Kurv ETF Trust and Kurv Investment Management LLC, 106680-106681 [2024-30856]
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106680
Federal Register / Vol. 89, No. 249 / Monday, December 30, 2024 / Notices
impose an undue burden on
competition. Rather, the proposal seeks
to benefit all market participants by
encouraging the efficient utilization of
the Exchange’s network while taking
into account the important liquidity
provided by its Members. As discussed
above potential impact on exchange
systems, bandwidth and capacity
becomes greater with increased ADO
and ADQ rates. The Exchange also
anticipates that the vast majority of
Members on the Exchange will not be
subject to any fees under the proposed
tiers. Accordingly, the Exchange
believes that the proposed ADO and
ADQ fees do not favor certain categories
of market participants in a manner that
would impose a burden on competition.
Next, the Exchange believes the
proposed rule change does not impose
any burden on intermarket competition
that is not necessary or appropriate in
furtherance of the purposes of the Act.
As previously discussed, the Exchange
operates in a highly competitive market,
including competition for exchange
memberships. Market Participants have
numerous alternative venues that they
may participate on, including 17 other
options exchanges (including 3 other
non-Cboe options exchanges), as well as
off-exchange venues, where competitive
products are available for trading.
Indeed, participants can readily choose
to submit their order flow to other
exchange and off-exchange venues if
they deem fee levels at those other
venues to be more favorable. Moreover,
the Commission has repeatedly
expressed its preference for competition
over regulatory intervention in
determining prices, products, and
services in the securities markets.
Specifically, in Regulation NMS, the
Commission highlighted the importance
of market forces in determining prices
and SRO revenues and, also, recognized
that current regulation of the market
system ‘‘has been remarkably successful
in promoting market competition in its
broader forms that are most important to
investors and listed companies.’’ 34 The
fact that this market is competitive has
also long been recognized by the courts.
In NetCoalition v. Securities and
Exchange Commission, the D.C. Circuit
stated as follows: ‘‘[n]o one disputes
that competition for order flow is
‘fierce.’ . . . As the SEC explained, ‘[i]n
the U.S. national market system, buyers
and sellers of securities, and the brokerdealers that act as their order-routing
agents, have a wide range of choices of
where to route orders for execution’;
[and] ‘no exchange can afford to take its
34 See Securities Exchange Act Release No. 51808
(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005).
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market share percentages for granted’
because ‘no exchange possesses a
monopoly, regulatory or otherwise, in
the execution of order flow from broker
dealers’ . . . .’’35 Accordingly, the
Exchange does not believe its proposed
change imposes any burden on
competition that is not necessary or
appropriate in furtherance of the
purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange neither solicited nor
received comments on the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 36 and paragraph (f) of Rule
19b–4 37 thereunder. At any time within
60 days of the filing of the proposed rule
change, the Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission will institute proceedings
to determine whether the proposed rule
change should be approved or
disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
CboeBZX–2024–131 on the subject line.
All submissions should refer to file
number SR–CboeBZX–2024–131. 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
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
Exchange. Do not include personal
identifiable information in submissions;
you should submit only information
that you wish to make available
publicly. We may redact in part or
withhold entirely from publication
submitted material that is obscene or
subject to copyright protection. All
submissions should refer to file number
SR–CboeBZX–2024–131 and should be
submitted on or before January 21, 2025.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.38
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024–31191 Filed 12–27–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Investment Company Act Release No.
35426; 812–15590]
Kurv ETF Trust and Kurv Investment
Management LLC
Paper Comments
December 19, 2024.
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
AGENCY:
35 NetCoalition v. SEC, 615 F.3d 525, 539 (D.C.
Cir. 2010) (quoting Securities Exchange Act Release
No. 59039 (December 2, 2008), 73 FR 74770, 74782–
83 (December 9, 2008) (SR–NYSEArca–2006–21)).
36 15 U.S.C. 78s(b)(3)(A).
37 17 CFR 240.19b–4(f).
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Securities and Exchange
Commission (‘‘Commission’’ or ‘‘SEC’’).
ACTION: Notice.
Notice of an application under section
6(c) of the Investment Company Act of
1940 (‘‘Act’’) for an exemption from
section 15(a) of the Act, as well as from
certain disclosure requirements in rule
38 17
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CFR 200.30–3(a)(12).
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ddrumheller on DSK120RN23PROD with NOTICES1
Federal Register / Vol. 89, No. 249 / Monday, December 30, 2024 / Notices
20a–1 under the Act, Item 19(a)(3) of
Form N–1A, Items 22(c)(1)(ii),
22(c)(1)(iii), 22(c)(8) and 22(c)(9) of
Schedule 14A under the Securities
Exchange Act of 1934, and Sections 6–
07(2)(a), (b), and (c) of Regulation S–X
(‘‘Disclosure Requirements’’).
SUMMARY OF APPLICATION: The requested
exemption would permit Applicants to
enter into and materially amend
subadvisory agreements with certain
subadvisors without shareholder
approval and grant relief from the
Disclosure Requirements as they relate
to fees paid to the subadvisors.
APPLICANTS: Kurv ETF Trust and Kurv
Investment Management LLC.
FILING DATES: The application was filed
on June 20, 2024, and amended on
September 17, 2024.
HEARING OR NOTIFICATION OF HEARING:
An order granting the requested relief
will be issued unless the Commission
orders a hearing. Interested persons may
request a hearing on any application by
emailing the SEC’s Secretary at
Secretarys-Office@sec.gov and serving
the Applicants with a copy of the
request by email, if an email address is
listed for the relevant Applicant below,
or personally or by mail, if a physical
address is listed for the relevant
Applicant below. Hearing requests
should be received by the Commission
by 5:30 p.m. on January 13, 2025, and
should be accompanied by proof of
service on the Applicants, in the form
of an affidavit, or, for lawyers, a
certificate of service. Pursuant to rule 0–
5 under the Act, hearing requests should
state the nature of the writer’s interest,
any facts bearing upon the desirability
of a hearing on the matter, the reason for
the request, and the issues contested.
Persons who wish to be notified of a
hearing may request notification by
emailing the Commission’s Secretary.
ADDRESSES: The Commission:
Secretarys-Office@sec.gov. Applicants:
David J. Baum, Esq., Alston & Bird, LLP,
David.Baum@alston.com, and Howard
Chan, Kurv ETF Trust, c/o Kurv
Investment Management LLC, 1
Letterman Drive, Building C, Suite 3–
500, San Francisco, CA 94129.
FOR FURTHER INFORMATION CONTACT:
Christine Y. Greenlees, Senior Counsel,
or Lisa Reid Ragen, Branch Chief, at
(202) 551–6825 (Division of Investment
Management, Chief Counsel’s Office).
SUPPLEMENTARY INFORMATION: For
Applicants’ representations, legal
analysis, and conditions, please refer to
Applicants’ amended application, dated
September 17, 2024, which may be
obtained via the Commission’s website
by searching for the file number at the
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top of this document, or for an
Applicant using the Company name
search field on the SEC’s EDGAR
system. The SEC’s EDGAR system may
be searched at https://www.sec.gov/
edgar/searchedgar/legacy/
companysearch.html. You may also call
the SEC’s Public Reference Room at
(202) 551–8090.
For the Commission, by the Division of
Investment Management, under delegated
authority.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024–30856 Filed 12–27–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–102015; File No. SR–C2–
2024–023]
Self-Regulatory Organizations; Cboe
C2 Exchange, Inc.; Notice of Filing and
Immediate Effectiveness of a Proposed
Rule Change To Amend its Fees
Schedule Related to Physical Port
Fees
December 20, 2024.
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 December
18, 2024, Cboe C2 Exchange, Inc. (the
‘‘Exchange’’ or ‘‘C2’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I, II, and
III below, which Items have been
prepared by the Exchange. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Cboe C2 Exchange, Inc. (the
‘‘Exchange’’ or ‘‘C2 Options’’) proposes
to amend its Fees Schedule. The text of
the proposed rule change is provided in
Exhibit 5.
The text of the proposed rule change
is also available on the Exchange’s
website (https://markets.cboe.com/us/
options/regulation/rule_filings/ctwo/),
at the Exchange’s Office of the
Secretary, and at the Commission’s
Public Reference Room.
1 15
2 17
PO 00000
U.S.C. 78s(b)(1).
CFR 240.19b–4.
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106681
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 amend its
fee schedule relating to physical
connectivity fees.3
By way of background, a physical port
is utilized by a Member or non-Member
to connect to the Exchange at the data
centers where the Exchange’s servers are
located. The Exchange currently
assesses the following physical
connectivity fees for Trading Permit
Holders (‘‘TPHs’’) and non-TPHs on a
monthly basis: $2,500 per physical port
for a 1 gigabit (‘‘Gb’’) circuit and $7,500
per physical port for a 10 Gb circuit.
The Exchange proposes to increase the
monthly fee for 10 Gb physical ports
from $7,500 to $8,500 per port. The
Exchange notes the proposed fee change
better enables it to continue to maintain
and improve its market technology and
services and also notes that the
proposed fee amount, even as amended,
3 The Exchange initially filed the proposed fee
changes on July 3, 2023 (SR–C2–2023–014). On
September 1, 2023, the Exchange withdrew that
filing and submitted SR–C2–2023–020. On
September 29, 2023, the Securities and Exchange
Commission issued a Suspension of and Order
Instituting Proceedings to Determine whether to
Approve or Disapprove a Proposed Rule Change to
Amend its Fees Schedule Related to Physical Port
Fees (the ‘‘OIP’’) in anticipation of a possible U.S.
government shutdown. ’’). On September 29, 2023,
the Exchange filed the proposed fee change (SR–
C2–2023–021). On October 13, 2023, the Exchange
withdrew that filing and submitted SR–C2–2023–
022. On December 12, 2023, the Exchange withdrew
that filing and submitted SR–C2–2023–025. On
February 9, 2024, the Exchange withdrew that filing
and submitted SR–C2–2024–004. On April 9, 2024,
the Exchange withdrew that filing and submitted
SR–C2–2024–005. On June 7, 2024 the Exchange
withdrew that filing and submitted SR–C2–2024–
010. On August 29, 2024, the Exchange withdrew
that filing and submitted SR–C2–2024–015. On
October 25, 2024, the Exchange withdrew that filing
and submitted SR–C2–2024–019. On October 28,
2024, the Exchange withdrew that filing and
submitted SR–C2–2024–020. On December 18, 2024
the Exchange withdrew that filing and submitted
this filing.
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]]>Agencies
[Federal Register Volume 89, Number 249 (Monday, December 30, 2024)]
[Notices]
[Pages 106680-106681]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-30856]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 35426; 812-15590]
Kurv ETF Trust and Kurv Investment Management LLC
December 19, 2024.
AGENCY: Securities and Exchange Commission (``Commission'' or ``SEC'').
ACTION: Notice.
-----------------------------------------------------------------------
Notice of an application under section 6(c) of the Investment
Company Act of 1940 (``Act'') for an exemption from section 15(a) of
the Act, as well as from certain disclosure requirements in rule
[[Page 106681]]
20a-1 under the Act, Item 19(a)(3) of Form N-1A, Items 22(c)(1)(ii),
22(c)(1)(iii), 22(c)(8) and 22(c)(9) of Schedule 14A under the
Securities Exchange Act of 1934, and Sections 6-07(2)(a), (b), and (c)
of Regulation S-X (``Disclosure Requirements'').
Summary of Application: The requested exemption would permit
Applicants to enter into and materially amend subadvisory agreements
with certain subadvisors without shareholder approval and grant relief
from the Disclosure Requirements as they relate to fees paid to the
subadvisors.
Applicants: Kurv ETF Trust and Kurv Investment Management LLC.
Filing Dates: The application was filed on June 20, 2024, and amended
on September 17, 2024.
Hearing or Notification of Hearing: An order granting the requested
relief will be issued unless the Commission orders a hearing.
Interested persons may request a hearing on any application by emailing
the SEC's Secretary at [email protected] and serving the
Applicants with a copy of the request by email, if an email address is
listed for the relevant Applicant below, or personally or by mail, if a
physical address is listed for the relevant Applicant below. Hearing
requests should be received by the Commission by 5:30 p.m. on January
13, 2025, and should be accompanied by proof of service on the
Applicants, in the form of an affidavit, or, for lawyers, a certificate
of service. Pursuant to rule 0-5 under the Act, hearing requests should
state the nature of the writer's interest, any facts bearing upon the
desirability of a hearing on the matter, the reason for the request,
and the issues contested. Persons who wish to be notified of a hearing
may request notification by emailing the Commission's Secretary.
ADDRESSES: The Commission: [email protected]. Applicants: David
J. Baum, Esq., Alston & Bird, LLP, [email protected], and Howard
Chan, Kurv ETF Trust, c/o Kurv Investment Management LLC, 1 Letterman
Drive, Building C, Suite 3-500, San Francisco, CA 94129.
FOR FURTHER INFORMATION CONTACT: Christine Y. Greenlees, Senior
Counsel, or Lisa Reid Ragen, Branch Chief, at (202) 551-6825 (Division
of Investment Management, Chief Counsel's Office).
SUPPLEMENTARY INFORMATION: For Applicants' representations, legal
analysis, and conditions, please refer to Applicants' amended
application, dated September 17, 2024, which may be obtained via the
Commission's website by searching for the file number at the top of
this document, or for an Applicant using the Company name search field
on the SEC's EDGAR system. The SEC's EDGAR system may be searched at
https://www.sec.gov/edgar/searchedgar/legacy/companysearch.html. You
may also call the SEC's Public Reference Room at (202) 551-8090.
For the Commission, by the Division of Investment Management,
under delegated authority.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2024-30856 Filed 12-27-24; 8:45 am]
BILLING CODE 8011-01-P
