80 FR 10187 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending the Pilot Period Applicable to Rule 6.65A(c), Obvious and Catastrophic Errors, Until October 23, 2015
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 80, Issue 37 (February 25, 2015)
Federal Register Volume 80, Issue 37 (February 25, 2015)
| Page Range | 10187-10189 | |
| FR Document | 2015-03816 |
[Federal Register Volume 80, Number 37 (Wednesday, February 25, 2015)] [Notices] [Pages 10187-10189] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2015-03816] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-74308; File No. SR-NYSEArca-2015-07] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending the Pilot Period Applicable to Rule 6.65A(c), Obvious and Catastrophic Errors, Until October 23, 2015 February 19, 2015. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that on February 18, 2015, NYSE Arca, Inc. (the ``Exchange'' or ``NYSE Arca'') 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 self-regulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. --------------------------------------------------------------------------- I. Self-Regulatory Organization's Statement of the Terms of the Substance of the Proposed Rule Change The Exchange proposes to extend the pilot period applicable to Rule 6.65A(c), which addresses how the Exchange treats Obvious and Catastrophic Errors during periods of extreme market volatility, until October 23, 2015. The pilot period is currently set to expire on February 20, 2015. The text of the proposed rule change is available on the Exchange's Web site at www.nyse.com, at the principal office of the Exchange, and at the Commission's Public Reference Room. II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements. A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to extend the pilot period applicable to Rule 6.65A(c), which addresses how the Exchange treats Obvious and Catastrophic Errors during periods of extreme market volatility, until October 23, 2015. The pilot period is currently set to expire on February 20, 2015. In April 2013, in connection with the Plan to Address Extraordinary Market Volatility Pursuant to Rule 608 of Regulation NMS (the ``Plan''),\3\ the Exchange adopted Rule 6.65A(c) to provide that options executions would not be adjusted or nullified if the execution occurs during periods of extreme market volatility.\4\ Specifically, Rule 6.65A(c) provides that, during the pilot period, electronic transactions in options that overlay an NMS Stock that occur during a Limit State or a Straddle State (as defined by the Plan) are not subject to review under Rule 6.87(a) for Obvious Errors or Rule 6.87(d) for Catastrophic Errors. Nothing in Rule 6.65A(c) prevents electronic transactions in options that overlay an NMS Stock that occur during a Limit State or a Straddle State from being reviewed on Exchange motion pursuant to 6.87(b)(3). --------------------------------------------------------------------------- \3\ See Securities Exchange Act Release No. 67091 (May 31, 2012), 77 FR 33498 (June 6, 2012) (File No. 4-631) (Order Approving, on a Pilot Basis, the Plan). The Plan is designed to prevent trades in individual NMS Stocks from occurring outside of specified Price Bands, which are described in more detail in the Plan. \4\ See Securities and Exchange Act Release No. 69340 (April 8, 2013), 78 FR 22004 (April 12, 2013) (SR-NYSEArca-2013-10) (``Approval Order''). --------------------------------------------------------------------------- The Plan has been amended several times since inception and was not implemented until February 24, 2014. The Participants to the Plan recently filed to extend the Plan's pilot period until October 23, 2015 (the ``Eighth Amendment'').\5\ The purpose of this proposed extension is to provide time for the Participants to prepare a supplemental assessment and recommendation regarding the Plan and for the public to comment on such assessment for the purpose of determining whether there should be any modifications to the Plan. --------------------------------------------------------------------------- \5\ See Securities Exchange Act Release No. 74110 (January 21, 2015), 80 FR 4321 (January 27, 2015) (File No. 4-631) (notice of proposed Eighth Amendment to the Plan). --------------------------------------------------------------------------- In order to align the pilot period for Rule 6.65A(c) with the proposed pilot period for the Plan, the Exchange similarly proposes to extend the pilot period until October 23, 2015. The Exchange believes the benefits afforded to market participants under Rule 6.65A(c) should continue on a pilot basis during the same period as the Plan pilot. The Exchange continues to believe that adding certainty to the execution of orders in Limit or Straddle States would encourage market participants to continue to provide liquidity to the Exchange, and thus, promote a fair and orderly market during those periods. Thus, the Exchange believes that the protections of current Rule 6.65A(c) should continue while the industry gains further experience operating the Plan. In addition, the Exchange believes that extending the pilot period for Rule 6.65A(c) would allow the Exchange to continue to collect and evaluate data, as well as to conduct further data analyses, related to this provision. Specifically, in connection with the adoption of Rule 6.65A(c), the Exchange committed to review the operation of this provision and to analyze the impact of Limit and Straddle States accordingly.\6\ The Exchange agreed to and has been providing to the Commission and the public data for each Straddle State and Limit State in NMS Stocks underlying options traded on the Exchange beginning in April 2013, limited to those option classes that have at least one (1) trade on the Exchange during a Straddle State or Limit State.\7\ For each of those option classes affected, each data record contains the following information: --------------------------------------------------------------------------- \6\ Specifically, the Exchange committed to: ``(1) Evaluate the options market quality during Limit States and Straddle States; (2) assess the character of incoming order flow and transactions during Limit States and Straddle States; and (3) review any complaints from members and their customers concerning executions during Limit States and Straddle States.'' See Approval Order, 78 FR at 22008. \7\ See Securities Exchange Act Release No. 71869 (April 4, 2014), 79 FR 19689 (April 9, 2014) (SR-NYSEArca-2014-36). ---------------------------------------------------------------------------Stock symbol, option symbol, time at the start of the Straddle or Limit [[Page 10188]] State, an indicator for whether it is a Straddle or Limit State. For activity on the Exchange: executed volume, time-weighted quoted bid-ask spread, time-weighted average quoted depth at the bid, time-weighted average quoted depth at the offer; high execution price, low execution price; number of trades for which a request for review for error was received during Straddle and Limit States; an indicator variable for whether those options outlined above have a price change exceeding 30% during the underlying stock's Limit or Straddle state compared to the last available option price as reported by OPRA before the start of the Limit or Straddle State (1 if observe 30% and 0 otherwise). Another indicator variable for whether the option price within five minutes of the underlying stock leaving the Limit or Straddle state (or halt if applicable) is 30% away from the price before the start of the Limit or Straddle state. In addition, the Exchange has committed to provide to the Commission by May 29, 2015 assessments relating to the impact of the operation of the Obvious Error rules during Limit and Straddle States as follows: (1) Evaluate the statistical and economic impact of Limit and Straddle States on liquidity and market quality in the options markets; and (2) Assess whether the lack of Obvious Error rules in effect during the Straddle and Limit States are problematic. The Exchange notes that, to date, there have not been any requests for review of Obvious Error of options trades that occur during a Limit or Straddle State in the underlying security. The Exchange believes that the extension of the pilot period of Rule 6.65A(c) would allow the Exchange to continue to observe the operation of the pilot and conduct its assessments relating to the impact of the operation of the Rule during Limit and Straddle States, which information will continue to be shared with the Commission and the public as set forth above. 2. Statutory Basis The Exchange believes the proposed rule change is consistent with Section 6(b) of the Act \8\ in general, and furthers the objectives of Section 6(b)(5),\9\ in particular, in that it is designed to promote just and equitable principles of trade, remove impediments to and perfect the mechanisms of, a free and open market and a national market system and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78f(b). \9\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- Specifically, the proposal to extend the pilot program of Rule 6.65A(c) until October 23, 2015 would align that pilot program with the Pilot Period for the Plan, as proposed in the Eighth Amendment to the Plan. The Exchange believes that aligning the pilot periods would ensure that trading in options that overlay NMS Stocks continues to be appropriately modified to reflect market conditions that occur during a Limit State or a Straddle State in a manner that promotes just and equitable principles of trade and removes impediments to, and perfects the mechanism of, a free and open market and a national market system. The Exchange believes that the extension of Rule 6.65A(c) would help encourage market participants to continue to provide liquidity during extraordinary market volatility. Moreover, the Exchange believes that extending the pilot period for Rule 6.65A(c) would remove impediments to, and perfect the mechanisms of, a free and open market because it would enable the Exchange to continue to continue to conduct its assessments relating to the impact of the operation of the Obvious Error rules during Limit and Straddle States as set forth above, which, in turn, provides the Exchange with more information from which to assess the impact of Rule 6.65A(c). 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 purposes of the Act. The proposed changes will not impose any burden on competition and will instead provide certainty regarding the treatment and execution of options orders, specifically the treatment of Obvious and Catastrophic Errors during periods of extraordinary volatility in the underlying NMS Stock, and will facilitate appropriate liquidity during a Limit State or Straddle State. C. Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants, or Others No written comments were solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Because the 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 if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19(b)(3)(A) of the Act \10\ and Rule 19b- 4(f)(6)(iii) thereunder.\11\ --------------------------------------------------------------------------- \10\ 15 U.S.C. 78s(b)(3)(A). \11\ 17 CFR 240.19b-4(f)(6)(iii). As required under Rule 19b- 4(f)(6)(iii), the Exchange provided the Commission with written notice of its intent to file the proposed rule change, along with a brief description and the 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 asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest, as it will allow the obvious error pilot program to continue uninterrupted while the industry gains further experience operating under the Plan, and avoid any investor confusion that could result from a temporary interruption in the pilot program. For this reason, the Commission designates the proposed rule change to be operative upon filing.\12\ --------------------------------------------------------------------------- \12\ For purposes only of waiving the 30-day operative delay, the Commission has also considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). --------------------------------------------------------------------------- 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 shall institute proceedings to determine whether the proposed rule 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 (http://www.sec.gov/rules/sro.shtml); or [[Page 10189]] Send an email to rule-comments@sec.gov. Please include File Number SR-NYSEArca-2015-07 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. All submissions should refer to File Number SR-NYSEArca-2015-07. 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 Web site (http://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 Web site 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 such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR-NYSEArca-2015-07, and should be submitted on or before March 18, 2015. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\13\ --------------------------------------------------------------------------- \13\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Brent J. Fields, Secretary. [FR Doc. 2015-03816 Filed 2-24-15; 8:45 am] BILLING CODE 8011-01-P
![Federal Register / Vol. 80, No. 37 / Wednesday, February 25, 2015 / Notices 10187
submissions. You should submit only II. Self-Regulatory Organization’s Amendment’’).5 The purpose of this
information that you wish to make Statement of the Purpose of, and proposed extension is to provide time
available publicly. All submissions Statutory Basis for, the Proposed Rule for the Participants to prepare a
should refer to File Number SR–BX– Change supplemental assessment and
2015–010, and should be submitted on In its filing with the Commission, the recommendation regarding the Plan and
or before March 18, 2015. self-regulatory organization included for the public to comment on such
statements concerning the purpose of, assessment for the purpose of
For the Commission, by the Division of
and basis for, the proposed rule change determining whether there should be
Trading and Markets, pursuant to delegated
and discussed any comments it received any modifications to the Plan.
authority.29
on the proposed rule change. The text In order to align the pilot period for
Brent J. Fields, Rule 6.65A(c) with the proposed pilot
of those statements may be examined at
Secretary. the places specified in Item IV below. period for the Plan, the Exchange
[FR Doc. 2015–03819 Filed 2–24–15; 8:45 am] The Exchange has prepared summaries, similarly proposes to extend the pilot
BILLING CODE 8011–01–P set forth in sections A, B, and C below, period until October 23, 2015. The
of the most significant parts of such Exchange believes the benefits afforded
statements. to market participants under Rule
SECURITIES AND EXCHANGE 6.65A(c) should continue on a pilot
COMMISSION A. Self-Regulatory Organization’s basis during the same period as the Plan
Statement of the Purpose of, and pilot. The Exchange continues to believe
Statutory Basis for, the Proposed Rule that adding certainty to the execution of
[Release No. 34–74308; File No. SR– Change
NYSEArca–2015–07] orders in Limit or Straddle States would
1. Purpose encourage market participants to
Self-Regulatory Organizations; NYSE The Exchange proposes to extend the continue to provide liquidity to the
Arca, Inc.; Notice of Filing and pilot period applicable to Rule 6.65A(c), Exchange, and thus, promote a fair and
Immediate Effectiveness of Proposed which addresses how the Exchange orderly market during those periods.
Rule Change Extending the Pilot treats Obvious and Catastrophic Errors Thus, the Exchange believes that the
Period Applicable to Rule 6.65A(c), during periods of extreme market protections of current Rule 6.65A(c)
Obvious and Catastrophic Errors, Until volatility, until October 23, 2015. The should continue while the industry
October 23, 2015 pilot period is currently set to expire on gains further experience operating the
February 20, 2015. Plan. In addition, the Exchange believes
February 19, 2015. In April 2013, in connection with the that extending the pilot period for Rule
Pursuant to Section 19(b)(1) of the Plan to Address Extraordinary Market 6.65A(c) would allow the Exchange to
Volatility Pursuant to Rule 608 of continue to collect and evaluate data, as
Securities Exchange Act of 1934 (the
Regulation NMS (the ‘‘Plan’’),3 the well as to conduct further data analyses,
‘‘Act’’),1 and Rule 19b–4 thereunder,2
Exchange adopted Rule 6.65A(c) to related to this provision.
notice is hereby given that on February
provide that options executions would Specifically, in connection with the
18, 2015, NYSE Arca, Inc. (the
not be adjusted or nullified if the adoption of Rule 6.65A(c), the Exchange
‘‘Exchange’’ or ‘‘NYSE Arca’’) filed with
execution occurs during periods of committed to review the operation of
the Securities and Exchange this provision and to analyze the impact
Commission (‘‘Commission’’) the extreme market volatility.4 Specifically,
Rule 6.65A(c) provides that, during the of Limit and Straddle States
proposed rule change as described in accordingly.6 The Exchange agreed to
Items I and II below, which Items have pilot period, electronic transactions in
options that overlay an NMS Stock that and has been providing to the
been prepared by the self-regulatory Commission and the public data for
occur during a Limit State or a Straddle
organization. The Commission is each Straddle State and Limit State in
State (as defined by the Plan) are not
publishing this notice to solicit NMS Stocks underlying options traded
subject to review under Rule 6.87(a) for
comments on the proposed rule change Obvious Errors or Rule 6.87(d) for on the Exchange beginning in April
from interested persons. Catastrophic Errors. Nothing in Rule 2013, limited to those option classes
I. Self-Regulatory Organization’s 6.65A(c) prevents electronic that have at least one (1) trade on the
Statement of the Terms of the Substance transactions in options that overlay an Exchange during a Straddle State or
of the Proposed Rule Change NMS Stock that occur during a Limit Limit State.7 For each of those option
State or a Straddle State from being classes affected, each data record
The Exchange proposes to extend the reviewed on Exchange motion pursuant contains the following information:
pilot period applicable to Rule 6.65A(c), to 6.87(b)(3). • Stock symbol, option symbol, time
which addresses how the Exchange The Plan has been amended several at the start of the Straddle or Limit
treats Obvious and Catastrophic Errors times since inception and was not
during periods of extreme market implemented until February 24, 2014. 5 See Securities Exchange Act Release No. 74110
The Participants to the Plan recently (January 21, 2015), 80 FR 4321 (January 27, 2015)
volatility, until October 23, 2015. The (File No. 4–631) (notice of proposed Eighth
pilot period is currently set to expire on filed to extend the Plan’s pilot period Amendment to the Plan).
February 20, 2015. The text of the until October 23, 2015 (the ‘‘Eighth 6 Specifically, the Exchange committed to: ‘‘(1)
proposed rule change is available on the Evaluate the options market quality during Limit
asabaliauskas on DSK5VPTVN1PROD with NOTICES
3 See Securities Exchange Act Release No. 67091 States and Straddle States; (2) assess the character
Exchange’s Web site at www.nyse.com,
(May 31, 2012), 77 FR 33498 (June 6, 2012) (File of incoming order flow and transactions during
at the principal office of the Exchange, No. 4–631) (Order Approving, on a Pilot Basis, the Limit States and Straddle States; and (3) review any
and at the Commission’s Public Plan). The Plan is designed to prevent trades in complaints from members and their customers
Reference Room. individual NMS Stocks from occurring outside of concerning executions during Limit States and
specified Price Bands, which are described in more Straddle States.’’ See Approval Order, 78 FR at
detail in the Plan. 22008.
29 17 CFR 200.30–3(a)(12). 4 See Securities and Exchange Act Release No. 7 See Securities Exchange Act Release No. 71869
1 15 U.S.C. 78s(b)(1). 69340 (April 8, 2013), 78 FR 22004 (April 12, 2013) (April 4, 2014), 79 FR 19689 (April 9, 2014) (SR–
2 17 CFR 240.19b–4. (SR–NYSEArca–2013–10) (‘‘Approval Order’’). NYSEArca–2014–36).
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![Federal Register / Vol. 80, No. 37 / Wednesday, February 25, 2015 / Notices 10189
• Send an email to rule- SECURITIES AND EXCHANGE The Exchange represents that the
comments@sec.gov. Please include File COMMISSION Adviser and Sub-Adviser are not
Number SR–NYSEArca–2015–07 on the registered as broker-dealers, and the
[Release No. 34–74303; File No. SR–
subject line. NASDAQ–2014–127]
Sub-Adviser it not affiliated with a
broker-dealer; however, the Exchange
Paper Comments represents that the Adviser is affiliated
Self-Regulatory Organizations; The
with a broker-dealer. The Exchange
• Send paper comments in triplicate NASDAQ Stock Market LLC; Order
Granting Approval of Proposed Rule states that the Adviser has implemented
to Brent J. Fields, Secretary, Securities
Change Relating to the Listing and a fire wall with respect to its broker
and Exchange Commission, 100 F Street dealer affiliate regarding access to
NE., Washington, DC 20549–1090. Trading of the Shares of the Tuttle
Tactical Management U.S. Core ETF of information concerning the composition
All submissions should refer to File ETFis Series Trust I of or changes to the portfolio.5 The
Number SR–NYSEArca–2015–07. This Exchange also represents that the Shares
February 19, 2015. will be subject to Nasdaq Rule 5735,
file number should be included on the
subject line if email is used. To help the I. Introduction which sets forth the initial and
Commission process and review your continued listing criteria applicable to
On December 19, 2014, The NASDAQ Managed Fund Shares, and that for
comments more efficiently, please use Stock Market LLC (‘‘Nasdaq’’ or initial and continued listing, the Fund
only one method. The Commission will ‘‘Exchange’’) filed with the Securities must be in compliance with Rule 10A–
post all comments on the Commission’s and Exchange Commission 3 under the Act.6
Internet Web site (http://www.sec.gov/ (‘‘Commission’’), pursuant to Section The Exchange has made the following
rules/sro.shtml). Copies of the 19(b)(1) of the Securities Exchange Act representations and statements in
submission, all subsequent of 1934 (‘‘Act’’) 1 and Rule 19b–4 describing the Fund and its investment
amendments, all written statements thereunder,2 a proposed rule change to strategy, including, among other things,
with respect to the proposed rule list and trade the shares (‘‘Shares’’) of portfolio holdings and investment
change that are filed with the the Tuttle Tactical Management U.S. restrictions.
Commission, and all written Core ETF (‘‘Fund’’) under Nasdaq Rule
5735. The proposed rule change was A. Principal Investments of the Fund
communications relating to the
proposed rule change between the published for comment in the Federal According to the Exchange, the
Commission and any person, other than Register on January 6, 2015.3 The Fund’s investment objective will be to
those that may be withheld from the Commission received no comments on provide long-term capital appreciation,
the proposal. This order grants approval while maintaining a secondary
public in accordance with the
of the proposed rule change. emphasis on capital preservation,
provisions of 5 U.S.C. 552, will be
II. Description of the Proposed Rule primarily through investments in the
available for Web site viewing and
Change U.S. equity market. The Sub-Adviser
printing in the Commission’s Public
will employ four tactical models in
Reference Room, 100 F Street NE., The Exchange proposes to list and seeking to achieve the Fund’s
Washington, DC 20549 on official trade Shares of the Fund under Nasdaq investment objective: ‘‘S&P 500
business days between the hours of Rule 5735, which governs the listing Absolute Momentum,’’ ‘‘Relative
10:00 a.m. and 3:00 p.m. Copies of such and trading of Managed Fund Shares on Strength Equity,’’ ‘‘Beta Opportunities,’’
filing also will be available for the Exchange. The Shares will be and ‘‘Short-Term S&P 500 Counter
inspection and copying at the principal offered by ETFis Series Trust I Trend.’’ While the Sub-Adviser will
office of the Exchange. All comments (‘‘Trust’’), which is registered with the generally seek to maintain an equal
received will be posted without change; Commission as an investment weighting among these four tactical
the Commission does not edit personal company.4 The Fund is a series of the models, market movements may result
identifying information from Trust. in the Fund being overweight or
submissions. You should submit only Etfis Capital LLC will be the underweight one or more of the tactical
investment adviser (‘‘Adviser’’), and models. The Fund will be an actively
information that you wish to make
Tuttle Tactical Management, LLC will managed exchange-traded fund (‘‘ETF’’)
available publicly. All submissions
be the investment sub-adviser (‘‘Sub- that seeks to achieve its investment
should refer to File Number SR– Adviser’’), to the Fund. ETF Distributors
NYSEArca–2015–07, and should be objective by utilizing a long-only, multi-
LLC will be the principal underwriter strategy, tactically-managed exposure to
submitted on or before March 18, 2015. and distributor of the Fund’s Shares, the U.S. equity market. To obtain such
For the Commission, by the Division of and Bank of New York Mellon will act exposure, the Sub-Adviser will invest,
Trading and Markets, pursuant to delegated as the administrator, accounting agent, under normal circumstances, not less
authority.13 custodian, and transfer agent to the
Brent J. Fields, Fund. 5 See Nasdaq Rule 5735(g). The Exchange states
Secretary. that, in the event (a) the Adviser or the Sub-Adviser
1 15 U.S.C. 78s(b)(1). becomes newly affiliated with a broker-dealer or
[FR Doc. 2015–03816 Filed 2–24–15; 8:45 am] 2 17 CFR 240.19b–4. registers as a broker-dealer, or (b) any new adviser
BILLING CODE 8011–01–P 3 See Securities Exchange Act Release No. 73960 or sub-adviser is a registered broker-dealer or
becomes affiliated with a broker-dealer, the
asabaliauskas on DSK5VPTVN1PROD with NOTICES
(Dec. 30, 2014), 80 FR 540 (‘‘Notice’’).
4 According to the Exchange, the Trust has filed Adviser, the Sub-Adviser, or any new adviser or
a registration statement on Form N–1A sub-adviser, as the case may be, will implement a
(‘‘Registration Statement’’) with the Commission. fire wall with respect to its relevant personnel and
See Registration Statement on Form N–1A for the its broker-dealer affiliate, as applicable, regarding
Trust filed on July 24, 2014 (File Nos. 333–187668 access to information concerning the composition
and 811–22819). In addition, the Exchange states of or changes to the portfolio, and will be subject
that the Trust has obtained certain exemptive relief to procedures designed to prevent the use and
under the 1940 Act. See Investment Company Act dissemination of material, non-public information
Release No. 30607 (July 23, 2013) (‘‘Exemptive regarding the portfolio.
13 17 CFR 200.30–3(a)(12). Order’’). 6 See 17 CFR 240.10A–3.
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Document Created: 2015-12-18 13:08:57
Document Modified: 2015-12-18 13:08:57
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 80 FR 10187 |
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