Document ID: SEC-2017-0933-0001
Agency: sec
Document Type: Notice
Title: Orders: Fiscal Year 2017 Annual Adjustments to Transaction Fee Rates
Posted Date: 2017-06-05T04:00Z

[Federal Register Volume 82, Number 106 (Monday, June 5, 2017)]
[Notices]
[Pages 25895-25902]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-11555]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-80816/May 31, 2017]

Order Making Fiscal Year 2017 Annual Adjustments to Transaction 
Fee Rates

I. Background

    Section 31 of the Securities Exchange Act of 1934 (``Exchange 
Act'') requires each national securities exchange and national 
securities association to pay transaction fees to the Commission.\1\ 
Specifically, Section 31(b) requires each national securities exchange 
to pay to the Commission fees based on the aggregate dollar amount of 
sales of certain securities (``covered sales'') transacted on the 
exchange.\2\ Section 31(c) requires each national securities 
association to pay to the Commission fees based on the aggregate dollar 
amount of covered sales transacted by or through any member of the 
association other than on an exchange.\3\
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    \1\ 15 U.S.C. 78ee.
    \2\ 15 U.S.C. 78ee(b).
    \3\ 15 U.S.C. 78ee(c).
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    Section 31 of the Exchange Act requires the Commission to annually 
adjust the fee rates applicable under Sections 31(b) and (c) to a 
uniform adjusted rate.\4\ Specifically, the Commission must adjust the 
fee rates to a uniform adjusted rate that is reasonably likely to 
produce aggregate fee collections (including assessments on security 
futures transactions) equal to the regular appropriation to the 
Commission for the applicable fiscal year.\5\
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    \4\ In some circumstances, the SEC also must make a mid-year 
adjustment to the fee rates applicable under Sections 31(b) and (c).
    \5\ 15 U.S.C. 78ee(j)(1) (the Commission must adjust the rates 
under Sections 31(b) and (c) to a ``uniform adjusted rate that, when 
applied to the baseline estimate of the aggregate dollar amount of 
sales for such fiscal year, is reasonably likely to produce 
aggregate fee collections under [Section 31] (including assessments 
collected under [Section 31(d)]) that are equal to the regular 
appropriation to the Commission by Congress for such fiscal 
year.'').
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    The Commission is required to publish notice of the new fee rates 
under Section 31 not later than 30 days after the date on which an Act 
making a regular appropriation for the applicable fiscal year is 
enacted.\6\ On May 5, 2017, the President signed into law the 
``Consolidated Appropriations Act, 2017,'' which includes a regular 
appropriation of $1,605,000,000 to the SEC for fiscal year 2017.
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    \6\ 15 U.S.C. 78ee(g).
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II. Fiscal Year 2017 Annual Adjustment to the Fee Rate

    The new fee rate is determined by (1) subtracting the sum of fees 
estimated to be collected prior to the effective date of the new fee 
rate \7\ and estimated assessments on security futures transactions to 
be collected under Section 31(d) of the Exchange Act for all of fiscal 
year 2017 \8\ from an amount equal to the regular appropriation to the 
Commission for fiscal year 2017, and (2) dividing by the estimated 
aggregate dollar amount of covered sales for the remainder of the 
fiscal year following the effective date of the new fee rate.\9\
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    \7\ The sum of fees to be collected prior to the effective date 
of the new fee rate is determined by applying the current fee rate 
to the dollar amount of covered sales prior to the effective date of 
the new fee rate. The exchanges and FINRA have provided data on the 
dollar amount of covered sales through March 2017. To calculate the 
dollar amount of covered sales from April 2017 to the effective date 
of the new fee rate, the Commission is using the methodology 
described in the Appendix A of this order.
    \8\ The Commission is using the same methodology it has used 
previously to estimate assessments on security futures transactions 
to be collected in fiscal year 2017. An explanation of the 
methodology appears in Appendix A.
    \9\ To estimate the aggregate dollar amount of covered sales for 
the remainder of fiscal year 2017 following the effective date of 
the new fee rate, the Commission is using the methodology described 
in Appendix A of this order.
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    The regular appropriation to the Commission for fiscal year 2017 is 
$1,605,000,000. The Commission estimates that it will collect 
$1,189,634,934 in fees for the period prior to the effective date of 
the new fee rate and $65,181 in assessments on

[[Page 25896]]

round turn transactions in security futures products during all of 
fiscal year 2017. Using the methodology described in Appendix A, the 
Commission estimates that the aggregate dollar amount of covered sales 
for the remainder of fiscal year 2017 to be $17,994,658,216,678.
    The uniform adjusted rate is computed by dividing the residual fees 
to be collected of $415,299,885 by the estimated aggregate dollar 
amount of covered sales for the remainder of fiscal year 2017 of 
$17,994,658,216,678; this results in a uniform adjusted rate for fiscal 
year 2017 of $23.10 per million.\10\
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    \10\ Appendix A shows the process of calculating the fiscal year 
2017 annual adjustment and includes the data used by the Commission 
in making this adjustment.
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III. Effective Date of the Uniform Adjusted Rate

    Under Section 31(j)(4)(A) of the Exchange Act, the fiscal year 2017 
annual adjustments to the fee rates applicable under Sections 31(b) and 
(c) of the Exchange Act shall take effect on the later of October 1, 
2016, or 60 days after the date on which a regular appropriation to the 
Commission for fiscal year 2017 is enacted.\11\ The regular 
appropriation to the Commission for fiscal year 2017 was enacted on May 
5, 2017, and accordingly, the new fee rates applicable under Sections 
31(b) and (c) of the Exchange Act will take effect on July 4, 2017.
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    \11\ 15 U.S.C. 78ee(j)(4)(A).
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IV. Conclusion

    Accordingly, pursuant to Section 31 of the Exchange Act,
    It is hereby ordered that the fee rates applicable under Sections 
31(b) and (c) of the Exchange Act shall be $23.10 per $1,000,000 
effective on July 4, 2017.

    By the Commission.
Eduardo A. Aleman,
Assistant Secretary.

Appendix A

    This appendix provides the methodology for determining the 
annual adjustment to the fee rates applicable under Sections 31(b) 
and (c) of the Exchange Act for fiscal year 2017. Section 31 of the 
Exchange Act requires the fee rates to be adjusted so that it is 
reasonably likely that the Commission will collect aggregate fees 
equal to its regular appropriation for fiscal year 2017.
    To make the adjustment, the Commission must project the 
aggregate dollar amount of covered sales of securities on the 
securities exchanges and certain over-the-counter (``OTC'') markets 
over the course of the year. The fee rate equals the ratio of the 
Commission's regular appropriation for fiscal year 2017 (less the 
sum of fees to be collected during fiscal year 2017 prior to the 
effective date of the new fee rate and aggregate assessments on 
security futures transactions during all of fiscal year 2017) to the 
estimated aggregate dollar amount of covered sales for the remainder 
of the fiscal year following the effective date of the new fee rate.
    For 2017, the Commission has estimated the aggregate dollar 
amount of covered sales by projecting forward the trend established 
in the previous decade. More specifically, the dollar amount of 
covered sales was forecasted for months subsequent to March 2017, 
the last month for which the Commission has data on the dollar 
volume of covered sales.\12\
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    \12\ To determine the availability of data, the Commission 
compares the date of the appropriation with the date the transaction 
data are due from the exchanges (10 business days after the end of 
the month). If the business day following the date of the 
appropriation is equal to or subsequent to the date the data are due 
from the exchanges, the Commission uses these data. The 
appropriation was signed on May 5, 2017. The first business day 
after this date was May 8, 2017. Data for March 2017 were due from 
the exchanges on April 14, 2017, while data for April 2017 were due 
on May 12, 2017. As a result, the Commission used March 2017 and 
earlier data to forecast volume for April 2017 and later months.
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    The following sections describe this process in detail.

A. Baseline Estimate of the Aggregate Dollar Amount of Covered 
Sales for Fiscal Year 2017

    First, calculate the average daily dollar amount of covered 
sales (``ADS'') for each month in the sample (February 2007-March 
2017). The monthly total dollar amount of covered sales (exchange 
plus certain OTC markets) is presented in column C of Table A.
    Next, model the monthly change in the natural logarithm of ADS 
as a first order autoregressive process (``AR(1)''), including 
monthly indicator variables to control for seasonality.
    Use the estimated AR(1) model to forecast the monthly change in 
the log level of ADS. These percent changes can then be applied to 
obtain forecasts of the total dollar volume of covered sales. The 
following is a more formal (mathematical) description of the 
procedure:
    1. Begin with the monthly data for total dollar volume of 
covered sales (column C). The sample spans ten years, from February 
2007-March 2017.\13\ Divide each month's total dollar volume by the 
number of trading days in that month (column B) to obtain the 
average daily dollar volume (ADS, column D).
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    \13\ Because the model uses a one period lag in the change in 
the log level of average daily sales, two additional months of data 
are added to the table so that the model is estimated with 120 
observations.
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    2. For each month t, calculate [Delta] LN ADS (shown in column 
E) as the log growth rate of ADS, that is, the difference between 
the natural logarithm of ADS in month t and its value in the prior 
month.
    3. Estimate the AR(1) model
    [GRAPHIC] [TIFF OMITTED] TN05JN17.004
    
with Dtm representing monthly indicator 
variables, yt representing the log growth rate in ADS 
([Delta] LN ADS), and et representing the error term for 
month t. The model can be estimated using standard commercially 
available software. The estimated parameter values are b = -0.2768 
and [alpha]1 - [alpha]12 as follows:

k1 (JAN) = 0.0636, [alpha]2 (FEB) = 0.398, 
[alpha]3 (MAR) = -0.0118, [alpha]4 (APR) = 
0.0593, [alpha]5 (MAY) = 0.0388, [alpha]6 
(JUN) = 0.0123, [alpha]7 (JUL) = -0.0444, 
[alpha]8 (AUG) = 0.0029, [alpha]9 (SEP) = 
0.0349, [alpha]10 (OCT) = 0.0474, [alpha]11 
(NOV) = -0.0141, [alpha]12 (DEC) = -0.0820. The root-mean 
spared error (RMSE) of the regression is 0.1171.

    4. For the first month calculate the forecasted value of the log 
growth rate of ADS as
[GRAPHIC] [TIFF OMITTED] TN05JN17.005

For the next month use the forecasted value of the log growth rate 
of the first month to calculate the forecast of the next month. This 
process iterates until a forecast is generated for all remaining 
months in the fiscal year. These data appear in column F.

[[Page 25897]]

[GRAPHIC] [TIFF OMITTED] TN05JN17.006

    7. For May 2017, proceed in a similar fashion. Using the 
estimates for April 2017 along with the b parameter and the 
[alpha]5 parameter (for May 2017) to generate a forecast 
for the one-month change in the log level of average daily sales. 
Convert the estimated log change in average daily sales to estimated 
percent change in ADS as in step 6, above to obtain a forecast ADS 
of $291,814,240,988. Multiply this figure by the 22 trading days in 
May 2017 to obtain a total dollar volume forecast of 
$6,419,913,301,735.
    8. Repeat this procedure for subsequent months.

B. Using the Forecasts From A To Calculate the New Fee Rate

    1. Use Table A to estimate fees collected for the period October 
1, 2016 through July 3, 2017. The projected aggregate dollar amount 
of covered sales for this period is $54,570,409,807,040. Actual and 
projected fee collections at the current fee rate of $21.80 per 
million are $1,189,634,934.

[[Page 25898]]

[GRAPHIC] [TIFF OMITTED] TN05JN17.007

    3. Subtract the amounts $1,189,634,934 and $65,181 from the 
target off-setting collection amount set by Congress of 
$1,605,000,000, leaving $415,299,885 to be collected on dollar 
volume for the period July 4, 2017 through September 30, 2017.
    4. Use Table A to estimate dollar volume for the period July 4, 
2017 through September 30, 2017. The estimate is 
$17,994,658,216,678. Finally, compute the fee rate required to 
produce the additional $415,299,885 in revenue. This rate is 
$415,299,885 divided by $17,994,658,216,678 or 0.00002307906.
    5. Round the result to the seventh decimal point, yielding a 
rate of 0.0000231 (or $23.10 per million).
    This table summarizes the estimates of the aggregate dollar 
amount of covered sales, by time period. The figures in this table 
can be used to determine the new fee rate.

   Table A--Baseline Estimate of the Aggregate Dollar Amount of Sales
------------------------------------------------------------------------
                  Fee rate calculation
------------------------------------------------------------------------
a. Baseline estimate of the aggregate dollar amount of       $54,288,056
 sales, 10/01/2016 to 06/30/2017 ($Millions)............
b. Baseline estimate of the aggregate dollar amount of           282,354
 sales, 07/01/2017 to 07/03/2017 ($Millions)............
c. Baseline estimate of the aggregate dollar amount of         5,364,725
 sales, 07/04/2017 to 07/31/2017 ($Millions)............
d. Baseline estimate of the aggregate dollar amount of        12,629,933
 sales, 08/01/2017 to 09/30/2017 ($Millions)............
e. Estimated collections in assessments on security                0.065
 futures products in fiscal year 2017 ($Millions).......
f. Implied fee rate (($1,605,000,000 - $21.80 * (a + b) -          23.10
  e)/(c + d)............................................
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         (A)               (B)              (C)                  (D)              (E)              (F)                  (G)                  (H)
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                        Number  of
                         trading        Total dollar        Average daily      [Delta] LN   Forecast  [Delta]    Forecast  average      Forecast total
        Month            days in      amount of sales     dollar amount  of       ADS             LN ADS           daily  dollar       dollar amount of
                          month                              sales  (ADS)                                         amount  of sales          sales
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Feb-07...............           19    3,946,799,860,532      207,726,308,449         #N/A  ...................  ...................  ...................
Mar-07...............           22    5,245,051,744,090      238,411,442,913      0.13778  ...................  ...................  ...................
Apr-07...............           20    4,274,665,072,437      213,733,253,622     -0.10927  ...................  ...................  ...................
May-07...............           22    5,172,568,357,522      235,116,743,524      0.09535  ...................  ...................  ...................
Jun-07...............           21    5,586,337,010,802      266,016,048,133      0.12347  ...................  ...................  ...................
Jul-07...............           21    5,938,330,480,139      282,777,641,911      0.06110  ...................  ...................  ...................
Aug-07...............           23    7,713,644,229,032      335,375,836,045      0.17059  ...................  ...................  ...................
Sep-07...............           19    4,805,676,596,099      252,930,347,163     -0.28214  ...................  ...................  ...................
Oct-07...............           23    6,499,651,716,225      282,593,552,879      0.11090  ...................  ...................  ...................
Nov-07...............           21    7,176,290,763,989      341,728,131,619      0.19001  ...................  ...................  ...................
Dec-07...............           20    5,512,903,594,564      275,645,179,728     -0.21490  ...................  ...................  ...................
Jan-08...............           21    7,997,242,071,529      380,821,051,025      0.32322  ...................  ...................  ...................
Feb-08...............           20    6,139,080,448,887      306,954,022,444     -0.21563  ...................  ...................  ...................
Mar-08...............           20    6,767,852,332,381      338,392,616,619      0.09751  ...................  ...................  ...................
Apr-08...............           22    6,150,017,772,735      279,546,262,397     -0.19104  ...................  ...................  ...................
May-08...............           21    6,080,169,766,807      289,531,893,657      0.03510  ...................  ...................  ...................
Jun-08...............           21    6,962,199,302,412      331,533,300,115      0.13546  ...................  ...................  ...................
Jul-08...............           22    8,104,256,787,805      368,375,308,537      0.10537  ...................  ...................  ...................
Aug-08...............           21    6,106,057,711,009      290,764,652,905     -0.23659  ...................  ...................  ...................
Sep-08...............           21    8,156,991,919,103      388,428,186,624      0.28959  ...................  ...................  ...................
Oct-08...............           23    8,644,538,213,244      375,849,487,532     -0.03292  ...................  ...................  ...................
Nov-08...............           19    5,727,998,341,833      301,473,596,939     -0.22051  ...................  ...................  ...................
Dec-08...............           22    5,176,041,317,640      235,274,605,347     -0.24793  ...................  ...................  ...................
Jan-09...............           20    4,670,249,433,806      233,512,471,690     -0.00752  ...................  ...................  ...................

[[Page 25899]]

 
Feb-09...............           19    4,771,470,184,048      251,130,009,687      0.07274  ...................  ...................  ...................
Mar-09...............           22    5,885,594,284,780      267,527,012,945      0.06325  ...................  ...................  ...................
Apr-09...............           21    5,123,665,205,517      243,984,057,406     -0.09212  ...................  ...................  ...................
May-09...............           20    5,086,717,129,965      254,335,856,498      0.04155  ...................  ...................  ...................
Jun-09...............           22    5,271,742,782,609      239,624,671,937     -0.05958  ...................  ...................  ...................
Jul-09...............           22    4,659,599,245,583      211,799,965,708     -0.12343  ...................  ...................  ...................
Aug-09...............           21    4,582,102,295,783      218,195,347,418      0.02975  ...................  ...................  ...................
Sep-09...............           21    4,929,155,364,888      234,721,684,042      0.07301  ...................  ...................  ...................
Oct-09...............           22    5,410,025,301,030      245,910,240,956      0.04657  ...................  ...................  ...................
Nov-09...............           20    4,770,928,103,032      238,546,405,152     -0.03040  ...................  ...................  ...................
Dec-09...............           22    4,688,555,303,171      213,116,150,144     -0.11273  ...................  ...................  ...................
Jan-10...............           19    4,661,793,708,648      245,357,563,613      0.14088  ...................  ...................  ...................
Feb-10...............           19    4,969,848,578,023      261,570,977,791      0.06399  ...................  ...................  ...................
Mar-10...............           23    5,563,529,823,621      241,892,601,027     -0.07821  ...................  ...................  ...................
Apr-10...............           21    5,546,445,874,917      264,116,470,234      0.08790  ...................  ...................  ...................
May-10...............           20    7,260,430,376,294      363,021,518,815      0.31807  ...................  ...................  ...................
Jun-10...............           22    6,124,776,349,285      278,398,924,967     -0.26541  ...................  ...................  ...................
Jul-10...............           21    5,058,242,097,334      240,868,671,302     -0.14480  ...................  ...................  ...................
Aug-10...............           22    4,765,828,263,463      216,628,557,430     -0.10607  ...................  ...................  ...................
Sep-10...............           21    4,640,722,344,586      220,986,778,314      0.01992  ...................  ...................  ...................
Oct-10...............           21    5,138,411,712,272      244,686,272,013      0.10187  ...................  ...................  ...................
Nov-10...............           21    5,279,700,881,901      251,414,327,710      0.02713  ...................  ...................  ...................
Dec-10...............           22    4,998,574,681,208      227,207,940,055     -0.10124  ...................  ...................  ...................
Jan-11...............           20    5,043,391,121,345      252,169,556,067      0.10424  ...................  ...................  ...................
Feb-11...............           19    5,114,631,590,581      269,191,136,346      0.06532  ...................  ...................  ...................
Mar-11...............           23    6,499,355,385,307      282,580,668,926      0.04854  ...................  ...................  ...................
Apr-11...............           20    4,975,954,868,765      248,797,743,438     -0.12732  ...................  ...................  ...................
May-11...............           21    5,717,905,621,053      272,281,220,050      0.09020  ...................  ...................  ...................
Jun-11...............           22    5,820,079,494,414      264,549,067,928     -0.02881  ...................  ...................  ...................
Jul-11...............           20    5,189,681,899,635      259,484,094,982     -0.01933  ...................  ...................  ...................
Aug-11...............           23    8,720,566,877,109      379,155,081,613      0.37925  ...................  ...................  ...................
Sep-11...............           21    6,343,578,147,811      302,075,149,896     -0.22727  ...................  ...................  ...................
Oct-11...............           21    6,163,272,963,688      293,489,188,747     -0.02884  ...................  ...................  ...................
Nov-11...............           21    5,493,906,473,584      261,614,593,980     -0.11497  ...................  ...................  ...................
Dec-11...............           21    5,017,867,255,600      238,946,059,790     -0.09063  ...................  ...................  ...................
Jan-12...............           20    4,726,522,206,487      236,326,110,324     -0.01103  ...................  ...................  ...................
Feb-12...............           20    5,011,862,514,132      250,593,125,707      0.05862  ...................  ...................  ...................
Mar-12...............           22    5,638,847,967,025      256,311,271,228      0.02256  ...................  ...................  ...................
Apr-12...............           20    5,084,239,396,560      254,211,969,828     -0.00822  ...................  ...................  ...................
May-12...............           22    5,611,638,053,374      255,074,456,972      0.00339  ...................  ...................  ...................
Jun-12...............           21    5,121,896,896,362      243,899,852,208     -0.04480  ...................  ...................  ...................
Jul-12...............           21    4,567,519,314,374      217,500,919,732     -0.11455  ...................  ...................  ...................
Aug-12...............           23    4,621,597,884,730      200,939,038,467     -0.07920  ...................  ...................  ...................
Sep-12...............           19    4,598,499,962,682      242,026,313,825      0.18604  ...................  ...................  ...................
Oct-12...............           21    5,095,175,588,310      242,627,408,967      0.00248  ...................  ...................  ...................
Nov-12...............           21    4,547,882,974,292      216,565,855,919     -0.11363  ...................  ...................  ...................
Dec-12...............           20    4,744,922,754,360      237,246,137,718      0.09120  ...................  ...................  ...................
Jan-13...............           21    5,079,603,817,496      241,885,896,071      0.01937  ...................  ...................  ...................
Feb-13...............           19    4,800,663,527,089      252,666,501,426      0.04360  ...................  ...................  ...................
Mar-13...............           20    4,917,701,839,870      245,885,091,993     -0.02721  ...................  ...................  ...................
Apr-13...............           22    5,451,358,637,079      247,789,028,958      0.00771  ...................  ...................  ...................
May-13...............           22    5,681,788,831,869      258,263,128,721      0.04140  ...................  ...................  ...................
Jun-13...............           20    5,623,545,462,226      281,177,273,111      0.08501  ...................  ...................  ...................
Jul-13...............           22    5,083,861,509,754      231,084,614,080     -0.19620  ...................  ...................  ...................
Aug-13...............           22    4,925,611,193,095      223,891,417,868     -0.03162  ...................  ...................  ...................
Sep-13...............           20    4,959,197,626,713      247,959,881,336      0.10211  ...................  ...................  ...................
Oct-13...............           23    5,928,804,028,970      257,774,088,216      0.03882  ...................  ...................  ...................
Nov-13...............           20    5,182,024,612,049      259,101,230,602      0.00514  ...................  ...................  ...................
Dec-13...............           21    5,265,282,994,173      250,727,761,627     -0.03285  ...................  ...................  ...................
Jan-14...............           21    5,808,700,114,288      276,604,767,347      0.09822  ...................  ...................  ...................
Feb-14...............           19    6,018,926,931,054      316,785,627,950      0.13564  ...................  ...................  ...................
Mar-14...............           21    6,068,617,342,988      288,981,778,238     -0.09186  ...................  ...................  ...................
Apr-14...............           21    6,013,948,953,528      286,378,521,597     -0.00905  ...................  ...................  ...................
May-14...............           21    5,265,594,447,318      250,742,592,729     -0.13289  ...................  ...................  ...................
Jun-14...............           21    5,159,506,989,669      245,690,809,032     -0.02035  ...................  ...................  ...................
Jul-14...............           22    5,364,099,567,460      243,822,707,612     -0.00763  ...................  ...................  ...................
Aug-14...............           21    5,075,332,147,677      241,682,483,223     -0.00882  ...................  ...................  ...................
Sep-14...............           21    5,507,943,363,243      262,283,017,297      0.08180  ...................  ...................  ...................
Oct-14...............           23    7,796,638,035,879      338,984,262,430      0.25653  ...................  ...................  ...................
Nov-14...............           19    5,340,847,027,697      281,097,211,984     -0.18725  ...................  ...................  ...................
Dec-14...............           22    6,559,110,068,128      298,141,366,733      0.05887  ...................  ...................  ...................
Jan-15...............           20    6,185,619,541,044      309,280,977,052      0.03668  ...................  ...................  ...................
Feb-15...............           19    5,723,523,235,641      301,238,065,034     -0.02635  ...................  ...................  ...................
Mar-15...............           22    6,395,046,297,249      290,683,922,602     -0.03566  ...................  ...................  ...................
Apr-15...............           21    5,625,548,298,004      267,883,252,286     -0.08169  ...................  ...................  ...................
May-15...............           20    5,521,351,972,386      276,067,598,619      0.03009  ...................  ...................  ...................
Jun-15...............           22    6,005,521,460,806      272,978,248,218     -0.01125  ...................  ...................  ...................
Jul-15...............           22    6,493,670,315,390      295,166,832,518      0.07815  ...................  ...................  ...................
Aug-15...............           21    6,963,901,249,270      331,614,345,203      0.11643  ...................  ...................  ...................

[[Page 25900]]

 
Sep-15...............           21    6,434,496,770,897      306,404,608,138     -0.07907  ...................  ...................  ...................
Oct-15...............           22    6,592,594,708,082      299,663,395,822     -0.02225  ...................  ...................  ...................
Nov-15...............           20    5,822,824,015,945      291,141,200,797     -0.02885  ...................  ...................  ...................
Dec-15...............           22    6,384,337,478,801      290,197,158,127     -0.00325  ...................  ...................  ...................
Jan-16...............           19    6,696,059,796,055      352,424,199,792      0.19428  ...................  ...................  ...................
Feb-16...............           20    6,659,878,908,747      332,993,945,437     -0.05671  ...................  ...................  ...................
Mar-16...............           22    6,161,943,754,542      280,088,352,479     -0.17302  ...................  ...................  ...................
Apr-16...............           21    5,541,076,988,322      263,860,808,968     -0.05968  ...................  ...................  ...................
May-16...............           21    5,693,520,415,112      271,120,019,767      0.02714  ...................  ...................  ...................
Jun-16...............           22    6,317,212,852,759      287,146,038,762      0.05743  ...................  ...................  ...................
Jul-16...............           20    5,331,797,261,269      266,589,863,063     -0.07428  ...................  ...................  ...................
Aug-16...............           23    5,635,976,607,786      245,042,461,208     -0.08428  ...................  ...................  ...................
Sep-16...............           21    5,942,072,286,976      282,955,823,189      0.14386  ...................  ...................  ...................
Oct-16...............           21    5,460,906,573,682      260,043,170,175     -0.08444  ...................  ...................  ...................
Nov-16...............           21    6,845,287,809,886      325,966,086,185      0.22595  ...................  ...................  ...................
Dec-16...............           21    6,208,579,880,985      295,646,660,999     -0.09763  ...................  ...................  ...................
Jan-17...............           20    5,598,200,907,603      279,910,045,380     -0.05470  ...................  ...................  ...................
Feb-17...............           19    5,443,426,609,533      286,496,137,344      0.02326  ...................  ...................  ...................
Mar-17...............           23    6,661,861,914,530      289,646,170,197      0.01094  ...................  ...................  ...................
Apr-17...............           19  ...................  ...................  ...........              -0.0623      274,021,149,994    5,206,401,849,893
May-17...............           22  ...................  ...................  ...........               0.0561      291,814,240,988    6,419,913,301,735
Jun-17...............           22  ...................  ...................  ...........              -0.0032      292,885,318,930    6,443,477,016,454
Jul-17...............           20  ...................  ...................  ...........              -0.0435      282,353,942,739    5,647,078,854,776
Aug-17...............           23  ...................  ...................  ...........               0.0149      288,570,007,274    6,637,110,167,312
Sep-17...............           20  ...................  ...................  ...........               0.0308      299,641,156,866    5,992,823,137,329
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BILLING CODE 8011-01-P

[[Page 25901]]

[GRAPHIC] [TIFF OMITTED] TN05JN17.008

[[Page 25902]]

[FR Doc. 2017-11555 Filed 6-2-17; 8:45 am]
 BILLING CODE 8011-01-C