Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Proposed Rule Change Relating to Certain Changes Regarding Investments of the PGIM Ultra Short Bond ETF Under NYSE Arca Rule 8.600-E, 12646-12649 [2019-06313]
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Federal Register / Vol. 84, No. 63 / Tuesday, April 2, 2019 / Notices
POSTAL SERVICE
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Product Change—Priority Mail Express
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The Postal Service gives
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DATES: Date of required notice: April 2,
2019.
FOR FURTHER INFORMATION CONTACT:
Elizabeth Reed, 202–268–3179.
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United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on March 28, 2019,
it filed with the Postal Regulatory
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Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2019–112, CP2019–121.
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: Date of required notice: April 2,
2019.
FOR FURTHER INFORMATION CONTACT:
Elizabeth Reed, 202–268–3179.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on March 27, 2019,
it filed with the Postal Regulatory
Commission a USPS Request to Add
Parcel Return Service Contract 15 to
Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2019–109, CP2019–118.
Elizabeth Reed,
Attorney, Corporate and Postal Business Law.
Elizabeth Reed,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2019–06372 Filed 4–1–19; 8:45 am]
[FR Doc. 2019–06367 Filed 4–1–19; 8:45 am]
BILLING CODE 7710–12–P
BILLING CODE 7710–12–P
POSTAL SERVICE
POSTAL SERVICE
Product Change—Priority Mail
Negotiated Service Agreement
Product Change—Priority Mail
Negotiated Service Agreement
Postal ServiceTM.
ACTION: Notice.
SUMMARY:
Postal ServiceTM.
Notice.
Postal ServiceTM.
Notice.
AGENCY:
AGENCY:
ACTION:
ACTION:
[Release No. 34–85430; File No. SR–
NYSEArca–2019–14]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of Proposed
Rule Change Relating to Certain
Changes Regarding Investments of the
PGIM Ultra Short Bond ETF Under
NYSE Arca Rule 8.600–E
March 27, 2019.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on March
13, 2019, NYSE Arca, Inc. (‘‘NYSE
Arca’’ or the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes certain
changes regarding investments of the
PGIM Ultra Short Bond ETF (the
‘‘Fund’’), a series of PGIM ETF Trust
(the ‘‘Trust’’), under NYSE Arca Rule
8.600–E (‘‘Managed Fund Shares’’). The
proposed change is available on the
Exchange’s website at www.nyse.com, at
the principal office of the Exchange, and
at the Commission’s Public Reference
Room.
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: Date of required notice: April 2,
2019.
FOR FURTHER INFORMATION CONTACT:
Elizabeth Reed, 202–268–3179.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on March 28, 2019,
it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail Contract 517 to
Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2019–111, CP2019–120.
The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: Date of required notice: April 2,
2019.
FOR FURTHER INFORMATION CONTACT:
Elizabeth Reed, 202–268–3179.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on March 27, 2019,
it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail Contract 515 to
Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2019–108, CP2019–117.
Elizabeth Reed,
Attorney, Corporate and Postal Business Law.
Elizabeth Reed,
Attorney, Corporate and Postal Business Law.
1 15
[FR Doc. 2019–06371 Filed 4–1–19; 8:45 am]
[FR Doc. 2019–06366 Filed 4–1–19; 8:45 am]
2 15
BILLING CODE 7710–12–P
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SUMMARY:
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SUMMARY:
SECURITIES AND EXCHANGE
COMMISSION
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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
self-regulatory organization 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 those 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 parts of such
statements.
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
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A. Self-Regulatory Organization’s
Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Change
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1. Purpose
The Exchange proposes certain
changes, described below under
‘‘Application of Generic Listing
Requirements,’’ regarding investments
of the Fund. The shares (‘‘Shares’’) of
the Fund commenced trading on the
Exchange on April 10, 2018 pursuant to
the generic listing standards under
Commentary .01 to NYSE Arca Rule
8.600–E (‘‘Managed Fund Shares’’).4
The Commission has previously
approved two proposed rule changes
regarding certain changes that would
result in the portfolio for the Fund not
meeting all of the ‘‘generic’’ listing
requirements of Commentary .01 to
NYSE Arca Rule 8.600–E applicable to
the listing of Managed Fund Shares.5
PGIM Investments LLC (the
‘‘Adviser’’) is the investment adviser for
the Fund. PGIM Fixed Income (the
‘‘Subadviser’’), a unit of PGIM, Inc., is
the subadviser to the Fund. The Adviser
and the Subadviser are indirect whollyowned subsidiaries of Prudential
Financial, Inc.6
4 A Managed Fund Share is a security that
represents an interest in an investment company
registered under the Investment Company Act of
1940 (15 U.S.C. 80a–1) (the ‘‘1940 Act’’) organized
as an open-end investment company or similar
entity that invests in a portfolio of securities
selected by its investment adviser consistent with
its investment objectives and policies. In contrast,
an open-end investment company that issues
Investment Company Units, listed and traded on
the Exchange under NYSE Arca Rule 5.2–E(j)(3),
seeks to provide investment results that correspond
generally to the price and yield performance of a
specific foreign or domestic stock index, fixed
income securities index or combination thereof.
5 See Securities Exchange Act Release Nos. 83319
(May 24, 2018), 83 FR 25097 (May 31, 2018) (SR–
NYSEArca–2018–15), (Order Approving a Proposed
Rule Change, as Modified by Amendment No. 1
Thereto, to Continue Listing and Trading Shares of
the PGIM Ultra Short Bond ETF under NYSE Arca
Rule 8.600–E) (‘‘First Prior Order’’); 84818
(December 13, 2018) (SR–NYSEArca–2018–75)
(Order Approving a Proposed Rule Change, as
Modified by Amendment No. 1 Thereto, Regarding
the Listing and Trading of Shares of the PGIM Ultra
Short Bond ETF) (‘‘Second Prior Order’’ and,
together with the First Prior Order, the ‘‘Prior
Orders’’). The First Prior Order stated that the
Fund’s portfolio would meet all requirements of
Commentary .01 to NYSE Arca Rule 8.600–E except
for those set forth in Commentary .01(a)(1),
Commentary .01(b)(4) and Commentary .01(b)(5).
The Second Prior Order stated that the Fund’s
portfolio would not meet the requirements of
Commentary .01(e) to NYSE Arca Rule 8.600–E.
6 The Trust is registered under the 1940 Act. On
March 26, 2018, the Trust filed with the
Commission Pre-Effective Amendment No. 1 to the
Trust’s registration statement on Form N–1A under
the Securities Act of 1933 (15 U.S.C. 77a), and
under the 1940 Act relating to the Fund (File Nos.
333–222469 and 811–23324) (‘‘Registration
Statement’’). The Trust will file an amendment to
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As stated in the First Prior Order, the
investment objective of the Fund seeks
to provide total return through a
combination of current income and
capital appreciation, consistent with
preservation of capital. The Fund seeks
to achieve its investment objective by
investing primarily in a portfolio of U.S.
dollar denominated short-term fixed,
variable and floating rate debt
instruments. Under normal market
conditions,7 the Fund invests at least
80% of its net assets (plus any
borrowings for investment purposes) in
a portfolio of financial instruments
consisting of (i) the Principal
Investment Instruments (as defined in
the First Prior Order) and (ii) derivatives
(as described in the Prior Orders) that
(A) provide exposure to such Principal
Investment Instruments, or (B) are used
to enhance returns, manage portfolio
duration, or manage the risk of
securities price fluctuations, as
described in the Prior Orders.
Application of Generic Listing
Requirements
The Exchange proposes that, in
addition to the requirement approved by
the Commission in the First Prior Order
that Private ABS/MBS (as defined
below) will, in the aggregate, not exceed
more than 20% of the total assets of the
Fund,8 the Fund will not invest more
than 20% of the Fund’s total assets in
U.S. or foreign collateralized debt
obligations (‘‘CDOs’’).9 The Exchange
also proposes that Private ABS/MBS
will not be required to comply with the
requirements of Commentary .01(b)(4) to
NYSE Arca Rule 8.600–E.10
the Registration Statement as necessary to conform
to the representations in this filing. The description
of the operation of the Trust and the Fund herein
is based, in part, on the Registration Statement. In
addition, the Commission has issued an order
granting certain exemptive relief to the Trust under
the 1940 Act. See Investment Company Act Release
No. 31095 (June 24, 2014) (File No. 812–14267).
7 The term ‘‘normal market conditions’’ is defined
in NYSE Arca Rule 8.600–E(c)(5).
8 As described in the First Prior Order, among the
Fund’s Principal Investment Instruments are assetbacked securities (‘‘ABS’’), including mortgagebacked securities (‘‘MBS’’). The ABS (including
MBS) in which the Fund invests include both (i)
ABS (including MBS) issued by the U.S.
Government, an agency of the U.S. Government, or
a government sponsored entity (‘‘GSE’’) and (ii)
non-U.S. Government, non-agency, non-GSE and
other privately issued ABS (including MBS)
(‘‘Private ABS/MBS’’).
9 For purposes of this filing, CDOs will not be
deemed to be ABS for purposes of the restriction
on the Fund’s holdings of Private ABS/MBS. See
note 9, infra.
10 Commentary .01(b)(4) provides that component
securities that in the aggregate account for at least
90% of the fixed income weight of the portfolio
must be either: (a) From issuers that are required
to file reports pursuant to Sections 13 and 15(d) of
the Act; (b) from issuers that have a worldwide
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12647
The Fund’s investments currently
comply with the generic requirements
set forth in Commentary .01 to Rule
8.600–E.
The Exchange is submitting this
proposed rule change because the
changes described in the preceding
paragraph would not conform to the
Exchange’s representations regarding
the Fund’s investments as stated in the
First Prior Order. In the First Prior
Order, the Exchange stated that the
Fund will not comply with the
requirement in Commentary .01(b)(5)
that investments in non-agency, nongovernment sponsored entity and
privately issued mortgage-related and
other asset-backed securities (i.e.,
Private ABS/MBS) not account, in the
aggregate, for more than 20% of the
weight of the fixed income portion of
the portfolio, and, instead, that Private
ABS/MBS, in the aggregate, may not
exceed more than 20% of the total assets
of the Fund.11 As stated above, the
Exchange proposes to amend this
representation regarding the Fund’s
investments to provide that the Fund
will not invest more than 20% of the
Fund’s total assets in Private ABS/MBS
or more than 20% of the Fund’s total
assets in U.S. or foreign CDOs.12 CDOs
market value of its outstanding common equity held
by non-affiliates of $700 million or more; (c) from
issuers that have outstanding securities that are
notes, bonds debentures, or evidence of
indebtedness having a total remaining principal
amount of at least $1 billion; (d) exempted
securities as defined in Section 3(a)(12) of the Act;
or (e) from issuers that are a government of a foreign
country or a political subdivision of a foreign
country. In the First Prior Order, the Commission
approved an exception from Commentary .01(b)(4)
to provide that fixed income securities that do not
meet any of the criteria in Commentary .01(b)(4)
will not exceed 10% of the total assets of the Fund.
11 Commentary .01(b)(5) to NYSE Arca Rule
8.600–E provides that non-agency, non-government
sponsored entity and privately issued mortgagerelated and other asset-backed securities
components of a portfolio may not account, in the
aggregate, for more than 20% of the weight of the
fixed income portion of the portfolio. In the First
Prior Order, the Commission approved an exception
from Commentary .01(b)(5) to permit the Fund’s
investments in Private ABS/MBS to not exceed 20%
of the total assets of the Fund.
12 For purposes of this proposed rule change,
CDOs are excluded from the definition of ABS and,
for purposes of this proposed rule change only, are
comprised exclusively of collateralized loan
obligations (‘‘CLOs’’) and collateralized bond
obligations (‘‘CBOs’’). CLOs are securities issued by
a trust or other special purpose entity that are
collateralized by a pool of loans by U.S. banks and
participations in loans by U.S. banks that are
unsecured or secured by collateral other than real
estate. CBOs are securities issued by a trust or other
special purpose entity that are backed by a
diversified pool of fixed income securities issued by
U.S. or foreign governmental entities or fixed
income securities issued by U.S. or corporate
issuers. CDOs are distinguishable from ABS because
they are collateralized by bank loans or by corporate
or government fixed income securities and not by
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would be excluded from the 20% limit
on Private ABS/MBS but would be
subject to a separate limit of 20%,
measured with respect to the total assets
of the Fund.13 The Exchange believes
that this 20% limitation will help the
Fund maintain portfolio diversification
and will reduce manipulation risk.14 In
addition, the Fund’s investment in
CDOs will be subject to the Fund’s
liquidity procedures as adopted by the
Board, and the Adviser does not expect
that investments in CDOs of up to 20%
of the total assets of the Fund will have
any material impact on the liquidity of
the Fund’s investments.
In addition, the First Prior Order
stated that the Fund will not comply
with the requirement that securities that
in aggregate account for at least 90% of
the fixed income weight of the portfolio
meet one of the criteria in Commentary
.01(b)(4), and, instead, fixed income
securities that do not meet any of the
criteria in Commentary .01(b)(4) will not
exceed 10% of the total assets of the
Fund. As stated above, the Exchange
proposes to amend this representation
to state that the Private ABS/MBS,
which will be limited to 20% of the
Fund’s total assets, will not be required
to comply with the criteria in
Commentary .01(b)(4)(a) through (e) to
NYSE Arca Rule 8.600–E. Therefore,
fixed income securities that do not meet
the criteria in Commentary .01(b)(4) will
not exceed 10% of the total assets of the
Fund, excluding Private ABS/MBS.15
CDOs also would not be subject to the
criteria in Commentary .01(b)(4)(a)
through (e) but would be subject to a
consumer and other loans made by non-bank
lenders, including student loans.
13 The Exchange notes that the Commission has
approved a proposed rule change permitting
investments by an issue of Managed Fund Shares
to exclude CDOs from the 20% limit on Private
ABS/MBS but subject CDOs to a separate limit of
10%, measured with respect to the total assets of
the fund. See Securities Exchange Act Release No.
84047 (September 6, 2018), 83 FR 46200 (September
12, 2018) (SR–NASDAQ–2017–128) (Notice of
Filing of Amendment No. 3 and Order Granting
Accelerated Approval of a Proposed Rule Change,
as Modified by Amendment No. 3, to List and Trade
Shares of the Western Asset Total Return ETF).
14 The Exchange notes that the Commission has
approved a proposed rule change permitting an
issue of Managed Fund Shares to hold up to 30%
of the weight of the fixed income securities portion
of the fund’s portfolio to consist of non-agency,
non-GSE and privately-issued mortgage-related and
other asset-backed securities. See Securities
Exchange Act Release No. 84826 (December 14,
2018), 83 FR 65386 (December 20, 2018) (SR–
NYSEArca–2018–25) (Order Approving a Proposed
Rule Change, as Modified by Amendment No. 2,
Regarding the Continued Listing and Trading of
Shares of the Natixis Loomis Sayles Short Duration
Income ETF)).
15 As noted above, CDOs would be excluded from
the 20% limit on Private ABS/MBS but would be
subject to a separate limit of 20%, measured with
respect to the total assets of the Fund.
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limit of 20%, measured with respect to
the total assets of the Fund.
The Exchange notes that the
Commission has previously approved
the listing of Managed Fund Shares with
similar investment objectives and
strategies without imposing
requirements that a certain percentage
of such funds’ securities meet one of the
criteria set forth in Commentary
.01(b)(4).16
Deviations from the generic
requirements are necessary for the Fund
to achieve its investment objective in a
manner that is cost-effective and that
maximizes investors’ returns. Further,
the proposed alternative requirements
are narrowly tailored to allow the Fund
to achieve its investment objective in
manner that is consistent with the
principles of Section 6(b)(5) of the Act.
As a result, it is in the public interest
to approve listing and trading of Shares
of the Fund on the Exchange pursuant
to the requirements set forth herein.
In addition, the Fund’s investment in
Private ABS/MBS and CDOs will be
subject to the Fund’s liquidity risk
management program as approved by
the Fund’s board of directors.17 The
liquidity procedures generally include
public disclosure by the Fund of its
liquidity and redemption practices. The
Fund’s holdings in Private ABS/MBS
and CDOs would be encompassed
within the Fund’s liquidity risk
management program.
Except for the changes noted above,
all other representations made in the
Prior Orders remain unchanged. All
terms referenced but not defined in this
proposed rule change are defined in the
Prior Orders.
2. Statutory Basis
The basis under the Act for this
proposed rule change is the requirement
under Section 6(b)(5) of the Act that an
exchange have rules that are designed to
16 See, e.g., Exchange Act Release Nos. 67894
(September 20, 2012) 77 FR 59227 (September 26,
2012) (SR–BATS–2012–033) (order approving the
listing and trading of shares of the iShares Short
Maturity Bond Fund); 70342 (September 6, 2013),
78 FR 56256 (September 12, 2013) (SR–NYSEArca–
2013–71) (order approving the listing and trading of
shares of the SPDR SSgA Ultra Short Term Bond
ETF, SPDR SSgA Conservative Ultra Short Term
Bond ETF and SPDR SSgA Aggressive Ultra Short
Term Bond ETF).
17 Rule 22e–4(b) under the 1940 Act requires,
among other things, that a fund ‘‘adopt and
implement a written liquidity risk management
program that is reasonably designed to assess and
manage its liquidity risk.’’ The rule is ‘‘designed to
promote effective liquidity risk management
throughout the open-end investment company
industry, thereby reducing the risk that funds will
be unable to meet their redemption obligations and
mitigating dilution of the interests of fund
shareholders.’’ See Release Nos. 33–10233; IC–
32315; File No. S7–16–15 (October 13, 2016).
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prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, to remove
impediments to, and perfect the
mechanism of a free and open market
and, in general, to protect investors and
the public interest.
As described above, deviations from
the generic requirements of
Commentary .01(b) to Rule 8.600–E are
necessary for the Fund to achieve its
investment objective in a manner that is
cost-effective and that maximizes
investors’ returns. Further, the proposed
alternative requirements are narrowly
tailored to allow the Fund to achieve its
investment objective in manner that is
consistent with the principles of Section
6(b)(5) of the Act. As a result, it is in the
public interest to approve continued
listing and trading of Shares of the Fund
on the Exchange pursuant to the
requirements set forth herein.
The Fund will not meet the
requirement that at least 90% of the
fixed income weight of the Fund’s
portfolio meet one of the criteria in
Commentary .01(b)(4)(a) through (e) to
Rule 8.600–E because some Private
ABS/MBS cannot satisfy the criteria in
Commentary .01(b)(4)(a) through (e).
The Exchange proposes, in the
alternative, to require that Fund’s
investments in fixed income securities
that do not meet the criteria in
Commentary .01(b)(4) will not exceed
10% of the total assets of the Fund,
excluding Private ABS/MBS.18 CDOs
also would not be subject to the criteria
in Commentary .01(b)(4)(a) through (e)
but would be subject to a limit of 20%
measured with respect to the total assets
of the Fund. The Exchange believes that
this alternative limitation is appropriate
because the criteria in Commentary
.01(b)(4)(a) through (e) do not appear to
be designed for structured finance
vehicles such as Private ABS/MBS, and
the overall weight of Private ABS/MBS
held by the Fund will be limited to 20%
of the total assets of the Fund’s
portfolio, as described above.
As discussed above, the Exchange
proposes that CDOs will not be deemed
to be included in the definition of ABS
for purposes of the limitation in
Commentary .01(b)(5) to NYSE Arca
Rule 8.600–E and, as a result, will not
be subject to the restriction on aggregate
holdings of Private ABS/MBS. However,
the Fund’s holdings in CDOs will be
limited such that they do not account,
in the aggregate, for more than 20% of
the total assets of the Fund. The
Exchange believes that the 20% limit on
the Fund’s holdings in CDOs will help
to ensure that the Fund maintains a
18 See
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diversified portfolio and will mitigate
the risk of manipulation. In addition,
the Fund’s investment in CDOs will be
subject to the Fund’s liquidity
procedures as adopted by the Board,19
and the Adviser does not expect that
investments in CDOs of up to 20% of
the total assets of the Fund will have
any material impact on the liquidity of
the Fund’s investments.
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
believes that the proposed rule change
will facilitate listing and trading of
shares of another actively managed ETF
that principally holds fixed income
securities, and that will enhance
competition among market participants,
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
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of
publication of this notice in the Federal
Register or up to 90 days (i) as the
Commission may designate if it finds
such longer period to be appropriate
and publishes its reasons for so finding
or (ii) as to which the self-regulatory
organization consents, the Commission
will:
A. By order approve or disapprove the
proposed rule change, or
B. institute proceedings to determine
whether the proposed rule change
should be disapproved.
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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:
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSEArca–2019–14 on the subject line.
SECURITIES AND EXCHANGE
COMMISSION
Paper Comments
[Release No. 34–85429; File No. SR–
NYSEAMER–2019–06]
• 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–NYSEArca–2019–14. 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 (https://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–NYSEArca–2019–14 and
should be submitted on or before April
23, 2019.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.20
Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019–06313 Filed 4–1–19; 8:45 am]
BILLING CODE 8011–01–P
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
Self-Regulatory Organizations; NYSE
American LLC; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change To Amend Rules
900.3NY, 925.1NY, and 971.1NY
March 27, 2019.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that on March 14,
2019, NYSE American LLC (‘‘NYSE
American’’ or the ‘‘Exchange’’) 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 self-regulatory
organization. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to to [sic]
amend Rules 900.3NY (Orders Defined)
and 925.1NY (Market Maker Quotes) to
add a new order type and quotation
designation and to make conforming
changes to Rule 971.1NY (Single-Leg
Electronic Cross Transactions). The
proposed rule change is available on the
Exchange’s website at www.nyse.com, at
the principal office of the Exchange, 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
self-regulatory organization 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 those 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 parts of such
statements.
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
2 15
19 See
note 15, supra.
VerDate Sep<11>2014
18:45 Apr 01, 2019
20 17
Jkt 247001
PO 00000
CFR 200.30–3(a)(12).
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]]>Agencies
[Federal Register Volume 84, Number 63 (Tuesday, April 2, 2019)]
[Notices]
[Pages 12646-12649]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-06313]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-85430; File No. SR-NYSEArca-2019-14]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change Relating to Certain Changes Regarding
Investments of the PGIM Ultra Short Bond ETF Under NYSE Arca Rule
8.600-E
March 27, 2019.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on March 13, 2019, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the self-regulatory
organization. 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\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes certain changes regarding investments of the
PGIM Ultra Short Bond ETF (the ``Fund''), a series of PGIM ETF Trust
(the ``Trust''), under NYSE Arca Rule 8.600-E (``Managed Fund
Shares''). The proposed change is available on the Exchange's website
at www.nyse.com, at the principal office of the Exchange, 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 self-regulatory organization
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 those 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 parts of such statements.
[[Page 12647]]
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes certain changes, described below under
``Application of Generic Listing Requirements,'' regarding investments
of the Fund. The shares (``Shares'') of the Fund commenced trading on
the Exchange on April 10, 2018 pursuant to the generic listing
standards under Commentary .01 to NYSE Arca Rule 8.600-E (``Managed
Fund Shares'').\4\ The Commission has previously approved two proposed
rule changes regarding certain changes that would result in the
portfolio for the Fund not meeting all of the ``generic'' listing
requirements of Commentary .01 to NYSE Arca Rule 8.600-E applicable to
the listing of Managed Fund Shares.\5\
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\4\ A Managed Fund Share is a security that represents an
interest in an investment company registered under the Investment
Company Act of 1940 (15 U.S.C. 80a-1) (the ``1940 Act'') organized
as an open-end investment company or similar entity that invests in
a portfolio of securities selected by its investment adviser
consistent with its investment objectives and policies. In contrast,
an open-end investment company that issues Investment Company Units,
listed and traded on the Exchange under NYSE Arca Rule 5.2-E(j)(3),
seeks to provide investment results that correspond generally to the
price and yield performance of a specific foreign or domestic stock
index, fixed income securities index or combination thereof.
\5\ See Securities Exchange Act Release Nos. 83319 (May 24,
2018), 83 FR 25097 (May 31, 2018) (SR-NYSEArca-2018-15), (Order
Approving a Proposed Rule Change, as Modified by Amendment No. 1
Thereto, to Continue Listing and Trading Shares of the PGIM Ultra
Short Bond ETF under NYSE Arca Rule 8.600-E) (``First Prior
Order''); 84818 (December 13, 2018) (SR-NYSEArca-2018-75) (Order
Approving a Proposed Rule Change, as Modified by Amendment No. 1
Thereto, Regarding the Listing and Trading of Shares of the PGIM
Ultra Short Bond ETF) (``Second Prior Order'' and, together with the
First Prior Order, the ``Prior Orders''). The First Prior Order
stated that the Fund's portfolio would meet all requirements of
Commentary .01 to NYSE Arca Rule 8.600-E except for those set forth
in Commentary .01(a)(1), Commentary .01(b)(4) and Commentary
.01(b)(5). The Second Prior Order stated that the Fund's portfolio
would not meet the requirements of Commentary .01(e) to NYSE Arca
Rule 8.600-E.
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PGIM Investments LLC (the ``Adviser'') is the investment adviser
for the Fund. PGIM Fixed Income (the ``Subadviser''), a unit of PGIM,
Inc., is the subadviser to the Fund. The Adviser and the Subadviser are
indirect wholly-owned subsidiaries of Prudential Financial, Inc.\6\
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\6\ The Trust is registered under the 1940 Act. On March 26,
2018, the Trust filed with the Commission Pre-Effective Amendment
No. 1 to the Trust's registration statement on Form N-1A under the
Securities Act of 1933 (15 U.S.C. 77a), and under the 1940 Act
relating to the Fund (File Nos. 333-222469 and 811-23324)
(``Registration Statement''). The Trust will file an amendment to
the Registration Statement as necessary to conform to the
representations in this filing. The description of the operation of
the Trust and the Fund herein is based, in part, on the Registration
Statement. In addition, the Commission has issued an order granting
certain exemptive relief to the Trust under the 1940 Act. See
Investment Company Act Release No. 31095 (June 24, 2014) (File No.
812-14267).
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As stated in the First Prior Order, the investment objective of the
Fund seeks to provide total return through a combination of current
income and capital appreciation, consistent with preservation of
capital. The Fund seeks to achieve its investment objective by
investing primarily in a portfolio of U.S. dollar denominated short-
term fixed, variable and floating rate debt instruments. Under normal
market conditions,\7\ the Fund invests at least 80% of its net assets
(plus any borrowings for investment purposes) in a portfolio of
financial instruments consisting of (i) the Principal Investment
Instruments (as defined in the First Prior Order) and (ii) derivatives
(as described in the Prior Orders) that (A) provide exposure to such
Principal Investment Instruments, or (B) are used to enhance returns,
manage portfolio duration, or manage the risk of securities price
fluctuations, as described in the Prior Orders.
---------------------------------------------------------------------------
\7\ The term ``normal market conditions'' is defined in NYSE
Arca Rule 8.600-E(c)(5).
---------------------------------------------------------------------------
Application of Generic Listing Requirements
The Exchange proposes that, in addition to the requirement approved
by the Commission in the First Prior Order that Private ABS/MBS (as
defined below) will, in the aggregate, not exceed more than 20% of the
total assets of the Fund,\8\ the Fund will not invest more than 20% of
the Fund's total assets in U.S. or foreign collateralized debt
obligations (``CDOs'').\9\ The Exchange also proposes that Private ABS/
MBS will not be required to comply with the requirements of Commentary
.01(b)(4) to NYSE Arca Rule 8.600-E.\10\
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\8\ As described in the First Prior Order, among the Fund's
Principal Investment Instruments are asset-backed securities
(``ABS''), including mortgage-backed securities (``MBS''). The ABS
(including MBS) in which the Fund invests include both (i) ABS
(including MBS) issued by the U.S. Government, an agency of the U.S.
Government, or a government sponsored entity (``GSE'') and (ii) non-
U.S. Government, non-agency, non-GSE and other privately issued ABS
(including MBS) (``Private ABS/MBS'').
\9\ For purposes of this filing, CDOs will not be deemed to be
ABS for purposes of the restriction on the Fund's holdings of
Private ABS/MBS. See note 9, infra.
\10\ Commentary .01(b)(4) provides that component securities
that in the aggregate account for at least 90% of the fixed income
weight of the portfolio must be either: (a) From issuers that are
required to file reports pursuant to Sections 13 and 15(d) of the
Act; (b) from issuers that have a worldwide market value of its
outstanding common equity held by non-affiliates of $700 million or
more; (c) from issuers that have outstanding securities that are
notes, bonds debentures, or evidence of indebtedness having a total
remaining principal amount of at least $1 billion; (d) exempted
securities as defined in Section 3(a)(12) of the Act; or (e) from
issuers that are a government of a foreign country or a political
subdivision of a foreign country. In the First Prior Order, the
Commission approved an exception from Commentary .01(b)(4) to
provide that fixed income securities that do not meet any of the
criteria in Commentary .01(b)(4) will not exceed 10% of the total
assets of the Fund.
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The Fund's investments currently comply with the generic
requirements set forth in Commentary .01 to Rule 8.600-E.
The Exchange is submitting this proposed rule change because the
changes described in the preceding paragraph would not conform to the
Exchange's representations regarding the Fund's investments as stated
in the First Prior Order. In the First Prior Order, the Exchange stated
that the Fund will not comply with the requirement in Commentary
.01(b)(5) that investments in non-agency, non-government sponsored
entity and privately issued mortgage-related and other asset-backed
securities (i.e., Private ABS/MBS) not account, in the aggregate, for
more than 20% of the weight of the fixed income portion of the
portfolio, and, instead, that Private ABS/MBS, in the aggregate, may
not exceed more than 20% of the total assets of the Fund.\11\ As stated
above, the Exchange proposes to amend this representation regarding the
Fund's investments to provide that the Fund will not invest more than
20% of the Fund's total assets in Private ABS/MBS or more than 20% of
the Fund's total assets in U.S. or foreign CDOs.\12\ CDOs
[[Page 12648]]
would be excluded from the 20% limit on Private ABS/MBS but would be
subject to a separate limit of 20%, measured with respect to the total
assets of the Fund.\13\ The Exchange believes that this 20% limitation
will help the Fund maintain portfolio diversification and will reduce
manipulation risk.\14\ In addition, the Fund's investment in CDOs will
be subject to the Fund's liquidity procedures as adopted by the Board,
and the Adviser does not expect that investments in CDOs of up to 20%
of the total assets of the Fund will have any material impact on the
liquidity of the Fund's investments.
---------------------------------------------------------------------------
\11\ Commentary .01(b)(5) to NYSE Arca Rule 8.600-E provides
that non-agency, non-government sponsored entity and privately
issued mortgage-related and other asset-backed securities components
of a portfolio may not account, in the aggregate, for more than 20%
of the weight of the fixed income portion of the portfolio. In the
First Prior Order, the Commission approved an exception from
Commentary .01(b)(5) to permit the Fund's investments in Private
ABS/MBS to not exceed 20% of the total assets of the Fund.
\12\ For purposes of this proposed rule change, CDOs are
excluded from the definition of ABS and, for purposes of this
proposed rule change only, are comprised exclusively of
collateralized loan obligations (``CLOs'') and collateralized bond
obligations (``CBOs''). CLOs are securities issued by a trust or
other special purpose entity that are collateralized by a pool of
loans by U.S. banks and participations in loans by U.S. banks that
are unsecured or secured by collateral other than real estate. CBOs
are securities issued by a trust or other special purpose entity
that are backed by a diversified pool of fixed income securities
issued by U.S. or foreign governmental entities or fixed income
securities issued by U.S. or corporate issuers. CDOs are
distinguishable from ABS because they are collateralized by bank
loans or by corporate or government fixed income securities and not
by consumer and other loans made by non-bank lenders, including
student loans.
\13\ The Exchange notes that the Commission has approved a
proposed rule change permitting investments by an issue of Managed
Fund Shares to exclude CDOs from the 20% limit on Private ABS/MBS
but subject CDOs to a separate limit of 10%, measured with respect
to the total assets of the fund. See Securities Exchange Act Release
No. 84047 (September 6, 2018), 83 FR 46200 (September 12, 2018) (SR-
NASDAQ-2017-128) (Notice of Filing of Amendment No. 3 and Order
Granting Accelerated Approval of a Proposed Rule Change, as Modified
by Amendment No. 3, to List and Trade Shares of the Western Asset
Total Return ETF).
\14\ The Exchange notes that the Commission has approved a
proposed rule change permitting an issue of Managed Fund Shares to
hold up to 30% of the weight of the fixed income securities portion
of the fund's portfolio to consist of non-agency, non-GSE and
privately-issued mortgage-related and other asset-backed securities.
See Securities Exchange Act Release No. 84826 (December 14, 2018),
83 FR 65386 (December 20, 2018) (SR-NYSEArca-2018-25) (Order
Approving a Proposed Rule Change, as Modified by Amendment No. 2,
Regarding the Continued Listing and Trading of Shares of the Natixis
Loomis Sayles Short Duration Income ETF)).
---------------------------------------------------------------------------
In addition, the First Prior Order stated that the Fund will not
comply with the requirement that securities that in aggregate account
for at least 90% of the fixed income weight of the portfolio meet one
of the criteria in Commentary .01(b)(4), and, instead, fixed income
securities that do not meet any of the criteria in Commentary .01(b)(4)
will not exceed 10% of the total assets of the Fund. As stated above,
the Exchange proposes to amend this representation to state that the
Private ABS/MBS, which will be limited to 20% of the Fund's total
assets, will not be required to comply with the criteria in Commentary
.01(b)(4)(a) through (e) to NYSE Arca Rule 8.600-E. Therefore, fixed
income securities that do not meet the criteria in Commentary .01(b)(4)
will not exceed 10% of the total assets of the Fund, excluding Private
ABS/MBS.\15\ CDOs also would not be subject to the criteria in
Commentary .01(b)(4)(a) through (e) but would be subject to a limit of
20%, measured with respect to the total assets of the Fund.
---------------------------------------------------------------------------
\15\ As noted above, CDOs would be excluded from the 20% limit
on Private ABS/MBS but would be subject to a separate limit of 20%,
measured with respect to the total assets of the Fund.
---------------------------------------------------------------------------
The Exchange notes that the Commission has previously approved the
listing of Managed Fund Shares with similar investment objectives and
strategies without imposing requirements that a certain percentage of
such funds' securities meet one of the criteria set forth in Commentary
.01(b)(4).\16\
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\16\ See, e.g., Exchange Act Release Nos. 67894 (September 20,
2012) 77 FR 59227 (September 26, 2012) (SR-BATS-2012-033) (order
approving the listing and trading of shares of the iShares Short
Maturity Bond Fund); 70342 (September 6, 2013), 78 FR 56256
(September 12, 2013) (SR-NYSEArca-2013-71) (order approving the
listing and trading of shares of the SPDR SSgA Ultra Short Term Bond
ETF, SPDR SSgA Conservative Ultra Short Term Bond ETF and SPDR SSgA
Aggressive Ultra Short Term Bond ETF).
---------------------------------------------------------------------------
Deviations from the generic requirements are necessary for the Fund
to achieve its investment objective in a manner that is cost-effective
and that maximizes investors' returns. Further, the proposed
alternative requirements are narrowly tailored to allow the Fund to
achieve its investment objective in manner that is consistent with the
principles of Section 6(b)(5) of the Act. As a result, it is in the
public interest to approve listing and trading of Shares of the Fund on
the Exchange pursuant to the requirements set forth herein.
In addition, the Fund's investment in Private ABS/MBS and CDOs will
be subject to the Fund's liquidity risk management program as approved
by the Fund's board of directors.\17\ The liquidity procedures
generally include public disclosure by the Fund of its liquidity and
redemption practices. The Fund's holdings in Private ABS/MBS and CDOs
would be encompassed within the Fund's liquidity risk management
program.
---------------------------------------------------------------------------
\17\ Rule 22e-4(b) under the 1940 Act requires, among other
things, that a fund ``adopt and implement a written liquidity risk
management program that is reasonably designed to assess and manage
its liquidity risk.'' The rule is ``designed to promote effective
liquidity risk management throughout the open-end investment company
industry, thereby reducing the risk that funds will be unable to
meet their redemption obligations and mitigating dilution of the
interests of fund shareholders.'' See Release Nos. 33-10233; IC-
32315; File No. S7-16-15 (October 13, 2016).
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Except for the changes noted above, all other representations made
in the Prior Orders remain unchanged. All terms referenced but not
defined in this proposed rule change are defined in the Prior Orders.
2. Statutory Basis
The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) of the Act that an exchange have
rules that are designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to remove
impediments to, and perfect the mechanism of a free and open market
and, in general, to protect investors and the public interest.
As described above, deviations from the generic requirements of
Commentary .01(b) to Rule 8.600-E are necessary for the Fund to achieve
its investment objective in a manner that is cost-effective and that
maximizes investors' returns. Further, the proposed alternative
requirements are narrowly tailored to allow the Fund to achieve its
investment objective in manner that is consistent with the principles
of Section 6(b)(5) of the Act. As a result, it is in the public
interest to approve continued listing and trading of Shares of the Fund
on the Exchange pursuant to the requirements set forth herein.
The Fund will not meet the requirement that at least 90% of the
fixed income weight of the Fund's portfolio meet one of the criteria in
Commentary .01(b)(4)(a) through (e) to Rule 8.600-E because some
Private ABS/MBS cannot satisfy the criteria in Commentary .01(b)(4)(a)
through (e). The Exchange proposes, in the alternative, to require that
Fund's investments in fixed income securities that do not meet the
criteria in Commentary .01(b)(4) will not exceed 10% of the total
assets of the Fund, excluding Private ABS/MBS.\18\ CDOs also would not
be subject to the criteria in Commentary .01(b)(4)(a) through (e) but
would be subject to a limit of 20% measured with respect to the total
assets of the Fund. The Exchange believes that this alternative
limitation is appropriate because the criteria in Commentary
.01(b)(4)(a) through (e) do not appear to be designed for structured
finance vehicles such as Private ABS/MBS, and the overall weight of
Private ABS/MBS held by the Fund will be limited to 20% of the total
assets of the Fund's portfolio, as described above.
---------------------------------------------------------------------------
\18\ See note 13, supra.
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As discussed above, the Exchange proposes that CDOs will not be
deemed to be included in the definition of ABS for purposes of the
limitation in Commentary .01(b)(5) to NYSE Arca Rule 8.600-E and, as a
result, will not be subject to the restriction on aggregate holdings of
Private ABS/MBS. However, the Fund's holdings in CDOs will be limited
such that they do not account, in the aggregate, for more than 20% of
the total assets of the Fund. The Exchange believes that the 20% limit
on the Fund's holdings in CDOs will help to ensure that the Fund
maintains a
[[Page 12649]]
diversified portfolio and will mitigate the risk of manipulation. In
addition, the Fund's investment in CDOs will be subject to the Fund's
liquidity procedures as adopted by the Board,\19\ and the Adviser does
not expect that investments in CDOs of up to 20% of the total assets of
the Fund will have any material impact on the liquidity of the Fund's
investments.
---------------------------------------------------------------------------
\19\ See note 15, supra.
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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 believes that
the proposed rule change will facilitate listing and trading of shares
of another actively managed ETF that principally holds fixed income
securities, and that will enhance competition among market
participants, 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
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 45 days of the date of publication of this notice in the
Federal Register or up to 90 days (i) as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding or (ii) as to which the self-regulatory
organization consents, the Commission will:
A. By order approve or disapprove the proposed rule change, or
B. institute proceedings to determine whether the proposed rule
change should be 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 (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-NYSEArca-2019-14 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-NYSEArca-2019-14. 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 (https://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-NYSEArca-2019-14 and should be submitted
on or before April 23, 2019.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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\20\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-06313 Filed 4-1-19; 8:45 am]
BILLING CODE 8011-01-P
