Sunshine Act Meetings, 76524 [2022-27222]
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76524
Federal Register / Vol. 87, No. 239 / Wednesday, December 14, 2022 / Notices
SECURITIES AND EXCHANGE
COMMISSION
Sunshine Act Meetings
FEDERAL REGISTER CITATION OF PREVIOUS
ANNOUNCEMENT: 87 FR 75683, December
9, 2022.
PREVIOUSLY ANNOUNCED TIME AND DATE OF
THE MEETING: Wednesday, December 14,
2022 at 10:00 a.m.
The Open
Meeting scheduled for Wednesday,
December 14, 2022 at 10:00 a.m. has
been changed to Wednesday, December
14, 2022 at 11:00 a.m.
CONTACT PERSON FOR MORE INFORMATION:
For further information and to ascertain
what, if any, matters have been added,
deleted or postponed, please contact the
Office of the Secretary at (202) 551–
5400.
Authority: 5 U.S.C. 552b.
CHANGES IN THE MEETING:
Dated: December 12, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022–27222 Filed 12–12–22; 4:15 pm]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–96469; File No. SR–
NYSEARCA–2022–61]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Order Instituting
Proceedings To Determine Whether To
Approve or Disapprove a Proposed
Rule Change To List and Trade the
Shares of the Breakwave Tanker
Shipping ETF
lotter on DSK11XQN23PROD with NOTICES1
December 8, 2022.
On September 13, 2022, 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’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to list and trade the shares
(‘‘Shares’’) of the Breakwave Tanker
Shipping ETF (‘‘Fund’’). The proposed
rule change was published for comment
in the Federal Register on September
27, 2022.3
On November 2, 2022, 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
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 95853
(Sept. 21, 2022), 87 FR 58552 (‘‘Notice’’).
4 15 U.S.C. 78s(b)(2).
2 17
VerDate Sep<11>2014
17:11 Dec 13, 2022
Jkt 259001
rule change, or institute proceedings to
determine whether to disapprove the
proposed rule change.5 This order
institutes proceedings under Section
19(b)(2)(B) of the Act 6 to determine
whether to approve or disapprove the
proposed rule change.
I. Summary of the Exchange’s Proposal
As described in more detail in the
Notice,7 the Exchange proposes to list
and trade the Shares of the Fund under
NYSE Arca Rule 8.200–E, Commentary
.02, which governs the listing and
trading of Trust Issued Receipts on the
Exchange. The Fund will be a series of
ETF Managers Group Commodity Trust
I (‘‘Trust),8 and the Fund and the Trust
will be managed and controlled by their
sponsor and investment manager, ETF
Managers Capital LLC (‘‘Sponsor’’).9
According to the Exchange, the
Fund’s investment objective will be to
provide investors with exposure to the
daily change in the price of tanker
freight futures, before expenses and
liabilities of the Fund, by tracking the
performance of a portfolio (‘‘Benchmark
Portfolio’’) consisting of the nearest
calendar quarter of futures contracts on
specified indexes (individually,
‘‘Reference Index’’) that measure prices
for shipping crude oil (‘‘Freight
Futures’’).10 Each Reference Index is
published each U.K. business day by the
5 See Securities Exchange Act Release No. 96213,
87 FR 67513 (Nov. 8, 2022). The Commission
designated December 26, 2022, as the date by which
it should approve, disapprove, or institute
proceedings to determine whether to disapprove the
proposed rule change.
6 15 U.S.C. 78s(b)(2)(B).
7 See Notice, supra note 3.
8 The Exchange states that, on July 1, 2022, the
Trust submitted to the Commission on a
confidential basis its draft registration statement on
Form S–1 (‘‘Registration Statement’’) under the
Securities Act of 1933. See Notice, 87 FR at 58552
n.5.
9 The Sponsor is registered with the Commodity
Futures Trading Commission (‘‘CFTC’’) as a
commodity pool operator and is a member of the
National Futures Association. Breakwave Advisors
LLC (‘‘Breakwave’’) is registered as a commodity
trading advisor with the CFTC and will serve as the
Fund’s commodity trading advisor. ETFMG
Financial LLC will be the Fund’s distributor, and
US Bancorp Fund Services LLC will be the Fund’s
administrator and transfer agent (‘‘Administrator’’
and ‘‘Transfer Agent’’). See id. at 58552–53.
10 See id. at 58553. According to the Exchange,
Freight Futures are primarily traded through broker
members of the Forward Freight Agreement Brokers
Association (‘‘FFABA’’). Members of the FFABA
must be members of the Baltic Exchange and must
be regulated by the Financial Conduct Authority if
resident in the U.K., or if not resident in the U.K.,
by an equivalent body if required by the authorities
in the jurisdiction. See id. at 58555 n.10. Freight
Futures are quoted in U.S. dollars per metric ton,
with a minimum lot size of 1,000 metric tons. One
lot represents freight costs to transport in U.S.
dollars. The nominal value of a contract is simply
the product of lots and Freight Futures prices. See
id. at 58555.
PO 00000
Frm 00073
Fmt 4703
Sfmt 4703
London-based Baltic Exchange 11 and
measures the charter rate for shipping
crude oil in a specific size category of
cargo ship and for a specific route. The
two Reference Indexes are: (1) the TD3C
Index: Persian Gulf to China 270,000mt
cargo (Very Large Crude Carrier or VLCC
tankers); and (2) the TD20 Index: West
Africa to Europe, 130,000mt cargo
(Suezmax tankers).12 The value of each
of the TD3C Index and TD20 Index is
disseminated daily at 4:00 p.m., London
Time by the Baltic Exchange. Such
Reference Index information also is
widely disseminated by Reuters,
Bloomberg, and/or other major market
data vendors.13
The Fund will seek to achieve its
objective by purchasing Freight
Futures.14 Freight Futures reflect market
expectations for the future cost of
transporting crude oil. The Fund also
may hold exchange-traded options on
Freight Futures. The principal markets
for Freight Futures are ICE Futures
Europe (‘‘ICE’’) and the Chicago
Mercantile Exchange (‘‘CME’’). The
applicable exchange acts as a
counterparty for each member for
clearing purposes. The Fund’s
investments in Freight Futures will be
cleared by ICE and/or CME.15 According
11 The Baltic Exchange, which is a wholly-owned
subsidiary of the Singapore Exchange, is a
membership organization and an independent
source of maritime market information for the
trading and settlement of physical and derivative
shipping contracts. See id. at 58553 n.6.
12 See id. at 58553. The Reference Indexes are
published by the Baltic Exchange’s subsidiary
company, Baltic Exchange Information Services Ltd
(‘‘Baltic’’), which publishes a wide range of market
reports, fixture lists and market rate indicators on
a daily and (in some cases) weekly basis. The Baltic
indices, which include the Reference Indexes, are
an assessment of the price of moving the major raw
materials by sea. The indices are based on
assessments of the cost of transporting various bulk
cargoes, both wet (e.g., crude oil and oil products)
and dry (e.g., coal and iron ore), made by leading
shipbroking houses located around the world on a
per ton and daily hire basis. The information is
collated and published by the Baltic Exchange.
Procedures relating to administration of the Baltic
indices are set forth in ‘‘The Baltic Exchange, Guide
to Market Benchmarks’’ November 2016, including
production methods, calculation, confidentiality
and transparency, duties of panelists, code of
conduct, audits, and quality control. See id. at
58553 n.7.
13 See id. at 58553.
14 Generally, Freight Futures trade from
approximately 3:00 a.m. Eastern Time (‘‘E.T.’’) to
approximately 1:00 p.m. E.T. The great majority of
trading volume occurs during London business
hours, from approximately 4:00 a.m. E.T. time to
approximately 12:00 p.m. E.T. Some limited trading
takes place during Asian business hours as well
(12:00 a.m. to 3:00 a.m. E.T.). The final closing
prices for settlement are published daily around
12:30 p.m. E.T. Final cash settlement occurs the
first business day following the expiry day. See id.
at 58555.
15 See id. CME and ICE are members of the
Intermarket Surveillance Group (‘‘ISG’’). See id. at
58553 n.8.
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]]>Agencies
[Federal Register Volume 87, Number 239 (Wednesday, December 14, 2022)]
[Notices]
[Page 76524]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-27222]
[[Page 76524]]
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SECURITIES AND EXCHANGE COMMISSION
Sunshine Act Meetings
Federal Register CITATION OF PREVIOUS ANNOUNCEMENT: 87 FR 75683,
December 9, 2022.
PREVIOUSLY ANNOUNCED TIME AND DATE OF THE MEETING: Wednesday, December
14, 2022 at 10:00 a.m.
CHANGES IN THE MEETING: The Open Meeting scheduled for Wednesday,
December 14, 2022 at 10:00 a.m. has been changed to Wednesday, December
14, 2022 at 11:00 a.m.
CONTACT PERSON FOR MORE INFORMATION: For further information and to
ascertain what, if any, matters have been added, deleted or postponed,
please contact the Office of the Secretary at (202) 551-5400.
Authority: 5 U.S.C. 552b.
Dated: December 12, 2022.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-27222 Filed 12-12-22; 4:15 pm]
BILLING CODE 8011-01-P
