[Federal Register: September 8, 2009 (Volume 74, Number 172)]
[Notices]
[Page 46256-46257]
[DOCID:fr08se09-134]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60586; File No. SR-BATS-2009-026]

Self-Regulatory Organizations; BATS Exchange, Inc.; Order
Approving Proposed Rule Change, as Modified by Amendment No. 1 Thereto,
To Amend BATS Fee Schedule to Impose Fees for Ports Used for Order
Entry and Receipt of Market Data

August 28, 2009.
    On July 21, 2009, BATS Exchange, Inc. (``BATS'' or ``Exchange'')
filed with the Securities and Exchange Commission (``Commission''),
pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to
amend the fee schedule applicable to Members \3\ and non-members of the
Exchange with respect to ports used to enter orders into Exchange
systems and to receive data from the Exchange. The proposed rule change
was published for comment in the Federal Register on July 28, 2009.\4\
The Commission received no comments regarding the proposal. On August
27, 2009, the Exchange filed Amendment No. 1 to the proposed rule
change.\5\ This order grants approval of the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ A Member is any registered broker or dealer that has been
admitted to membership in the Exchange. See BATS Rule 1.5(n).
    \4\ Securities Exchange Act Release No. 60364 (July 22, 2009),
74 FR 37285 (``Notice'').
    \5\ In Amendment No. 1, the Exchange replaced the bracketed
``[July]'' with ``[August]'' in the proposed rule text to reflect
the fact that the current fee schedule is dated August 1, 2009.
Because the change in Amendment No. 1 is technical in nature, it is
not subject to notice and comment.
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    BATS proposes to begin charging a monthly fee for ports used to
enter orders into the Exchange's trading system and to receive data
from the Exchange.\6\ Specifically, the Exchange proposes to charge
$250.00 per month per pair \7\ of any port type other than a Multicast
PITCH Spin Server Port or a GRP Port. Thus, the proposed charge will
apply to all Exchange FIX, FIXDROP, DROP, TCP PITCH, TCP FAST PITCH,
and TOP ports.\8\ In addition, the Exchange proposes to provide all
Exchange constituents that receive the Exchange's Multicast PITCH feed
with 12 pairs of Multicast PITCH Spin Server Ports free of charge and,
if such ports are used, one free pair of GRP Ports.\9\ The Exchange
proposes to charge such customers $250.00 per month per additional pair
of GRP Ports or additional set of 12 pairs of Multicast PITCH Spin
Server Ports. Any Member or non-member that has entered into the
appropriate agreements with the Exchange is permitted to receive
Multicast PITCH Spin Server Ports and GRP Ports from the Exchange.
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    \6\ The Commission notes that BATS will implement the proposed
port fees commencing on the first day of the month immediately
following Commission approval of this proposed rule change (or on
the date of approval, if on the first business day of a month). See
Notice, supra note 4.
    \7\ Each pair of ports will consist of one port at the
Exchange's primary data center and one port at the Exchange's
secondary data center.
    \8\ BATS FIX ports are the only ports that may be used to send
orders and related instructions to the Exchange. All other port
types, including Multicast PITCH and GRP Ports, permit Members and
non-members to receive information from the Exchange.
    \9\ The Exchange's proposal to provide certain ports free of
charge to Multicast PITCH customers is designed to encourage use of
the Exchange's Multicast PITCH feed because it is a relatively new
offering by the Exchange and because the Exchange believes that the
feed is its most efficient feed and will reduce infrastructure costs
for both the Exchange and those who utilize the feed.
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    The proposed rule change will apply to Members that obtain ports
for direct access to the Exchange, non-member service bureaus that act
as a conduit for orders entered by Exchange Members that are their
customers, and market data recipients. The Exchange states that it has
previously provided ports free of charge to all Members and non-members
that use such ports for order entry to the Exchange or for receipt of
market data. However, the Exchange states that its infrastructure costs
have increased over time. In addition, the Exchange believes that
providing ports free of charge has not encouraged Members and non-
members to reserve and maintain ports efficiently, but rather, has led
to a significant number of ports that are reserved and enabled by such
market participants, but are never used or are under-used. Accordingly,
the Exchange believes that the imposition of port fees will help the
Exchange to continue to maintain and improve its infrastructure, while
also encouraging Exchange customers to request and enable only the
ports that are necessary for their operations related to the Exchange.
    The Commission has carefully reviewed the proposed rule change and
finds that it is consistent with the requirements of the Act and the
rules and regulations thereunder applicable to a national securities
exchange.\10\ Specifically, the Commission finds that the proposal is
consistent with Section 6(b)(4) of the Act,\11\ which requires the
equitable allocation of reasonable dues, fees, and other charges among
Exchange Members and other persons using the Exchange's facilities, and
Section 6(b)(5) of the Act,\12\ which requires, among other things,
that the rules of a national securities exchange be designed to promote
just and equitable principles of trade, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system and, in general, to protect investors and the public interest,
and not be designed to permit unfair discrimination between customers,
issuers, brokers, or dealers. The Commission also finds that the
proposed rule change is consistent with Section 6(b)(8) of the Act,\13\
which requires that the rules of an exchange not impose a burden on
competition not necessary or appropriate in furtherance of the purposes
of the Act. Finally, the Commission finds that the proposed rule change
is consistent with Rule 603(a) of Regulation NMS,\14\ which requires an
exclusive processor that distributes information with respect to
quotations for or transactions in an NMS stock to do so on terms that
are fair and reasonable and not unreasonably discriminatory.
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    \10\ In approving this proposed rule change the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
    \11\ 15 U.S.C. 78f(b)(4).
    \12\ 15 U.S.C. 78f(b)(4).
    \13\ 15 U.S.C. 78f(b)(8).
    \14\ 17 CFR 242.603(a).
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    The Commission believes that the proposed port fees are equitably
allocated among Members and non-members and do not unfairly or
unreasonably discriminate between

customers, issuers, brokers, or dealers because the proposed port fees
do not distinguish among the type of participant but rather are the
same for all members and non-members. The Commission also believes that
BATS was subject to significant competitive pressure to act equitably,
fairly, and reasonably in setting the port fees, in light of the highly
competitive nature of the market for execution and routing
services.\15\ The Commission further notes that the Exchange's proposed
port fees are consistent with similar port fees charged by other
exchanges.\16\
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    \15\ See Securities Exchange Act Release No. 59039 (December 2,
2008), 73 FR 74770 (December 9, 2008) (SR-NYSEArca-2006-21).
    \16\ See, e.g., Rule 7015 of The NASDAQ Stock Market LLC
(``NASDAQ'') (setting forth, among other fees for access services,
port fees charged to members and non-members used to enter orders
into NASDAQ trading systems). See also Securities Exchange Act
Release Nos. 60546 (August 20, 2009), 74 FR 43184 (August 26, 2009)
(SR-NASDAQ-2009-058) (increasing the monthly fee for each port used
to enter orders in NASDAQ trading systems from $400 per month to
$500 per month); 59337 (February 2, 2009), 74 FR 6441 (February 9,
2009) (SR-BX-2009-004) (establishing fees for ports used by members
to enter orders); 59615 (March 20, 2009), 74 FR 14604 (March 31,
2009) (SR-BX-2009-005) (establishing, among other fees, port fees
for accessing market data).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\17\ that the proposed rule change (SR-BATS-2009-026), as modified
by Amendment No. 1 thereto, be, and it hereby is, approved.
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    \17\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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    \18\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-21455 Filed 9-4-09; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register: April 17, 2009 (Volume 74, Number 73)]
[Notices]
[Page 17849-17851]
[DOCID:fr17ap09-55]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. PF09-6-000]

Questar Overthrust Pipeline Company; Notice of Intent To Prepare
an Environmental Assessment for the Proposed Loop Expansion Project and
Request for Comments on Environmental Issues

April 10, 2009.
    The staff of the Federal Energy Regulatory Commission (FERC or
Commission) will prepare an environmental assessment (EA) that will
discuss the environmental impacts of the Loop Expansion Project
(project) planned by Questar Overthrust Pipeline Company (Overthrust).
The project consists of about 43 miles of 36-inch-diameter pipeline
within Uinta and Sweetwater Counties, Wyoming. The EA will be used by
the Commission in its decision-making process to determine whether the
project is in the public convenience and necessity.
    This notice announces the opening of the scoping process used to
gather input from the public and interested agencies on the project.
Your input will help the Commission staff determine what issues need to
be evaluated in the EA. Please note that the scoping period will close
on May 11, 2009.
    This Notice of Intent (NOI) is being sent to affected landowners;
Federal, State, and local government representatives and agencies;
environmental and public interest groups; Native American Tribes; other
interested parties; and local libraries and newspapers. We \1\
encourage government representatives to notify their constituents of
this planned project and encourage them to comment on their areas of
concern.
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    \1\ ``We,'' ``us,'' and ``our'' refer to the environmental staff
of the FERC's Office of Energy Projects.
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    If you are a landowner receiving this notice, you may be contacted
by a pipeline company representative about the acquisition of an
easement to construct, operate, and maintain the planned facilities.
The pipeline company would seek to negotiate a mutually acceptable
agreement. However, if the project is approved by the Commission, that
approval conveys with it the right of eminent domain. Therefore, if
easement negotiations fail to produce an agreement, the pipeline
company could initiate condemnation proceedings in accordance with
state law.
    A fact sheet prepared by the FERC, ``An Interstate Natural Gas
Facility on My Land? What Do I Need to Know?'' is available for viewing
on the FERC Web site (http://www.ferc.gov). This fact sheet addresses a
number of typically-asked questions, including those focusing on the
use of eminent domain and how to participate in the FERC's proceedings.

Summary of the Planned Project

    The planned Loop Expansion Project would consist of the following
facilities:
     About 43 miles of 36-inch-diameter pipeline in Uinta and
Sweetwater Counties, Wyoming;
     A bypass valve assembly tie-in at the Rock Springs
Compressor Station in Rock Springs, Wyoming;
     A new crossover valve assembly at milepost (MP) 43.3; and
     Two 36-inch-diameter block valves at MPs 18.6 and 38.5.
    The Loop Expansion Project would allow Overthrust to provide up to
800,000 dekatherms per day of natural gas westbound to Kern River Gas
Transmission Company and to El Paso Corporation's proposed Ruby
Pipeline.
    A general location map of Overthrust's planned facilities is
provided in appendix 1.\2\
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    \2\ The appendices referenced in this notice are not being
printed in the Federal Register. Copies of all appendices, other
than appendix 1 (maps), are available on the Commission's Web site
at the ``eLibrary'' link or from the Commission's Public Reference
Room, 888 First Street, NE., Washington, DC 20426, or call (202)
502-8371. For instructions on connecting to eLibrary refer to the
last page of this notice. Copies of the appendices were sent to all
those receiving this notice in the mail.
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Land Requirements for Construction

    Construction of Overthrust's planned facilities would disturb about
833 acres of land including aboveground facilities and the pipeline.
Overthrust would utilize existing public roads to access the work
areas. Following construction, about 262.3 acres would be maintained
for permanent operation of the project's facilities while the remaining
acreage would be restored and allowed to revert to former uses. About
90 percent (39.1 miles) of the planned pipeline would be collocated
with existing pipeline, utility, or road ROWs.

The EA Process

    The National Environmental Policy Act (NEPA) requires the
Commission to take into account the environmental impacts that could
result from an action whenever it considers the issuance of a
Certificate of Public Convenience and Necessity. NEPA also requires us
to discover and address concerns the public may have about proposals.
This process is referred to as ``scoping.'' The main goal of the
scoping process is to focus the analysis in the EA on the important
environmental issues. By this NOI, the Commission requests public
comments on the scope of the issues to address in the EA. All comments
received will be considered during the preparation of the EA. State and
local government representatives are encouraged to notify their
constituents of this planned action and encourage them to comment on
their areas of concern.
    In the EA we will discuss impacts that could occur as a result of
the construction and operation of the planned project under these
general headings:
     Geology and soils;
     Land use;
     Water resources, fisheries, and wetlands;
     Cultural resources;
     Vegetation and wildlife;
     Air quality and noise;
     Endangered and threatened species; and
     Public safety.
    We will also evaluate possible alternatives to the planned project
or portions of the project, and make recommendations on how to lessen
or avoid impacts on the various resource areas.
    Although no formal application has been filed, we have already
initiated our NEPA review under the Commission's Pre-filing Process.
The purpose of the Pre-filing Process is to encourage early involvement
of interested stakeholders and to identify and resolve issues before an
application is filed with the FERC. As part of our Pre-filing Process
review, we have begun to contact some Federal and State agencies to
discuss their involvement in the scoping process and the preparation of
the EA.
    Our independent analysis of the issues will be presented in the EA.
Depending on the comments received during scoping, the EA may be
published and mailed to Federal, State, and local agencies; public
interest groups; interested individuals; affected landowners; and local
newspapers and libraries. A comment period will be allotted for review
if the EA is published. We will consider all comments on the EA before
we make our recommendations to the Commission. To ensure your comments
are considered, please carefully follow the instructions in the Public
Participation section below.
    With this NOI, we are asking agencies with jurisdiction and/or
special expertise with respect to environmental issues to formally
cooperate with us in the preparation of the EA. These agencies may
choose to participate once they have evaluated the proposal relative to
their responsibilities. Agencies that would like to request cooperating
agency status should follow the instructions for filing comments
provided under the Public Participation section of this NOI. The
Department of the Interior's Bureau of Land Management (BLM) has
already requested cooperating-agency status and will be assisting us in
the scoping, analysis, and preparation of the EA. The EA will be used
by both the FERC and the BLM to satisfy our NEPA requirements and
support our respective decisions.

Public Participation

    You can make a difference by providing us with your specific
comments or concerns about the Loop Expansion Project. Your comments
should focus on the potential environmental effects, reasonable
alternatives, and measures to avoid or lessen environmental impacts.
The more specific your comments, the more useful they will be. To
ensure that your comments are timely and properly recorded, please send
in your comments so that they will be received in Washington, DC on or
before May 11, 2009.
    For your convenience, there are three methods in which you can use
to submit your comments to the Commission. In all instances please
reference the project docket number PF09-6-000 with your submission.
The Commission encourages electronic filing of comments and has
dedicated eFiling expert staff available to assist you at<PHONE_NUMBER>
or<EMAIL_ADDRESS>    (1) You may file your comments electronically by using the Quick
Comment feature, which is located on the Commission's Internet Web site
at http://www.ferc.gov under the link to Documents and Filings. A Quick
Comment is an easy method for interested persons to submit text-only
comments on a project;
    (2) You may file your comments electronically by using the eFiling
feature, which is located on the Commission's Internet Web site at
http://www.ferc.gov under the link to Documents and Filings. eFiling
involves preparing your submission in the same manner as you would if
filing on paper, and then saving the file on your computer's hard
drive. You will attach that file to your submission. New eFiling users
must first create an account by clicking on ``Sign up'' or
``eRegister.'' You will be asked to select the type of filing you are
making. A comment on a particular project is considered a ``Comment on
a Filing;'' or
    (3) You may file your comments via mail to the Commission by
sending an original and two copies of your letter to: Kimberly D. Bose,
Secretary, Federal Energy Regulatory Commission, 888 First Street, NE.,
Room 1A, Washington, DC 20426.
    Label one copy of the comments for the attention of Gas Branch 1,
PJ11.1.

Environmental Mailing List

    An effort is being made to send this notice to all individuals,
organizations, and government entities interested in and/or potentially
affected by the planned project. This includes all landowners who are
potential right-of-way grantors, whose property may be used temporarily
for project purposes, or who own homes within distances defined in the
Commission's regulations of certain aboveground facilities.
    If you do not want to send comments at this time but still want to
remain on our mailing list, please return the Information Request
(appendix 2). If you do not return the Information Request, you will be
taken off the mailing list.

Becoming an Intervenor

    Once Overthrust formally files its application with the Commission,
you may want to become an ``intervenor,'' which is an official party to
the proceeding. Intervenors play a more formal role in the process and
are able to file briefs, appear at hearings, and be heard by the courts
if they choose to appeal the Commission's final ruling. An intervenor
formally participates in a Commission proceeding by filing a request to
intervene. Instructions for becoming an intervenor are included in the
User's Guide under the ``eFiling'' link on the Commission's Web site.
Please note that you may not request intervenor status at this time.
You must wait until a formal application is filed with the Commission.

Availability of Additional Information

    Additional information about the project is available from the
Commission's Office of External Affairs, at 1-866-208-FERC or on the
FERC Internet Web site (http://www.ferc.gov)

using the eLibrary link. Click on the eLibrary link, click on ``General
Search'' and enter the docket number excluding the last three digits in
the Docket Number field. Be sure you have selected an appropriate date
range. For assistance, please contact FERC Online Support at
<EMAIL_ADDRESS>or toll free at 1-866-208-3676, or for TTY,
contact<PHONE_NUMBER>. The eLibrary link also provides access to the
texts of formal documents issued by the Commission, such as orders,
notices, and rulemakings.
    In addition, the Commission now offers a free service called
eSubscription which allows you to keep track of all formal issuances
and submittals in specific dockets. This can reduce the amount of time
you spend researching proceedings by automatically providing you with
notification of these filings, document summaries and direct links to
the documents. Go to http://www.ferc.gov/esubscribenow.htm.
    Public meetings or site visits will be posted on the Commission's
calendar located at http://www.ferc.gov/EventCalendar/EventsList.aspx
along with other related information.
    Finally, Overthrust has established an Internet Web site for its
project at http://www.overthrustexpansion.com. The site includes a
project overview, contact information, regulatory overview, and
construction procedures. Overthrust will continue to update its Web
site with information about the project. You can also request
additional information by calling Overthrust at 1-800-366-8532.

Kimberly D. Bose,
Secretary.
[FR Doc. E9-8808 Filed 4-16-09; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 84, Number 46 (Friday, March 8, 2019)]
[Rules and Regulations]
[Pages 8418-8420]
[FR Doc No: 2019-04260]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 117

[Docket No. USCG-2018-1032]
RIN 1625-AA09

Drawbridge Operation Regulation; Mill Basin, Brooklyn, NY

AGENCY: Coast Guard, DHS.

ACTION: Final rule.

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SUMMARY: The Coast Guard is removing the existing drawbridge operation
regulation for the New York City Highway Bridge across Mill Basin, mile
0.8, at Brooklyn, New York. The drawbridge was replaced with a fixed
bridge in December 2017 and the operating regulation is no longer
applicable or necessary.

DATES: This rule is effective March 8, 2019.

ADDRESSES: To view documents mentioned in this preamble as being
available in the docket, go to http://www.regulations.gov, type USCG-
2018-1032. In the ``SEARCH'' box and click ``SEARCH.'' Click on Open
Docket Folder on the line associated with this rulemaking.

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,
call or email Ms. Stephanie Lopez, Bridge Management Specialist, First
Coast Guard District Bridge Program, telephone<PHONE_NUMBER>, email
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

I. Table of Abbreviations

CFR Code of Federal Regulations
DHS Department of Homeland Security
FR Federal Register
Pub. L. Public Law
Sec.  Section
U.S.C. United States Code

II. Background Information and Regulatory History

    The Coast Guard is issuing this final rule wthout prior notice and
opportunity to comment pursuant to authority under section 4(a) of the
Administrative Procedure Act (APA) (5 U.S.C. 553(b)). This provision
authorizes an agency to issuse a rule without prior notice and
opportunity to comment when the agency for good cause finds that those
procedures are ``impracticable, unnecessary, or contrary to the public
interest.'' Under 5 U.S.C. 553(b), the Coast Guard finds that good
cause exists for not publishing a notice of proposed rulemaking (NPRM)
with respect to this rule because the New York City Highway Bridge,
that once required draw operations in 33 CFR 117.795(b), was replaced
with a fixed bridge in December 2017. It is unnecessary to publish a
NPRM because this regulatory action does not purport to place any
restrictions on mariners but rather removes a restriction that has no
further use or value.
    We are issuing this rule under 5 U.S.C. 553(d)(3). The Coast Guard
finds that good cause exists for making this rule effective in less
than 30 days after publication in the Federal Register. The bridge has
been a fixed bridge for 12 months and this rule merely requires an
administrative change to the Federal Register, in order to omit a
regulatory requirement that is no longer applicable or necessary. The
modification has already taken place and the removal of

the regulation will not affect mariners currently operating on this
waterway. Therefore, a delayed effective date is unnecessary.

III. Legal Authority and Need for Rule

    The Coast Guard is issuing this rule under authority 33 U.S.C. 499.
    The New York City Higwahy Bridge across Mill Basin, mile 0.8 was
removed and replaced with a fixed bridge in December 2017. It has come
to the attention of the Coast Guard that the governing regulation for
this drawbridge was never removed subsequent to the completion of the
fixed bridge that replaced it. The elimination of this drawbridge
necessitates the removal of the drawbridge operation regulation, 33 CFR
117.795(b), that pertains to the former drawbridge.
    The purpose of this rule is to remove the section 33 CFR
117.795(b), that refers to the New York City Highway Bridge at mile
0.8, from the Code of Federal Regulations since it governs a bridge
that is no longer able to be opened.

IV. Discussion of Final Rule

    The Coast Guard is changing the regulation in 33 CFR 117.795(b) by
removing restrictions and the regulatory burden related to the draw
operations for this bridge that is no longer a drawbridge. The change
removes the section 33 CFR 117.795(b) of the regulation governing the
New York City Highway Bridge since the bridge has been replaced with a
fixed bridge. This Final Rule seeks to update the Code of Federal
Regulations by removing language that governs the operation of the New
York City Highway Bridge, which in fact is no longer a drawbridge. This
change does not affect nor does it alter the operating schedules in 33
CFR 117.795 that govern the remaining active drawbridges on Jamaica Bay
and connecting waterways.

V. Regulatory Analyses

    We developed this rule after considering numerous statutes and
Executive Orders related to rulemaking. Below we summarize our analyses
based on a number of these statutes and Executive Orders, and we
discuss First Amendment rights of protesters.

A. Regulatory Planning and Review

    Executive Orders 12866 and 13563 direct agencies to assess the
costs and benefits of available regulatory alternatives and, if
regulation is necessary, to select regulatory approaches that maximize
net benefits. Executive Order 13771 directs agencies to control
regulatory costs through a budgeting process. This rule has not been
designated a ``significant regulatory action,'' under Executive Order
12866. Accordingly, it has not been reviewed by the Office of
Management and Budget (OMB) and pursuant to OMB guidance it is exempt
from the requirements of Executive Order 13771.
    This regulatory action determination is based on the fact that the
bridge was replaced by a fixed bridge and no longer operates as a
drawbridge. The removal of the operating schedule from 33 CFR part 117
subpart B will have no effect on the movement of waterway or land
traffic.

B. Impact on Small Entities

    The Regulatory Flexibility Act of 1980 (RFA), 5 U.S.C. 601-612, as
amended, requires federal agencies to consider the potential impact of
regulations on small entities during rulemaking. The term ``small
entities'' comprises small businesses, not-for-profit organizations
that are independently owned and operated and are not dominant in their
fields, and governmental jurisdictions with populations of less than
50,000. The Coast Guard certifies under 5 U.S.C. 605(b) that this rule
will not have a significant economic impact on a substantial number of
small entities.
    For the reasons stated in section IV.A above this final rule would
not have a significant economic impact on any vessel owner or operator.
    Under section 213(a) of the Small Business Regulatory Enforcement
Fairness Act of 1996 (Pub. L. 104-121), we want to assist small
entities in understanding this rule. If the rule would affect your
small business, organization, or governmental jurisdiction and you have
questions concerning its provisions or options for compliance, please
contact the person listed in the FOR FURTHER INFORMATION CONTACT,
above.
    Small businesses may send comments on the actions of Federal
employees who enforce, or otherwise determine compliance with, Federal
regulations to the Small Business and Agriculture Regulatory
Enforcement Ombudsman and the Regional Small Business Regulatory
Fairness Boards. The Ombudsman evaluates these actions annually and
rates each agency's responsiveness to small business. If you wish to
comment on actions by employees of the Coast Guard, call 1-888-REG-FAIR
(1-888-734-3247). The Coast Guard will not retaliate against small
entities that question or complain about this rule or any policy or
action of the Coast Guard.

C. Collection of Information

    This rule calls for no new collection of information under the
Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520).

D. Federalism and Indian Tribal Government

    A rule has implications for federalism under Executive Order 13132,
Federalism, if it has 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. We have analyzed this rule under that Order and have
determined that it is consistent with the fundamental federalism
principles and preemption requirements described in Executive Order
13132.
    Also, this rule does not have tribal implications under Executive
Order 13175, Consultation and Coordination with Indian Tribal
Governments, because it does not have a substantial direct effect on
one or more Indian tribes, on the relationship between the Federal
Government and Indian tribes, or on the distribution of power and
responsibilities between the Federal Government and Indian tribes.

E. Unfunded Mandates Reform Act

    The Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1531-1538)
requires Federal agencies to assess the effects of their discretionary
regulatory actions. In particular, the Act addresses actions that may
result in the expenditure by a State, local, or tribal government, in
the aggregate, or by the private sector of $100,000,000 (adjusted for
inflation) or more in any one year. Though this rule will not result in
such an expenditure, we do discuss the effects of this rule elsewhere
in this preamble.

F. Environment

    We have analyzed this rule under Department of Homeland Security
Management Directive 023-01 and Commandant Instruction M16475.lD, which
guides the Coast Guard in complying with the National Environmental
Policy Act of 1969 (NEPA)(42 U.S.C. 4321-4370f), and have made a
determination that this action is one of a category of actions which do
not individually or cumulatively have a significant effect on the human
environment. This rule simply promulgates the operating regulations or
procedures for drawbridges. This action is categorically excluded from
further review, under figure 2-1, paragraph (32)(e), of the
Instruction.

    A preliminary Record of Environmental Consideration and a
Memorandum for the Record are not required for this rule.

G. Protest Activities

    The Coast Guard respects the First Amendment rights of protesters.
Protesters are asked to contact the person listed in the For Further
Information Contact section to coordinate protest activities so that
your message can be received without jeopardizing the safety or
security of people, places or vessels.

List of Subjects in 33 CFR Part 117

    Bridges.
    For the reasons discussed in the preamble, the Coast Guard amends
33 CFR part 117 as follows:

PART 117--DRAWBRIDGE OPERATION REGULATIONS

0
1. The authority citation for part 117 continues to read as follows:

    Authority:  33 U.S.C. 499; 33 CFR 1.05-1; Department of Homeland
Security Delegation No. 0170.1.

Sec.  117.795  [Amended]

0
2. In Sec.  117.795, remove paragraph (b) and re-designate paragraph
(c) as paragraph (b).

    Dated: Feburary 14, 2019.
A.J. Tiongson,
Rear Admiral, U.S. Coast Guard, Commander, First Coast Guard District.
[FR Doc. 2019-04260 Filed 3-7-19; 8:45 am]
 BILLING CODE 9110-04-P


[Federal Register Volume 87, Number 186 (Tuesday, September 27, 2022)]
[Notices]
[Pages 58552-58560]
[FR Doc No: 2022-20814]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95853; File No. SR-NYSEARCA-2022-61]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change To List and Trade the Shares of the Breakwave
Tanker Shipping ETF

September 21, 2022.
    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 September 13, 2022, 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 to list and trade the shares of the following
under NYSE Arca Rule 8.200-E, Commentary .02 (``Trust Issued
Receipts''): Breakwave Tanker Shipping ETF. 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 to list and trade shares (``Shares'') of the
following under NYSE Arca Rule 8.200-E, Commentary .02, which governs
the listing and trading of Trust Issued Receipts: Breakwave Tanker
Shipping ETF (the ``Fund'').\4\
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    \4\ Commentary .02 to NYSE Arca Rule 8.200-E applies to Trust
Issued Receipts that invest in ``Financial Instruments.'' The term
``Financial Instruments,'' as defined in Commentary .02(b)(4) to
NYSE Arca Rule 8.200-E, means any combination of investments,
including cash; securities; options on securities and indices;
futures contracts; options on futures contracts; forward contracts;
equity caps, collars, and floors; and swap agreements.
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    The Fund will be a series of ETF Managers Group Commodity Trust I
(the ``Trust'').\5\ The Fund and the Trust will

be managed and controlled by their sponsor and investment manager, ETF
Managers Capital LLC (the ``Sponsor''). The Sponsor is registered with
the Commodity Futures Trading Commission (``CFTC'') as a commodity pool
operator (``CPO'') and is a member of the National Futures Association
(``NFA''). Breakwave Advisors LLC (``Breakwave'') is registered as a
commodity trading advisor with the CFTC and will serve as the Fund's
commodity trading advisor. ETFMG Financial LLC will be the Fund's
distributor (``Distributor'' or ``Marketing Agent''). US Bancorp Fund
Services LLC will be the Fund's ``Administrator'' and ``Transfer
Agent''.
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    \5\ On July 1, 2022, the Trust submitted to the Commission on a
confidential basis its draft registration statement on Form S-1 (the
``Registration Statement'') under the Securities Act of 1933 (15
U.S.C. 77a) (``Securities Act''). The initial confidential
submission and all amendments thereto shall be publicly filed not
later than 15 days before (i) the date on which the Trust commences
a road show for the Fund, or (ii) the requested effective date of
the Registration Statement, whichever occurs first. The description
of the operation of the Trust and the Fund herein is based, in part,
on the Registration Statement.
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The Fund's Investment Objective and Strategy
    According to the Registration Statement, the Fund's investment
objective will be to provide investors with exposure to the daily
change in the price of tanker freight futures, before expenses and
liabilities of the Fund, by tracking the performance of a portfolio
(the ``Benchmark Portfolio'') consisting of the nearest calendar
quarter of futures contracts on specified indexes (each a ``Reference
Index'') that measure prices for shipping crude oil (``Freight
Futures''). Each Reference Index is published each U.K. business day by
the London-based Baltic Exchange Ltd \6\ and measures the charter rate
for shipping crude oil in a specific size category of cargo ship and
for a specific route. The two Reference Indexes are as follows: the
TD3C Index: Persian Gulf to China 270,000mt cargo (Very Large Crude
Carrier or VLCC tankers) and the TD20 Index: West Africa to Europe,
130,000mt cargo (Suezmax tankers).\7\ The value of each of the TD3C
Index and TD20 Index is disseminated daily at 4:00 p.m., London Time by
the Baltic Exchange. Such Reference Index information also is widely
disseminated by Reuters, Bloomberg and/or other major market data
vendors.
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    \6\ The Baltic Exchange, which is a wholly owned subsidiary of
the Singapore Exchange Ltd (``SGX''), is a membership organization
and an independent source of maritime market information for the
trading and settlement of physical and derivative shipping
contracts. According to the Baltic Exchange, this information is
used by shipbrokers, owners and operators, traders, financiers and
charterers as a reliable and independent view of the dry and tanker
markets.
    \7\ The Reference Indexes are published by the Baltic Exchange's
subsidiary company, Baltic Exchange Information Services Ltd
(``Baltic''), which publishes a wide range of market reports,
fixture lists and market rate indicators on a daily and (in some
cases) weekly basis. The Baltic indices, which include the Reference
Indexes, are an assessment of the price of moving the major raw
materials by sea. The indices are based on assessments of the cost
of transporting various bulk cargoes, both wet (e.g., crude oil and
oil products) and dry (e.g., coal and iron ore), made by leading
shipbroking houses located around the world on a per ton and daily
hire basis. The information is collated and published by the Baltic
Exchange. Procedures relating to administration of the Baltic
indices are set forth in ``The Baltic Exchange, Guide to Market
Benchmarks'' November 2016 (the ``Guide''), including production
methods, calculation, confidentiality and transparency, duties of
panelists, code of conduct, audits and quality control. The Guide is
available at www.balticexchange.com. According to the Guide, these
procedures are in compliance with the ``Principles for Financial
Benchmarks'' issued by the International Organization of Securities
Commissioners (or ``IOSCO'') (the ``IOSCO Principles''). The IOSCO
Principles are designed to enhance the integrity, the reliability
and the oversight of benchmarks by establishing guidelines for
benchmark administrators and other relevant bodies in the following
areas: Governance: to protect the integrity of the benchmark
determination process and to address conflicts of interest;
Benchmark quality: to promote the quality and integrity of benchmark
determinations through the application of design factors; Quality of
the methodology: to promote the quality and integrity of
methodologies by setting out minimum information that should be
addressed within a methodology. These principles also call for
credible transition policies in case a benchmark may cease to exist
due to market structure change. Accountability mechanisms: to
establish complaints processes, documentation requirements and audit
reviews. The IOSCO Principles provide a framework of standards that
might be met in different ways, depending on the specificities of
each benchmark. In addition to a set of high level principles, the
framework offers a subset of more detailed principles for benchmarks
having specific risks arising from their reliance on submissions
and/or their ownership structure. For further information concerning
the IOSCO Principles, see http://www.iosco.org/library/pubdocs/pdf/IOSCOPD415.pdf.
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    The Fund will seek to achieve its objective by purchasing Freight
Futures that are cleared through major exchanges (see description of
Freight Futures below).
    The principal markets for Freight Futures are ICE Futures Europe
(the ``ICE'') and the Chicago Mercantile Exchange (``CME''). The
applicable exchange acts as a counterparty for each member for clearing
purposes. The Fund's investments in Freight Futures will be cleared by
ICE and/or CME.\8\ The ICE and CME are regulated in the U.S. by the
CFTC. Freight futures clearing has been occurring since 2005.
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    \8\ CME and ICE are members of the Intermarket Surveillance
Group (``ISG''). See note 15 infra.
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    The Fund's portfolio will be traded with a view to reflecting the
performance of the Benchmark Portfolio (described below), whether the
Benchmark Portfolio is rising, falling or flat over any particular
period. To maintain the correlation between the Fund and the change in
the Benchmark Portfolio, the Sponsor may adjust the Fund's portfolio of
investments on a daily basis in response to creation and redemption
orders or otherwise as required. The Sponsor anticipates that the
Fund's Freight Futures positions will be held to expiration and settle
in cash against the respective Reference Index as published by the
Baltic Exchange and ICE or CME. However, positions may be closed out to
meet orders for redemption of Baskets (described below), in which case
the proceeds from the closed positions will not be reinvested.
    At any given time, the average maturity of the futures held by the
Fund will be approximately 50 to 70 days. During the month of December
of each year, the Fund will rebalance its portfolio in order to bring
the allocation of assets back to the desirable levels. During this
period, the Fund would purchase or sell Freight Futures to achieve its
targeted allocation.
    When establishing positions in Freight Futures, the Fund will be
required to deposit initial margin with a value of approximately 10% to
40% of the notional value of each Freight Futures position at the time
it is established. These margin requirements are established and
subject to change from time to time by the relevant exchanges, clearing
houses or the Fund's futures commission merchant (``FCM''). On a daily
basis, the Fund will be obligated to pay, or entitled to receive,
variation margin in an amount equal to the change in the daily
settlement level of its overall Futures positions. Any assets not
required to be posted as margin with the FCM will be held at the Fund's
custodian in cash or cash equivalents.\9\ The Fund will place purchase
orders for Freight Futures with an execution broker. The broker will
identify a selling counterparty and, simultaneously with the completion
of the transaction, will submit the block traded Freight Futures to the
relevant exchange or clearing house for clearing, thereby completing
and creating a cleared futures transaction. If the exchange or clearing
house does not accept the transaction for any reason, the transaction
will be considered null and void and of no legal effect.
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    \9\ The Fund will hold cash or cash equivalents, such as U.S.
Treasuries or other high credit quality, short-term fixed-income or
similar securities for direct investment or as collateral for the
U.S. Treasuries and for other liquidity purposes, and to meet
redemptions that may be necessary on an ongoing basis.
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    Not more than 10% of the net assets of the Fund in the aggregate
invested in Freight Futures and exchange-traded options on Freight
Futures will consist of Freight Futures and exchange-traded

options on Freight Futures whose principal market is not a member of
the ISG or is a market with which the Exchange does not have in place a
comprehensive surveillance sharing agreement.
Benchmark Portfolio Construction
    Freight Futures reflect market expectations for the future cost of
transporting crude oil. The Benchmark Portfolio will hold long
positions in Freight Futures corresponding to the TD3C Index and TD20
Index. The Benchmark Portfolio's initial allocation will be
approximately 90% TD3C contracts and 10% TD20 contracts, based on
contract value, not number of lots. Given each asset's individual price
movements during the year, such percentages might deviate from the
targeted allocation.
    The Benchmark Portfolio will consist of positions in the three-
month strip of the nearest calendar quarter of Freight Futures and roll
them constantly to the next calendar quarter. The four-calendar
quarters are January, February, and March (Q1), April, May, and June
(Q2), July, August, and September (Q3), and October, November and
December (Q4). The Benchmark Portfolio will hold all positions to
maturity and settle them in cash. During any given calendar quarter,
the Benchmark Portfolio will progressively increase its position to the
next calendar quarter three-month strip, thus maintaining constant long
exposure to the Freight Futures market as positions mature. The Fund
maintains the right to invest in other maturities of Freight Futures if
such strategy is deemed necessary.
    To track the Benchmark Portfolio, the Fund will attempt to roll
positions in the nearby calendar quarter, on a pro rata basis. For
example, if the Fund was currently holding the Q1 calendar quarter
comprising the January, February and March monthly contracts, each week
in the month of February, the Fund will attempt to purchase Q2
contracts in an amount equal to approximately one quarter of the
expiring February positions. As a result, by the end of February, the
Fund would have rolled the February position to Q2 freight contracts,
leaving the Fund with March and Q2 contracts. At the end of March, the
Fund will have completed the roll and will then hold only Q2 exposure
comprising April, May and June monthly contracts. Since Freight Futures
contracts are cash settled, the Fund need not close out of existing
contracts. Rather, it will hold such contracts to expiration and apply
the above methodology in order acquire the nearby calendar contract.
    The Benchmark Portfolio will not include, and the Fund will not
invest in swaps, non-cleared freight forwards or other over-the-counter
derivative instruments that are not cleared through exchanges or
clearing houses. The Fund may hold exchange-traded options on Freight
Futures.
    The Benchmark Portfolio is maintained by Breakwave and will be
rebalanced annually.
Overview of the Tanker Freight Industry
    As stated in the Registration Statement, the following is a brief
introduction of the global tanker industry. The data presented below is
derived from information released from various third-party sources. The
third-party sources from which certain of the information presented
below include the United Nations Conference on Trade and Development,
the Baltic and International Maritime Council, Clarksons Research,
Bloomberg and others.
    Seaborne crude transportation is a 130 plus year-old industry
focusing on the transportation of unrefined crude oil in ships known as
crude tankers. Modern crude tankers are ships that can carry as many as
2 million barrels of crude within the cargo tanks of the ship. Crude
tankers carry unprocessed oil from the point of extraction, or storage,
to refineries. These purpose-built ships do not generally carry any
other type of oil cargo and are often referred to as `dirty' cargo
tankers. Crude tankers are among the largest types of ships in the
world given the economies of scale required in making seaborne
transportation a viable option for buyers and sellers of the commodity
they carry. The framework of transporting crude oil is determined by
three main characteristics: density of the crude (which can vary
depending on where it was extracted), parcel size of the cargo being
transported, and the degree of cleanliness required during handling.
Crude tankers require dedicated port infrastructure for the loading and
discharge of their cargo, and due to their size are limited in the
number of ports they can call. These tankers are measured in their
cargo carrying capacity in tons--referred to as deadweight tonnage
(``DWT'') and have a typical lifespan of 25 years.
    Crude oil tankers come in various sizes:

    Very Large Crude Carriers or VLCC (~300,000 DWT) are the largest
of the tanker asset classes. VLCCs transport crude oil mainly from
the Middle East to Asia, from West Africa to Asia and from the US to
Asia. There are about 850 VLCCs worldwide. The VLCC fleet is about
60% of the tanker fleet by DWT capacity.
    Suezmax (~150,000 DWT) primarily transport crude oil from West
Africa to Europe, from North Africa to Europe. The Suezmax is the
largest tanker vessel class that can transit the Suez Canal. There
are about 600 Suezmaxes worldwide representing ~22% of the global
tanker fleet by DWT capacity.
    Aframax (~80,000 DWT) primarily transport crude oil from Latin
America to the US, from Australia to Southeast Asia, from Middle
East to Asia and other. There are approximately 670 ships accounting
from ~17% of the global tanker fleet by DWT capacity.
    Smaller tankers (smaller than ~80,000 DWT) are a class of ships
that and dirty oil products such as diesel, gasoline, jet fuel, fuel
oil and kerosene derived from crude oil that has been processed at a
refinery. There are approximately 80 ships accounting from ~1% of
the global tanker fleet by DWT capacity.
Tanker Vessel Supply
    According to the Registration Statement, there are approximately
2,140 crude tankers worldwide with a carrying capacity of roughly 432
million DWT and an average age of approximately 11.2 years. Supply of
crude oil tankers is dynamic.
    Factors impacting crude tanker supply include new orders, the
scrapping of older vessels, new shipbuilding technologies, vessel
congestion in ports, closures of major waterways, including canals, and
wars and other geopolitical conflicts that can restrict access to
vessels available for shipping crude oil.
Demand for Seaborne Oil Transportation
    According to the Registration Statement, customers of seaborne
crude transportation include major independent and state-owned oil
companies, oil traders, refinery operators and international government
entities. Vessel demand for the transportation of crude oil fluctuates
seasonally based on world oil consumption. Peaks in annual demand are
caused by anticipation of seasonal consumption of crude oil products by
oil refiners and suppliers. Consumption varies with seasons and trends,
such as winter in the Northern Hemisphere and peak travel seasons.
    Demand for tanker freight is generally measured in ton-miles, which
corresponds to one ton of freight carried one mile. Such measure takes
into consideration both the quantity of cargo transport but also the
distance between loading and offloading ports. Over the last 5 years,
crude tanker demand has decreased by approximately -1% per

year. Global oil demand peaked in 2019 and since then has steadily
declined mainly as a result of the COVID 19 pandemic. However,
International Energy Agency (IEA) projects oil demand to increase to
101.6 million barrels per day, back to pre-pandemic levels, by 2023.
    In 2010, demand for oil began increasing as the global economy,
especially in countries impacted most by the Great Recession, returned
to a period of growth. During the period of 2010-2017 crude tanker
demand grew on average 2.3% per year. In 2017, crude tanker demand
growth grew 5.3% while in 2018 demand growth increased by 2.7%. In 2019
crude tanker demand began contracting by -1.8%, followed by -6.5% in
2020 and -4.3% in 2021. In 2022, the Russian invasion in Ukraine had a
significant impact on oil prices, and thus oil demand, as western
sanctions against Russia have limited the supply of crude oil and
refined products, leading to a considerable increase in oil prices.
    Factors impacting demand for shipping tanker freight include global
economic growth, demand for oil, government regulations, taxes and
tariffs, fuel prices, vessel speeds and new trade routes.
Tanker Freight Charter Rates
    According to the Registration Statement, crude oil freight rates
reflect the price paid for each ton of oil cargo the ship will
transport. The ``dollars per ton rates'' include the cost of the fuel,
otherwise referred to as bunkers, that will be burned during the voyage
of a pre-determined route. As a result, crude oil freight rates are not
only exposed to the availability of ships and the underlying demand for
ships, but also to the cost of bunkers.
Net Freight Component
    The availability of ships of the correct size and technical
specifications that are also in the correct geographic location to
carry the cargoes that need to be transported is the largest driving
force of crude oil freight rates. This is greatly impacted by the total
number of ships in the global fleet. The global demand for oil--
specifically the demand for oil in regions not serviced by pipelines
from the point of production is the other major factor in determining
freight rates. The above macro factors are in constant flux and shape
the price for freight.
Bunker Component
    Given the large quantities of bunker fuel that ships consume, crude
oil tanker rates are greatly impacted by changes in the cost of
bunkers, and as a result, the price of oil. In addition, refining
margins play an equally important role in determining the price of
bunker fuel. Combined, oil price and refining margins account for a
significant part of the overall tanker freight cost.
    Freight rates across shipping are generally quoted on time charter
equivalent basis which is calculated by taking voyage revenues,
subtracting voyage expense, including canal, bunker and port costs, and
then dividing the total by the round-trip voyage duration in days. Such
a calculation gives shipping companies a tool to measure period-to-
period changes. Although the above calculation is helpful for shipping
companies to calculate their net profit and decide whether a reference
spot rate acceptable, the spot tanker market transacts on a USD per ton
basis. Such a ``gross'' price includes all voyage expenses (fuel, canal
and port costs, etc.). Given the freight futures market is
predominantly used for hedging purposes by oil market participants,
tanker freight futures are also quoted on a USD per ton basis.
Freight Futures
    According to the Registration Statement, freight futures are
financial futures contracts that allow ship owners, charterers and
speculators to hedge against the volatility of freight rates. Freight
Futures are built on indices such as the TD3C Index, TD20 Index, TD25
Index and TD22 Index. In addition to the crude oil tanker routes, there
are also Freight Futures for routes corresponding to the transportation
of refined oil products (gasoline, diesel, etc.). Freight Futures are
financial instruments that trade off-exchange but then are cleared
through an exchange. Market participants communicate their buy or sell
orders through a network of execution brokers mainly through phone or
instant messaging platforms with specific trading instructions related
to price, size, and type of order.\10\ The execution broker receives
such order and then attempts to match it with a counterpart. Once there
is a match and both parties confirm the transaction, the execution
broker submits the transaction details including trade specifics,
counterparty details and accounts to the relevant exchange for
clearing, thus completing a cleared block futures transaction. Brokers
are required to report to the relevant exchanges each trade that takes
place. The exchange will then require the relevant member or FCM to
submit the necessary margin to support the position similar to other
futures clearing and margin requirements.
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    \10\ Freight Futures are primarily traded through broker members
of the Forward Freight Agreement Brokers Association (``FFABA''),
such as Clarkson's Securities, Freight Investor Services, GFI Group
and ICAP. Members of the FFABA must be members of the Baltic
Exchange and must be regulated by the Financial Conduct Authority if
resident in the U.K., or if not resident in the U.K., by an
equivalent body if required by the authorities in the jurisdiction.
Source: The Baltic Code of the Baltic Exchange.
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    Freight Futures are listed and cleared on the following exchanges:
CME and ICE.
    Freight Futures settle monthly over the arithmetic average of spot
index assessments in the contract month for the relevant underlying
product, rounded to three decimal places. The daily index publication,
against which Freight Futures settle, is published by the Baltic
Exchange.
    Although historically the Worldscale methodology has been used as
means of transacting, lately, a USD per ton quoted methodology has been
increasingly used. Both methods of quoting freight are identical:
Worldscale represents a percentage of a predetermined fixed rate
referred to as ``flat rate'', effectively translating the quoted
freight from USD per ton to a percentage of the flat rate. As an
example, a rate quoted at Worldscale 40 (WS 40) of a flat rate of $18
per ton would represent 40% of the $18/ton flat rate, or $7.20 per ton.
Whether the rate is quote on Worldscale or on USD per ton, the
resulting freight rate would be the same ($7.20 per ton).
    Freight brokers have recently been reporting freight futures in
both Worldscale and USD per ton basis.
    Generally, Freight Futures trade from approximately 3:00 a.m.
Eastern Time (``E.T.'') to approximately 1:00 p.m. E.T. The great
majority of trading volume occurs during London business hours, from
approximately 4:00 a.m. E.T. time to approximately 12:00 p.m. E.T. Some
limited trading takes place during Asian business hours as well (12:00
a.m.-3:00 a.m. E.T.). The final closing prices for settlement are
published daily around 12:30 p.m. E.T. Final cash settlement occurs the
first business day following the expiry day.
    Freight Futures are quoted in U.S. Dollars per metric ton, with a
minimum lot size of 1,000 metric tons. One lot represents freight costs
to transport in U.S. Dollars. The nominal value of a contract is simply
the product of lots and Freight Futures prices. There are Futures
Contracts of up to 72 consecutive months, starting with the current
month, available for trading for each vessel class.
    Similar to other futures, Freight Futures are subject to margin
requirements by the relevant exchanges. The Sponsor anticipates that

approximately 20% to 50% of the Fund's assets will be used as payment
for or collateral for Freight Futures contracts. In order to
collateralize its Freight Futures positions, the Fund will hold such
assets, from which it will post margin to its FCM in an amount equal to
the margin required by the relevant exchanges, and transfer to its FCM
any additional amounts that may be separately required by the FCM.
    The liquidity of tanker Freight Futures (clean and dirty) has been
increasing, in lot terms, over the last five years. For example, in
2021, approximately 560 thousand lots in Freight Futures traded And, as
of 2022, open interest in Freight Futures stood at approximately
145,000 lots across all asset classes representing an estimated value
of more than $2 billion. Of such open interest, TD3C contracts account
for approximately 50. Major market participants in the tanker Freight
Futures market include commodity producers, commodity users, commodity
trading houses, ship operators, major banks, investment funds and
independent ship owners.
Calculating Net Asset Value (``NAV'')
    The Fund's NAV will be calculated by taking the current market
value of its total assets, subtracting any liabilities; and dividing
that total by the total number of outstanding Shares.
    The Administrator will calculate the NAV of the Fund once each NYSE
Arca trading day. The NAV for a particular trading day will be released
after 4:00 p.m. E.T. The Administrator will use the Baltic Exchange
closing prices for the Freight Futures and any option contracts to
calculate the NAV. The Administrator will calculate or determine the
value of all other Fund investments using market quotations, if
available, or other information customarily used to determine the fair
value of such investments as of the close of the NYSE Arca Core Trading
Session (normally 4:00 p.m. E.T.). The information may include costs of
funding, to the extent costs of funding are not and would not be a
component of the other information being utilized. Third parties
supplying quotations or market data may include, without limitation,
dealers in the relevant markets, end-users of the relevant product,
information vendors, brokers and other sources of market information.
Indicative Fund Value
    In order to provide updated information relating to the Fund for
use by investors and market professionals, an updated indicative fund
value (``IFV'') will be made available through on-line information
services throughout the Exchange Core Trading Session (normally 9:30
a.m. to 4:00 p.m., E.T.) on each trading day. The IFV will be
calculated by using the prior day's closing NAV per Share of the Fund
as a base and updating that value throughout the trading day to reflect
changes in the most recently reported trade price for the futures and/
or options held by the Fund. The IFV disseminated during NYSE Arca Core
Trading Session hours should not be viewed as an actual real time
update of the NAV, because the NAV will be calculated only once at the
end of each trading day based upon the relevant end of day values of
the Fund's investments.
    The IFV will be disseminated on a per Share basis every 15 seconds
during regular NYSE Arca Core Trading Session hours of 9:30 a.m. E.T.
to 4:00 p.m. E.T. The customary trading hours of the Freight Futures
trading are 3:00 a.m. E.T. to 1:00 p.m. E.T. This means that there is a
gap in time at the end of each day during which the Fund's Shares will
be traded on the NYSE Arca, but real-time trading prices for contracts
are not available. During such gaps in time the IFV will be calculated
based on the end of day price of such contracts from the Baltic
Exchange's, CME's and ICE's immediately preceding settlement prices. In
addition, other investments and U.S. Treasuries held by the Fund will
be valued by the Administrator using rates and points received from
client-approved third-party vendors (such as Reuters and WM Company)
and broker-dealer quotes. These investments will not be included in the
IFV.
    Dissemination of the IFV provides additional information that is
not otherwise available to the public and is useful to investors and
market professionals in connection with the trading of the Fund's
Shares on the NYSE Arca. Investors and market professionals are able
throughout the trading day to compare the market price of Fund Shares
and the IFV. If the market price of the Fund Shares diverges
significantly from the IFV, market professionals will have an incentive
to execute arbitrage trades. For example, if the Fund's Shares appears
to be trading at a discount compared to the IFV, a market professional
could buy the Fund's Shares on the NYSE Arca and take the opposite
position in Freight Futures. Such arbitrage trades can tighten the
tracking between the market price of the Fund's Shares and the IFV and
thus can be beneficial to all market participants.
Creation and Redemption of Shares
    According to the Registration Statement, the Fund will create and
redeem Shares from time to time in one or more ``Creation Baskets'' or
``Redemption Baskets'' (collectively, the ``Baskets''). A Basket
consists of 25,000 Shares, which amount may be revised from time-to-
time. The creation and redemption of Baskets will only be made in
exchange for delivery to the Fund or the distribution by the Fund of
the amount of Treasuries and any cash represented by the Baskets being
created or redeemed, the amount of which is based on the combined NAV
of the number of Shares included in the Baskets being created or
redeemed determined as of 4:00 p.m. E.T. on the day the order to create
or redeem Baskets is properly received.
    ``Authorized Participants'' are the only persons that may place
orders to create and redeem Baskets. Authorized Participants must be
(1) registered broker-dealers or other securities market participants,
such as banks and other financial institutions, that are not required
to register as broker-dealers to engage in securities transactions
described below, and (2) Depository Trust Company (``DTC'')
participants.
Creation Procedures
    On any business day, an Authorized Participant may place an order
with the Transfer Agent to create one or more Baskets. For purposes of
processing purchase and redemption orders, a ``business day'' means any
day other than a day when any of the NYSE Arca, the Baltic Exchange,
the ICE, the CME or the New York Stock Exchange is closed for regular
trading. Purchase orders must be placed by 12:00 p.m. E.T. or the close
of the Core Trading Session on NYSE Arca, whichever is earlier. The day
on which a valid purchase order is received in accordance with the
terms of the ``Authorized Participant Agreement'' is referred to as the
purchase order date. Purchase orders are irrevocable.
Determination of Required Payment
    The total payment required to create each Creation Basket is the
NAV of 25,000 Shares on the purchase order date, but only if the
required payment is timely received. To calculate the NAV, the
Administrator will use the Baltic Exchange settlement price (typically
determined after 12:00 p.m. E.T.) for the Freight Futures. Because
orders to purchase Baskets must be placed no later than 12:00 p.m.,
E.T., but the total payment required to create a Basket typically will
not be

determined until after 12:00 p.m., E.T., on the date the purchase order
is received, Authorized Participants will not know the total amount of
the payment required to create a Basket at the time they submit an
irrevocable purchase order.
Delivery of Required Payment
    An Authorized Participant who places a purchase order shall
transfer to the Administrator the required amount of cash by the end of
the next business day following the purchase order date. Upon receipt
of the deposit amount, the Administrator will direct DTC to credit the
number of Baskets ordered to the Authorized Participant's DTC account
on the next business day following the purchase order date.
Redemption Procedures
    According to the Registration Statement, the procedures by which an
Authorized Participant can redeem one or more Baskets will mirror the
procedures for the creation of Baskets. On any business day, an
Authorized Participant may place an order with the Transfer Agent, and
accepted by the Distributor, to redeem one or more Baskets. Redemption
orders must be placed by 12:00 p.m. E.T. or the close of the Core
Trading Session on the NYSE Arca, whichever is earlier.\11\ A
redemption order so received will be effective on the date it is
received in satisfactory form in accordance with the terms of the
Authorized Participant Agreement. The day on which the Marketing Agent
receives a valid redemption order is the redemption order date.
Redemption orders are irrevocable. By placing a redemption order, an
Authorized Participant agrees to deliver the baskets to be redeemed
through DTC's book-entry system to the Fund not later than 12:00 p.m.,
E.T., on the next business day immediately following the redemption
order date.
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    \11\ The Sponsor represents that it believes that the designated
time by which orders to create or redeem must be received by the
Transfer Agent (12:00 p.m. E.T.) will not have a material impact on
an Authorized Participant's arbitrage opportunities with respect to
the Fund. As noted above, Freight Futures are cleared by CME and ICE
until 1:00 p.m. E.T. and such clearing activity on CME and ICE will
serve as an arbitrage mechanism for trading in the Fund's Shares. In
addition, price information regarding trading of Freight Futures and
options on Freight Futures on the applicable exchange and end-of-day
settlement prices published by the applicable exchange will be
available during the Core Trading Session.
---------------------------------------------------------------------------

Determination of Redemption Proceeds
    The redemption proceeds from the Fund will consist of a cash
redemption amount equal to the NAV of the number of Baskets requested
in the Authorized Participant's redemption order on the redemption
order date.
    Because orders to redeem Baskets must be placed no later than 12:00
p.m., E.T., but the total amount of redemption proceeds typically will
not be determined until after 12:00 p.m., E.T., on the date the
redemption order is received, Authorized Participants will not know the
total amount of the redemption proceeds at the time they submit an
irrevocable redemption order.
    The redemption proceeds due from the Fund will be delivered to the
Authorized Participant at 1:00 p.m., E.T., on the second business day
immediately following the redemption order date if, by such time, the
Fund's DTC account has been credited with the Baskets to be redeemed.
Availability of Information
    The NAV for the Fund's Shares will be disseminated daily to all
market participants at the same time. The intraday, closing prices, and
settlement prices of the Freight Futures will be readily available from
the applicable futures exchange websites, automated quotation systems,
published or other public sources, or major market data vendors.
    Complete real-time data for Freight Futures is available by
subscription through on-line information services. Quotation and last-
sale information regarding the Shares will be disseminated through the
facilities of the Consolidated Tape Association (``CTA''). The IFV will
be available through on-line information services. The Freight Futures
and exchange-traded options on Freight Futures trading prices will be
disseminated by one or more major market data vendors during the NYSE
Arca Core Trading Session of 9:30 a.m. to 4:00 p.m. E.T. CME and ICE
provide on a daily basis, transaction volumes, transaction prices, and
open interest on their respective websites. In addition, historical
data also exists for volumes and open interest. Daily settlement prices
and historical settlement prices are available through a subscription
service to the Baltic Exchange, ICE and CME, which maintain the
licensing rights of relevant freight data. However, the exchanges
provide the daily settlement price change of Freight Futures on their
respective websites. Certain Freight Futures brokers provide real time
pricing information to the general public either through their websites
or through data vendors such as Bloomberg or Reuters. Most Freight
Futures brokers provide, upon request, individual electronic screens
that market participants can use to transact, place orders or only
monitor Freight Futures market price levels.
    In addition, the Fund's website, www.tankeretf.com, will display
the applicable end of day closing NAV. The daily holdings of the Fund
will be available on the Fund's website before 9:30 a.m. E.T. each day.
The website disclosure of portfolio holdings will be made daily and
will include, as applicable, (i) the composite value of the total
portfolio, (ii) the quantity and type of each holding (including the
ticker symbol, maturity date or other identifier, if any) and other
descriptive information including, in the case of an option, its strike
price, (iii) the percentage weighting of each holding in the Fund's
portfolio; (iv) the number of Freight Futures contracts and the value
of each Freight Futures (in U.S. dollars), (v) the type (including
maturity, ticker symbol, or other identifier) and value of each
Treasury security and cash equivalent, and (vi) the amount of cash held
in the Fund's portfolio. The Fund's website will be publicly accessible
at no charge.
    The daily closing Benchmark Portfolio level and the percentage
change in the daily closing level for the Benchmark Portfolio will be
publicly available from one or more major market data vendors. The
intraday value of the Benchmark Portfolio, updated every 15 seconds,
will also be available through major market data vendors during those
times that the hours trading in Freight Futures overlap with trading
houses on NYSE Arca (i.e., between 9:00 a.m. and 1:00 p.m. ET).
    The website disclosure of the Fund's daily holdings will occur at
the same time as the disclosure by the Trust of the daily holdings to
Authorized Participants so that all market participants are provided
daily holdings information at the same time. Therefore, the same
holdings information will be provided on the public website as well as
in electronic files provided to Authorized Participants. Accordingly,
each investor will have access to the current daily holdings of the
Fund through the Fund's website.
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.\12\ 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.
---------------------------------------------------------------------------

    \12\ See NYSE Arca Rule 7.12-E.
---------------------------------------------------------------------------

    The Exchange may halt trading during the day in which an
interruption to the dissemination of the IFV or the intraday value of
the Benchmark Portfolio occurs. If the interruption to the
dissemination of the IFV, or the value of the Benchmark Portfolio
persists past the trading day in which it occurred, the Exchange will
halt trading no later than the beginning of the trading day following
the interruption. In addition, if the Exchange becomes aware that the
NAV with respect to the Shares is not disseminated to all market
participants at the same time, it will halt trading in the Shares until
such time as the NAV is available to all market participants.
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 a.m. to 8 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 will conform to the initial and continued listing
criteria under NYSE Arca Rule 8.200-E. The trading of the Shares will
be subject to NYSE Arca Rule 8.200-E, Commentary .02(e), which sets
forth certain restrictions on Equity Trading Permit (``ETP'') Holders
acting as registered Market Makers in Trust Issued Receipts to
facilitate surveillance. The Exchange represents that, for initial and
continued listing, the Funds will be in compliance with Rule 10A-3 \13\
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.
---------------------------------------------------------------------------

    \13\ 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 the Financial
Industry Regulatory Authority (``FINRA'') on behalf of the Exchange,
which are designed to detect violations of Exchange rules and
applicable federal securities laws.\14\ The Exchange represents that
these procedures are adequate to properly monitor Exchange trading of
the Shares of the Funds in all trading sessions and to deter and detect
violations of Exchange rules and federal securities laws applicable to
trading on the Exchange.
---------------------------------------------------------------------------

    \14\ 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.
    To the extent that the Shares, Freight Futures, and those exchange-
traded options trade on markets that are members of the ISG, the
Exchange or FINRA, on behalf of the Exchange, or both, will communicate
as needed regarding trading in the Shares, Freight Futures, and
exchange-traded options on Freight 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, Freight Futures and exchange-traded
options on Freight Futures from such markets and other entities. In
addition, to the extent those instruments trade on markets that are ISG
members or with which the Exchange has such agreements, the Exchange
may obtain information regarding trading in the Shares, Freight
Futures, and exchange-traded options on Freight 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'').\15\
---------------------------------------------------------------------------

    \15\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all components of the
Funds may trade on markets that are members of ISG or with which the
Exchange has in place a CSSA.
---------------------------------------------------------------------------

    Not more than 10% of the net assets of the Fund in the aggregate
invested in Freight Futures and exchange-traded options on Freight
Futures shall consist of Freight Futures and exchange-traded options on
Freight Futures whose principal market is not a member of the ISG or is
a market with which the Exchange does not have a CSSA.
    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 Reference Indexes and portfolios, (b)
limitations on portfolio holdings or reference assets, or (c)
applicability of Exchange listing rules specified in this filing shall
constitute continued listing requirements for listing the Shares on the
Exchange.
    The Sponsor 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).
2. Statutory Basis
    The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) \16\ 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.
---------------------------------------------------------------------------

    \16\ 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 8.200-E. The
Exchange has in place surveillance procedures that are adequate to
properly monitor trading in the Shares of the Fund in all trading
sessions and to deter and detect violations of Exchange rules and
applicable federal securities laws. To the extent that the Shares,
Freight Futures, and those options trade on markets that are members of
the ISG, the Exchange or FINRA, on behalf of the Exchange, or both,
will communicate as needed regarding trading in the Shares, Freight
Futures, and exchange-traded options on Freight 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, Freight Futures,
and exchange-traded options on Freight Futures from such markets

and other entities. In addition, to the extent those instruments trade
on markets that are members of ISG or with which the Exchange has such
agreements, the Exchange may obtain information regarding trading in
the Shares, Freight Futures, and exchange-traded options on Freight
Futures from markets and other entities that are members of ISG or with
which the Exchange has in place a CSSA. Not more than 10% of the net
assets of the Fund in the aggregate invested in Freight Futures and
exchange-traded options on Freight Futures shall consist of Freight
Futures and exchange-traded options on Freight Futures whose principal
market is not a member of the ISG or is a market with which the
Exchange does not have a CSSA. The Exchange will make available on its
website daily trading volume of each of the Shares, closing prices of
such Shares, and number of Shares outstanding. The intraday, closing
prices, and settlement prices of Freight Futures will be readily
available from the Baltic Exchange website, automated quotation
systems, published or other public sources, or on-line information
services.
    Complete real-time data for the Freight Futures is available by
subscription from on-line information services. Quotation and last-sale
information regarding the Shares will be disseminated through the
facilities of the CTA. The IFV will be available through on-line
information services. The Freight Futures trading prices will be
disseminated by one or more major market data vendors every 15 seconds
during the NYSE Arca Core Trading Session of 9:30 a.m. to 4:00 p.m.
E.T. CME and ICE provide on a daily basis, transaction volumes,
transaction prices, trade time, and open interest on their respective
websites. In addition, the Fund's website, will display the applicable
end of day closing NAV. The daily holdings of the Fund will be
disclosed on the Fund's website before 9:30 a.m. E.T. each day. The
daily holdings of the Fund will be available on the Fund's website
before 9:30 a.m. E.T. each day. The Fund's website disclosure of
portfolio holdings will be made daily and will include, as applicable,
(i) the composite value of the total portfolio, (ii) the quantity and
type of each holding (including the ticker symbol, maturity date or
other identifier, if any) and other descriptive information including,
in the case of an option, its strike price, (iii) the value of each
Freight Futures (in U.S. dollars), (iv) the type (including maturity,
ticker symbol, or other identifier) and value of each Treasury security
and cash equivalent, and (v) the amount of cash held in the Fund's
portfolio.
    Moreover, prior to the commencement of trading, the Exchange will
inform its Equity Trading Permit Holders in an Information Bulletin of
the special characteristics and risks associated with trading the
Shares. 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.
    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
Trust Issued Receipts based on Freight Futures 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 that are adequate to properly monitor trading in the Shares
in all trading sessions and to deter and detect violations of Exchange
rules and applicable federal securities laws.

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 a new
type of Trust Issued Receipts based on Freight Futures 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 within such longer period up to 90 days (i) as the
Commission may designate if it finds such longer period to be
appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) by order approve or disapprove the proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-NYSEARCA-2022-61 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-2022-61. 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-2022-61, and

should be submitted on or before October 18, 2022.
---------------------------------------------------------------------------

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

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-20814 Filed 9-26-22; 8:45 am]
BILLING CODE 8011-01-P