Document ID: SEC-2019-0877-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: Cboe BZX Exchange, Inc.
Posted Date: 2019-06-20T04:00Z

[Federal Register Volume 84, Number 119 (Thursday, June 20, 2019)]
[Notices]
[Pages 28875-28878]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-13069]

[[Page 28875]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-86106; File No. SR-CboeBZX-2019-055]

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of 
Filing and Immediate Effectiveness of a Proposed Rule Change, as 
Modified by Amendment No. 1, To Allow the Cambria Tail Risk ETF, a 
Series of the Cambria ETF Trust, To Hold Listed Options Contracts in a 
Manner That Does Not Comply With Rule 14.11(i), Managed Fund Shares

June 14, 2019.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on June 4, 2019, Cboe BZX Exchange, Inc. (``Exchange'' or ``BZX'') 
filed with the Securities and Exchange Commission (``Commission'') a 
proposed rule change as described in Items I and II below, which Items 
have been prepared by the Exchange. On June 7, 2019, the Exchange filed 
Amendment No. 1 to the proposed rule change.\3\ The Commission is 
publishing this notice to solicit comments on the proposed rule, as 
modified by Amendment No. 1, from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ In Amendment No. 1, the Exchange amended Item 2(a) of the 
proposed rule change to state that ``The Exchange's President (or 
designee) pursuant to delegated authority approved the proposed rule 
change on June 3, 2019.''
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes a rule change to allow the Cambria Tail Risk 
ETF (the ``Fund''), a series of the Cambria ETF Trust (the ``Trust''), 
to hold listed options contracts in a manner that does not comply with 
Rule 14.11(i) (``Managed Fund Shares''). The shares of the Fund are 
referred to herein as the ``Shares.''
    The text of the proposed rule change is also available on the 
Exchange's website (http://markets.cboe.com/us/equities/regulation/rule_filings/bzx/), at the Exchange's Office of the Secretary, and at 
the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Fund began listing and trading on the Exchange pursuant to the 
generic listing standards under Rule 14.11(i) governing Managed Fund 
Shares on April 6, 2017 and remains currently listed on the Exchange 
pursuant to such rule.\4\ The Exchange proposes to continue listing and 
trading the Shares. The Shares would continue to comply with all of the 
generic listing standards with the exception of the requirement of Rule 
14.11(i)(4)(C)(iv)(b) \5\ that prevents the aggregate gross notional 
value of listed derivatives based on any single underlying reference 
asset from exceeding 30% of the weight of the portfolio (including 
gross notional exposures) and the aggregate gross notional value of 
listed derivatives based on any five or fewer underlying reference 
assets from exceeding 65% of the weight of the portfolio (including 
gross notional exposures) (the ``Concentration Restriction'').\6\
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    \4\ The Commission originally approved BZX Rule 14.11(i) in 
Securities Exchange Act Release No. 65225 (August 30, 2011), 76 FR 
55148 (September 6, 2011) (SR-BATS-2011-018) and subsequently 
approved generic listing standards for Managed Fund Shares under 
Rule 14.11(i) in Securities Exchange Act Release No. 78396 (July 22, 
2016), 81 FR 49698 (July 28, 2016) (SR-BATS-2015-100).
    \5\ Rule 14.11(i)(4)(C)(iv)(b) provides that ``the aggregate 
gross notional value of listed derivatives based on any five or 
fewer underlying reference assets shall not exceed 65% of the weight 
of the portfolio (including gross notional exposures), and the 
aggregate gross notional value of listed derivatives based on any 
single underlying reference asset shall not exceed 30% of the weight 
of the portfolio (including gross notional exposures).'' The 
Exchange is proposing that the Fund be exempt from both the 30% and 
65% requirements of Rule 14.11(i)(4)(C)(iv)(b).
    \6\ The Exchange notes that this proposal is very similar to 
several previously submitted proposals to list and trade a series of 
Index Fund Shares (which are referred to as Investment Company Units 
under the rules of NYSE Arca, Inc.) and Managed Fund Shares with 
exposures to a single underlying reference asset that were either 
approved by the Commission or effective upon filing. See Securities 
Exchange Act Release Nos. 83146 (May 1, 2018), 83 FR 20103 (May 7, 
2018) (SR-CboeBZX-2018-029); 83679 (July 20, 2018), 83 FR 35505 
(July 26, 2018); 77045 (February 3, 2016), 81 FR 6916 (February 9, 
2016) (SR-NYSEArca-2015-113) (the ``Amendment''); and 74675 (April 
8, 2015), 80 FR 20038 (April 14, 2015) (SR-NYSEArca-2015-05) 
(collectively, with the Amendment, the ``Arca Filing'').
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    The Shares are offered by the Trust, a Delaware statutory trust 
which is registered with the Commission as an open-end management 
investment company.\7\ The Fund's adviser, Cambria Investment 
Management, L.P. (the ``Adviser''), is not registered as a broker-
dealer, and is not affiliated with a broker-dealer. Personnel who make 
decisions on the Fund's portfolio composition are currently and shall 
continue to be subject to procedures designed to prevent the use and 
dissemination of material non-public information regarding such 
portfolio. In the event that (a) the Adviser becomes registered as a 
broker-dealer or newly affiliated with a broker-dealer; or (b) any new 
adviser or sub-adviser is a registered broker-dealer or becomes 
affiliated with a broker-dealer, the Adviser or such new adviser or 
sub-adviser will implement and maintain a fire wall with respect to its 
relevant personnel or such broker-dealer affiliate, as applicable, 
regarding access to information concerning the composition and/or 
changes to the Fund's portfolio, and will be subject to procedures 
designed to prevent the use and dissemination of material non-public 
information regarding such portfolio.
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    \7\ The Trust is registered under the 1940 Act. The Trust filed 
a supplement to the Fund's prospectus included in its Registration 
Statement on May 9, 2019 (as supplemented, the ``Registration 
Statement''). See Registration Statement on Form N-1A for the Trust 
(File Nos. 333-180879 and 811-22704). The descriptions of the Fund 
and the Shares contained herein are based, in part, on information 
included in the Registration Statement. The Commission has issued an 
order granting certain exemptive relief to the Trust and affiliated 
persons under the Investment Company Act of 1940 (15 U.S.C. 80a-1). 
See Investment Company Act Release No. 30340 (January 4, 2013) (File 
No. 812-13959).
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    The Fund intends to qualify each year as a regulated investment 
company under Subchapter M of the Internal Revenue Code of 1986, as 
amended.
Cambria Tail Risk ETF
    The Fund seeks to provide income and capital appreciation from 
investments in the U.S. market while protecting against significant 
downside risk. In order to achieve its investment objective, under 
Normal Market Conditions,\8\ the Fund invests in cash and U.S. Treasury 
Bonds, and utilizes a put option strategy to manage the risk of

[[Page 28876]]

a significant negative movement in the value of domestic equities 
(commonly referred to as tail risk) over rolling one-month periods. 
Specifically, in order to hedge against sharp declines in the U.S. 
stock market, each month, the Fund purchases U.S. exchange-listed 
protective ``out of the money'' put options on the S&P 500 Index (``S&P 
500 Options'').
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    \8\ The term ``Normal Market Conditions'' includes, but is not 
limited to, the absence of trading halts in the applicable financial 
markets generally; operational issues causing dissemination of 
inaccurate market information or system failures; or force majeure 
type events such as natural or man-made disaster, act of God, armed 
conflict, act of terrorism, riot or labor disruption, or any similar 
intervening circumstance.
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    The Fund's holdings currently meet and will continue to meet the 
generic listing standards for fixed income securities under Rule 
14.11(i)(4)(C)(ii) and cash and Cash Equivalents in Rule 
14.11(i)(4)(C)(iii).\9\ The Fund has the ability to buy S&P 500 
Options. The options strategy is actively managed by the Adviser and 
will adapt to changing market environments and is currently not in 
compliance with the requirement under Rule 14.11(i)(4)(C)(iv)(b) that 
prevents the aggregate gross notional exposure of listed derivatives 
based on any single underlying reference asset from exceeding 30% of 
the weight of the portfolio (including gross notional exposures) and 
the aggregate gross notional value of listed derivatives based on any 
five or fewer underlying reference assets from exceeding 65% of the 
weight of the portfolio (including gross notional exposures).\10\
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    \9\ The Exchange notes that certain of the Fund's holdings in 
U.S. Treasury Bonds may qualify as Cash Equivalents by virtue of 
their maturity, but the Adviser does not intend to invest in any 
Cash Equivalents that are not U.S. Treasury Bonds. As defined in 
Exchange Rule 14.11(i)(4)(C)(iii)(b), Cash Equivalents are short-
term instruments with maturities of less than three months, which 
includes only the following: (i) U.S. Government securities, 
including bills, notes, and bonds differing as to maturity and rates 
of interest, which are either issued or guaranteed by the U.S. 
Treasury or by U.S. Government agencies or instrumentalities; (ii) 
certificates of deposit issued against funds deposited in a bank or 
savings and loan association; (iii) bankers acceptances, which are 
short-term credit instruments used to finance commercial 
transactions; (iv) repurchase agreements and reverse repurchase 
agreements; (v) bank time deposits, which are monies kept on deposit 
with banks or savings and loan associations for a stated period of 
time at a fixed rate of interest; (vi) commercial paper, which are 
short-term unsecured promissory notes; and (vii) money market funds.
    \10\ Because the Fund is not in compliance with Rule 
14.11(i)(4)(C)(iv)(b), the Exchange has commenced delisting 
proceedings pursuant to Rule 14.12, including issuing a deficiency 
notification.
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    As noted above, Rule 14.11(i)(4)(C)(iv)(b) prevents the Fund from 
holding listed derivatives based on any single underlying reference 
asset in excess of 30% of the weight of its portfolio (including gross 
notional exposures) and the aggregate gross notional value of listed 
derivatives based on any five or fewer underlying reference assets from 
exceeding 65% of the weight of the portfolio (including gross notional 
exposures). As proposed, the Fund could hold up to 90% of the weight of 
its portfolio (including gross notional exposures) in S&P 500 Options 
in a manner that may not comply with Rule 14.11(i)(4)(C)(iv)(b). The 
put option strategy is designed to attempt to provide protection from 
significant market declines on a month-by-month basis. This protection 
comes in the form of S&P 500 Options. The Adviser generally intends to 
re-initiate new S&P 500 Options positions that make up the put option 
position each month and reinvest any gains from these activities into 
U.S. Treasury Bonds. The Adviser also may, at its discretion, liquidate 
and establish new S&P 500 Options positions intra-month, or liquidate 
option positions without establishing new positions. The put option 
strategy only includes S&P 500 Options. The ability to hold S&P 500 
Options with exposure to a single reference asset up to 90% of the 
weight of the portfolio (including gross notional exposures) would 
allow the Fund the flexibility to fully implement its investment 
strategy while remaining in compliance with the continued listing 
standards.
    As noted above, the Fund invests only in cash, U.S. Treasury Bonds, 
and S&P 500 Options. The Exchange represents that, except for the 
Concentration Restriction in Rule 14.11(i)(4)(C)(iv)(b) with respect to 
S&P 500 Options, the Fund's investments will continue to satisfy all of 
the generic listing standards under BZX Rule 14.11(i)(4)(C) and all 
other applicable requirements for Managed Fund Shares under Rule 
14.11(i).
    The Trust is required to comply with Rule 10A-3 \11\ under the Act 
for the initial and continued listing of the Shares of the Fund. In 
addition, the Exchange represents that the Shares of the Fund will 
continue to comply with all other requirements applicable to Managed 
Fund Shares, which include the dissemination of key information such as 
the Disclosed Portfolio,\12\ Net Asset Value,\13\ and the Intraday 
Indicative Value,\14\ suspension of trading or removal,\15\ trading 
halts,\16\ surveillance,\17\ minimum price variation for quoting and 
order entry,\18\ the information circular,\19\ and firewalls \20\ as 
set forth in Exchange rules applicable to Managed Fund Shares and the 
orders approving such rules. Moreover, the S&P 500 Options held by the 
Fund will trade on markets that are a member of Intermarket 
Surveillance Group (``ISG'') or affiliated with a member of ISG or with 
which the Exchange has in place a comprehensive surveillance sharing 
agreement.\21\ All statements and representations made in this filing 
regarding the description of the portfolio or reference assets, 
limitations on portfolio holdings or reference assets, dissemination 
and availability of reference asset and intraday indicative values (as 
applicable), or the applicability of Exchange listing rules specified 
in this filing shall constitute continued listing requirements for the 
Shares. The Fund has represented to the Exchange that it will advise 
the Exchange of any failure by the Fund or Shares to comply with the 
continued listing requirements, and, pursuant to its obligations under 
Section 19(g)(1) of the Act, the Exchange will surveil for compliance 
with the continued listing requirements. FINRA conducts certain cross-
market surveillances on behalf of the Exchange pursuant to a regulatory 
services agreement. The Exchange is responsible for FINRA's performance 
under this regulatory services agreement. If the Fund is not in 
compliance with the applicable listing requirements, the Exchange will 
commence delisting procedures with respect to the Fund under Exchange 
Rule 14.12.
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    \11\ 17 CFR 240.10A-3.
    \12\ See Rule 14.11(i)(4)(A)(ii) and 14.11(i)(4)(B)(ii).
    \13\ See Rule 14.11(i)(4)(A)(ii).
    \14\ See Rule 14.11(i)(4)(B)(i).
    \15\ See Rule 14.11(i)(4)(B)(iii).
    \16\ See Rule 14.11(i)(4)(B)(iv).
    \17\ See Rule 14.11(i)(2)(C).
    \18\ See Rule 14.11(i)(2)(B).
    \19\ See Rule 14.11(i)(6).
    \20\ See Rule 14.11(i)(7).
    \21\ For a list of the current members of ISG, see 
www.isgportal.com. The Exchange notes that not all components of the 
Disclosed Portfolio for the Fund may trade on markets that are 
members of ISG or with which the Exchange has in place a 
comprehensive surveillance sharing agreement.
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Availability of Information
    As noted above, the Fund will comply with the requirements under 
the Rule 14.11(i) related to Disclosed Portfolio, NAV, and the Intraday 
Indicative Value. Additionally, the intra-day, closing and settlement 
prices of S&P 500 Options will be readily available from Cboe Exchange, 
Inc. or online information services such as Bloomberg or Reuters. 
Quotation and last sale information for S&P 500 Options will be 
available via the Options Price Reporting Authority. Price information 
for U.S. Treasury Bonds will be available from major market data 
vendors. The Disclosed Portfolio will be available on the Fund's 
website (www.cambriafunds.com) free of charge. The Fund's website will 
include a form of the prospectus for the Fund and additional 
information related to NAV and other applicable quantitative 
information. Information

[[Page 28877]]

regarding market price and trading volume of the Shares will be 
continuously available throughout the day on brokers' computer screens 
and other electronic services. Information regarding the previous day's 
closing price and trading volume for the Shares will be published daily 
in the financial section of newspapers. Trading in the Shares may be 
halted for market conditions or for reasons that, in the view of the 
Exchange, make trading inadvisable. The Exchange deems the Shares to be 
equity securities, thus rendering trading in the Shares subject to the 
Exchange's existing rules governing the trading of equity securities. 
The Exchange has appropriate rules to facilitate trading in the Shares 
during all trading sessions. The Exchange prohibits the distribution of 
material non-public information by its employees. Quotation and last 
sale information for the Shares will be available via the CTA high-
speed line.
2. Statutory Basis
    The Exchange believes that the proposal is consistent with Section 
6(b) of the Act \22\ in general and Section 6(b)(5) of the Act \23\ in 
particular in that it is designed to prevent fraudulent and 
manipulative acts and practices, to promote just and equitable 
principles of trade, to foster cooperation and coordination with 
persons engaged in facilitating transactions in securities, to remove 
impediments to and perfect the mechanism of a free and open market and 
a national market system and, in general, to protect investors and the 
public interest in that the Shares will meet each of the continued 
listing criteria in BZX Rule 14.11(i) with the exception of the 
Concentration Restriction in Rule 14.11(i)(4)(C)(iv)(b), which requires 
that the aggregate gross notional value of listed derivatives based on 
any five or fewer underlying reference assets shall not exceed 65% of 
the weight of the portfolio (including gross notional exposures), and 
the aggregate gross notional value of listed derivatives based on any 
single underlying reference asset shall not exceed 30% of the weight of 
the portfolio (including gross notional exposures).\24\ The Exchange 
believes that the diversity, liquidity, and market cap of the 
securities underlying the S&P 500 Index are sufficient to protect 
against market manipulation of both the Fund's holdings and the Shares 
as it relates to the S&P 500 Options holdings. The Exchange also 
believes that the liquidity in the S&P 500 Options market \25\ 
mitigates the concerns that Rule 14.11(i)(4)(C)(iv)(b) is intended to 
address and that such liquidity would also act to prevent other S&P 500 
Options from being susceptible to manipulation, and thus, make the 
Shares less susceptible to manipulation. Further, allowing the Fund to 
hold a greater portion of its portfolio in S&P 500 Options would mean 
that the Fund would not be required to use over-the-counter (``OTC'') 
derivatives if the Adviser deemed it necessary to get exposure in 
excess of the Concentration Restriction in Rule 14.11(i)(4)(C)(iv)(b), 
which would reduce the Fund's operational burden by allowing the Fund 
to use listed options contracts to achieve its investment objective and 
would eliminate the counter-party risk associated with holding OTC 
derivative instruments.
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    \22\ 15 U.S.C. 78f(b).
    \23\ 15 U.S.C. 78f(b)(5).
    \24\ As noted above, the Exchange is proposing that the Fund be 
exempt from the Concentration Restriction of Rule 
14.11(i)(4)(C)(iv)(b) that prevents the aggregate gross notional 
value of listed derivatives based on any five or fewer underlying 
reference assets from exceeding 65% of the weight of the portfolio 
(including gross notional exposures), and the aggregate gross 
notional value of listed derivatives based on any single underlying 
reference asset from exceeding 30% of the weight of the portfolio 
(including gross notional exposures).'' The Exchange is proposing 
that the Fund be exempt from both the 30% and 65% requirements of 
Rule 14.11(i)(4)(C)(iv)(b).
    \25\ In 2018, more than 1.48 million S&P 500 Options contracts 
were traded per day on Cboe Options, which is more than $350 billion 
in notional volume traded on a daily basis.
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    The Exchange believes that its surveillance procedures are adequate 
to properly monitor the trading of the Shares on the Exchange during 
all trading sessions and to deter and detect violations of Exchange 
rules and the applicable federal securities laws. The S&P 500 Options 
held by the Fund will trade on markets that are a member of ISG or 
affiliated with a member of ISG or with which the Exchange has in place 
a comprehensive surveillance sharing agreement. The Exchange may obtain 
information regarding trading in the Shares and the S&P 500 Options 
held by the Fund via the ISG from other exchanges who are a member of 
ISG or affiliated with a member of ISG or with which the Exchange has 
entered into a comprehensive surveillance sharing agreement. The 
Exchange further notes that the Fund will meet and be subject to all 
other requirements of the generic listing rules and other applicable 
continued listing requirements for Managed Fund Shares under Rule 
14.11(i), including those requirements regarding the dissemination of 
key information such as the Disclosed Portfolio, Net Asset Value, and 
the Intraday Indicative Value, suspension of trading or removal, 
trading halts, surveillance, minimum price variation for quoting and 
order entry, the information circular, and firewalls as set forth in 
Exchange rules applicable to Managed Fund Shares.
    For the above reasons, the Exchange believes that the proposed rule 
change is consistent with the requirements of Section 6(b)(5) of the 
Act.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purpose of the Act. The Exchange notes that the 
proposed rule change, rather, will facilitate the options strategy of 
an actively-managed exchange-traded product that will allow the Fund to 
better compete in the marketplace, thus enhancing competition among 
both market participants and listing venues, to the benefit of 
investors and the marketplace.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    The Exchange has neither solicited nor received written comments on 
the proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Because the foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6) thereunder.\26\
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    \26\ In addition, Rule 19b-4(f)(6)(iii) requires a self-
regulatory organization to give the Commission written notice of its 
intent to file the proposed rule change at least five business days 
prior to the date of filing of the proposed rule change, or such 
shorter time as designated by the Commission. The Exchange has 
satisfied this requirement.
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    A proposed rule change filed under Rule 19b-4(f)(6) \27\ normally 
does not become operative for 30 days after the date of the filing. 
However, pursuant to Rule 19b-4(f)(6)(iii),\28\ the Commission may 
designate a shorter time if such action is consistent with the 
protection of investors and the public interest. In its filing with the 
Commission, the Exchange asked the Commission to

[[Page 28878]]

waive the 30-day operative delay to permit the Fund to immediately 
employ an investment strategy that would allow the Fund to hold listed 
derivatives based on a single underlying reference asset (i.e., S&P 500 
Options) in a manner that may not comply with the generic listing 
standards under Rule 14.11(i)(4)(C)(iv)(b). The Commission notes that 
the proposed rule change in this regard is similar to previously 
submitted proposals to list and trade series of Index Fund Shares and 
Managed Fund Shares with exposure to a single underlying reference 
asset (i.e., the S&P 500 Index) that were either approved by the 
Commission or effective upon filing.\29\ Thus, the Commission believes 
that waiver of the 30-day operative delay is consistent with the 
protection of investors and the public interest and hereby waives the 
30-day operative delay and designates the proposed rule change 
operative upon filing.\30\
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    \27\ 17 CFR 240.19b-4(f)(6).
    \28\ 17 CFR 240.19b-4(f)(6)(iii).
    \29\ See supra note 6. In the approval order for proposed rule 
change SR-CboeBZX-2018-029, the Commission noted that the proposing 
exchange stated that ``SPX options are among the most liquid index 
options in the U.S. and derive their value from the actively traded 
S&P 500 components. SPX options are cash-settled with no delivery of 
stocks or ETFs, and trade in competitive auction markets with price 
and quote transparency. The Exchange believes that the highly 
regulated S&P 500 options markets, and the broad base and scope of 
the S&P 500 Index, make securities that derive their value from that 
index, including S&P 500 options, less susceptible to potential 
market manipulation in view of market capitalization and liquidity 
of the S&P 500 Index components, price and quote transparency, and 
arbitrage opportunities.'' See Securities Exchange Act Release No. 
77045, supra note 6, 81 FR at 6917 n.15.
    \30\ For purposes only of waiving the operative delay, the 
Commission has considered the proposed rule's impact on efficiency, 
competition, and capital formation. See 15 U.S.C. 78c(f).
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is necessary or 
appropriate in the public interest, for the protection of investors, or 
otherwise in furtherance of the purposes of the Act.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-CboeBZX-2019-055 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to File Number SR-CboeBZX-2019-055.This 
file number should be included on the subject line if email is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's internet website (http://www.sec.gov/rules/sro.shtml). 
Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed rule change that are filed with 
the Commission, and all written communications relating to the proposed 
rule change between the Commission and any person, other than those 
that may be withheld from the public in accordance with the provisions 
of 5 U.S.C. 552, will be available for website 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 principal office of the Exchange. All comments 
received will be posted without change. Persons submitting comments are 
cautioned that we do not redact or edit personal identifying 
information from comment submissions. You should submit only 
information that you wish to make available publicly. All submissions 
should refer to File Number SR-CboeBZX-2019-055 and should be submitted 
on or before July 11, 2019.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\31\
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    \31\ 17 CFR 200.30-3(a)(12).
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Vanessa A. Countryman,
Acting Secretary.
[FR Doc. 2019-13069 Filed 6-19-19; 8:45 am]
 BILLING CODE 8011-01-P