[Federal Register Volume 83, Number 122 (Monday, June 25, 2018)]
[Notices]
[Pages 29589-29593]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-13508]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83467; File No. SR-CboeBZX-2018-019]


Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order 
Instituting Proceedings To Determine Whether To Approve or Disapprove a 
Proposed Rule Change, as Modified by Amendment No. 2 Thereto, To List 
and Trade Shares of Eighteen ADRPLUS Funds of the Precidian ETFs Trust 
Under Rule 14.11(i), Managed Fund Shares

June 19, 2018.

I. Introduction

    On March 5, 2018, Cboe BZX Exchange, 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 list and trade shares 
(``Shares'') of eighteen ADRPLUS Funds (``Funds'') of the Precidian 
ETFs Trust (``Trust''). The proposed rule change was published for 
comment in the Federal Register on March 21, 2018.\3\ On April 25, 
2018, the Exchange filed Amendment No. 1 to the proposed rule 
change,\4\ and the Commission, pursuant to Section 19(b)(2) of the 
Act,\5\ designated a longer

[[Page 29590]]

period within which to approve the proposed rule change, disapprove the 
proposed rule change, or institute proceedings to determine whether to 
disapprove the proposed rule change.\6\ On May 17, 2018, the Exchange 
filed Amendment No. 2 to the proposed rule change.\7\ The Commission 
has received no comment letters on the proposed rule change, as 
modified by Amendment No. 2 thereto. This order institutes proceedings 
under Section 19(b)(2)(B) of the Act \8\ to determine whether to 
approve or disapprove the proposed rule change, as modified by 
Amendment No. 2 thereto.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 82881 (March 15, 
2018), 83 FR 12449.
    \4\ Amendment No. 1 replaced and superseded the original rule 
filing in its entirety. Amendment No. 1 is available at https://www.sec.gov/comments/sr-cboebzx-2018-019/cboebzx2018019-3551361-162325.pdf. Amendment No. 1 was subsequently replaced and superseded 
in its entirety by Amendment No. 2. See note 7, infra.
    \5\ 15 U.S.C. 78s(b)(2).
    \6\ See Securities Exchange Act Release No. 83102 (April 25, 
2018), 83 FR 19126 (May 1, 2018). The Commission designated June 19, 
2018, as the date by which the Commission would either approve or 
disapprove, or institute proceedings to determine whether to 
disapprove, the proposed rule change.
    \7\ In Amendment No. 2, which amends the proposed rule change 
and replaces and supersedes Amendment No. 1 in its entirety, the 
Exchange: (1) Specified that the Funds' investments in derivatives 
would be limited to over-the-counter (``OTC'') currency swaps; (2) 
corrected references to Exchange rules; (3) deleted a representation 
that the Funds may not meet the requirement in Exchange Rule 
14.11(i)(4)(C)(iv)(b) that 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); (4) represented that the Funds' investments in 
cash equivalents would be limited to the cash equivalents listed in 
Exchange Rule 14.11(i)(4)(C)(iii); (5) represented that the Trust 
would comply with the surveillance requirements for Managed Fund 
Shares under Exchange Rule 14.11(i); (6) represented that each Fund 
expects to invest in excess of 95% of its net assets in the Unhedged 
ADRs (as defined herein), and that each Fund expects that the gross 
notional value of the Currency Hedge (as defined herein) would be 
equal to the value of the Unhedged ADRs, which would be 
approximately 50% of the weight of the portfolio (including gross 
notional exposures); (7) represented that the Exchange will suspend 
trading and commence delisting proceedings for a Fund if the 
Unhedged ADR held by the Fund has been suspended from trading or 
delisted by the Unhedged ADR's listing exchange; (8) represented 
that the Exchange or FINRA, on behalf of the Exchange, is able to 
access, as needed, trade information for certain fixed income 
instruments reported to TRACE; (9) deleted repetitive information 
and information irrelevant to this proposal; and (10) made other 
clarifications, corrections, and technical and conforming changes. 
Amendment No. 2 is available at: https://www.sec.gov/comments/sr-cboebzx-2018-019/cboebzx2018019-3665011-162423.pdf. Because 
Amendment No. 2 to the proposed rule change does not materially 
alter the substance of the proposed rule change or raise unique or 
novel regulatory issues, Amendment No. 2 is not subject to notice 
and comment.
    \8\ 15 U.S.C. 78s(b)(2)(B).
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II. Description of the Proposed Rule Change

    The Exchange proposes to list and trade Shares of eighteen 
different series of the Trust under Rule 14.11(i), which governs the 
listing and trading of Managed Fund Shares on the Exchange. 
Specifically, the Exchange proposes to list Shares of Anheuser-Busch 
InBev SA/NV ADRPLUS Fund, AstraZeneca PLC ADRPLUS Fund, Banco 
Santander, S.A. ADRPLUS Fund, BP P.L.C. ADRPLUS Fund, British American 
Tobacco p.l.c. ADRPLUS Fund, Diageo plc ADRPLUS Fund, GlaxoSmithKline 
plc ADRPLUS Fund, HSBC Holdings Plc ADRPLUS Fund, Mitsubishi UFJ 
Financial Group, Inc. ADRPLUS Fund, Novartis AG ADRPLUS Fund, Novo 
Nordisk A/S (B Shares) ADRPLUS Fund, Royal Dutch Shell plc (Class A) 
ADRPLUS Fund, Royal Dutch Shell plc (Class B) ADRPLUS Fund, Sanofi 
ADRPLUS Fund, SAP AG ADRPLUS Fund, Total S.A. ADRPLUS Fund, Toyota 
Motor Corporation ADRPLUS Fund, and Vodafone Group Plc ADRPLUS Fund. 
The Funds are a series of, and the Shares will be offered by, the 
Trust, which was organized as a Delaware statutory trust on August 27, 
2010.\9\ Precidian Funds LLC (``Adviser'') \10\ will serve as the 
investment adviser to the Funds.\11\ The Exchange has made the 
following representations and statements in describing the Funds and 
their investment strategies.\12\
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    \9\ The Exchange represents that the Trust is registered with 
the Commission as an open-end management investment company and has 
filed a registration statement on behalf of the Funds on Form N-1A 
(``Registration Statement'') with the Commission. See Registration 
Statement on Form N-1A for the Trust, filed with the Commission on 
June 14, 2017 (File Nos. 333-171987 and 811-22524). The descriptions 
of the Funds and the Shares contained herein are based, in part, on 
information in the Registration Statement.
    \10\ The Exchange represents that the Commission has issued an 
order granting certain exemptive relief to the Adviser and open-end 
management companies advised by the Adviser under the Investment 
Company Act of 1940 (15 U.S.C. 80a-1). See Investment Company Act 
Release No. 32622 (May 2, 2017) (File No. 812-14584).
    \11\ According to the Exchange, the Adviser is not a registered 
broker-dealer and is not affiliated with a broker-dealer. In 
addition, Adviser personnel who make decisions regarding a Fund's 
portfolio are subject to procedures designed to prevent the use and 
dissemination of material nonpublic information regarding the Fund's 
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, it 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 portfolio, and will 
be subject to procedures designed to prevent the use and 
dissemination of material non-public information regarding such 
portfolio.
    \12\ Additional information regarding the Funds, the Trust, and 
the Shares, including investment strategies, risks, creation and 
redemption procedures, fees, portfolio holdings disclosure policies, 
calculation of net asset value (``NAV''), distributions, and taxes, 
among other things, can be found in Amendment No. 2 to the proposed 
rule change and the Registration Statement, as applicable. See supra 
notes 7 and 9, respectively.
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A. Exchange's Description of the ADRPLUS Funds

    Each Fund seeks to provide investment results that correspond 
generally, before fees and expenses, to the price and yield performance 
of a particular American Depositary Receipt, hedged against 
fluctuations in the exchange rate between the U.S. dollar and the local 
currency of the foreign security underlying the American Depositary 
Receipt (``Local Currency''). The following chart lists the underlying 
company and the Local Currency for each of the Funds.

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                                    Underlying
           Fund name                 company           Local currency
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Anheuser-Busch InBev SA/NV      Anheuser-Busch     Euro.
 ADRPLUS Fund.                   InBev SA/NV.
AstraZeneca PLC ADRPLUS Fund..  AstraZeneca PLC..  British pound.
Banco Santander, S.A. ADRPLUS   Banco Santander,   Euro.
 Fund.                           S.A.
BP P.L.C. ADRPLUS Fund........  BP p.l.c.........  British pound.
British American Tobacco        British American   British pound.
 p.l.c. ADRPLUS Fund.            Tobacco p.l.c.
Diageo plc ADRPLUS Fund.......  Diageo plc.......  British pound.
GlaxoSmithKline plc ADRPLUS     GlaxoSmithKline    British pound.
 Fund.                           plc.
HSBC Holdings Plc ADRPLUS Fund  HSBC Holdings Plc  British pound.
Mitsubishi UFJ Financial        Mitsubishi UFJ     Japanese yen.
 Group, Inc. ADRPLUS Fund.       Financial Group,
                                 Inc.
Novartis AG ADRPLUS Fund......  Novartis AG......  Swiss franc.
Novo Nordisk A/S (B Shares)     Novo Nordisk A/S   Danish krone.
 ADRPLUS Fund.                   (B Shares).
Royal Dutch Shell plc (Class    Royal Dutch Shell  Euro.
 A) ADRPLUS Fund.                plc (Class A).
Royal Dutch Shell plc (Class    Royal Dutch Shell  British pound.
 B) ADRPLUS Fund.                plc (Class B).
Sanofi ADRPLUS Fund...........  Sanofi...........  Euro.
SAP AG ADRPLUS Fund...........  SAP AG...........  Euro.

[[Page 29591]]

 
Total S.A. ADRPLUS Fund.......  Total S.A........  Euro.
Toyota Motor Corporation        Toyota Motor       Japanese yen.
 ADRPLUS Fund.                   Corporation.
Vodafone Group Plc ADRPLUS      Vodafone Group     British pound.
 Fund.                           Plc.
------------------------------------------------------------------------

    Each of the Funds will hold only: (i) Shares of an American 
Depositary Receipt (``Unhedged ADR'') listed on a U.S. national 
securities exchange; (ii) OTC currency swaps that hedge against 
fluctuations in the exchange rate (``Exchange Rate'') between the U.S. 
dollar and the Local Currency (``Currency Hedge''); and (iii) cash and 
cash equivalents.\13\
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    \13\ The Exchange states that for purposes of this filing and 
consistent with Rule 14.11(i)(4)(C)(iii), cash equivalents are 
short-term instruments with maturities of less than three months, 
that include 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.
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    The Exchange states that the Funds will provide investors with the 
opportunity to easily eliminate currency exposure that they may not 
even realize exists with Unhedged ADRs without having to transact in 
the currency derivatives market. The Exchange believes that this 
confers a significant benefit to investors and the broader marketplace 
by adding transparency and simplifying the process of eliminating risk 
from an investor's portfolio. As further described below in the section 
entitled Policy Discussion, the Exchange believes that the policy 
concerns underlying the listing rules which the Funds would or may not 
meet, specifically Rules 14.11(i)(4)(C)(i)(a)(3)-(4) \14\ and 
14.11(i)(4)(C)(v),\15\ are mitigated by the structure, holdings, and 
purpose of the Funds.
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    \14\ The Exchange states that the Funds will not meet: (i) The 
requirement under Exchange Rule 14.11(i)(4)(C)(i)(a)(3) that the 
most heavily weighted component stock shall not exceed 30% of the 
equity weight of the portfolio; and (ii) the requirement under 
Exchange Rule 14.11(i)(4)(C)(i)(a)(4) that the equity portion of the 
portfolio shall include a minimum of 13 component stocks.
    \15\ The Exchange states that the Funds may not meet the 
requirement under Exchange Rule 14.11(i)(4)(C)(v) that the aggregate 
gross notional value of OTC derivatives shall not exceed 20% of the 
weight of the portfolio (including gross notional exposures).
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    The Trust is required to comply with Rule 10A-3 under the Act \16\ 
for the initial and continued listing of the Shares of each Fund. In 
addition, the Exchange represents that the Shares of each Fund will 
meet and be subject to all other requirements of the Generic Listing 
Rules, as defined below, and other applicable continued listing 
requirements for Managed Fund Shares under Exchange Rule 14.11(i), 
including those requirements regarding the Disclosed Portfolio (as 
defined in the Exchange rules) and the requirement that the Disclosed 
Portfolio and the NAV will be made available to all market participants 
at the same time,\17\ intraday indicative value,\18\ suspension of 
trading or removal,\19\ trading halts,\20\ disclosure,\21\ 
firewalls,\22\ and surveillance.\23\ Further, at least 100,000 Shares 
of each Fund will be outstanding upon the commencement of trading.\24\ 
The Exchange also provides that all statements and representations made 
in the filing regarding the description of the portfolio or reference 
assets, limitations on portfolio holdings or reference assets, 
dissemination and availability of reference assets and intraday 
indicative values, and the applicability of Exchange listing rules 
specified in the filing will constitute continued listing requirements 
for the Funds. The Exchange states that the Trust, on behalf of the 
Funds, has represented to the Exchange that it will advise the Exchange 
of any failure by a Fund or the 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. If a Fund or the Shares are not in 
compliance with the applicable listing requirements, the Exchange will 
commence delisting procedures under Exchange Rule 14.12.
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    \16\ 17 CFR 240.10A-3.
    \17\ See Exchange Rules 14.11(i)(4)(A)(ii) and 
14.11(i)(4)(B)(ii).
    \18\ See Exchange Rule 14.11(i)(4)(B)(i).
    \19\ See Exchange Rule 14.11(i)(4)(B)(iii).
    \20\ See Exchange Rule 14.11(i)(4)(B)(iv). The Exchange will 
also halt trading in a Fund where there has been a regulatory 
trading halt declared in the associated Unhedged ADR until trading 
in the Unhedged ADR resumes.
    \21\ See Exchange Rule 14.11(i)(6).
    \22\ See Exchange Rule 14.11(i)(7).
    \23\ See Exchange Rule 14.11(i)(2)(C).
    \24\ See Exchange Rule 14.11(i)(4)(A)(i).
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B. Exchange's Policy Discussion

    The Exchange believes that, while the Funds do not meet the Generic 
Listing Standards, in particular Rules 14.11(i)(4)(C)(i)(a)(3) and (4) 
and 14.11(i)(4)(C)(v), the policy issues that those rules are intended 
to address are otherwise mitigated by the structure, holdings, and 
purpose of the Funds.\25\ The Exchange believes that Rule 
14.11(i)(4)(C)(i)(a)(3) is intended to ensure that no single equity 
security constitutes too concentrated of a position in a series of 
Managed Fund Shares, and Rule 14.11(i)(4)(C)(i)(a)(4) is similarly 
intended to diversify the holdings of a series of Managed Fund Shares. 
The Exchange believes that these policy concerns are mitigated because: 
(i) The Unhedged ADR will meet the market cap and liquidity 
requirements of Rules 14.11(i)(4)(C)(i)(a)(1) and (2); and (ii) the 
intended function of the Funds is to eliminate currency exposure risk 
for a single security, which means that the Funds are necessarily 
concentrated. The Exchange represents that the creation and redemption 
mechanism will provide a near frictionless arbitrage opportunity that 
would minimize the risk of manipulation of either the Unhedged ADR or 
the applicable Fund and, thus, mitigate the manipulation concerns that 
Rules 14.11(i)(4)(C)(i)(a)(3) and (4) were intended to address.
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    \25\ The Exchange represents that each Fund expects to invest in 
excess of 95% of its net assets in the Unhedged ADRs, and each Fund 
expects that the gross notional value of the Currency Hedge would be 
equal to the value of the Unhedged ADRs, which would be 
approximately 50% of the weight of the portfolio (including gross 
notional exposures).
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    The Exchange also believes that the policy issues that Rule 
14.11(i)(4)(C)(v) is intended to address are also mitigated by the way 
that the Funds would use OTC currency swaps. According to the Exchange, 
the rule is intended to mitigate concerns around the manipulability of 
a particular underlying reference asset or derivatives contract and to 
minimize counterparty risk. While the Currency Hedge positions taken by 
the Currency Hedged ADRs would not meet the Generic Listing Standards 
related to OTC

[[Page 29592]]

derivatives holdings, the Exchange believes that the policy concerns 
about limiting exposure to potentially manipulable underlying reference 
assets that the Generic Listing Standards are intended to address are 
otherwise mitigated by the liquidity in the underlying spot currency 
market that prevents manipulation of the reference prices used by the 
Currency Hedge. Further, the Exchange states that the Funds will 
attempt to limit counterparty risk in OTC currency swaps by: (i) 
Entering into such contracts only with counterparties the Advisor 
believes are creditworthy; (ii) limiting a Fund's exposure to each 
counterparty; and (iii) monitoring the creditworthiness of each 
counterparty and the Fund's exposure to each counterparty on an ongoing 
basis. The Exchange believes that counterparty risk associated with OTC 
currency swaps is further mitigated because the currency swaps are 
settled on a daily basis and, thus, the counterparty risk for any 
particular swap is limited in two ways--first, that the counterparty 
credit exposure is always limited to a 24 hour period and second, that 
the exposure of the swap is only to the movement in the currencies over 
that same 24 hour period.

III. Proceedings To Determine Whether To Approve or Disapprove SR-
CboeBZX-2018-019 and Grounds for Disapproval Under Consideration

    The Commission is instituting proceedings pursuant to Section 
19(b)(2)(B) of the Act \26\ to determine whether the proposed rule 
change, as modified by Amendment No. 2, should be approved or 
disapproved. Institution of such proceedings is appropriate at this 
time in view of the legal and policy issues raised by the proposed rule 
change. Institution of proceedings does not indicate that the 
Commission has reached any conclusions with respect to any of the 
issues involved. Rather, as described below, the Commission seeks and 
encourages interested persons to provide comments on the proposed rule 
change.
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    \26\ 15 U.S.C. 78s(b)(2)(B).
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    Pursuant to Section 19(b)(2)(B) of the Act,\27\ the Commission is 
providing notice of the grounds for disapproval under consideration. 
The Commission is instituting proceedings to allow for additional 
analysis of the proposed rule change's consistency with Section 6(b)(5) 
of the Act, which requires, among other things, that the rules of a 
national securities exchange be ``designed to prevent fraudulent and 
manipulative acts and practices, to promote just and equitable 
principles of trade,'' and ``to protect investors and the public 
interest.'' \28\
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    \27\ Id.
    \28\ 15 U.S.C. 78f(b)(5).
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IV. Procedure: Request for Written Comments

    The Commission requests that interested persons provide written 
submissions of their views, data, and arguments with respect to the 
issues identified above, as well as any other concerns they may have 
with the proposal. In particular, the Commission invites the written 
views of interested persons concerning whether the proposal is 
consistent with Section 6(b)(5) or any other provision of the Act, or 
the rules and regulations thereunder. Although there do not appear to 
be any issues relevant to approval or disapproval that would be 
facilitated by an oral presentation of views, data, and arguments, the 
Commission will consider, pursuant to Rule 19b-4, any request for an 
opportunity to make an oral presentation.\29\
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    \29\ Section 19(b)(2) of the Act, as amended by the Securities 
Act Amendments of 1975, Public Law 94-29 (June 4, 1975), grants the 
Commission flexibility to determine what type of proceeding--either 
oral or notice and opportunity for written comments--is appropriate 
for consideration of a particular proposal by a self-regulatory 
organization. See Securities Act Amendments of 1975, Senate Comm. on 
Banking, Housing & Urban Affairs, S. Rep. No. 75, 94th Cong., 1st 
Sess. 30 (1975).
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    Interested persons are invited to submit written data, views, and 
arguments regarding whether the proposal should be approved or 
disapproved by July 16, 2018. Any person who wishes to file a rebuttal 
to any other person's submission must file that rebuttal by July 30, 
2018. The Commission asks that commenters address the sufficiency of 
the Exchange's statements in support of the proposal, which are set 
forth in Amendment No. 2 to the proposed rule change,\30\ in addition 
to any other comments they may wish to submit about the proposed rule 
change.
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    \30\ See supra note 7.
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    The Commission notes that the Exchange proposes to list and trade, 
pursuant to its Rule 14.11(i), Managed Fund Shares of Funds that would 
invest in shares of a single Unhedged ADR, along with a Currency Hedge 
and cash and cash equivalents. A proposal to list and trade Managed 
Fund Shares hat are designed to reflect, generally, the price and 
performance of a single equity security, hedged against fluctuations in 
a given exchange rate, is novel. Accordingly, the Commission 
specifically seeks comment on whether it is appropriate to permit the 
listing and trading of shares of an exchange-traded fund with 
underlying holdings concentrated in a single (or a few unique) equity 
securities. What impact, if any, would such shares have on the market 
for the underlying equity security (or securities)? What impact, if 
any, would such shares have on the equity markets more generally, 
especially if funds investing in a single equity security proliferate? 
Are the listing and trading of such shares consistent with the 
requirements of Section 6(b)(5) of the Act, which, among other things, 
requires that the rules of an exchange be designed to prevent 
fraudulent and manipulative acts and practices, to promote just and 
equitable principles of trade, and, in general, to protect investors 
and the public interest?
    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 [email protected]. Please include 
File Number SR-CboeBZX-2018-019 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 Numbers SR-CboeBZX-2018-019. 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 these filings also will be available for inspection 
and copying at the principal office of the Exchange. All comments 
received will be posted without change; the Commission does not edit 
personal

[[Page 29593]]

identifying information from submissions. You should submit only 
information that you wish to make available publicly. All submissions 
should refer to File Number SR-CboeBZX-2018-019 and should be submitted 
on or before July 16, 2018. Rebuttal comments should be submitted by 
July 30, 2018.

    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)(57).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-13508 Filed 6-22-18; 8:45 am]
 BILLING CODE 8011-01-P