[Federal Register Volume 84, Number 107 (Tuesday, June 4, 2019)]
[Notices]
[Pages 25863-25872]
[FR Doc No: 2019-11556]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-85955; File No. SR-NYSEArca-2019-38]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change Regarding Investments of Aware Ultra-Short
Duration Enhanced Income ETF, a Series of Tidal ETF Trust

May 29, 2019.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on May 15, 2019, NYSE Arca, Inc. (``NYSE Arca'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes certain changes regarding investments of
Aware Ultra-Short Duration Enhanced Income ETF (the ``Fund''), a series
of Tidal ETF Trust (the ``Trust''). Shares of the Fund currently are
listed and traded 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 Fund. The shares (``Shares'') of the Fund commenced trading on
the Exchange on January 29, 2019 pursuant to the generic listing
standards under Commentary .01 to NYSE Arca Rule 8.600-E \4\ (``Managed
Fund Shares'').\5\
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    \4\ The Fund's investments currently comply with the generic
requirements set forth in Commentary .01 to Rule 8.600-E.
    \5\ 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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    Toroso Investments, LLC (the ``Adviser'') is the investment adviser
for the Fund. Aware Asset Management, Inc. (the ``Subadviser'') is the
subadviser to the Fund. U.S. Bank National Association serves as the
custodian (``Custodian'') for the Fund. Tidal ETF Services LLC serves
as administrator for the Fund. U.S. Bancorp Fund Services, LLC serves
as sub-administrator, fund accountant and transfer agent (``Transfer
Agent'') for the Fund.\6\ Foreside Fund Services, LLC serves as the
distributor (the ``Distributor'') for the Fund's Shares.
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    \6\ The Trust is registered under the 1940 Act. On December 21,
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 under the 1940 Act
relating to the Fund (File Nos. 333-227298 and 811-23377)
(``Registration Statement''). The Trust will file an amendment to
the Registration Statement as necessary to conform to the
representations in this filing. The description of the operation of
the Trust and the Fund herein is based, in part, on the Registration
Statement. In addition, the Commission has issued an order granting
certain exemptive relief to the Trust under the 1940 Act. See
Investment Company Act Release No. 33433 (March 29, 2019) (File No.
812-14939).
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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
and maintain 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. 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.
Commentary .06 to Rule 8.600-E is similar to Commentary .03(a)(i) and
(iii) to NYSE Arca Rule 5.2-E(j)(3); however, Commentary .06 in
connection with the establishment and maintenance of a ``fire wall''
between the investment adviser and the broker-dealer reflects the
applicable open-end fund's portfolio, not an underlying benchmark
index, as is the case with index-based funds. The Adviser and the
Subadviser are not registered as broker-dealers and are not affiliated
with a broker-dealer. In the event (a) the Adviser or Subadviser
becomes registered as a broker-dealer or affiliated with one or more
broker-dealers, or (b) any new adviser or sub-adviser is a registered
broker-dealer or is 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.
Aware Ultra-Short Duration Enhanced Income ETF
    According to the Registration Statement, the investment objective
of the Fund is to seek to maximize current income while maintaining a
portfolio consistent with the preservation of capital and daily
liquidity.
    The Fund seeks to achieve its investment objective primarily by
investing in ``Fixed Income Securities'' (as described below).
    The Fund's may invest in the following fixed income instruments
(``Fixed Income Securities'') issued by both U.S. and non-U.S.
government and private sector issuers:
     U.S. government securities;
     Agency and non-agency asset-backed securities (``ABS'')
and mortgage-backed securities (``MBS'') and collateralized mortgage
obligations (``CMOs''); \7\
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    \7\ For purposes of this filing, non-agency ABS, non-agency MBS,
and non-agency CMOs are referred to collectively herein as ``Private
ABS/MBS.''
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     floating or variable rate securities;
     collateralized bond obligations (``CBOs''), collateralized
loan obligations (``CLOs'') and other collateralized debt obligations
(``CDOs'' and, together with CBOs and CLOs, ``CDOs/CBOs/CLOs''); \8\
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    \8\ For purposes of this filing, CDOs, CBOs and CLOs are
excluded from the term Private ABS/MBS. CLOs are securities issued
by a trust or other special purpose entity that are collateralized
by a pool of loans by U.S. banks and participations in loans by U.S.
banks that are unsecured or secured by collateral other than real
estate. CBOs are securities issued by a trust or other special
purpose entity that are backed by a diversified pool of fixed income
securities issued by U.S. or foreign governmental entities or fixed
income securities issued by U.S. or corporate issuers. CDOs/CBOs/
CLOs are distinguishable from ABS because they are collateralized by
bank loans or by corporate or government fixed income securities and
not by consumer and other loans made by non-bank lenders, including
student loans. As discussed below, for purposes of this proposed
rule change, CDOs/CBOs/CLOs will not be subject to the 20% limit set
forth in Commentary .01(b)(5) to Rule 8.600-E.
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     corporate debt securities;
     municipal securities;
     floating or variable rate securities;
     inflation-indexed bonds;
     inflation-indexed securities issued by the U.S. Treasury,
commonly known as ``TIPS'';
     commercial paper (in addition to commercial paper that are
cash equivalents); \9\
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    \9\ See note 10, infra.
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     convertible securities; and
     structured notes.
    The Fund may hold cash and cash equivalents.\10\
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    \10\ For purposes of this filing, cash equivalents are the
short-term instruments enumerated in Commentary .01(c) to Rule
8.600-E.
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    The Fund may enter into dollar rolls and short sales of Fixed
Income Securities. The Fund may also purchase securities and other
instruments under when-issued, delayed delivery, to be announced or
forward commitment transactions.
    The Fund may invest in private placements and Rule 144A securities.
    The Fund may hold the following U.S. and non-U.S. equity
securities: Common stocks, preferred stocks, rights, warrants,
exchange-traded notes (``ETNs''),\11\ exchange-traded funds
(``ETFs''),\12\ and securities of other investment companies, subject
to applicable limitations under Section 12(d)(1) of the 1940 Act.
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    \11\ ETNs are securities as described in NYSE Arca Rule 5.2-
E(j)(6) (Equity Index-Linked Securities, Commodity-Linked
Securities, Currency-Linked Securities, Fixed Income Index-Linked
Securities, Futures-Linked Securities and Multifactor Index-Linked
Securities).
    \12\ For purposes of this filing, the term ``ETFs'' are
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). All ETFs will be listed and traded in the U.S. on a
national securities exchange. While the Fund may invest in inverse
ETFs, the Fund will not invest in leveraged (e.g., 2X, -2X, 3X or -
3X) ETFs.
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    The Fund may hold the following U.S. and non-U.S. exchange-listed
and over-the-counter (``OTC'') derivative instruments: OTC foreign
currency forwards; U.S. and non-U.S. exchange-listed futures and
options on stocks, Fixed Income Securities, interest rates, credit,
currencies, commodities or related indices; and OTC options on stocks,
Fixed Income Securities, interest rates, credit, currencies,
commodities or related indices.\13\
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    \13\ Derivative instruments may be used for ``hedging,'' which
means that they may be used when the Sub-Adviser seeks to protect
the Fund's investments from a decline in value resulting from
changes to interest rates, market prices, currency fluctuations, or
other market factors. Derivative instruments may also be used for
other purposes, including to seek to increase liquidity, provide
efficient portfolio management, broaden investment opportunities
(including taking short or negative positions), implement a tax or
cash management strategy, gain exposure to a particular security or
segment of the market, modify the effective duration of the Fund's
portfolio investments and/or enhance total return.

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    The Fund will not invest in securities or other financial
instruments that have not been described in this proposed rule change.
Investment Restrictions
    Private ABS/MBS will, in the aggregate, not exceed more than 20% of
the total assets of the Fund.
    The Fund may invest up to 10% of its total assets in CDOs/CBOs/
CLOs.\14\
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    \14\ As noted above, CDOs/CBOs/CLOs would be excluded from the
20% limit on Private ABS/MBS.
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    Investments in non-exchange-traded open-end management investment
company securities will not exceed 20% of the total assets of the Fund.
Creation and Redemption of Shares
    According to the Registration Statement, the Trust issues and
redeems Shares only in Creation Units of 25,000 Shares on a continuous
basis at their NAV per Share next determined after receipt of an order,
on any ``Business Day'', in proper form pursuant to the terms of the
Authorized Participant Agreement (``Participant Agreement''). The NAV
of Shares is calculated each Business Day as of the scheduled close of
regular trading on the NYSE, generally 4:00 p.m., Eastern Time. A
``Business Day'' is any day on which the NYSE is open for business. The
size of a Creation Unit is subject to change.
    The consideration for purchase of a Creation Unit of the Fund
generally consists of the in-kind deposit of a designated portfolio of
securities (the ``Deposit Securities'') per each Creation Unit,
constituting a substantial replication of the securities included in
the Fund's portfolio and the Cash Component (defined below), computed
as described below. Notwithstanding the foregoing, the Trust reserves
the right to permit or require the substitution of a ``cash in lieu''
amount (``Deposit Cash'') to be added to the Cash Component to replace
any Deposit Security.
    Together, the Deposit Securities or Deposit Cash, as applicable,
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 ``Cash Component'' is an amount equal to
the difference between the NAV of Shares (per Creation Unit) and the
value of the Deposit Securities or Deposit Cash, as applicable.
    The Fund, through the National Securities Clearing Corporation
(``NSCC''), makes available on each Business Day, 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 or the required amount of Deposit Cash, as applicable, to be
included in the current Fund Deposit (based on information at the end
of the previous Business Day) for the Fund.
    The Trust reserves the right to permit or require the substitution
of Deposit Cash to replace any Deposit Security, which shall be added
to the Cash Component.
    To be eligible to place orders with the Transfer Agent to purchase
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.
In addition, each Participating Party or DTC Participant (each, an
``Authorized Participant'') must execute a Participant Agreement.
    The order cut-off time for the Fund for orders to purchase Creation
Units is expected to be 2:00 p.m. Eastern Time, which time may be
modified by the Fund from time-to-time by amendment to the Participant
Agreement and/or applicable order form.
    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 Transfer Agent and only on a Business Day.
    With respect to the Fund, the Custodian, through the NSCC, makes
available prior to the opening of business on the Exchange (currently
9:30 a.m., Eastern Time) on each Business Day, the list of the names
and share quantities of the Fund's portfolio securities that will be
applicable (subject to possible amendment or correction) to redemption
requests received in proper form on that day (``Fund Securities'').
Fund Securities received on redemption may not be identical to Deposit
Securities.
    Redemption proceeds for a Creation Unit are paid either in-kind or
in cash, or combination thereof, as determined by the Trust. With
respect to in-kind redemptions of the Fund, redemption proceeds for a
Creation Unit will consist of Fund Securities--as announced by the
Custodian 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 Shares being redeemed, as next determined after a receipt of a
request in proper form, and the value of the Fund Securities (the
``Cash Redemption Amount''), less a fixed redemption transaction fee,
as applicable. In the event that the Fund Securities have a value
greater than the NAV of Shares, a compensating cash payment equal to
the differential is required to be made by or through an Authorized
Participant by the redeeming shareholder. Notwithstanding the
foregoing, at the Trust's discretion, an Authorized Participant may
receive the corresponding cash value of the securities in lieu of the
in-kind securities value representing one or more Fund Securities.\15\
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    \15\ 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.
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    Orders to redeem Creation Units must be submitted in proper form to
the Transfer Agent prior to 4:00 p.m. Eastern Time.
Use of Derivatives by the Fund
    Investments in derivative instruments will be made in accordance
with the Fund's investment objectives and policies.
    To limit the potential risk associated with such transactions, the
Fund may enter into offsetting transactions or segregate or ``earmark''
assets determined to be liquid by the Adviser in accordance with
procedures established by the Fund's Board of Trustees (the ``Board'').
In addition, the Fund has included 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 use of
derivatives, may give rise to leverage, causing the Fund to be more
volatile than if it had not been leveraged.
Impact on Arbitrage Mechanism
    The Adviser and the Subadviser believe there will be minimal, if
any, impact to the arbitrage mechanism as a result of the Fund's use of
derivatives. The Adviser and the Subadviser understand that market
makers and participants should be able to value derivatives as long as
the positions are disclosed with relevant information. The Adviser and
the Subadviser believe that the price at which Shares of the Fund trade
will continue to be disciplined by arbitrage opportunities created by
the ability to purchase or redeem Shares of the Fund at their NAV,
which should ensure that Shares of the Fund will not trade at a
material discount or premium in relation to their NAV.

Application of Generic Listing Requirements
    The Exchange is submitting this proposed rule change because the
changes described below would result in the portfolio for the Fund not
meeting 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), Commentary .01(b)(1),
Commentary .01(b)(4) and Commentary .01(b)(5).\16\
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    \16\ Commentary .01(b)(5) to NYSE Arca Rule 8.600-E provides
that non-agency, non-government sponsored entity and privately
issued mortgage-related and other asset-backed securities components
of a portfolio may not account, in the aggregate, for more than 20%
of the weight of the fixed income portion of the portfolio.
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    Specifically, the Fund:
     Will not comply with the requirement in Commentary
.01(b)(1) that components that in the aggregate account for at least
75% of the fixed income weight of the portfolio each have a minimum
original principal amount outstanding of $100 million or more. Instead,
the Exchange proposes that components, excluding Private ABS/MBS and
CDOs/CBOs/CLOs that, in the aggregate, account for at least 50% of the
fixed income weight of the portfolio each shall have a minimum original
principal amount outstanding of $50 million or more. Private ABS/MBS
and CDOs/CBOs/CLOs would not be subject to a requirement for a minimum
original principal amount outstanding.
     will not comply with the requirement in Commentary
.01(b)(5) that investments in non-agency, non-government sponsored
entity and privately issued mortgage-related and other asset-backed
securities (i.e., Private ABS/MBS) not account, in the aggregate, for
more than 20% of the weight of the fixed income portion of the
portfolio. Instead, Private ABS/MBS will, in the aggregate, not exceed
more than 20% of the total assets of the Fund. CDOs/CBOs/CLOs will not
be subject to the 20% limit set forth in Commentary .01(b)(5); however,
the Fund's investments in CDOs/CBOs/CLOs will be limited to10% of the
Fund's total assets.
     will not comply with the requirement that securities that
in aggregate account for at least 90% of the fixed income weight of the
portfolio meet one of the criteria in Commentary .01(b)(4) in respect
of its investments in Private ABS/MBS.\17\ Instead, the Exchange
proposes that all Fixed Income Securities, excluding Private ABS/MBS,
will meet the criteria in Commentary .01(b)(4). Private ABS/MBS will be
limited to 20% of the Fund's total assets and will not be required to
comply with the criteria in Commentary .01(b)(4)(a) through (e) to NYSE
Arca Rule 8.600-E.
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    \17\ Commentary .01(b)(4) provides that component securities
that in the aggregate account for at least 90% of the fixed income
weight of the portfolio must be either: (a) From issuers that are
required to file reports pursuant to Sections 13 and 15(d) of the
Act; (b) from issuers that have a worldwide market value of its
outstanding common equity held by non-affiliates of $700 million or
more; (c) from issuers that have outstanding securities that are
notes, bonds debentures, or evidence of indebtedness having a total
remaining principal amount of at least $1 billion; (d) exempted
securities as defined in Section 3(a)(12) of the Act; or (e) from
issuers that are a government of a foreign country or a political
subdivision of a foreign country.
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     will not comply with the requirements of Commentary
.01(a)(1)(A) through (E) to NYSE Arca Rule 8.600-E in connection with
the Fund's investments in non-exchange traded investment company
securities.
    Deviations from the generic requirements are necessary for the Fund
to achieve its investment objective in a manner that is cost-effective
and that maximizes investors' returns. Further, the proposed
alternative requirements are narrowly tailored to allow the Fund to
achieve its investment objective in manner that is consistent with the
principles of Section 6(b)(5) of the Act. As a result, it is in the
public interest to approve listing and trading of Shares of the Fund on
the Exchange pursuant to the requirements set forth herein.
    As noted above, the Fund will not comply with the requirement in
Commentary .01(b)(1) that components that in the aggregate account for
at least 75% of the fixed income weight of the portfolio each have a
minimum original principal amount outstanding of $100 million or more.
Instead, the Exchange proposes that components, excluding Private ABS/
MBS and CDOs/CBOs/CLOs, that in the aggregate account for at least 50%
of the fixed income weight of the portfolio each shall have a minimum
original principal amount outstanding of $50 million or more. Private
ABS/MBS and CDOs/CBOs/CLOs would not be subject to a requirement for a
minimum original principal amount outstanding. At least 50% of the
fixed income weight of the Fund's portfolio, excluding Private ABS/MBS
and CDOs/CBOs/CLOs, would continue to be subject to a substantial
minimum (i.e., $50 million) original principal amount outstanding. By
excluding Private ABS/MBS and CDOs/CBOs/CLOs from this requirement, the
Fund will be able to better diversify its holdings in such securities,
and would be able to invest in a larger variety of Private ABS/MBS and
CDOs/CBOs/CLOs that have characteristics consistent with the Fund's
investment objective to maximize current income while maintaining a
portfolio consistent with the preservation of capital and daily
liquidity. These characteristics may include, for example, Private ABS/
MBS and CDOs/CBOs/CLOs with investment grade credit rating or liquidity
comparable to fixed income securities with a much greater amount
outstanding.
    As noted above, the Fund will not comply with the requirement in
Commentary .01(b)(5) that investments in non-agency, non-government
sponsored entity and privately issued mortgage-related and other asset-
backed securities (i.e., Private ABS/MBS) not account, in the
aggregate, for more than 20% of the weight of the fixed income portion
of the portfolio. Instead, Private ABS/MBS will, in the aggregate, not
exceed more than 20% of the total assets of the Fund.
    This alternative requirement is appropriate because the Fund's
investment in Private ABS/MBS is expected to provide the Fund with
benefits associated with increased diversification, as Private ABS/MBS
investments tend to be less correlated to interest rates than many
other fixed income securities. The Fund's investment in Private ABS/MBS
will be subject to the Fund's liquidity procedures as adopted by the
Fund's Board, and the Adviser does not expect that investments in
Private ABS/MBS of up to 20% of the total assets of the Fund will have
any material impact on the liquidity of the Fund's investments.\18\ The
Exchange notes that the Commission has previously approved the listing
of actively managed ETFs that can invest 20% of their total assets in
non-U.S. Government, non-agency, non-GSE and other privately-issued ABS
and MBS (i.e., Private ABS/MBS).\19\ Thus, it is appropriate to

expand the limit on the Fund's investments in Private ABS/MBS set forth
in Commentary .01(b)(5) of the generic listing standards.
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    \18\ Rule 22e-4(b) under the 1940 Act requires, among other
things, that a fund ``adopt and implement a written liquidity risk
management program that is reasonably designed to assess and manage
its liquidity risk.'' The rule is ``designed to promote effective
liquidity risk management throughout the open-end investment company
industry, thereby reducing the risk that funds will be unable to
meet their redemption obligations and mitigating dilution of the
interests of fund shareholders.'' See Release Nos. 33-10233; IC-
32315; File No. S7-16-15 (October 13, 2016).
    \19\ See, e.g., Securities Exchange Act Release Nos. 80946 (June
15, 2017) 82 FR 28126 (June 20, 2017) (SR-NASDAQ-2017-039)
(permitting the Guggenheim Limited Duration ETF to invest up to 20%
of its total assets in privately-issued, non-agency and non-GSE ABS
and MBS); 76412 (November 10, 2015), 80 FR 71880 (November 17, 2015)
(SR-NYSEArca-2015-111) (permitting the RiverFront Strategic Income
Fund to invest up to 20% of its assets in privately-issued, non-
agency and non-GSE ABS and MBS); 74814 (April 27, 2015), 80 FR 24986
(May 1, 2015) (SR-NYSEArca-2014-017) (permitting the Guggenheim
Enhanced Short Duration ETF to invest up to 20% of its assets in
privately-issued, non-agency and non-GSE ABS and MBS); 74109
(January 21, 2015), 80 FR 4327 (January 27, 2015) (SR-NYSEArca-2014-
134) (permitting the IQ Wilshire Alternative Strategies ETF to
invest up to 20% of its total assets in MSB and other ABS, without
any limit on the type of such MBS and ABS). See also Securities
Exchange Act Release No. 83319 (May 24, 2018), 83 FR 25097 (May 31,
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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    As noted above, the Fund will not comply with the requirement that
securities that in aggregate account for at least 90% of the fixed
income weight of the portfolio meet one of the criteria in Commentary
.01(b)(4).\20\ The Exchange proposes that the Private ABS/MBS, will not
be required to comply with the criteria in Commentary .01(b)(4)(a)
through (e) to NYSE Arca Rule 8.600-E. In this regard, the Exchange
proposes to provide that the Fund will not invest more than 20% of the
Fund's total assets in Private ABS/MBS. CDOs/CBOs/CLOs, however, will
be subject to the criteria in Commentary .01(b)(4)(a) through (e) \21\
and the Fund will not invest more than 10% of the Fund's total assets
in CDOs/CBOs/CLOs.\22\ The Exchange believes that this 10% limitation
will help the Fund maintain portfolio diversification and will reduce
manipulation risk. In addition, the Adviser does not expect that
investments in CDOs/CBOs/CLOs of up to 10% of the total assets of the
Fund will have any material impact on the liquidity of the Fund's
investments.\23\
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    \20\ Commentary .01(b)(4) provides that component securities
that in the aggregate account for at least 90% of the fixed income
weight of the portfolio must be either: (a) From issuers that are
required to file reports pursuant to Sections 13 and 15(d) of the
Act; (b) from issuers that have a worldwide market value of its
outstanding common equity held by non-affiliates of $700 million or
more; (c) from issuers that have outstanding securities that are
notes, bonds debentures, or evidence of indebtedness having a total
remaining principal amount of at least $1 billion; (d) exempted
securities as defined in Section 3(a)(12) of the Act; or (e) from
issuers that are a government of a foreign country or a political
subdivision of a foreign country. In the First Prior Order, the
Commission approved an exception from Commentary .01(b)(4) to
provide that fixed income securities that do not meet any of the
criteria in Commentary .01(b)(4) will not exceed 10% of the total
assets of the Fund.
    \21\ As noted above, CDOs/CBOs/CLOs would be excluded from the
20% limit on Private ABS/MBS.
    \22\ For purposes of this filing, CDOs/CBOs/CLOs are not deemed
to be ABS for purposes of the restriction on the Fund's holdings of
Private ABS/MBS. See note 8, supra.
    \23\ The Exchange notes that the Commission has approved a
proposed rule change permitting an issue of Managed Fund Shares to
hold up to 30% of the weight of the fixed income securities portion
of the fund's portfolio to consist of non-agency, non-GSE and
privately-issued mortgage-related and other asset-backed securities.
See Securities Exchange Act Release No. 84826 (December 14, 2018),
83 FR 65386 (December 20, 2018) (SR-NYSEArca-2018-25) (Order
Approving a Proposed Rule Change, as Modified by Amendment No. 2,
Regarding the Continued Listing and Trading of Shares of the Natixis
Loomis Sayles Short Duration Income ETF).
---------------------------------------------------------------------------

    The Exchange notes that the Commission has previously approved the
listing of Managed Fund Shares with similar investment objectives and
strategies without imposing requirements that a certain percentage of
such funds' securities meet one of the criteria set forth in Commentary
.01(b)(4).\24\ In addition, the Commission has approved proposed rule
changes permitting investments by an issue of Managed Fund Shares to
exclude non-U.S. Government, non-agency, non-GSE and other privately-
issued ABS and MBS (as described in such proposed rule changes) from
the provisions of rules comparable to Commentary .01(b)(4).\25\
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    \24\ See, e.g., Exchange Act Release Nos. 67894 (September 20,
2012), 77 FR 59227 (September 26, 2012) (SR-BATS-2012-033) (order
approving the listing and trading of shares of the iShares Short
Maturity Bond Fund); 70342 (September 6, 2013), 78 FR 56256
(September 12, 2013) (SR-NYSEArca-2013-71) (order approving the
listing and trading of shares of the SPDR SSgA Ultra Short Term Bond
ETF, SPDR SSgA Conservative Ultra Short Term Bond ETF and SPDR SSgA
Aggressive Ultra Short Term Bond ETF).
    \25\ See Securities Exchange Act Release No. 84047 (September 6,
2018), 83 FR 46200 (September 12, 2018) (SR-NASDAQ-2017-128) (Notice
of Filing of Amendment No. 3 and Order Granting Accelerated Approval
of a Proposed Rule Change, as Modified by Amendment No. 3, to List
and Trade Shares of the Western Asset Total Return ETF); See also,
Securities Exchange Act Release Nos. 84047 (September 6, 2018), 83
FR 46200 (September 12, 2018) (SR-NASDAQ-2017-128) (Notice of Filing
of Amendment No. 3 and Order Granting Accelerated Approval of a
Proposed Rule Change, as Modified by Amendment No. 3, to List and
Trade Shares of the Western Asset Total Return ETF); 85022 (January
31, 2019), 25 FR 2265 (February 6, 2019) (SR-NASDAQ-2018-080)
(Notice of Filing of Amendment No. 3 and Order Granting Accelerated
Approval of a Proposed Rule Change, as Modified by Amendment Nos. 1,
2 and 3, To List and Trade Shares of the BrandywineGLOBAL-Global
Total Return ETF).
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    In addition, the Fund's investment in Private ABS/MBS and CDOs/
CBOs/CLOs will be subject to the Fund's liquidity risk management
program as approved by the Fund's Board.\26\ The liquidity procedures
generally include public disclosure by the Fund of its liquidity and
redemption practices. The Fund's holdings in Private ABS/MBS and CDOs/
CBOs/CLOs would be encompassed within the Fund's liquidity risk
management program.
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    \26\ Rule 22e-4(b) under the 1940 Act requires, among other
things, that a fund ``adopt and implement a written liquidity risk
management program that is reasonably designed to assess and manage
its liquidity risk.'' The rule is ``designed to promote effective
liquidity risk management throughout the open-end investment company
industry, thereby reducing the risk that funds will be unable to
meet their redemption obligations and mitigating dilution of the
interests of fund shareholders.'' See Release Nos. 33-10233; IC-
32315; File No. S7-16-15 (October 13, 2016).
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    The Fund may invest in shares of investment company securities
(other than ETFs), which are equity securities. Therefore, to the
extent the Fund invests in shares of other non-exchange-traded open-end
management investment company securities, the Fund will not comply with
the requirements of Commentary .01(a)(1)(A) through (E) to NYSE Arca
Rule 8.600-E (U.S. Component Stocks) with respect to its equity
securities holdings.\27\
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    \27\ 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)) and Non-U.S. Component Stocks (as described in Rule 5.2-
E(j)(3)). 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; and
    (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.

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

    However, it is appropriate and in the public interest to approve
listing and trading of Shares of the Fund notwithstanding that the
Fund's holdings in such securities would not meet the requirements of
Commentary .01(a)(1)(A) through (E) to Rule 8.600-E. Investments in
other non-exchange-traded open-end management investment company
securities will not exceed 20% of the total assets 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. The Fund will invest in such securities only to the extent that
those investments would be consistent with the requirements of Section
12(d)(1) of the 1940 Act and the rules thereunder.\28\ Because such
securities must satisfy applicable 1940 Act diversification
requirements, and have a net asset value based on the value of
securities and financial assets the investment company holds, it is
both unnecessary and inappropriate to apply to such investment company
securities the criteria in Commentary .01(a)(1).
---------------------------------------------------------------------------

    \28\ 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 to the extent permitted by Section 12(d)(1) of the 1940
Act and the rules thereunder. 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 Rule 8.600-E).
---------------------------------------------------------------------------

    The Exchange notes that Commentary .01(a)(1)(A) through (D) to Rule
8.600-E exclude 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)).\29\ In
its 2008 Approval Order approving amendments to Commentary .01(a) to
Rule 5.2(j)(3) to 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 mutual fund
shares certain of the generic quantitative criteria (e.g., market
capitalization, trading volume, or portfolio criteria) in Commentary
.01 (A) through (D) applicable to U.S. Component Stocks. For example,
the requirements 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 are tailored to exchange-traded securities (i.e.,
U.S. Component Stocks) and not to mutual fund shares, which do not
trade in the secondary market and for which no such volume information
is reported. In addition, Commentary .01(a)(1)(A) relating to minimum
market value of portfolio component stocks, Commentary .01(a)(1)(C)
relating to weighting of portfolio component stocks, and Commentary
.01(a)(1)(D) relating to minimum number of portfolio components are not
appropriately applied to open-end management investment company
securities; open-end investment companies hold multiple individual
securities as disclosed publicly in accordance with the 1940 Act, and
application of Commentary .01(a)(1)(A) through (D) would not serve the
purposes 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.
---------------------------------------------------------------------------

    \29\ 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 Rule 8.600-E 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.
---------------------------------------------------------------------------

    The Exchange notes that the Commission has previously approved the
listing of Managed Fund Shares with similar investment objectives and
strategies where such funds were permitted to invest in the shares of
other registered investment companies that are not ETFs or money market
funds.\30\ Thus, it is appropriate to permit the Fund to invest up to
20% of its total assets in other non-exchange-traded open-end
management investment company securities.
---------------------------------------------------------------------------

    \30\ See, e.g., Securities Exchange Act Release Nos. 79053
(October 5, 2016), 81 FR 70468 (October 12, 2016) (SR-BatsBZX-2016-
35) (permitting the JPMorgan Global Bond Opportunities ETF to invest
in ``investment company securities that are not ETFs''); 74297
(February 18, 2015), 80 FR 9788 (February 24, 2015) (SR-BATS-2014-
056) (permitting the U.S. Fixed Income Balanced Risk ETF to invest
in ``exchange traded and non-exchange traded investment companies
(including investment companies advised by the Adviser or its
affiliates) that invest in such Fixed Income Securities''); 83319
(May 24, 2018), 83 FR 25097 (May 31, 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).
---------------------------------------------------------------------------

    The Adviser and Subadviser represent that the proposed exceptions
from the requirements of Commentary .01 to Rule 8.600-E described above
are consistent with the Fund's investment objective, and will further
assist the Adviser and Subadviser to achieve such investment objective.
Deviations from the generic requirements are necessary for the Fund to
achieve its investment objective in a manner that is cost-effective and
that maximizes investors' returns. Further, the proposed alternative
requirements are narrowly tailored to allow the Fund to achieve its
investment objective in manner that is consistent with the principles
of Section 6(b)(5) of the Act. As a result, it is in the public
interest to approve listing and trading of Shares of the Fund on the
Exchange pursuant to the requirements set forth herein.
    The Exchange accordingly 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), (b)(1), (b)(4) and (b)(5) to Rule
8.600-E. The Exchange notes that, other than Commentary .01(a)(1),
(b)(1), (b)(4) and (b)(5) to Rule 8.600-E, the Fund's portfolio will
meet all other requirements of Rule 8.600-E.
Availability of Information
    The Fund's website (www.awareetf.com) will include 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 midpoint of the bid/ask spread at the time of calculation of such
NAV (the ``Bid/Ask Price''),\31\ 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 Fund discloses on its website the Disclosed Portfolio
as defined in NYSE Arca Rule 8.600-E(c)(2) that forms the basis for the
Fund's calculation of NAV at the end of the Business Day.\32\
---------------------------------------------------------------------------

    \31\ 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.
    \32\ Under accounting procedures 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.
---------------------------------------------------------------------------

    On a daily basis, the Fund discloses the information required under
NYSE Arca Rule 8.600-E(c)(2) to the extent applicable. The website
information will be publicly available at no charge.
    In addition, a basket composition file, which includes the security
names and share quantities, if applicable, required to be delivered in
exchange for the Fund's Shares, together with estimates and actual cash
components, will be publicly disseminated daily prior to the opening of
the Exchange via the NSCC. The basket represents one Creation Unit of
the Fund. Authorized Participants may refer to the basket composition
file for information regarding securities and other instrument that may
comprise the Fund's basket on a given day.
    Investors can also obtain the Trust's Statement of Additional
Information (``SAI''), the Fund's Shareholder Reports, and the Fund's
Forms N-CSR and Forms N-SAR, filed twice a year. The Fund's SAI and
Shareholder Reports will be available free upon request from the Trust,
and those documents and the Form N-CSR, Form N-PX and Form N-SAR may be
viewed on-screen or downloaded from the Commission's website at
www.sec.gov.
    Intra-day and closing price information regarding exchange-traded
options will be available from the exchange on which such instruments
are traded. Price information relating to OTC options and swaps will be
available from major market data vendors. Intra-day price information
for exchange-traded derivative instruments will be available from the
applicable exchange and from major market data vendors. For exchange-
traded common stocks, preferred stocks, rights, warrants, ETNs and
ETFs, intraday price quotations will generally be available from
broker-dealers and trading platforms (as applicable). Intraday and
other price information for the fixed income securities in which the
Fund invests will be available through subscription services, such as
Bloomberg, Markit and Thomson Reuters, which can be accessed by
Authorized Participants and other market participants. Additionally,
the Trade Reporting and Compliance Engine (``TRACE'') of the Financial
Industry Regulatory Authority (``FINRA'') will be a source of price
information for corporate bonds, privately-issued securities, MBS and
ABS, to the extent transactions in such securities are reported to
TRACE.\33\ Money market funds are typically priced once each Business
Day and their prices will be available through the applicable fund's
website or from major market data vendors. Price information regarding
U.S. government securities, repurchase agreements, reverse repurchase
agreements and cash equivalents generally may be obtained from brokers
and dealers who make markets in such securities or through nationally
recognized pricing services through subscription agreements.
---------------------------------------------------------------------------

    \33\ Broker-dealers that are FINRA member firms have an
obligation to report transactions in specified debt securities to
TRACE to the extent required under applicable FINRA rules.
Generally, such debt securities will have at issuance a maturity
that exceeds one calendar year. For fixed income securities that are
not reported to TRACE, (i) intraday price quotations will generally
be available from broker-dealers and trading platforms (as
applicable) and (ii) price information will be available from feeds
from market data vendors, published or other public sources, or
online information services, as described above.
---------------------------------------------------------------------------

    Information regarding market price and trading volume of 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.
    Quotation and last sale information for the Shares will be
available via the Consolidated Tape Association (``CTA'') high-speed
line. Exchange-traded options quotation and last sale information for
options cleared via the Options Clearing Corporation are available via
the Options Price Reporting Authority. In addition, the Portfolio
Indicative Value (``PIV''), 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.
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. 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 inadvisable. These may include: (1) The extent to
which trading is not occurring in the securities and/or the financial
instruments comprising the Disclosed Portfolio of the Fund; or (2)
whether other unusual conditions or circumstances detrimental to the
maintenance of a fair and orderly market are present. 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 (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.
    With the exception of the requirements of Commentary .01(a)(1),
Commentary .01(b)(4) and Commentary .01(b)(5) as described above under
``Application of Generic Listing Requirements,'' 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/or 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 will be outstanding at the
commencement of trading on the Exchange. The Exchange has obtained a
representation from the issuer of the Shares 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.
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. The Exchange represents that
these procedures are adequate to properly monitor Exchange trading of
the Shares in all trading sessions and to deter and detect violations
of Exchange rules and federal securities laws applicable to trading on
the Exchange.
    The 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, ETFs, certain
exchange-traded options and certain futures 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 in the Shares,
ETFs, certain exchange-traded options and certain futures from such
markets and other entities. In addition, the Exchange may obtain
information regarding trading in the Shares, ETFs, certain exchange-
traded options and certain futures from markets and other entities that
are members of ISG or with which the Exchange has in place a
comprehensive surveillance sharing agreement (``CSSA''). The Exchange
is able to access from FINRA, as needed, trade information for certain
Fixed Income Securities held by the Fund reported to TRACE.
    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, (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(m)-E.
2. Statutory Basis
    The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) of the Act that an exchange have
rules that are designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to remove
impediments to, and perfect the mechanism of a free and open market
and, in general, to protect investors and the public interest.
    The 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
Exchange has in place surveillance procedures that are adequate to
properly monitor trading in the Shares in all trading sessions and to
deter and detect violations of Exchange rules and federal securities
laws applicable to trading on the Exchange. The Adviser and Subadviser
are not registered as broker-dealers or affiliated with a broker-
dealer. The Exchange or FINRA, on behalf of the Exchange, or both, will
communicate as needed regarding trading in the Shares, certain
exchange-traded options and certain futures 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 in the Shares, certain exchange-traded options and
certain futures from such markets and other entities. In addition, the
Exchange may obtain information regarding trading in the Shares,
certain exchange-traded options and certain futures with other markets
and other entities that are members of the ISG, or with which the
Exchange has in place a comprehensive surveillance sharing agreement.
The Exchange is able to access from FINRA, as needed, trade information
for certain fixed income securities held by the Fund reported to
FINRA's TRACE. FINRA also can access data obtained from the MSRB
relating to certain municipal bond trading activity for surveillance
purposes in connection with trading in the Shares.
    The proposed rule change is designed to promote just and equitable
principles of trade and to protect investors and the public interest in
that the Exchange will obtain a representation from the issuer of the
Shares 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 website for the Fund
includes a form of the prospectus for the Fund and additional data
relating to NAV and other applicable quantitative information. 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 trading in the Shares of the Fund may be
halted. In addition, as noted above, investors have ready access to
information regarding the Fund's holdings, the PIV, the Disclosed
Portfolio, and quotation and last sale information for the Shares. In
the aggregate, at least 90% of the weight of the Fund's holdings
invested in futures, exchange-traded options, and listed swaps shall,
on both an initial and continuing basis, consist of futures, options,
and swaps for which the Exchange may obtain information from other
members or affiliates of the ISG or for which the principal market is a
market with which the Exchange has a CSSA. For purposes of calculating
this limitation, a portfolio's investment in listed derivatives will be
calculated as the aggregate gross notional value of the listed
derivatives.
    As discussed above, the Fund will not comply with the requirement
in

Commentary .01(b)(1) that components that in the aggregate account for
at least 75% of the fixed income weight of the portfolio each have a
minimum original principal amount outstanding of $100 million or more.
Instead, the Exchange proposes that components, excluding Private ABS/
MBS and CDOs/CBOs/CLOs, that in the aggregate account for at least 50%
of the fixed income weight of the portfolio each shall have a minimum
original principal amount outstanding of $50 million or more. Private
ABS/MBS and CDOs/CBOs/CLOs would not be subject to a requirement for a
minimum original principal amount outstanding. The Exchange believes
this alternative is appropriate because at least 50% of the fixed
income weight of the Fund's portfolio, excluding Private ABS/MBS and
CDOs/CBOs/CLOs, would continue to be subject to a substantial minimum
(i.e., $50 million) original principal amount outstanding. In addition,
by excluding Private ABS/MBS and CDOs/CBOs/CLOs from this requirement,
the Fund will be able to better diversify its holdings in such
securities, and would be able to invest in a larger variety of Private
ABS/MBS and CDOs/CBOs/CLOs that have characteristics consistent with
the Fund's investment objective to maximize current income while
maintaining a portfolio consistent with the preservation of capital and
daily liquidity. These characteristics may include, for example,
Private ABS/MBS and CDOs/CBOs/CLOs with investment grade credit rating
or liquidity comparable to fixed income securities with a much greater
amount outstanding.
    As noted above, the Fund may invest in shares of non-exchange-
traded investment company securities, which are equity securities.
Therefore, to the extent the Fund invests in shares of non-exchange-
traded open-end management investment company securities, the Fund will
not comply with the requirements of Commentary .01(a)(1)(A) through (E)
to NYSE Arca Rule 8.600-E (U.S. Component Stocks) with respect to its
equity securities holdings.\34\ The Exchange believes it is appropriate
and in the public interest to approve listing and trading of Shares of
the Fund notwithstanding that the Fund's holdings in such securities
would not meet the requirements of Commentary .01(a)(1)(A) through (E)
to Rule 8.600-E. Investments in non-exchange-traded open-end management
investment company securities will not exceed 20% of the total assets
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. The Fund will invest in such securities only to
the extent that those investments would be consistent with the
requirements of Section 12(d)(1) of the 1940 Act and the rules
thereunder. Because such securities must satisfy applicable 1940 Act
diversification requirements, and have a net asset value based on the
value of securities and financial assets the investment company holds,
it is both unnecessary and inappropriate to apply to such investment
company securities the criteria in Commentary .01(a)(1).
---------------------------------------------------------------------------

    \34\ See note 27, supra.
---------------------------------------------------------------------------

    As noted above, the Fund will not comply with the requirement in
Commentary .01(b)(5) that investments in non-agency, non-government
sponsored entity and privately issued mortgage-related and other asset-
backed not account, in the aggregate, for more than 20% of the weight
of the fixed income portion of the portfolio. Instead, Private ABS/MBS
will, in the aggregate, not exceed more than 20% of the total assets of
the Fund.
    This alternative requirement is appropriate because the Fund's
investment in Private ABS/MBS is expected to provide the Fund with
benefits associated with increased diversification, as Private ABS/MBS
investments tend to be less correlated to interest rates than many
other fixed income securities. The Fund's investment in Private ABS/MBS
will be subject to the Fund's liquidity procedures as adopted by the
Fund's Board, and the Adviser does not expect that investments in
Private ABS/MBS of up to 20% of the total assets of the Fund will have
any material impact on the liquidity of the Fund's investments.\35\ The
Exchange notes that the Commission has previously approved the listing
of actively managed ETFs that can invest 20% of their total assets in
non-U.S. Government, non-agency, non-GSE and other privately-issued ABS
and MBS (i.e., Private ABS/MBS).\36\ Thus, it is appropriate to expand
the limit on the Fund's investments in Private ABS/MBS set forth in
Commentary .01(b)(5) of the generic listing standards.
---------------------------------------------------------------------------

    \35\ See note 18, supra.
    \36\ See note 19, supra.
---------------------------------------------------------------------------

    As noted above, the Fund will not comply with the requirement that
securities that in aggregate account for at least 90% of the fixed
income weight of the portfolio meet one of the criteria in Commentary
.01(b)(4).\37\ The Exchange proposes that the Private ABS/MBS, will not
be required to comply with the criteria in Commentary .01(b)(4)(a)
through (e) to NYSE Arca Rule 8.600-E. In this regard, the Exchange
proposes to provide that the Fund will not invest more than 20% of the
Fund's total assets in Private ABS/MBS. CDOs/CBOs/CLOs, however, will
be subject to the criteria in Commentary .01(b)(4)(a) through (e) \38\
and the Fund will not invest more than 10% of the Fund's total assets
in CDOs/CBOs/CLOs.\39\ The Exchange believes that this 10% limitation
will help the Fund maintain portfolio diversification and will reduce
manipulation risk. In addition, the Adviser does not expect that
investments in CDOs/CBOs/CLOs of up to 10% of the total assets of the
Fund will have any material impact on the liquidity of the Fund's
investments.
---------------------------------------------------------------------------

    \37\ See note 17, supra.
    \38\ As noted above, CDOs/CBOs/CLOs would be excluded from the
20% limit on Private ABS/MBS.
    \39\ For purposes of this filing, CDOs/CBOs/CLOs are not deemed
to be ABS for purposes of the restriction on the Fund's holdings of
Private ABS/MBS. See note 8, supra.
---------------------------------------------------------------------------

    In addition, the Fund's investment in Private ABS/MBS and CDOs/
CBOs/CLOs will be subject to the Fund's liquidity risk management
program as approved by the Fund's Board.\40\ The liquidity procedures
generally include public disclosure by the Fund of its liquidity and
redemption practices. The Fund's holdings in Private ABS/MBS and CDOs/
CBOs/CLOs would be encompassed within the Fund's liquidity risk
management program.
---------------------------------------------------------------------------

    \40\ See note 18, supra.
---------------------------------------------------------------------------

    The Adviser and Subadviser represent that the proposed exceptions
from the requirements of Commentary .01 to Rule 8.600-E described above
are consistent with the Fund's investment objective, and will further
assist the Adviser and Subadviser to achieve such investment objective.
Deviations from the generic requirements are necessary for the Fund to
achieve its investment objective in a manner that is cost-effective and
that maximizes investors' returns. Further, the proposed alternative
requirements are narrowly tailored to allow the Fund to achieve its
investment objective in manner that is consistent with the principles
of Section 6(b)(5) of the Act. As a result, it is in the public
interest to approve listing and trading of Shares of the Fund on the
Exchange pursuant to the requirements set forth herein.
    The Exchange accordingly 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), (b)(1), (b)(4) and
(b)(5) to Rule 8.600-E. The Exchange notes that, other than Commentary
.01(a)(1), (b)(1), (b)(4) and (b)(5) to Rule 8.600-E, the Fund's
portfolio will meet all other requirements of Rule 8.600-E.

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 continued listing and trading
Shares of the Fund, and 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_ADDRESS>Please include
File Number SR-NYSEArca-2019-38 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-2019-38. 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 the 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-2019-38 and should be submitted
on or before June 25, 2019.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\41\
Vanessa A. Countryman,
Acting Secretary.
---------------------------------------------------------------------------

    \41\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

[FR Doc. 2019-11556 Filed 6-3-19; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 80, Number 16 (Monday, January 26, 2015)]
[Notices]
[Pages 3964-3965]
[FR Doc No: 2015-01286]

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ENVIRONMENTAL PROTECTION AGENCY

[FRL-9922-02-OA]

Notification of a Public Teleconference of the Science Advisory
Board Chemical Assessment Advisory Committee Augmented for the Ethylene
Oxide Review

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice.

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

SUMMARY: The Environmental Protection Agency (EPA) Science Advisory
Board (SAB) Staff Office announces a public teleconference of the SAB
Chemical Assessment Advisory Committee (CAAC) Augmented for the
Ethylene Oxide (EtO) Review to discuss its draft report concerning
EPA's Evaluation of the Inhalation Carcinogenicity of Ethylene Oxide
(Revised External Review Draft--August 2014).

DATES: The public teleconference will be held on Friday, February 20,
2015 from 1 p.m. to 5 p.m. (Eastern Time).

ADDRESSES: The teleconference will be conducted by telephone only.

FOR FURTHER INFORMATION CONTACT: Any member of the public who wants
further information concerning the teleconference may contact Mr. Aaron
Yeow, Designated Federal Officer (DFO), via telephone at<PHONE_NUMBER>
or email at<EMAIL_ADDRESS>General information concerning the SAB
can be found on the SAB Web site at http://www.epa.gov/sab.

SUPPLEMENTARY INFORMATION:
    Background: Pursuant to the Federal Advisory Committee Act (FACA),
as amended, 5 U.S.C., App., notice is hereby given that the SAB
Augmented CAAC for EtO will hold a public teleconference to discuss its
draft report regarding EPA's Evaluation of the Inhalation
Carcinogenicity of Ethylene Oxide (Revised External Review Draft--
August 2014). The EPA SAB Staff Office augmented the SAB CAAC with
subject matter experts to provide advice through the chartered SAB
regarding this review.
    The SAB was established pursuant to 42 U.S.C. 4365 to provide
independent scientific and technical advice to the Administrator on the
technical basis for agency positions and regulations. The SAB is a
Federal Advisory Committee chartered under FACA. The SAB will comply
with the provisions of FACA and all appropriate SAB Staff Office
procedural policies.
    The SAB Augmented CAAC for EtO held a public meeting on November
18-20, 2014 to peer review the EPA's Evaluation of the Inhalation
Carcinogenicity of Ethylene Oxide (Revised External Review Draft--
August 2014). The purpose of this public teleconference is for the
Augmented CAAC for EtO to discuss its draft report peer reviewing the
agency's draft document.
    Availability of Meeting Materials: Additional background on this
SAB activity, the teleconference agenda, draft report, and other
materials for the teleconference will be posted on the SAB Web site at
http://yosemite.epa.gov/sab/sabproduct.nsf/fedrgstr_activites/Eto%20Inhalation%20Carcinogenicity?OpenDocument.
    Procedures for Providing Public Input: Public comment for
consideration by EPA's federal advisory committees and panels has a
different purpose from public comment provided to EPA program offices.
Therefore, the process for submitting comments to a federal advisory
committee is different from the process used to submit comments to an
EPA program office. Federal advisory committees and panels, including

scientific advisory committees, provide independent advice to EPA.
Members of the public can submit relevant comments pertaining to the
group conducting this SAB activity or meeting materials. Input from the
public to the SAB will have the most impact if it consists of comments
that provide specific scientific or technical information or analysis
for the SAB to consider. Members of the public wishing to provide
comment should contact the Designated Federal Officer for the relevant
advisory committee directly. Oral Statements: In general, individuals
or groups requesting an oral presentation at a public teleconference
will be limited to three minutes per speaker. To be placed on the
public speaker list for the teleconference, interested parties should
notify Mr. Aaron Yeow, DFO, by email no later than February 13, 2015.
Written Statements: Written statements for these teleconferences should
be received in the SAB Staff Office by the same deadline given above
for requesting oral comments. Written statements should be supplied to
the DFO via email (acceptable file format: Adobe Acrobat PDF, MS Word,
WordPerfect, MS PowerPoint, or Rich Text files in IBM-PC/Windows 98/
2000/XP format). It is the SAB Staff Office general policy to post
written comments on the Web page for the advisory meeting or
teleconference. Submitters are requested to provide an unsigned version
of each document because the SAB Staff Office does not publish
documents with signatures on its Web sites. Members of the public
should be aware that their personal contact information, if included in
any written comments, may be posted to the SAB Web site. Copyrighted
material will not be posted without explicit permission of the
copyright holder.
    Accessibility: For information on access or services for
individuals with disabilities, please contact Mr. Yeow at the phone
number or email address noted above, preferably at least ten days prior
to the teleconferences, to give the EPA as much time as possible to
process your request.

    Dated: January 14, 2015.
Thomas H. Brennan,
Deputy Director, EPA Science Advisory Board Staff Office.
[FR Doc. 2015-01286 Filed 1-23-15; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 76, Number 40 (Tuesday, March 1, 2011)]
[Notices]
[Page 11237]
[FR Doc No: 2011-4469]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings No. 2

    Take notice that the Commission has received the following Natural
Gas Pipeline Rate and Refund Report filings:
    Docket Numbers: RP10-1400-002.
    Applicants: Chandeleur Pipe Line Company.
    Description: Chandeleur Pipe Line Company submits tariff filing per
154.203: Order No. 714 Compliance Filing to be effective 11/1/2010.
    Filed Date: 02/10/2011.
    Accession Number: 20110210-5128.
    Comment Date: 5 p.m. Eastern Time on Tuesday, February 22, 2011.

    Docket Numbers: RP11-24-001.
    Applicants: Columbia Gulf Transmission Company.
    Description: Columbia Gulf Transmission Company submits tariff
filing per 154.203: SVS Compliance to be effective 4/1/2011.
    Filed Date: 02/16/2011.
    Accession Number: 20110216-5046.
    Comment Date: 5 p.m. Eastern Time on Monday, February 28, 2011.

    Docket Numbers: RP11-1521-001.
    Applicants: Discovery Gas Transmission LLC.
    Description: Discovery Gas Transmission LLC submits tariff filing
per 154.203: NAESB V1.9--3rd Compliance to be effective 11/1/2010.
    Filed Date: 02/11/2011.
    Accession Number: 20110211-5057.
    Comment Date: 5 p.m. Eastern Time on Wednesday, February 23, 2011.
    Any person desiring to protest this filing must file in accordance
with Rule 211 of the Commission's Rules of Practice and Procedure (18
CFR 385.211). Protests to this filing will be considered by the
Commission in determining the appropriate action to be taken, but will
not serve to make protestants parties to the proceeding. Such protests
must be filed on or before 5 p.m. Eastern time on the specified comment
date. Anyone filing a protest must serve a copy of that document on all
the parties to the proceeding.
    The Commission encourages electronic submission of protests in lieu
of paper using the ``eFiling'' link at http://www.ferc.gov. Persons
unable to file electronically should submit an original and 14 copies
of the protest to the Federal Energy Regulatory Commission, 888 First
Street, NE., Washington, DC 20426.
    This filing is accessible on-line at http://www.ferc.gov, using the
``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive e-mail
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please e-mail
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.

    Dated: February 17, 2011.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2011-4469 Filed 2-28-11; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 85, Number 207 (Monday, October 26, 2020)]
[Notices]
[Pages 67764-67765]
[FR Doc No: 2020-23605]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Internal Agency Docket No. FEMA-4559-DR; Docket ID FEMA-2020-0001]

Louisiana; Amendment No. 11 to Notice of a Major Disaster
Declaration

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice.

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

SUMMARY: This notice amends the notice of a major disaster declaration
for the State of Louisiana (FEMA-4559-DR), dated August 28, 2020, and
related determinations.

DATES: This amendment was issued October 5, 2020.

FOR FURTHER INFORMATION CONTACT: Dean Webster, Office of Response and
Recovery, Federal Emergency Management Agency, 500 C Street SW,
Washington, DC 20472,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The notice of a major disaster declaration
for the State of Louisiana is hereby amended to include the following
areas among those areas determined to have been adversely affected by
the event declared a major disaster by the President in his declaration
of August 28, 2020.

    Grant, Jackson, Lincoln, Ouachita, Rapides, and Winn Parishes
for permanent work [Categories C-G] (already designated for
Individual Assistance and debris removal and emergency protective
measures [Categories A and B], including direct federal assistance,
under the Public Assistance program).

The following Catalog of Federal Domestic Assistance Numbers (CFDA)
are to be used for reporting and drawing funds: 97.030, Community
Disaster Loans; 97.031, Cora Brown Fund; 97.032, Crisis Counseling;
97.033, Disaster Legal Services; 97.034, Disaster Unemployment
Assistance (DUA); 97.046, Fire Management Assistance Grant; 97.048,
Disaster Housing Assistance to Individuals and Households In
Presidentially Declared Disaster Areas; 97.049, Presidentially
Declared Disaster Assistance--Disaster Housing Operations for
Individuals

and Households; 97.050 Presidentially Declared Disaster Assistance
to Individuals and Households--Other Needs; 97.036, Disaster
Grants--Public Assistance (Presidentially Declared Disasters);
97.039, Hazard Mitigation Grant.

Pete Gaynor,
Administrator, Federal Emergency Management Agency.
[FR Doc. 2020-23605 Filed 10-23-20; 8:45 am]
BILLING CODE 9111-23-P