81 FR 33299 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Reflecting a Change to the Means of Achieving the Investment Objective With Respect to the AdvisorShares EquityPro ETF

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 101 (May 25, 2016)

Page Range		33299-33301
FR Document		2016-12239
Federal Register, Volume 81 Issue 101 (Wednesday, May 25, 2016)
[Federal Register Volume 81, Number 101 (Wednesday, May 25, 2016)]
[Notices]
[Pages 33299-33301]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-12239]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77858; File No. SR-NYSEArca-2016-66]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change Reflecting a Change 
to the Means of Achieving the Investment Objective With Respect to the 
AdvisorShares EquityPro ETF

May 19, 2016.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of 
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby 
given that, on May 5, 2016, NYSE Arca, Inc. (the ``Exchange'' or ``NYSE 
Arca'') filed with the Securities and Exchange Commission (the 
``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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to reflect a change to the means of achieving 
the investment objective with respect to the AdvisorShares EquityPro 
ETF. Shares of the AdvisorShares EquityPro ETF are currently listed and 
traded on the Exchange. 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 the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Commission has approved listing and trading on the Exchange of 
shares (``Shares'') of the AdvisorShares EquityPro ETF (formerly, the 
Global Alpha & Beta ETF) (``Fund''), a series of AdvisorShares Trust 
(``Trust'') \4\ under NYSE Arca Equities Rule 8.600, which governs the 
listing and trading of Managed Fund Shares. Shares of the Fund are 
currently listed and traded on the Exchange.
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    \4\ See Securities Exchange Act Release Nos. 67277 (June 27, 
2012), 77 FR 39554 (July 3, 2012) (SR-NYSEArca-2012-39) (``Prior 
Order''); 66973 (May 11, 2012), 77 FR 29429 (May 17, 2012) (SR-
NYSEArca-2012-39) (``Prior Notice,'' and together with the Prior 
Order, the ``First Prior Release''). See also Securities Exchange 
Act Release No. 72436 (June 19, 2014), 79 FR 36118 (June 25, 2014) 
(SR-NYSEArca-2014-70) (``Second Prior Release'') (notice of 
effectiveness of proposed rule change regarding the Fund's use of 
certain U.S. exchange-listed options).
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    The Shares are offered by the Trust, which is registered with the 
Commission as an open-end management investment company.\5\ The 
investment advisor to the Fund is AdvisorShares Investments, LLC (the 
``Adviser''). The sub-adviser for the Fund is Elements Financial, PLC 
(the ``Sub-Adviser''). Neither the Adviser nor the Sub-Adviser is a 
registered broker-dealer or is affiliated with a broker-dealer.
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    \5\ The Trust is registered under the Investment Company Act of 
1940 (15 U.S.C. 80a-1). On November 1, 2015, the Trust filed with 
the Commission an amendment to its registration statement on Form N-
1A under the Securities Act of 1933 (15 U.S.C. 77a), and under the 
1940 Act relating to the Fund (File Nos. 333-157876 and 811-22110) 
(``Registration Statement''). The description of the operation of 
the Trust and the Fund herein is based, in part, on the Registration 
Statement. In addition, the Commission has issued an order granting 
certain exemptive relief to the Trust under the 1940 Act. See 
Investment Company Act Release No. 29291) (May 28, 2010) (File No. 
812-13677) (``Exemptive Order'').
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    In this proposed rule change, the Exchange proposes to reflect a 
change to the means the Adviser will utilize to implement the Fund's 
investment objective to permit investments in U.S. exchange-traded 
futures contracts, as described below.
    The First Prior Release stated that the Fund's investment objective 
is long-term capital growth. The First Prior Release further stated 
that the Fund will not invest in options contracts, futures contracts, 
or swap agreements. The Second Prior Release stated that the Fund may 
invest up to 10% of the Fund's net assets in the following types of 
options: U.S. exchange-listed index

[[Page 33300]]

options; U.S. exchange-listed individual stock options; or U.S. 
exchange-listed exchange-traded fund (``ETF'') options.
    Going forward, the Adviser wishes to revise the representations in 
the First Prior Release and the Second Prior Release to state that the 
Fund, in addition to investments in U.S. exchange-listed options, as 
described above, may invest up to 10% of the Fund's net assets in U.S. 
exchange-traded stock index futures on broad based indexes, such as 
futures on the S&P 500 Index. All futures contracts in which the Fund 
may invest will be traded on U.S. futures exchanges. Such futures 
contracts will be traded only on futures exchanges that are members of 
the Intermarket Surveillance Group (``ISG''). The Fund may seek to 
invest in futures contracts in order to gain market exposure and/or to 
hedge against a market decline.\6\
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    \6\ The changes described herein will be effective contingent 
upon effectiveness of an amendment to the Trust's Registration 
Statement. See supra, note 5. The Adviser represents that the 
Adviser and the Sub-Adviser have managed and will continue to manage 
the Fund in the manner described in the First Prior Release and the 
Second Prior Release, and the Fund will not implement the proposed 
amendment described herein until the instant proposed rule change is 
operative.
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    The Exchange represents that trading in the Shares will be subject 
to the existing trading surveillances, administered by the Exchange or 
the Financial Industry Regulatory Authority (``FINRA'') on behalf of 
the Exchange, which are designed to detect violations of Exchange rules 
and applicable federal securities laws.\7\ The Exchange represents that 
these procedures are adequate to properly monitor Exchange trading of 
the Shares in all trading sessions and to deter and detect violations 
of Exchange rules and federal securities laws applicable to trading on 
the Exchange. The Fund's investment in futures will not be used to 
enhance leverage.
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    \7\ FINRA conducts cross-market surveillances on behalf of the 
Exchange pursuant to a regulatory services agreement. The Exchange 
is responsible for FINRA's performance under this regulatory 
services agreement.
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    The Exchange or FINRA, on behalf of the Exchange, will communicate 
as needed regarding trading in futures (in addition to the exchange-
traded assets referenced in the First Prior Release and Second Prior 
Release) with other markets and other entities that are members of the 
ISG,\8\ and the Exchange and FINRA, on behalf of the Exchange, may 
obtain trading information regarding trading in futures (in addition to 
the exchange-traded assets referenced in the First Prior Release and 
Second Prior Release) from such markets and other entities. In 
addition, the Exchange may obtain information regarding trading in 
futures (in addition to the exchange-traded assets referenced in the 
First Prior Release and Second Prior Release) from markets and other 
entities that are members of ISG or with which the Exchange has in 
place a comprehensive surveillance sharing agreement.
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    \8\ For a list of the current members of ISG, see 
www.isgportal.org.
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    For purposes of calculating net asset value (``NAV'') of Shares of 
the Fund, futures contracts will generally be valued at the settlement 
price of the relevant exchange on the day of valuation. Quotation and 
last sale information for futures contracts will be available from the 
exchanges on which they trade or from major market data vendors.
    The Adviser represents that there is no change to the Fund's 
investment objective. The Fund will continue to comply with all initial 
and continued listing requirements under NYSE Arca Equities Rule 8.600.
    Except for the changes noted above, all other facts presented and 
representations made in the First Prior Release and Second Prior 
Release remain unchanged.
    All terms referenced but not defined herein are defined in the 
First Prior Release and Second Prior Release.
    The Exchange notes that the Commission has previously approved for 
listing other actively-managed exchange-traded funds that invest in 
U.S. exchange-traded futures.\9\
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    \9\ See, e.g., Securities Exchange Act Release No. 67552 (August 
1, 2012), 77 FR 47131 (August 7, 2012) (SR-NYSEArca-2012-55) (order 
approving listing and trading on the Exchange of the STAR Global 
Buy-Write ETF under NYSE Arca Equities Rule 8.600).
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2. Statutory Basis
    The basis under the Act for this proposed rule change is the 
requirement under Section 6(b)(5) \10\ that an exchange have rules that 
are designed to prevent fraudulent and manipulative acts and practices, 
to promote just and equitable principles of trade, to remove 
impediments to, and perfect the mechanism of a free and open market 
and, in general, to protect investors and the public interest. The 
Adviser represents that there is no change to the Fund's investment 
objective. The Fund will continue to comply with all initial and 
continued listing requirements under NYSE Arca Equities Rule 8.600. All 
futures in which the Fund will invest will be traded on U.S. futures 
exchanges, all of which are members of ISG.
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    \10\ 15 U.S.C. 78f(b)(5).
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    The Exchange believes that the proposed rule change is designed to 
prevent fraudulent and manipulative acts and practices, and is designed 
to promote just and equitable principles of trade and to protect 
investors and the public interest, in that the Adviser represents that 
there is no change to the Fund's investment objective. All futures in 
which the Fund will invest will be traded on a U.S futures exchange. 
The Fund's investment in futures will not be used to enhance leverage. 
The Exchange or FINRA, on behalf of the Exchange, will communicate as 
needed regarding trading in futures (in addition to the exchange-traded 
assets referenced in the First Prior Release and Second Prior Release) 
with other markets and other entities that are members of the ISG, and 
the Exchange or FINRA, on behalf of the Exchange, may obtain trading 
information regarding trading in futures (in addition to the exchange-
traded assets referenced in the First Prior Release and Second Prior 
Release) from such markets and other entities. In addition, the 
Exchange may obtain information regarding trading in futures (in 
addition to the exchange-traded assets referenced in the First Prior 
Release and Second Prior Release) from markets and other entities that 
are members of ISG or with which the Exchange has in place a 
comprehensive surveillance sharing agreement.
    The proposed rule change is designed to perfect the mechanism of a 
free and open market and, in general, to protect investors and the 
public interest in that the Fund will continue to comply with all 
initial and continued listing requirements under NYSE Arca Equities 
Rule 8.600. The Adviser represents that there is no change to the 
Fund's investment objective. Except for the changes noted above, all 
other representations made in the First Prior Release and Second Prior 
Release remain unchanged.

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 
accommodate continued listing and trading of an issue of Managed Fund 
Shares that, under normal conditions, principally holds large-
capitalization, U.S. exchange-listed equities.

[[Page 33301]]

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 foregoing proposed rule change does not: (i) 
Significantly affect the protection of investors or the public 
interest; (ii) impose any significant burden on competition; and (iii) 
become operative for 30 days from the date on which it was filed, or 
such shorter time as the Commission may designate, 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 
\11\ and Rule 19b-4(f)(6) thereunder.\12\
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    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file the proposed rule change at 
least five business days prior to the date of filing of the proposed 
rule change, or such shorter time as designated by the Commission. 
The Exchange has satisfied this requirement.
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    The Exchange has asked the Commission to waive the 30-day operative 
delay so that the proposal may become operative immediately upon 
filing. The Exchange argues that waiver of this requirement is 
consistent with the protection of investors and the public interest 
because the proposed change will permit the Fund to more efficiently 
implement its risk strategy, and, depending on market conditions, to 
hedge market risk or to provide an opportunity for enhanced returns, 
which may be to the benefit of investors. The Commission notes that, 
other than the change proposed herein, no other changes are being made 
with respect to the Fund, and all other representations made in the 
First Prior Release and Second Prior Release remain unchanged. The 
proposal would: (1) Permit the Fund to invest in U.S. exchange-traded 
stock index futures on broad based indexes, such as futures on the S&P 
500 Index; (2) confine all futures contracts in which the Fund may 
invest to be traded only on U.S. futures exchanges that are members of 
the ISG; and (3) limit the Fund's investments in futures contracts to 
10% of the Fund's net assets. The Commission believes that the proposed 
change raises no new or novel regulatory issues and would allow the 
Fund to employ an additional strategy that would be consistent with the 
strategy of other Managed Fund Shares without undue delay.\13\ Thus, 
the Commission believes that waiver of the 30-day operative delay with 
respect to the proposed change to the Fund is consistent with the 
protection of investors and the public interest. The Commission hereby 
waives the 30-day operative delay and designates the proposed rule 
change to be operative upon filing.\14\
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    \13\ See, e.g., Securities Exchange Act Release No. 77620 (April 
14, 2016), 81 FR 23339 (April 20, 2016) (SR-BATS-2015-124) (order 
approving listing and trading of the REX VolMAXX Long VIX Weekly 
Futures Strategy ETF and the REX VolMAXX Inverse VIX Weekly Futures 
Strategy ETF of the Exchange Traded Concepts Trust) and supra, note 
9.
    \14\ 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).
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    At any time within 60 days of the filing of the proposed rule 
change, the Commission 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
     Send an email to [email protected]. Please include 
File Number SR-NYSEArca-2016-66 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEArca-2016-66. 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 will also 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-2016-66 and should 
be submitted on or before June 15, 2016.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\15\
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    \15\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-12239 Filed 5-24-16; 8:45 am]
BILLING CODE 8011-01-P
Federal Register / Vol. 81, No. 101 / Wednesday, May 25, 2016 / Notices 33299

Comments may be submitted by any of SECURITIES AND EXCHANGE A. Self-Regulatory Organization’s
the following methods: COMMISSION Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule
Electronic Comments Change
[Release No. 34–77858; File No. SR–
• Use the Commission’s Internet NYSEArca–2016–66] 1. Purpose
comment form (http://www.sec.gov/
The Commission has approved listing
rules/sro.shtml); or Self-Regulatory Organizations; NYSE
and trading on the Exchange of shares
• Send an email to rule-comments@ Arca, Inc.; Notice of Filing and
(‘‘Shares’’) of the AdvisorShares
sec.gov. Please include File Number SR– Immediate Effectiveness of Proposed EquityPro ETF (formerly, the Global
NYSEArca–2016–67 on the subject line. Rule Change Reflecting a Change to Alpha & Beta ETF) (‘‘Fund’’), a series of
the Means of Achieving the Investment AdvisorShares Trust (‘‘Trust’’) 4 under
Paper Comments Objective With Respect to the NYSE Arca Equities Rule 8.600, which
• Send paper comments in triplicate AdvisorShares EquityPro ETF governs the listing and trading of
to Secretary, Securities and Exchange Managed Fund Shares. Shares of the
May 19, 2016.
Commission, 100 F Street NE., Fund are currently listed and traded on
Washington, DC 20549–1090. Pursuant to Section 19(b)(1) 1 of the the Exchange.
Securities Exchange Act of 1934 (the The Shares are offered by the Trust,
All submissions should refer to File ‘‘Act’’) 2 and Rule 19b–4 thereunder,3 which is registered with the
Number SR–NYSEArca–2016–67. This notice is hereby given that, on May 5, Commission as an open-end
file number should be included on the 2016, NYSE Arca, Inc. (the ‘‘Exchange’’ management investment company.5 The
subject line if email is used. To help the or ‘‘NYSE Arca’’) filed with the investment advisor to the Fund is
Commission process and review your AdvisorShares Investments, LLC (the
Securities and Exchange Commission
comments more efficiently, please use ‘‘Adviser’’). The sub-adviser for the
(the ‘‘Commission’’) the proposed rule
only one method. The Commission will Fund is Elements Financial, PLC (the
change as described in Items I and II
post all comments on the Commission’s ‘‘Sub-Adviser’’). Neither the Adviser nor
Internet Web site (http://www.sec.gov/ below, which Items have been prepared
the Sub-Adviser is a registered broker-
rules/sro.shtml). Copies of the by the self-regulatory organization. The
dealer or is affiliated with a broker-
submission, all subsequent Commission is publishing this notice to
dealer.
amendments, all written statements solicit comments on the proposed rule In this proposed rule change, the
with respect to the proposed rule change from interested persons. Exchange proposes to reflect a change to
change that are filed with the I. Self-Regulatory Organization’s the means the Adviser will utilize to
Commission, and all written Statement of the Terms of Substance of implement the Fund’s investment
communications relating to the the Proposed Rule Change objective to permit investments in U.S.
proposed rule change between the exchange-traded futures contracts, as
Commission and any person, other than The Exchange proposes to reflect a described below.
those that may be withheld from the change to the means of achieving the The First Prior Release stated that the
public in accordance with the investment objective with respect to the Fund’s investment objective is long-
provisions of 5 U.S.C. 552, will be AdvisorShares EquityPro ETF. Shares of term capital growth. The First Prior
available for Web site viewing and the AdvisorShares EquityPro ETF are Release further stated that the Fund will
printing in the Commission’s Public currently listed and traded on the not invest in options contracts, futures
Reference Room, 100 F Street NE., Exchange. The proposed rule change is contracts, or swap agreements. The
Washington, DC 20549, on official available on the Exchange’s Web site at Second Prior Release stated that the
business days between the hours of Fund may invest up to 10% of the
www.nyse.com, at the principal office of
10:00 a.m. and 3:00 p.m. Copies of the Fund’s net assets in the following types
the Exchange, and at the Commission’s
filing also will be available for of options: U.S. exchange-listed index
Public Reference Room.
inspection and copying at the principal
offices of the Exchange and on its II. Self-Regulatory Organization’s 4 See Securities Exchange Act Release Nos. 67277

Internet Web site at www.nyse.com. All (June 27, 2012), 77 FR 39554 (July 3, 2012) (SR–
Statement of the Purpose of, and NYSEArca–2012–39) (‘‘Prior Order’’); 66973 (May
comments received will be posted Statutory Basis for, the Proposed Rule 11, 2012), 77 FR 29429 (May 17, 2012) (SR–
without change; the Commission does Change NYSEArca–2012–39) (‘‘Prior Notice,’’ and together
not edit personal identifying with the Prior Order, the ‘‘First Prior Release’’). See
information from submissions. You In its filing with the Commission, the also Securities Exchange Act Release No. 72436
(June 19, 2014), 79 FR 36118 (June 25, 2014) (SR–
should submit only information that self-regulatory organization included NYSEArca–2014–70) (‘‘Second Prior Release’’)
you wish to make available publicly. All statements concerning the purpose of, (notice of effectiveness of proposed rule change
submissions should refer to File and basis for, the proposed rule change regarding the Fund’s use of certain U.S. exchange-
Number SR–NYSEArca–2016–67, and listed options).
and discussed any comments it received 5 The Trust is registered under the Investment
should be submitted on or before June on the proposed rule change. The text Company Act of 1940 (15 U.S.C. 80a–1). On
15, 2016. of those statements may be examined at November 1, 2015, the Trust filed with the
For the Commission, by the Division of the places specified in Item IV below. Commission an amendment to its registration
statement on Form N–1A under the Securities Act
Trading and Markets, pursuant to delegated The Exchange has prepared summaries, of 1933 (15 U.S.C. 77a), and under the 1940 Act
mstockstill on DSK3G9T082PROD with NOTICES

authority.24 set forth in sections A, B, and C below, relating to the Fund (File Nos. 333–157876 and
Robert W. Errett, of the most significant parts of such 811–22110) (‘‘Registration Statement’’). The
description of the operation of the Trust and the
Deputy Secretary. statements. Fund herein is based, in part, on the Registration
[FR Doc. 2016–12242 Filed 5–24–16; 8:45 am] Statement. In addition, the Commission has issued
BILLING CODE 8011–01–P 1 15
an order granting certain exemptive relief to the
U.S.C. 78s(b)(1).
Trust under the 1940 Act. See Investment Company
2 15 U.S.C. 78a. Act Release No. 29291) (May 28, 2010) (File No.
24 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4. 812–13677) (‘‘Exemptive Order’’).

VerDate Sep<11>2014 20:19 May 24, 2016 Jkt 238001 PO 00000 Frm 00102 Fmt 4703 Sfmt 4703 E:\FR\FM\25MYN1.SGM 25MYN1
Federal Register / Vol. 81, No. 101 / Wednesday, May 25, 2016 / Notices 33301

C. Self-Regulatory Organization’s that would be consistent with the rules/sro.shtml). Copies of the
Statement on Comments on the strategy of other Managed Fund Shares submission, all subsequent
Proposed Rule Change Received From without undue delay.13 Thus, the amendments, all written statements
Members, Participants, or Others Commission believes that waiver of the with respect to the proposed rule
No written comments were solicited 30-day operative delay with respect to change that are filed with the
or received with respect to the proposed the proposed change to the Fund is Commission, and all written
rule change. consistent with the protection of communications relating to the
investors and the public interest. The proposed rule change between the
III. Date of Effectiveness of the Commission hereby waives the 30-day Commission and any person, other than
Proposed Rule Change and Timing for operative delay and designates the those that may be withheld from the
Commission Action proposed rule change to be operative public in accordance with the
Because the foregoing proposed rule upon filing.14 provisions of 5 U.S.C. 552, will be
change does not: (i) Significantly affect At any time within 60 days of the available for Web site viewing and
the protection of investors or the public filing of the proposed rule change, the printing in the Commission’s Public
interest; (ii) impose any significant Commission may temporarily suspend Reference Room, 100 F Street NE.,
burden on competition; and (iii) become such rule change if it appears to the Washington, DC 20549, on official
operative for 30 days from the date on Commission that such action is business days between the hours of
which it was filed, or such shorter time necessary or appropriate in the public 10:00 a.m. and 3:00 p.m. Copies of such
as the Commission may designate, if interest, for the protection of investors, filing will also be available for
consistent with the protection of or otherwise in furtherance of the inspection and copying at the principal
investors and the public interest, the purposes of the Act. If the Commission office of the Exchange. All comments
proposed rule change has become takes such action, the Commission shall received will be posted without change;
effective pursuant to Section 19(b)(3)(A) institute proceedings to determine the Commission does not edit personal
of the Act 11 and Rule 19b–4(f)(6) whether the proposed rule should be identifying information from
thereunder.12 approved or disapproved. submissions. You should submit only
The Exchange has asked the information that you wish to make
Commission to waive the 30-day IV. Solicitation of Comments available publicly. All submissions
operative delay so that the proposal may Interested persons are invited to should refer to File Number SR–
become operative immediately upon submit written data, views, and NYSEArca–2016–66 and should be
filing. The Exchange argues that waiver arguments concerning the foregoing, submitted on or before June 15, 2016.
of this requirement is consistent with including whether the proposed rule For the Commission, by the Division of
the protection of investors and the change is consistent with the Act. Trading and Markets, pursuant to delegated
public interest because the proposed Comments may be submitted by any of authority.15
change will permit the Fund to more the following methods: Robert W. Errett,
efficiently implement its risk strategy, Deputy Secretary.
Electronic Comments
and, depending on market conditions, to [FR Doc. 2016–12239 Filed 5–24–16; 8:45 am]
hedge market risk or to provide an • Use the Commission’s Internet
BILLING CODE 8011–01–P
opportunity for enhanced returns, comment form (http://www.sec.gov/
which may be to the benefit of investors. rules/sro.shtml); or
The Commission notes that, other than • Send an email to rule-comments@ SECURITIES AND EXCHANGE
the change proposed herein, no other sec.gov. Please include File Number SR– COMMISSION
changes are being made with respect to NYSEArca–2016–66 on the subject line.
[Release No. 34–77853; File No. SR–MIAX–
the Fund, and all other representations Paper Comments 2016–11]
made in the First Prior Release and
Second Prior Release remain • Send paper comments in triplicate
to Secretary, Securities and Exchange Self-Regulatory Organizations; Miami
unchanged. The proposal would: (1) International Securities Exchange LLC;
Permit the Fund to invest in U.S. Commission, 100 F Street NE.,
Washington, DC 20549–1090. Notice of Filing and Immediate
exchange-traded stock index futures on Effectiveness of a Proposed Rule
broad based indexes, such as futures on All submissions should refer to File Change To Amend Exchange Rule 100
the S&P 500 Index; (2) confine all Number SR–NYSEArca–2016–66. This Concerning Professional Customers
futures contracts in which the Fund file number should be included on the
may invest to be traded only on U.S. subject line if email is used. To help the May 19, 2016.
futures exchanges that are members of Commission process and review your Pursuant to the provisions of Section
the ISG; and (3) limit the Fund’s comments more efficiently, please use 19(b)(1) of the Securities Exchange Act
investments in futures contracts to 10% only one method. The Commission will of 1934 (‘‘Act’’) 1 and Rule 19b–4
of the Fund’s net assets. The post all comments on the Commission’s thereunder,2 notice is hereby given that
Commission believes that the proposed Internet Web site (http://www.sec.gov/ on May 6, 2016, Miami International
change raises no new or novel Securities Exchange LLC (‘‘MIAX’’ or
regulatory issues and would allow the 13 See, e.g., Securities Exchange Act Release No. ‘‘Exchange’’) filed with the Securities
77620 (April 14, 2016), 81 FR 23339 (April 20, and Exchange Commission
Fund to employ an additional strategy 2016) (SR–BATS–2015–124) (order approving
listing and trading of the REX VolMAXX Long VIX
(‘‘Commission’’) a proposed rule change
mstockstill on DSK3G9T082PROD with NOTICES

11 15 U.S.C. 78s(b)(3)(A). Weekly Futures Strategy ETF and the REX as described in Items I and II below,
12 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– VolMAXX Inverse VIX Weekly Futures Strategy which Items have been prepared by the
4(f)(6) requires a self-regulatory organization to give ETF of the Exchange Traded Concepts Trust) and Exchange. The Commission is
the Commission written notice of its intent to file supra, note 9.
publishing this notice to solicit
the proposed rule change at least five business days 14 For purposes only of waiving the 30-day

prior to the date of filing of the proposed rule operative delay, the Commission has also
15 17 CFR 200.30–3(a)(12).
change, or such shorter time as designated by the considered the proposed rule’s impact on
1 15 U.S.C. 78s(b)(1).
Commission. The Exchange has satisfied this efficiency, competition, and capital formation. See
requirement. 15 U.S.C. 78c(f). 2 17 CFR 240.19b–4.

VerDate Sep<11>2014 20:19 May 24, 2016 Jkt 238001 PO 00000 Frm 00104 Fmt 4703 Sfmt 4703 E:\FR\FM\25MYN1.SGM 25MYN1
Document Created: 2018-02-07 15:03:16
Document Modified: 2018-02-07 15:03:16
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		81 FR 33299