45922 Federal Register / Vol. 82, No. 189 / Monday, October 2, 2017 / Notices 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 81373 

(August 10, 2017), 82 FR 38973. 

4Amendment No. 1 replaces and supersedes the 

original filing in its entirety. Amendment No. 1 is 

located at: https://www.sec.gov/comments/srnysearca-2017-85/nysearca201785-2589875- 

161110.pdf. 

5 15 U.S.C. 78s(b)(2). 

6 Id. 

7 17 CFR 200.30–3(a)(31). 

1On 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). 

2 15 U.S.C 78k–1(a)(3). 

3 17 CFR 242.608. 

4See Letter from Elizabeth King, General Counsel 

and Corporate Secretary, NYSE, to Brent Fields, 

Secretary, Commission, dated August 30, 2017 

(‘‘Transmittal Letter’’). 

5The 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). 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81721; File No. SR– 

NYSEArca–2017–85] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Designation of a 

Longer Period for Commission Action 

on Proposed Rule Change, as Modified 

by Amendment No. 1, To Amend NYSE 

Arca Equities Rule 8.700 to Reference 

EURO STOXX 50 Volatility Index 

Futures and To List and Trade Shares 

of the ProShares European Volatility 

Futures ETF 

September 26, 2017. 

On July 28, 2017, NYSE Arca, Inc. 

filed with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (‘‘Act’’) 1 and Rule 

19b–4 thereunder,2 a proposed rule 

change to amend NYSE Arca Equities 

Rule 8.700 to add EURO STOXX 50 

Volatility Index (VSTOXX®) futures to 

the financial instruments that an issue 

of Managed Trust Securities may hold; 

and (2) to list and trade shares of the 

ProShares European Volatility Futures 

ETF under proposed amended NYSE 

Arca Equities Rule 8.700. The proposed 

rule change was published for comment 

in the Federal Register on August 16, 

2017.3 On September 21, 2017, the 

Exchange submitted Amendment No. 1 

to the proposed rule change.4 The 

Commission has received no comment 

letters on the proposed rule change. 

Section 19(b)(2) of the Act 5 provides 

that, within 45 days of the publication 

of notice of the filing of a proposed rule 

change, or within such longer period up 

to 90 days as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or as to which the 

self-regulatory organization consents, 

the Commission shall either approve the 

proposed rule change, disapprove the 

proposed rule change, or institute 

proceedings to determine whether the 

proposed rule change should be 

disapproved. The 45th day after 

publication of the notice for this 

proposed rule change is September 30, 

2017. The Commission is extending this 

45-day time period. The Commission 

finds that it is appropriate to designate 

a longer period within which to take 

action on the proposed rule change so 

that it has sufficient time to consider the 

proposed rule change. 

Accordingly, the Commission, 

pursuant to Section 19(b)(2) of the Act,6

designates November 14, 2017, as the 

date by which the Commission shall 

either approve or disapprove or institute 

proceedings to determine whether to 

disapprove the proposed rule change 

(File Number SR–NYSEArca–2017–85), 

as modified by Amendment No. 1. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.7

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–21000 Filed 9–29–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81720; File No. 4–631] 

Joint Industry Plan; Notice of Filing 

and Immediate Effectiveness of the 

Fifteenth Amendment to the National 

Market System Plan To Address 

Extraordinary Market Volatility by Bats 

BZX Exchange, Inc., Bats BYX 

Exchange, Inc., Bats EDGA Exchange, 

Inc., Bats EDGX Exchange, Inc., 

Chicago Stock Exchange, Inc., 

Financial Industry Regulatory 

Authority, Inc., Investors Exchange 

LLC, NASDAQ BX, Inc., NASDAQ PHLX 

LLC, The Nasdaq Stock Market LLC, 

NYSE National, Inc., New York Stock 

Exchange LLC, NYSE American LLC, 

and NYSE Arca, Inc. 

September 26, 2017. 

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 


sradovich on DSK3GMQ082PROD with NOTICES
Federal Register / Vol. 82, No. 189 / Monday, October 2, 2017 / Notices 45923 

6 17 CFR 242.608(b)(3)(iii). 

7 17 CFR 242.608(b)(1). 

8See 17 CFR 242.608(a)(4) and (a)(5). 

9See Transmittal Letter, supra note 4. 

10Unless otherwise specified, the terms used 

herein have the same meaning as set forth in the 

Plan. 

11See 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%20

Formats_Update_v7_06262017.pdf. 

12See 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). 

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. 

14See, 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. 

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 uplimit 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 


sradovich on DSK3GMQ082PROD with NOTICES
45924 Federal Register / Vol. 82, No. 189 / Monday, October 2, 2017 / Notices 

15See Securities Exchange Act Release No. 80455 

(order approving the thirteenth amendment to the 

Plan), supra note 1. 

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]. 


sradovich on DSK3GMQ082PROD with NOTICES
Federal Register / Vol. 82, No. 189 / Monday, October 2, 2017 / Notices 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 Page 

Preamble .......................................... 1 

I. Definitions ...................................... 2 

II. Parties .......................................... 4 

III. Amendments to Plan ................... 7 

IV. Trading Center Policies and Procedures ......................................... 8 

V. Price Bands .................................. 8 

VI. Limit Up—Limit Down Requirements ............................................ 11 

VII. Trading Pauses .......................... 13 

VIII. Implementation .......................... 15 

IX. Withdrawal from Plan .................. 16 

X. Counterparts and Signatures ....... 16 

Appendix A—Percentage Parameters .............................................. 18 

Appendix A—Schedule 1 ................. 20 

Appendix 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 uplimit 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: 


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(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 ProForma 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, 


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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 nonexecutable. 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 


sradovich on DSK3GMQ082PROD with NOTICES
45928 Federal Register / Vol. 82, No. 189 / Monday, October 2, 2017 / Notices 

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 ll day of August 2017 

[February 2017] by each of the parties hereto. 

BATS BZX EXCHANGE, INC. 

BY: lllllllllllllllllll

BATS EDGA EXCHANGE, INC. 

BY: lllllllllllllllllll

CHICAGO STOCK EXCHANGE, INC. 

BY: lllllllllllllllllll

INVESTORS EXCHANGE LLC 

BY: lllllllllllllllllll

NASDAQ PHLX LLC 

BY: lllllllllllllllllll

NYSE NATIONAL, INC. 

BY: lllllllllllllllllll

NYSE [MKT] American LLC 

BY: lllllllllllllllllll

BATS BYX EXCHANGE, INC. 

BY: lllllllllllllllllll

BATS EDGX EXCHANGE, INC. 

BY: lllllllllllllllllll

FINANCIAL INDUSTRY REGULATORY 

AUTHORITY, INC. 

BY: lllllllllllllllllll

NASDAQ BX, Inc. 

BY: lllllllllllllllllll

THE NASDAQ STOCK MARKET LLC 

BY: lllllllllllllllllll

NEW YORK STOCK EXCHANGE LLC 

BY: lllllllllllllllllll

NYSE ARCA, INC. 

BY: lllllllllllllllllll

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 exchangetraded 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 Exchange 

SPY ................ SPDR S&P 500 ETF Trust ..................................................................................................................................... NYSE Arca 

IWM ................ iShares Russell 2000 ETF ..................................................................................................................................... NYSE Arca 

QQQ ............... Powershares QQQ Trust Series 1 ......................................................................................................................... NASDAQ 

EEM ................ iShares MSCI Emerging Markets ETF ................................................................................................................... NYSE Arca 

GDX ................ VanEck Vectors Gold Miners ETF ......................................................................................................................... NYSE Arca 

XLF ................. Financial Select Sector SPDR Fund ...................................................................................................................... NYSE Arca 

GLD ................ SPDR Gold Shares ................................................................................................................................................ NYSE Arca 

TLT ................. iShares 20+ Year Treasury Bond ETF .................................................................................................................. NASDAQ 

VXX ................ iPATH S&P 500 VIX Short-Term Futures ETN ...................................................................................................... NYSE Arca 

EFA ................. iShares MSCI EAFE ETF ....................................................................................................................................... NYSE Arca 

XLE ................. Energy Select Sector SPDR Fund ......................................................................................................................... NYSE Arca 

HYG ................ iShares iBoxx $ High Yield Corporate Bond ETF .................................................................................................. NYSE Arca 

XIV .................. VelocityShares Daily Inverse VIX Short Term ETN ............................................................................................... NASDAQ 

IVV .................. iShares Core S&P 500 ETF ................................................................................................................................... NYSE Arca 

XLU ................. Utilities Select Sector SPDR Fund ......................................................................................................................... NYSE Arca 

GDXJ .............. VanEck Vectors Junior Gold Miners ETF .............................................................................................................. NYSE Arca 

XLP ................. Consumer Staples Select Sector SPDR Fund ....................................................................................................... NYSE Arca 

FXI .................. iShares China Large-Cap ETF ............................................................................................................................... NYSE Arca 

EWZ ................ iShares MSCI Brazil Capped ETF ......................................................................................................................... NYSE Arca 

XLV ................. Health Care Select Sector SPDR Fund ................................................................................................................. NYSE Arca 

IYR .................. iShares U.S. Real Estate ETF ............................................................................................................................... NYSE Arca 

LQD ................ iShares iBoxx $ Investment Grade Corporate Bond ETF ...................................................................................... NYSE Arca 

XLI .................. Industrial Select Sector SPDR Fund ...................................................................................................................... NYSE Arca 

DIA .................. SPDR Dow Jones Industrial Average ETF Trust ................................................................................................... NYSE Arca 

XOP ................ SPDR S&P Oil & Gas Exploration & Production ETF ........................................................................................... NYSE Arca 

VWO ............... Vanguard FTSE Emerging Markets ETF ............................................................................................................... NYSE Arca 

IBB .................. iShares Nasdaq Biotechnology ETF ...................................................................................................................... NASDAQ 

XLK ................. Technology Select Sector SPDR Fund .................................................................................................................. NYSE Arca 

XLY ................. Consumer Discretionary Select Sector SPDR Fund .............................................................................................. NYSE Arca 


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Ticker ETP name Exchange 

VOO ................ Vanguard S&P 500 ETF ........................................................................................................................................ NYSE Arca 

USO ................ United States Oil Fund LP ..................................................................................................................................... NYSE Arca 

JNK ................. SPDR Bloomberg Barclays High Yield Bond ETF ................................................................................................. NYSE Arca 

XBI .................. SPDR S&P Biotech ETF ........................................................................................................................................ NYSE Arca 

MDY ................ SPDR S&P MidCap 400 ETF Trust ....................................................................................................................... NYSE Arca 

VNQ ................ Vanguard REIT ETF ............................................................................................................................................... NYSE Arca 

EWJ ................ iShares MSCI Japan ETF ...................................................................................................................................... NYSE Arca 

SVXY .............. ProShares Short VIX Short-Term Futures ETF ..................................................................................................... NYSE Arca 

AGG ................ iShares Core U.S. Aggregate Bond ETF ............................................................................................................... NYSE Arca 

IEMG .............. iShares Core MSCI Emerging Markets ETF .......................................................................................................... NYSE Arca 

KRE ................ SPDR S&P Regional Banking ETF ........................................................................................................................ NYSE Arca 

EMB ................ iShares JP Morgan USD Emerging Markets Bond ETF ........................................................................................ NYSE Arca 

IWD ................. iShares Russell 1000 Value ETF ........................................................................................................................... NYSE Arca 

VEA ................ Vanguard FTSE Developed Markets ETF ............................................................................................................. NYSE Arca 

VTI .................. Vanguard Total Stock Market ETF ......................................................................................................................... NYSE Arca 

DXJ ................. WisdomTree Japan Hedged Equity Fund .............................................................................................................. NYSE Arca 

XLB ................. Materials Select Sector SPDR Fund ...................................................................................................................... NYSE Arca 

EWW .............. iShares MSCI Mexico Capped ETF ....................................................................................................................... NYSE Arca 

IEF .................. iShares 7–10 Year Treasury Bond ETF ................................................................................................................. NYSE Arca 

IJH .................. iShares Core S&P Mid-Cap ETF ........................................................................................................................... NYSE Arca 

XRT ................ SPDR S&P Retail ETF ........................................................................................................................................... NYSE Arca 

SLV ................. iShares Silver Trust ................................................................................................................................................ NYSE Arca 

IWF ................. iShares Russell 1000 Growth ETF ......................................................................................................................... NYSE Arca 

VGK ................ Vanguard FTSE Europe ETF ................................................................................................................................. NYSE Arca 

SMH ................ VanEck Vectors Semiconductor ETF ..................................................................................................................... NYSE Arca 

IWN ................. iShares Russell 2000 Value ETF ........................................................................................................................... NYSE Arca 

BND ................ Vanguard Total Bond Market ETF ......................................................................................................................... NYSE Arca 

RSX ................ VanEck Vectors Russia ETF .................................................................................................................................. NYSE Arca 

USMV ............. iShares MSCI USA Minimum Volatility ETF .......................................................................................................... NYSE Arca 

TIP .................. iShares TIPS Bond ETF ......................................................................................................................................... NYSE Arca 

EZU ................ iShares MSCI Eurozone ETF ................................................................................................................................. Bats 

IJR .................. iShares Core S&P Small-Cap ETF ........................................................................................................................ NYSE Arca 

SHY ................ iShares 1–3 Year Treasury Bond ETF ................................................................................................................... NYSE Arca 

OIH ................. VanEck Vectors Oil Service ETF ........................................................................................................................... NYSE Arca 

EWY ............... iShares MSCI South Korea Capped ETF .............................................................................................................. NYSE Arca 

PFF ................. iShares US Preferred Stock ETF ........................................................................................................................... NYSE Arca 

XME ................ SPDR S&P Metals & Mining ETF .......................................................................................................................... NYSE Arca 

IEFA ................ iShares Core MSCI EAFE ETF .............................................................................................................................. NYSE Arca 

IWB ................. iShares Russell 1000 ETF ..................................................................................................................................... NYSE Arca 

KBE ................ SPDR S&P Bank ETF ............................................................................................................................................ NYSE Arca 

BSV ................ Vanguard Short-Term Bond ETF ........................................................................................................................... NYSE Arca 

IWO ................ iShares Russell 2000 Growth ETF ......................................................................................................................... NYSE Arca 

HEDJ .............. WisdomTree Europe Hedged Equity Fund ............................................................................................................ NYSE Arca 

EWT ................ iShares MSCI Taiwan ETF .................................................................................................................................... NYSE Arca 

SH ................... ProShares Short S&P 500 ..................................................................................................................................... NYSE Arca 

ACWI .............. iShares MSCI ACWI ETF ....................................................................................................................................... NASDAQ 

VCSH .............. Vanguard Short-Term Corporate Bond ETF .......................................................................................................... NASDAQ 

SPLV .............. PowerShares S&P 500 Low Volatility Portfolio ...................................................................................................... NYSE Arca 

EWG ............... iShares MSCI Germany ETF ................................................................................................................................. NYSE Arca 

VTV ................. Vanguard Value ETF .............................................................................................................................................. NYSE Arca 

AMLP .............. Alerian MLP ETF .................................................................................................................................................... NYSE Arca 

DBEF .............. Deutsche X-trackers MSCI EAFE Hedged Equity ETF ......................................................................................... NYSE Arca 

IAU .................. iShares Gold Trust ................................................................................................................................................. NYSE Arca 

UNG ................ United States Natural Gas Fund LP ...................................................................................................................... NYSE Arca 

DVY ................ iShares Select Dividend ETF ................................................................................................................................. NYSE Arca 

BKLN .............. PowerShares Senior Loan Portfolio ....................................................................................................................... NYSE Arca 

VB ................... Vanguard Small-Cap ETF ...................................................................................................................................... NYSE Arca 

VEU ................ Vanguard FTSE All-World ex-US ETF ................................................................................................................... NYSE Arca 

IVE .................. iShares S&P 500 Value ETF ................................................................................................................................. NYSE Arca 

RSP ................ Guggenheim S&P 500 Equal Weight ETF ............................................................................................................. NYSE Arca 

SHV ................ iShares Short Treasury Bond ETF ......................................................................................................................... NYSE Arca 

VIXY ............... ProShares VIX Short-Term Futures ETF ............................................................................................................... NYSE Arca 

XHB ................ SPDR S&P Homebuilders ETF .............................................................................................................................. NYSE Arca 

IVW ................. iShares S&P 500 Growth ETF ............................................................................................................................... NYSE Arca 

VCIT ............... Vanguard Intermediate-Term Corporate Bond ETF ............................................................................................... NASDAQ 

EPI .................. WisdomTree India Earnings Fund ......................................................................................................................... NYSE Arca 

EFAV .............. iShares MSCI EAFE Minimum Volatility ETF ........................................................................................................ NYSE Arca 

ITB .................. iShares U.S. Home Construction ETF ................................................................................................................... NYSE Arca 

SDY ................ SPDR S&P Dividend ETF ...................................................................................................................................... NYSE Arca 

MUB ................ iShares National Muni Bond ETF .......................................................................................................................... NYSE Arca 

VUG ................ Vanguard Growth ETF ........................................................................................................................................... NYSE Arca 

VYM ................ Vanguard High Dividend Yield ETF ....................................................................................................................... NYSE Arca 

INDA ............... iShares MSCI India ETF ........................................................................................................................................ Bats 

BIV .................. Vanguard Intermediate-Term Bond ETF ................................................................................................................ NYSE Arca 


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Ticker ETP name Exchange 

FEZ ................. SPDR EURO STOXX 50 ETF ................................................................................................................................ NYSE Arca 

AAXJ ............... iShares MSCI All Country Asia ex Japan ETF ...................................................................................................... NASDAQ 

VIG ................. Vanguard Dividend Appreciation ETF .................................................................................................................... NYSE Arca 

MCHI .............. iShares MSCI China ETF ....................................................................................................................................... NASDAQ 

AMJ ................ JPMorgan Alerian MLP Index ETN ........................................................................................................................ NYSE Arca 

EWH ............... iShares MSCI Hong Kong ETF .............................................................................................................................. NYSE Arca 

EWU ............... iShares MSCI United Kingdom ETF ...................................................................................................................... NYSE Arca 

SOXX .............. iShares PHLX Semiconductor ETF ........................................................................................................................ NASDAQ 

FXE ................. CurrencyShares Euro Trust ................................................................................................................................... NYSE Arca 

MBB ................ iShares MBS ETF .................................................................................................................................................. NYSE Arca 

CIU ................. iShares Intermediate Credit Bond ETF .................................................................................................................. NYSE Arca 

VO .................. Vanguard Mid-Cap ETF ......................................................................................................................................... NYSE Arca 

EWC ............... iShares MSCI Canada ETF ................................................................................................................................... NYSE Arca 

IEI ................... iShares 3–7 Year Treasury Bond ETF ................................................................................................................... NYSE Arca 

CSJ ................. iShares 1–3 Year Credit Bond ETF ....................................................................................................................... NYSE Arca 

OEF ................ iShares S&P 100 ETF ............................................................................................................................................ NYSE Arca 

ILF .................. iShares Latin America 40 ETF ............................................................................................................................... NYSE Arca 

IYE .................. iShares U.S. Energy ETF ....................................................................................................................................... NYSE Arca 

VGT ................ Vanguard Information Technology ETF ................................................................................................................. NYSE Arca 

XLRE .............. Real Estate Select Sector SPDR Fund .................................................................................................................. NYSE Arca 

IYT .................. iShares Transportation Average ETF .................................................................................................................... NYSE Arca 

PCY ................ PowerShares Emerging Markets Sovereign Debt Portfolio ................................................................................... NYSE Arca 

IWS ................. iShares Russell Mid-Cap Value ETF ..................................................................................................................... NYSE Arca 

EEMV ............. iShares MSCI Emerging Markets Minimum Volatility ETF/Dup ............................................................................. NYSE Arca 

IYF .................. iShares US Financials ETF .................................................................................................................................... NYSE Arca 

VBR ................ Vanguard Small-Cap Value ETF ............................................................................................................................ NYSE Arca 

UUP ................ PowerShares DB US Dollar Index Bullish Fund .................................................................................................... NYSE Arca 

BNDX .............. Vanguard Total International Bond ETF ................................................................................................................ NASDAQ 

SJNK .............. SPDR Bloomberg Barclays Short Term High Yield Bond ETF ............................................................................. NYSE Arca 

EWA ............... iShares MSCI Australia ETF .................................................................................................................................. NYSE Arca 

MINT ............... PIMCO Enhanced Short Maturity Active Exchange-Traded Fund ......................................................................... NYSE Arca 

HDV ................ iShares High Dividend ETF .................................................................................................................................... NYSE Arca 

SCHF .............. Schwab International Equity ETF ........................................................................................................................... NYSE Arca 

BIL .................. SPDR Bloomberg Barclays 1–3 Month T-Bill ........................................................................................................ NYSE Arca 

CWB ............... SPDR Bloomberg Barclays Convertible Securities ETF ........................................................................................ NYSE Arca 

FDN ................ First Trust Dow Jones Internet Index Fund ........................................................................................................... NYSE Arca 

PGX ................ PowerShares Preferred Portfolio ........................................................................................................................... NYSE Arca 

VFH ................ Vanguard Financials ETF ....................................................................................................................................... NYSE Arca 

IWR ................. iShares Russell Mid-Cap ETF ................................................................................................................................ NYSE Arca 

HEFA .............. iShares Currency Hedged MSCI EAFE ETF ......................................................................................................... NYSE Arca 

VT ................... Vanguard Total World Stock ETF .......................................................................................................................... NYSE Arca 

SCZ ................ iShares MSCI EAFE Small-Cap ETF ..................................................................................................................... NASDAQ 

VXF ................. Vanguard Extended Market ETF ........................................................................................................................... NYSE Arca 

HYS ................ PIMCO 0–5 Year High Yield Corporate Bond Index Exchange-Traded Fund ...................................................... NYSE Arca 

FLOT .............. iShares Floating Rate Bond ETF ........................................................................................................................... NYSE Arca 

DBC ................ PowerShares DB Commodity Index Tracking Fund .............................................................................................. NYSE Arca 

ICF .................. iShares Cohen & Steers REIT ETF ....................................................................................................................... NYSE Arca 

ITOT ............... iShares Core S&P Total US Stock Market ETF .................................................................................................... NYSE Arca 

RWM ............... ProShares Short Russell2000 ................................................................................................................................ NYSE Arca 

SCHB .............. Schwab US Broad Market ETF .............................................................................................................................. NYSE Arca 

VHT ................ Vanguard Health Care ETF ................................................................................................................................... NYSE Arca 

RWR ............... SPDR Dow Jones REIT ETF ................................................................................................................................. NYSE Arca 

IWV ................. iShares Russell 3000 ETF ..................................................................................................................................... NYSE Arca 

IYW ................. iShares US Technology ETF ................................................................................................................................. NYSE Arca 

VXUS .............. Vanguard Total International Stock ETF ................................................................................................................ NASDAQ 

EWP ............... iShares MSCI Spain Capped ETF ......................................................................................................................... NYSE Arca 

DBEU .............. Deutsche X-trackers MSCI Europe Hedged Equity ETF ....................................................................................... NYSE Arca 

EZA ................. iShares MSCI South Africa ETF ............................................................................................................................ NYSE Arca 

DBJP .............. Deutsche X-trackers MSCI Japan Hedged Equity ETF ......................................................................................... NYSE Arca 

SCHX .............. Schwab US Large-Cap ETF ................................................................................................................................... NYSE Arca 

IJJ ................... iShares S&P Mid-Cap 400 Value ETF ................................................................................................................... NYSE Arca 

ACWX ............. iShares MSCI ACWI ex US ETF ............................................................................................................................ NASDAQ 

RWX ............... SPDR Dow Jones International Real Estate ETF .................................................................................................. NYSE Arca 

IEV .................. iShares Europe ETF ............................................................................................................................................... NYSE Arca 

VBK ................ Vanguard Small-Cap Growth ETF ......................................................................................................................... NYSE Arca 

VOE ................ Vanguard Mid-Cap Value ETF ............................................................................................................................... NYSE Arca 

IWP ................. iShares Russell Mid-Cap Growth ETF ................................................................................................................... NYSE Arca 

PSQ ................ ProShares Short QQQ ........................................................................................................................................... NYSE Arca 

SCHD ............. Schwab US Dividend Equity ETF .......................................................................................................................... NYSE Arca 

QUAL .............. iShares MSCI USA Quality Factor ETF ................................................................................................................. NYSE Arca 

SPHD .............. PowerShares S&P 500 High Dividend Low Volatility Portfolio .............................................................................. NYSE Arca 

FXG ................ First Trust Consumer Staples AlphaDEX Fund ..................................................................................................... NYSE Arca 

BLV ................. Vanguard Long-Term Bond ETF ............................................................................................................................ NYSE Arca 

IJS .................. iShares S&P Small-Cap 600 Value ETF ................................................................................................................ NYSE Arca 


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Ticker ETP name Exchange 

VPU ................ Vanguard Utilities ETF ........................................................................................................................................... NYSE Arca 

VDE ................ Vanguard Energy ETF ........................................................................................................................................... NYSE Arca 

EPP ................ iShares MSCI Pacific ex Japan ETF ...................................................................................................................... NYSE Arca 

FXD ................ First Trust Consumer Discretionary AlphaDEX Fund ............................................................................................ NYSE Arca 

IGV ................. iShares North American Tech-Software ETF ......................................................................................................... NYSE Arca 

NEAR .............. iShares Short Maturity Bond ETF .......................................................................................................................... Bats 

HEWJ ............. iShares Currency Hedged MSCI Japan ETF ......................................................................................................... NYSE Arca 

EWI ................. iShares MSCI Italy Capped ETF ............................................................................................................................ NYSE Arca 

EIDO ............... iShares MSCI Indonesia ETF ................................................................................................................................. NYSE Arca 

HYD ................ VanEck Vectors High Yield Municipal Index ETF .................................................................................................. NYSE Arca 

SCPB .............. SPDR Bloomberg Barclays Short Term Corporate Bond ETF .............................................................................. NYSE Arca 

SCHH ............. Schwab U.S. REIT ETF ......................................................................................................................................... NYSE Arca 

EWL ................ iShares MSCI Switzerland Capped ETF ................................................................................................................ NYSE Arca 

IJK .................. iShares S&P Mid-Cap 400 Growth ETF ................................................................................................................ NYSE Arca 

EFV ................. iShares MSCI EAFE Value ETF ............................................................................................................................ NYSE Arca 

IJT ................... iShares S&P Small-Cap 600 Growth ETF ............................................................................................................. NYSE Arca 

EMLC .............. VanEck Vectors J.P. Morgan EM Local Currency Bond ETF ............................................................................... NYSE Arca 

SCHA .............. Schwab US Small-Cap ETF ................................................................................................................................... NYSE Arca 

IDU ................. iShares US Utilities ETF ........................................................................................................................................ NYSE Arca 

HEZU .............. iShares Currency Hedged MSCI Eurozone ETF ................................................................................................... NYSE Arca 

SHM ................ SPDR Nuveen Barclays Short Term Municipal Bond ETF .................................................................................... NYSE Arca 

IYH .................. iShares U.S. Healthcare ETF ................................................................................................................................. NYSE Arca 

FV ................... First Trust Dorsey Wright Focus 5 ETF ................................................................................................................. NASDAQ 

IHI ................... iShares U.S. Medical Devices ETF ........................................................................................................................ NYSE Arca 

ITA .................. iShares US Aerospace & Defense ETF ................................................................................................................. NYSE Arca 

GOVT ............. iShares Core US Treasury Bond ETF ................................................................................................................... NYSE Arca 

GUNR ............. FlexShares Global Upstream Natural Resources Index Fund ............................................................................... NYSE Arca 

VV ................... Vanguard Large-Cap ETF ...................................................................................................................................... NYSE Arca 

ASHR .............. Deutsche X-trackers Harvest CSI 300 China A-Shares ETF ................................................................................ NYSE Arca 

IYZ .................. iShares US Telecommunications ETF ................................................................................................................... NYSE Arca 

BWX ............... SPDR Bloomberg Barclays International Treasury Bond ETF .............................................................................. NYSE Arca 

TFI .................. SPDR Nuveen Barclays Municipal Bond ETF ....................................................................................................... NYSE Arca 

SCHZ .............. Schwab U.S. Aggregate Bond ETF ....................................................................................................................... NYSE Arca 

VCLT .............. Vanguard Long-Term Corporate Bond ETF ........................................................................................................... NASDAQ 

VNQI ............... Vanguard Global ex-U.S. Real Estate ETF ........................................................................................................... NASDAQ 

KBWB ............. PowerShares KBW Bank Portfolio ......................................................................................................................... NASDAQ 

IDV .................. iShares International Select Dividend ETF ............................................................................................................ NYSE Arca 

IXUS ............... iShares Core MSCI Total International Stock ETF ................................................................................................ NASDAQ 

ACWV ............. iShares MSCI All Country World Minimum Volatility ETF ..................................................................................... NYSE Arca 

FXY ................. CurrencyShares Japanese Yen Trust .................................................................................................................... NYSE Arca 

NOBL .............. ProShares S&P 500 Dividend Aristocrats ETF ...................................................................................................... Bats 

VPL ................. Vanguard FTSE Pacific ETF .................................................................................................................................. NYSE Arca 

THD ................ iShares MSCI Thailand Capped ETF ..................................................................................................................... NYSE Arca 

TOTL .............. SPDR Doubleline Total Return Tactical ETF ......................................................................................................... NYSE Arca 

VDC ................ Vanguard Consumer Staples ETF ......................................................................................................................... NYSE Arca 

VOX ................ Vanguard Telecommunication Services ETF ......................................................................................................... NYSE Arca 

VTIP ................ Vanguard Short-Term Inflation-Protected Securities ETF ..................................................................................... NASDAQ 

MTUM ............. iShares MSCI USA Momentum Factor ETF .......................................................................................................... NYSE Arca 

QTEC .............. First Trust NASDAQ–100 Technology Index Fund ................................................................................................ NASDAQ 

EWM ............... iShares MSCI Malaysia ETF .................................................................................................................................. NYSE Arca 

FXN ................ First Trust Energy AlphaDEX Fund ........................................................................................................................ NYSE Arca 

OIL .................. iPath Goldman Sachs Crude Oil Total Return Index ETN .................................................................................... NYSE Arca 

REM ................ iShares Mortgage Real Estate Capped ETF ......................................................................................................... NYSE Arca 

TBF ................. ProShares Short 20+ Year Treasury ..................................................................................................................... NYSE Arca 

FCG ................ First Trust Natural Gas ETF ................................................................................................................................... NYSE Arca 

FXR ................ First Trust Industrials/Producer Durables AlphaDEX Fund ................................................................................... NYSE Arca 

PIN .................. PowerShares India Portfolio ................................................................................................................................... NYSE Arca 

VIS .................. Vanguard Industrials ETF ...................................................................................................................................... NYSE Arca 

TUR ................ iShares MSCI Turkey ETF ..................................................................................................................................... NYSE Arca 

VMBS ............. Vanguard Mortgage-Backed Securities ETF .......................................................................................................... NASDAQ 

FVD ................ First Trust Value Line Dividend Index Fund .......................................................................................................... NYSE Arca 

FXB ................. CurrencyShares British Pound Sterling Trust ........................................................................................................ NYSE Arca 

PHB ................ PowerShares Fundamental High Yield Corporate Bond Portfolio ......................................................................... NYSE Arca 

DOG ............... ProShares Short Dow30 ........................................................................................................................................ NYSE Arca 

EFG ................ iShares MSCI EAFE Growth ETF .......................................................................................................................... NYSE Arca 

EWQ ............... iShares MSCI France ETF ..................................................................................................................................... NYSE Arca 

IYJ .................. iShares U.S. Industrials ETF .................................................................................................................................. NYSE Arca 

IYG ................. iShares U.S. Financial Services ETF ..................................................................................................................... NYSE Arca 

BOND ............. PIMCO Total Return Active Exchange-Traded Fund ............................................................................................. NYSE Arca 

HEWG ............ iShares Currency Hedged MSCI Germany ETF .................................................................................................... NYSE Arca 

SHYG ............. iShares 0–5 Year High Yield Corporate Bond ETF ............................................................................................... NYSE Arca 

VLUE .............. iShares MSCI USA Value Factor ETF ................................................................................................................... NYSE Arca 

SCHE .............. Schwab Emerging Markets Equity ETF ................................................................................................................. NYSE Arca 

ECH ................ iShares MSCI Chile Capped ETF .......................................................................................................................... NYSE Arca 


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45932 Federal Register / Vol. 82, No. 189 / Monday, October 2, 2017 / Notices 

Ticker ETP name Exchange 

FXU ................ First Trust Utilities AlphaDEX Fund ....................................................................................................................... NYSE Arca 

RWO ............... SPDR Dow Jones Global Real Estate ETF ........................................................................................................... NYSE Arca 

PRF ................ Powershares FTSE RAFI US 1000 Portfolio ......................................................................................................... NYSE Arca 

VGLT .............. Vanguard Long-Term Government Bond ETF ....................................................................................................... NASDAQ 

VOT ................ Vanguard Mid-Cap Growth ETF ............................................................................................................................. NYSE Arca 

SCHM ............. Schwab U.S. Mid-Cap ETF .................................................................................................................................... NYSE Arca 

EUFN .............. iShares MSCI Europe Financials ETF ................................................................................................................... NASDAQ 

EWS ............... iShares MSCI Singapore ETF ................................................................................................................................ NYSE Arca 

GVI ................. iShares Intermediate Government/Credit Bond ETF ............................................................................................. NYSE Arca 

SCHV .............. Schwab U.S. Large-Cap Value ETF ...................................................................................................................... NYSE Arca 

SCHP .............. Schwab US TIPs ETF ............................................................................................................................................ NYSE Arca 

DEM ................ WisdomTree Emerging Markets High Dividend Fund ............................................................................................ NYSE Arca 

IYM ................. iShares U.S. Basic Materials ETF .......................................................................................................................... NYSE Arca 

DBA ................ PowerShares DB Agriculture Fund ........................................................................................................................ NYSE Arca 

SCHG ............. Schwab U.S. Large-Cap Growth ETF .................................................................................................................... NYSE Arca 

IGOV ............... iShares International Treasury Bond ETF .............................................................................................................. NASDAQ 

IGF .................. iShares Global Infrastructure ETF ......................................................................................................................... NASDAQ 

TLH ................. iShares 10–20 Year Treasury Bond ETF ............................................................................................................... NYSE Arca 

EPHE .............. iShares MSCI Philippines ETF ............................................................................................................................... NYSE Arca 

SCHO ............. Schwab Short-Term U.S. Treasury ETF ................................................................................................................ NYSE Arca 

EUM ................ ProShares Short MSCI Emerging Markets ............................................................................................................ NYSE Arca 

PGF ................ PowerShares Financial Preferred Portfolio ............................................................................................................ NYSE Arca 

IHF .................. iShares U.S. Healthcare Providers ETF ................................................................................................................ NYSE Arca 

VSS ................ Vanguard FTSE All World ex-US Small-Cap ETF ................................................................................................. NYSE Arca 

KIE .................. SPDR S&P Insurance ETF .................................................................................................................................... NYSE Arca 

SPHB .............. PowerShares S&P 500 High Beta Port ETF .......................................................................................................... NYSE Arca 

SDOG ............. ALPS Sector Dividend Dogs ETF .......................................................................................................................... NYSE Arca 

VAW ............... Vanguard Materials ETF ........................................................................................................................................ NYSE Arca 

FPE ................. First Trust Preferred Securities and Income ETF .................................................................................................. NYSE Arca 

ITR .................. SPDR Bloomberg Barclays Intermediate Term Corporate Bond ETF ................................................................... NYSE Arca 

VCR ................ Vanguard Consumer Discretionary ETF ................................................................................................................ NYSE Arca 

IGE ................. iShares North American Natural Resources ETF .................................................................................................. NYSE Arca 

SIL .................. Global X Silver Miners ETF .................................................................................................................................... NYSE Arca 

EDV ................ Vanguard Extended Duration Treasury ETF .......................................................................................................... NYSE Arca 

DLN ................ WisdomTree LargeCap Dividend Fund .................................................................................................................. NYSE Arca 

DON ................ WisdomTree MidCap Dividend Fund ..................................................................................................................... NYSE Arca 

MLPI ............... ETRACS Alerian MLP Infrastructure Index ETN ................................................................................................... NYSE Arca 

CLY ................. iShares 10+ Year Credit Bond ETF ....................................................................................................................... NYSE Arca 

IUSG ............... iShares Core US Growth ETF ................................................................................................................................ NYSE Arca 

ITM ................. VanEck Vectors AMT-Free Intermediate Municipal Index ETF ............................................................................. NYSE Arca 

RPG ................ Guggenheim S&P 500 Pure Growth ETF .............................................................................................................. NYSE Arca 

VGIT ............... Vanguard Intermediate-Term Government Bond ETF ........................................................................................... NASDAQ 

CRED ............. iShares Core US Credit Bond ETF ........................................................................................................................ NYSE Arca 

XES ................ SPDR S&P Oil & Gas Equipment & Services ETF ............................................................................................... NYSE Arca 

PHYS .............. Sprott Physical Gold Trust ..................................................................................................................................... NYSE Arca 

TLO ................. SPDR Bloomberg Barclays Long Term Treasury ETF .......................................................................................... NYSE Arca 

BBH ................ VanEck Vectors Biotech ETF ................................................................................................................................. NASDAQ 

RYT ................ Guggenheim S&P 500 Equal Weight Technology ETF ......................................................................................... NYSE Arca 

FXO ................ First Trust Financial AlphaDEX Fund ..................................................................................................................... NYSE Arca 

CWI ................. SPDR MSCI ACWI ex-US ETF .............................................................................................................................. NYSE Arca 

FXH ................ First Trust Health Care AlphaDEX Fund ................................................................................................................ NYSE Arca 

FDL ................. First Trust Morningstar Dividend Leaders Index .................................................................................................... NYSE Arca 

PJP ................. Powershares Dynamic Pharmaceuticals Portfolio ................................................................................................. NYSE Arca 

PZA ................. PowerShares National AMT-Free Municipal Bond Portfolio .................................................................................. NYSE Arca 

RPV ................ Guggenheim S&P 500 Pure Value ETF ................................................................................................................ NYSE Arca 

GSLC .............. Goldman Sachs ActiveBeta U.S. Large Cap Equity ETF ...................................................................................... NYSE Arca 

SUB ................ iShares Short-Term National Muni Bond ETF ....................................................................................................... NYSE Arca 

IXC .................. iShares Global Energy ETF ................................................................................................................................... NYSE Arca 

IAT .................. iShares US Regional Banks ETF ........................................................................................................................... NYSE Arca 

GSY ................ Guggenheim Enhanced Short Duration ETF ......................................................................................................... NYSE Arca 

ERUS .............. iShares MSCI Russia Capped ETF ....................................................................................................................... NYSE Arca 

IXJ .................. iShares Global Healthcare ETF ............................................................................................................................. NYSE Arca 

DES ................ WisdomTree SmallCap Dividend Fund .................................................................................................................. NYSE Arca 

DJP ................. iPath Bloomberg Commodity Index Total Return ETN .......................................................................................... NYSE Arca 

FTSM .............. First Trust Enhanced Short Maturity ETF .............................................................................................................. NASDAQ 

XPH ................ SPDR S&P Pharmaceuticals ETF .......................................................................................................................... NYSE Arca 

VTEB .............. Vanguard Tax-Exempt Bond Index ETF ................................................................................................................ NYSE Arca 

VWOB ............. Vanguard Emerging Markets Government Bond ETF ........................................................................................... NASDAQ 

IUSV ............... iShares Core US Value ETF .................................................................................................................................. NYSE Arca 

PDP ................ PowerShares DWA Momentum Portfolio ............................................................................................................... NASDAQ 

MGK ............... Vanguard Mega Cap Growth ETF ......................................................................................................................... NYSE Arca 

HYLS .............. First Trust Exchange-Traded Fund IV First Trust Tactical High Yield ETF ........................................................... NASDAQ 

FEX ................. First Trust Large Cap Core AlphaDEX Fund ......................................................................................................... NASDAQ 

HYMB ............. SPDR Nuveen S&P High Yield Municipal Bond ETF ............................................................................................ NYSE Arca 


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Ticker ETP name Exchange 

DGRO ............. iShares Core Dividend Growth ETF ....................................................................................................................... NYSE Arca 

VGSH ............. Vanguard Short-Term Government Bond ETF ...................................................................................................... NASDAQ 

RHS ................ Guggenheim S&P 500 Equal Weight Consumer Staples ETF .............................................................................. NYSE Arca 

LEMB .............. iShares Emerging Markets Local Currency Bond ETF .......................................................................................... NYSE Arca 

FBT ................. First Trust NYSE Arca Biotechnology Index Fund ................................................................................................. NYSE Arca 

IYK .................. iShares US Consumer Goods ETF ........................................................................................................................ NYSE Arca 

FNDX .............. Schwab Fundamental U.S. Large Company Index ................................................................................................ NYSE Arca 

BNDS .............. SPDR Bloomberg Barclays Aggregate Bond ETF ................................................................................................. NYSE Arca 

PEY ................ PowerShares High Yield Equity Dividend Achievers Portfolio ............................................................................... NASDAQ 

VRP ................ PowerShares Variable Rate Preferred Portfolio .................................................................................................... NYSE Arca 

SPHQ ............. PowerShares S&P 500 Quality Portfolio ................................................................................................................ NYSE Arca 

GNR ................ SPDR S&P Global Natural Resources ETF ........................................................................................................... NYSE Arca 

ANGL .............. VanEck Vectors Fallen Angel High Yield Bond ETF ............................................................................................. NYSE Arca 

EMLP .............. First Trust North American Energy Infrastructure Fund ......................................................................................... NYSE Arca 

VTWO ............. Vanguard Russell 2000 .......................................................................................................................................... NASDAQ 

SRLN .............. SPDR Blackstone/GSO Senior Loan ETF ............................................................................................................. NYSE Arca 

EWD ............... iShares MSCI Sweden ETF ................................................................................................................................... NYSE Arca 

RING ............... iShares MSCI Global Gold Miners ETF ................................................................................................................. NYSE Arca 

BAB ................ PowerShares Build America Bond Portfolio ........................................................................................................... NYSE Arca 

XMLV .............. PowerShares S&P MidCap Low Volatility Portfolio ............................................................................................... NYSE Arca 

KWEB ............. KraneShares CSI China Internet ETF .................................................................................................................... NASDAQ 

IEO ................. iShares U.S. Oil & Gas Exploration & Production ETF ......................................................................................... NYSE Arca 

XSLV .............. PowerShares S&P SmallCap Low Volatility Portfolio ............................................................................................ NYSE Arca 

IEUR ............... iShares Core MSCI Europe ETF ............................................................................................................................ NYSE Arca 

IFGL ................ iShares International Developed Real Estate ETF ................................................................................................ NASDAQ 

ZROZ .............. PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund ..................................................... NYSE Arca 

XSD ................ SPDR S&P Semiconductor ETF ............................................................................................................................ NYSE Arca 

DFE ................ WisdomTree Europe SmallCap Dividend Fund ..................................................................................................... NYSE Arca 

FTSL ............... First Trust Senior Loan ETF ................................................................................................................................... NASDAQ 

FXZ ................. First Trust Materials AlphaDEX Fund .................................................................................................................... NYSE Arca 

BLHY .............. Virtus Newfleet Dynamic Credit ETF ..................................................................................................................... NYSE Arca 

SCHR ............. Schwab Intermediate-Term U.S. Treasury ETF ..................................................................................................... NYSE Arca 

EPOL .............. iShares MSCI Poland Capped ETF ....................................................................................................................... NYSE Arca 

CMF ................ iShares California Muni Bond ETF ......................................................................................................................... NYSE Arca 

GXC ................ SPDR S&P China ETF ........................................................................................................................................... NYSE Arca 

XAR ................ SPDR S&P Aerospace & Defense ETF ................................................................................................................. NYSE Arca 

IYC .................. iShares U.S. Consumer Services ETF ................................................................................................................... NYSE Arca 

FNDF .............. Schwab Fundamental International Large Company Index ................................................................................... NYSE Arca 

DWX ............... SPDR S&P International Dividend ETF ................................................................................................................. NYSE Arca 

SGOL .............. ETFS Physical Swiss Gold Shares ........................................................................................................................ NYSE Arca 

EWN ............... iShares MSCI Netherlands ETF ............................................................................................................................. NYSE Arca 

PKW ............... PowerShares Buyback Achievers Portfolio ............................................................................................................ NASDAQ 

PSLV .............. Sprott Physical Silver Trust .................................................................................................................................... NYSE Arca 

IGM ................. iShares North American Tech ETF ........................................................................................................................ NYSE Arca 

FNCL .............. Fidelity MSCI Financials Index ETF ....................................................................................................................... NYSE Arca 

PPLT ............... ETFS Physical Platinum Shares ............................................................................................................................ NYSE Arca 

ISTB ................ iShares Core 1–5 Year USD Bond ETF ................................................................................................................ NYSE Arca 

DGRW ............ WisdomTree U.S. Quality Dividend Growth Fund ................................................................................................. NASDAQ 

IHE .................. iShares US Pharmaceuticals ETF ......................................................................................................................... NYSE Arca 

SLYV .............. SPDR S&P 600 Small CapValue ETF ................................................................................................................... NYSE Arca 

HACK .............. PureFunds ISE Cyber Security ETF ...................................................................................................................... NYSE Arca 

FNDA .............. Schwab Fundamental U.S. Small Company Index ................................................................................................ NYSE Arca 

CORP ............. PIMCO Investment Grade Corporate Bond Index Exchange-Traded Fund .......................................................... NYSE Arca 

BSJI ................ Guggenheim BulletShares 2018 High Yield Corporate Bond ETF ........................................................................ NYSE Arca 

ECON ............. Columbia Emerging Markets Consumer ETF ........................................................................................................ NYSE Arca 

PSK ................ SPDR Wells Fargo Preferred Stock ETF ............................................................................................................... NYSE Arca 

GSG ................ iShares S&P GSCI Commodity Indexed Trust ...................................................................................................... NYSE Arca 

VOOG ............. Vanguard S&P 500 Growth ETF ............................................................................................................................ NYSE Arca 

VXZ ................. iPATH S&P 500 VIX Mid-Term Futures ETN ........................................................................................................ NYSE Arca 

ONEQ ............. Fidelity NASDAQ Composite Index Tracking Stock ETF ...................................................................................... NASDAQ 

SLYG .............. SPDR S&P 600 Small Cap Growth ETF ............................................................................................................... NYSE Arca 

STIP ................ iShares 0–5 Year TIPS Bond ETF ......................................................................................................................... NYSE Arca 

PDBC .............. PowerShares DB Optimum Yield Diversified Commodity Strategy Portfolio ......................................................... NASDAQ 

FXL ................. First Trust Technology AlphaDEX Fund ................................................................................................................ NYSE Arca 

IXN .................. iShares Global Tech ETF ....................................................................................................................................... NYSE Arca 

MOO ............... VanEck Vectors Agribusiness ETF ........................................................................................................................ NYSE Arca 

EPU ................ iShares MSCI All Peru Capped ETF ...................................................................................................................... NYSE Arca 

SNLN .............. Highland/iBoxx Senior Loan ETF ........................................................................................................................... NASDAQ 

DHS ................ WisdomTree High Dividend Fund .......................................................................................................................... NYSE Arca 

AOR ................ iShares Core Growth Allocation ETF ..................................................................................................................... NYSE Arca 

QAI ................. IndexIQ ETF Trust—IQ Hedge Multi-Strategy Tracker ETF .................................................................................. NYSE Arca 

PPH ................ VanEck Vectors Pharmaceutical ETF .................................................................................................................... NASDAQ 

FTEC .............. Fidelity MSCI Information Technology Index ETF ................................................................................................. NYSE Arca 

DGS ................ WisdomTree Emerging Markets SmallCap Dividend Fund ................................................................................... NYSE Arca 


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FHLC .............. Fidelity MSCI Health Care Index ETF .................................................................................................................... NYSE Arca 

FNDE .............. Schwab Fundamental Emerging Markets Large Company Index ETF ................................................................. NYSE Arca 

LMBS .............. First Trust Low Duration Opportunities ETF .......................................................................................................... NASDAQ 

IPAC ............... iShares Core MSCI Pacific ETF ............................................................................................................................. NYSE Arca 

MGV ............... Vanguard Mega Cap Value ETF ............................................................................................................................ NYSE Arca 

FRI .................. First Trust S&P REIT Index Fund .......................................................................................................................... NYSE Arca 

JO ................... iPath Bloomberg Coffee Subindex Total Return ETN ........................................................................................... NYSE Arca 

PXH ................ PowerShares FTSE RAFI Emerging Markets Portfolio ......................................................................................... NYSE Arca 

WIP ................. SPDR Citi International Government Inflation-Protected Bond ETF ..................................................................... NYSE Arca 

AOM ............... iShares Core Moderate Allocation ETF ................................................................................................................. NYSE Arca 

EWK ............... iShares MSCI Belgium Capped ETF ..................................................................................................................... NYSE Arca 

VIIX ................. VelocityShares VIX Short Term ETN ..................................................................................................................... NASDAQ 

SCJ ................. iShares MSCI Japan Small-Cap ETF .................................................................................................................... NYSE Arca 

DVYE .............. iShares Emerging Markets Dividend ETF .............................................................................................................. NYSE Arca 

PXF ................. PowerShares FTSE RAFI Developed Markets ex-U.S. Portfolio .......................................................................... NYSE Arca 

DBB ................ PowerShares DB Base Metals Fund ..................................................................................................................... NYSE Arca 

HYEM ............. VanEck Vectors Emerging High Yield Bond ETF .................................................................................................. NYSE Arca 

PPA ................ PowerShares Aerospace & Defense Portfolio ....................................................................................................... NYSE Arca 

FTGC .............. First Trust Global Tactical Commodity Strategy Fund ........................................................................................... NASDAQ 

DLS ................. WisdomTree International SmallCap Dividend Fund ............................................................................................. NYSE Arca 

JHMD .............. John Hancock Multifactor Developed International ETF ........................................................................................ NYSE Arca 

SDIV ............... Global X SuperDividend ETF ................................................................................................................................. NYSE Arca 

PICK ............... iShares MSCI Global Metals & Mining Producers ETF ......................................................................................... NYSE Arca 

INDY ............... iShares India 50 ETF ............................................................................................................................................. NASDAQ 

SPYG .............. SPDR S&P 500 Growth ETF ................................................................................................................................. NYSE Arca 

STPZ .............. PIMCO 1–5 Year U.S. TIPS Index Exchange-Traded Fund ................................................................................. NYSE Arca 

SCHC ............. Schwab International Small-Cap Equity ETF ......................................................................................................... NYSE Arca 

IXG ................. iShares Global Financials ETF ............................................................................................................................... NYSE Arca 

IAGG ............... iShares International Aggregate Bond Fund .......................................................................................................... Bats 

IWC ................. iShares Micro-Cap ETF .......................................................................................................................................... NYSE Arca 

DBO ................ PowerShares DB Oil Fund ..................................................................................................................................... NYSE Arca 

FXC ................ CurrencyShares Canadian Dollar Trust ................................................................................................................. NYSE Arca 

USCI ............... United States Commodity Index Fund ................................................................................................................... NYSE Arca 

PSCT .............. PowerShares S&P SmallCap Information Technology Portfolio ............................................................................ NASDAQ 

ITE .................. SPDR Bloomberg Barclays Intermediate Term Treasury ETF .............................................................................. NYSE Arca 

DBP ................ PowerShares DB Precious Metals Fund ................................................................................................................ NYSE Arca 

FENY .............. Fidelity MSCI Energy Index ETF ............................................................................................................................ NYSE Arca 

ELD ................. WisdomTree Emerging Markets Local Debt Fund ................................................................................................. NYSE Arca 

REZ ................ iShares Residential Real Estate Capped ETF ....................................................................................................... NYSE Arca 

EWX ............... SPDR S&P Emerging Markets SmallCap ETF ...................................................................................................... NYSE Arca 

ENZL .............. iShares MSCI New Zealand Capped ETF ............................................................................................................. NASDAQ 

IDLV ................ PowerShares S&P International Developed Low Volatility Portfolio ...................................................................... NYSE Arca 

BSJJ ............... Guggenheim BulletShares 2019 High Yield Corporate Bond ETF ........................................................................ NYSE Arca 

SILJ ................ PureFunds ISE Junior Silver Small Cap Miners/Explorers ETF ............................................................................ NYSE Arca 

VONG ............. Vanguard Russell 1000 Growth ETF ..................................................................................................................... NASDAQ 

JPIN ................ JPMorgan Diversified Return International Equity ETF ......................................................................................... NYSE Arca 

WBIY .............. WBI Power FactorTM High Dividend ETF ............................................................................................................. NYSE Arca 

FTA ................. First Trust Large Cap Value AlphaDEX Fund ........................................................................................................ NASDAQ 

GWX ............... SPDR S&P International Small Cap ETF .............................................................................................................. NYSE Arca 

OUSA ............. O’Shares FTSE US Quality Dividend ETF ............................................................................................................. NYSE Arca 

FM .................. iShares MSCI Frontier 100 ETF ............................................................................................................................. NYSE Arca 

SJB ................. ProShares Short High Yield ................................................................................................................................... NYSE Arca 

RYH ................ Guggenheim S&P 500 Equal Weight Healthcare ETF .......................................................................................... NYSE Arca 

VONV ............. Vanguard Russell 1000 Value ............................................................................................................................... NASDAQ 

PFXF .............. VanEck Vectors Preferred Securities ex Financials ETF ...................................................................................... NYSE Arca 

QDF ................ FlexShares Quality Dividend Index Fund ............................................................................................................... NYSE Arca 

RYF ................ Guggenheim S&P 500 Equal Weight Financials ETF ........................................................................................... NYSE Arca 

RYE ................ Guggenheim S&P 500 Equal Weight Energy ETF ................................................................................................ NYSE Arca 

PID .................. PowerShares International Dividend Achievers Portfolio ....................................................................................... NASDAQ 

FUTY .............. Fidelity MSCI Utilities Index ETF ........................................................................................................................... NYSE Arca 

HDGE ............. AdvisorShares Ranger Equity Bear ETF ............................................................................................................... NYSE Arca 

MOAT ............. VanEck Vectors Morningstar Wide Moat ETF ....................................................................................................... NYSE Arca 

PWV ............... PowerShares Dynamic Large Cap Value Portfolio ................................................................................................ NYSE Arca 

BSCI ............... Guggenheim BulletShares 2018 Corporate Bond ETF .......................................................................................... NYSE Arca 

DFJ ................. WisdomTree Japan SmallCap Dividend Fund ....................................................................................................... NYSE Arca 

TDTT .............. FlexShares iBoxx 3-Year Target Duration TIPS Index Fund ................................................................................. NYSE Arca 

DGL ................ PowerShares DB Gold Fund .................................................................................................................................. NYSE Arca 

DBE ................ PowerShares DB Energy Fund .............................................................................................................................. NYSE Arca 

SMDV ............. Proshares Trust-Proshares Russell 2000 Dividend Growers ETF ........................................................................ Bats 

IFV .................. First Trust Dorsey Wright International Focus 5 ETF ............................................................................................ NASDAQ 

MDIV ............... First Trust Multi-Asset Diversified Income Index Fund .......................................................................................... NASDAQ 

PRFZ .............. PowerShares FTSE RAFI US 1500 Small-Mid Portfolio ....................................................................................... NASDAQ 

FLRN .............. SPDR Bloomberg Barclays Investment Grade Floating Rate ETF ....................................................................... NYSE Arca 

EFZ ................. ProShares Short MSCI EAFE ................................................................................................................................ NYSE Arca 


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Ticker ETP name Exchange 

BSCH .............. Guggenheim BulletShares 2017 Corporate Bond ETF .......................................................................................... NYSE Arca 

IGN ................. iShares North American Tech-Multimedia Networking ETF .................................................................................. NYSE Arca 

FYX ................. First Trust Small Cap Core AlphaDEX Fund ......................................................................................................... NASDAQ 

IYY .................. iShares Dow Jones U.S. ETF ................................................................................................................................ NYSE Arca 

VNM ................ VanEck Vectors Vietnam ETF ............................................................................................................................... NYSE Arca 

DWM ............... WisdomTree International Equity Fund .................................................................................................................. NYSE Arca 

BSCK .............. Guggenheim BulletShares 2020 Corporate Bond ETF .......................................................................................... NYSE Arca 

EBND .............. SPDR Bloomberg Barclays Emerging Markets Local Bond ETF .......................................................................... NYSE Arca 

DSI .................. iShares MSCI KLD 400 Social ETF ....................................................................................................................... NYSE Arca 

FREL .............. Fidelity MSCI Real Estate Index ETF .................................................................................................................... NYSE Arca 

IOO ................. iShares Global 100 ETF ......................................................................................................................................... NYSE Arca 

KBWY ............. PowerShares KBW Premium Yield Equity REIT Portfolio ..................................................................................... NASDAQ 

IHDG ............... WisdomTree International Hedged Quality Dividend Growth Fund ....................................................................... NYSE Arca 

FTC ................. First Trust Large Cap Growth AlphaDEX Fund ..................................................................................................... NASDAQ 

IPE .................. SPDR Bloomberg Barclays TIPS ETF ................................................................................................................... NYSE Arca 

GWL ............... SPDR S&P World ex-US ETF ................................................................................................................................ NYSE Arca 

SKYY .............. First Trust ISE Cloud Computing Index Fund ........................................................................................................ NASDAQ 

XTN ................ SPDR S&P Transportation ETF ............................................................................................................................. NYSE Arca 

SLX ................. VanEck Vectors Steel Index Fund ......................................................................................................................... NYSE Arca 

REGL .............. Proshares S&P Midcap 400 Dividend Aristocrats ETF .......................................................................................... Bats 

FNX ................ First Trust Mid Cap Core AlphaDEX Fund ............................................................................................................ NASDAQ 

SGDM ............. Sprott Gold Miners ETF ......................................................................................................................................... NYSE Arca 

CMBS ............. iShares CMBS ETF ................................................................................................................................................ NYSE Arca 

PKB ................ PowerShares Dynamic Building & Construction Portfolio ...................................................................................... NYSE Arca 

QABA .............. First Trust NASDAQ ABA Community Bank Index Fund ...................................................................................... NASDAQ 

MXI ................. iShares Global Materials ETF ................................................................................................................................ NYSE Arca 

TDIV ............... First Trust NASDAQ Technology Dividend Index Fund ......................................................................................... NASDAQ 

FDIS ............... Fidelity MSCI Consumer Discretionary Index ETF ................................................................................................ NYSE Arca 

AOA ................ iShares Core Aggressive Allocation ETF ............................................................................................................... NYSE Arca 

FPX ................. First Trust US IPO Index Fund .............................................................................................................................. NYSE Arca 

FNDC .............. Schwab Fundamental International Small Cap Company index ........................................................................... NYSE Arca 

BSCJ .............. Guggenheim BulletShares 2019 Corporate Bond ETF .......................................................................................... NYSE Arca 

AIA .................. iShares Asia 50 ETF .............................................................................................................................................. NASDAQ 

GLTR .............. ETFS Physical Precious Metal Basket Shares ...................................................................................................... NYSE Arca 

VONE ............. Vanguard Russell 1000 .......................................................................................................................................... NASDAQ 

FSTA .............. Fidelity MSCI Consumer Staples Index ETF ......................................................................................................... NYSE Arca 

BSCL .............. Guggenheim BulletShares 2021 Corporate Bond ETF .......................................................................................... NYSE Arca 

FDT ................. First Trust Developed Markets ex-US AlphaDEX Fund ......................................................................................... NASDAQ 

COMT ............. iShares Commodities Select Strategy ETF ............................................................................................................ NASDAQ 

PUI .................. PowerShares DWA Utilities Momentum Portfolio .................................................................................................. NASDAQ 

PSL ................. PowerShares DWA Consumer Staples Momentum Portfolio ................................................................................ NASDAQ 

MGC ............... Vanguard Mega Cap ETF ...................................................................................................................................... NYSE Arca 

JKG ................. iShares Morningstar Mid-Cap ETF ......................................................................................................................... NYSE Arca 

BSJH .............. Guggenheim BulletShares 2017 High Yield Corporate Bond ETF ........................................................................ NYSE Arca 

MDYG ............. SPDR S&P 400 Mid CapGrowth ETF .................................................................................................................... NYSE Arca 

URTH .............. iShares MSCI World ETF ....................................................................................................................................... NYSE Arca 

RDIV ............... Oppenheimer Ultra Dividend Revenue ETF .......................................................................................................... NYSE Arca 

SLY ................. SPDR S&P 600 Small CapETF ............................................................................................................................. NYSE Arca 

SGG ................ iPath Bloomberg Sugar Subindex Total Return ETN ............................................................................................ NYSE Arca 

BSJK ............... Guggenheim BulletShares 2020 High Yield Corporate Bond ETF ........................................................................ NYSE Arca 

AOK ................ iShares Core Conservative Allocation ETF ............................................................................................................ NYSE Arca 

VIOO ............... Vanguard S&P Small-Cap 600 ETF ....................................................................................................................... NYSE Arca 

BSJG .............. Guggenheim BulletShares 2016 High Yield Corporate Bond ETF ........................................................................ NYSE Arca 

PCEF .............. PowerShares CEF Income Composite Portfolio .................................................................................................... NYSE Arca 

RWL ................ Oppenheimer Large Cap Revenue ETF ................................................................................................................ NYSE Arca 

PWZ ................ PowerShares California AMT-Free Municipal Bond Portfolio ................................................................................ NYSE Arca 

JHML .............. John Hancock Multi-Factor Large Cap ETF .......................................................................................................... NYSE Arca 

FLTB ............... Fidelity Ltd Term Bond ETF ................................................................................................................................... NYSE Arca 

MDYV ............. SPDR S&P 400 Mid Cap Value ETF ..................................................................................................................... NYSE Arca 

RYU ................ Guggenheim S&P 500 Equal Weight Utilities ETF ................................................................................................ NYSE Arca 

RGI ................. Guggenheim S&P 500 Equal Weight Industrials ETF ........................................................................................... NYSE Arca 

PALL ............... ETFS Physical Palladium Shares .......................................................................................................................... NYSE Arca 

XHS ................ SPDR S&P Health Care Services ETF .................................................................................................................. NYSE Arca 

FBND .............. Fidelity Total Bond ETF ......................................................................................................................................... NYSE Arca 

DVYA .............. iShares Asia/Pacific Dividend ETF ......................................................................................................................... NYSE Arca 

CORN ............. Teucrium Corn Fund .............................................................................................................................................. NYSE Arca 

IVOO ............... Vanguard S&P Mid-Cap 400 ETF .......................................................................................................................... NYSE Arca 

FIDU ............... Fidelity MSCI Industrials Index ETF ....................................................................................................................... NYSE Arca 

JKE ................. iShares Morningstar Large-Cap Growth ETF ........................................................................................................ NYSE Arca 

EMHY ............. iShares Emerging Markets High Yield Bond ETF .................................................................................................. Bats 

IQDF ............... FlexShares International Quality Dividend Index Fund .......................................................................................... NYSE Arca 

VOOV ............. Vanguard S&P 500 Value ETF .............................................................................................................................. NYSE Arca 

HEWU ............. iShares Currency Hedged MSCI United Kingdom ETF ......................................................................................... NYSE Arca 

FVC ................ First Trust Dorsey Wright Dynamic Focus 5 ETF .................................................................................................. NASDAQ 


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SIVR ............... ETFS Physical Silver Shares ................................................................................................................................. NYSE Arca 

KOL ................ VanEck Vectors Coal ETF ..................................................................................................................................... NYSE Arca 

MLPA .............. Global X MLP ETF ................................................................................................................................................. NYSE Arca 

AGZ ................ iShares Agency Bond ETF ..................................................................................................................................... NYSE Arca 

EELV .............. PowerShares S&P Emerging Markets Low Volatility Portfolio .............................................................................. NYSE Arca 

TAN ................ Guggenheim Solar ETF ......................................................................................................................................... NYSE Arca 

IUSB ............... iShares Core Total USD Bond Market ETF ........................................................................................................... NYSE Arca 

IVOV ............... Vanguard S&P Mid-Cap 400 Value ETF ............................................................................................................... NYSE Arca 

GBF ................ iShares Government/Credit Bond ETF .................................................................................................................. NYSE Arca 

TLTD ............... FlexShares Morningstar Developed Markets ex-US Factor Tilt Index Fund ......................................................... NYSE Arca 

SLQD .............. iShares 0–5 Year Investment Grade Corporate Bond ETF ................................................................................... NASDAQ 

CSM ................ ProShares Large Cap Core Plus ........................................................................................................................... Bats 

TDTF .............. FlexShares iBoxx 5-Year Target Duration TIPS Index Fund ................................................................................. NYSE Arca 

SOCL .............. Global X Social Media Index ETF .......................................................................................................................... NASDAQ 

SLVP .............. iShares MSCI Global Silver Miners ETF ................................................................................................................ NYSE Arca 

QQEW ............ First Trust NASDAQ–100 Equal Weighted Index Fund ......................................................................................... NASDAQ 

FJP ................. First Trust Japan AlphaDEX Fund ......................................................................................................................... NASDAQ 

FEP ................. First Trust Europe AlphaDEX Fund ....................................................................................................................... NASDAQ 

BNO ................ United States Brent Oil Fund LP ........................................................................................................................... NYSE Arca 

AMZA .............. InfraCap MLP ETF ................................................................................................................................................. NYSE Arca 

MBG ............... SPDR Bloomberg Barclays Mortgage Backed Bond ETF ..................................................................................... NYSE Arca 

IWY ................. iShares Russell Top 200 Growth ETF ................................................................................................................... NYSE Arca 

FLQE .............. Franklin LibertyQ Emerging Markets ETF .............................................................................................................. NYSE Arca 

GMM ............... SPDR S&P Emerging Markets ETF ....................................................................................................................... NYSE Arca 

BSCM ............. Guggenheim BulletShares 2022 Corporate Bond ETF .......................................................................................... NYSE Arca 

GREK ............. Global X MSCI Greece ETF ................................................................................................................................... NYSE Arca 

FMAT .............. Fidelity MSCI Materials Index ETF ........................................................................................................................ NYSE Arca 

HEEM ............. iShares Currency Hedged MSCI Emerging Markets ETF ..................................................................................... NYSE Arca 

GEM ............... Goldman Sachs ActiveBeta Emerging Markets Equity ETF .................................................................................. NYSE Arca 

DBKO ............. Deutsche X-trackers MSCI South Korea Hedged Equity ETF .............................................................................. NYSE Arca 

ILTB ................ iShares Core 10+ Year USD Bond ETF ................................................................................................................ NYSE Arca 

GSIE ............... Goldman Sachs ActiveBeta International Equity ETF ........................................................................................... NYSE Arca 

LRGF .............. iShares FactorSelect MSCI USA ETF ................................................................................................................... NYSE Arca 

NFRA .............. FlexShares STOXX Global Broad Infrastructure Index Fund ................................................................................ NYSE Arca 

AGGP ............. IQ Enhanced Core Plus Bond U.S. ETF ................................................................................................................ NYSE Arca 

KXI .................. iShares Global Consumer Staples ETF ................................................................................................................. NYSE Arca 

EDIV ............... SPDR S&P Emerging Markets Dividend ETF ........................................................................................................ NYSE Arca 

IEZ .................. iShares U.S. Oil Equipment & Services ETF ......................................................................................................... NYSE Arca 

ZIV .................. VelocityShares Daily Inverse VIX Medium Term ETN ........................................................................................... NASDAQ 

DTD ................ WisdomTree Total Dividend Fund .......................................................................................................................... NYSE Arca 

JJG ................. 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, nonregulatory 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 


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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 midpoint plus $0.05 

8. Count and volume arriving of limit buy 

orders priced at or below NBBO midpoint 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. 

[FR Doc. 2017–20974 Filed 9–29–17; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF STATE 

[Public Notice: 10148] 

Notice of Determinations; Culturally 

Significant Objects Imported for 

Exhibition Determinations: ‘‘David 

Hockney’’ Exhibition 

SUMMARY: Notice is hereby given of the 

following determinations: I hereby 

determine that certain objects to be 

included in the exhibition ‘‘David 

Hockney,’’ imported from abroad for 

temporary exhibition within the United 

States, are of cultural significance. The 

objects are imported pursuant to an 

agreement with the foreign owner or 

custodian. I also determine that the 

exhibition or display of the exhibit 

objects at The Metropolitan Museum of 

Art, New York, New York, from on or 

about November 21, 2017, until on or 

about February 25, 2018, and at possible 

additional exhibitions or venues yet to 

be determined, is in the national 

interest. 

FOR FURTHER INFORMATION CONTACT: For 

further information, including a list of 

the imported objects, contact Elliot Chiu 

in the Office of the Legal Adviser, U.S. 

Department of State (telephone: 202– 

632–6471; email: section2459@

state.gov). The mailing address is U.S. 

Department of State, L/PD, SA–5, Suite 

5H03, Washington, DC 20522–0505. 

SUPPLEMENTARY INFORMATION: The 

foregoing determinations were made 

pursuant to the authority vested in me 

by the Act of October 19, 1965 (79 Stat. 

985; 22 U.S.C. 2459), E.O. 12047 of 

March 27, 1978, the Foreign Affairs 

Reform and Restructuring Act of 1998 

(112 Stat. 2681, et seq.; 22 U.S.C. 6501 

note, et seq.), Delegation of Authority 

No. 234 of October 1, 1999, Delegation 

of Authority No. 236–3 of August 28, 

2000 (and, as appropriate, Delegation of 

Authority No. 257–1 of December 11, 

2015). I have ordered that Public Notice 

of these determinations be published in 

the Federal Register. 

Alyson Grunder, 

Deputy Assistant Secretary for Policy, Bureau 

of Educational and Cultural Affairs, 

Department of State. 

[FR Doc. 2017–20960 Filed 9–29–17; 8:45 am] 

BILLING CODE 4710–05–P 

DEPARTMENT OF STATE 

[Public Notice: 10149] 

Notice of Determinations; Culturally 

Significant Objects Imported for 

Exhibition Determinations: ‘‘Terracotta 

Army: Legacy of the First Emperor of 

China’’ Exhibition 

SUMMARY: Notice is hereby given of the 

following determinations: I hereby 

determine that certain objects to be 

included in the exhibition ‘‘Terracotta 

Army: Legacy of the First Emperor of 

China,’’ imported from abroad for 

temporary exhibition within the United 

States, are of cultural significance. The 

objects are imported pursuant to a loan 

agreement with the foreign owners or 

custodians. I also determine that the 

exhibition or display of the exhibit 

objects at the Virginia Museum of Fine 

Arts, Richmond, Virginia, from on or 

about November 14, 2017, until on or 

about March 11, 2018, at the Cincinnati 

Art Museum, Cincinnati, Ohio, from on 

or about April 18, 2018, until on or 

about August 12, 2018, and at possible 

additional exhibitions or venues yet to 

be determined, is in the national 

interest. 

FOR FURTHER INFORMATION CONTACT: For 

further information, including a list of 

the imported objects, contact Elliot Chiu 

in the Office of the Legal Adviser, U.S. 

Department of State (telephone: 202– 

632–6471; email: section2459@

state.gov). The mailing address is U.S. 

Department of State, L/PD, SA–5, Suite 

5H03, Washington, DC 20522–0505. 

SUPPLEMENTARY INFORMATION: The 

foregoing determinations were made 

pursuant to the authority vested in me 

by the Act of October 19, 1965 (79 Stat. 

985; 22 U.S.C. 2459), E.O. 12047 of 

March 27, 1978, the Foreign Affairs 

Reform and Restructuring Act of 1998 

(112 Stat. 2681, et seq.; 22 U.S.C. 6501 

note, et seq.), Delegation of Authority 

No. 234 of October 1, 1999, Delegation 

of Authority No. 236–3 of August 28, 

2000 (and, as appropriate, Delegation of 

Authority No. 257–1 of December 11, 

2015). I have ordered that Public Notice 

of these determinations be published in 

the Federal Register. 

Alyson Grunder, 

Deputy Assistant Secretary for Policy, Bureau 

of Educational and Cultural Affairs, 

Department of State. 

[FR Doc. 2017–20961 Filed 9–29–17; 8:45 am] 

BILLING CODE 4710–05–P 


sradovich on DSK3GMQ082PROD with NOTICES