Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Amendment No. 1 and Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 1, To List and Trade Shares of ConvexityShares 1x SPIKES Futures ETF Under NYSE Arca Rule 8.200-E (Trust Issued Receipts), 46287-46290 [2021-17669]
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Federal Register / Vol. 86, No. 157 / Wednesday, August 18, 2021 / Notices
10. Records pertaining to the USPS
fuel fleet card purchase program are
retained for 10 years.
11. Records related to voluntary
wellness challenges and programs will
be retained for 30 days after the
conclusion of each challenge or program
cycle.
Records existing on paper are
destroyed by burning, pulping, or
shredding. Records existing on
computer storage media are destroyed
according to the applicable USPS media
sanitization practice.
ADMINISTRATIVE, TECHNICAL, AND PHYSICAL
SAFEGUARDS:
jbell on DSKJLSW7X2PROD with NOTICES
Paper records, computers, and
computer storage media are located in
controlled-access areas under
supervision of program personnel.
Access to these areas is limited to
authorized personnel, who must be
identified with a badge.
Access to records is limited to
individuals whose official duties require
such access. Contractors and licensees
are subject to contract controls and
unannounced on-site audits and
inspections.
Computers are protected by
mechanical locks, card key systems, or
other physical access control methods.
The use of computer systems is
regulated with installed security
software, computer logon
identifications, and operating system
controls including access controls,
terminal and transaction logging, and
file management software.
For the voluntary employee wellness
initiative, employees will create their
own profile and enter their own
challenge activity progress. Employees
without access to U.S. Postal Service
computers and employees voluntarily
participating in the weight loss
challenges may opt-in to a manual
process to have their profile created and
entries updated by a designated
wellness challenge coordinator for their
geographic location.
Participant alias names will be used
in all wellness program dashboard
participant input and activity reporting
to protect the privacy of individuals. In
addition, weight loss challenge
dashboards will only display the
percentage of weight loss for the
employee by alias names, rather than
actual weights.
RECORD ACCESS PROCEDURES:
Requests for access must be made in
accordance with the Notification
Procedure above and USPS Privacy Act
regulations regarding access to records
and verification of identity under 39
CFR 266.5.
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17:34 Aug 17, 2021
Jkt 253001
CONTESTING RECORD PROCEDURES:
See Notification Procedure and
Record Access Procedures above.
NOTIFICATION PROCEDURES:
Individuals wanting to know if
information about them is maintained in
this system must address inquiries to
the facility head where currently or last
employed. Headquarters employees
must submit inquiries to Corporate
Personnel Management, 475 L’Enfant
Plaza SW, Washington, DC 20260.
Inquiries must include full name, Social
Security Number or Employee
Identification Number, name and
address of facility where last employed,
and dates of USPS employment.
EXEMPTIONS PROMULGATED FOR THE SYSTEM:
Records in this system relating to
injury compensation that have been
compiled in reasonable anticipation of a
civil action or proceeding are exempt
from individual access as permitted by
5 U.S.C. 552a(d)(5). The USPS has also
claimed exemption from certain
provisions of the Act for several of its
other systems of records at 39 CFR
266.9. To the extent that copies of
exempted records from those other
systems are incorporated into this
system, the exemptions applicable to
the original primary system continue to
apply to the incorporated records.
HISTORY:
June 15, 2020, 85 FR 29492; February
25, 2019, 84 FR 6022; February 23,
2017, 82 FR 11489; March 2, 2015, 80
FR 11241; June 17, 2011, 76 FR 35483;
April 29, 2005, 70 FR 22516.
Joshua J. Hofer,
Attorney, Ethics & Legal Compliance.
[FR Doc. 2021–17250 Filed 8–17–21; 8:45 am]
BILLING CODE 7710–12–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–92650; File No. SR–
NYSEArca–2021–29]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of
Amendment No. 1 and Order Instituting
Proceedings To Determine Whether To
Approve or Disapprove a Proposed
Rule Change, as Modified by
Amendment No. 1, To List and Trade
Shares of ConvexityShares 1x SPIKES
Futures ETF Under NYSE Arca Rule
8.200–E (Trust Issued Receipts)
August 12, 2021.
I. Introduction
On May 13, 2021, NYSE Arca, Inc.
(‘‘NYSE Arca’’ or ‘‘Exchange’’) filed
PO 00000
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Sfmt 4703
46287
with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to Section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’ or
‘‘Exchange Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
list and trade shares (‘‘Shares’’) of the
ConvexityShares 1x SPIKES Futures
ETF (‘‘Fund’’), a series of the
ConvexityShares Trust (‘‘Trust’’), under
NYSE Arca Rule 8.200–E, Commentary
.02 (‘‘Trust Issued Receipts’’). The
proposed rule change was published for
comment in the Federal Register on
May 26, 2021.3 On July 2, 2021,
pursuant to Section 19(b)(2) of the Act,4
the Commission designated a longer
period within which to approve the
proposed rule change, disapprove the
proposed rule change, or institute
proceedings to determine whether to
approve or disapprove the proposed
rule change.5 On July 26, 2021, the
Exchange filed Amendment No. 1 to the
proposed rule change, which replaced
and superseded the proposed rule
change as originally filed.6 The
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 91952
(May 20, 2021), 86 FR 28410.
4 15 U.S.C. 78s(b)(2).
5 See Securities Exchange Act Release No. 92321,
86 FR 36173 (July 8, 2021). The Commission
designated August 24, 2021, as the date by which
the Commission shall approve or disapprove, or
institute proceedings to determine whether to
approve or disapprove, the proposed rule change.
6 In Amendment No. 1, the Exchange: (i) Stated
that Teucrium Trading, LLC will be the SubAdviser for the Fund; (ii) represented that neither
the Sponsor nor the Sub-Adviser (as such terms are
defined below) is registered as a broker-dealer or
affiliated with a broker-dealer and made additional
representations with respect to firewalls; (iii) stated
that the Fund will seek investment results, before
fees and expenses, that correspond to the
performance of the Index (as defined below) and
that the Fund will seek to track the Index over time,
not just for a single day; (iv) stated that the Sponsor
or Sub-Adviser determines the type, quantity and
mix of investments that the Sponsor or Sub-Adviser
believes, in combination, should provide exposure
to the Index to seek investment results equal to the
performance of the Index; (v) stated that the
Sponsor or Sub-Adviser may cause the Fund to
invest in VIX Related Positions (as defined below)
if the market for a specific futures contract
experiences emergencies or disruptions or in
situations where the Sponsor or Sub-Adviser deems
it impractical or inadvisable to buy or sell SPIKES
futures contracts; (vi) represented that (a) the Fund
will attempt to limit counterparty risk in uncleared
swap agreements by entering into such agreements
only with counterparties the Sponsor and SubAdviser believes are creditworthy and by limiting
the Fund’s exposure to each counterparty and (b)
the Sponsor and Sub-Adviser will monitor the
creditworthiness of each counterparty and the
Fund’s exposure to each counterparty on an
ongoing basis; (vii) stated that, with respect to
halting trading in the Shares, the Exchange may
consider (a) the extent to which trading is not
occurring in the securities and/or the financial
instruments composing the daily disclosed portfolio
of the Fund; or (b) whether other unusual
2 17
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18AUN1
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Federal Register / Vol. 86, No. 157 / Wednesday, August 18, 2021 / Notices
Commission has received no comments
on the proposed rule change. The
Commission is publishing this notice
and order to solicit comments on
Amendment No. 1 from interested
persons, and to institute proceedings
pursuant to Section 19(b)(2)(B) of the
Act 7 to determine whether to approve
or disapprove the proposed rule change,
as modified by Amendment No. 1.
jbell on DSKJLSW7X2PROD with NOTICES
II. Description of the Proposed Rule
Change, as Modified by Amendment
No. 1 8
The Exchange proposes to list and
trade Shares of the Fund 9 under NYSE
Arca Rule 8.200–E, Commentary .02
which governs the listing and trading of
Trust Issued Receipts 10 on the
Exchange. The Fund will be managed
and controlled by ConvexityShares, LLC
(‘‘Sponsor’’), a commodity pool
operator.11 Teucrium Trading, LLC, a
conditions or circumstances detrimental to the
maintenance of a fair and orderly market are
present; (viii) represented that information
regarding market price and trading volume for the
Shares will be continually available on a real-time
basis throughout the day on brokers’ computer
screens and other electronic services; (ix)
represented that prior to the commencement of
trading, the Exchange will inform its Equity Trading
Permit Holders in an Information Bulletin of,
among other things, the special characteristics and
risks associated with trading the Shares, the
prospectus delivery requirements applicable to the
Fund, and any exemptive, no-action, and
interpretive relief granted by the Commission from
any rules under the Act; and (x) made technical,
clarifying, and conforming changes. Amendment
No. 1 is available at: https://www.sec.gov/
comments/sr-nysearca-2021-29/
srnysearca202129.htm.
7 15 U.S.C. 78s(b)(2)(B).
8 Additional information regarding the Fund, the
Trust, and the Shares, including investment
strategies, creation and redemption procedures, and
portfolio holdings can be found in Amendment No.
1, supra note 6.
9 On December 15, 2020, the Trust submitted to
the Commission its draft registration statement on
Form S–1 (‘‘Registration Statement’’) under the
Securities Act of 1933 on a confidential basis. The
Registration Statement for the Fund is not yet
effective and the Exchange will not commence
trading in Shares of the Fund until the Registration
Statement becomes effective.
10 Commentary .02 to NYSE Arca Rule 8.200–E
applies to Trust Issued Receipts that invest in
‘‘Financial Instruments.’’ The term ‘‘Financial
Instruments,’’ as defined in Commentary .02(b)(4) to
NYSE Arca Rule 8.200–E, means any combination
of investments, including cash; securities; options
on securities and indices; futures contracts; options
on futures contracts; forward contracts; equity caps,
collars, and floors; and swap agreements.
11 The Sponsor is not registered as a broker-dealer
or affiliated with a broker-dealer. In the event (a)
the Sponsor becomes registered as a broker-dealer
or becomes newly affiliated with a broker-dealer, or
(b) any new sponsor becomes registered as a brokerdealer or becomes newly affiliated with a brokerdealer, it will implement and maintain a fire wall
with respect to its relevant personnel of the brokerdealer or 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
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17:34 Aug 17, 2021
Jkt 253001
commodity trading adviser registered
with the Commodity Futures Trading
Commission, will be the Sub-Adviser
for the Fund (‘‘Sub-Adviser’’) and will
manage the Fund’s commodity futures
investment strategy.12 U.S. Bank will
provide custody and fund accounting to
the Trust and the Fund; U.S. Bancorp
Fund Services will be the transfer agent
for the Shares and administrator for the
Fund; and Foreside will serve as the
distributor for the Fund.
The Fund will seek investment
results, before fees and expenses, that
correspond to the performance of its
benchmark index. The Fund will seek to
track the Index over time, not just for a
single day. The Fund is benchmarked to
the T3 SPIKE Front 2 Futures Index
(‘‘Index’’), an investable index of
SPIKES futures contracts.13 The Index is
intended to reflect the returns that are
potentially available through an
unleveraged investment in a theoretical
portfolio of first- and second-month
futures contracts on the SPIKES
Volatility Index (‘‘SPIKES Index’’).14
the use and dissemination of material non-public
information regarding the portfolio.
12 The Sub-Adviser is not registered as a brokerdealer or affiliated with a broker-dealer. In the event
(a) the Sub-Adviser becomes registered as a brokerdealer or becomes newly affiliated with a brokerdealer, or (b) any new Sub-Adviser becomes
registered as a broker-dealer or becomes newly
affiliated with a broker-dealer, it will implement
and maintain a fire wall with respect to its relevant
personnel of the broker-dealer or 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 the portfolio.
13 The Index is sponsored by Triple Three
Partners Pty Ltd, which licenses the use of the
Index to its affiliated company, T3i Pty Ltd (Triple
Three Partners Pty Ltd and T3i Pty Ltd. are
collectively referred to herein as ‘‘T3 Index’’ or
‘‘Index Sponsor’’). The Index Sponsor is affiliated
with the Sponsor. The Index Sponsor has
implemented and will maintain a fire wall
regarding access to information concerning the
composition of and/or changes to the Index. In
addition, the Index Sponsor has implemented and
will maintain procedures that are designed to
prevent the use and dissemination of material, nonpublic information regarding the Index. The Index
Sponsor is not registered as an investment adviser
or broker-dealer and is not affiliated with any
broker-dealers. The Index is calculated and
published by Solactive AG, which is not affiliated
with T3 Index.
14 The Exchange states that the SPIKES Index is
a non-investable index that measures the implied
volatility of the SPDR S&P 500 ETF Trust (‘‘SPY’’)
over 30 days in the future. SPY is a unit investment
trust that holds a portfolio of common stocks that
closely tracks the price performance and dividend
yield of the S&P 500 Composite Price Index (‘‘S&P
500’’). The SPIKES Index does not represent the
actual or the realized volatility of SPY. The SPIKES
Index is calculated based on the prices of a
constantly changing portfolio of SPY put and call
options. The SPIKES Index is reflective of the
premium paid by investors for certain options
linked to the level of the S&P 500. The SPIKES
PO 00000
Frm 00115
Fmt 4703
Sfmt 4703
The Index is comprised solely of
SPIKES futures contracts.15 The Index
employs rules for selecting the SPIKES
futures contracts comprising the Index
and a formula to calculate a level for the
Index from the prices of these SPIKES
futures contracts. Currently, the SPIKES
futures contracts comprising the Index
represent the prices of two near-term
SPIKES futures contracts, replicating a
position that rolls the nearest month
SPIKES futures contracts to the next
month SPIKES futures contracts at or
close to the daily settlement price via a
Trade-At-Settlement 16 program towards
the end of each business day in equal
fractional amounts. This results in a
constant weighted average maturity of
one month.
The Fund will invest primarily in
SPIKES futures contracts to gain the
appropriate exposure to the Index.
Under certain circumstances (described
below), the Fund may also invest in
futures contracts and swap contracts
(‘‘VIX Related Positions’’) on the Cboe
Volatility Index (‘‘VIX’’).17 The
Exchange states that the VIX is an index
that tracks volatility and would be
expected to perform in a substantially
similar manner as the SPIKES Index.
The Fund seeks to achieve its
investment objective through the
appropriate amount of exposure to the
SPIKES futures contracts included in
the Index. The Fund will not directly
invest in the SPIKES Index. The
Sponsor or Sub-Adviser determines the
Index is a theoretical calculation and cannot be
traded on a spot basis. T3 Index is the owner,
creator and licensor of the SPIKES Index. The
SPIKES Index is calculated, maintained and
published by Miami International Securities
Exchange, LLC via the Options Price Reporting
Authority.
15 According to the Exchange, SPIKES futures
contracts were launched for trading by the
Minneapolis Grain Exchange, LLC (‘‘MGEX’’) on
December 14, 2020. While the SPIKES Index
represents a measure of the expected 30-day
volatility of SPY, the prices of SPIKES futures
contracts are based on the current expectation of the
expected 30-day volatility of SPY on the expiration
date of the futures contract.
16 According to the Exchange, a Trade at
Settlement (‘‘TAS’’) transaction is a transaction at
a price equal to the daily settlement price, or at a
specified differential above or below the daily
settlement price. The TAS transaction price will be
determined following execution and based upon the
daily settlement price of the respective SPIKES
futures contracts month. The permissible price
range for permitted TAS transactions is from 0.50
index points below the daily settlement price to
0.50 index points above the daily settlement price.
The permissible minimum increment for a TAS
transaction is 0.01 index points. See MGEX Rule
83.15 at https://www.mgex.com/documents/
20210318-Rulebook.pdf.
17 According to the Exchange, the VIX is a
measure of estimated near-term future volatility
based upon the weighted average of the implied
volatilities of near-term put and call options on the
S&P 500.
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18AUN1
Federal Register / Vol. 86, No. 157 / Wednesday, August 18, 2021 / Notices
type, quantity and mix of investments
that the Sponsor or Sub-Adviser
believes, in combination, should
provide exposure to the Index to seek
investment results equal to the
performance of the Index. In the event
accountability rules, price limits,
position limits, margin limits or other
exposure limits are reached with respect
to SPIKES futures contracts, or if the
market for a specific futures contract
experiences emergencies (e.g., natural
disaster, terrorist attack or an act of God)
or disruptions (e.g., a trading halt or a
flash crash), or in situations where the
Sponsor or Sub-Adviser deems it
impractical or inadvisable to buy or sell
SPIKES futures contracts (such as
during periods of market volatility or
illiquidity, or when trading in SPY is
halted), the Sponsor or Sub-Adviser
may cause the Fund to invest in VIX
Related Positions. The Sponsor expects
the Fund’s positions in VIX Related
Positions to consist primarily of VIX
futures contracts, which are traded on
the Cboe Futures Exchange. However, in
the event accountability rules, price
limits, position limits, margin limits or
other exposure limits are reached with
respect to VIX futures contracts, or if the
market for a specific VIX futures
contract experiences emergencies or
disruptions or in situations where the
Sponsor or Sub-Adviser deems it
impractical or inadvisable to buy or sell
VIX futures contracts, the Fund would
hold VIX swap agreements.18 The Fund
will also hold cash or cash equivalents
such as U.S. Treasury securities or other
high credit quality, short-term fixedincome or similar securities (such as
shares of money market funds) as
collateral for investments and pending
investments.
jbell on DSKJLSW7X2PROD with NOTICES
III. Proceedings To Determine Whether
To Approve or Disapprove SR–
NYSEArca–2021–29, as Modified by
Amendment No. 1, and Grounds for
Disapproval Under Consideration
The Commission is instituting
proceedings pursuant to Section
19(b)(2)(B) of the Act 19 to determine
whether the proposed rule change, as
modified by Amendment No. 1, should
be approved or disapproved. Institution
of such proceedings is appropriate at
this time in view of the legal and policy
18 The Fund will attempt to limit counterparty
risk in uncleared swap agreements by entering into
such agreements only with counterparties the
Sponsor and Sub-Adviser believes are creditworthy
and by limiting the Fund’s exposure to each
counterparty. The Exchange represents that the
Sponsor and Sub-Adviser will monitor the
creditworthiness of each counterparty and the
Fund’s exposure to each counterparty on an
ongoing basis.
19 15 U.S.C. 78s(b)(2)(B).
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17:34 Aug 17, 2021
Jkt 253001
issues raised by the proposal. Institution
of proceedings does not indicate that the
Commission has reached any
conclusions with respect to any of the
issues involved. Rather, as described
below, the Commission seeks and
encourages interested persons to
provide comments on the proposed rule
change.
Pursuant to Section 19(b)(2)(B) of the
Act,20 the Commission is providing
notice of the grounds for disapproval
under consideration. The Commission is
instituting proceedings to allow for
additional analysis of the proposal’s
consistency with Section 6(b)(5) of the
Act, which requires, among other
things, that the rules of a national
securities exchange be ‘‘designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade,’’ and ‘‘to
protect investors and the public
interest.’’ 21
Under the Commission’s Rules of
Practice, the ‘‘burden to demonstrate
that a proposed rule change is
consistent with the Exchange Act and
the rules and regulations issued
thereunder . . . is on the [SRO] that
proposed the rule change.’’ 22 The
description of a proposed rule change,
its purpose and operation, its effect, and
a legal analysis of its consistency with
applicable requirements must all be
sufficiently detailed and specific to
support an affirmative Commission
finding,23 and any failure of an SRO to
provide this information may result in
the Commission not having a sufficient
basis to make an affirmative finding that
a proposed rule change is consistent
with the Act and the applicable rules
and regulations.24
The Commission is instituting
proceedings to allow for additional
consideration and comment on the
issues raised herein, including as to
whether the proposal is consistent with
the Act.
IV. Procedure: Request for Written
Comments
The Commission requests that
interested persons provide written
submissions of their views, data, and
arguments with respect to the issues
identified above, as well as any other
concerns they may have with the
proposal. In particular, the Commission
invites the written views of interested
persons concerning whether the
proposed rule change, as modified by
20 Id.
21 15
U.S.C. 78f(b)(5).
CFR 201.700(b)(3).
23 See id.
24 See id.
22 17
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Frm 00116
Fmt 4703
Sfmt 4703
46289
Amendment No. 1, is consistent with
Section 6(b)(5) or any other provision of
the Act, or the rules and regulations
thereunder. Although there do not
appear to be any issues relevant to
approval or disapproval that would be
facilitated by an oral presentation of
views, data, and arguments, the
Commission will consider, pursuant to
Rule 19b-4, any request for an
opportunity to make an oral
presentation.25
Interested persons are invited to
submit written data, views, and
arguments regarding whether the
proposed rule change, as modified by
Amendment No. 1, should be approved
or disapproved by September 8, 2021.
Any person who wishes to file a rebuttal
to any other person’s submission must
file that rebuttal by September 22, 2021.
The Commission asks that
commenters address the sufficiency of
the Exchange’s statements in support of
the proposal, which are set forth in the
Amendment No. 1, in addition to any
other comments they may wish to
submit about the proposed rule change.
In this regard, the Commission seeks
commenters’ views regarding whether
the Exchange’s proposal to list and trade
the Shares, which seek to provide
investment results that correspond to
the return of an index designed to
measure the daily performance of a
theoretical portfolio of first- and secondmonth SPIKES futures contracts, is
adequately designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade, and to protect
investors and the public interest,
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–
NYSEArca–2021–29 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.
25 Section 19(b)(2) of the Act, as amended by the
Securities Act Amendments of 1975, Public Law
94–29 (June 4, 1975), grants the Commission
flexibility to determine what type of proceeding—
either oral or notice and opportunity for written
comments—is appropriate for consideration of a
particular proposal by a self-regulatory
organization. See Securities Act Amendments of
1975, Senate Comm. on Banking, Housing & Urban
Affairs, S. Rep. No. 75, 94th Cong., 1st Sess. 30
(1975).
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Federal Register / Vol. 86, No. 157 / Wednesday, August 18, 2021 / Notices
All submissions should refer to File
Number SR–NYSEArca–2021–29. 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–2021–29 and
should be submitted by September 8,
2021. Rebuttal comments should be
submitted by September 22, 2021.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.26
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021–17669 Filed 8–17–21; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–92652; File No. SR–ICEEU–
2021–014]
Self-Regulatory Organizations; ICE
Clear Europe Limited; Notice of Filing
of Proposed Rule Change, as Modified
by Partial Amendment No. 1, Relating
to the ICE Clear Europe Clearing
Membership Policy and Clearing
Membership Procedures
August 12, 2021.
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 August 2,
2021, ICE Clear Europe Limited (‘‘ICE
Clear Europe’’ or the ‘‘Clearing House’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule changes described in
Items I, II and III below, which Items
have been prepared primarily by ICE
Clear Europe. On August 11, 2021, ICE
Clear Europe filed Partial Amendment
No. 1 to the proposed rule change.3 The
Commission is publishing this notice to
solicit comments on the proposed rule
change, as modified by Partial
Amendment No. 1 (hereafter referred to
as the ‘‘proposed rule change’’), from
interested persons.
I. Clearing Agency’s Statement of the
Terms of Substance of the Proposed
Rule Change
ICE Clear Europe proposes to adopt a
new Clearing Membership Policy (the
‘‘Policy’’) and new Clearing
Membership Procedures (the
‘‘Procedures’’, and collectively with the
Policy, the ‘‘Documents’’). The revisions
would not involve any changes to the
ICE Clear Europe Clearing Rules.4
II. Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
In its filing with the Commission, ICE
Clear Europe included statements
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 Partial Amendment No. 1 amended the filing to
delete from the filed Exhibit 5B, Clearing
Membership Procedures, certain statements in
sections 2.4.1 and 2.4.2 of such Procedures
concerning the termination of clearing membership
by a Clearing Member. Specifically, ICE Clear
Europe proposes to remove the statements that it
will define a minimum notice period and may
publish a Circular confirming that a Termination
Notice has been issued, because the appropriate
minimum notice period and requirements for
publishing a Circular are set forth in existing
Clearing Rule 209, which is not proposed to be
amended.
4 Capitalized terms used but not defined herein
have the meanings specified in the ICE Clear
Europe Clearing Rules (the ‘‘Rules’’).
jbell on DSKJLSW7X2PROD with NOTICES
2 17
26 17
CFR 200.30–3(a)(57).
VerDate Sep<11>2014
17:34 Aug 17, 2021
Jkt 253001
PO 00000
Frm 00117
Fmt 4703
Sfmt 4703
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. ICE
Clear Europe has prepared summaries,
set forth in sections (A), (B), and (C)
below, of the most significant aspects of
such statements.
(A) Clearing Agency’s Statement of the
Purpose of, and Statutory Basis for, the
Proposed Rule Change
(a) Purpose
ICE Clear Europe is proposing to
adopt the new Policy and Procedures to
consolidate and summarize its existing
clearing membership criteria and to
document certain existing processes and
procedures concerning the membership
application process.
Clearing Membership Policy
ICE Clear Europe is proposing to
adopt the new Policy which would
describe its clearing membership
criteria (which are set forth in full detail
in the Rules). The Policy would not
change existing membership criteria.
The Policy would also address related
processes for assessing applicants for
membership, variations of permissions
and termination of membership.
The Policy would describe clearing
membership criteria, starting with a
description of the objectives, which
accounts for membership risk and
ensures that such risks are properly
managed and that admission criteria is
non-discriminatory, transparent and
objective to ensure fair and open access,
as well as consistent with relevant
regulatory requirements. The Policy
would describe how these objectives are
met through setting and monitoring
appropriate membership criteria,
establishing a due diligence process and
requiring notifications regarding
changes to Clearing Member business.
The core clearing membership criteria,
including holding sufficient capital,
being a party to a Clearing Membership
Agreement and others, would be
summarized in the Policy (with the full
criteria set out in Rule 201 and the CDS
Procedures).
The Policy would provide that ICE
Clear Europe has established processes
for clearing membership application,
permission variations and clearing
membership termination which are set
out in further detail in the Procedures.
The Policy would also address
monitoring in respect of membership
criteria, including periodic in-depth
counterparty reviews, periodic review of
financial positions and use of its
E:\FR\FM\18AUN1.SGM
18AUN1
]]>Agencies
[Federal Register Volume 86, Number 157 (Wednesday, August 18, 2021)]
[Notices]
[Pages 46287-46290]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-17669]
=======================================================================
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-92650; File No. SR-NYSEArca-2021-29]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Amendment No. 1 and Order Instituting Proceedings To Determine
Whether To Approve or Disapprove a Proposed Rule Change, as Modified by
Amendment No. 1, To List and Trade Shares of ConvexityShares 1x SPIKES
Futures ETF Under NYSE Arca Rule 8.200-E (Trust Issued Receipts)
August 12, 2021.
I. Introduction
On May 13, 2021, NYSE Arca, Inc. (``NYSE Arca'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission''),
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'' or ``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to list and trade shares (``Shares'') of the
ConvexityShares 1x SPIKES Futures ETF (``Fund''), a series of the
ConvexityShares Trust (``Trust''), under NYSE Arca Rule 8.200-E,
Commentary .02 (``Trust Issued Receipts''). The proposed rule change
was published for comment in the Federal Register on May 26, 2021.\3\
On July 2, 2021, pursuant to Section 19(b)(2) of the Act,\4\ the
Commission designated a longer period within which to approve the
proposed rule change, disapprove the proposed rule change, or institute
proceedings to determine whether to approve or disapprove the proposed
rule change.\5\ On July 26, 2021, the Exchange filed Amendment No. 1 to
the proposed rule change, which replaced and superseded the proposed
rule change as originally filed.\6\ The
[[Page 46288]]
Commission has received no comments on the proposed rule change. The
Commission is publishing this notice and order to solicit comments on
Amendment No. 1 from interested persons, and to institute proceedings
pursuant to Section 19(b)(2)(B) of the Act \7\ to determine whether to
approve or disapprove the proposed rule change, as modified by
Amendment No. 1.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 91952 (May 20,
2021), 86 FR 28410.
\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 92321, 86 FR 36173
(July 8, 2021). The Commission designated August 24, 2021, as the
date by which the Commission shall approve or disapprove, or
institute proceedings to determine whether to approve or disapprove,
the proposed rule change.
\6\ In Amendment No. 1, the Exchange: (i) Stated that Teucrium
Trading, LLC will be the Sub-Adviser for the Fund; (ii) represented
that neither the Sponsor nor the Sub-Adviser (as such terms are
defined below) is registered as a broker-dealer or affiliated with a
broker-dealer and made additional representations with respect to
firewalls; (iii) stated that the Fund will seek investment results,
before fees and expenses, that correspond to the performance of the
Index (as defined below) and that the Fund will seek to track the
Index over time, not just for a single day; (iv) stated that the
Sponsor or Sub-Adviser determines the type, quantity and mix of
investments that the Sponsor or Sub-Adviser believes, in
combination, should provide exposure to the Index to seek investment
results equal to the performance of the Index; (v) stated that the
Sponsor or Sub-Adviser may cause the Fund to invest in VIX Related
Positions (as defined below) if the market for a specific futures
contract experiences emergencies or disruptions or in situations
where the Sponsor or Sub-Adviser deems it impractical or inadvisable
to buy or sell SPIKES futures contracts; (vi) represented that (a)
the Fund will attempt to limit counterparty risk in uncleared swap
agreements by entering into such agreements only with counterparties
the Sponsor and Sub-Adviser believes are creditworthy and by
limiting the Fund's exposure to each counterparty and (b) the
Sponsor and Sub-Adviser will monitor the creditworthiness of each
counterparty and the Fund's exposure to each counterparty on an
ongoing basis; (vii) stated that, with respect to halting trading in
the Shares, the Exchange may consider (a) the extent to which
trading is not occurring in the securities and/or the financial
instruments composing the daily disclosed portfolio of the Fund; or
(b) whether other unusual conditions or circumstances detrimental to
the maintenance of a fair and orderly market are present; (viii)
represented that information regarding market price and trading
volume for the Shares will be continually available on a real-time
basis throughout the day on brokers' computer screens and other
electronic services; (ix) represented that prior to the commencement
of trading, the Exchange will inform its Equity Trading Permit
Holders in an Information Bulletin of, among other things, the
special characteristics and risks associated with trading the
Shares, the prospectus delivery requirements applicable to the Fund,
and any exemptive, no-action, and interpretive relief granted by the
Commission from any rules under the Act; and (x) made technical,
clarifying, and conforming changes. Amendment No. 1 is available at:
https://www.sec.gov/comments/sr-nysearca-2021-29/srnysearca202129.htm.
\7\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
II. Description of the Proposed Rule Change, as Modified by Amendment
No. 1 \8\
---------------------------------------------------------------------------
\8\ Additional information regarding the Fund, the Trust, and
the Shares, including investment strategies, creation and redemption
procedures, and portfolio holdings can be found in Amendment No. 1,
supra note 6.
---------------------------------------------------------------------------
The Exchange proposes to list and trade Shares of the Fund \9\
under NYSE Arca Rule 8.200-E, Commentary .02 which governs the listing
and trading of Trust Issued Receipts \10\ on the Exchange. The Fund
will be managed and controlled by ConvexityShares, LLC (``Sponsor''), a
commodity pool operator.\11\ Teucrium Trading, LLC, a commodity trading
adviser registered with the Commodity Futures Trading Commission, will
be the Sub-Adviser for the Fund (``Sub-Adviser'') and will manage the
Fund's commodity futures investment strategy.\12\ U.S. Bank will
provide custody and fund accounting to the Trust and the Fund; U.S.
Bancorp Fund Services will be the transfer agent for the Shares and
administrator for the Fund; and Foreside will serve as the distributor
for the Fund.
---------------------------------------------------------------------------
\9\ On December 15, 2020, the Trust submitted to the Commission
its draft registration statement on Form S-1 (``Registration
Statement'') under the Securities Act of 1933 on a confidential
basis. The Registration Statement for the Fund is not yet effective
and the Exchange will not commence trading in Shares of the Fund
until the Registration Statement becomes effective.
\10\ Commentary .02 to NYSE Arca Rule 8.200-E applies to Trust
Issued Receipts that invest in ``Financial Instruments.'' The term
``Financial Instruments,'' as defined in Commentary .02(b)(4) to
NYSE Arca Rule 8.200-E, means any combination of investments,
including cash; securities; options on securities and indices;
futures contracts; options on futures contracts; forward contracts;
equity caps, collars, and floors; and swap agreements.
\11\ The Sponsor is not registered as a broker-dealer or
affiliated with a broker-dealer. In the event (a) the Sponsor
becomes registered as a broker-dealer or becomes newly affiliated
with a broker-dealer, or (b) any new sponsor becomes registered as a
broker-dealer or becomes newly affiliated with a broker-dealer, it
will implement and maintain a fire wall with respect to its relevant
personnel of the broker-dealer or 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 the portfolio.
\12\ The Sub-Adviser is not registered as a broker-dealer or
affiliated with a broker-dealer. In the event (a) the Sub-Adviser
becomes registered as a broker-dealer or becomes newly affiliated
with a broker-dealer, or (b) any new Sub-Adviser becomes registered
as a broker-dealer or becomes newly affiliated with a broker-dealer,
it will implement and maintain a fire wall with respect to its
relevant personnel of the broker-dealer or 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 the portfolio.
---------------------------------------------------------------------------
The Fund will seek investment results, before fees and expenses,
that correspond to the performance of its benchmark index. The Fund
will seek to track the Index over time, not just for a single day. The
Fund is benchmarked to the T3 SPIKE Front 2 Futures Index (``Index''),
an investable index of SPIKES futures contracts.\13\ The Index is
intended to reflect the returns that are potentially available through
an unleveraged investment in a theoretical portfolio of first- and
second-month futures contracts on the SPIKES Volatility Index (``SPIKES
Index'').\14\
---------------------------------------------------------------------------
\13\ The Index is sponsored by Triple Three Partners Pty Ltd,
which licenses the use of the Index to its affiliated company, T3i
Pty Ltd (Triple Three Partners Pty Ltd and T3i Pty Ltd. are
collectively referred to herein as ``T3 Index'' or ``Index
Sponsor''). The Index Sponsor is affiliated with the Sponsor. The
Index Sponsor has implemented and will maintain a fire wall
regarding access to information concerning the composition of and/or
changes to the Index. In addition, the Index Sponsor has implemented
and will maintain procedures that are designed to prevent the use
and dissemination of material, non-public information regarding the
Index. The Index Sponsor is not registered as an investment adviser
or broker-dealer and is not affiliated with any broker-dealers. The
Index is calculated and published by Solactive AG, which is not
affiliated with T3 Index.
\14\ The Exchange states that the SPIKES Index is a non-
investable index that measures the implied volatility of the SPDR
S&P 500 ETF Trust (``SPY'') over 30 days in the future. SPY is a
unit investment trust that holds a portfolio of common stocks that
closely tracks the price performance and dividend yield of the S&P
500 Composite Price Index (``S&P 500''). The SPIKES Index does not
represent the actual or the realized volatility of SPY. The SPIKES
Index is calculated based on the prices of a constantly changing
portfolio of SPY put and call options. The SPIKES Index is
reflective of the premium paid by investors for certain options
linked to the level of the S&P 500. The SPIKES Index is a
theoretical calculation and cannot be traded on a spot basis. T3
Index is the owner, creator and licensor of the SPIKES Index. The
SPIKES Index is calculated, maintained and published by Miami
International Securities Exchange, LLC via the Options Price
Reporting Authority.
---------------------------------------------------------------------------
The Index is comprised solely of SPIKES futures contracts.\15\ The
Index employs rules for selecting the SPIKES futures contracts
comprising the Index and a formula to calculate a level for the Index
from the prices of these SPIKES futures contracts. Currently, the
SPIKES futures contracts comprising the Index represent the prices of
two near-term SPIKES futures contracts, replicating a position that
rolls the nearest month SPIKES futures contracts to the next month
SPIKES futures contracts at or close to the daily settlement price via
a Trade-At-Settlement \16\ program towards the end of each business day
in equal fractional amounts. This results in a constant weighted
average maturity of one month.
---------------------------------------------------------------------------
\15\ According to the Exchange, SPIKES futures contracts were
launched for trading by the Minneapolis Grain Exchange, LLC
(``MGEX'') on December 14, 2020. While the SPIKES Index represents a
measure of the expected 30-day volatility of SPY, the prices of
SPIKES futures contracts are based on the current expectation of the
expected 30-day volatility of SPY on the expiration date of the
futures contract.
\16\ According to the Exchange, a Trade at Settlement (``TAS'')
transaction is a transaction at a price equal to the daily
settlement price, or at a specified differential above or below the
daily settlement price. The TAS transaction price will be determined
following execution and based upon the daily settlement price of the
respective SPIKES futures contracts month. The permissible price
range for permitted TAS transactions is from 0.50 index points below
the daily settlement price to 0.50 index points above the daily
settlement price. The permissible minimum increment for a TAS
transaction is 0.01 index points. See MGEX Rule 83.15 at https://www.mgex.com/documents/20210318-Rulebook.pdf.
---------------------------------------------------------------------------
The Fund will invest primarily in SPIKES futures contracts to gain
the appropriate exposure to the Index. Under certain circumstances
(described below), the Fund may also invest in futures contracts and
swap contracts (``VIX Related Positions'') on the Cboe Volatility Index
(``VIX'').\17\ The Exchange states that the VIX is an index that tracks
volatility and would be expected to perform in a substantially similar
manner as the SPIKES Index.
---------------------------------------------------------------------------
\17\ According to the Exchange, the VIX is a measure of
estimated near-term future volatility based upon the weighted
average of the implied volatilities of near-term put and call
options on the S&P 500.
---------------------------------------------------------------------------
The Fund seeks to achieve its investment objective through the
appropriate amount of exposure to the SPIKES futures contracts included
in the Index. The Fund will not directly invest in the SPIKES Index.
The Sponsor or Sub-Adviser determines the
[[Page 46289]]
type, quantity and mix of investments that the Sponsor or Sub-Adviser
believes, in combination, should provide exposure to the Index to seek
investment results equal to the performance of the Index. In the event
accountability rules, price limits, position limits, margin limits or
other exposure limits are reached with respect to SPIKES futures
contracts, or if the market for a specific futures contract experiences
emergencies (e.g., natural disaster, terrorist attack or an act of God)
or disruptions (e.g., a trading halt or a flash crash), or in
situations where the Sponsor or Sub-Adviser deems it impractical or
inadvisable to buy or sell SPIKES futures contracts (such as during
periods of market volatility or illiquidity, or when trading in SPY is
halted), the Sponsor or Sub-Adviser may cause the Fund to invest in VIX
Related Positions. The Sponsor expects the Fund's positions in VIX
Related Positions to consist primarily of VIX futures contracts, which
are traded on the Cboe Futures Exchange. However, in the event
accountability rules, price limits, position limits, margin limits or
other exposure limits are reached with respect to VIX futures
contracts, or if the market for a specific VIX futures contract
experiences emergencies or disruptions or in situations where the
Sponsor or Sub-Adviser deems it impractical or inadvisable to buy or
sell VIX futures contracts, the Fund would hold VIX swap
agreements.\18\ The Fund will also hold cash or cash equivalents such
as U.S. Treasury securities or other high credit quality, short-term
fixed-income or similar securities (such as shares of money market
funds) as collateral for investments and pending investments.
---------------------------------------------------------------------------
\18\ The Fund will attempt to limit counterparty risk in
uncleared swap agreements by entering into such agreements only with
counterparties the Sponsor and Sub-Adviser believes are creditworthy
and by limiting the Fund's exposure to each counterparty. The
Exchange represents that the Sponsor and Sub-Adviser will monitor
the creditworthiness of each counterparty and the Fund's exposure to
each counterparty on an ongoing basis.
---------------------------------------------------------------------------
III. Proceedings To Determine Whether To Approve or Disapprove SR-
NYSEArca-2021-29, as Modified by Amendment No. 1, and Grounds for
Disapproval Under Consideration
The Commission is instituting proceedings pursuant to Section
19(b)(2)(B) of the Act \19\ to determine whether the proposed rule
change, as modified by Amendment No. 1, should be approved or
disapproved. Institution of such proceedings is appropriate at this
time in view of the legal and policy issues raised by the proposal.
Institution of proceedings does not indicate that the Commission has
reached any conclusions with respect to any of the issues involved.
Rather, as described below, the Commission seeks and encourages
interested persons to provide comments on the proposed rule change.
---------------------------------------------------------------------------
\19\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
Pursuant to Section 19(b)(2)(B) of the Act,\20\ the Commission is
providing notice of the grounds for disapproval under consideration.
The Commission is instituting proceedings to allow for additional
analysis of the proposal's consistency with Section 6(b)(5) of the Act,
which requires, among other things, that the rules of a national
securities exchange be ``designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade,'' and ``to protect investors and the public
interest.'' \21\
---------------------------------------------------------------------------
\20\ Id.
\21\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
Under the Commission's Rules of Practice, the ``burden to
demonstrate that a proposed rule change is consistent with the Exchange
Act and the rules and regulations issued thereunder . . . is on the
[SRO] that proposed the rule change.'' \22\ The description of a
proposed rule change, its purpose and operation, its effect, and a
legal analysis of its consistency with applicable requirements must all
be sufficiently detailed and specific to support an affirmative
Commission finding,\23\ and any failure of an SRO to provide this
information may result in the Commission not having a sufficient basis
to make an affirmative finding that a proposed rule change is
consistent with the Act and the applicable rules and regulations.\24\
---------------------------------------------------------------------------
\22\ 17 CFR 201.700(b)(3).
\23\ See id.
\24\ See id.
---------------------------------------------------------------------------
The Commission is instituting proceedings to allow for additional
consideration and comment on the issues raised herein, including as to
whether the proposal is consistent with the Act.
IV. Procedure: Request for Written Comments
The Commission requests that interested persons provide written
submissions of their views, data, and arguments with respect to the
issues identified above, as well as any other concerns they may have
with the proposal. In particular, the Commission invites the written
views of interested persons concerning whether the proposed rule
change, as modified by Amendment No. 1, is consistent with Section
6(b)(5) or any other provision of the Act, or the rules and regulations
thereunder. Although there do not appear to be any issues relevant to
approval or disapproval that would be facilitated by an oral
presentation of views, data, and arguments, the Commission will
consider, pursuant to Rule 19b-4, any request for an opportunity to
make an oral presentation.\25\
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\25\ Section 19(b)(2) of the Act, as amended by the Securities
Act Amendments of 1975, Public Law 94-29 (June 4, 1975), grants the
Commission flexibility to determine what type of proceeding--either
oral or notice and opportunity for written comments--is appropriate
for consideration of a particular proposal by a self-regulatory
organization. See Securities Act Amendments of 1975, Senate Comm. on
Banking, Housing & Urban Affairs, S. Rep. No. 75, 94th Cong., 1st
Sess. 30 (1975).
---------------------------------------------------------------------------
Interested persons are invited to submit written data, views, and
arguments regarding whether the proposed rule change, as modified by
Amendment No. 1, should be approved or disapproved by September 8,
2021. Any person who wishes to file a rebuttal to any other person's
submission must file that rebuttal by September 22, 2021.
The Commission asks that commenters address the sufficiency of the
Exchange's statements in support of the proposal, which are set forth
in the Amendment No. 1, in addition to any other comments they may wish
to submit about the proposed rule change. In this regard, the
Commission seeks commenters' views regarding whether the Exchange's
proposal to list and trade the Shares, which seek to provide investment
results that correspond to the return of an index designed to measure
the daily performance of a theoretical portfolio of first- and second-
month SPIKES futures contracts, is adequately designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, and to protect investors and the public
interest, 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-2021-29 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.
[[Page 46290]]
All submissions should refer to File Number SR-NYSEArca-2021-29. 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-2021-29 and should be submitted
by September 8, 2021. Rebuttal comments should be submitted by
September 22, 2021.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\26\
---------------------------------------------------------------------------
\26\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-17669 Filed 8-17-21; 8:45 am]
BILLING CODE 8011-01-P
