82 FR 35256 - Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change to Rule 14.11(c), Index Fund Shares, To List and Trade Shares of the Aptus Fortified Value ETF, a Series of ETF Series Solutions
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 144 (July 28, 2017)
Federal Register Volume 82, Issue 144 (July 28, 2017)
| Page Range | 35256-35259 | |
| FR Document | 2017-15904 |
[Federal Register Volume 82, Number 144 (Friday, July 28, 2017)] [Notices] [Pages 35256-35259] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-15904] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81191; File No. SR-BatsBZX-2017-46] Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change to Rule 14.11(c), Index Fund Shares, To List and Trade Shares of the Aptus Fortified Value ETF, a Series of ETF Series Solutions July 24, 2017. 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 July 10, 2017, Bats BZX Exchange, Inc. (``Exchange'' or ``BZX'') 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 Exchange. 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 Substance of the Proposed Rule Change The Exchange filed a proposal to list and trade shares of the Aptus Fortified Value ETF (the ``Fund''), a series of ETF Series Solutions (the ``Trust''), under Rule 14.11(c) (``Index Fund Shares''). The text of the proposed rule change is available at the Exchange's Web site at www.bats.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 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 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 list and trade the Shares under Rule 14.11(c)(3), which governs the listing and trading of Index Fund Shares on the Exchange.\3\ The Fund will be an index-based exchange traded fund (``ETF''). The Exchange is submitting this proposed rule change because the Index, as defined below, does not meet all of the ``generic'' listing requirements of Rule 14.11(c)(3)(A)(i), applicable to the listing of Index Fund Shares based upon an index of ``U.S. Component Stocks.'' \4\ Specifically, Rule 14.11(c)(3)(A)(i) sets forth the requirements to be met by components of an index or portfolio of U.S. Component Stocks. Because the [[Page 35257]] Index may purchase put options on a security that tracks the broader U.S. equity market, as further described below, which are not included in the definition of ``U.S. Component Stocks'' as defined in Rule 14.11(c)(1)(D), the Index does not satisfy the requirements of Rule 14.11(c)(3)(A)(i). The Index will otherwise conform to the initial and continued listing criteria under Rule 14.11(c). Rule 14.11(i), which covers the listing and trading of actively managed ETFs (``Managed Fund Shares''), does however provide generic listing standards related to funds holding listed derivatives in Rule 14.11(i)(4)(C)(iv), which includes the kinds of options that may be held by the Index. The Exchange believes that, while the Index wouldn't necessarily meet the requirements of Rule 14.11(i)(4)(C)(iv), the listing and trading of the Shares would not give rise to the policy concerns on which the substance of Rule 14.11(i)(4)(C)(iv) is based, as further described below. --------------------------------------------------------------------------- \3\ The Commission originally approved BZX Rule 14.11(c) in Securities Exchange Act Release No. 65225 (August 30, 2011), 76 FR 55148 (September 6, 2011) (SR-BATS-2011-018). \4\ As defined in Rule 14.11(c)(1)(D), the term ``U.S. Component Stock'' shall mean an equity security that is registered under Sections 12(b) or 12(g) of the Act, or an American Depositary receipt, the underlying equity security of which is registered under Sections 12(b) or 12(g) of the Act. --------------------------------------------------------------------------- The Shares will be offered by the Trust, which was established as a Delaware statutory trust on February 9, 2012. The Trust is registered with the Commission as an open-end investment company and has filed a registration statement on behalf of the Fund on Form N-1A (``Registration Statement'') with the Commission.\5\ --------------------------------------------------------------------------- \5\ See Registration Statement on Form N-1A for the Trust, dated June 8, 2017 (File Nos. 333-179562 and 811-22668). The descriptions of the Fund and the Shares contained herein are based, in part, on information in the Registration Statement. --------------------------------------------------------------------------- The Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. Aptus Fortified Value ETF According to the Registration Statement, the Fund will seek to track the performance, before fees and expenses, of the Aptus Fortified Value Index (the ``Index''). The Index is a rules-based, equal-weighted index that is designed to gain exposure to 50 of the most undervalued U.S.-listed common stocks and real estate investment trusts (``REITs''), while hedging against significant U.S. equity market declines when the market is overvalued. The Index is composed of two components: An equity component of 50 common stocks and REITs and, when the Index determines that the U.S. equity market is overvalued, a ``tail hedge'' of long put options on a security that tracks the broader U.S. equity market.\6\ When the tail hedge is not in effect, the Index will be composed 100% of the equity component. At the time the tail hedge is implemented, the Index will be composed 99.5% of the equity component and 0.50% of the tail hedge, as described below. --------------------------------------------------------------------------- \6\ The Exchange notes that the equity component of the Index meets the requirements of Rule 14.11(c)(3)(A)(i). --------------------------------------------------------------------------- When the tail hedge is implemented, the Index will reallocate 0.50% of its weight to buy put options on a large, highly liquid ETF that tracks the performance of the large-cap U.S. equity market (the ``Underlying ETF''). The Underlying ETF will be the ETF that tracks the large-cap U.S. equity market and has the highest average daily options volume as determined annually by the Index rules. A put option gives the purchaser the right to sell shares of the underlying asset at a specified price (``strike price'') prior to a specified date (``expiration date''). The purchaser pays a cost (premium) to purchase the put option. In the event the underlying asset declines in value, the value of the put option will generally increase, and in the event the underlying asset appreciates in value, the put option may end up worthless and the premium may be lost. At the time the tail hedge is implemented, the put options on the Underlying ETF will have an expiration date of approximately three months from the date the tail hedge is implemented, and the strike price will be approximately 30% less than the most recent closing price of the Underlying ETF. On the last business day of each month, any options held by the Index are sold. If the tail hedge will not be in effect for the following month, the weight of such options, if any, will be reallocated pro rata to the securities in the Index's equity component. If the tail hedge will continue in effect for the following month, the Index is rebalanced (i.e., no equity securities are added or deleted) such that the tail hedge (with new options purchased) has a weight of 0.50% and the equity component securities are adjusted up or down pro rata to have a weight of 99.5%.\7\ --------------------------------------------------------------------------- \7\ This calculation is based on the cost to purchase the put contracts. While the Index would not necessarily meet the requirements of Rule 14.11(i)(4)(C)(iv)(b) applicable to options holdings for Managed Fund Shares, which prevents the aggregate gross notional value of listed derivatives based on any single underlying reference asset from exceeding 30% of the weight of the portfolio (including gross notional exposures) and the aggregate gross notional value of listed derivatives based on any five or fewer underlying reference assets from exceeding 65% of the weight of the portfolio (including gross notional exposures), the actual potential downside associated with purchased put contracts is limited to the cost of the contract. The Exchange believes that this, combined with the relatively small percentage of the Index's exposure to options on the Underlying ETF and the liquidity in the options market for the Underlying ETF mitigates the concerns that Rule 14.11(i)(4)(C)(iv)(b) is intended to address and would prevent the Shares from being susceptible to manipulation. --------------------------------------------------------------------------- The Exchange represents that, except for the 0.50% options position that the Index might hold, the Index will satisfy, on an initial and continued listing basis, all of the generic listing standards under Rule 14.11(c)(3)(A)(i) and all other applicable requirements for Index Fund Shares under Rule 14.11(c), including, but not limited to, requirements relating to the dissemination of key information such as the Net Asset Value, the Intraday Indicative Value, rules governing the trading of equity securities, trading hours, trading halts, surveillance, and the information circular, as set forth in Exchange rules applicable to Index Fund Shares and the orders approving such rules. Moreover, all of the equity securities and options contracts held by the Index trade on markets that are a member of Intermarket Surveillance Group (``ISG'') or affiliated with a member of ISG or with which the Exchange has in place a comprehensive surveillance sharing agreement.\8\ All statements and representations made in this filing regarding (a) the description of the portfolio, (b) limitations on portfolio holdings or reference assets, or (c) the applicability of Exchange rules shall constitute continued listing requirements for listing the Shares on the Exchange. The issuer has represented to the Exchange that it will advise the Exchange of any failure by the Fund or the Shares to comply with the continued listing requirements, and, pursuant to its obligations under Section 19(g)(1) of the Act, the Exchange will surveil for compliance with the continued listing requirements. If the Fund or the Shares are not in compliance with the applicable listing requirements, the Exchange will commence delisting procedures under Exchange Rule 14.12. --------------------------------------------------------------------------- \8\ For a list of the current members and affiliate members of ISG, see www.isgportal.com. The Exchange notes that not all components of the Disclosed Portfolio for the Fund may trade on markets that are members of ISG or with which the Exchange has in place a comprehensive surveillance sharing agreement. --------------------------------------------------------------------------- 2. Statutory Basis The Exchange believes that the proposal is consistent with Section 6(b) of the Act \9\ in general and Section 6(b)(5) of the Act \10\ in particular in that it is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of [[Page 35258]] trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system and, in general, to protect investors and the public interest. --------------------------------------------------------------------------- \9\ 15 U.S.C. 78f. \10\ 15 U.S.C. 78f(b)(5). --------------------------------------------------------------------------- The Exchange believes that the proposed rule change is designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, to remove impediments to and perfect the mechanism of a free and open market and a national market system and, in general, to protect investors and the public interest in that the Shares will meet each of the initial and continued listing criteria in BZX Rule 14.11(c) with the exception of the possible 0.50% of assets used to purchase put options.\11\ While the Index would not necessarily meet the requirements of Rule 14.11(i)(4)(C)(iv)(b) applicable to options holdings for Managed Fund Shares, which prevents the aggregate gross notional value of listed derivatives based on any single underlying reference asset from exceeding 30% of the weight of the portfolio (including gross notional exposures) and the aggregate gross notional value of listed derivatives based on any five or fewer underlying reference assets from exceeding 65% of the weight of the portfolio (including gross notional exposures), the actual potential downside associated with purchased put contracts is limited to the cost of the contract. The Exchange believes that this, combined with the relatively small percentage of the Index's exposure to options on the Underlying ETF and the liquidity in the options market for the Underlying ETF mitigates the concerns that Rule 14.11(i)(4)(C)(iv)(b) is intended to address and would prevent the Shares from being susceptible to manipulation. The Exchange believes that its surveillance procedures are adequate to properly monitor the trading of the Shares on the Exchange during all trading sessions and to deter and detect violations of Exchange rules and the applicable federal securities laws. All of the futures contracts held by the Fund will trade on markets that are a member of ISG or affiliated with a member of ISG or with which the Exchange has in place a comprehensive surveillance sharing agreement. The Exchange may obtain information regarding trading in the Shares and the underlying equities and options contracts held by the Fund via the ISG from other exchanges who are members or affiliates of the ISG or with which the Exchange has entered into a comprehensive surveillance sharing agreement.\12\ The Exchange further notes that the Fund will meet and be subject to all other requirements of Rule 14.11(c) and other applicable continued [sic] Net Asset Value, the Intraday Indicative Value, rules governing the trading of equity securities, trading hours, trading halts, surveillance, and the information circular, as set forth in Exchange rules applicable to Index Fund Shares and the orders approving such rules. --------------------------------------------------------------------------- \11\ As noted above, the Exchange is proposing that the Fund be exempt from the requirement of Rule 14.11(i)(4)(C)(iv)(b) that prevents the aggregate gross notional value of listed derivatives based on any single underlying reference asset from exceeding 30% of the weight of the portfolio (including gross notional exposures) and the aggregate gross notional value of listed derivatives based on any five or fewer underlying reference assets from exceeding 65% of the weight of the portfolio (including gross notional exposures). \12\ See note 11, supra. --------------------------------------------------------------------------- For the above reasons, the Exchange believes that the proposed rule change is consistent with the requirements of Section 6(b)(5) of the Act. (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 purpose of the Act. The Exchange notes that the proposed rule change, rather will facilitate the listing and trading of an additional exchange-traded product that will enhance competition among both market participants and listing venues, to the benefit of investors and the marketplace. (C) Self-Regulatory Organization's Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others The Exchange has neither solicited nor received written comments on the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 45 days of the date of publication of this notice in the Federal Register or within such longer period up to 90 days (i) as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: (A) By order approve or disapprove the proposed rule change, or (B) institute proceedings to determine whether the proposed rule change should be disapproved. IV. Solicitation of Comments Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposal is consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File No. SR-BatsBZX-2017-46 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 No. SR-BatsBZX-2017-46. 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 No. SR-BatsBZX-2017-46 and should be submitted on or before August 18, 2017. [[Page 35259]] For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\13\ --------------------------------------------------------------------------- \13\ 17 CFR 200.30-3(a)(12). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-15904 Filed 7-27-17; 8:45 am] BILLING CODE 8011-01-P
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C. Self-Regulatory Organization’s only one method. The Commission will below, which Items have been prepared
Statement on Comments on the post all comments on the Commission’s by the Exchange. The Commission is
Proposed Rule Change Received From Internet Web site (http://www.sec.gov/ publishing this notice to solicit
Members, Participants, or Others rules/sro.shtml). Copies of the comments on the proposed rule change
Written comments were neither submission, all subsequent from interested persons.
solicited nor received. amendments, all written statements
with respect to the proposed rule I. Self-Regulatory Organization’s
III. Date of Effectiveness of the change that are filed with the Statement of the Terms of Substance of
Proposed Rule Change and Timing for Commission, and all written the Proposed Rule Change
Commission Action communications relating to the The Exchange filed a proposal to list
Pursuant to Section 19(b)(3)(A) of the proposed rule change between the and trade shares of the Aptus Fortified
Act 6 and Rule 19b–4(f)(6) 7 thereunder, Commission and any person, other than Value ETF (the ‘‘Fund’’), a series of ETF
the Exchange has designated this those that may be withheld from the Series Solutions (the ‘‘Trust’’), under
proposal as one that effects a change public in accordance with the Rule 14.11(c) (‘‘Index Fund Shares’’).
that: (i) Does not significantly affect the provisions of 5 U.S.C. 552, will be The text of the proposed rule change
protection of investors or the public available for Web site viewing and is available at the Exchange’s Web site
interest; (ii) does not impose any printing in the Commission’s Public at www.bats.com, at the principal office
significant burden on competition; and Reference Room, 100 F Street NE., of the Exchange, and at the
(iii) by its terms, does not become Washington, DC 20549, on official Commission’s Public Reference Room.
operative for 30 days after the date of business days between the hours of
II. Self-Regulatory Organization’s
the filing, or such shorter time as the 10:00 a.m. and 3:00 p.m. Copies of the
Statement of the Purpose of, and
Commission may designate if consistent filing also will be available for
Statutory Basis for, the Proposed Rule
with the protection of investors and the inspection and copying at the principal
Change
public interest. office of the Exchange. All comments
At any time within 60 days of the received will be posted without change; In its filing with the Commission, the
filing of the proposed rule change, the the Commission does not edit personal Exchange included statements
Commission summarily may identifying information from concerning the purpose of and basis for
temporarily suspend such rule change if submissions. You should submit only the proposed rule change and discussed
it appears to the Commission that such information that you wish to make any comments it received on the
action is necessary or appropriate in the available publicly. All submissions proposed rule change. The text of these
public interest, for the protection of should refer to File Number SR–MIAX– statements may be examined at the
investors, or otherwise in furtherance of 2017–35, and should be submitted on or places specified in Item IV below. The
the purposes of the Act. If the before August 18, 2017. Exchange has prepared summaries, set
Commission takes such action, the For the Commission, by the Division of forth in Sections A, B, and C below, of
Commission shall institute proceedings Trading and Markets, pursuant to delegated the most significant parts of such
to determine whether the proposed rule authority.8 statements.
should be approved or disapproved. Eduardo A. Aleman, (A) Self-Regulatory Organization’s
Assistant Secretary. Statement of the Purpose of, and
IV. Solicitation of Comments
[FR Doc. 2017–15906 Filed 7–27–17; 8:45 am] Statutory Basis for, the Proposed Rule
Interested persons are invited to BILLING CODE 8011–01–P Change
submit written data, views, and
arguments concerning the foregoing, 1. Purpose
including whether the proposed rule SECURITIES AND EXCHANGE The Exchange proposes to list and
change is consistent with the Act. COMMISSION trade the Shares under Rule 14.11(c)(3),
Comments may be submitted by any of which governs the listing and trading of
[Release No. 34–81191; File No. SR–
the following methods: Index Fund Shares on the Exchange.3
BatsBZX–2017–46]
Electronic Comments The Fund will be an index-based
Self-Regulatory Organizations; Bats exchange traded fund (‘‘ETF’’). The
• Use the Commission’s Internet BZX Exchange, Inc.; Notice of Filing of Exchange is submitting this proposed
comment form (http://www.sec.gov/ a Proposed Rule Change to Rule rule change because the Index, as
rules/sro.shtml); or 14.11(c), Index Fund Shares, To List defined below, does not meet all of the
• Send an email to rule-comments@
and Trade Shares of the Aptus ‘‘generic’’ listing requirements of Rule
sec.gov. Please include File Number SR–
Fortified Value ETF, a Series of ETF 14.11(c)(3)(A)(i), applicable to the
MIAX–2017–35 on the subject line.
Series Solutions listing of Index Fund Shares based upon
Paper Comments an index of ‘‘U.S. Component Stocks.’’ 4
July 24, 2017.
• Send paper comments in triplicate Specifically, Rule 14.11(c)(3)(A)(i) sets
Pursuant to Section 19(b)(1) of the forth the requirements to be met by
to Secretary, Securities and Exchange Securities Exchange Act of 1934
Commission, 100 F Street NE., components of an index or portfolio of
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
Washington, DC 20549–1090. U.S. Component Stocks. Because the
notice is hereby given that on July 10,
asabaliauskas on DSKBBXCHB2PROD with NOTICES
All submissions should refer to File 2017, Bats BZX Exchange, Inc. 3 The Commission originally approved BZX Rule
Number SR–MIAX–2017–35. This file (‘‘Exchange’’ or ‘‘BZX’’) filed with the 14.11(c) in Securities Exchange Act Release No.
number should be included on the Securities and Exchange Commission 65225 (August 30, 2011), 76 FR 55148 (September
subject line if email is used. To help the (‘‘Commission’’) the proposed rule 6, 2011) (SR–BATS–2011–018).
4 As defined in Rule 14.11(c)(1)(D), the term ‘‘U.S.
Commission process and review your change as described in Items I and II
Component Stock’’ shall mean an equity security
comments more efficiently, please use that is registered under Sections 12(b) or 12(g) of
8 17 CFR 200.30–3(a)(12). the Act, or an American Depositary receipt, the
6 15 U.S.C. 78s(b)(3)(A). 1 15 U.S.C. 78s(b)(1). underlying equity security of which is registered
7 17 CFR 240.19b–4(f)(6). 2 17 CFR 240.19b–4. under Sections 12(b) or 12(g) of the Act.
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trade, to foster cooperation and laws. All of the futures contracts held by (A) By order approve or disapprove
coordination with persons engaged in the Fund will trade on markets that are the proposed rule change, or
facilitating transactions in securities, to a member of ISG or affiliated with a (B) institute proceedings to determine
remove impediments to and perfect the member of ISG or with which the whether the proposed rule change
mechanism of a free and open market Exchange has in place a comprehensive should be disapproved.
and a national market system and, in surveillance sharing agreement. The
general, to protect investors and the Exchange may obtain information IV. Solicitation of Comments
public interest. regarding trading in the Shares and the Interested persons are invited to
The Exchange believes that the underlying equities and options submit written data, views and
proposed rule change is designed to contracts held by the Fund via the ISG arguments concerning the foregoing,
prevent fraudulent and manipulative from other exchanges who are members including whether the proposal is
acts and practices, to promote just and or affiliates of the ISG or with which the consistent with the Act. Comments may
equitable principles of trade, to foster Exchange has entered into a be submitted by any of the following
cooperation and coordination with comprehensive surveillance sharing methods:
persons engaged in facilitating agreement.12 The Exchange further
transactions in securities, to remove notes that the Fund will meet and be Electronic Comments
impediments to and perfect the subject to all other requirements of Rule
mechanism of a free and open market • Use the Commission’s Internet
14.11(c) and other applicable continued
and a national market system and, in comment form (http://www.sec.gov/
[sic] Net Asset Value, the Intraday
general, to protect investors and the rules/sro.shtml); or
Indicative Value, rules governing the
public interest in that the Shares will trading of equity securities, trading • Send an email to rule-comments@
meet each of the initial and continued hours, trading halts, surveillance, and sec.gov. Please include File No. SR–
listing criteria in BZX Rule 14.11(c) the information circular, as set forth in BatsBZX–2017–46 on the subject line.
with the exception of the possible Exchange rules applicable to Index Paper Comments
0.50% of assets used to purchase put Fund Shares and the orders approving
options.11 While the Index would not such rules. • Send paper comments in triplicate
necessarily meet the requirements of For the above reasons, the Exchange to Secretary, Securities and Exchange
Rule 14.11(i)(4)(C)(iv)(b) applicable to believes that the proposed rule change Commission, 100 F Street NE.,
options holdings for Managed Fund is consistent with the requirements of Washington, DC 20549–1090.
Shares, which prevents the aggregate
Section 6(b)(5) of the Act. All submissions should refer to File No.
gross notional value of listed derivatives
based on any single underlying (B) Self-Regulatory Organization’s SR–BatsBZX–2017–46. This file number
reference asset from exceeding 30% of Statement on Burden on Competition should be included on the subject line
the weight of the portfolio (including if email is used. To help the
The Exchange does not believe that Commission process and review your
gross notional exposures) and the
the proposed rule change will impose comments more efficiently, please use
aggregate gross notional value of listed
any burden on competition that is not only one method. The Commission will
derivatives based on any five or fewer
necessary or appropriate in furtherance post all comments on the Commission’s
underlying reference assets from
of the purpose of the Act. The Exchange Internet Web site (http://www.sec.gov/
exceeding 65% of the weight of the
portfolio (including gross notional notes that the proposed rule change, rules/sro.shtml). Copies of the
exposures), the actual potential rather will facilitate the listing and submission, all subsequent
downside associated with purchased trading of an additional exchange-traded amendments, all written statements
put contracts is limited to the cost of the product that will enhance competition with respect to the proposed rule
contract. The Exchange believes that among both market participants and change that are filed with the
this, combined with the relatively small listing venues, to the benefit of investors Commission, and all written
percentage of the Index’s exposure to and the marketplace. communications relating to the
options on the Underlying ETF and the (C) Self-Regulatory Organization’s proposed rule change between the
liquidity in the options market for the Statement on Comments on the Commission and any person, other than
Underlying ETF mitigates the concerns Proposed Rule Change Received From those that may be withheld from the
that Rule 14.11(i)(4)(C)(iv)(b) is Members, Participants or Others public in accordance with the
intended to address and would prevent provisions of 5 U.S.C. 552, will be
the Shares from being susceptible to The Exchange has neither solicited available for Web site viewing and
manipulation. The Exchange believes nor received written comments on the printing in the Commission’s Public
that its surveillance procedures are proposed rule change. Reference Room, 100 F Street NE.,
adequate to properly monitor the III. Date of Effectiveness of the Washington, DC 20549, on official
trading of the Shares on the Exchange Proposed Rule Change and Timing for business days between the hours of
during all trading sessions and to deter Commission Action 10:00 a.m. and 3:00 p.m. Copies of such
and detect violations of Exchange rules filing will also be available for
and the applicable federal securities Within 45 days of the date of inspection and copying at the principal
publication of this notice in the Federal office of the Exchange. All comments
Register or within such longer period
asabaliauskas on DSKBBXCHB2PROD with NOTICES
11 As noted above, the Exchange is proposing that received will be posted without change;
the Fund be exempt from the requirement of Rule up to 90 days (i) as the Commission may the Commission does not edit personal
14.11(i)(4)(C)(iv)(b) that prevents the aggregate gross designate if it finds such longer period identifying information from
notional value of listed derivatives based on any
single underlying reference asset from exceeding
to be appropriate and publishes its submissions. You should submit only
30% of the weight of the portfolio (including gross reasons for so finding or (ii) as to which information that you wish to make
notional exposures) and the aggregate gross notional the self-regulatory organization available publicly. All submissions
value of listed derivatives based on any five or consents, the Commission will:
fewer underlying reference assets from exceeding
should refer to File No. SR–BatsBZX–
65% of the weight of the portfolio (including gross 2017–46 and should be submitted on or
notional exposures). 12 See note 11, supra. before August 18, 2017.
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![Federal Register / Vol. 82, No. 144 / Friday, July 28, 2017 / Notices 35259
For the Commission, by the Division of • Estimated Number of Respondents: DEPARTMENT OF TRANSPORTATION
Trading and Markets, pursuant to delegated 50,000.
authority.13
• Estimated Number of Responses: Federal Aviation Administration
Eduardo A. Aleman, 50,000.
Assistant Secretary. Membership in the National Parks
• Average Time per Response: 30 Overflights Advisory Group
[FR Doc. 2017–15904 Filed 7–27–17; 8:45 am] minutes.
BILLING CODE 8011–01–P
• Total Estimated Burden Time: AGENCY: Federal Aviation
25,000 hours. Administration, Transportation.
• Frequency: Once per respondent. ACTION: Solicitation of applications.
DEPARTMENT OF STATE
• Obligation to Respond: Require to SUMMARY: The Federal Aviation
[Public Notice: 10066] Obtain a Benefit. Administration (FAA) and the National
We are soliciting public comments to Park Service (NPS) are inviting
30-Day Notice of Proposed Information permit the Department to:
Collection: Refugee Biographic Data interested persons to apply to fill three
• Evaluate whether the proposed current openings on the National Parks
ACTION:Notice of request for public information collection is necessary for Overflights Advisory Group (NPOAG).
comment and submission to OMB of the proper functions of the Department. The openings represent environmental
proposed collection of information. • Evaluate the accuracy of our interests. The selected members will
estimate of the time and cost burden for serve 3-year terms.
SUMMARY: The Department of State has this proposed collection, including the DATES: Persons interested in applying
submitted the information collection validity of the methodology and for the NPOAG openings representing
described below to the Office of assumptions used. environmental interests need to apply
Management and Budget (OMB) for • Enhance the quality, utility, and by August 25, 2017.
approval. In accordance with the clarity of the information to be ADDRESSES: You may submit your
Paperwork Reduction Act of 1995 we collected. interest in filling one of the NPOAG
are requesting comments on this
• Minimize the reporting burden on openings by either of the following
collection from all interested methods:
those who are to respond, including the
individuals and organizations. The • Email: Keith.Lusk@faa.gov.
use of automated collection techniques
purpose of this Notice is to allow 30 • Mail: Keith Lusk, Federal Aviation
or other forms of information
days for public comment. Administration, Western-Pacific Region
technology.
DATES: Submit comments directly to the Headquarters, 15000 Aviation
Please note that comments submitted
Office of Management and Budget Boulevard, Lawndale, CA 90261.
in response to this Notice are public
(OMB) up to August 28, 2017. FOR FURTHER INFORMATION CONTACT:
record. Before including any detailed
ADDRESSES: Direct comments to the personal information, you should be Keith Lusk, Special Programs Staff,
Department of State Desk Officer in the aware that your comments as submitted, Federal Aviation Administration,
Office of Information and Regulatory including your personal information, Western-Pacific Region Headquarters,
Affairs at the Office of Management and will be available for public review. 15000 Aviation Boulevard, Lawndale,
Budget (OMB). You may submit CA 90261, telephone: (310) 725–3808,
comments by the following methods: Abstract of Proposed Collection email: Keith.Lusk@faa.gov.
• Email: oira_submission@ The Refugee Biographic Data Sheet SUPPLEMENTARY INFORMATION:
omb.eop.gov. You must include the DS describes a refugee applicant’s personal
form number, information collection Background
characteristics and is needed to match
title, and the OMB control number in the refugee with a sponsoring voluntary The National Parks Air Tour
the subject line of your message. agency for initial reception and Management Act of 2000 (the Act) was
• Fax: 202–395–5806. Attention: Desk enacted on April 5, 2000, as Public Law
placement in the United States under
Officer for Department of State. 106–181. The Act required the
the U.S. Refugee Admissions Program
FOR FURTHER INFORMATION CONTACT: administered by the Bureau of establishment of the advisory group
Direct requests for additional Population, Refugees, and Migration, as within 1 year after its enactment. The
information regarding the collection authorized by the Immigration and NPOAG was established in March 2001.
listed in this notice, including requests Nationality Act and the Refugee Act of The advisory group is comprised of a
for supporting documents, to Delicia 1980. balanced group of representatives of
Spruell, PRM/Admissions, 2025 E Street general aviation, commercial air tour
NW., SA–9, 8th Floor, Washington, DC Methodology operations, environmental concerns,
20522–0908. Biographic information is collected in and Native American tribes. The
SUPPLEMENTARY INFORMATION: a face-to-face intake process with the Administrator of the FAA and the
• Title of Information Collection: applicant overseas. An employee of a Director of NPS (or their designees)
Refugee Biographic Data. Resettlement Support Center, under serve as ex officio members of the
• OMB Control Number: 1405–0102. cooperative agreement with PRM, group. Representatives of the
• Type of Request: Extension of a collects the information and enters it Administrator and Director serve
asabaliauskas on DSKBBXCHB2PROD with NOTICES
Currently Approved Collection. into the Worldwide Refugee Admissions alternating 1-year terms as chairman of
• Originating Office: Bureau of Processing System. the advisory group.
Population, Refugees, and Migration, In accordance with the Act, the
Office of Admissions, PRM/A. Lawrence Bartlett, advisory group provides ‘‘advice,
• Form Number: None. Director, Office of Admissions, Bureau of information, and recommendations to
• Respondents: Refugee applicants for Population, Refugees, and Migration, the Administrator and the Director—
the U.S. Refugee Admissions Program. Department of State. (1) On the implementation of this title
[FR Doc. 2017–15959 Filed 7–27–17; 8:45 am] [the Act] and the amendments made by
13 17 CFR 200.30–3(a)(12). BILLING CODE 4710–33–P this title;
VerDate Sep<11>2014 00:13 Jul 28, 2017 Jkt 241001 PO 00000 Frm 00088 Fmt 4703 Sfmt 4703 E:\FR\FM\28JYN1.SGM 28JYN1](https://thefederalregister.org/doc/82_FR_35400/page/4.svg)
Document Created: 2017-07-28 03:10:13
Document Modified: 2017-07-28 03:10:13
| 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 | 82 FR 35256 |
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