45342 Federal Register / Vol. 82, No. 187 / Thursday, September 28, 2017 / Notices 

29 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. 

4Commentary .02 to NYSE Arca Rule 8.200–E 

applies to Trust Issued Receipts that invest in 

‘‘Financial Instruments.’’ The term ‘‘Financial 

Instruments,’’ as defined in Commentary .02(b)(4) to 

NYSE Arca Rule 8.200–E, means any combination 

of investments, including cash; securities; options 

on securities and indices; futures contracts; options 

on futures contracts; forward contracts; equity caps, 

collars, and floors; and swap agreements. 

5On June 2, 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. 

333–218453) (the ‘‘Registration Statement’’). The 

description of the operation of the Trust and the 

Fund herein is based, in part, on the Registration 

Statement. 

6The Baltic Exchange, which is a wholly owned 

subsidiary of the Singapore Exchange Ltd (‘‘SGX’’), 

is a membership and an independent source of 

maritime market information for the trading and 

settlement of physical and derivative shipping 

contracts. According to the Baltic Exchange, this 

information is used by shipbrokers, owners and 

operators, traders, financiers and charterers as a 

reliable and independent view of the dry and tanker 

markets. 

7The Reference Indexes are published by the 

Baltic Exchange’s subsidiary company, Baltic 

Exchange Information Services Ltd (‘‘Baltic’’), 

which publishes a wide range of market reports, 

fixture lists and market rate indicators on a daily 

and (in some cases) weekly basis. The Baltic 

indices, which include the Reference Indexes, are 

an assessment of the price of moving the major raw 

materials by sea. The indices are based on 

assessments of the cost of transporting various bulk 

cargoes, both wet (e.g., crude oil and oil products) 

and dry (e.g., coal and iron ore), made by leading 

shipbroking houses located around the world on a 

per tonne and daily hire basis. The information is 

collated and published by the Baltic Exchange. 

Procedures relating to administration of the Baltic 

indices are set forth in ‘‘The Baltic Exchange, Guide 

to Market Benchmarks’’ November 2016 (the 

‘‘Guide’’), including production methods, 

calculation, confidentiality and transparency, 

duties of panelists, code of conduct, audits and 

quality control. According to the Guide, these 

procedures are in compliance with the ‘‘Principles 

for Financial Benchmarks’’ issued by the 

International Organization of Securities 

Commissioners (‘‘IOSCO’’). The Guide is available 

at www.balticexchange.com. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.29

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–20750 Filed 9–27–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81681; File No. SR– 

NYSEArca–2017–107] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing of Proposed 

Rule Change Relating to Listing and 

Trading of Shares of Breakwave Dry 

Bulk Shipping ETF Under NYSE Arca 

Rule 8.200–E, Commentary .02 

September 22, 2017. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on 

September 8, 2017, NYSE Arca, Inc. (the 

‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with 

the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been substantially prepared by the selfregulatory 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 list and 

trade the shares of Breakwave Dry Bulk 

Shipping ETF under NYSE Arca Rule 

8.200–E, Commentary .02 (‘‘Trust Issued 

Receipts’’). 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 

The Exchange proposes to list and 

trade shares (‘‘Shares’’) of the following 

under NYSE Arca Rule 8.200–E, 

Commentary .02, which governs the 

listing and trading of Trust Issued 

Receipts: Breakwave Dry Bulk Shipping 

ETF (the ‘‘Fund’’).4

The Fund will be a series of ETF 

Managers Group Commodity Trust I (the 

‘‘Trust).5 The Fund and the Trust will be 

managed and controlled by their 

sponsor and investment manager, ETF 

Managers Capital LLC (the ‘‘Sponsor’’). 

The Sponsor is registered with the 

Commodity Futures Trading 

Commission (‘‘CFTC’’) as a commodity 

pool operator (‘‘CPO’’) and is a member 

of the National Futures Association 

(‘‘NFA’’). Breakwave Advisors LLC 

(‘‘Breakwave’’) is registered as a 

commodity trading advisor with the 

CFTC and will serve as the Fund’s 

commodity trading advisor. ETFMG 

Financial LLC will be the Fund’s 

distributor (‘‘Distributor’’ or ‘‘Marketing 

Agent’’). US Bancorp Fund Services LLC 

will be the Fund’s ‘‘Administrator’’ and 

‘‘Transfer Agent’’. 

The Fund’s Investment Objective and 

Strategy 

According to the Registration 

Statement, the Fund’s investment 

objective will be to provide investors 

with exposure to the daily change in the 

price of dry bulk freight futures, before 

expenses and liabilities of the Fund, by 

tracking the performance of a portfolio 

(the ‘‘Benchmark Portfolio’’) consisting 

of a three-month strip of the nearest 

calendar quarter of futures contracts on 

specified indexes (each a ‘‘Reference 

Index’’) that measure rates for shipping 

dry bulk freight (‘‘Freight Futures’’). 

Each Reference Index is published daily 

by the London-based Baltic Exchange 

Ltd 6 and measures the charter rate for 

shipping dry bulk freight in a specific 

size category of cargo ship—Capesize, 

Panamax or Supramax. The three 

Reference Indexes are as follows: 

Capesize: the Capesize 5TC Index; 

Panamax: the Panamax 4TC Index; and 

Supramax: the Supramax 6TC Index.7

The Fund will seek to achieve its 

investment objective by investing 

substantially all of its assets in the 

Freight Futures currently constituting 

the Benchmark Portfolio. The 

Benchmark Portfolio will include all 

existing positions to maturity and settle 

them in cash. During any given calendar 

quarter, the Benchmark Portfolio will 

progressively increase its position to the 

next calendar quarter three-month strip, 

thus maintaining constant exposure to 

the Freight Futures market as positions 

mature. 

The Benchmark Portfolio will 

maintain long-only positions in Freight 

Futures. The Benchmark Portfolio will 

hold a combination of Capesize, 

Panamax and Supramax Freight 

Futures. More specifically, the 

Benchmark Portfolio will hold 50% 

exposure in Capesize Freight Futures 

contracts, 40% exposure in Panamax 

Freight Futures contracts and 10% 

exposure in Supramax Freight Futures 

contracts. The Benchmark Portfolio will 

not include and the Fund will not invest 

in swaps, non-cleared dry bulk freight 

forwards or other over-the-counter 

Federal Register / Vol. 82, No. 187 / Thursday, September 28, 2017 / Notices 45343 

8The Fund will hold cash or cash equivalents, 

such as U.S. Treasuries or other high credit quality, 

short-term fixed-income or similar securities for 

direct investment or as collateral for the U.S. 

Treasuries and for other liquidity purposes, and to 

meet redemptions that may be necessary on an 

ongoing basis. 

9Nasdaq OMX-Stockholm AB, SGX, CME and ICE 

Futures U.S. are members of the Intermarket 

Surveillance Group (‘‘ISG’’). See note 16, infra. 

derivative instruments that are not 

cleared through exchanges or clearing 

houses. The Fund may hold exchangetraded options on Freight Futures. The 

Benchmark Portfolio is maintained by 

Breakwave and will be rebalanced 

annually. 

When establishing positions in 

Freight Futures, the Fund will be 

required to deposit initial margin with 

a value of approximately 10% to 40% of 

the notional value of each Freight 

Futures position at the time it is 

established. These margin requirements 

are established and subject to change 

from time to time by the relevant 

exchanges, clearing houses or the 

Fund’s futures commission merchant 

(‘‘FCM’’). On a daily basis, the Fund 

will be obligated to pay, or entitled to 

receive, variation margin in an amount 

equal to the change in the daily 

settlement level of its Freight Futures 

positions. Any assets not required to be 

posted as margin with the FCM will be 

held at the Fund’s custodian in cash or 

cash equivalents.8

The Fund will seek to achieve its 

objective by purchasing Freight Futures 

that are cleared through major 

exchanges (see description of Freight 

Futures below). The Fund will place 

purchase orders for Freight Futures with 

an execution broker. The broker will 

identify a selling counterparty and, 

simultaneously with the completion of 

the transaction, will submit the block 

traded Freight Futures to the relevant 

exchange or clearing house for clearing, 

thereby completing and creating a 

cleared futures transaction. If the 

exchange or clearing house does not 

accept the transaction for any reason, 

the transaction will be considered null 

and void and of no legal effect. The 

Fund’s investments in Freight Futures 

will be cleared by Nasdaq OMXStockholm AB, Chicago Mercantile 

Exchange (‘‘CME’’), ICE Futures U.S., 

SGX and/or the European Energy 

Exchange (‘‘EEX’’).9

The Benchmark Portfolio will initially 

consist of positions in the three-month 

strip of the nearest calendar quarter of 

Freight Futures and roll them constantly 

to the next calendar quarter. The fourcalendar quarters are January, February, 

and March (Q1), April, May, and June 

(Q2), July, August, and September (Q3), 

and October, November and December 

(Q4). The Benchmark Portfolio will 

initially consist of an equal number of 

Freight Futures in each of the three 

months comprising the nearby calendar 

quarter at the beginning of such quarter. 

Throughout the quarter, the Fund will 

attempt to roll positions in the nearby 

calendar quarter, on a pro rata basis. For 

example, if the Fund was currently 

holding the Q1 calendar quarter 

comprising the January, February and 

March monthly contracts, each week in 

the month of February, the Fund will 

attempt to purchase Q2 contracts in an 

amount equal to approximately one 

quarter of the expiring February 

positions. As a result, by the end of 

February, the Fund would have rolled 

the February position to Q2 contracts, 

leaving the Fund with March and Q2 

contracts. At the end of March, the Fund 

will have completed the roll and will 

then hold only Q2 exposure comprising 

April, May and June monthly contracts. 

Since Freight Futures contracts are cash 

settled, the Fund need not sell out of 

existing contracts. Rather, it will hold 

such contracts to expiration and apply 

the above methodology in order acquire 

the nearby calendar contract. 

The Benchmark Portfolio will be 

rebalanced annually. The Benchmark 

Portfolio’s initial allocation will be 

approximately 50% Capesize Freight 

Futures contracts, 40% Panamax Freight 

Futures contracts and 10% Supramax 

Freight Futures contracts. The above 

allocation will be based on contract 

value, not number of lots. Given each 

asset’s individual price movements 

during the year, such percentages might 

deviate from the targeted allocation. 

During the month of December of 

each year, the Fund will rebalance its 

portfolio in order to bring the allocation 

of assets back to the desirable levels. 

During this period, the Fund would 

purchase or sell Freight Futures to 

achieve its targeted allocation. 

The Sponsor anticipates that the 

Fund’s Freight Futures positions will be 

held to expiration and settle in cash 

against the respective Reference Index 

as published by the Baltic Exchange. 

However, positions may be closed out to 

meet orders for redemption of baskets, 

in which case the proceeds from the 

closed positions will not be reinvested. 

The Fund’s portfolio will be traded 

with a view to reflecting the 

performance of Freight Futures, whether 

Freight Futures are rising, falling or flat 

over any particular period. To maintain 

the correlation between the Fund and 

the change in the Benchmark Portfolio, 

the Sponsor may adjust the Fund’s 

portfolio of investments on a daily basis 

in response to creation and redemption 

orders or otherwise as required. 

Overview of the Dry Bulk Freight 

Industry 

As stated in the Registration 

Statement, the following is a brief 

introduction of the global dry bulk 

freight industry. The data presented 

below is derived from information 

released from various third-party 

sources. The third-party sources from 

which certain of the information 

presented below include the United 

Nations Conference on Trade and 

Development, the Baltic and 

International Maritime Council, 

Bloomberg and others. Dry bulk 

shipping is a 150-plus year-old industry 

focusing on the transportation of dry 

bulk commodities using oceangoing 

vessels named dry bulk carriers. Dry 

bulk carriers are ships that have cargo 

loaded directly into the ship’s storage 

holds. The cargos transported are dry 

commodities that do not need to be 

carried in packaged form. Dry 

commodity cargos (mainly iron ore, coal 

and grains) are homogenous and are 

loaded with bucket cranes, conveyors or 

pumps. Crude oil and refined products, 

while shipped in bulk, are wet cargos 

and are transported on tanker vessels, 

rather than dry bulk carriers. Dry bulk 

carriers have an average useful life of 

approximately 25 years and are 

measured on size or capacity in dead 

weight tons (‘‘DWT’’). 

Dry Bulk Carriers Come in Various Sizes 

Capesizes (100,000+ DWT) are the 

largest of the dry bulk asset classes. 

Capesizes primarily transport iron ore 

and coal. Traditional Capesize routes 

are from Australia to Asia, and from 

Brazil to Europe and Asia. There are 

about 1,650 Capesizes worldwide. The 

Capesize fleet is about 40% of the dry 

bulk fleet by DWT capacity. 

Panamaxes (65,000–100,000 DWT) 

primarily transport coal, grain and iron 

ore. The Panamax is the largest vessel 

class that can transit the (old) Panama 

Canal. There are about 2,500 Panamaxes 

worldwide representing 24% of the 

global fleet by capacity. 

Handymaxes (40,000–65,000 DWT) 

are the work horse of the industry, 

carrying the whole spectrum of dry bulk 

commodities: Grain, coal, iron ore, and 

minor bulks. A sub-category of 

Handymaxes are vessels with capacities 

of 50,000–65,000 that are called 

Supramaxes. There are 3,400 

Handymaxes worldwide representing 

about 25% of the global fleet by DWT 

capacity. 

Handysizes (10,000–40,000 DWT) 

bulkers typically transport grain, coal, 

45344 Federal Register / Vol. 82, No. 187 / Thursday, September 28, 2017 / Notices 

and minor bulks. Handysize bulkers 

tend to trade regionally. There are about 

3,300 Handysize bulkers in the fleet, or 

about 11% of the global fleet by DWT 

capacity. 

Dry Bulk Vessel Supply 

According to the Registration 

Statement, there are approximately 

10,500 dry bulk vessels worldwide with 

a carrying capacity of roughly 790 

million DWT and an average age of 

approximately 8 years. Supply of dry 

bulk ships is dynamic. 

Factors impacting dry bulk supply 

include new orders, the scrapping of 

older vessels, new shipbuilding 

technologies, vessel congestion in ports, 

closures of major waterways, including 

canals, and wars and other geopolitical 

conflicts that can restrict access to 

vessels available for shipping dry bulk 

freight. 

Demand for Dry Bulk Freight 

According to the Registration 

Statement, dry bulk demand has seen 

steady growth over the past two 

decades, as the Asian economies have 

exhibited robust demand for raw 

materials on the back of strong 

economic growth. Iron ore, the main 

component of steel production, has been 

the main driver of dry bulk freight 

demand growth. The higher demand for 

such raw materials has led to increasing 

demand for dry bulk shipping, as the 

regions that produce and consume raw 

materials are located far apart. 

Demand for dry bulk freight is 

generally measured in ton-miles, which 

corresponds to one ton of freight carried 

one mile. Such measure takes into 

consideration both the quantity of cargo 

transport but also the distance between 

loading and offloading ports. Over the 

last 10 years, dry bulk freight demand 

growth for major commodities has 

averaged approximately 6% per year. In 

2015, dry bulk freight demand growth 

for major commodities declined for the 

first time in at least 15 years, while in 

2016, it is estimated to have increased 

by approximately 2%. Weaker iron ore 

and coal imports to China were the 

main reasons for the below trend 

growth. 

Factors impacting demand for 

shipping dry bulk freight include global 

economic growth, demand for iron ore, 

demand for metallurgical and thermal 

coal, demand for grains, government 

regulations, taxes and tariffs, fuel prices, 

vessel speeds and new trade routes. 

Dry Bulk Freight Charter Rates 

According to the Registration 

Statement, dry bulk freight ‘‘charter 

rates’’ reflect the price paid for the use 

of the ship to transport a bulk 

commodity. The most commonly used 

freight rate is the timecharter rate, 

which is measured in U.S. Dollars per 

day. Dry bulk timecharter rates have 

exhibited significant volatility in the 

last 15 years. From 2003 to 2008, faster 

growth rates in demand for dry bulk 

ships was not matched by growth in 

supply of ships and thus, charter rates 

increased considerably, reaching their 

highest point in 2008. Following the 

global financial crisis, growth in supply 

of ships exceeded demand, leading to a 

considerable drop in charter rates. Over 

the last five years, rates have generally 

been weak compared to historical levels, 

as higher supply and relatively weak 

demand growth led to lower utilization 

rates in the industry. 

A common industry measure of dry 

bulk rates is the Baltic Dry Index 

(‘‘BDI’’). The BDI is an economic 

indicator issued daily by the Baltic 

Exchange. The BDI provides an 

assessment of the price of moving the 

major raw materials by sea throughout 

the world. Taking in 21 shipping routes 

measured on a timecharter basis, the 

index covers Handysize, Supramax, 

Panamax, and Capesize dry bulk carriers 

carrying a range of commodities 

including coal, iron ore and grain. Each 

individual asset class also has its own 

index (i.e., a Reference Index), which is 

also published daily by the Baltic 

Exchange and reflects a weighted 

average assessment of different 

standardized routes around the world. 

The BDI has reflected the volatility of 

charter rates over the last 15 years, 

reaching its highest point on record in 

2008 at 11,793. In 2016, it reached its 

lowest point on record at 290. The 

average price of the BDI in the 15 years 

from 2001 to 2016, has been 2,567, and 

the median price has been 1,747. As of 

March 31, 2017, the BDI stood at 1,200. 

Freight Futures 

According to the Registration 

Statement, freight futures are financial 

futures contracts that allow ship 

owners, charterers and speculators to 

hedge against the volatility of freight 

rates. The Freight Futures are built on 

indices composed of baskets of routes 

for dry bulk freight, such as the 

Capesize 5TC Index, Panamax 4TC 

Index and Supramax 6TC Index. Freight 

Futures are financial instruments that 

trade off-exchange but then are cleared 

through an exchange. Market 

participants communicate their buy or 

sell orders through a network of 

execution brokers mainly through 

phone or instant messaging platforms 

with specific trading instructions 

related to price, size, and type of order. 

The execution broker receives such 

order and then attempts to match it with 

a counterpart. Once there is a match and 

both parties confirm the transaction, the 

execution broker submits the 

transaction details including trade 

specifics, counterparty details and 

accounts to the relevant exchange for 

clearing, thus completing a cleared 

block futures transaction. The exchange 

will then require the relevant member or 

FCM to submit the necessary margin to 

support the position similar to other 

futures clearing and margin 

requirements. 

Freight Futures are listed and cleared 

on the following exchanges: Nasdaq 

OMX-Stockholm AB, CME, ICE Futures 

U.S., SGX, and EEX. 

Freight Futures settle monthly over 

the arithmetic average of spot index 

assessments in the contract month for 

the relevant underlying product, 

rounded to one decimal place. The daily 

index publication, against which Freight 

Futures settle, is published by the Baltic 

Exchange. 

Generally, Freight Futures trade from 

approximately 12:00 a.m. Eastern Time 

(‘‘E.T.’’) to approximately 12:00 p.m. 

E.T. The great majority of trading 

volume occurs during London business 

hours, from approximately 3:00 a.m. 

E.T. time to approximately 12:00 p.m. 

E.T. Some limited trading takes place 

during Asian business hours as well 

(12:00 a.m.–3:00 a.m. E.T.). 

Exchanges have a cutoff time of 1:00 

p.m. E.T. for clearing the respective 

day’s trades (SGX clears Freight Futures 

from 7:00 p.m. E.T. to 3:00 a.m. E.T.). 

The final closing prices for settlement 

are published daily around 1:30 p.m. 

E.T. Final cash settlement occurs the 

first business day following the expiry 

day. 

Freight Futures are quoted in U.S. 

Dollars per day, with a minimum lot 

size of one. One lot represents one day 

of freight costs, as freight rates are 

measured in U.S. Dollars per day. The 

nominal value of a contract is simply 

the product of lots and Freight Futures 

prices. There are Futures Contracts of 

up to 72 consecutive months, starting 

with the current month, available for 

trading for each vessel class. 

Similar to other futures, Freight 

Futures are subject to margin 

requirements by the relevant exchanges. 

The Sponsor anticipates that 

approximately 10% to 40% of the 

Fund’s assets will be used as payment 

for or collateral for Freight Futures 

contracts. In order to collateralize its 

Freight Futures positions, the Fund will 

hold such assets, from which it will post 

margin to its FCM in an amount equal 

to the margin required by the relevant 

Federal Register / Vol. 82, No. 187 / Thursday, September 28, 2017 / Notices 45345 

10Freight Futures are primarily traded through 

broker members of the Forward Freight Agreement 

Brokers Association (‘‘FFABA’’), such as Clarkson’s 

Securities, Simpson Spence Young, Freight Investor 

Services, GFI Group, BRS Group and ICAP. 

exchanges, and transfer to its FCM any 

additional amounts that may be 

separately required by the FCM. 

According to the Registration 

Statement, most of the daily trading 

takes place over phones and instant 

messaging platforms.10 Trading screens 

also exist and some trading also 

happens through such screens. Brokers 

are required to report to the relevant 

exchanges each trade that takes place. 

Freight Futures liquidity has remained 

relatively constant, in lot terms, over the 

last five years with approximately 1.1 

million lots trading annually. Open 

interest currently stands at 

approximately 290,000 lots across all 

asset classes representing an estimated 

value of more than $3 billion. Of such 

open interest, Capesize contracts 

account for approximately 50%, 

Panamax for approximately 40% and 

Handymax for approximately 10%. 

Major market participants in Freight 

Futures market include: Commodity 

producers, commodity users, 

commodity trading houses, ship 

operators, major banks, investment 

funds and independent ship owners. 

Calculating Net Asset Value (‘‘NAV’’) 

The Fund’s NAV will be calculated by 

taking the current market value of its 

total assets, subtracting any liabilities; 

and dividing that total by the total 

number of outstanding Shares. 

The Administrator will calculate the 

NAV of the Fund once each NYSE Arca 

trading day. The NAV for a particular 

trading day will be released after 4:00 

p.m. E.T. The Administrator will use the 

Baltic Exchange closing price for the 

Freight Futures, but will calculate or 

determine the value of all other Fund 

investments using market quotations, if 

available, or other information 

customarily used to determine the fair 

value of such investments as of the 

earlier of the close of the NYSE Arca 

Core Trading Session (normally 4:00 

p.m. E.T.). The information may include 

costs of funding, to the extent costs of 

funding are not and would not be a 

component of the other information 

being utilized. Third parties supplying 

quotations or market data may include, 

without limitation, dealers in the 

relevant markets, end-users of the 

relevant product, information vendors, 

brokers and other sources of market 

information. 

Indicative Fund Value 

In order to provide updated 

information relating to the Fund for use 

by investors and market professionals, 

an updated indicative fund value 

(‘‘IFV’’) will be made available through 

on-line information services throughout 

the Exchange Core Trading Session 

(normally 9:30 a.m. to 4:00 p.m., E.T.) 

on each trading day. The IFV will be 

calculated by using the prior day’s 

closing NAV per Share of the Fund as 

a base and updating that value 

throughout the trading day to reflect 

changes in the most recently reported 

trade price for the futures and/or 

options held by the Fund. The IFV 

disseminated during NYSE Arca Core 

Trading Session hours should not be 

viewed as an actual real time update of 

the NAV, because the NAV will be 

calculated only once at the end of each 

trading day based upon the relevant end 

of day values of the Fund’s investments. 

The IFV will be disseminated on a per 

Share basis every 15 seconds during 

regular NYSE Arca Core Trading 

Session hours of 9:30 a.m. E.T. to 4:00 

p.m. E.T. The customary trading hours 

of the Freight Futures trading are 3:00 

a.m. E.T. to 12:00 p.m. E.T. This means 

that there is a gap in time at the end of 

each day during which the Fund’s 

Shares will be traded on the NYSE Arca, 

but real-time trading prices for contracts 

are not available. During such gaps in 

time the IFV will be calculated based on 

the end of day price of such contracts 

from the Baltic Exchange’s immediately 

preceding trading session. In addition, 

other investments and U.S. Treasuries 

held by the Fund will be valued by the 

Administrator using rates and points 

received from client-approved third 

party vendors (such as Reuters and WM 

Company) and broker-dealer quotes. 

These investments will not be included 

in the IFV. 

Dissemination of the IFV provides 

additional information that is not 

otherwise available to the public and is 

useful to investors and market 

professionals in connection with the 

trading of the Fund’s Shares on the 

NYSE Arca. Investors and market 

professionals are able throughout the 

trading day to compare the market price 

of Fund Shares and the IFV. If the 

market price of the Fund Shares 

diverges significantly from the IFV, 

market professionals will have an 

incentive to execute arbitrage trades. For 

example, if the Fund’s Shares appears to 

be trading at a discount compared to the 

IFV, a market professional could buy the 

Fund’s Shares on the NYSE Arca and 

take the opposite position in Freight 

Futures. Such arbitrage trades can 

tighten the tracking between the market 

price of the Fund’s Shares and the IFV 

and thus can be beneficial to all market 

participants. 

Creation and Redemption of Shares 

According to the Registration 

Statement, the Fund will create and 

redeem Shares from time to time in one 

or more ‘‘Creation Baskets’’ or 

‘‘Redemption Baskets’’ (collectively, the 

‘‘Baskets’’). A Basket consists of 50,000 

Shares. The creation and redemption of 

Baskets will only be made in exchange 

for delivery to the Fund or the 

distribution by the Fund of the amount 

of Treasuries and any cash represented 

by the Baskets being created or 

redeemed, the amount of which is based 

on the combined NAV of the number of 

Shares included in the Baskets being 

created or redeemed determined as of 

4:00 p.m. E.T. on the day the order to 

create or redeem Baskets is properly 

received. 

‘‘Authorized Participants’’ are the 

only persons that may place orders to 

create and redeem Baskets. Authorized 

Participants must be (1) registered 

broker-dealers or other securities market 

participants, such as banks and other 

financial institutions, that are not 

required to register as broker-dealers to 

engage in securities transactions 

described below, and (2) Depository 

Trust Company (‘‘DTC’’) participants. 

Creation Procedures 

On any business day, an Authorized 

Participant may place an order with the 

Transfer Agent to create one or more 

Baskets. For purposes of processing 

purchase and redemption orders, a 

‘‘business day’’ means any day other 

than a day when any of the NYSE Arca, 

the Baltic Exchange or the New York 

Stock Exchange is closed for regular 

trading. Purchase orders must be placed 

by 1:00 p.m. E.T. or the close of the Core 

Trading Session on NYSE Arca, 

whichever is earlier. The day on which 

a valid purchase order is received in 

accordance with the terms of the 

‘‘Authorized Participant Agreement’’ is 

referred to as the purchase order date. 

Purchase orders are irrevocable. 

Determination of Required Payment 

The total payment required to create 

each Creation Basket is the NAV of 

50,000 Shares on the purchase order 

date, but only if the required payment 

is timely received. To calculate the 

NAV, the Administrator will use the 

Baltic Exchange settlement price 

(typically determined after 2:00 p.m. 

E.T.) for the Freight Futures. Because 

orders to purchase Baskets must be 

placed no later than 1:00 p.m., E.T., but 

45346 Federal Register / Vol. 82, No. 187 / Thursday, September 28, 2017 / Notices 

11See NYSE Arca Rule 7.12–E. 

the total payment required to create a 

Basket typically will not be determined 

until after 2:00 p.m., E.T., on the date 

the purchase order is received, 

Authorized Participants will not know 

the total amount of the payment 

required to create a Basket at the time 

they submit an irrevocable purchase 

order. 

Delivery of Required Payment 

An Authorized Participant who places 

a purchase order shall transfer to the 

Administrator the required amount of 

Freight Futures, U.S. Treasuries and/or 

cash, or a combination of them, by the 

end of the next business day following 

the purchase order date. Upon receipt of 

the deposit amount, the Administrator 

will direct DTC to credit the number of 

Baskets ordered to the Authorized 

Participant’s DTC account on the next 

business day following the purchase 

order date. 

Redemption Procedures 

According to the Registration 

Statement, the procedures by which an 

Authorized Participant can redeem one 

or more Baskets will mirror the 

procedures for the creation of Baskets. 

On any business day, an Authorized 

Participant may place an order with the 

Transfer Agent, and accepted by the 

Distributor, to redeem one or more 

Baskets. Redemption orders must be 

placed by 1:00 p.m. E.T. or the close of 

the Core Trading Session on the NYSE 

Arca, whichever is earlier. A 

redemption order so received will be 

effective on the date it is received in 

satisfactory form in accordance with the 

terms of the Authorized Participant 

Agreement. The day on which the 

Marketing Agent receives a valid 

redemption order is the redemption 

order date. Redemption orders are 

irrevocable. By placing a redemption 

order, an Authorized Participant agrees 

to deliver the baskets to be redeemed 

through DTC’s book-entry system to the 

Fund not later than 1:00 p.m., E.T., on 

the next business day immediately 

following the redemption order date. 

Determination of Redemption Proceeds 

The redemption proceeds from the 

Fund will consist of a cash redemption 

amount equal to the NAV of the number 

of Baskets requested in the Authorized 

Participant’s redemption order on the 

redemption order date. 

Because orders to redeem Baskets 

must be placed no later than 1:00 p.m., 

E.T., but the total amount of redemption 

proceeds typically will not be 

determined until after 2:00 p.m., E.T., 

on the date the redemption order is 

received, Authorized Participants will 

not know the total amount of the 

redemption proceeds at the time they 

submit an irrevocable redemption order. 

The redemption proceeds due from 

the Fund will be delivered to the 

Authorized Participant at 1:00 p.m., 

E.T., on the next business day 

immediately following the redemption 

order date if, by such time, the Fund’s 

DTC account has been credited with the 

Baskets to be redeemed. 

Availability of Information 

The NAV for the Fund’s Shares will 

be disseminated daily to all market 

participants at the same time. The 

intraday, closing prices, and settlement 

prices of the Freight Futures will be 

readily available from the applicable 

futures exchange Web sites, automated 

quotation systems, published or other 

public sources, or major market data 

vendors. 

Complete real-time data for Freight 

Futures is available by subscription 

through on-line information services. 

Quotation and last-sale information 

regarding the Shares will be 

disseminated through the facilities of 

the Consolidated Tape Association 

(‘‘CTA’’). The IFV will be available 

through on-line information services. 

The Freight Futures trading prices will 

be disseminated by one or more major 

market data vendors during the NYSE 

Arca Core Trading Session of 9:30 a.m. 

to 4:00 p.m. E.T. Nasdaq OMXStockholm AB, SGX, CME, ICE Futures 

US and EEX provide on a daily basis, 

transaction volumes, transaction prices, 

trade time, and open interest on their 

respective Web sites. In addition, 

historical data also exists for volumes 

and open interest. Daily settlement 

prices and historical settlement prices 

are available through a subscription 

service to the Baltic Exchange, which 

maintains the licensing rights of 

relevant freight data. However, the 

exchanges provide the daily settlement 

price change of Freight Futures on their 

respective Web sites. Certain Freight 

Futures brokers provide real time 

pricing information to the general 

public either through their Web sites or 

through data vendors such as Bloomberg 

or Reuters. Most Freight Futures brokers 

provide, upon request, individual 

electronic screens that market 

participants can use to transact, place 

orders or only monitor Freight Futures 

market price levels. 

In addition, the Fund’s Web site, 

www.drybulketf.com, will display the 

applicable end of day closing NAV. The 

Freight Futures currently constituting 

the Benchmark Portfolio, as well as the 

daily holdings of the Fund will be 

available on the Fund’s Web site. The 

daily holdings of the Benchmark 

Portfolio and the Fund will be available 

on the Fund’s Web site before 9:30 a.m. 

E.T. each day. The Web site disclosure 

of portfolio holdings will be made daily 

and will include, as applicable, (i) the 

composite value of the total portfolio, 

(ii) the quantity and type of each 

holding (including the ticker symbol, 

maturity date or other identifier, if any) 

and other descriptive information 

including, in the case of an option, its 

strike price, (iii) the value of each 

Freight Futures (in U.S. dollars), (iv) the 

type (including maturity, ticker symbol, 

or other identifier) and value of each 

Treasury security and cash equivalent, 

and (v) the amount of cash held in the 

Fund’s portfolio. The Fund’s Web site 

will be publicly accessible at no charge. 

The daily closing Benchmark 

Portfolio level and the percentage 

change in the daily closing level for the 

Benchmark Portfolio will be publicly 

available from one or more major market 

data vendors. The intraday value of the 

Benchmark Portfolio, updated every 15 

seconds, will also be available through 

major market data vendors. 

This Web site disclosure of the 

Benchmark Portfolio’s and the Fund’s 

daily holdings will occur at 

approximately the same time as the 

disclosure by the Trust of the daily 

holdings to Authorized Participants so 

that all market participants are provided 

daily holdings information at 

approximately the same time. Therefore, 

the same holdings information will be 

provided on the public Web site as well 

as in electronic files provided to 

Authorized Participants. Accordingly, 

each investor will have access to the 

current daily holdings of the Fund 

through the Fund’s Web site. 

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 of 

the Fund.11 Trading in Shares of the 

Fund will be halted if the circuit breaker 

parameters in NYSE Arca Rule 7.12–E 

have been reached. Trading also may be 

halted because of market conditions or 

for reasons that, in the view of the 

Exchange, make trading in the Shares of 

the Fund inadvisable. 

The Exchange may halt trading during 

the day in which an interruption to the 

dissemination of the IFV or the value of 

the Benchmark Portfolio occurs. If the 

interruption to the dissemination of the 

IFV, or the value of the Benchmark 

Portfolio persists past the trading day in 

which it occurred, the Exchange will 

Federal Register / Vol. 82, No. 187 / Thursday, September 28, 2017 / Notices 45347 

12 17 CFR 240.10A–3. 

13FINRA 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. 

14For a list of the current members of ISG, see 

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

components of the Funds may trade on markets that 

are members of ISG or with which the Exchange has 

in place a CSSA. 

halt trading no later than the beginning 

of the trading day following the 

interruption. In addition, if the 

Exchange becomes aware that the NAV 

with respect to the Shares is not 

disseminated to all market participants 

at the same time, it will halt trading in 

the Shares until such time as the NAV 

is available to all market participants. 

Trading Rules 

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. Shares will trade on 

the NYSE Arca Marketplace from 4 a.m. 

to 8 p.m. E.T. in accordance with NYSE 

Arca Rule 7.34–E (Early, Core, and Late 

Trading Sessions). The Exchange has 

appropriate rules to facilitate 

transactions in the Shares during all 

trading sessions. As provided in NYSE 

Arca Rule 7.6–E, 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. 

The Shares will conform to the initial 

and continued listing criteria under 

NYSE Arca Rule 8.200–E. The trading of 

the Shares will be subject to NYSE Arca 

Rule 8.200–E, Commentary .02(e), 

which sets forth certain restrictions on 

Equity Trading Permit (‘‘ETP’’) Holders 

acting as registered Market Makers in 

Trust Issued Receipts to facilitate 

surveillance. The Exchange represents 

that, for initial and/or continued listing, 

the Funds will be in compliance with 

Rule 10A–312 under the Act, as 

provided by NYSE Arca Rule 5.3–E. A 

minimum of 100,000 Shares will be 

outstanding at the commencement of 

trading on the Exchange. 

Surveillance 

The Exchange represents that trading 

in the Shares will be subject to the 

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.13 The Exchange 

represents that these procedures are 

adequate to properly monitor Exchange 

trading of the Shares of the Funds in all 

trading sessions and to deter and detect 

violations of Exchange rules and federal 

securities laws applicable to trading on 

the Exchange. 

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 Freight 

Futures with other markets and 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 Freight Futures from such 

markets and other entities. In addition, 

the Exchange may obtain information 

regarding trading in the Shares and 

Freight Futures from markets and other 

entities that are members of ISG or with 

which the Exchange has in place a 

comprehensive surveillance sharing 

agreement (‘‘CSSA’’).14

Not more than 10% of the net assets 

of the Fund in the aggregate invested in 

Freight Futures shall consist of Freight 

Futures whose principal market is not a 

member of the ISG or is a market with 

which the Exchange does not have a 

CSSA. 

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 portfolios, (b) 

limitations on portfolio holdings or 

reference assets, or (c) applicability of 

Exchange listing rules specified in this 

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 the Fund is not in 

compliance with the applicable listing 

requirements, the Exchange will 

commence delisting procedures under 

NYSE Arca Rule 5.5–E(m). 

Information Bulletin 

Prior to the commencement of 

trading, the Exchange will inform its 

ETP Holders in an Information Bulletin 

of the special characteristics and risks 

associated with trading the Shares. 

Specifically, the Information Bulletin 

will discuss the following: (1) The risks 

involved in trading the Shares during 

the Early and Late Trading Sessions 

when an updated IFV will not be 

calculated or publicly disseminated; (2) 

the procedures for purchases and 

redemptions of Shares in Creation 

Baskets and Redemption Baskets (and 

that Shares are not individually 

redeemable); (3) NYSE Arca Rule 9.2– 

E(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; (4) how 

information regarding the IFV is 

disseminated; (5) how information 

regarding portfolio holdings is 

disseminated; (6) the requirement that 

ETP Holders deliver a prospectus to 

investors purchasing newly issued 

Shares prior to or concurrently with the 

confirmation of a transaction; and (7) 

trading information. 

In addition, the Information Bulletin 

will advise ETP Holders, prior to the 

commencement of trading, of the 

prospectus delivery requirements 

applicable to the Fund. The Exchange 

notes that investors purchasing Shares 

directly from the Fund will receive a 

prospectus. ETP Holders purchasing 

Shares from the Fund for resale to 

investors will deliver a prospectus to 

such investors. The Information Bulletin 

will also discuss any exemptive, noaction, and interpretive relief granted by 

the Commission from any rules under 

the Act. In addition, the Information 

Bulletin will reference that the Fund is 

subject to various fees and expenses 

described in the Registration Statement. 

The Information Bulletin will also 

reference that the CFTC has regulatory 

jurisdiction over the trading of Freight 

Futures traded on U.S. markets. 

The Information Bulletin will also 

disclose the trading hours of the Shares 

and that the NAV for the Shares will be 

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

trading day. The Information Bulletin 

will disclose that information about the 

Shares will be publicly available on the 

Fund’s Web site. 

Prior to the commencement of 

trading, the Exchange will inform its 

ETP Holders of the suitability 

requirements of NYSE Arca Rule 9.2– 

E(a) in an Information Bulletin. 

Specifically, ETP Holders will be 

45348 Federal Register / Vol. 82, No. 187 / Thursday, September 28, 2017 / Notices 

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

16For a list of the current members of ISG, see 

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

components of the funds may trade on markets that 

are members of ISG or with which the Exchange has 

in place a CSSA 

reminded in the Information Bulletin 

that, in recommending transactions in 

the Shares, they must have a reasonable 

basis to believe that (1) the 

recommendation is suitable for a 

customer given reasonable inquiry 

concerning the customer’s investment 

objectives, financial situation, needs, 

and any other information known by 

such ETP Holder, and (2) the customer 

can evaluate the special characteristics, 

and is able to bear the financial risks, of 

an investment in the Shares. In 

connection with the suitability 

obligation, the Information Bulletin will 

also provide that ETP Holders must 

make reasonable efforts to obtain the 

following information: (1) The 

customer’s financial status; (2) the 

customer’s tax status; (3) the customer’s 

investment objectives; and (4) such 

other information used or considered to 

be reasonable by such ETP Holder or 

registered representative in making 

recommendations to the customer. 

2. Statutory Basis 

The basis under the Act for this 

proposed rule change is the requirement 

under Section 6(b)(5) 15 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 rule change is designed to 

prevent fraudulent and manipulative 

acts and practices in that the Shares will 

be listed and traded on the Exchange 

pursuant to the initial and continued 

listing criteria in NYSE Arca Rule 

8.200–E. The Exchange has in place 

surveillance procedures that are 

adequate to properly monitor trading in 

the Shares of the Fund in all trading 

sessions and to deter and detect 

violations of Exchange rules and 

applicable federal securities laws. The 

Exchange or FINRA, on behalf of the 

Exchange, or both, will communicate as 

needed regarding trading in the Shares 

and Freight Futures with other markets 

and 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 Freight 

Futures from such markets and other 

entities. In addition, the Exchange may 

obtain information regarding trading in 

the Shares and Freight Futures from 

markets and other entities that are 

members of ISG or with which the 

Exchange has in place a CSSA.16 Not 

more than 10% of the net assets of the 

Fund in the aggregate invested in 

Freight Futures shall consist of Freight 

Futures whose principal market is not a 

member of the ISG or is a market with 

which the Exchange does not have a 

CSSA. The Exchange will make 

available on its Web site daily trading 

volume of each of the Shares, closing 

prices of such Shares, and number of 

Shares outstanding. The intraday, 

closing prices, and settlement prices of 

Freight Futures will be readily available 

from the Baltic Exchange Web site, 

automated quotation systems, published 

or other public sources, or on-line 

information services. 

Complete real-time data for the 

Freight Futures is available by 

subscription from on-line information 

services. Quotation and last-sale 

information regarding the Shares will be 

disseminated through the facilities of 

the CTA. The IFV will be available 

through on-line information services. 

The Freight Futures trading prices will 

be disseminated by one or more major 

market data vendors every 15 seconds 

during the NYSE Arca Core Trading 

Session of 9:30 a.m. to 4:00 p.m. E.T. 

Nasdaq OMX-Stockholm AB, SGX, 

CME, ICE Futures US and EEX provide 

on a daily basis, transaction volumes, 

transaction prices, trade time, and open 

interest on their respective Web sites. In 

addition, the Fund’s Web site, will 

display the applicable end of day 

closing NAV. The daily holdings of the 

Fund will be disclosed on the Fund’s 

Web site before 9:30 a.m. E.T. each day. 

The daily holdings of the Fund will be 

available on the Fund’s Web site before 

9:30 a.m. E.T. each day. The Fund’s 

Web site disclosure of portfolio holdings 

will be made daily and will include, as 

applicable, (i) the composite value of 

the total portfolio, (ii) the quantity and 

type of each holding (including the 

ticker symbol, maturity date or other 

identifier, if any) and other descriptive 

information including, in the case of an 

option, its strike price, (iii) the value of 

each Freight Futures (in U.S. dollars), 

(iv) the type (including maturity, ticker 

symbol, or other identifier) and value of 

each Treasury security and cash 

equivalent, and (v) the amount of cash 

held in the Fund’s portfolio. 

Moreover, prior to the commencement 

of trading, the Exchange will inform its 

Equity Trading Permit Holders in an 

Information Bulletin of the special 

characteristics and risks associated with 

trading the Shares. Trading in Shares of 

the Fund will be halted if the circuit 

breaker parameters in NYSE Arca Rule 

7.12–E have been reached or because of 

market conditions or for reasons that, in 

the view of the Exchange, make trading 

in the Shares inadvisable. 

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 in that 

it will facilitate the listing and trading 

of Trust Issued Receipts based on 

Freight Futures 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 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. 

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 purpose of the Act. The Exchange 

notes that the proposed rule change will 

facilitate the listing and trading of a new 

type of Trust Issued Receipts based on 

Freight Futures 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 within such longer period 

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, 

Federal Register / Vol. 82, No. 187 / Thursday, September 28, 2017 / Notices 45349 

17 17 CFR 200.30–3(a)(12). 

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–2017–107 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–2017–107. 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–2017–107, and should be 

submitted on or before October 19, 

2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–20751 Filed 9–27–17; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #15291 and #15292; 

TEXAS Disaster Number TX–00488] 

Presidential Declaration Amendment of 

a Major Disaster for Public Assistance 

Only for the State of Texas 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Amendment 3. 

SUMMARY: This is an amendment of the 

Presidential declaration of a major 

disaster for Public Assistance Only for 

the State of Texas (FEMA–4332–DR), 

dated 09/04/2017. 

Incident: Hurricane Harvey. 

Incident Period: 08/23/2017 through 

09/15/2017. 

DATES: Issued on 09/19/2017. 

Physical Loan Application Deadline 

Date: 11/03/2017. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 06/04/2018. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street SW., Suite 6050, 

Washington, DC 20416, (202) 205–6734. 

SUPPLEMENTARY INFORMATION: The notice 

of the President’s major disaster 

declaration for Private Non-Profit 

organizations in the State of Texas, 

dated 09/04/2017, is hereby amended to 

include the following areas as adversely 

affected by the disaster. 

Primary Counties: Austin, Bastrop, 

Burleson, Grimes, Lee, Madison, 

Washington 

All other information in the original 

declaration remains unchanged. 

(Catalog of Federal Domestic Assistance 

Number 59008) 

James E. Rivera, 

Associate Administrator for Disaster 

Assistance. 

[FR Doc. 2017–20742 Filed 9–27–17; 8:45 am] 

BILLING CODE 8025–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #15322 and #15323; 

PUERTO RICO Disaster Number PR–00031] 

Presidential Declaration of a Major 

Disaster for the Commonwealth of 

Puerto Rico 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a Notice of the 

Presidential declaration of a major 

disaster for the Commonwealth of 

Puerto Rico (FEMA–4339–DR), dated 

09/20/2017. 

Incident: Hurricane Maria. 

Incident Period: 09/17/2017 and 

continuing. 

DATES: Issued on 09/20/2017. 

Physical Loan Application Deadline 

Date: 11/20/2017. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 06/20/2018. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street SW., Suite 6050, 

Washington, DC 20416, (202) 205–6734. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

President’s major disaster declaration on 

09/20/2017, applications for disaster 

loans may be filed at the address listed 

above or other locally announced 

locations. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Municipalities (Physical 

Damage and Economic Injury 

Loans): Aguas Buenas, Aibonito, 

Arecibo, Arroyo, Barceloneta, 

Barranquitas, Bayamon, Caguas, 

Canovanas, Carolina, Catano, 

Cayey, Ceiba, Ciales, Cidra, Coamo, 

Comerio, Corozal, Culebra, Dorado, 

Fajardo, Florida, Guayama, 

Guaynabo, Gurabo, Humacao, 

Jayuya, Juana Diaz, Juncos, Las 

Piedras, Loiza, Luquillo, Manati, 

Maunabo, Morovis, Naguabo, 

Naranjito, Orocovis, Patillas, Ponce, 

Rio Grande, Salinas, San Juan, San 

Lorenzo, Santa Isabel, Toa Alta, Toa 

Baja, Trujillo Alto, Utuado, Vega 

Alta, Vega Baja, Vieques, Villalba, 

Yabucoa 

Contiguous Municipalities (Economic 

Injury Loans Only): Adjuntas, 

Hatillo, Lares, Penuelas 

The Interest Rates are: 

Percent 

For Physical Damage: 

Homeowners with Credit Available Elsewhere ...................... 3.500 

Homeowners without Credit 

Available Elsewhere .............. 1.750 

Businesses with Credit Available Elsewhere ...................... 6.610 

Businesses without Credit 

Available Elsewhere .............. 3.305