[Federal Register Volume 83, Number 128 (Tuesday, July 3, 2018)]
[Notices]
[Pages 31214-31223]
[FR Doc No: 2018-14300]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83546; File No. SR-NYSEArca-2018-40]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change Regarding Investments of the REX BKCM ETF

June 28, 2018.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that on June 26, 2018, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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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 certain changes regarding investments of the
REX BKCM ETF, shares of which are currently listed on the Exchange
under NYSE Arca Rule 8.600-E (``Managed Fund Shares''). The proposed
change is available on the Exchange's website 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 Exchange proposes certain changes, described below under
``Application of Generic Listing Requirements'', regarding investments
of the REX BKCM ETF (``Fund''), shares (``Shares'') of which are
currently listed and traded on the Exchange under NYSE Arca Rule 8.600-
E, which governs the listing and trading of Managed Fund Shares \4\ on
the Exchange. Shares of the Fund commenced trading on the Exchange on
May 16, 2018 in accordance with the generic listing standards in
Commentary .01 to NYSE Arca Rule 8.600-E.
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    \4\ A Managed Fund Share is a security that represents an
interest in an investment company registered under the Investment
Company Act of 1940 (15 U.S.C. 80a-1) (``1940 Act'') organized as an
open-end investment company or similar entity that invests in a
portfolio of securities selected by its investment adviser
consistent with its investment objectives and policies. In contrast,
an open-end investment company that issues Investment Company Units,
listed and traded on the Exchange under NYSE Arca Rule 5.2-E(j)(3),
seeks to provide investment results that correspond generally to the
price and yield performance of a specific foreign or domestic stock
index, fixed income securities index or combination thereof.
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    The Fund is a series of the Exchange Listed Funds Trust
(``Trust'').\5\ Exchange Traded Concepts, LLC (``Adviser'') is the
investment adviser to the Fund. BKCM LLC (``BKCM'') and Vident
Investment Advisory, LLC are the sub-advisers (``Sub-Advisers'') to the
Fund. Foreside Fund Services, LLC (``Distributor'') is the distributor
of the Fund's Shares. BNY Mellon serves as the Fund's transfer agent
and custodian. BNY Mellon and UMB Fund Services (``UMBFS'') serve as
administrators to the Fund (``Administrator'').\6\
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    \5\ The Trust is registered under the 1940 Act. On May 7, 2018,
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) (``Securities Act'') and the 1940 Act relating to the Fund
(File Nos. 333-180871 and 811-22700) (the ``Registration
Statement''). The description of the operation of the Trust and the
Fund herein is based, in part, on the Registration Statement. The
Trust will file an amendment to the Registration Statement as
necessary to conform to representations in this filing. 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. 30445 (April 2, 2013) (``Exemptive Order''). Investments made by
the Fund will comply with the conditions set forth in the Exemptive
Order.
    \6\ The Commission has previously approved listing and trading
on the Exchange of other series of Managed Fund Shares under Rule
8.600-E. See, e.g., Securities Exchange Act Release Nos. 79683
(December 23, 2016) (SR-NYSEArca-2016-82) (order approving a
proposed rule change to list and trade shares of the JPMorgan
Diversified Event Driven ETF under NYSE Arca Equities Rule 8.600);
77904 (May 25, 2016) (SR-NYSEArca-2016-17) (order approving a
proposed rule change to list and trade of shares of the JPMorgan
Diversified Alternatives ETF under NYSE Arca Equities Rule 8.600).
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    Commentary .06 to Rule 8.600-E provides that, if the investment
adviser to the investment company issuing Managed Fund Shares is
affiliated with a broker-dealer, such investment adviser shall erect a
``fire wall'' between the investment adviser and the broker-dealer with
respect to access to information concerning the composition and/or
changes to such investment company portfolio.\7\ In addition,
Commentary .06 further requires that personnel who make decisions on
the open-end fund's portfolio composition must be subject to procedures
designed to prevent the use and dissemination of material nonpublic
information regarding the open-end fund's portfolio. The Adviser and
Sub-Advisers are not registered as broker-dealers or affiliated with a
broker-dealer. In the event (a) the Adviser or a Sub-Adviser becomes
registered as a broker-dealer or newly affiliated with one or more
broker-dealers, or (b) any new adviser or sub-adviser is a registered
broker-dealer or becomes affiliated with a broker-dealer, it will
implement and maintain a fire wall with respect to its relevant
personnel or its broker-dealer affiliate regarding access to
information concerning the composition and/or changes to the portfolio,
and will be subject to procedures designed to prevent the use and
dissemination of material non-public information regarding such
portfolio.
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    \7\ An investment adviser to an open-end fund is required to be
registered under the Investment Advisers Act of 1940 (the ``Advisers
Act''). As a result, the Adviser and Sub-Advisers and their related
personnel are subject to the provisions of Rule 204A-1 under the
Advisers Act relating to codes of ethics. This Rule requires
investment advisers to adopt a code of ethics that reflects the
fiduciary nature of the relationship to clients as well as
compliance with other applicable securities laws. Accordingly,
procedures designed to prevent the communication and misuse of non-
public information by an investment adviser must be consistent with
Rule 204A-1 under the Advisers Act. In addition, Rule 206(4)-7 under
the Advisers Act makes it unlawful for an investment adviser to
provide investment advice to clients unless such investment adviser
has (i) adopted and implemented written policies and procedures
reasonably designed to prevent violation, by the investment adviser
and its supervised persons, of the Advisers Act and the Commission
rules adopted thereunder; (ii) implemented, at a minimum, an annual
review regarding the adequacy of the policies and procedures
established pursuant to subparagraph (i) above and the effectiveness
of their implementation; and (iii) designated an individual (who is
a supervised person) responsible for administering the policies and
procedures adopted under subparagraph (i) above.
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REX BKCM ETF
Principal Investments
    According to the Registration Statement, the Fund's investment
objective is to seek total return. The Fund will seek to achieve its
investment objective, under normal market conditions,\8\ by obtaining
investment exposure to an actively managed portfolio consisting of
equity securities of cryptocurrency-related and other blockchain
technology-related companies.
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    \8\ The term ``normal market conditions'' is defined in NYSE
Arca Rule 8.600-E(c)(5).
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    According to the Registration Statement, in implementing the Fund's
investment strategy, BKCM will seek to identify companies utilizing
blockchain technologies to generate present or future revenue from
their core business. A company will only be eligible for inclusion in
the portfolio to the extent that BKCM determines the company has
committed material resources to the development of such revenue stream.
Cryptocurrency-related companies mine, trade, or promote the mainstream
adoption of cryptocurrencies or provide trading venues for
cryptocurrencies and other blockchain applications. Other blockchain
technology-related companies utilize blockchain technology in
connection with disrupting traditional financial transaction
mechanisms, develop enterprise blockchain solutions, or use

blockchain technology to decentralize user data and enhance privacy on
the internet.
    The Fund, through its ``Subsidiary'', (as described below), may
invest up to 15% of its total assets in the following over-the-counter
(``OTC'') equity securities: shares of the Bitcoin Investment Trust
(``GBTC'').\9\ The Subsidiary's investment in GBTC will be reflected in
the net asset value of the Fund's Shares based on the closing price of
GBTC on OTCQX Best Marketplace.
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    \9\ The Bitcoin Investment Trust is a private, open-ended trust
available to accredited investors that derives its value from the
price of bitcoin. Shares of GBTC are restricted securities that may
not be resold except in transactions exempt from registration under
the Securities Act. On March 4, 2016, GBTC submitted to the
Commission an amended Form D as a business trust. Shares of GBTC
have been quoted on OTC Markets Group, Inc.'s (``OTC Markets'')
OTCQX Best Marketplace under the symbol ``GBTC'' since March 26,
2015. On April 2, 2018, GBTC published an annual report for GBTC for
the period ended December 31, 2017. Both GBTC's Form D and annual
report can be found on OTC Market's website: http://www.otcmarkets.com/stock/GBTC/filings.
    OTC Markets is a wholly owned subsidiary of OTC Link LLC, which
is a member of the Financial Industry Regulatory Authority
(``FINRA'') and is registered with the Commission as an alternative
trading system (``OTC Link ATS'').
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    The Fund expects to obtain exposure to certain investments,
including GBTC, by investing up to 25% of its total assets, as measured
at the end of every quarter of the Fund's taxable year, in a wholly-
owned and controlled Cayman Islands subsidiary (``Subsidiary''), as
described below in ``Investment in the Subsidiary''.
    The Fund and the Subsidiary may invest in the securities of non-
exchange-traded open-end investment companies (i.e., mutual funds).
    As discussed below under ``Application of Generic Listing
Requirements'' below, with the exception of the Subsidiary's holdings
of shares of GBTC and the Fund's and the Subsidiary's investment in
non-exchange-traded open-end investment company securities, the Fund's
and the Subsidiary's investment in equity securities will satisfy the
requirements of Commentary .01(a) of NYSE Arca Rule 8.600-E.
    The Fund and the Subsidiary may hold fixed income securities. Such
holdings will comply with the criteria in Commentary .01(b) of NYSE
Arca Rule 8.600-E.
    The Fund and the Subsidiary may hold cash and cash equivalents.
Such holdings will comply with the criteria in Commentary .01(c) of
NYSE Arca Rule 8.600-E.
    The Fund and the Subsidiary may hold listed derivatives.\10\ Such
holdings will comply with the criteria in Commentary .01(d) and (f) of
NYSE Arca Rule 8.600-E.
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    \10\ The Fund will not hold listed derivatives based on bitcoin
or other cryptocurrencies.
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    The Fund and the Subsidiary may hold OTC derivatives.\11\ Such
holdings will comply with the criteria in Commentary .01(e) and (f) of
NYSE Arca Rule 8.600-E.
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    \11\ The Fund will not hold OTC derivatives based on bitcoin or
other cryptocurrencies.
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Investment in the Subsidiary
    According to the Registration Statement, the Fund expects to obtain
additional exposure through investment in the Subsidiary. Such
investment may not exceed 25% of the Fund's total assets, as measured
at the end of every quarter of the Fund's taxable year. The Subsidiary
otherwise is subject to the same general investment policies and
restrictions as the Fund. Except as noted, references to the investment
strategies of the Fund for non-equity securities and other financial
instruments include the investment strategies of the Subsidiary.
    The Subsidiary is not registered under the 1940 Act. The Board has
oversight responsibility for the investment activities of the Fund,
including its investments in the Subsidiary, and the Fund's role as the
sole shareholder of the Subsidiary. Also, in managing the Subsidiary's
portfolio, the Adviser would be subject to the same investment
restrictions and operational guidelines that apply to the management of
the Fund.
    Any Subsidiary will be advised by the Adviser and will be managed
on a day-to-day basis by the Sub-Advisers, and will have the same
investment objective as the Fund. According to the Registration
Statement, the Fund's investment in the Subsidiary would be expected to
provide the Fund with an effective means of obtaining exposure to
certain cryptocurrency investments in a manner consistent with U.S.
federal tax law requirements applicable to regulated investment
companies.
Creations and Redemptions
    According to the Registration Statement, the Fund offers and issues
Shares at net asset value (``NAV'') in ``Creation Unit Aggregations''
(or ``Creation Units''), generally in exchange for the ``Deposit
Securities'' and the ``Cash Component'' (each as defined below). Shares
are redeemable only in Creation Unit Aggregations and, generally, in
exchange for the Deposit Securities and Cash Component.
    The Trust reserves the right to offer an ``all cash'' option for
creations and redemptions of Creation Units for the Fund.\12\
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    \12\ The Adviser represents that, to the extent the Trust
effects the creation or redemption of Shares wholly or partially in
cash, such transactions will be effected in the same manner for all
Authorized Participants (as defined below).
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    The Trust issues and sells Shares of the Fund only in Creation
Units on a continuous basis through the Distributor, at their NAV next
determined after receipt, on any business day, of an order received in
proper form.
    The consideration for purchase of a Creation Unit of the Fund
generally consists of an in-kind deposit of a designated portfolio of
securities--the ``Deposit Securities''--per each Creation Unit
constituting a substantial replication, or a representation, of the
securities included in the Fund's portfolio and an amount of cash--the
Cash Component. The Cash Component is an amount equal to the difference
between the net asset value of the Shares (per Creation Unit) and the
market value of the Deposit Securities. Together, the Deposit
Securities and the Cash Component constitute the ``Fund Deposit,''
which represents the minimum initial and subsequent investment amount
for a Creation Unit of the Fund.
    The Administrator, through the National Securities Clearing
Corporation (``NSCC''), makes available on each business day,
immediately prior to the opening of business on the Exchange (currently
9:30 a.m., Eastern Time), the list of the names and the required number
of shares of each Deposit Security to be included in the current Fund
Deposit (based on information at the end of the previous business day)
for the Fund. Such Fund Deposit is applicable, subject to any
adjustments, in order to effect creations of Creation Units of the Fund
until such time as the next-announced composition of the Deposit
Securities is made available.
    The identity and number of shares of the Deposit Securities
required for the Fund Deposit for the Fund changes as rebalancing
adjustments and corporate action events are reflected from time to time
by the Sub-Advisers with a view to the Fund's investment objective. In
addition, the Trust reserves the right to permit or require the
substitution of an amount of cash--i.e., a ``cash in lieu'' amount--to
be added to the Cash Component to replace any Deposit Security which
may not be available in sufficient quantity for delivery or which may
not be eligible for transfer through the ``Clearing Process''
(discussed

below), or which may not be eligible for trading by an ``Authorized
Participant'' (as defined below) or the investor for which it is
acting. The Trust also reserves the right to offer an ``all cash''
option for creations of Creation Units for the Fund.
    In addition to the list of names and numbers of securities
constituting the current Deposit Securities of the Fund Deposit, the
Administrator, through the NSCC, also makes available on each business
day, the estimated Cash Component, effective through and including the
previous business day, per outstanding Creation Unit of the Fund.
    To be eligible to place orders with the Distributor to create a
Creation Unit of the Fund, an entity must be (i) a ``Participating
Party,'' i.e., a broker-dealer or other participant in the clearing
process through the Continuous Net Settlement System of the NSCC (the
``Clearing Process''), a clearing agency that is registered with the
Commission; or (ii) a Depository Trust Company (``DTC'') Participant,
and, in each case, must have executed an agreement with the Trust, the
Distributor and the Administrator with respect to creations and
redemptions of Creation Units (``Participant Agreement''). A
Participating Party and DTC Participant are collectively referred to as
an ``Authorized Participant.''
    All orders to create Creation Units must be placed for one or more
Creation Unit size aggregations of at least 50,000 Shares. The size of
a Creation Unit is subject to change. All orders to create Creation
Units, whether through the Clearing Process (through a Participating
Party) or outside the Clearing Process (through a DTC Participant),
must be placed in the manner and by the time set forth in the
Participant Agreement and/or applicable order form. The date on which
an order to create Creation Units (or an order to redeem Creation Units
as discussed below) is placed is referred to as the ``Transmittal
Date.''
    If permitted by a Sub-Adviser in its sole discretion with respect
to the Fund, an Authorized Participant may also agree to enter into or
arrange for an exchange of a futures contract for related position
(``EFCRP'') or block trade with the relevant Fund or its Subsidiary
whereby the Authorized Participant would also transfer to such Fund a
number and type of exchange-traded futures contracts at or near the
closing settlement price for such contracts on the purchase order date.
Similarly, a Sub-Adviser in its sole discretion may agree with an
Authorized Participant to use an EFCRP or block trade to effect an
order to redeem Creation Units.\13\
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    \13\ As described in the Registration Statement, an EFCRP is a
technique permitted by the rules of certain futures exchanges that,
as utilized by the Fund in a Sub-Adviser's discretion, would allow
such Fund or its Subsidiary to take a position in a futures contract
from an Authorized Participant, or give futures contracts to an
Authorized Participant, in the case of a redemption, rather than to
enter the futures exchange markets to obtain such a position. An
EFCRP by itself will not change either party's net risk position
materially. Because the futures position that the Fund would
otherwise need to take in order to meet its investment objective can
be obtained without unnecessarily impacting the financial or futures
markets or their pricing, EFCRPs can generally be viewed as
transactions beneficial to the Fund. A block trade is a technique
that permits certain funds to obtain a futures position without
going through the market auction system and can generally be viewed
as a transaction beneficial to the Fund.
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Redemption
    Shares may be redeemed only in Creation Units at their NAV next
determined after receipt of a redemption request in proper form by the
Fund through the Administrator and only on a business day. The Trust
will not redeem Shares in amounts less than Creation Units.
Shareholders must accumulate enough Shares in the secondary market to
constitute a Creation Unit in order to have such shares redeemed by the
Trust.
    With respect to the Fund, the Administrator, through the NSCC, will
make available immediately prior to the opening of business on the
Exchange (currently 9:30 a.m., Eastern Time) on each business day, the
``Fund Securities'' that will be applicable (subject to possible
amendment or correction) to redemption requests received in proper form
on that day. Fund Securities received on redemption may not be
identical to Deposit Securities which are applicable to creations of
Creation Units.
    Unless cash redemptions are available or specified for the Fund,
the redemption proceeds for a Creation Unit generally consist of Fund
Securities--as announced by the Administrator on the business day of
the request for redemption received in proper form--plus cash in an
amount equal to the difference between the NAV of the Shares being
redeemed, as next determined after receipt of a request in proper form,
and the value of the Fund Securities (the ``Cash Redemption Amount''),
less a redemption transaction fee. In the event that the Fund
Securities have a value greater than the NAV of the Shares, a
compensating cash payment equal to the differential is required to be
made by or through an Authorized Participant by the redeeming
shareholder.
    If it is not possible to effect deliveries of the Fund Securities,
the Trust may in its discretion exercise its option to redeem such
Shares in cash, and the redeeming Beneficial Owner will be required to
receive its redemption proceeds in cash. In addition, an investor may
request a redemption in cash which the Fund may, in its sole
discretion, permit. In either case, the investor will receive a cash
payment equal to the NAV of its Shares based on the NAV of Shares of
the Fund next determined after the redemption request is received in
proper form (minus a redemption transaction fee and additional charge
for requested cash redemptions specified above, to offset the Trust's
brokerage and other transaction costs associated with the disposition
of Fund Securities). The Fund may also, in its sole discretion, upon
request of a shareholder, provide such redeemer a portfolio of
securities which differs from the exact composition of the Fund
Securities but does not differ in NAV.
    An Authorized Participant or an investor for which it is acting
subject to a legal restriction with respect to a particular stock
included in the Fund Securities applicable to the redemption of a
Creation Unit may be paid an equivalent amount of cash. The Trust also
reserves the right to offer an ``all cash'' option for redemptions of
Creation Units for the Fund.\14\
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    \14\ See note 11, supra.
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Intraday Indicative Value
    Information regarding the intraday value of Shares of the Fund,
also known as the ``intraday indicative value'' (``IIV''), will be
disseminated every 15 seconds during the Exchange's Core Trading
Session by market data vendors or other information providers. The IIV
will generally be determined by using both current market quotations
and/or price quotations obtained from broker-dealers that may trade in
the portfolio securities and other financial instruments held by the
Fund.
Other Restrictions
    The Fund's investments, including derivatives, will be consistent
with the Fund's investment objective and will not be used to enhance
leverage (although certain derivatives and other investments may result
in leverage). That is, the Fund's investments will not be used to seek
performance that is the multiple or inverse multiple (e.g., 2X or -3X)
of the Fund's primary broad-based

securities benchmark index (as defined in Form N-1A).\15\
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    \15\ The Fund's broad-based securities benchmark index will be
identified in a future amendment to the Registration Statement
following the Fund's first full calendar year of performance.
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The Fund's Use of Derivatives
    To the extent the Fund or the Subsidiary invests in derivative
instruments, such investments will be made consistent with the Fund's
investment objective and policies. In addition, the Fund will include
appropriate risk disclosure in its offering documents, including
leveraging risk. Leveraging risk is the risk that certain transactions
of the Fund, including the Fund's or the Subsidiary's use of
derivatives, may give rise to leverage, causing the Fund to be more
volatile than if it had not been leveraged.\16\ Because the markets for
certain assets, or the assets themselves, may be unavailable or cost
prohibitive as compared to derivative instruments, suitable derivative
transactions may be an efficient alternative for the Fund to obtain the
desired asset exposure.
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    \16\ To mitigate leveraging risk, the Adviser will segregate or
``earmark'' liquid assets or otherwise cover the transactions that
may give rise to such risk.
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Derivatives Valuation Methodology for Purposes of Determining Intra-Day
Indicative Value
    On each business day, before commencement of trading in Fund Shares
on NYSE Arca, the Fund will disclose on its website the identities and
quantities of the portfolio instruments and other assets held by the
Fund including assets directly held by the Subsidiary, that will form
the basis for the Fund's calculation of NAV at the end of the business
day.
    In order to provide additional information regarding the intra-day
value of Shares of the Fund, one or more major market data vendors will
disseminate an updated IIV for the Fund. A third party market data
provider will calculate the IIV for the Fund. The third party market
data provider may use market quotes if available or may fair value
securities against proxies (such as swap or yield curves).
Disclosed Portfolio
    The Fund's disclosure of derivative positions in the applicable
Disclosed Portfolio will include information that market participants
can use to value these positions intraday. On a daily basis, the Fund
will disclose the information regarding the Disclosed Portfolio
required under NYSE Arca Rule 8.600-E(c)(2) to the extent applicable.
The Fund's website information will be publicly available at no charge.
Impact on Arbitrage Mechanism
    The Adviser believes there will be minimal impact to the arbitrage
mechanism as a result of any use by the Fund or the Subsidiary of
derivatives. Market makers and participants should be able to value
derivatives as long as the positions are disclosed with relevant
information. The Adviser believes that the price at which Shares trade
will continue to be disciplined by arbitrage opportunities created by
the ability to purchase or redeem creation Shares at their NAV, which
should ensure that Shares will not trade at a material discount or
premium in relation to their NAV.
    The Adviser does not believe there will be any significant impacts
to the settlement or operational aspects of the Fund's arbitrage
mechanism due to the use of derivatives.
Application of Generic Listing Requirements
    The Exchange is submitting this proposed rule change because the
portfolio for the Fund will not meet all of the ``generic'' listing
requirements of Commentary .01 to NYSE Arca Rule 8.600-E applicable to
the listing of Managed Fund Shares. The Fund's portfolio would meet all
such requirements except for those set forth in Commentary .01(a)(1) to
NYSE Arca Rule 8.600-E.
    As noted above, the Fund, through its Subsidiary, may invest up to
15% of its total assets in OTC equity securities issued by GBTC, a
trust that has as its investment objective for the net asset value per
share to reflect the performance of the market price of bitcoin, less
GBTC's expenses. The Exchange believes that it is appropriate and in
the public interest to approve listing and trading of Shares of the
Fund on the Exchange notwithstanding that the Fund would not meet the
requirements of Commentary .01(a)(1)(E) to Rule 8.600-E with respect to
the Fund's investments, through the Subsidiary, in such OTC securities.
While the Fund's investments in GBTC would not meet the requirements of
Commentary .01(a)(1)(E) to Rule 8.600-E, such investments satisfy
several other important criteria. For example, shares of GBTC have a
minimum monthly trading volume of 250,000 shares, or a minimum notional
volume traded per month of $25 million, averaged over the last six
months, and a market value in excess of the required $75 million.
Shares of GBTC have been quoted on OTC Market's OTCQX Best Marketplace
under the symbol ``GBTC'' since March 26, 2015. The Exchange
represents, for informational purposes, that, as of May 7, 2018,
approximately 187,572,000 shares of GBTC were outstanding, with a
market capitalization of $2,807,952,840 based on the last traded price.
Moreover, average trading volume for the 6 months ended May 7, 2018 was
7,107,650 shares per day, and total trading volume for 2017 was
1,576,551,613 shares.
    As noted above, GBTC has demonstrated significant liquidity. The
liquid market in the shares of GBTC also alleviates many of the
valuation concerns raised by the Staff. The substantial and sustained
trading volume in shares of GBTC, as well as the fact that such
investment will be limited to 15% of the Fund's assets, would help to
limit any adverse effect on the Fund's arbitrage mechanism.
    As noted above, on February 27, 2018, GBTC submitted to the
Commission an amended Form D as a business trust. On April 2, 2018,
GBTC published an annual report for the period ended December 31, 2017.
This report can be found on OTC Market's website.
    As noted above, the Fund and the Subsidiary may invest in equity
securities that are non-exchange-traded securities of other open-end
investment company securities (i.e., mutual funds). The Exchange
believes that it is appropriate and in the public interest to approve
listing and trading of Shares of the Fund on the Exchange
notwithstanding that the Fund would not meet the requirements of
Commentary .01(a)(1)(A) through (E) to Rule 8.600-E with respect to the
Fund's and the Subsidiary's investments in such securities.\17\
Investments in such

equity securities will not be principal investments of the Fund.\18\
Such investments, which may include mutual funds that invest, for
example, principally in fixed income securities, would be utilized to
help the Fund meet its investment objective and to equitize cash in the
short term.\19\ Because such securities have a net asset value based on
the value of securities and financial assets the investment company
holds, the Exchange believes it is both unnecessary and inappropriate
to apply to such investment company securities the criteria in
Commentary .01(a)(1).
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    \17\ Commentary .01(a) to Rule 8.600-E specifies the equity
securities accommodated by the generic criteria in Commentary
.01(a), namely, U.S. Component Stocks (as described in Rule 5.2-
E(j)(3)); Non-U.S. Component Stocks (as described in Rule 5.2-
E(j)(3)); Derivative Securities Products (i.e., Investment Company
Units and securities described in Section 2 of Rule 8-E); and Index-
Linked Securities that qualify for Exchange listing and trading
under Rule 5.2-E(j)(6). Commentary .01(a)(1) to Rule 8.600-E (U.S.
Component Stocks) provides that the component stocks of the equity
portion of a portfolio that are U.S. Component Stocks shall meet the
following criteria initially and on a continuing basis:
    (A) Component stocks (excluding Derivative Securities Products
and Index-Linked Securities) that in the aggregate account for at
least 90% of the equity weight of the portfolio (excluding such
Derivative Securities Products and Index-Linked Securities) each
shall have a minimum market value of at least $75 million;
    (B) Component stocks (excluding Derivative Securities Products
and Index-Linked Securities) that in the aggregate account for at
least 70% of the equity weight of the portfolio (excluding such
Derivative Securities Products and Index-Linked Securities) each
shall have a minimum monthly trading volume of 250,000 shares, or
minimum notional volume traded per month of $25,000,000, averaged
over the last six months;
    (C) The most heavily weighted component stock (excluding
Derivative Securities Products and Index-Linked Securities) shall
not exceed 30% of the equity weight of the portfolio, and, to the
extent applicable, the five most heavily weighted component stocks
(excluding Derivative Securities Products and Index-Linked
Securities) shall not exceed 65% of the equity weight of the
portfolio;
    (D) Where the equity portion of the portfolio does not include
Non-U.S. Component Stocks, the equity portion of the portfolio shall
include a minimum of 13 component stocks; provided, however, that
there shall be no minimum number of component stocks if (i) one or
more series of Derivative Securities Products or Index-Linked
Securities constitute, at least in part, components underlying a
series of Managed Fund Shares, or (ii) one or more series of
Derivative Securities Products or Index-Linked Securities account
for 100% of the equity weight of the portfolio of a series of
Managed Fund Shares;
    (E) Except as provided herein, equity securities in the
portfolio shall be U.S. Component Stocks listed on a national
securities exchange and shall be NMS Stocks as defined in Rule 600
of Regulation NMS under the Securities Exchange Act of 1934; and
    (F) American Depositary Receipts (``ADRs'') in a portfolio may
be exchange-traded or nonexchange-traded. However, no more than 10%
of the equity weight of a portfolio shall consist of non-exchange-
traded ADRs.
    \18\ For purposes of this section of the filing, non-exchange-
traded securities of other registered investment companies do not
include money market funds, which are cash equivalents under
Commentary .01(c) to Rule 8.600-E and for which there is no
limitation in the percentage of the portfolio invested in such
securities.
    \19\ The Commission has previously approved proposed rule
changes under Section 19(b) of the Act for series of Managed Fund
Shares that may invest in non-exchange traded investment company
securities. See, e.g., Securities Exchange Act Release No. 78414
(July 26, 2016), 81 FR 50576 (August 1, 2016) (SR-NYSEArca-2016-79)
(order approving listing and trading of shares of the Virtus Japan
Alpha ETF under NYSE Arca Equities Rule 8.600).
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    The Exchange notes that Commentary .01(a)(1)(A) through (D) to Rule
8.600-E exclude application of those provisions to certain ``Derivative
Securities Products'' that are exchange-traded investment company
securities, including Investment Company Units (as described in NYSE
Arca Rule 5.2-E(j)(3)), Portfolio Depositary Receipts (as described in
NYSE Arca Rule 8.100-E) and Managed Fund Shares (as described in NYSE
Arca Rule 8.600-E).\20\ In its 2008 Approval Order approving amendments
to Commentary .01(a) to Rule 5.2(j)(3) that exclude Derivative
Securities Products from certain provisions of Commentary .01(a) (which
exclusions are similar to those in Commentary .01(a)(1) to Rule 8.600-
E), the Commission stated that ``based on the trading characteristics
of Derivative Securities Products, it may be difficult for component
Derivative Securities Products to satisfy certain quantitative index
criteria, such as the minimum market value and trading volume
limitations.'' The Exchange notes that it would be difficult or
impossible to apply to non-exchange-traded investment company
securities the generic quantitative criteria (e.g., market
capitalization, trading volume, or portfolio criteria) in Commentary
.01(a)(1)(A) through (D) applicable to U.S. Component Stocks. For
example, the requirement for U.S. Component Stocks in Commentary
.01(a)(1)(B) that there be minimum monthly trading volume of 250,000
shares, or minimum notional volume traded per month of $25,000,000,
averaged over the last six months is tailored to exchange-traded
securities (e.g., U.S. Component Stocks) and not to mutual fund shares,
which do not trade in the secondary market. Moreover, application of
such criteria would not serve the purpose applicable with respect to
U.S. Component Stocks, namely, to establish minimum liquidity and
diversification criteria for U.S. Component Stocks held by series of
Managed Fund Shares.
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    \20\ The Commission initially approved the Exchange's proposed
rule change to exclude ``Derivative Securities Products'' (i.e.,
Investment Company Units and securities described in Section 2 of
Rule 8) and ``Index-Linked Securities (as described in Rule 5.2-
E(j)(6)) from Commentary .01(a)(A) (1) through (4) to Rule 5.2-
E(j)(3) in Securities Exchange Act Release No. 57751 (May 1, 2008),
73 FR 25818 (May 7, 2008) (SR-NYSEArca-2008-29) (Order Granting
Approval of a Proposed Rule Change, as Modified by Amendment No. 1
Thereto, to Amend the Eligibility Criteria for Components of an
Index Underlying Investment Company Units) (``2008 Approval
Order''). See also, Securities Exchange Act Release No. 57561 (March
26, 2008), 73 FR 17390 (April 1, 2008) (Notice of Filing of Proposed
Rule Change and Amendment No. 1 Thereto to Amend the Eligibility
Criteria for Components of an Index Underlying Investment Company
Units). The Commission subsequently approved generic criteria
applicable to listing and trading of Managed Fund Shares, including
exclusions for Derivative Securities Products and Index-Linked
Securities in Commentary .01(a)(1)(A) through (D), in Securities
Exchange Act Release No. 78397 (July 22, 2016), 81 FR 49320 (July
27, 2016) (Order Granting Approval of Proposed Rule Change, as
Modified by Amendment No. 7 Thereto, Amending NYSE Arca Equities
Rule 8.600 To Adopt Generic Listing Standards for Managed Fund
Shares). See also, Amendment No. 7 to SR-NYSEArca-2015-110,
available at https://www.sec.gov/comments/sr-nysearca-2015-110/nysearca2015110-9.pdf.
---------------------------------------------------------------------------

    In addition, the Commission has previously approved listing and
trading of an issue of Managed Fund Shares that may invest in equity
securities that are non-exchange-traded securities of other open-end
investment company securities notwithstanding that the fund would not
meet the requirements of Commentary .01(a)(1)(A) through (E) to Rule
8.600-E with respect to such fund's investments in such securities.\21\
Thus, the Exchange believes that it is appropriate to permit the Fund
and the Subsidiary to invest in non-exchange-traded open-end management
investment company securities, as described above.
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    \21\ See Securities Exchange Act Release No. 83319 (May 24,
2018) (SR-NYSEArca-2018-15) (Order Approving a Proposed Rule Change,
as Modified by Amendment No. 1 Thereto, to Continue Listing and
Trading Shares of the PGIM Ultra Short Bond ETF Under NYSE Arca Rule
8.600-E).
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    The Exchange notes that, other than Commentary .01(a)(1) to Rule
8.600-E, the Fund will meet all other requirements of Rule 8.600-E.
Availability of Information
    The Fund's website (www.rexshares.com), which is publicly
available, includes a form of the prospectus for the Fund that may be
downloaded. The Fund's website will include additional quantitative
information updated on a daily basis, including, for the Fund, (1)
daily trading volume, the prior business day's reported closing price,
NAV and mid-point of the bid/ask spread at the time of calculation of
such NAV (the ``Bid/Ask Price''),\22\ and a calculation of the premium
and discount of the Bid/Ask Price against the NAV, and (2) data in
chart format displaying the frequency distribution of discounts and
premiums of the daily Bid/Ask Price against the NAV, within appropriate
ranges, for each of the four previous calendar quarters. On each
business day, before commencement of trading in Shares in the Core
Trading Session on the Exchange, the Adviser will disclose on the
Fund's website the Disclosed Portfolio for the Fund as defined in NYSE
Arca Rule 8.600-E(c)(2) that will form the basis for the Fund's
calculation of NAV at the end of the business day.\23\
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    \22\ The Bid/Ask Price of the Fund's Shares will be determined
using the mid-point of the highest bid and the lowest offer on the
Exchange as of the time of calculation of the Fund's NAV. The
records relating to Bid/Ask Prices will be retained by the Fund and
its service providers.
    \23\ Under accounting procedures to be followed by the Fund,
trades made on the prior business day (``T'') will be booked and
reflected in NAV on the current business day (``T+1''). Accordingly,
the Fund will be able to disclose at the beginning of the business
day the portfolio that will form the basis for the NAV calculation
at the end of the business day.

---------------------------------------------------------------------------

    Investors can also obtain the Trust's Statement of Additional
Information (``SAI''), the Fund's Shareholder Reports, and its Form N-
CSR and Form N-SAR, filed twice a year. The Trust's SAI and Shareholder
Reports are available free upon request from the Trust, and those
documents and the Form N-CSR and Form N-SAR may be viewed on-screen or
downloaded from the Commission's website at www.sec.gov.
    Quotation and last sale information for the Shares and U.S.
exchange-traded equity securities will be available via the CTA high
speed line. Quotation and last sale information for futures, exchange-
traded options and non-U.S. exchange-traded equity securities will be
available from the exchange on which they are listed. Information
regarding market price and trading volume for the Shares will be
continually available on a real-time basis throughout the day on
brokers' computer screens and other electronic services. Information
regarding the previous day's closing price and trading volume
information for the Shares will be published daily in the financial
section of newspapers.
    Price information for fixed income securities, cash equivalents,
non-exchange-traded investment company securities (other than money
market funds), shares of GBTC, listed derivatives and OTC derivatives
may be obtained from brokers and dealers who make markets in such
securities or through nationally recognized pricing services through
subscription agreements. Price information for money market funds and
other non-exchange-traded investment company securities also will be
available from the applicable investment company's website and from
market data vendors.
    In addition, the IIV, as defined in NYSE Arca Rule 8.600-E(c)(3),
will be widely disseminated by one or more major market data vendors at
least every 15 seconds during the Core Trading Session.\24\ The
dissemination of the IIV, together with the Disclosed Portfolio, will
allow investors to determine the approximate value of the underlying
portfolio of the Fund on a daily basis and will provide a close
estimate of that value throughout the trading day.
---------------------------------------------------------------------------

    \24\ Currently, it is the Exchange's understanding that several
major market data vendors display and/or make widely available IIVs
taken from the CTA or other data feeds.
---------------------------------------------------------------------------

Trading Halts
    With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in the Shares of the Fund.\25\ Trading in Shares of the Fund
will be halted if the circuit breaker parameters in NYSE Arca Rule
7.12-E have been reached. Trading also may be halted because of market
conditions or for reasons that, in the view of the Exchange, make
trading in the Shares of the Fund inadvisable.
---------------------------------------------------------------------------

    \25\ See NYSE Arca Rule 7.12-E.
---------------------------------------------------------------------------

    Trading in the Shares will be subject to NYSE Arca Rule 8.600-
E(d)(2)(D), which sets forth circumstances under which Shares of the
Fund may be halted.
Trading Rules
    The Exchange deems the Shares to be equity securities, thus
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities. Shares will trade on
the NYSE Arca Marketplace from 4:00 a.m. to 8:00 p.m. E.T. in
accordance with NYSE Arca Rule 7.34-E (Early, Core, and Late Trading
Sessions). The Exchange has appropriate rules to facilitate
transactions in the Shares during all trading sessions. As provided in
NYSE Arca Rule 7.6-E, the minimum price variation (``MPV'') for quoting
and entry of orders in equity securities traded on the NYSE Arca
Marketplace is $0.01, with the exception of securities that are priced
less than $1.00 for which the MPV for order entry is $0.0001.
    The Shares of the Fund will conform to the initial and continued
listing criteria under NYSE Arca Rule 8.600-E. The Exchange represents
that, for initial and continued listing, the Fund will be in compliance
with Rule 10A-3 \26\ under the Act, as provided by NYSE Arca Rule 5.3-
E. A minimum of 100,000 Shares of the Fund will be outstanding at the
commencement of trading on the Exchange. The Exchange will obtain a
representation from the issuer of the Shares of the Fund that the NAV
and the Disclosed Portfolio will be made available to all market
participants at the same time.
---------------------------------------------------------------------------

    \26\ 17 CFR 240.10A-3.
---------------------------------------------------------------------------

Surveillance
    The Exchange represents that trading in the Shares will be subject
to the existing trading surveillances administered by the Exchange, as
well as cross-market surveillances administered by FINRA on behalf of
the Exchange, which are designed to detect violations of Exchange rules
and applicable federal securities laws.\27\ 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 applicable federal securities laws.
---------------------------------------------------------------------------

    \27\ 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.
---------------------------------------------------------------------------

    The surveillances referred to above generally focus on detecting
securities trading outside their normal patterns, which could be
indicative of manipulative or other violative activity. When such
situations are detected, surveillance analysis follows and
investigations are opened, where appropriate, to review the behavior of
all relevant parties for all relevant trading violations.
    The Exchange or FINRA, on behalf of the Exchange, or both, will
communicate as needed regarding trading in the Shares, certain
exchange-traded equity securities, certain futures and certain options
with other markets and other entities that are members of the
Intermarket Surveillance Group (``ISG''), and the Exchange or FINRA, on
behalf of the Exchange, or both, may obtain trading information
regarding trading such securities and financial instruments from such
markets and other entities. In addition, the Exchange may obtain
information regarding trading in such securities and financial
instruments from markets and other entities that are members of ISG or
with which the Exchange has in place a comprehensive surveillance
sharing agreement.\28\
---------------------------------------------------------------------------

    \28\ For a list of the current members of ISG, see
www.isgportal.org. 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.
---------------------------------------------------------------------------

    In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
    All statements and representations made in this filing regarding
(a) the description of the portfolio or reference assets, (b)
limitations on portfolio holdings or reference assets, or (c) the
applicability of Exchange listing rules specified in this rule filing
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 to comply with the continued
listing requirements, and, pursuant to its obligations under Section
19(g)(1) of the

Act, the Exchange will monitor for compliance with the continued
listing requirements. If the Fund is not in compliance with the
applicable listing requirements, the Exchange will commence delisting
procedures under NYSE Arca Rule 5.5-E(m).
Information Bulletin
    Prior to the commencement of trading, the Exchange will inform its
Equity Trading Permit (``ETP'') Holders in an Information Bulletin
(``Bulletin'') of the special characteristics and risks associated with
trading the Shares of the Fund. Specifically, the Bulletin will discuss
the following: (1) The procedures for purchases and redemptions of
Shares in Creation Units (and that Shares are not individually
redeemable); (2) NYSE Arca Rule 9.2-E(a), which imposes a duty of due
diligence on its ETP Holders to learn the essential facts relating to
every customer prior to trading the Shares; (3) the risks involved in
trading the Shares during the Early and Late Trading Sessions when an
updated IIV will not be calculated or publicly disseminated; (4) how
information regarding the IIV and the Disclosed Portfolio is
disseminated; (5) the requirement that ETP Holders deliver a prospectus
to investors purchasing newly issued Shares prior to or concurrently
with the confirmation of a transaction; and (6) trading information.
    In addition, the Bulletin will reference that the Fund is subject
to various fees and expenses described in the Registration Statement.
The Bulletin will discuss any exemptive, no-action, and interpretive
relief granted by the Commission from any rules under the Act. The
Bulletin will also disclose that the NAV for the Shares of the Fund
will be calculated after 4:00 p.m. E.T. each trading day.
2. Statutory Basis
    The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) \29\ 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.
---------------------------------------------------------------------------

    \29\ 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 in that the
Shares will be listed and traded on the Exchange pursuant to the
initial and continued listing criteria in NYSE Arca Rule 8.600-E. The
Adviser and Sub-Advisers are not registered as broker-dealers or
affiliated with a broker-dealer. The Exchange represents that trading
in the Shares will be subject to the existing trading surveillances
administered by the Exchange, as well as cross-market surveillances
administered by FINRA on behalf of the Exchange, which are designed to
detect violations of Exchange rules and applicable federal securities
laws. 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 applicable
federal securities laws. The Exchange or FINRA, on behalf of the
Exchange, or both, will communicate as needed regarding trading in the
Shares, certain exchange-traded equity securities, certain futures and
certain options with other markets and other entities that are members
of the ISG, and the Exchange or FINRA, on behalf of the Exchange, or
both, may obtain trading information regarding trading such securities
and financial instruments from such markets and other entities. In
addition, the Exchange may obtain information regarding trading in such
securities and financial instruments from markets and other entities
that are members of ISG or with which the Exchange has in place a
comprehensive surveillance sharing agreement. The Exchange is also able
to obtain information regarding trading in the Shares, the commodity
underlying futures or options on futures through ETP Holders, in
connection with such ETP Holders' proprietary or customer trades which
they effect through ETP Holders on any relevant market. The IIV, as
defined in NYSE Arca Rule 8.600-E(c)(3), will be widely disseminated by
one or more major market data vendors at least every 15 seconds during
the Core Trading Session.
    The Shares of the Fund will conform to the initial and continued
listing criteria under NYSE Arca Rule 8.600-E. The Exchange represents
that, for initial and continued listing, the Fund will be in compliance
with Rule 10A-3 under the Act, as provided by NYSE Arca Rule 5.3-E. A
minimum of 100,000 Shares of the Fund will be outstanding at the
commencement of trading on the Exchange. The Exchange will obtain a
representation from the issuer of the Shares of the Fund that the NAV
per Share will be calculated daily and that the NAV and the Disclosed
Portfolio will be made available to all market participants at the same
time. In addition, a large amount of information is publicly available
regarding the Fund and the Shares, thereby promoting market
transparency. The Fund's portfolio holdings will be disclosed on its
website daily after the close of trading on the Exchange and prior to
the opening of trading on the Exchange the following day. On a daily
basis, the Fund will disclose the information regarding the Disclosed
Portfolio required under NYSE Arca Rule 8.600-E(c)(2) to the extent
applicable. The Fund's website information will be publicly available
at no charge. With respect to the Fund's holdings of shares of GBTC, on
March 4, 2016, GBTC submitted to the Commission an amended Form D as a
business trust. Shares of GBTC have been quoted on OTC Market's OTCQX
Best Marketplace under the symbol ``GBTC'' since March 26, 2015. On
April 2, 2018, GBTC published an annual report for the period ended
December 31, 2017. Such reports are available on OTC Market's website.
    Investors can also obtain the Trust's SAI, the Fund's Shareholder
Reports, and its Form N-CSR and Form N-SAR, filed twice a year. The
Trust's SAI and Shareholder Reports are available free upon request
from the Trust, and those documents and the Form N-CSR and Form N-SAR
may be viewed on-screen or downloaded from the Commission's website at
www.sec.gov.
    The Exchange believes that it is appropriate and in the public
interest to approve listing and trading of Shares of the Fund on the
Exchange notwithstanding that the Fund would not meet the requirements
of Commentary .01(a)(1)(A) through (E) to Rule 8.600-E with respect to
the Fund's investments in non-exchange-traded open-end investment
company securities. Investments in such equity securities will not be
principal investments of the Fund. Such investments, which may include
mutual funds that invest, for example, principally in fixed income
securities, would be utilized to help the Fund meet its investment
objective and to equitize cash in the short term. Because such
securities have a net asset value based on the value of securities and
financial assets the investment company holds, the Exchange believes it
is both unnecessary and inappropriate to apply to such investment
company securities the criteria in Commentary .01(a)(1).
    The Exchange notes that Commentary .01(a)(1)(A) through (D) to Rule
8.600-E exclude application of those provisions to certain ``Derivative
Securities Products'' that are exchange-

traded investment company securities, including Investment Company
Units (as described in NYSE Arca Rule 5.2-E(j)(3)), Portfolio
Depositary Receipts (as described in NYSE Arca Rule 8.100-E) and
Managed Fund Shares (as described in NYSE Arca Rule 8.600-E). In its
2008 Approval Order approving amendments to Commentary .01(a) to Rule
5.2(j)(3) that exclude Derivative Securities Products from certain
provisions of Commentary .01(a) (which exclusions are similar to those
in Commentary .01(a)(1) to Rule 8.600-E), the Commission stated that
``based on the trading characteristics of Derivative Securities
Products, it may be difficult for component Derivative Securities
Products to satisfy certain quantitative index criteria, such as the
minimum market value and trading volume limitations.'' The Exchange
notes that it would be difficult or impossible to apply to non-
exchange-traded investment company securities the generic quantitative
criteria (e.g., market capitalization, trading volume, or portfolio
criteria) in Commentary .01(a)(1) (A) through (D) applicable to U.S.
Component Stocks. Moreover, application of such criteria would not
serve the purpose served with respect to U.S. Component Stocks, namely,
to establish minimum liquidity and diversification criteria for U.S.
Component Stocks held by series of Managed Fund Shares.
    In addition, the Commission has previously approved listing and
trading of an issue of Managed Fund Shares that may invest in equity
securities that are non-exchange-traded securities of other open-end
investment company securities notwithstanding that the fund would not
meet the requirements of Commentary .01(a)(1)(A) through (E) to Rule
8.600-E with respect to such fund's investments in such securities.\30\
Thus, the Exchange believes that it is appropriate to permit the Fund
to invest in non-exchange-traded open-end management investment company
securities, as described above.
---------------------------------------------------------------------------

    \30\ See note 21, supra.
---------------------------------------------------------------------------

    As noted above, the Fund's investments in derivative instruments
will be consistent with the Fund's investment objective and policies.
In addition, the Fund will include appropriate risk disclosure in its
offering documents, including leveraging risk. To mitigate leveraging
risk, the Adviser will segregate or ``earmark'' liquid assets or
otherwise cover the transactions that may give rise to such risk.
Because the markets for certain assets, or the assets themselves, may
be unavailable or cost prohibitive as compared to derivative
instruments, suitable derivative transactions may be an efficient
alternative for the Fund to obtain the desired asset exposure. In
addition, OTC derivatives may be tailored more specifically to the
assets held by the Fund than available listed derivatives.
    The Exchange notes that, other than Commentary .01(a)(1) to Rule
8.600-E, the Fund will meet all other requirements of Rule 8.600-E.
    The website for the Fund will include a form of the prospectus for
the Fund and additional data relating to NAV and other applicable
quantitative information. Moreover, prior to the commencement of
trading, the Exchange will inform its ETP Holders in an Information
Bulletin of the special characteristics and risks associated with
trading the Shares of the Fund. Trading in Shares of the Fund will be
halted if the circuit breaker parameters in NYSE Arca Rule 7.12-E have
been reached or because of market conditions or for reasons that, in
the view of the Exchange, make trading in the Shares inadvisable, and
trading in the Shares will be subject to NYSE Arca Rule 8.600-
E(d)(2)(D), which sets forth circumstances under which Shares of the
Fund may be halted. In addition, as noted above, investors will have
ready access to information regarding the Fund's holdings, the IIV, the
Disclosed Portfolio, and quotation and last sale information for the
Shares. The Fund's investments, including derivatives, will be
consistent with the Fund's investment objective and will not be used to
enhance leverage (although certain derivatives and other investments
may result in leverage). That is, the Fund's investments will not be
used to seek performance that is the multiple or inverse multiple
(e.g., 2X or -3X) of the Fund's primary broad-based securities
benchmark index (as defined in Form N-1A).
    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 it will facilitate the listing and trading of
an additional type of actively-managed exchange-traded product that
holds fixed income securities, equity securities and derivatives and
that will enhance competition among market participants, to the benefit
of investors and the marketplace. As noted above, the Exchange has in
place surveillance procedures relating to trading in the Shares of the
Fund and may obtain information via ISG from other exchanges that are
members of ISG or with which the Exchange has entered into a
comprehensive surveillance sharing agreement. In addition, as noted
above, investors will have ready access to information regarding the
Fund's holdings, the IIV, the Disclosed Portfolio for the Fund, and
quotation and last sale information for the Shares of the Fund.

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 will facilitate the listing and trading of another
type of actively-managed exchange-traded product that will enhance
competition among market participants, 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

    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

    Within 45 days of the date of publication of this notice in the
Federal Register or 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 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-NYSEArc-2018-40 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-2018-40.
This file number should be included on the subject line if email is
used. To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's internet website (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 website
viewing and printing in the Commission's Public Reference Room, 100 F
Street NE, Washington, DC 20549 on official business days between the
hours of 10:00 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. Persons
submitting comments are cautioned that we do not redact or edit
personal identifying information from comment submissions. You should
submit only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSEArca-2018-40, and should
be submitted on or before July 24, 2018.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\31\
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    \31\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-14300 Filed 7-2-18; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register: July 7, 2009 (Volume 74, Number 128)]
[Rules and Regulations]
[Page 32088]
[DOCID:fr07jy09-11]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

46 CFR Part 8

[USCG-2008-1014]
RIN 1625-AB31

International Air Pollution Prevention (IAPP) Certificates

AGENCY: Coast Guard, DHS.

ACTION: Direct final rule; confirmation of effective date.

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SUMMARY: On May 8, 2009, the Coast Guard published a direct final rule
that notified the public of the Coast Guard's intent to amend its
vessel inspection regulations to add the International Air Pollution
Prevention (IAPP) certificate to the list of certificates a recognized
classification society may be authorized to issue on behalf of the
United States. We have not received an adverse comment, or notice of
intent to submit an adverse comment, on this rule. Therefore, the rule
will go into effect as scheduled.

DATES: The effective date of the direct final rule published at 74 FR
21554, is confirmed as August 6, 2009.

FOR FURTHER INFORMATION CONTACT: If you have questions on this notice,
call Mr. Wayne Lundy, Systems Engineering Division, Coast Guard,
telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: On May 8, 2009, we published a direct final
rule entitled ``International Air Pollution Prevention (IAPP)
Certificates'' in the Federal Register at 74 FR 21554. We promulgated
this rule because the United States deposited an instrument of
ratification with the International Maritime Organization for Annex VI
of the International Convention for the Prevention of Pollution by
Ships, 1973 as modified by the Protocol of 1978 (MARPOL 73/78). As a
result, Annex VI entered into force for the United States on January 8,
2009. The rule offers a more efficient means for U.S. vessels to obtain
an IAPP certificate.
    We published the rule as a direct final rule under 33 CFR 1.05-55
because we considered this rule to be noncontroversial and did not
expect an adverse comment regarding this rulemaking. In the direct
final rule we stated that if no adverse comment, or notice of intent to
submit an adverse comment is received by June 22, 2009, the rule would
become effective on August 6, 2009.
    We have not received adverse comments, or notices of intent to
submit adverse comments, on this rulemaking. Therefore, this notice
confirms that the direct final rule will become effective as scheduled,
on August 6, 2009.

    Dated: June 29, 2009.
Howard L. Hime,
Acting Director of Commercial Regulations and Standards, U.S. Coast
Guard.
[FR Doc. E9-15875 Filed 7-6-09; 8:45 am]

BILLING CODE 4910-15-P


[Federal Register Volume 79, Number 37 (Tuesday, February 25, 2014)]
[Rules and Regulations]
[Pages 10346-10348]
[FR Doc No: 2014-03243]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2013-0964; Directorate Identifier 2013-CE-035-AD;
Amendment 39-17757; AD 2014-03-20]
RIN 2120-AA64

Airworthiness Directives; Piaggio Aero Industries S.P.A Airplanes

AGENCY: Federal Aviation Administration (FAA), Department of
Transportation (DOT).

ACTION: Final rule.

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SUMMARY: We are adopting a new airworthiness directive (AD) for certain
Piaggio Aero Industries S.P.A Model P-180 airplanes. This AD results
from mandatory continuing airworthiness information (MCAI) issued by an
aviation authority of another country to identify and correct an unsafe
condition on an aviation product. The MCAI describes the unsafe
condition as insufficient clearance between one of the horizontal
stabilizer end ribs and the corresponding elevator horn. We are issuing
this AD to require actions to address the unsafe condition on these
products.

DATES: This AD is effective April 1, 2014.
    The Director of the Federal Register approved the incorporation by
reference of a certain publication listed in the AD as of April 1,
2014.

ADDRESSES: You may examine the AD docket on the Internet at http://www.regulations.gov by searching for and locating Docket No. FAA-2013-
0964; or in person at Document Management Facility, U.S. Department of
Transportation, Docket Operations, M-30, West Building Ground Floor,
Room W12-140, 1200 New Jersey Avenue SE., Washington, DC 20590.
    For service information identified in this AD, contact Piaggio Aero
Industries S.p.A--Airworthiness Office, Via Luigi Cibrario, 4-16154
Genova-Italy; phone: +39<PHONE_NUMBER>; fax: +39<PHONE_NUMBER>; email:
<EMAIL_ADDRESS>Internet: http://www.piaggioaero.com/#/en/aftersales/service-support. You may view this referenced service
information

at the FAA, Small Airplane Directorate, 901 Locust, Kansas City,
Missouri 64106. For information on the availability of this material at
the FAA, call<PHONE_NUMBER>.

FOR FURTHER INFORMATION CONTACT: Mike Kiesov, Aerospace Engineer, FAA,
Small Airplane Directorate, 901 Locust, Room 301, Kansas City, Missouri
64106; telephone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>; email:
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Discussion

    We issued a notice of proposed rulemaking (NPRM) to amend 14 CFR
part 39 by adding an AD that would apply to certain Piaggio Aero
Industries S.P.A Model P-180 airplanes. That NPRM was published in the
Federal Register on November 20, 2013 (78 FR 69600). That NPRM proposed
to correct an unsafe condition for the specified products and was based
on mandatory continuing airworthiness information (MCAI) originated by
an aviation authority of another country. The MCAI states:

    Insufficient clearance between one of the horizontal stabilizer
end rib and the corresponding elevator horn was found on an in-
service aeroplane.
    This condition, if not detected and corrected, could lead to
interference between the elevator and horizontal stabilizer
surfaces, resulting in restricted elevator control and consequent
reduced control of the aeroplane.
    To address this potential unsafe condition, Piaggio Aero
Industries (PAI) issued Service Bulletin (SB) 80-0381 to provide
inspection instructions.
    For the reasons described above, this AD requires accomplishment
of a one-time measurement of the actual clearance between the
elevator horn and the horizontal stabilizer tip rib, and depending
on findings, restoration of the required minimum clearance value.
This AD also requires reporting of the inspection result to PAI.

The MCAI can be found in the AD docket on the Internet at: http://www.regulations.gov/#!documentDetail;D=FAA-2013-0964-0002.

Comments

    We gave the public the opportunity to participate in developing
this AD. We received no comments on the NPRM (78 FR 69600, November 20,
2013) or on the determination of the cost to the public.

Conclusion

    We reviewed the relevant data and determined that air safety and
the public interest require adopting the AD as proposed. We have
determined that these minor changes:
     Are consistent with the intent that was proposed in the
NPRM (78 FR 69600, November 20, 2013) for correcting the unsafe
condition; and
     Do not add any additional burden upon the public than was
already proposed in the NPRM (78 FR 69600, November 20, 2013).

Costs of Compliance

    We estimate that this AD will affect 112 products of U.S. registry.
We also estimate that it will take about 1 work-hour per product to
comply with the basic requirements of this AD. The average labor rate
is $85 per work-hour.
    Based on these figures, we estimate the cost of this AD on U.S.
operators to be $9,520, or $85 per product.
    In addition, we estimate that any necessary follow-on actions will
take about 5 work-hours and require parts costing $50, for a cost of
$475 per product. We have no way of determining the number of products
that may need these actions.

Paperwork Reduction Act

    A federal agency may not conduct or sponsor, and a person is not
required to respond to, nor shall a person be subject to penalty for
failure to comply with a collection of information subject to the
requirements of the Paperwork Reduction Act unless that collection of
information displays a current valid OMB control number. The control
number for the collection of information required by this AD is 2120-
0056. The paperwork cost associated with this AD has been detailed in
the Costs of Compliance section of this document and includes time for
reviewing instructions, as well as completing and reviewing the
collection of information. Therefore, all reporting associated with
this AD is mandatory. Comments concerning the accuracy of this burden
and suggestions for reducing the burden should be directed to the FAA
at 800 Independence Ave. SW., Washington, DC 20591. ATTN: Information
Collection Clearance Officer, AES-200.

Authority for This Rulemaking

    Title 49 of the United States Code specifies the FAA's authority to
issue rules on aviation safety. Subtitle I, section 106, describes the
authority of the FAA Administrator. ``Subtitle VII: Aviation
Programs,'' describes in more detail the scope of the Agency's
authority.
    We are issuing this rulemaking under the authority described in
``Subtitle VII, Part A, Subpart III, Section 44701: General
requirements.'' Under that section, Congress charges the FAA with
promoting safe flight of civil aircraft in air commerce by prescribing
regulations for practices, methods, and procedures the Administrator
finds necessary for safety in air commerce. This regulation is within
the scope of that authority because it addresses an unsafe condition
that is likely to exist or develop on products identified in this
rulemaking action.

Regulatory Findings

    We determined that this AD will not have federalism implications
under Executive Order 13132. This AD will not have a substantial direct
effect on the States, on the relationship between the national
government and the States, or on the distribution of power and
responsibilities among the various levels of government.
    For the reasons discussed above, I certify this AD:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866,
    (2) Is not a ``significant rule'' under the DOT Regulatory Policies
and Procedures (44 FR 11034, February 26, 1979),
    (3) Will not affect intrastate aviation in Alaska, and
    (4) Will not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.

Examining the AD Docket

    You may examine the AD docket on the Internet at http://www.regulations.gov by searching for and locating it in Docket No. FAA-
2013-0964; or in person at the Docket Management Facility between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays. The AD
docket contains the NPRM, the regulatory evaluation, any comments
received, and other information. The street address for the Docket
Office (telephone<PHONE_NUMBER>) is in the ADDRESSES section. Comments
will be available in the AD docket shortly after receipt.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Incorporation by
reference, Safety.

Adoption of the Amendment

    Accordingly, under the authority delegated to me by the
Administrator, the FAA amends 14 CFR part 39 as follows:

PART 39--AIRWORTHINESS DIRECTIVES

0
1. The authority citation for part 39 continues to read as follows:

    Authority:  49 U.S.C. 106(g), 40113, 44701.

Sec.  39.13  [Amended]

0
2. The FAA amends Sec.  39.13 by adding the following new AD:

2014-03-20 Piaggio Aero Industries S.P.A: Amendment 39-17757; Docket
No. FAA-2013-0964; Directorate Identifier 2013-CE-035-AD.

(a) Effective Date

    This airworthiness directive (AD) becomes effective April 1,
2014.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to Piaggio Aero Industries S.P.A Model P-180
airplanes, manufacturer serial numbers 1002 and 1004 through 1231,
certificated in any category.

(d) Subject

    Air Transport Association of America (ATA) Code 27: Flight
Controls.

(e) Reason

    This AD was prompted by results from mandatory continuing
airworthiness information (MCAI) originated by an aviation authority
of another country to identify and correct an unsafe condition on an
aviation product. The MCAI describes the unsafe condition as
insufficient clearance between one of the horizontal stabilizer end
ribs and the corresponding elevator horn. We are issuing this AD to
detect and correct insufficient clearance between one of the
horizontal stabilizer end rib and the corresponding elevator horn,
which could result in interference between the elevator and
horizontal stabilizer surfaces, consequently resulting in restricted
elevator control and reduced control of the airplane.

(f) Actions and Compliance

    Unless already done, do the following actions as specified in
paragraphs (f)(1) through (f)(3) of this AD:
    (1) Within the next 200 hours time-in service (TIS) after April
1, 2014 (the effective date of this AD) or within the next 12 months
after April 1, 2014 (the effective date of this AD), whichever
occurs first, measure the clearances between the horns of the
elevator and the end ribs of the horizontal stabilizer (HS) on left-
hand (LH) and right-hand (RH) sides following Part A of the
Accomplishment Instructions in Piaggio Aero Industries S.P.A.
Mandatory Service Bulletin No.: 80-0381, Rev. 0, dated May 2, 2013.
    (2) If the clearance is less than 5 mm on the HS LH or RH side
during the measurement as required by paragraph (f)(1) of this AD,
before further flight, rework the affected elevator to restore the
required minimum clearance between the horn of the elevator and the
end rib of the horizontal stabilizer following Part B of the
Accomplishment Instructions in Piaggio Aero Industries S.P.A.
Mandatory Service Bulletin No.: 80-0381, Rev. 0, dated May 2, 2013.
    (3) Within 30 days after accomplishment of the measurement as
required by paragraph (f)(1) of this AD, report the results to
Piaggio Aero Industries S.P.A. following Part C of the
Accomplishment Instructions in Piaggio Aero Industries S.P.A.
Mandatory Service Bulletin No.: 80-0381, Rev. 0, dated May 2, 2013.

(g) Other FAA AD Provisions

    The following provisions also apply to this AD:
    (1) Alternative Methods of Compliance (AMOCs): The Manager,
Standards Office, FAA, has the authority to approve AMOCs for this
AD, if requested using the procedures found in 14 CFR 39.19. Send
information to ATTN: Mike Kiesov, Aerospace Engineer, FAA, Small
Airplane Directorate, 901 Locust, Room 301, Kansas City, Missouri
64106; telephone:<PHONE_NUMBER>; fax:<PHONE_NUMBER>; email:
<EMAIL_ADDRESS>Before using any approved AMOC on any airplane
to which the AMOC applies, notify your appropriate principal
inspector (PI) in the FAA Flight Standards District Office (FSDO),
or lacking a PI, your local FSDO.
    (2) Airworthy Product: For any requirement in this AD to obtain
corrective actions from a manufacturer or other source, use these
actions if they are FAA-approved. Corrective actions are considered
FAA-approved if they are approved by the State of Design Authority
(or their delegated agent). You are required to assure the product
is airworthy before it is returned to service.
    (3) Reporting Requirements: For any reporting requirement in
this AD, a federal agency may not conduct or sponsor, and a person
is not required to respond to, nor shall a person be subject to a
penalty for failure to comply with a collection of information
subject to the requirements of the Paperwork Reduction Act unless
that collection of information displays a current valid OMB Control
Number. The OMB Control Number for this information collection is
2120-0056. Public reporting for this collection of information is
estimated to be approximately 5 minutes per response, including the
time for reviewing instructions, completing and reviewing the
collection of information. All responses to this collection of
information are mandatory. Comments concerning the accuracy of this
burden and suggestions for reducing the burden should be directed to
the FAA at: 800 Independence Ave. SW., Washington, DC 20591, Attn:
Information Collection Clearance Officer, AES-200.

(h) Related Information

    Refer to MCAI European Aviation Safety Agency (EASA) AD No.
2013-0239, dated September 30, 2013, for related information. The
MCAI can be found in the AD docket on the Internet at: http://www.regulations.gov/#!documentDetail;D= FAA-2013-0964-0002.

(i) Material Incorporated by Reference

    (1) The Director of the Federal Register approved the
incorporation by reference (IBR) of the service information listed
in this paragraph under 5 U.S.C. 552(a) and 1 CFR part 51.
    (2) You must use this service information as applicable to do
the actions required by this AD, unless the AD specifies otherwise.
    (i) Piaggio Aero Industries S.P.A. Mandatory Service Bulletin
No.: 80-0381, Rev. 0, dated May 2, 2013.
    (ii) Reserved.
    (3) For Piaggio Aero Industries S.P.A service information
identified in this AD, contact Piaggio Aero Industries S.p.A--
Airworthiness Office, Via Luigi Cibrario, 4 16154 Genova-Italy;
phone: +39<PHONE_NUMBER>; fax: +39<PHONE_NUMBER>; email:
<EMAIL_ADDRESS>Internet: http://www.piaggioaero.com/#/en/aftersales/service-support.
    (4) You may view this service information at the FAA, Small
Airplane Directorate, 901 Locust, Kansas City, Missouri 64106. For
information on the availability of this material at the FAA, call
(816) 329-4148.
    (5) You may view this service information that is incorporated
by reference at the National Archives and Records Administration
(NARA). For information on the availability of this material at
NARA, call<PHONE_NUMBER>, or go to: http://www.archives.gov/federal-register/cfr/ibr-locations.html.

    Issued in Kansas City, Missouri, on February 7, 2014.
Earl Lawrence,
Manager, Small Airplane Directorate, Aircraft Certification Service.
[FR Doc. 2014-03243 Filed 2-24-14; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 83, Number 53 (Monday, March 19, 2018)]
[Notices]
[Pages 12003-12004]
[FR Doc No: 2018-05488]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings #1

    Take notice that the Commission received the following exempt
wholesale generator filings:

    Docket Numbers: EG18-50-000.
    Applicants: Victoria City Power LLC.
    Description: Notice of Self-Certification of Exempt Wholesale
Generator Status of Victoria City Power LLC.
    Filed Date: 3/12/18.
    Accession Number: 20180312-5139.
    Comments Due: 5 p.m. ET 4/2/18.

    Docket Numbers: EG18-51-000.
    Applicants: Victoria Port Power LLC.
    Description: Notice of Self-Certification of Exempt Wholesale
Generator Status of Victoria Port Power LLC.
    Filed Date: 3/12/18.
    Accession Number: 20180312-5142.
    Comments Due: 5 p.m. ET 4/2/18.

    Take notice that the Commission received the following electric
rate filings:

    Docket Numbers: ER10-1338-002.
    Applicants: Southern Indiana Gas and Electric Company, Inc.
    Description: Supplement to December 28, 2017 Triennial Market Based
Rates Update in Central Region of Southern Indiana Gas and Electric
Company, Inc.
    Filed Date: 3/9/18.
    Accession Number: 20180309-5177.
    Comments Due: 5 p.m. ET 3/30/18.

    Docket Numbers: ER18-374-001.
    Applicants: Southwest Power Pool, Inc.
    Description: Tariff Amendment: Deficiency Response in ER18-374--
Attachment Z2 Tariff Revisions to be effective 2/1/2018.
    Filed Date: 3/5/18.
    Accession Number: 20180302-5000.
    Comments Due: 5 p.m. ET 3/26/18.

    Docket Numbers: ER18-974-000.
    Applicants: NTE Carolinas, LLC.
    Description: Supplement to March 7, 2018 NTE Carolinas, LLC tariff
(Attachment F).
    Filed Date: 3/8/18.
    Accession Number: 20180308-5090.
    Comments Due: 5 p.m. ET 3/29/18.

    Docket Numbers: ER18-987-000.
    Applicants: Pacific Gas and Electric Company.
    Description: Tariff Cancellation: Termination of LGIA with Regents
of the UC (SA 344) to be effective 2/21/2018.
    Filed Date: 3/9/18.
    Accession Number: 20180309-5167.
    Comments Due: 5 p.m. ET 3/30/18.

    Docket Numbers: ER18-988-000.
    Applicants: PJM Interconnection, L.L.C.
    Description: Sec.  205(d) Rate Filing: Revisions to OATT and RAA
RE: Incremental Auction Process to be effective 5/8/2018.
    Filed Date: 3/9/18.
    Accession Number: 20180309-5171.
    Comments Due: 5 p.m. ET 3/30/18.

    Take notice that the Commission received the following foreign
utility company status filings:

    Docket Numbers: FC18-3-000.
    Applicants: I Squared Capital.
    Description: FC of I Squared Capital Notification of Self-
Certification of Foreign Utility Company Status.
    Filed Date: 3/9/18.
    Accession Number: 20180309-5179.
    Comments Due: 5 p.m. ET 3/30/18.

    Take notice that the Commission received the following electric
reliability filings:

    Docket Numbers: RD18-1-000.
    Applicants: North American Electric Reliability Corporation,
Western Electricity Coordinating Council.
    Description: Joint Petition of the North American Electric
Reliability Corporation and Western Electricity Coordinating Council
for Approval of Retirement of Regional Reliability Standard VAR-002-
WECC-2.
    Filed Date: 3/7/18.
    Accession Number: 20180307-5161.
    Comments Due: 5 p.m. ET 4/11/18.

    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: March 12, 2018.
Kimberly D. Bose,
Secretary.
[FR Doc. 2018-05488 Filed 3-16-18; 8:45 am]
 BILLING CODE 6717-01-P