE RAFI US 1500 Small-Mid Portfolio
NASDAQFLRN
SPDR Bloomberg Barclays Investment Grade Floating Rate ETF
NYSE ArcaEFZ
ProShares Short MSCI EAFE
NYSE Arca( print page 45935)BSCH
Guggenheim BulletShares 2017 Corporate Bond ETF
NYSE ArcaIGN
iShares North American Tech-Multimedia Networking ETF
NYSE ArcaFYX
First Trust Small Cap Core AlphaDEX Fund
NASDAQIYY
iShares Dow Jones U.S. ETF
NYSE ArcaVNM
VanEck Vectors Vietnam ETF
NYSE ArcaDWM
WisdomTree International Equity Fund
NYSE ArcaBSCK
Guggenheim BulletShares 2020 Corporate Bond ETF
NYSE ArcaEBND
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF
NYSE ArcaDSI
iShares MSCI KLD 400 Social ETF
NYSE ArcaFREL
Fidelity MSCI Real Estate Index ETF
NYSE ArcaIOO
iShares Global 100 ETF
NYSE ArcaKBWY
PowerShares KBW Premium Yield Equity REIT Portfolio
NASDAQIHDG
WisdomTree International Hedged Quality Dividend Growth Fund
NYSE ArcaFTC
First Trust Large Cap Growth AlphaDEX Fund
NASDAQIPE
SPDR Bloomberg Barclays TIPS ETF
NYSE ArcaGWL
SPDR S&P World ex-US ETF
NYSE ArcaSKYY
First Trust ISE Cloud Computing Index Fund
NASDAQXTN
SPDR S&P Transportation ETF
NYSE ArcaSLX
VanEck Vectors Steel Index Fund
NYSE ArcaREGL
Proshares S&P Midcap 400 Dividend Aristocrats ETF
BatsFNX
First Trust Mid Cap Core AlphaDEX Fund
NASDAQSGDM
Sprott Gold Miners ETF
NYSE ArcaCMBS
iShares CMBS ETF
NYSE ArcaPKB
PowerShares Dynamic Building & Construction Portfolio
NYSE ArcaQABA
First Trust NASDAQ ABA Community Bank Index Fund
NASDAQMXI
iShares Global Materials ETF
NYSE ArcaTDIV
First Trust NASDAQ Technology Dividend Index Fund
NASDAQFDIS
Fidelity MSCI Consumer Discretionary Index ETF
NYSE ArcaAOA
iShares Core Aggressive Allocation ETF
NYSE ArcaFPX
First Trust US IPO Index Fund
NYSE ArcaFNDC
Schwab Fundamental International Small Cap Company index
NYSE ArcaBSCJ
Guggenheim BulletShares 2019 Corporate Bond ETF
NYSE ArcaAIA
iShares Asia 50 ETF
NASDAQGLTR
ETFS Physical Precious Metal Basket Shares
NYSE ArcaVONE
Vanguard Russell 1000
NASDAQFSTA
Fidelity MSCI Consumer Staples Index ETF
NYSE ArcaBSCL
Guggenheim BulletShares 2021 Corporate Bond ETF
NYSE ArcaFDT
First Trust Developed Markets ex-US AlphaDEX Fund
NASDAQCOMT
iShares Commodities Select Strategy ETF
NASDAQPUI
PowerShares DWA Utilities Momentum Portfolio
NASDAQPSL
PowerShares DWA Consumer Staples Momentum Portfolio
NASDAQMGC
Vanguard Mega Cap ETF
NYSE ArcaJKG
iShares Morningstar Mid-Cap ETF
NYSE ArcaBSJH
Guggenheim BulletShares 2017 High Yield Corporate Bond ETF
NYSE ArcaMDYG
SPDR S&P 400 Mid CapGrowth ETF
NYSE ArcaURTH
iShares MSCI World ETF
NYSE ArcaRDIV
Oppenheimer Ultra Dividend Revenue ETF
NYSE ArcaSLY
SPDR S&P 600 Small CapETF
NYSE ArcaSGG
iPath Bloomberg Sugar Subindex Total Return ETN
NYSE ArcaBSJK
Guggenheim BulletShares 2020 High Yield Corporate Bond ETF
NYSE ArcaAOK
iShares Core Conservative Allocation ETF
NYSE ArcaVIOO
Vanguard S&P Small-Cap 600 ETF
NYSE ArcaBSJG
Guggenheim BulletShares 2016 High Yield Corporate Bond ETF
NYSE ArcaPCEF
PowerShares CEF Income Composite Portfolio
NYSE ArcaRWL
Oppenheimer Large Cap Revenue ETF
NYSE ArcaPWZ
PowerShares California AMT-Free Municipal Bond Portfolio
NYSE ArcaJHML
John Hancock Multi-Factor Large Cap ETF
NYSE ArcaFLTB
Fidelity Ltd Term Bond ETF
NYSE ArcaMDYV
SPDR S&P 400 Mid Cap Value ETF
NYSE ArcaRYU
Guggenheim S&P 500 Equal Weight Utilities ETF
NYSE ArcaRGI
Guggenheim S&P 500 Equal Weight Industrials ETF
NYSE ArcaPALL
ETFS Physical Palladium Shares
NYSE ArcaXHS
SPDR S&P Health Care Services ETF
NYSE ArcaFBND
Fidelity Total Bond ETF
NYSE ArcaDVYA
iShares Asia/Pacific Dividend ETF
NYSE ArcaCORN
Teucrium Corn Fund
NYSE ArcaIVOO
Vanguard S&P Mid-Cap 400 ETF
NYSE ArcaFIDU
Fidelity MSCI Industrials Index ETF
NYSE ArcaJKE
iShares Morningstar Large-Cap Growth ETF
NYSE ArcaEMHY
iShares Emerging Markets High Yield Bond ETF
BatsIQDF
FlexShares International Quality Dividend Index Fund
NYSE ArcaVOOV
Vanguard S&P 500 Value ETF
NYSE ArcaHEWU
iShares Currency Hedged MSCI United Kingdom ETF
NYSE ArcaFVC
First Trust Dorsey Wright Dynamic Focus 5 ETF
NASDAQ( print page 45936)SIVR
ETFS Physical Silver Shares
NYSE ArcaKOL
VanEck Vectors Coal ETF
NYSE ArcaMLPA
Global X MLP ETF
NYSE ArcaAGZ
iShares Agency Bond ETF
NYSE ArcaEELV
PowerShares S&P Emerging Markets Low Volatility Portfolio
NYSE ArcaTAN
Guggenheim Solar ETF
NYSE ArcaIUSB
iShares Core Total USD Bond Market ETF
NYSE ArcaIVOV
Vanguard S&P Mid-Cap 400 Value ETF
NYSE ArcaGBF
iShares Government/Credit Bond ETF
NYSE ArcaTLTD
FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund
NYSE ArcaSLQD
iShares 0-5 Year Investment Grade Corporate Bond ETF
NASDAQCSM
ProShares Large Cap Core Plus
BatsTDTF
FlexShares iBoxx 5-Year Target Duration TIPS Index Fund
NYSE ArcaSOCL
Global X Social Media Index ETF
NASDAQSLVP
iShares MSCI Global Silver Miners ETF
NYSE ArcaQQEW
First Trust NASDAQ-100 Equal Weighted Index Fund
NASDAQFJP
First Trust Japan AlphaDEX Fund
NASDAQFEP
First Trust Europe AlphaDEX Fund
NASDAQBNO
United States Brent Oil Fund LP
NYSE ArcaAMZA
InfraCap MLP ETF
NYSE ArcaMBG
SPDR Bloomberg Barclays Mortgage Backed Bond ETF
NYSE ArcaIWY
iShares Russell Top 200 Growth ETF
NYSE ArcaFLQE
Franklin LibertyQ Emerging Markets ETF
NYSE ArcaGMM
SPDR S&P Emerging Markets ETF
NYSE ArcaBSCM
Guggenheim BulletShares 2022 Corporate Bond ETF
NYSE ArcaGREK
Global X MSCI Greece ETF
NYSE ArcaFMAT
Fidelity MSCI Materials Index ETF
NYSE ArcaHEEM
iShares Currency Hedged MSCI Emerging Markets ETF
NYSE ArcaGEM
Goldman Sachs ActiveBeta Emerging Markets Equity ETF
NYSE ArcaDBKO
Deutsche X-trackers MSCI South Korea Hedged Equity ETF
NYSE ArcaILTB
iShares Core 10+ Year USD Bond ETF
NYSE ArcaGSIE
Goldman Sachs ActiveBeta International Equity ETF
NYSE ArcaLRGF
iShares FactorSelect MSCI USA ETF
NYSE ArcaNFRA
FlexShares STOXX Global Broad Infrastructure Index Fund
NYSE ArcaAGGP
IQ Enhanced Core Plus Bond U.S. ETF
NYSE ArcaKXI
iShares Global Consumer Staples ETF
NYSE ArcaEDIV
SPDR S&P Emerging Markets Dividend ETF
NYSE ArcaIEZ
iShares U.S. Oil Equipment & Services ETF
NYSE ArcaZIV
VelocityShares Daily Inverse VIX Medium Term ETN
NASDAQDTD
WisdomTree Total Dividend Fund
NYSE ArcaJJG
iPath Bloomberg Grains Subindex Total Return ETN
NYSE Arca
 Appendix B—Data Unless otherwise specified, the following data shall be collected and transmitted to the SEC in an agreed-upon format on a monthly basis, to be provided 30 calendar days following month end. Unless otherwise specified, the Primary Listing Exchanges shall be responsible for collecting and transmitting the data to the SEC. Data collected in connection with Sections II(E)-(G) below shall be transmitted to the SEC with a request for confidential treatment under the Freedom of Information Act. 5 U.S.C. 552, and the SEC's rules and regulations thereunder. I. Summary Statistics A. Frequency with which NMS Stocks enter a Limit State. Such summary data shall be broken down as follows: 1. Partition stocks by category a. Tier 1 non-ETP issues > $3.00 b. Tier 1 non-ETP issues >= $0.75 and <= $3.00 c. Tier 1 non-ETP issues <$0.75 d. Tier 1 non-leveraged ETPs in each of above categories e. Tier 1 leveraged ETPs in each of above categories f. Tier 2 non-ETPs in each of above categories g. Tier 2 non-leveraged ETPs in each of above categories h. Tier 2 leveraged ETPs in each of above categories 2. Partition by time of day a. Opening (prior to 9:45 am ET) b. Regular (between 9:45 am ET and 3:35 pm ET) c. Closing (after 3:35 pm ET) d. Within five minutes of a Trading Pause re-open or IPO open 3. Track reasons for entering a Limit State, such as: a. Liquidity gap-price reverts from a Limit State Quotation and returns to trading within the Price Bands b. Broken trades c. Primary Listing Exchange manually declares a Trading Pause pursuant to Section (VII)(2) of the Plan d. Other B. Determine (1), (2) and (3) for when a Trading Pause has been declared for an NMS Stock pursuant to the Plan. **II. Raw Data**
                          
                        *(all Participants, except A-E, which are for the Primary Listing Exchanges only)* A. Record of every Straddle State 1. Ticker, date, time entered, time exited, flag for ending with Limit State, flag for ending with manual override. 2. Pipe delimited with field names as first record. B. Record of every Price Band 1. Ticker, date, time at beginning of Price Band, Upper Price Band, Lower Price Band 2. Pipe delimited with field names as first record C. Record of every Limit State 1. Ticker, date, time entered, time exited, flag for halt 2. Pipe delimited with field names as first record D. Record of every Trading Pause or halt 1. Ticker, date, time entered, time exited, type of halt (
                        *i.e.,*
                         regulatory halt, non-regulatory halt, Trading Pause pursuant to the Plan, other) 2. Pipe delimited with field names as first record E. Data set or orders entered into reopening auctions during halts or Trading Pauses 1. Arrivals, Changes, Cancels, # shares, limit/market, side, Limit State side
                        ( print page 45937) 2. Pipe delimited with field name as first record F. Data set of order events received during Limit States G. Summary data on order flow of arrivals and cancellations for each 15-second period for discrete time periods and sample stocks to be determined by the SEC in subsequent data requests. Must indicate side(s) of Limit State. 1. Market/marketable sell orders arrivals and executions a. Count b. Shares c. Shares executed 2. Market/marketable buy orders arrivals and executions a. Count b. Shares c. Shares executed 3. Count arriving, volume arriving and shares executing in limit sell orders above NBBO mid-point 4. Count arriving, volume arriving and shares executing in limit sell orders at or below NBBO mid-point (non-marketable) 5. Count arriving, volume arriving and shares executing in limit buy orders at or above NBBO mid-point (non-marketable) 6. Count arriving, volume arriving and shares executing in limit buy orders below NBBO mid-point 7. Count and volume arriving of limit sell orders priced at or above NBBO mid-point plus $0.05 8. Count and volume arriving of limit buy orders priced at or below NBBO mid-point minus $0.05 9. Count and volume of (3-8) for cancels 10. Include: ticker, date, time at start, time of Limit State, all data item fields in 1, last sale prior to 15-second period (null if no trades today), range during 15-second period, last trade during 15-second period III. On May 28, 2015, Participants provided to the SEC a supplemental joint assessment relating to the impact of the Plan and calibration of the Percentage Parameters as follows: A. Assess the statistical and economic impact on liquidity of approaching Price Bands. B. Assess the statistical and economic impact of the Price Bands on erroneous trades. C. Assess the statistical and economic impact of the appropriateness of the Percentage Parameters used for the Price Bands. D. Assess whether the Limit State is the appropriate length to allow for liquidity replenishment when a Limit State is reached because of a temporary liquidity gap. E. Evaluate concerns from the options markets regarding the statistical and economic impact of Limit States on liquidity and market quality in the options markets. (Participants that operate options exchange should also prepare such assessment reports.) F. Assess whether the process for entering a Limit State should be adjusted and whether Straddle States are problematic. G. Assess whether the process for exiting a Limit State should be adjusted. H. Assess whether the Trading Pauses are too long or short and whether the reopening procedures should be adjusted.


# Footnotes

1.
    
                         On May 31, 2012, the Commission approved the Plan, as modified by Amendment No. 1. 
                        *See*
                         Securities Exchange Act Release No. 67091, 77 FR 33498 (June 6, 2012) (File No. 4-631). On February 20, 2013, the Commission noticed for immediate effectiveness the Second Amendment to the Plan. 
                        *See*
                         Securities Exchange Act Release No. 68953, 78 FR 13113 (February 26, 2013). On April 3, 2013, the Commission approved the Third Amendment to the Plan. 
                        *See*
                         Securities Exchange Act Release No. 69287, 78 FR 21483 (April 10, 2013). On August 27, 2013, the Commission noticed for immediate effectiveness the Fourth Amendment to the Plan. 
                        *See*
                         Securities Exchange Act Release No. 70273, 78 FR 54321 (September 3, 2013). On September 26, 2013, the Commission approved the Fifth Amendment to the Plan. 
                        *See*
                         Securities Exchange Act Release No. 70530, 78 FR 60937 (October 2, 2013). On January 7, 2014, the Commission noticed for immediate effectiveness the Sixth Amendment to the Plan. 
                        *See*
                         Securities Exchange Act Release No. 71247, 79 FR 2204 (January 13, 2014). On April 3, 2014, the Commission approved the Seventh Amendment to the Plan. 
                        *See*
                         Securities Exchange Act Release No. 71851, 79 FR 19687 (April 9, 2014). On February 19, 2015, the Commission approved the Eight Amendment to the Plan. 
                        *See*
                         Securities Exchange Act Release No. 74323, 80 FR 10169 (February 25, 2015). On October 22, 2015, the Commission approved the Ninth Amendment to the Plan. 
                        *See*
                         Securities Exchange Act Release No. 76244, 80 FR 66099 (October 28, 2015). On April 21, 2016, the Commission approved the Tenth Amendment to the Plan. 
                        *See*
                         Securities Exchange Act Release No. 77679, 81 FR 24908 (April 27, 2016). On August 26, 2016, the Commission noticed for immediate effectiveness the Eleventh Amendment to the Plan. 
                        *See*
                         Securities Exchange Act Release No. 78703, 81 FR 60397 (September 1, 2016). On January 19, 2017, the Commission approved the Twelfth Amendment to the Plan. 
                        *See*
                         Securities Exchange Act Release No. 79845, 82 FR 8551 (January 26, 2017). On April 13, 2017, the Commission approved the Thirteenth Amendment to the Plan. 
                        *See*
                         Securities Exchange Act Release No. 80455, 82 FR 18519 (April 19, 2017). On April 28, 2017, the Commission noticed for immediate effectiveness the Fourteenth Amendment to the Plan. 
                        *See*
                         Securities Exchange Act Release No. 80549, 82 FR 20928 (May 4, 2017). Back to Citation
 2.
    
                         15 U.S.C 78k-1(a)(3). Back to Citation
 3.
    
                         17 CFR 242.608. Back to Citation
 4.
    
                         
                        *See*
                         Letter from Elizabeth King, General Counsel and Corporate Secretary, NYSE, to Brent Fields, Secretary, Commission, dated August 30, 2017 (“Transmittal Letter”). Back to Citation
 5.
    
                         The Participants also propose a non-substantive amendment to the Plan text to reflect the name change of NYSE MKT LLC to NYSE American LLC. 
                        *See*
                         Securities Exchange Act Release No. Securities Exchange Act Release No. 80283 (March 21, 2017), 82 FR 15244 (March 27, 2017) (SR-NYSEMKT-2017-14). Back to Citation
 6.
    
                         17 CFR 242.608(b)(3)(iii). Back to Citation
 7.
    
                         17 CFR 242.608(b)(1). Back to Citation
 8.
    
                         
                        *See*17 CFR 242.608(a)(4) and (a)(5). Back to Citation
 9.
    
                         
                        *See*
                         Transmittal Letter, 
                        *supra*
                         note 4. Back to Citation
 10.
    
                         Unless otherwise specified, the terms used herein have the same meaning as set forth in the Plan. Back to Citation
 11.
    
                         
                        *See*
                         Updated CQS and CTS Multicast Output Binary Formats: Testing and Implementation Schedule Update 7, available here: 
                        *https://www.nyse.com/​publicdocs/​ctaplan/​notifications/​trader-update/​CTS_​CQS%20New%20Binary%20Formats_​Update_​v7_​06262017.pdf*. Back to Citation
 12.
    
                         
                        *See*
                         Securities Exchange Act Release Nos. 79846 (January 19, 2017), 82 FR 8548 (January 26, 2017) (SR-NYSEArca-2016-130) (Approval Order); 79884 (January 26, 2017), 82 FR 8968 (February 1, 2017) (SR-BatsBZX-2016-61) (Approval Order); 79876 (January 25, 2017), 82 FR 8888 (January 31, 2017) (SR-Nasdaq-2016-131) (Approval Order). Back to Citation
 13.
    
                         In other words, the Participants expect that both the changes pursuant to the twelfth amendment and the Primary Listing Exchange automated reopening changes would become operative at the same time. Back to Citation
 14.
    
                         
                        *See, e.g.,*
                         Securities Exchange Act Release Nos. 70273 (amending Section VIII.B of the Plan to establish a new implementation schedule for Phase II of the Plan) and 71247 (amending Section VIII.B of the Plan to establish a new implementation schedule for Phase II of the Plan), supra note 1. Back to Citation
 15.
    
                         
                        *See*
                         Securities Exchange Act Release No. 80455 (order approving the thirteenth amendment to the Plan), 
                        *supra*
                         note 1. Back to Citation


[FR Doc. 2017-20974 Filed 9-29-17; 8:45 am] BILLING CODE 8011-01-P