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 Hartford Core Bond ETF of the Hartford Funds Exchange-Traded Trust Under Rule 14.11(i), Managed Fund Shares, 6988-6993 [2020-02278]
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Federal Register / Vol. 85, No. 25 / Thursday, February 6, 2020 / Notices
investment adviser, and/or their
affiliates.
Filing Date: The application was filed
on November 4, 2019.
Applicant’s Address: 6803 South
Tucson Way, Centennial, Colorado
80112.
Seligman Capital Fund, Inc. [File No.
811–01886]
Summary: Applicant seeks an order
declaring that it has ceased to be an
investment company. The applicant has
transferred its assets to Columbia Mid
Cap Growth Fund, a series of Columbia
Funds Series Trust I, and on April, 8
2011, made a final distribution to its
shareholders based on net asset value.
Expenses of $63,153 incurred in
connection with the reorganization were
paid by the applicant.
Filing Dates: The application was
filed on October 4, 2013, and amended
on November 14, 2019.
Applicant’s Address: 225 Franklin
Street, Boston, Massachusetts 02110.
For the Commission by the Division of
Investment Management pursuant to
delegated authority.
J. Matthew DeLesDernier,
Assistant Secretary.
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–88107; File No. SR–
CboeBZX–2020–008]
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 Hartford Core
Bond ETF of the Hartford Funds
Exchange-Traded Trust Under Rule
14.11(i), Managed Fund Shares
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II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on January
21, 2020, Cboe BZX Exchange, Inc.
(‘‘Exchange’’ or ‘‘BZX’’) filed with the
Securities and Exchange Commission
(‘‘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
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(iii).
4 17 CFR 240.19b–4(f)(6).
Cboe BZX Exchange, Inc. (the
‘‘Exchange’’ or ‘‘BZX’’) is filing with the
Securities and Exchange Commission
(‘‘Commission’’) a proposed rule change
to list and trade shares of the Hartford
Core Bond ETF (the ‘‘Fund’’) of the
Hartford Funds Exchange-Traded Trust
(the ‘‘Trust’’) under Rule 14.11(i)
(‘‘Managed Fund Shares’’).
The text of the proposed rule change
is also available on the Exchange’s
website (https://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.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
January 31, 2020.
2 17
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
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.
[FR Doc. 2020–02277 Filed 2–5–20; 8:45 am]
1 15
Rule 19b–4(f)(6) thereunder.4 The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
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 fund. The shares will be
offered by the Trust, which was
established as a Delaware statutory trust
on September 20, 2010. 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
5 The Commission approved 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).
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(‘‘Registration Statement’’) with the
Commission.6
Rule 14.11(i)(4)(C)(ii)(d) requires that
component securities that in aggregate
account for at least 90% of the fixed
income weight of the portfolio must
satisfy at least one of five conditions.
The Exchange submits this proposal
because the Fund will not meet this
requirement; 7 however, it will meet all
of the other requirements of Rule
14.11(i). The Exchange notes that this
proposed exception to Rule
14.11(i)(4)(C)(ii)(d) is substantively
identical to an exception included in
several other rule filings that were either
immediately effective or approved by
the Commission.8
Hartford Funds Management
Company LLC acts as adviser to the
Fund (the ‘‘Adviser’’). Wellington
Management is the sub-adviser (‘‘SubAdviser’’) to the Fund. State Street Bank
and Trust Company is the administrator,
custodian, and transfer agent for the
Trust. ALPS Distributors, Inc. serves as
the distributor for the Trust.
Rule 14.11(i)(7) provides that, if the
investment adviser or sub-adviser to the
investment company issuing Managed
Fund Shares is affiliated with a broker6 The Trust filed a post-effective amendment to
the Registration Statement on March 1, 2019 (the
‘‘Registration Statement’’). See Registration
Statement on Form N–1A for the Trust (File Nos.
333–215165 and 811–23222). The descriptions of
the Fund and the Shares contained herein are
based, in part, on information included in the
Registration Statement. The Commission has issued
an order granting certain exemptive relief to the
Trust and affiliated persons under the Investment
Company Act of 1940 (the ‘‘1940 Act’’) (15 U.S.C.
80a-1). See Investment Company Act Release No.
30695 (September 24, 2013) (File No. 812- 14178).
7 Rule 14.11(i)(4)(C)(ii)(d) provides that
‘‘component securities that in 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.’’ The Exchange instead is proposing that
the fixed income portion of the portfolio excluding
Non-Agency ABS and MBS, as defined below, will
satisfy this 90% requirement.
8 See Securities Exchange Act Release Nos. 84047
(September 6, 2018), 83 FR 46200 (September 12,
2018) (SR–NASDAQ–2017–128) (the ‘‘Nasdaq
Approval Order’’); and 85701 (April 22, 2019), 84
FR 17902 (April 26, 2019) (SR–CboeBZX–2019–016)
(the ‘‘Exchange Approval Order’’). The Exchange
notes that it filed a non-controversial rule change
related to another fund issued by the Trust that
allows for an identical exception to Rule
14.11(i)(4)(C)(ii)(d). See also Securities Exchange
Act Release No. 87651 (December 3, 2019), 84 FR
67327 (December 9, 2019) (SR–CboeBZX–2019–
099).
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dealer, such investment adviser or subadviser shall erect and maintain a ‘‘fire
wall’’ between the investment adviser or
sub-adviser and the broker-dealer with
respect to access to information
concerning the composition and/or
changes to such investment company
portfolio.9 In addition, Rule 14.11(i)(7)
further requires that personnel who
make decisions on the investment
company’s portfolio composition must
be subject to procedures designed to
prevent the use and dissemination of
material nonpublic information
regarding the applicable investment
company portfolio. Rule 14.11(i)(7) is
similar to Rule 14.11(b)(5)(A)(i),
however, Rule 14.11(i)(7) in connection
with the establishment of a ‘‘fire wall’’
between the investment adviser or subadviser and the broker-dealer reflects
the applicable open-end fund’s
portfolio, not an underlying benchmark
index, as is the case with index-based
funds. The Adviser and Sub-Adviser are
not a registered broker-dealer, but the
Adviser and Sub-Adviser are affiliated
with a broker-dealer and have
implemented and will maintain ‘‘fire
walls’’ with respect to such brokerdealer regarding access to information
concerning the composition and/or
changes to the Fund’s portfolio. In
addition, Adviser and Sub-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 or SubAdviser becomes registered as a brokerdealer or newly affiliated with another
broker-dealer, or (b) any new adviser or
9 An investment adviser to an open-end fund is
required to be registered under the Investment
Advisers Act of 1940 (the ‘‘Advisers Act’’). As a
result, the Adviser and their Sub-Adviser and their
related personnel are subject to the provisions of
Rule 204A–1 under the Advisers Act relating to
codes of ethics. This Rule requires investment
advisers to adopt a code of ethics that reflects the
fiduciary nature of the relationship to clients as
well as compliance with other applicable securities
laws. Accordingly, procedures designed to prevent
the communication and misuse of non-public
information by an investment adviser must be
consistent with Rule 204A–1 under the Advisers
Act. In addition, Rule 206(4)–7 under the Advisers
Act makes it unlawful for an investment adviser to
provide investment advice to clients unless such
investment adviser has (i) adopted and
implemented written policies and procedures
reasonably designed to prevent violation, by the
investment adviser and its supervised persons, of
the Advisers Act and the Commission rules adopted
thereunder; (ii) implemented, at a minimum, an
annual review regarding the adequacy of the
policies and procedures established pursuant to
subparagraph (i) above and the effectiveness of their
implementation; and (iii) designated an individual
(who is a supervised person) responsible for
administering the policies and procedures adopted
under subparagraph (i) above.
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sub-adviser is a registered broker-dealer
or becomes affiliated with a brokerdealer, 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.
Hartford Core Bond ETF
According to the Registration
Statement, the Fund seeks to provide
long-term total return. In order to
achieve its investment objective, under
Normal Market Conditions,10 the Fund
will invest primarily in investment
grade fixed-income securities. Under
Normal Market Conditions, the Fund
will invest at least 80% of its assets
(including any borrowings for
investment purposes) in fixed income
securities, as described in Rule
14.11(i)(4)(C)(ii), including: (1)
Securities issued or guaranteed as to
principal or interest by the U.S.
Government, its agencies or
instrumentalities; (2) non-convertible
and convertible debt securities issued or
guaranteed by U.S. corporations or other
issuers (including foreign issuers); (3)
asset-backed and mortgage-related
securities, including collateralized
mortgage and loan obligations; and (4)
securities and loans issued or
guaranteed as to principal or interest by
a sovereign government or one of its
agencies or political subdivisions
(including quasi-sovereigns),
supranational entities such as
development banks, non-U.S.
corporations, banks or bank holding
companies, or other foreign issuers.
Such holdings in fixed income
securities will meet the requirements for
fixed income instruments in Rule
14.11(i)(4)(C)(ii) except for Rule
14.11(i)(4)(C)(ii)(d), as discussed in
more detail below.
Among others, such fixed income
securities that may be held by the Fund
include non-agency, non-GSE,11 and
privately-issued mortgage-related and
10 As provided 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.
11 A ‘‘GSE’’ is a type of financial services
corporation created by the United States Congress.
GSEs include Fannie Mae and Freddie Mac, but not
Sallie Mae, which is no longer a government entity.
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6989
other asset-backed securities
(collectively, ‘‘Non-Agency ABS and
MBS’’), which it generally expects to
include (but not be limited to) the
following sectors: Private mortgage
backed securities, commercial mortgage
backed securities, asset-backed
securities (including autos, credit cards,
equipment, consumer loans), and
collateralized loan obligations. In
accordance with Rule
14.11(i)(4)(C)(ii)(e), the Fund’s holdings
in Non-Agency ABS and MBS will not
account for more than 20% of the
weight of the total portfolio, in the
aggregate.
The Fund will also generally invest
up to 20% of its assets in cash and Cash
Equivalents,12 listed derivatives,13 and
OTC derivatives,14 although such
holdings may exceed 20%. The Fund’s
holdings in cash and Cash Equivalents,
listed derivatives, and OTC derivatives
will be in compliance with all generic
listing standards, including those in
Rules 14.11(i)(4)(C)(iii),
14.11(i)(4)(C)(iv), 14.11(i)(4)(C)(v), and
14.11(i)(4)(C)(vi).
The Fund’s investments, including
derivatives, will be consistent with the
1940 Act and the Fund’s investment
objective and policies and will not be
used to enhance leverage (although
certain derivatives and other
investments may result in leverage).15
12 As defined in Exchange Rule
14.11(i)(4)(C)(iii)(b), Cash Equivalents are shortterm instruments with maturities of less than three
months, which includes only the following: (i) U.S.
Government securities, including bills, notes, and
bonds differing as to maturity and rates of interest,
which are either issued or guaranteed by the U.S.
Treasury or by U.S. Government agencies or
instrumentalities; (ii) certificates of deposit issued
against funds deposited in a bank or savings and
loan association; (iii) bankers acceptances, which
are short-term credit instruments used to finance
commercial transactions; (iv) repurchase
agreements and reverse repurchase agreements; (v)
bank time deposits, which are monies kept on
deposit with banks or savings and loan associations
for a stated period of time at a fixed rate of interest;
(vi) commercial paper, which are short-term
unsecured promissory notes; and (vii) money
market funds.
13 For purposes of this filing, listed derivatives
include only the following instruments: Treasury
futures, U.S. interest rate futures, and Eurodollar
futures.
14 For purposes of this filing, OTC derivatives
include only the following instruments: interest rate
swaps, currency forwards, and credit default swap
indices.
15 The Fund will include appropriate risk
disclosure in its offering documents, including
leveraging risk. Leveraging risk is the risk that
certain transactions of a fund, including a fund’s
use of derivatives, may give rise to leverage, causing
a fund to be more volatile than if it had not been
leveraged. To mitigate leveraging risk, the Fund will
segregate or earmark liquid assets determined to be
liquid by the Adviser in accordance with
procedures established by the Trust’s Board of
Trustees and in accordance with the 1940 Act (or,
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06FEN1
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That is, while the Fund will be
permitted to borrow as permitted under
the 1940 Act, the Fund’s investments
will not be used to seek performance
that is the multiple or inverse multiple
(i.e., 2Xs and 3Xs) of the Fund’s primary
broad-based securities benchmark index
(as defined in Form N–1A). The Fund
will only use those derivatives
described above. The Fund’s use of
derivative instruments will be
collateralized.
Discussion
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If the Fund had full flexibility to
invest in a manner consistent with its
investment strategy, it might not meet
the requirements of Rule
14.11(i)(4)(C)(ii)(d) because certain NonAgency ABS and MBS by their nature
cannot satisfy these requirements. As
described above, the Exchange is
instead proposing that the fixed income
portion of the portfolio excluding NonAgency ABS and MBS will satisfy this
90% requirement. The Exchange
believes that this alternative limitation
is appropriate because Rule
14.11(i)(4)(C)(ii)(d) is not designed for
structured finance vehicles such as NonAgency ABS and MBS and the overall
weight of the Non-Agency ABS and
MBS held by the Fund will be limited
to 20% of the total portfolio as required
under Rule 14.11(i)(4)(C)(ii)(e). The
Exchange also notes that the Fund’s
portfolio is consistent with the policy
issues underlying the rule as a result of
the diversification provided by the
investments and the Adviser’s and SubAdviser’s selection process, which
closely monitors investments to ensure
maintenance of credit and liquidity
standards. As noted above, the
remainder of the fixed income securities
held by the Fund will satisfy the
requirements of Rule 14.11(i)(4)(C)(ii)(d)
and the remainder of the Fund’s
portfolio, including fixed income
securities, will meet all other applicable
generic listing standards under Rule
14.11(i)(4)(C). Further, the exception to
Rule 14.11(i)(4)(C)(ii)(d) proposed
herein is identical to the exception to
Rule 14.11(i)(4)(C)(ii)(d) laid out in an
immediately effective rule change
related to another fund issued by the
as permitted by applicable regulations, enter into
certain offsetting positions) to cover its obligations
under derivative instruments. These procedures
have been adopted consistent with Section 18 of the
1940 Act and related Commission guidance. See 15
U.S.C. 80a-18; Investment Company Act Release
No. 10666 (April 18, 1979), 44 FR 25128 (April 27,
1979); Dreyfus Strategic Investing, Commission NoAction Letter (June 22, 1987); Merrill Lynch Asset
Management, L.P., Commission No-Action Letter
(July 2, 1996).
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Trust.16 Allowing the Fund full
flexibility to implement its fixed income
strategy and further diversify its
holdings to provide exposure to a
broader array of fixed income securities
would allow the Fund to better achieve
its investment objective and, as such,
benefit both investors [sic] in the Fund.
The Exchange represents that the
Shares of the Fund will comply with all
other requirements applicable to
Managed Fund Shares, which include
the dissemination of key information
such as the Disclosed Portfolio,17 Net
Asset Value,18 and the Intraday
Indicative Value,19 suspension of
trading or removal,20 trading halts,21
surveillance,22 minimum price variation
for quoting and order entry,23 the
information circular,24 and firewalls 25
as set forth in Exchange rules applicable
to Managed Fund Shares and the orders
approving such rules. The Exchange or
FINRA, on behalf of the Exchange, or
both will communicate as needed
regarding trading in the Shares and the
underlying futures contracts with other
markets and other entities that are
members of the Intermarket
Surveillance Group (‘‘ISG’’), and the
Exchange or FINRA, on behalf of the
Exchange, or both, may obtain trading
information regarding trading in the
Shares from such markets and other
entities. In addition, the Exchange may
obtain information regarding trading in
the Shares from market and other
entities that are members of ISG or with
which the Exchange has in place a
comprehensive surveillance sharing
agreement 26 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
16 See Securities Exchange Act Release No. 87651
(December 3, 2019) 84 FR 67327 (December 9, 2019)
(SR–CboeBZX–2019–099).
17 See Rule 14.11(i)(4)(A)(ii) and 14.11(i)(4)(B)(ii).
18 See Rule 14.11(i)(4)(A)(ii).
19 See Rule 14.11(i)(4)(B)(i).
20 See Rule 14.11(i)(4)(B)(iii).
21 See Rule 14.11(i)(4)(B)(iv).
22 See Rule 14.11(i)(2)(C).
23 See Rule 14.11(i)(2)(B).
24 See Rule 14.11(i)(6).
25 See Rule 14.11(i)(7).
26 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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Fmt 4703
Sfmt 4703
Shares. The Fund has represented to the
Exchange that it will advise the
Exchange of any failure by the Fund or
Shares to comply with the continued
listing requirements, and, pursuant to
its obligations under Section 19(g)(1) of
the Act, the Exchange will surveil for
compliance with the continued listing
requirements. FINRA conducts certain
cross-market surveillances on behalf of
the Exchange pursuant to a regulatory
services agreement. The Exchange is
responsible for FINRA’s performance
under this regulatory services
agreement. If the Fund is not in
compliance with the applicable listing
requirements, the Exchange will
commence delisting procedures with
respect to such Fund under Exchange
Rule 14.12.
Availability of Information
As noted above, the Fund will comply
with the requirements under Rule
14.11(i) related to Disclosed Portfolio,
NAV, and the Intraday Indicative Value.
Intraday price quotations on fixed
income securities and OTC derivative
instruments are available from major
broker-dealer firms and from thirdparties, which may provide prices free
with a time delay or in real-time for a
paid fee. Additionally, the intraday,
closing and settlement prices of futures
contracts held by the Fund will be
readily available from the exchanges on
which such products are listed,
automated quotation systems, published
or other public sources, or online
information services such as Bloomberg
or Reuters. Price information for Cash
Equivalents will be available from major
market data vendors. The Disclosed
Portfolio will be available on the Fund’s
website (www.hartfordfunds.com) free
of charge. The Fund’s website will
include the prospectus for the Fund and
additional information related to NAV
and other applicable quantitative
information. Information regarding
market price and trading volume of the
Shares will be continuously available
throughout the day on brokers’
computer screens and other electronic
services. Information regarding the
previous day’s closing price and trading
volume for the Shares will be published
daily in the financial section of
newspapers. Trading in the Shares may
be halted for market conditions or for
reasons that, in the view of the
Exchange, make trading inadvisable.
The Exchange deems the Shares to be
equity securities, thus rendering trading
in the Shares subject to the Exchange’s
existing rules governing the trading of
equity securities. The Exchange has
appropriate rules to facilitate trading in
the Shares during all trading sessions.
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The Exchange prohibits the distribution
of material non-public information by
its employees. Quotation and last sale
information for the Shares will be
available via the CTA high-speed line.
2. Statutory Basis
The Exchange believes that the
proposal is consistent with Section 6(b)
of the Act 27 in general and Section
6(b)(5) of the Act 28 in particular in that
it is designed to prevent fraudulent and
manipulative acts and practices, to
promote just and equitable principles of
trade, to foster cooperation and
coordination with persons engaged in
facilitating transactions in securities, to
remove impediments to and perfect the
mechanism of a free and open market
and a national market system and, in
general, to protect investors and the
public interest in that the Shares will
meet each of the continued listing
criteria in BZX Rule 14.11(i) with the
exception of Rule 14.11(i)(4)(C)(ii)(d) as
specifically discussed herein.
If the Fund were permitted full
flexibility to invest consistent with its
investment strategy, it might not meet
the requirements of Rule
14.11(i)(4)(C)(ii)(d) because certain NonAgency ABS and MBS by their nature
cannot satisfy these requirements. The
Exchange believes that excluding NonAgency ABS and MBS from this
calculation is consistent with the Act
because the Fund’s portfolio will
minimize the risk associated with any
particular holding of the Fund as a
result of the diversification provided by
the investments and the Adviser’s
selection process, which closely
monitors investments to ensure
maintenance of credit and liquidity
standards. Further, the Exchange
believes that this alternative limitation
is appropriate because Rule
14.11(i)(4)(C)(ii)(d) is not designed for
structured finance vehicles such as NonAgency ABS and MBS and the overall
weight of the Non-Agency ABS and
MBS held by the Fund will be limited
to 20% of the total portfolio as required
under Rule 14.11(i)(4)(C)(ii)(e). The
Exchange also notes that the Fund’s
portfolio will meet all of the other
generic listing standards applicable
under Rule 14.11(i), which will further
act to mitigate the manipulation
concerns which the rules are intended
to address. Further, the other fixed
income instruments, excluding NonAgency ABS and MBS, held by the
Fund will satisfy the 90% requirement
under Rule 14.11(i)(4)(C)(ii)(d).
Consistent with Rule
27 15
28 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
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19:54 Feb 05, 2020
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14.11(i)(4)(C)(ii)(e), the Non-Agency
ABS and MBS held by the Fund will not
account, in the aggregate, for more than
20% of the weight of the total portfolio.
As noted above, the remainder of the
Fund’s portfolio, including fixed
income securities, will meet all other
applicable generic listing standards
under Rule 14.11(i)(4)(C). Allowing the
Fund full flexibility to implement its
fixed income strategy and further
diversify its holdings to provide
exposure to a broader array of fixed
income securities would allow the Fund
to better achieve its investment
objective and, as such, benefit investors
in the Fund.
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. Rule
14.11(i)(7) provides that, if the
investment adviser or sub-adviser to the
investment company issuing Managed
Fund Shares is affiliated with a brokerdealer, such investment adviser or subadviser shall erect a ‘‘fire wall’’ between
the investment adviser or sub-adviser
and the broker-dealer with respect to
access to information concerning the
composition and/or changes to such
investment company portfolio. The
Adviser and Sub-Adviser are not a
registered broker-dealer, but the Adviser
and Sub-Adviser are affiliated with a
broker-dealer and have implemented
and will maintain ‘‘fire walls’’ with
respect to such broker-dealer regarding
access to information concerning the
composition and/or changes to the
Fund’s portfolio. In addition, Adviser
and Sub-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.
Additionally, the Exchange or FINRA,
on behalf of the Exchange, are able to
access, as needed, trade information for
certain fixed income instruments
reported to TRACE. The Exchange may
obtain information regarding trading in
the Shares via the ISG from other
exchanges who are a member of ISG or
affiliated with a member of ISG or with
which the Exchange has entered into a
comprehensive surveillance sharing
agreement. The Exchange further notes
that, except as sort [sic] forth above, the
Fund will meet and be subject to all
requirements of the generic listing rules
and applicable continued listing
requirements for Managed Fund Shares
under Rule 14.11(i), including those
requirements regarding the
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6991
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.
The proposed rule change is designed
to promote just and equitable principles
of trade and to protect investors and the
public interest in that the Exchange will
obtain a representation from the issuer
of the Shares that the NAV per Share
will be calculated daily and that the
NAV and the Disclosed Portfolio will be
made available to all market
participants at the same time. In
addition, a large amount of information
is publicly available regarding the Fund
and the Shares, thereby promoting
market transparency. Moreover, the
Intraday Indicative Value will be
disseminated by one or more major
market data vendors at least every 15
seconds during Regular Trading Hours.
On each business day, before
commencement of trading in Shares
during Regular Trading Hours, the Fund
will disclose on its website the
Disclosed Portfolio that will form the
basis for the Fund’s calculation of NAV
at the end of the business day. The
Fund’s website will include additional
quantitative information updated on a
daily basis, including, for the Fund: (1)
The prior business day’s NAV and the
market closing price or mid-point of the
Bid/Ask Price,29 and a calculation of the
premium or discount of the market
closing price or Bid/Ask Price against
the NAV; and (2) data in chart format
displaying the frequency distribution of
discounts and premiums of the daily
market closing price or Bid/Ask Price
against the NAV, within appropriate
ranges, for each of the four previous
calendar quarters. Additionally,
information regarding market price and
trading of the Shares will be continually
available on a real-time basis throughout
the day on brokers’ computer screens
and other electronic services, and
quotation and last sale information for
the Shares will be available on the
facilities of the Consolidated Tape
Association. The website for the Fund
will include a form of the prospectus for
the Fund and additional data relating to
NAV and other applicable quantitative
information. Trading in Shares of the
Fund will be halted under the
29 The Bid/Ask Price of the Fund will be
determined using the highest bid and the lowest
offer on the Exchange as of the time of calculation
of the Fund’s NAV. The records relating to Bid/Ask
Prices will be retained by the Fund or its service
providers.
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Federal Register / Vol. 85, No. 25 / Thursday, February 6, 2020 / Notices
conditions specified in Rule 11.18.
Trading may also be halted because of
market conditions or for reasons that, in
the view of the Exchange, make trading
in the Shares inadvisable. Finally,
trading in the Shares will be subject to
Rule 14.11(i)(4)(B)(iv), which sets forth
circumstances under which Shares may
be halted. In addition, as noted above,
investors will have ready access to
information regarding the Fund’s
holdings, the Intraday Indicative Value,
the Disclosed Portfolio, and quotation
and last sale information for the Shares.
Intraday price quotations on fixed
income securities and OTC derivative
instruments are available from major
broker-dealer firms and from thirdparties, which may provide prices free
with a time delay or in real-time for a
paid fee. Additionally, the intraday,
closing and settlement prices of futures
contracts held by the Fund will be
readily available from the exchanges on
which such products are listed,
automated quotation systems, published
or other public sources, or online
information services such as Bloomberg
or Reuters. Price information for Cash
Equivalents will be available from major
market data vendors. The Exchange
prohibits the distribution of material
non-public information by its
employees.
The proposed rule change is designed
to perfect the mechanism of a free and
open market and, in general, to protect
investors and the public interest in that
it will facilitate the listing and trading
of an actively-managed exchange traded
product that will enhance competition
among market participants, to the
benefit of investors and the marketplace.
As noted above, the Exchange has in
place surveillance procedures relating to
trading in the Shares and may obtain
information via ISG, from other
exchanges that are members of ISG, or
with which the Exchange has entered
into a comprehensive surveillance
sharing agreement. In addition, 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.
As noted above, investors will also have
ready access to information regarding
the Fund’s holdings, the Intraday
Indicative Value, the Disclosed
Portfolio, and quotation and last sale
information for the Shares.
For the above reasons, the Exchange
believes that the proposed rule change
is consistent with the requirements of
Section 6(b)(5) of the Act.
VerDate Sep<11>2014
19:54 Feb 05, 2020
Jkt 250001
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 will
facilitate the listing and trading of an
additional actively-managed exchangetraded product 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
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 30 and Rule 19b–
4(f)(6) thereunder.31
A proposed rule change filed under
Rule 19b–4(f)(6) 32 normally does not
become operative for 30 days after the
date of the filing. However, pursuant to
Rule 19b–4(f)(6)(iii),33 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest. The
Exchange has asked the Commission to
waive the 30-day operative delay to
allow the Fund to list and trade on the
Exchange as soon as practicable. The
Exchange stated that the proposal would
allow the Fund to hold Non-Agency
ABS and MBS in a manner that is
generally consistent with other series of
Managed Fund Shares that the
Commission has approved for listing
30 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its intent to
file the proposed rule change, 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.
32 17 CFR 240.19b–4(f)(6).
33 17 CFR 240.19b–4(f)(6)(iii).
31 17
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Fmt 4703
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and trading.34 The Commission agrees
that the proposal raises no novel or
substantive issues. Therefore, the
Commission believes that waiver of the
30-day operative delay is consistent
with the protection of investors and the
public interest and hereby waives the
30-day operative delay and designates
the proposed rule change operative
upon filing.35
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
CboeBZX–2020–008 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–2020–008. 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
34 See supra note 8. Nasdaq Rule 5735(b)(1)(B)(iv)
is substantially the same as Exchange Rule
14.11(i)(4)(C)(ii)(d).
35 For purposes only of waiving the operative
delay, the Commission has considered the proposed
rule’s impact on efficiency, competition, and capital
formation. See 15 U.S.C. 78c(f).
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Federal Register / Vol. 85, No. 25 / Thursday, February 6, 2020 / Notices
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–2020–008 and
should be submitted on or before
February 27, 2020.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.36
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020–02278 Filed 2–5–20; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF STATE
[Public Notice: 11026]
Notice of closed meeting.
The Department of State
announces meetings of the U.S. State
Department’s Overseas Security
Advisory Council on February 28, June
3, and November 17, 2020. Pursuant to
Section 10(d) of the Federal Advisory
Committee Act, it has been determined
that the meetings will be closed to the
public. The meetings will focus on an
examination of corporate security
policies and procedures and will
involve extensive discussion of trade
secrets and proprietary commercial
information that is privileged and
confidential and will discuss law
enforcement investigative techniques
and procedures. The agendas will
include updated committee reports,
global threat overviews, and other
matters relating to private sector
security policies and protective
programs and the protection of U.S.
business information overseas.
FOR FURTHER INFORMATION CONTACT:
Marsha Thurman, Overseas Security
Advisory Council, U.S. Department of
lotter on DSKBCFDHB2PROD with NOTICES
SUMMARY:
36 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
19:54 Feb 05, 2020
Jason R. Kight,
Executive Director.
[FR Doc. 2020–02275 Filed 2–5–20; 8:45 am]
BILLING CODE 4710–43–P
DEPARTMENT OF TRANSPORTATION
Federal Aviation Administration
[Summary Notice No. PE–2020–08]
Petition for Exemption; Summary of
Petition Received; Delta Engineering
Federal Aviation
Administration (FAA), DOT.
ACTION: Notice of petition for exemption
received.
AGENCY:
This notice contains a
summary of a petition seeking relief
from specified requirements of Federal
Aviation Regulations. The purpose of
this notice is to improve the public’s
awareness of, and participation in, the
FAA’s exemption process. Neither
publication of this notice nor the
inclusion or omission of information in
the summary is intended to affect the
legal status of the petition or its final
disposition.
SUMMARY:
Comments on this petition must
identify the petition docket number and
must be received on or before February
26, 2020.
ADDRESSES: Send comments identified
by docket number FAA–2019–0917
using any of the following methods:
• Federal eRulemaking Portal: Go to
https://www.regulations.gov and follow
the online instructions for sending your
comments electronically.
• Mail: Send comments to Docket
Operations, M–30; U.S. Department of
Transportation (DOT), 1200 New Jersey
Avenue SE, Room W12–140, West
Building Ground Floor, Washington, DC
20590–0001.
• Hand Delivery or Courier: Take
comments to Docket Operations in
Room W12–140 of the West Building
Ground Floor at 1200 New Jersey
Avenue SE, Washington, DC, between 9
a.m. and 5 p.m., Monday through
Friday, except Federal holidays.
• Fax: Fax comments to Docket
Operations at 202–493–2251.
Privacy: In accordance with 5 U.S.C.
553(c), DOT solicits comments from the
public to better inform its rulemaking
process. DOT posts these comments,
without edit, including any personal
information the commenter provides, to
https://www.regulations.gov, as
described in the system of records
DATES:
Overseas Security Advisory Council
(OSAC) Meeting
ACTION:
State, Washington, DC 20522–2008,
phone: 571–345–2214.
Jkt 250001
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6993
notice (DOT/ALL–14 FDMS), which can
be reviewed at https://www.dot.gov/
privacy.
Docket: Background documents or
comments received may be read at
https://www.regulations.gov at any time.
Follow the online instructions for
accessing the docket or go to the Docket
Operations in Room W12–140 of the
West Building Ground Floor at 1200
New Jersey Avenue SE, Washington,
DC, between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.
FOR FURTHER INFORMATION CONTACT:
Mark Forseth, AIR–673, Federal
Aviation Administration, 2200 South
216th Street, Des Moines, WA 98198,
phone and fax 206–231–3179, email
mark.forseth@faa.gov.
This notice is published pursuant to
14 CFR 11.85.
Issued in Des Moines, Washington, on
January 31, 2020.
Mary A. Schooley,
Acting Manager, Transport Standards
Branch.
Petition for Exemption
Docket No.: FAA–2019–0917
Petitioner: Delta Engineering
Section(s) of 14 CFR Affected:
§ 25.853(a) and (d)
Description of Relief Sought: Allow
the installation of large-panel cabininterior materials, as they pertain to
maximum heat release rates, in a Boeing
787–8 airplane.
[FR Doc. 2020–02314 Filed 2–5–20; 8:45 am]
BILLING CODE 4910–13–P
DEPARTMENT OF TRANSPORTATION
Federal Motor Carrier Safety
Administration
[Docket No. FMCSA–1998–4334; FMCSA–
2001–10578; FMCSA–2002–12844; FMCSA–
2003–16564; FMCSA–2005–21711; FMCSA–
2005–22194; FMCSA–2007–0017; FMCSA–
2007–27897; FMCSA–2009–0291; FMCSA–
2009–0303; FMCSA–2011–0140; FMCSA–
2011–0298; FMCSA–2011–0325; FMCSA–
2011–0365; FMCSA–2011–0366; FMCSA–
2013–0168; FMCSA–2013–0169; FMCSA–
2013–0170; FMCSA–2013–0174; FMCSA–
2015–0048; FMCSA–2015–0053; FMCSA–
2015–0056; FMCSA–2015–0072; FMCSA–
2015–0344; FMCSA–2015–0345; FMCSA–
2015–0347; FMCSA–2015–0348; FMCSA–
2017–0018; FMCSA–2017–0020; FMCSA–
2017–0024; FMCSA–2017–0026; FMCSA–
2017–0027; FMCSA–2017–0028; FMCSA–
2018–0006]
Qualification of Drivers; Exemption
Applications; Vision
Federal Motor Carrier Safety
Administration (FMCSA), DOT.
AGENCY:
E:\FR\FM\06FEN1.SGM
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]]>Agencies
[Federal Register Volume 85, Number 25 (Thursday, February 6, 2020)]
[Notices]
[Pages 6988-6993]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-02278]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-88107; File No. SR-CboeBZX-2020-008]
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 Hartford Core Bond ETF of the Hartford Funds
Exchange-Traded Trust Under Rule 14.11(i), Managed Fund Shares
January 31, 2020.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on January 21, 2020, Cboe BZX Exchange, Inc. (``Exchange'' or ``BZX'')
filed with the Securities and Exchange Commission (``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
Cboe BZX Exchange, Inc. (the ``Exchange'' or ``BZX'') is filing
with the Securities and Exchange Commission (``Commission'') a proposed
rule change to list and trade shares of the Hartford Core Bond ETF (the
``Fund'') of the Hartford Funds Exchange-Traded Trust (the ``Trust'')
under Rule 14.11(i) (``Managed Fund Shares'').
The text of the proposed rule change is also available on the
Exchange's website (https://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 fund. The
shares will be offered by the Trust, which was established as a
Delaware statutory trust on September 20, 2010. 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.\6\
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\5\ The Commission approved 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\ The Trust filed a post-effective amendment to the
Registration Statement on March 1, 2019 (the ``Registration
Statement''). See Registration Statement on Form N-1A for the Trust
(File Nos. 333-215165 and 811-23222). The descriptions of the Fund
and the Shares contained herein are based, in part, on information
included in the Registration Statement. The Commission has issued an
order granting certain exemptive relief to the Trust and affiliated
persons under the Investment Company Act of 1940 (the ``1940 Act'')
(15 U.S.C. 80a-1). See Investment Company Act Release No. 30695
(September 24, 2013) (File No. 812- 14178).
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Rule 14.11(i)(4)(C)(ii)(d) requires that component securities that
in aggregate account for at least 90% of the fixed income weight of the
portfolio must satisfy at least one of five conditions. The Exchange
submits this proposal because the Fund will not meet this requirement;
\7\ however, it will meet all of the other requirements of Rule
14.11(i). The Exchange notes that this proposed exception to Rule
14.11(i)(4)(C)(ii)(d) is substantively identical to an exception
included in several other rule filings that were either immediately
effective or approved by the Commission.\8\
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\7\ Rule 14.11(i)(4)(C)(ii)(d) provides that ``component
securities that in 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.'' The Exchange instead is
proposing that the fixed income portion of the portfolio excluding
Non-Agency ABS and MBS, as defined below, will satisfy this 90%
requirement.
\8\ See Securities Exchange Act Release Nos. 84047 (September 6,
2018), 83 FR 46200 (September 12, 2018) (SR-NASDAQ-2017-128) (the
``Nasdaq Approval Order''); and 85701 (April 22, 2019), 84 FR 17902
(April 26, 2019) (SR-CboeBZX-2019-016) (the ``Exchange Approval
Order''). The Exchange notes that it filed a non-controversial rule
change related to another fund issued by the Trust that allows for
an identical exception to Rule 14.11(i)(4)(C)(ii)(d). See also
Securities Exchange Act Release No. 87651 (December 3, 2019), 84 FR
67327 (December 9, 2019) (SR-CboeBZX-2019-099).
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Hartford Funds Management Company LLC acts as adviser to the Fund
(the ``Adviser''). Wellington Management is the sub-adviser (``Sub-
Adviser'') to the Fund. State Street Bank and Trust Company is the
administrator, custodian, and transfer agent for the Trust. ALPS
Distributors, Inc. serves as the distributor for the Trust.
Rule 14.11(i)(7) provides that, if the investment adviser or sub-
adviser to the investment company issuing Managed Fund Shares is
affiliated with a broker-
[[Page 6989]]
dealer, such investment adviser or sub-adviser shall erect and maintain
a ``fire wall'' between the investment adviser or sub-adviser and the
broker-dealer with respect to access to information concerning the
composition and/or changes to such investment company portfolio.\9\ In
addition, Rule 14.11(i)(7) further requires that personnel who make
decisions on the investment company's portfolio composition must be
subject to procedures designed to prevent the use and dissemination of
material nonpublic information regarding the applicable investment
company portfolio. Rule 14.11(i)(7) is similar to Rule
14.11(b)(5)(A)(i), however, Rule 14.11(i)(7) in connection with the
establishment of a ``fire wall'' between the investment adviser or sub-
adviser and the broker-dealer reflects the applicable open-end fund's
portfolio, not an underlying benchmark index, as is the case with
index-based funds. The Adviser and Sub-Adviser are not a registered
broker-dealer, but the Adviser and Sub-Adviser are affiliated with a
broker-dealer and have implemented and will maintain ``fire walls''
with respect to such broker-dealer regarding access to information
concerning the composition and/or changes to the Fund's portfolio. In
addition, Adviser and Sub-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 or
Sub-Adviser becomes registered as a broker-dealer or newly affiliated
with another 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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\9\ An investment adviser to an open-end fund is required to be
registered under the Investment Advisers Act of 1940 (the ``Advisers
Act''). As a result, the Adviser and their Sub-Adviser and their
related personnel are subject to the provisions of Rule 204A-1 under
the Advisers Act relating to codes of ethics. This Rule requires
investment advisers to adopt a code of ethics that reflects the
fiduciary nature of the relationship to clients as well as
compliance with other applicable securities laws. Accordingly,
procedures designed to prevent the communication and misuse of non-
public information by an investment adviser must be consistent with
Rule 204A-1 under the Advisers Act. In addition, Rule 206(4)-7 under
the Advisers Act makes it unlawful for an investment adviser to
provide investment advice to clients unless such investment adviser
has (i) adopted and implemented written policies and procedures
reasonably designed to prevent violation, by the investment adviser
and its supervised persons, of the Advisers Act and the Commission
rules adopted thereunder; (ii) implemented, at a minimum, an annual
review regarding the adequacy of the policies and procedures
established pursuant to subparagraph (i) above and the effectiveness
of their implementation; and (iii) designated an individual (who is
a supervised person) responsible for administering the policies and
procedures adopted under subparagraph (i) above.
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Hartford Core Bond ETF
According to the Registration Statement, the Fund seeks to provide
long-term total return. In order to achieve its investment objective,
under Normal Market Conditions,\10\ the Fund will invest primarily in
investment grade fixed-income securities. Under Normal Market
Conditions, the Fund will invest at least 80% of its assets (including
any borrowings for investment purposes) in fixed income securities, as
described in Rule 14.11(i)(4)(C)(ii), including: (1) Securities issued
or guaranteed as to principal or interest by the U.S. Government, its
agencies or instrumentalities; (2) non-convertible and convertible debt
securities issued or guaranteed by U.S. corporations or other issuers
(including foreign issuers); (3) asset-backed and mortgage-related
securities, including collateralized mortgage and loan obligations; and
(4) securities and loans issued or guaranteed as to principal or
interest by a sovereign government or one of its agencies or political
subdivisions (including quasi-sovereigns), supranational entities such
as development banks, non-U.S. corporations, banks or bank holding
companies, or other foreign issuers. Such holdings in fixed income
securities will meet the requirements for fixed income instruments in
Rule 14.11(i)(4)(C)(ii) except for Rule 14.11(i)(4)(C)(ii)(d), as
discussed in more detail below.
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\10\ As provided 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.
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Among others, such fixed income securities that may be held by the
Fund include non-agency, non-GSE,\11\ and privately-issued mortgage-
related and other asset-backed securities (collectively, ``Non-Agency
ABS and MBS''), which it generally expects to include (but not be
limited to) the following sectors: Private mortgage backed securities,
commercial mortgage backed securities, asset-backed securities
(including autos, credit cards, equipment, consumer loans), and
collateralized loan obligations. In accordance with Rule
14.11(i)(4)(C)(ii)(e), the Fund's holdings in Non-Agency ABS and MBS
will not account for more than 20% of the weight of the total
portfolio, in the aggregate.
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\11\ A ``GSE'' is a type of financial services corporation
created by the United States Congress. GSEs include Fannie Mae and
Freddie Mac, but not Sallie Mae, which is no longer a government
entity.
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The Fund will also generally invest up to 20% of its assets in cash
and Cash Equivalents,\12\ listed derivatives,\13\ and OTC
derivatives,\14\ although such holdings may exceed 20%. The Fund's
holdings in cash and Cash Equivalents, listed derivatives, and OTC
derivatives will be in compliance with all generic listing standards,
including those in Rules 14.11(i)(4)(C)(iii), 14.11(i)(4)(C)(iv),
14.11(i)(4)(C)(v), and 14.11(i)(4)(C)(vi).
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\12\ As defined in Exchange Rule 14.11(i)(4)(C)(iii)(b), Cash
Equivalents are short-term instruments with maturities of less than
three months, which includes only the following: (i) U.S. Government
securities, including bills, notes, and bonds differing as to
maturity and rates of interest, which are either issued or
guaranteed by the U.S. Treasury or by U.S. Government agencies or
instrumentalities; (ii) certificates of deposit issued against funds
deposited in a bank or savings and loan association; (iii) bankers
acceptances, which are short-term credit instruments used to finance
commercial transactions; (iv) repurchase agreements and reverse
repurchase agreements; (v) bank time deposits, which are monies kept
on deposit with banks or savings and loan associations for a stated
period of time at a fixed rate of interest; (vi) commercial paper,
which are short-term unsecured promissory notes; and (vii) money
market funds.
\13\ For purposes of this filing, listed derivatives include
only the following instruments: Treasury futures, U.S. interest rate
futures, and Eurodollar futures.
\14\ For purposes of this filing, OTC derivatives include only
the following instruments: interest rate swaps, currency forwards,
and credit default swap indices.
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The Fund's investments, including derivatives, will be consistent
with the 1940 Act and the Fund's investment objective and policies and
will not be used to enhance leverage (although certain derivatives and
other investments may result in leverage).\15\
[[Page 6990]]
That is, while the Fund will be permitted to borrow as permitted under
the 1940 Act, the Fund's investments will not be used to seek
performance that is the multiple or inverse multiple (i.e., 2Xs and
3Xs) of the Fund's primary broad-based securities benchmark index (as
defined in Form N-1A). The Fund will only use those derivatives
described above. The Fund's use of derivative instruments will be
collateralized.
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\15\ The Fund will include appropriate risk disclosure in its
offering documents, including leveraging risk. Leveraging risk is
the risk that certain transactions of a fund, including a fund's use
of derivatives, may give rise to leverage, causing a fund to be more
volatile than if it had not been leveraged. To mitigate leveraging
risk, the Fund will segregate or earmark liquid assets determined to
be liquid by the Adviser in accordance with procedures established
by the Trust's Board of Trustees and in accordance with the 1940 Act
(or, as permitted by applicable regulations, enter into certain
offsetting positions) to cover its obligations under derivative
instruments. These procedures have been adopted consistent with
Section 18 of the 1940 Act and related Commission guidance. See 15
U.S.C. 80a-18; Investment Company Act Release No. 10666 (April 18,
1979), 44 FR 25128 (April 27, 1979); Dreyfus Strategic Investing,
Commission No-Action Letter (June 22, 1987); Merrill Lynch Asset
Management, L.P., Commission No-Action Letter (July 2, 1996).
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Discussion
If the Fund had full flexibility to invest in a manner consistent
with its investment strategy, it might not meet the requirements of
Rule 14.11(i)(4)(C)(ii)(d) because certain Non-Agency ABS and MBS by
their nature cannot satisfy these requirements. As described above, the
Exchange is instead proposing that the fixed income portion of the
portfolio excluding Non-Agency ABS and MBS will satisfy this 90%
requirement. The Exchange believes that this alternative limitation is
appropriate because Rule 14.11(i)(4)(C)(ii)(d) is not designed for
structured finance vehicles such as Non-Agency ABS and MBS and the
overall weight of the Non-Agency ABS and MBS held by the Fund will be
limited to 20% of the total portfolio as required under Rule
14.11(i)(4)(C)(ii)(e). The Exchange also notes that the Fund's
portfolio is consistent with the policy issues underlying the rule as a
result of the diversification provided by the investments and the
Adviser's and Sub-Adviser's selection process, which closely monitors
investments to ensure maintenance of credit and liquidity standards. As
noted above, the remainder of the fixed income securities held by the
Fund will satisfy the requirements of Rule 14.11(i)(4)(C)(ii)(d) and
the remainder of the Fund's portfolio, including fixed income
securities, will meet all other applicable generic listing standards
under Rule 14.11(i)(4)(C). Further, the exception to Rule
14.11(i)(4)(C)(ii)(d) proposed herein is identical to the exception to
Rule 14.11(i)(4)(C)(ii)(d) laid out in an immediately effective rule
change related to another fund issued by the Trust.\16\ Allowing the
Fund full flexibility to implement its fixed income strategy and
further diversify its holdings to provide exposure to a broader array
of fixed income securities would allow the Fund to better achieve its
investment objective and, as such, benefit both investors [sic] in the
Fund.
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\16\ See Securities Exchange Act Release No. 87651 (December 3,
2019) 84 FR 67327 (December 9, 2019) (SR-CboeBZX-2019-099).
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The Exchange represents that the Shares of the Fund will comply
with all other requirements applicable to Managed Fund Shares, which
include the dissemination of key information such as the Disclosed
Portfolio,\17\ Net Asset Value,\18\ and the Intraday Indicative
Value,\19\ suspension of trading or removal,\20\ trading halts,\21\
surveillance,\22\ minimum price variation for quoting and order
entry,\23\ the information circular,\24\ and firewalls \25\ as set
forth in Exchange rules applicable to Managed Fund Shares and the
orders approving such rules. The Exchange or FINRA, on behalf of the
Exchange, or both will communicate as needed regarding trading in the
Shares and the underlying futures contracts with other markets and
other entities that are members of the Intermarket Surveillance Group
(``ISG''), and the Exchange or FINRA, on behalf of the Exchange, or
both, may obtain trading information regarding trading in the Shares
from such markets and other entities. In addition, the Exchange may
obtain information regarding trading in the Shares from market and
other entities that are members of ISG or with which the Exchange has
in place a comprehensive surveillance sharing agreement \26\ All
statements and representations made in this filing regarding the
description of the portfolio or reference assets, limitations on
portfolio holdings or reference assets, dissemination and availability
of reference asset and Intraday Indicative Values (as applicable), or
the applicability of Exchange listing rules specified in this filing
shall constitute continued listing requirements for the Shares. The
Fund has represented to the Exchange that it will advise the Exchange
of any failure by the Fund or Shares to comply with the continued
listing requirements, and, pursuant to its obligations under Section
19(g)(1) of the Act, the Exchange will surveil for compliance with the
continued listing requirements. FINRA conducts certain cross-market
surveillances on behalf of the Exchange pursuant to a regulatory
services agreement. The Exchange is responsible for FINRA's performance
under this regulatory services agreement. If the Fund is not in
compliance with the applicable listing requirements, the Exchange will
commence delisting procedures with respect to such Fund under Exchange
Rule 14.12.
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\17\ See Rule 14.11(i)(4)(A)(ii) and 14.11(i)(4)(B)(ii).
\18\ See Rule 14.11(i)(4)(A)(ii).
\19\ See Rule 14.11(i)(4)(B)(i).
\20\ See Rule 14.11(i)(4)(B)(iii).
\21\ See Rule 14.11(i)(4)(B)(iv).
\22\ See Rule 14.11(i)(2)(C).
\23\ See Rule 14.11(i)(2)(B).
\24\ See Rule 14.11(i)(6).
\25\ See Rule 14.11(i)(7).
\26\ 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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Availability of Information
As noted above, the Fund will comply with the requirements under
Rule 14.11(i) related to Disclosed Portfolio, NAV, and the Intraday
Indicative Value. Intraday price quotations on fixed income securities
and OTC derivative instruments are available from major broker-dealer
firms and from third-parties, which may provide prices free with a time
delay or in real-time for a paid fee. Additionally, the intraday,
closing and settlement prices of futures contracts held by the Fund
will be readily available from the exchanges on which such products are
listed, automated quotation systems, published or other public sources,
or online information services such as Bloomberg or Reuters. Price
information for Cash Equivalents will be available from major market
data vendors. The Disclosed Portfolio will be available on the Fund's
website (www.hartfordfunds.com) free of charge. The Fund's website will
include the prospectus for the Fund and additional information related
to NAV and other applicable quantitative information. Information
regarding market price and trading volume of the Shares will be
continuously available throughout the day on brokers' computer screens
and other electronic services. Information regarding the previous day's
closing price and trading volume for the Shares will be published daily
in the financial section of newspapers. Trading in the Shares may be
halted for market conditions or for reasons that, in the view of the
Exchange, make trading inadvisable. The Exchange deems the Shares to be
equity securities, thus rendering trading in the Shares subject to the
Exchange's existing rules governing the trading of equity securities.
The Exchange has appropriate rules to facilitate trading in the Shares
during all trading sessions.
[[Page 6991]]
The Exchange prohibits the distribution of material non-public
information by its employees. Quotation and last sale information for
the Shares will be available via the CTA high-speed line.
2. Statutory Basis
The Exchange believes that the proposal is consistent with Section
6(b) of the Act \27\ in general and Section 6(b)(5) of the Act \28\ in
particular in that it is designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to foster cooperation and coordination with
persons engaged in facilitating transactions in securities, to remove
impediments to and perfect the mechanism of a free and open market and
a national market system and, in general, to protect investors and the
public interest in that the Shares will meet each of the continued
listing criteria in BZX Rule 14.11(i) with the exception of Rule
14.11(i)(4)(C)(ii)(d) as specifically discussed herein.
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\27\ 15 U.S.C. 78f(b).
\28\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
If the Fund were permitted full flexibility to invest consistent
with its investment strategy, it might not meet the requirements of
Rule 14.11(i)(4)(C)(ii)(d) because certain Non-Agency ABS and MBS by
their nature cannot satisfy these requirements. The Exchange believes
that excluding Non-Agency ABS and MBS from this calculation is
consistent with the Act because the Fund's portfolio will minimize the
risk associated with any particular holding of the Fund as a result of
the diversification provided by the investments and the Adviser's
selection process, which closely monitors investments to ensure
maintenance of credit and liquidity standards. Further, the Exchange
believes that this alternative limitation is appropriate because Rule
14.11(i)(4)(C)(ii)(d) is not designed for structured finance vehicles
such as Non-Agency ABS and MBS and the overall weight of the Non-Agency
ABS and MBS held by the Fund will be limited to 20% of the total
portfolio as required under Rule 14.11(i)(4)(C)(ii)(e). The Exchange
also notes that the Fund's portfolio will meet all of the other generic
listing standards applicable under Rule 14.11(i), which will further
act to mitigate the manipulation concerns which the rules are intended
to address. Further, the other fixed income instruments, excluding Non-
Agency ABS and MBS, held by the Fund will satisfy the 90% requirement
under Rule 14.11(i)(4)(C)(ii)(d). Consistent with Rule
14.11(i)(4)(C)(ii)(e), the Non-Agency ABS and MBS held by the Fund will
not account, in the aggregate, for more than 20% of the weight of the
total portfolio.
As noted above, the remainder of the Fund's portfolio, including
fixed income securities, will meet all other applicable generic listing
standards under Rule 14.11(i)(4)(C). Allowing the Fund full flexibility
to implement its fixed income strategy and further diversify its
holdings to provide exposure to a broader array of fixed income
securities would allow the Fund to better achieve its investment
objective and, as such, benefit investors in the Fund.
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. Rule 14.11(i)(7)
provides that, if the investment adviser or sub-adviser to the
investment company issuing Managed Fund Shares is affiliated with a
broker-dealer, such investment adviser or sub-adviser shall erect a
``fire wall'' between the investment adviser or sub-adviser and the
broker-dealer with respect to access to information concerning the
composition and/or changes to such investment company portfolio. The
Adviser and Sub-Adviser are not a registered broker-dealer, but the
Adviser and Sub-Adviser are affiliated with a broker-dealer and have
implemented and will maintain ``fire walls'' with respect to such
broker-dealer regarding access to information concerning the
composition and/or changes to the Fund's portfolio. In addition,
Adviser and Sub-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. Additionally, the Exchange or FINRA, on behalf of the
Exchange, are able to access, as needed, trade information for certain
fixed income instruments reported to TRACE. The Exchange may obtain
information regarding trading in the Shares via the ISG from other
exchanges who are a member of ISG or affiliated with a member of ISG or
with which the Exchange has entered into a comprehensive surveillance
sharing agreement. The Exchange further notes that, except as sort
[sic] forth above, the Fund will meet and be subject to all
requirements of the generic listing rules and 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.
The proposed rule change is designed to promote just and equitable
principles of trade and to protect investors and the public interest in
that the Exchange will obtain a representation from the issuer of the
Shares that the NAV per Share will be calculated daily and that the NAV
and the Disclosed Portfolio will be made available to all market
participants at the same time. In addition, a large amount of
information is publicly available regarding the Fund and the Shares,
thereby promoting market transparency. Moreover, the Intraday
Indicative Value will be disseminated by one or more major market data
vendors at least every 15 seconds during Regular Trading Hours. On each
business day, before commencement of trading in Shares during Regular
Trading Hours, the Fund will disclose on its website the Disclosed
Portfolio that will form the basis for the Fund's calculation of NAV at
the end of the business day. The Fund's website will include additional
quantitative information updated on a daily basis, including, for the
Fund: (1) The prior business day's NAV and the market closing price or
mid-point of the Bid/Ask Price,\29\ and a calculation of the premium or
discount of the market closing price or Bid/Ask Price against the NAV;
and (2) data in chart format displaying the frequency distribution of
discounts and premiums of the daily market closing price or Bid/Ask
Price against the NAV, within appropriate ranges, for each of the four
previous calendar quarters. Additionally, information regarding market
price and trading of the Shares will be continually available on a
real-time basis throughout the day on brokers' computer screens and
other electronic services, and quotation and last sale information for
the Shares will be available on the facilities of the Consolidated Tape
Association. The website for the Fund will include a form of the
prospectus for the Fund and additional data relating to NAV and other
applicable quantitative information. Trading in Shares of the Fund will
be halted under the
[[Page 6992]]
conditions specified in Rule 11.18. Trading may also be halted because
of market conditions or for reasons that, in the view of the Exchange,
make trading in the Shares inadvisable. Finally, trading in the Shares
will be subject to Rule 14.11(i)(4)(B)(iv), which sets forth
circumstances under which Shares may be halted. In addition, as noted
above, investors will have ready access to information regarding the
Fund's holdings, the Intraday Indicative Value, the Disclosed
Portfolio, and quotation and last sale information for the Shares.
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\29\ The Bid/Ask Price of the Fund will be determined using the
highest bid and the lowest offer on the Exchange as of the time of
calculation of the Fund's NAV. The records relating to Bid/Ask
Prices will be retained by the Fund or its service providers.
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Intraday price quotations on fixed income securities and OTC
derivative instruments are available from major broker-dealer firms and
from third-parties, which may provide prices free with a time delay or
in real-time for a paid fee. Additionally, the intraday, closing and
settlement prices of futures contracts held by the Fund will be readily
available from the exchanges on which such products are listed,
automated quotation systems, published or other public sources, or
online information services such as Bloomberg or Reuters. Price
information for Cash Equivalents will be available from major market
data vendors. The Exchange prohibits the distribution of material non-
public information by its employees.
The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest in that it will facilitate the listing and trading of
an actively-managed exchange traded product that will enhance
competition among market participants, to the benefit of investors and
the marketplace. As noted above, the Exchange has in place surveillance
procedures relating to trading in the Shares and may obtain information
via ISG, from other exchanges that are members of ISG, or with which
the Exchange has entered into a comprehensive surveillance sharing
agreement. In addition, 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. As noted above, investors
will also have ready access to information regarding the Fund's
holdings, the Intraday Indicative Value, the Disclosed Portfolio, and
quotation and last sale information for the Shares.
For the above reasons, the Exchange believes that the proposed rule
change is consistent with the requirements of Section 6(b)(5) of the
Act.
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purpose of the Act. The Exchange notes that the
proposed rule change will facilitate the listing and trading of an
additional actively-managed exchange-traded product 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
The Exchange has neither solicited nor received written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \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, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, 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 under Rule 19b-4(f)(6) \32\ normally
does not become operative for 30 days after the date of the filing.
However, pursuant to Rule 19b-4(f)(6)(iii),\33\ the Commission may
designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has asked
the Commission to waive the 30-day operative delay to allow the Fund to
list and trade on the Exchange as soon as practicable. The Exchange
stated that the proposal would allow the Fund to hold Non-Agency ABS
and MBS in a manner that is generally consistent with other series of
Managed Fund Shares that the Commission has approved for listing and
trading.\34\ The Commission agrees that the proposal raises no novel or
substantive issues. Therefore, the Commission believes that waiver of
the 30-day operative delay is consistent with the protection of
investors and the public interest and hereby waives the 30-day
operative delay and designates the proposed rule change operative upon
filing.\35\
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\32\ 17 CFR 240.19b-4(f)(6).
\33\ 17 CFR 240.19b-4(f)(6)(iii).
\34\ See supra note 8. Nasdaq Rule 5735(b)(1)(B)(iv) is
substantially the same as Exchange Rule 14.11(i)(4)(C)(ii)(d).
\35\ For purposes only of waiving the operative delay, the
Commission has considered the proposed rule's impact on efficiency,
competition, and capital formation. See 15 U.S.C. 78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number SR-CboeBZX-2020-008 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-2020-008. 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
[[Page 6993]]
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-2020-008 and should
be submitted on or before February 27, 2020.
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\36\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\36\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-02278 Filed 2-5-20; 8:45 am]
BILLING CODE 8011-01-P
