[Federal Register Volume 85, Number 81 (Monday, April 27, 2020)]
[Notices]
[Pages 23408-23411]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-08813]
[[Page 23408]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-88715; File No. SR-CboeBZX-2020-021]
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To List
and Trade Shares of the Agility Shares Managed Risk Equity ETF, a
Series of the Northern Lights Fund Trust, Under Rule 14.11(i)
April 21, 2020.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on April 15, 2020, Cboe BZX Exchange, Inc. (the ``Exchange'' or
``BZX'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the Exchange. The Exchange
filed the proposal as a ``non-controversial'' proposed rule change
pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule 19b-
4(f)(6) thereunder.\4\ The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
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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 list and trade shares of the
Agility Shares Managed Risk Equity ETF (the ``Fund''), a series of the
Northern Lights Fund Trust (the ``Trust''), under 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 Exchange proposes to list and trade the Shares under Rule
14.11(i), which governs the listing and trading of Managed Fund Shares
on the Exchange.\5\ The Fund will be an actively managed exchange-
traded fund that seeks to provide income and long-term growth of
capital. A secondary objective of the Fund is to limit risk during
unfavorable market conditions. The Exchange submits this proposal in
order to allow the Fund to hold listed derivatives, in particular
options and futures on the S&P 500 Index, in a manner that does not
comply with Rule 14.11(i)(4)(C)(iv)(b).\6\ The Exchange notes that this
proposal is very similar to a previously approved proposal to list and
trade a series of Managed Fund Shares on the Exchange with similar
exposures to a single underlying reference asset and U.S. exchange-
listed equity securities.\7\ Otherwise, the Fund will comply with all
other listing requirements on an initial and continued listing basis
under Rule 14.11(i).
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\5\ 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).
\6\ 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).
\7\ The Exchange notes that this proposal is very similar to
several previously submitted proposals to list and trade a series of
Index Fund Shares and Managed Fund Shares with similar exposures to
a single underlying reference asset, especially S&P 500 Index
derivatives, and U.S. exchange-listed equity securities 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); 82906 (March 20, 2018), 83 FR 12992 (March
26, 2018) (SR-CboeBZX-2017-012); 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 will be offered by the Trust, which was established as a
Delaware statutory trust on January 19, 2005. The Trust is registered
with the Commission as an open-end investment company and has filed a
registration statement on behalf of the Fund on Form N-1A
(``Registration Statement'') with the Commission.\8\ The Fund's
adviser, Toews Corporation (the ``Adviser''), is not registered as a
broker-dealer and is not affiliated with a broker-dealer. Adviser
personnel who make decisions regarding the 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.
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\8\ The Trust filed a post-effective amendment to the
Registration Statement on December 18, 2017. See Registration
Statement on Form N-1A for the Trust (File Nos. 333-179562 and 811-
22668). 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 exemptive
relief to the Trust under the Investment Company Act of 1940 (15
U.S.C. 80a-1) applicable to the activities of the Fund. See
Investment Company Act Release No. 32777 (August 8, 2017) (File No.
812-14787).
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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.
Agility Shares Managed Risk Equity ETF
In order to achieve its investment objective of seeking to provide
income and long-term growth of capital, while limiting risk, under
Normal Market Conditions,\9\ the Fund will generally invest at least
80% of its net assets in S&P 500 Derivatives (as defined below),
[[Page 23409]]
options on ETFs,\10\ U.S. Component Stocks,\11\ and U.S. exchange-
listed ETFs that principally invest in U.S. Component Stocks (``U.S.
ETFs'' and, collectively, with U.S. Component Stocks ``U.S.
Equities''). The Fund generally will invest in U.S. Component Stocks in
order to gain exposure to large cap U.S. equity securities. The
Exchange notes that each of S&P 500 Index futures and options, options
on S&P 500 Index futures, and options on ETFs are U.S. exchange-listed.
Under Normal Market Conditions, the Fund may also invest its remaining
assets in fixed income securities (including ETFs that primarily invest
in fixed income securities), cash, and Cash Equivalents \12\ and such
holdings will meet the requirements applicable under Rules
14.11(i)(4)(C)(ii) and (iii).
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\9\ As defined in Rule 14.11(i)(3)(E), 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.
\10\ For purposes of this proposal, the term ETF means Portfolio
Depositary Receipts, Index Fund Shares, and Managed Fund Shares as
defined in Rule 14.11(b), 14.11(c), and 14.11(i), respectively, and
their equivalents on other national securities exchanges as well as
ETFs operating in reliance on Rule 6c-11 of the Investment Company
Act of 1940.
\11\ Pursuant to BZX Rule 14.11(c)(1)(D), the term ``U.S.
Component Stock'' shall mean an equity security that is registered
under Sections 12(b) or 12(g) of the Act, or an American Depositary
Receipt, the underlying equity security of which is registered under
Sections 12(b) or 12(g) of the Act.
\12\ As defined in Rule 14.11(i)(4)(C)(iii), Cash Equivalents
are short-term instruments with maturities of less than three months
that are: (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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As noted above, Rule 14.11(i)(4)(C)(iv)(b) does not allow the
aggregate gross notional value of the Fund's holdings in listed
derivatives based on any five or fewer underlying reference assets to
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 to exceed
30% of the weight of its portfolio (including gross notional
exposures).\13\ The Exchange is proposing to allow the Fund to hold up
to 100% of the weight of its portfolio (including gross notional
exposures) in listed derivatives based on the S&P 500 Index,
specifically futures traded on the Chicago Mercantile Exchange (``S&P
500 Futures'') and options traded on Cboe Exchange, Inc. (``S&P 500
Options,''), as well as options on S&P 500 Futures (``Options on S&P
500 Futures'' and, collectively with S&P 500 Futures and S&P 500
Options, ``S&P 500 Derivatives'').\14\ The Fund primarily expects to
utilize S&P 500 Derivatives to implement its strategy. The Fund will
utilize short or long S&P 500 Derivatives to the extent needed to
reduce or augment, respectively, the Fund's exposure relative to the
exposure resulting from investments in the U.S. Equities described
above in order to achieve the desired net exposure. S&P 500 Derivatives
are an efficient means for reducing or augmenting exposure to U.S.
Equities, as described above. Allowing the Fund to hold a greater
portion of its portfolio in S&P 500 Derivatives would mitigate the
Fund's dependency on holding over-the-counter (``OTC'') instruments,
which would reduce the Fund's operational burden by allowing the Fund
to use listed futures and options contracts to achieve its investment
objective and would further reduce counter-party risk associated with
holding OTC instruments. The Exchange notes that the Fund may also hold
certain fixed income securities, cash and Cash Equivalents, and ETFs
that primarily invest in fixed income securities in compliance with
Rules 14.11(i)(4)(C)(ii), (iii), and (i), respectively, as part of its
strategy and in order to collateralize its S&P 500 Derivatives
positions.
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\13\ The Exchange notes that the 80% and 20% investment numbers
above are based on the Fund's net assets, while Rule
14.11(i)(4)(C)(iv)(b) is calculated on the basis of aggregate gross
notional value.
\14\ While the Adviser does not anticipate the gross notional
exposure of its holdings in S&P 500 Derivatives to approach 100% of
the weight of the Fund's portfolio, the Adviser would like to have
the flexibility to do so in the event that the Adviser determines
that it is in the best interest of the Fund. The Exchange also notes
that while the Fund may invest in options on ETFs, such holdings
will be in compliance with Rule 14.11(i)(4)(C)(iv)(b).
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The combination of U.S. Equities, fixed income securities, cash,
Cash Equivalents, and the cash value of derivatives positions will
constitute the entirety of the Fund's holdings and the cash value of
these holdings will be used to form the basis for any calculation that
is based on net assets. The Exchange notes that this is different than
the calculation used to measure the Fund's holdings in S&P 500
Derivatives as it relates to the Fund holding up to 100% of the weight
of its portfolio, which, as noted above, is calculated using gross
notional exposures gained through the S&P 500 Derivatives in both the
numerator and denominator, which is consistent with the derivatives
exposure calculation under Rule 14.11(i)(4)(C)(iv). The Exchange
represents that, except for the 30% and 65% limitations in Rule
14.11(i)(4)(C)(iv)(b) related to S&P 500 Derivatives, the Fund's
proposed investments will satisfy, on an initial and continued listing
basis, 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 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
comply with all other requirements applicable to Managed Fund Shares,
which includes the dissemination of key information such as the
Disclosed Portfolio,\15\ Net Asset Value,\16\ and the Intraday
Indicative Value,\17\ suspension of trading or removal,\18\ trading
halts,\19\ surveillance,\20\ minimum price variation for quoting and
order entry,\21\ the information circular,\22\ and firewalls \23\ as
set forth in Exchange rules applicable to Managed Fund Shares and the
orders approving such rules. Moreover, all of the exchange-listed
instruments held by the Fund, including S&P 500 Futures, S&P 500
Options, Options on S&P 500 Futures, U.S. Equities, options on ETFs,
and ETFs that primarily invest in fixed income instruments 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.\24\ 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 securities
listed on the Exchange. The issuer has represented to the Exchange that
it will advise the Exchange of any
[[Page 23410]]
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. If the Fund or Shares are not in compliance with
the applicable listing requirements, then, with respect to such Fund or
Shares, the Exchange will commence delisting procedures under Exchange
Rule 14.12. 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 such Fund under Exchange Rule 14.12.
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\15\ See Rule 14.11(i)(4)(A)(ii) and 14.11(i)(4)(B)(ii).
\16\ See Rule 14.11(i)(4)(A)(ii).
\17\ See Rule 14.11(i)(4)(B)(i).
\18\ See Rule 14.11(i)(4)(B)(iii).
\19\ See Rule 14.11(i)(4)(B)(iv).
\20\ See Rule 14.11(i)(2)(C).
\21\ See Rule 14.11(i)(2)(B).
\22\ See Rule 14.11(i)(6).
\23\ See Rule 14.11(i)(7).
\24\ For a list of the current members and affiliate 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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2. Statutory Basis
The Exchange believes that the proposal is consistent with Section
6(b) of the Act \25\ in general and Section 6(b)(5) of the Act \26\ 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 initial and
continued listing criteria in BZX Rule 14.11(i) with the exception 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).\27\ The Exchange believes that the liquidity
in the S&P 500 Futures, S&P 500 Options, and Options on S&P 500 Futures
markets mitigates the concerns that Rule 14.11(i)(4)(C)(iv)(b) is
intended to address and that such liquidity would prevent the Shares
from being susceptible to manipulation.\28\ Further, allowing the Fund
to hold a greater portion of its portfolio in S&P 500 Derivatives would
mitigate the Fund's dependency on holding OTC instruments, which would
reduce the Fund's operational burden by allowing the Fund to primarily
use listed futures and options contracts to achieve its investment
objective and would further reduce counter-party risk associated with
holding OTC instruments. The Exchange further 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
Derivatives holdings.
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\25\ 15 U.S.C. 78f.
\26\ 15 U.S.C. 78f(b)(5).
\27\ As noted above, the Exchange is proposing that the Fund be
exempt from the requirement of Rule 14.11(i)(4)(C)(iv)(b) that
prevents 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 to allow the Fund to hold up to 100% of the
weight of its portfolio (including gross notional exposures) in S&P
500 Derivatives.
\28\ The Exchange notes that there was an average of more than
$3 billion in notional volume traded on a daily basis in S&P 500
Options in 2019. S&P 500 Futures generally trade over one million
contracts per day in the front month contract. More than 1,000,000
Options on S&P 500 Futures contracts traded per day in February
2020.
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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. All of the futures
contracts, options, ETFs, and component stocks 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 underlying futures contracts,
options, component stocks, and other ETFs held by the Fund via the ISG
from other exchanges who are members or affiliates of the ISG or with
which the Exchange has entered into a comprehensive surveillance
sharing agreement.\29\ 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.
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\29\ See note 21, supra [sic].
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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 listing and trading of
an additional actively-managed exchange-traded product that will
enhance 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 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 \30\ and Rule 19b-4(f)(6) thereunder.\31\
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\30\ 15 U.S.C. 78s(b)(3)(A).
\31\ 17 CFR 240.19b-4(f)(6). In addition, Rule19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of 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 pursuant to Rule 19b-4(f)(6) under the
Act \32\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \33\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The Exchange
has requested that the Commission to waive the 30-day operative delay
so that the
[[Page 23411]]
proposal may become operative upon filing.
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\32\ 17 CFR 240.19b-4(f)(6).
\33\ 17 CFR 240.19b-4(f)(6)(iii).
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The Exchange states that, while the proposal seeks to allow the
Fund to hold listed derivatives, in particular options and futures on
the S&P 500 Index, in a manner that does not comply with BZX Rule
14.11(i)(4)(C)(iv)(b), the proposal is similar to another previously
approved proposal to list and trade a series of Managed Fund Shares
with similar exposures to a single underlying reference asset and U.S.
exchange-listed equity securities.\34\ The Exchange represents that,
except for the 30% and 65% limitations in BZX Rule
14.11(i)(4)(C)(iv)(b) related to S&P 500 Derivatives, the Fund's
proposed investments will satisfy, on an initial and continued listing
basis, all of the generic listing standards under BZX Rule
14.11(i)(4)(C) and all other applicable requirements for Managed Fund
Shares under BZX Rule 14.11(i).\35\ In addition, the Exchange further
represents that all of the exchange-listed instruments held by the
Fund, including S&P 500 Futures, S&P 500 Options, Options on S&P 500
Futures, U.S. Equities, options on ETFs, and ETFs that primarily invest
in fixed income instruments 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 Commission
believes that the proposal raises no novel or unique regulatory issues
and that waiver of the 30-day operative delay is consistent with the
protection of investors and the public interest. Therefore, the
Commission hereby waives the operative delay and designates the
proposed rule change operative upon filing.\36\
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\34\ See supra note 7.
\35\ In addition, the Exchange represents that the Shares of the
Fund will comply with all other requirements applicable to Managed
Fund Shares, which includes 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 and the orders approving
such rules. See supra notes 15-23 and accompanying text.
\36\ For purposes only of waiving the 30-day operative delay,
the Commission also 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. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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 [email protected]. Please include
File Number SR-CboeBZX-2020-021 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-2020-021. 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 the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. 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-2020-021 and should be submitted
on or before May 18, 2020.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\37\
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\37\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-08813 Filed 4-24-20; 8:45 am]
BILLING CODE 8011-01-P