 [Federal Register Volume 82, Number 159 (Friday, August 18, 2017)] [Notices] [Pages 39477-39484] [FR Doc No: 2017-17433]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81388; File No. SR-NYSEArca-2017-69]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing

of Proposed Rule Change To List and Trade Shares of ProShares QuadPro

Funds Under NYSE Arca Equities Rule 8.200

August 14, 2017.

    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of

1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby

given that, on July 31, 2017, NYSE Arca, Inc. (the ``Exchange'' or

``NYSE Arca'') filed with the Securities and Exchange Commission (the

``Commission'') the proposed rule change as described in Items I and II

below, which Items have been prepared by the self-regulatory

organization. The Commission is publishing this notice to solicit

comments on the proposed rule change from interested persons.

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    \1\ 15 U.S.C. 78s(b)(1).

    \2\ 15 U.S.C. 78a.

    \3\ 17 CFR 240.19b-4.

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I. Self-Regulatory Organization's Statement of the Terms of Substance

of the Proposed Rule Change

    The Exchange proposes to list and trade shares of the following

under Commentary .02 to NYSE Arca Equities Rule 8.200 (``Trust Issued

Receipts''): ProShares QuadPro U.S. Large Cap Futures Long Fund;

ProShares QuadPro U.S. Large Cap Futures Short Fund; ProShares QuadPro

U.S. Small Cap Futures Long Fund; and ProShares QuadPro U.S. Small Cap

Futures Short Fund. The proposed rule change is available on the

Exchange's Web site at www.nyse.com, at the principal office of the

Exchange, and at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the self-regulatory organization

included statements concerning the purpose of, and basis for, the

proposed rule change and discussed any comments it received on the

proposed rule change. The text of those statements may be examined at

the places specified in Item IV below. The Exchange has prepared

summaries, set forth in sections A, B, and C below, of the most

significant parts of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and the

Statutory Basis for, the Proposed Rule Change

1. Purpose

    The Exchange proposes to list and trade shares (``Shares'') of the

following under Commentary .02 to NYSE Arca Equities Rule 8.200, which

governs the listing and trading of Trust Issued Receipts (``TIRs'')

\4\: ProShares QuadPro U.S. Large Cap Futures Long Fund; ProShares

QuadPro U.S. Large Cap Futures Short Fund; ProShares QuadPro U.S. Small

Cap Futures Long Fund; and ProShares QuadPro U.S. Small Cap Futures

Short Fund (each a ``Fund'' and, collectively, the ``Funds'').\5\

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    \4\ Commentary .02 to NYSE Arca Equities Rule 8.200 applies to

TIRs that invest in ``Financial Instruments.'' The term ``Financial

Instruments,'' as defined in Commentary .02(b)(4) to NYSE Arca

Equities Rule 8.200, 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.

    \5\ The Trust is registered under the Securities Act of 1933. On

May 8, 2017, the Trust filed with the Commission a registration

statement on Form S-1 under the Securities Act of 1933 (15 U.S.C.

77a) (``Securities Act'') relating to the Funds (File No. 333-

217767) (the ``Registration Statement''). The description of the

operation of the Trust and the Funds herein is based, in part, on

the Registration Statement.

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    Each of the Funds is a commodity pool that is a series of the

ProShares Trust II (``Trust''). The Funds' sponsor and commodity pool

operator is ProShare Capital Management LLC (the ``Sponsor''). Brown

Brothers Harriman & Co. is the Administrator, the Custodian and the

Transfer Agent of each Fund and its Shares. SEI Investments

Distribution Co. (``SEI'' or ``Distributor'') is the distributor for

the Funds' Shares.

Principal Investment Strategies of the Funds

ProShares QuadPro U.S. Large Cap Futures Long Fund and ProShares

QuadPro U.S. Large Cap Futures Short Fund (``Large Cap Futures Funds'')

    According to the Registration Statement, the Large Cap Futures

Funds will seek results that correspond (before fees and expenses) to

four times (i.e., 4x) or four times the inverse (i.e., -4x),

respectively, of the return of Lead Month E-Mini S&P 500 Stock Price

Index Futures (``Large Cap Benchmark'' or ``Benchmark'') for a single

day.\6\ A ``single day'' is measured from the time a Fund calculates

its net asset value (``NAV'') to the time of a Fund's next NAV

calculation.

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    \6\ The Large Cap Benchmark is the price on the Chicago

Mercantile Exchange (``CME'') of lead month (i.e., near-month or

next-to-expire) E-Mini S&P 500 Stock Price Index Futures Contracts.

Specifically, the Benchmark is the last traded price of such

contracts on the CME prior to the calculation of the Fund's net

asset value (``NAV''), which is typically calculated as of 4:00 p.m.

each day NYSE Arca is open for trading. The S&P 500 Index is a

float-adjusted, market capitalization-weighted index of 500 U.S.

operating companies and real estate investment trusts selected

through a process that factors in criteria such as liquidity, price,

market capitalization and financial viability. The CME Group is a

member of the Intermarket Surveillance Group (``ISG''). See note 20

[sic], infra.

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    Under normal market conditions,\7\ each Large Cap Futures Fund will

attempt to gain leveraged or inverse leveraged exposure, as applicable,

to the Large Cap Benchmark primarily through investments in Lead Month

E-Mini S&P 500 Stock Price Index Futures.\8\ Each Large Cap Futures

Fund also may take positions in standard futures contracts on the S&P

500 Index (together with Lead Month E-Mini S&P 500 Stock Price Index

Futures, ``Large Cap Futures Contracts''). The ProShares QuadPro U.S.

Large Cap Futures Long Fund will

seek to achieve substantially all of this exposure by taking ``long''

positions in Large Cap Futures Contracts. Conversely, the ProShares

QuadPro U.S. Large Cap Futures Short Fund will seek to achieve

substantially all of this exposure by taking ``short'' positions in

Large Cap Futures Contracts.\9\

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    \7\ The term ``normal market conditions'' includes, but is not

limited to, the absence of trading halts in the applicable financial

markets generally; operational issues (e.g., systems failure)

causing dissemination of inaccurate market information; or force

majeure type events such as natural or manmade disaster, act of God,

armed conflict, act of terrorism, riot or labor disruption or any

similar intervening circumstance.

    \8\ According to the Registration Statement, an ``e-mini futures

contract'' is an electronically traded futures contract that

provides similar exposure, but with a lower dollar value, than a

standard futures contract. In addition, because of their lower

dollar value, e-mini futures contracts may permit the Funds to

maintain exposure more precisely in line with their current asset

levels. The dollar volume traded of e-mini futures contracts on the

S&P 500 Index far exceeds the dollar volume traded of standard

futures contracts on the S&P 500 Index. For example, during the

first quarter of 2017, the average daily volume--weighted average

price (``VWAP'') of e-mini futures contracts on the S&P 500 Index

was $167.5 billion while the average daily VWAP for standard

contracts during the same period was $306 million.

    \9\ In general terms, to be ``long'' means to hold or have long

exposure to an asset in order to benefit from increases in the value

of such asset; to be ``short'' means to sell or have short exposure

to an asset in order to benefit from decreases in the value of such

asset.

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    According to the Registration Statement, each Large Cap Futures

Fund will seek to engage in daily rebalancing to position its portfolio

so that its leveraged or inverse exposure to the Large Cap Benchmark is

consistent with such Fund's daily investment objective. The impact of

the Large Cap Benchmark's movements during the day will affect whether

a particular Fund's portfolio needs to be repositioned. For example, if

the Large Cap Benchmark underlying the ProShares QuadPro U.S. Large Cap

Futures Short Fund has risen on a given day, net assets of such Fund

should fall. As a result, such Fund's inverse exposure will need to be

decreased. Conversely, if the Large Cap Benchmark underlying such Fund

has fallen on a given day, net assets of such Fund should rise. As a

result, the Fund's inverse exposure will need to be increased. For the

ProShares QuadPro U.S. Large Cap Futures Long Fund, such Fund's long

exposure will need to be increased on days when the Large Cap Benchmark

rises and decreased on days when the Large Cap Benchmark falls. Daily

rebalancing and the compounding of each day's return over time means

that the return of each Fund for a period longer than a single day will

be the result of each day's returns compounded over the period, which

will very likely differ from four times (4x) or four times the inverse

(-4x), as applicable, of the return of a Fund's Benchmark for the same

period.

    According to the Registration Statement, in the event position,

price or accountability limits are reached with respect to Futures

Contracts, the Sponsor, in its commercially reasonable judgment, may

cause each Fund to obtain exposure to the Large Cap Benchmark through

investment in swap transactions and forward contracts referencing such

Benchmark (``Large Cap Financial Instruments'').\10\ The Funds may also

invest in Large Cap Financial Instruments if the market for a specific

Futures Contract experiences emergencies (e.g., natural disaster,

terrorist attack or an act of God) or disruptions (e.g., a trading halt

or a flash crash) that prevent or make it impractical for a Fund from

obtaining the appropriate amount of investment exposure using Futures

Contracts (i.e., conditions other than normal market conditions). The

Funds do not intend to invest more than 25% of their respective net

assets in Large Cap Financial Instruments.

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    \10\ Each Fund may use various techniques to minimize credit

risk. The Sponsor regularly reviews the performance of its

counterparties for, among other things, creditworthiness and

execution quality. In addition, the Sponsor periodically considers

the addition of new counterparties. The Funds will seek to mitigate

these risks in connection with the uncleared over-the-counter

(``OTC'') swaps and uncleared OTC forwards by generally requiring

that the counterparties for each Fund agree to post collateral for

the benefit of the Fund, marked to market daily, subject to certain

minimum thresholds; however, there are no limitations on the

percentage of its assets each Fund may invest in swap agreements or

forwards with a particular counterparty.

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    According to the Registration Statement, because each Fund will

seek results that correspond to four times the performance or four

times the inverse, as applicable, of the Large Cap Benchmark for a

single day, an adverse Large Cap Benchmark move of 25 percent or more

could cause the NAV of a Fund to decline to zero and investors in a

Fund to lose the full value of their investment. Therefore, each Fund

will invest a limited portion of its assets (typically less than 5% of

its net assets at the time of purchase) in listed option contracts

designed to prevent a Fund's NAV from going to zero and allow a Fund to

recoup a small portion of the substantial losses that may result from

significant movements in the Large Cap Benchmark. Specifically, the

ProShares QuadPro U.S. Large Cap Futures Long Fund will hold CME-listed

``put'' options on e-mini or standard S&P 500 Index futures contracts

(which give the Fund the right to sell such contracts) and ProShares

QuadPro U.S. Large Cap Futures Short Fund will hold CME-listed ``call''

options on e-mini or standard S&P 500 Index futures contracts (which

give the Fund the right to buy futures contracts). Such put and call

options may be referred to herein as ``Large Cap Stop Options.'' If

CME-listed options are not readily available, a Fund may invest in OTC

options on Large Cap Future Contracts. This strategy will not prevent a

Fund from losing money, but is designed to permit a Fund to recover a

small percentage of its losses in the event of significant adverse

movement in a Fund's Benchmark.\11\

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    \11\ A Fund's investments in Large Cap Futures Contracts,

together with its investments in Large Cap Financial Interests, if

any, may be referred to herein as the Fund's ``S&P 500 Interests.''

The ProShares QuadPro U.S. Large Cap Futures Long Fund will hold

listed put options with respect to all or substantially all of its

S&P 500 Interests with strike prices at approximately 75 percent of

the value of the applicable underlying S&P 500 Interests as of the

end of the preceding business day. The ProShares QuadPro U.S. Large

Cap Futures Short Fund will hold listed call options with respect to

all or substantially all of its S & P 500 Interests with strike

prices at approximately 125 percent of the value of the Fund's S&P

Interests as of the end of the preceding business day.

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    Each Fund will invest the remainder of its un-invested assets in

cash and high-quality, short-term debt instruments that have terms-to-

maturity of less than 397 days, such as U.S. government securities and

repurchase agreements (``Money Market Instruments'').

    In seeking to achieve each Fund's investment objective, the Sponsor

will use a mathematical approach to investing. Using this approach, the

Sponsor will determine the type, quantity and mix of investment

positions that the Sponsor believes, in combination, should produce

daily returns consistent with each Fund's objective. The Sponsor will

rely upon a pre-determined model to generate orders that result in

repositioning each Fund's investments in accordance with its respective

investment objective.

    Each Fund generally will seek to remain fully invested at all times

in Futures Contracts, Large Cap Stop Options (as applicable), and Money

Market Instruments that, in combination, provide exposure to the Large

Cap Benchmark consistent with its investment objective without regard

to market conditions, trends or direction.

ProShares QuadPro U.S. Small Cap Futures Long Fund and ProShares

QuadPro U.S. Small Cap Futures Short Fund (``Small Cap Futures Funds'')

    According to the Registration Statement, the Small Cap Futures

Funds will seek results that correspond (before fees and expenses) to

four times (i.e., 4X) or four times the inverse (i.e., -4X),

respectively, of the return of Lead Month Russell 2000 Index Mini

Futures (``Small Cap Benchmark'' or ``Benchmark'') for a single

day.\12\ A ``single day'' is measured from the time

a Fund calculates its NAV to the time of a Fund's next NAV calculation.

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    \12\ The Small Cap Benchmark is the price on the CME of lead

month (i.e., near-month or next-to-expire) Russell 2000 Index Mini

Futures Contracts. Specifically, the Benchmark is the last traded

price of such contracts on the CME prior to the calculation of the

Fund's NAV, which is typically calculated as of 4:00 p.m. each day

NYSE Arca is open for trading. The Russell 2000 Index is a float-

adjusted, market capitalization-weighted index containing

approximately 2000 of the smallest companies in the Russell 3000

Index, or approximately 8% of the total market capitalization of the

Russell 3000 Index, which in turn represents approximately 98% of

the investable U.S. equity market.

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    Under normal market conditions,\13\ each Small Cap Futures Fund

will attempt to gain leveraged or inverse exposure, as applicable, to

the Small Cap Benchmark primarily through investments in Lead Month E-

Mini Russell 2000 Index Futures \14\ (``Small Cap Futures Contracts'')

(Large Cap Futures Contracts and Small Cap Futures Contracts,

collectively, are referred to herein as ``Futures Contracts''). The

ProShares QuadPro U.S. Small Cap Futures Long Fund will seek to achieve

substantially all of this exposure by taking ``long'' positions in

Small Cap Futures Contracts. Conversely, the ProShares QuadPro U.S.

Small Cap Futures Short Fund will seek to achieve substantially all of

this exposure by taking ``short'' positions in Small Cap Futures

Contracts.

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    \13\ See note 7, supra.

    \14\ As noted herein, an ``e-mini futures contract'' is an

electronically traded futures contract that provides similar

exposure, but with a lower dollar value, than a standard futures

contract. In addition, because of their lower dollar value, e-mini

futures contracts may permit the Funds to maintain exposure more

precisely in line with their current asset levels. During the first

quarter of 2017, the average daily VWAP of e-mini futures contracts

on the Russell 2000 Index was $9.5 billion. Standard futures

contracts on the Russell 2000 Index were not available during this

period.

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    According to the Registration Statement, each Small Cap Futures

Fund will seek to engage in daily rebalancing to position its portfolio

so that its leveraged or inverse exposure to the Small Cap Benchmark is

consistent with such Fund's daily investment objective. The impact of

the Small Cap Benchmark's movements during the day will affect whether

a particular Fund's portfolio needs to be repositioned. For example, if

the Small Cap Benchmark underlying the ProShares QuadPro U.S. Small Cap

Futures Short Fund has risen on a given day, net assets of such Fund

should fall. As a result, such Fund's inverse exposure will need to be

decreased. Conversely, if the Small Cap Benchmark underlying such Fund

has fallen on a given day, net assets of such Fund should rise. As a

result, the Fund's inverse exposure will need to be increased. For the

ProShares QuadPro U.S. Small Cap Futures Long Fund, such Fund's long

exposure will need to be increased on days when the Small Cap Benchmark

rises and decreased on days when the Small Cap Benchmark falls. Daily

rebalancing and the compounding of each day's return over time means

that the return of each Fund for a period longer than a single day will

be the result of each day's returns compounded over the period, which

will very likely differ from four times (4x) or four times the inverse

(-4x), as applicable, of the return of the Small Cap Benchmark for the

same period.

    According to the Registration Statement, in the event position,

price or accountability limits are reached with respect to Small Cap

Futures Contracts, the Sponsor, in its commercially reasonable

judgment, may cause each Fund to obtain exposure to the Small Cap

Benchmark through investment in swap transactions and forward contracts

referencing such Benchmark (``Small Cap Financial Instruments'',

together with Large Cap Financial Instruments, ``Financial

Instruments''). The Funds may also invest in Small Cap Financial

Instruments if the market for a specific Small Cap Futures Contract

experiences emergencies (e.g., natural disaster, terrorist attack or an

act of God) or disruptions (e.g., a trading halt or a flash crash) that

prevent or make it impractical for a Fund from obtaining the

appropriate amount of investment exposure using Small Cap Futures

Contracts (i.e., conditions other than normal market conditions). The

Funds do not intend to invest more than 25% of their respective net

assets in Small Cap Financial Instruments.

    According to the Registration Statement, because each Fund will

seek results that correspond to four times the performance or four

times the inverse of the Small Cap Benchmark for a single day, an

adverse Small Cap Benchmark move of 25 percent or more could cause the

NAV of a Fund to decline to zero and investors in a Fund to lose the

full value of their investment. Therefore, each Fund will invest a

limited portion of its assets (typically less than 5% of its net assets

at the time of purchase) in listed option contracts designed to prevent

a Fund's NAV from going to zero and allow a Fund to recoup a small

portion of the substantial losses that may result from significant

movements in its Benchmark. Specifically, the ProShares QuadPro U.S.

Small Cap Futures Long Fund will hold CME- listed ``put'' options on

mini Russell 2000 Index futures contracts (which give the Fund the

right to sell such contracts) and ProShares QuadPro U.S. Small Cap

Futures Short Fund will hold CME-listed ``call'' options on mini

Russell 2000 Index futures contracts (which give the Fund the right to

buy such contracts). Such put and call options are referred to herein

as ``Small Cap Stop Options.'' (Large Cap Stop Options and Small Cap

Stop Options, collectively, are referred to herein as ``Stop

Options.'') If CME-listed options are not readily available, a Fund may

invest in OTC options on Small Cap Futures Contracts. This strategy

will not prevent a Fund from losing money, but is designed to permit a

Fund to recover a small percentage of its losses in the event of

significant adverse movement in a Fund's Benchmark.\15\

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    \15\ A Fund's investments in Small Cap Futures Contracts,

together with its investments in Small Cap Financial Interests, if

any, may be referred to herein as the Fund's ``Russell 2000

Interests.'' The ProShares QuadPro U.S. Small Cap Futures Long Fund

will hold put options with respect to all or substantially all of

its Russell 2000 Interests with strike prices at approximately 75

percent of the value of the applicable underlying Russell 2000

Interests as of the end of the preceding business day. The ProShares

QuadPro U.S. Small Cap Futures Short Fund will hold call options

with respect to all or substantially all of its Russell 2000

Interests with strike prices at approximately 125 percent of the

value of the Fund's Russell 2000 Interests as of the end of the

preceding business day.

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    Each Fund will invest the remainder of its un-invested assets in

Money Market Instruments.

    In seeking to achieve a Fund's investment objective, the Sponsor

will use a mathematical approach to investing. Using this approach, the

Sponsor will determine the type, quantity and mix of investment

positions that the Sponsor believes, in combination, should produce

daily returns consistent with each Fund's objective. The Sponsor will

rely upon a pre-determined model to generate orders that result in

repositioning each Fund's investments in accordance with its respective

investment objective.

    Each Fund generally will seek to remain fully invested at all times

in Small Cap Futures Contracts, Small Cap Stop Options (as applicable),

and Money Market Instruments that, in combination, provide exposure to

the Small Cap Benchmark consistent with its investment objective

without regard to market conditions, trends or direction.

Characteristics of Futures Contracts

    According to the Registration Statement, a key feature of Futures

Contracts is that they specify a delivery date for the underlying

reference asset or the payment of its cash equivalent. As a result, the

composition of each Fund's Benchmark will change from time to time as

the delivery date for its component Futures Contracts is reached. Under

the current rules applicable to each Benchmark, Futures Contracts that

have reached their delivery date will be dropped from the Benchmark and

replaced with the later-expiring contracts (sometimes referred to as

the ``deferred month'' contracts). This process typically takes place

over a number of days, during which period the Benchmark may consist of

both the

``lead month'' contracts exiting the Benchmark and the ``deferred

month'' contracts being added to the Benchmark (which then become the

new ``lead month'' contracts). In such instances, each Fund's portfolio

investments will be changed accordingly. The Funds will not take

delivery of the reference assets underlying their respective

Benchmarks. Instead, each Fund intends to ``roll'' its Futures

Contracts as they approach their delivery dates. To ``roll'' a Futures

Contract means to sell a Futures Contract as it nears its delivery date

and replace it with a new Futures Contract that has a later delivery

date. Each Fund will ``roll'' its Futures Contracts in a manner

designed to reflect the changes in its Benchmark while minimizing

transaction costs and market impact. The anticipated ``roll'' date for

each Fund's Benchmark will be posted on the Funds' Web site at

www.proshares.com.

Net Asset Value

    According to the Registration Statement, the NAV in respect of a

Fund means the total assets of that Fund less the total liabilities of

such Fund, consistently applied under the accrual method of accounting.

The NAV of each Fund will include any unrealized profit or loss on a

Fund's investments (including Money Market Instruments) and any other

credit or debit accruing to a Fund but unpaid or not received by a

Fund. The NAV per Share of a Fund will be computed by dividing the

value of the net assets of such Fund (i.e., the value of its total

assets less total liabilities) by its total number of Shares

outstanding. Expenses and fees will be accrued daily and taken into

account for purposes of determining the NAV. Each Fund's NAV will be

calculated on each day other than a day when the Exchange is closed for

regular trading. The Funds will compute their NAV as of 4:00 p.m.

(E.T.) (the ``NAV Calculation Time'') or an earlier time as set forth

on www.proshares.com, if necessitated by the New York Stock Exchange

(``NYSE''), the Exchange or other exchange material to the valuation or

operation of such Fund closing early. Each Fund's NAV will be

calculated only once each trading day.

    Futures Contracts and Stop Options will be valued at their then-

current market value, which typically is the last traded price prior to

the NAV Calculation Time on the date for which the NAV is being

determined. If a Futures Contract or Stop Option could not be

liquidated on such day, due to the operation of daily limits or other

rules of the exchange upon which that position is traded or otherwise,

the Sponsor may, in its sole discretion, choose to determine a fair

value price as the basis for determining the market value of such

position for such day. Such fair value prices would generally be

determined based on available inputs about the current value of the

underlying reference assets and would be based on principles that the

Sponsor deems fair and equitable so long as such principles are

consistent with normal industry standards.

    In calculating the NAV of a Fund, the value of a Fund's non-

exchange traded Financial Instruments, if any, will be determined by

the applicable contract governing such Financial Instrument(s).

Typically, this is determined by applying the Fund's Benchmark closing

value to the terms of such non-exchange traded Financial Instrument.

However, in the event that the Futures Contracts underlying a Benchmark

are not trading due to the operation of daily limits or otherwise, the

Sponsor may, in its sole discretion, choose to fair value a Fund's non-

exchange traded Financial Instruments for purposes of the NAV

calculation. Such fair value prices would generally be determined based

on available inputs about the current value of the Futures Contracts

underlying a Benchmark and would be based on principles that the

Sponsor deems fair and equitable so long as such principles are

consistent with normal industry standards.

    Money Market Instruments generally will be valued using market

prices provided by third party market data provider(s) or at amortized

cost.

Indicative Optimized Portfolio Value (``IOPV'')

    The IOPV will be an indicator of the value of a Fund's net assets

at the time the IOPV is disseminated. The IOPV will be calculated and

disseminated every 15 seconds during the Exchange's Core Trading

Session (normally, 9:30 a.m. to 4:00 p.m., Eastern Time (``E.T.''). The

IOPV of a Fund will generally be calculated using the NAV of the prior

day's closing portfolio as a base and updating this amount throughout

the trading day to reflect changes in the value of the Futures

Contracts, Money Market Instruments and other investments, if any, held

by a Fund.

    For IOPV calculation purposes, Futures Contracts will be valued

using their most recent quoted price during the trading day, for as

long as the main pricing mechanism of the CME is open.

     Futures Contracts may be valued intraday using the main

pricing mechanism of the CME or through another proxy as determined to

be appropriate by the third party market data provider.

     Swaps and forward contracts may be valued intraday using

the intra-day value of the Large Cap Benchmark, or Small Cap Benchmark,

as applicable, or another proxy as determined to be appropriate by the

third party market data provider.

     Exchange-listed options may be valued intraday using the

relevant exchange data, or another proxy as determined to be

appropriate by the third party market data provider.

     Over-the-counter options may be valued intraday through

option valuation models (e.g., Black-Scholes) or using exchange-traded

options as a proxy, or another proxy as determined to be appropriate by

the third party market data provider.

    The IOPV will be disseminated on a per Share basis every 15 seconds

during the Exchange's Core Trading Session.\16\

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    \16\ Several major market data vendors display and/or make

widely available IOPVs taken from the Consolidated Tape Association

(``CTA'') or other data feeds. In addition, circumstances may arise

in which the NYSE Arca Core Trading Session is in progress, but

trading in Futures Contracts is not occurring. Such circumstances

may result from reasons including, but not limited to, a futures

exchange having a separate holiday schedule than the NYSE Arca, a

futures exchange closing prior to the close of the NYSE Arca, price

fluctuation limits being reached in a Futures Contract, or a futures

exchange, imposing any other suspension or limitation on trading in

a Futures Contract. In such instances, for IOPV calculation

purposes, the price of the applicable Futures Contracts, as well as

Stop Options or Financial Instruments whose price is derived from

the Futures Contracts, would be static or priced by the Fund at the

applicable early cut-off time of the exchange trading the applicable

Futures Contract.

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    The Exchange will disseminate the IOPV through the facilities of

the CTA high speed line. In addition, IOPV will be published on the

Exchange's Web site and will be available through on-line information

services such as Bloomberg and Reuters.

Creation and Redemption of Shares

    According to the Registration Statement, each Fund will create and

redeem Shares from time to time in one or more ``Creation Units.'' A

Creation Unit is a block of 50,000 Shares of a Fund. The size of a

Creation Unit is subject to change.

    On any ``Business Day'', an ``Authorized Participant'' may place an

order with the Distributor to create one or more Creation Units.\17\

For purposes of processing both purchase and redemption orders, a

``Business Day'' for each Fund means any day on which the NAV of such

Fund is determined.

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    \17\ ``Authorized Participants'' will be the only persons that

may place orders to create and redeem Creation Units. An Authorized

Participant is an entity that has entered into an Authorized

Participant Agreement with the Trust and Sponsor.

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    By placing a purchase order, an Authorized Participant agrees to

deposit cash with the Custodian of the Funds. The cash deposited will

be equal to the NAV of the number of Creation Unit(s) purchased. A

standard creation transaction fee is imposed to offset the transfer and

other transaction costs associated with the issuance of Creation Units.

Purchase orders, once accepted, are not revocable by an Authorized

Participant.

Redemption Procedures

    According to the Registration Statement, the procedures by which an

Authorized Participant can redeem one or more Creation Units will

mirror the procedures for the creation of Creation Units. On any

Business Day, an Authorized Participant may place an order with the

Distributor to redeem one or more Creation Units. If a redemption order

is received prior to the applicable cut-off time, or earlier if the

Exchange or other exchange material to the valuation or operation of

such Fund closes before the cut-off time, the day on which SEI receives

a valid redemption order is the redemption order date. If the

redemption order is received after the applicable cut-off time, the

redemption order date will be the next day. Redemption orders, once

accepted, are not revocable by an Authorized Participant. The

redemption procedures allow Authorized Participants to redeem Creation

Units. Individual shareholders may not redeem directly from a Fund.

    By placing a redemption order, an Authorized Participant agrees to

deliver the Creation Units to be redeemed through the Depository Trust

Company's (``DTC'') book-entry system to the applicable Fund not later

than noon (E.T.), on the first Business Day immediately following the

redemption order date (T+1). The Sponsor reserves the right to extend

the deadline for a Fund to receive the Creation Units required for

settlement up to the third Business Day following the redemption order

date (T+3).

    The redemption proceeds from a Fund will consist of the cash

redemption amount. The cash redemption amount is equal to the NAV of

the number of Creation Unit(s) redeemed. A standard redemption

transaction fee is imposed to offset the transfer and other transaction

costs associated with the redemption of Creation Units.

    Creation and redemption transactions must be placed each day with

SEI by 3:30 p.m., E.T., or earlier if the Exchange or other exchange

material to the valuation or operation of such Fund closes before such

cut-off time, to receive that day's NAV. The NAV calculation time for

each Fund typically will be 4:00 p.m. E.T.

    The redemption proceeds due from a Fund will be delivered to the

Authorized Participant at noon (E.T.), on the third Business Day

immediately following the redemption order date if, by such time on

such Business Day immediately following the redemption order date, a

Fund's DTC account has been credited with the Creation Units to be

redeemed.

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 a Fund.\18\ Trading in Shares of a Fund will

be halted if the circuit breaker parameters in NYSE Arca Equities Rule

7.12 have been reached. Trading also may be halted because of market

conditions or for reasons that, in the view of the Exchange, make

trading in the Shares inadvisable.

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    \18\ See NYSE Arca Equities Rule 7.12.

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

    The Exchange may halt trading during the day in which an

interruption to the dissemination of the IOPV or the value of a

Benchmark occurs. If the interruption to the dissemination of the IOPV

or the value of a Benchmark 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 of the Funds 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 Equities Rule 7.34 (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 Equities

Rule 7.6, 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 Equities Rule 8.200 and Commentary .02

thereto. The trading of the Shares will be subject to NYSE Arca

Equities Rule 8.200, 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, each Fund will be in compliance with Rule 10A-3 \19\ under the

Act, as provided by NYSE Arca Equities Rule 5.3. A minimum of 100,000

Shares of each Fund will be outstanding at the commencement of trading

on the Exchange.

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    \19\ 17 CFR 240.10A-3.

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Availability of Information

    The NAV for the Funds' Shares will be disseminated daily to all

market participants at the same time. The intraday, closing prices, and

settlement prices of the Futures Contracts and Stop Options will be

readily available from the applicable futures exchange Web sites,

automated quotation systems, published or other public sources, or

major market data vendors.

    Complete real-time data for the Futures Contracts and Stop Options

is available by subscription through on-line information services. The

CME also provides delayed futures and options on futures information on

current and past trading sessions and market news free of charge on

their respective Web sites. The specific contract specifications for

Futures Contracts are also available on such Web sites, as well as

other financial informational sources. Quotation and last-sale

information regarding the Shares will be disseminated through the

facilities of the CTA. Quotation information for Money Market

Instruments, swaps and forward contracts may be obtained from brokers

and dealers who make markets in such instruments. The IOPV will be

available through on-line information services.

    In addition, the Funds' Web site, www.proshares.com, will display

the applicable end of day closing NAV. The daily holdings of each Fund

will be available on the Funds' Web site before 9:30 a.m. E.T. Each

Fund's total portfolio composition will be disclosed each Business Day

that the NYSE Arca is open for trading, on the Funds' Web site. The

Funds' Web site, which will be publicly available at the time of the

public offering of Shares, will also include a form of the prospectus

for the Funds that may be downloaded.

    The Web site disclosure of portfolio holdings will be made daily to

all market participants at the same time, and will include, as

applicable, (i) the composite value of the total portfolio; (ii) the

name, percentage weighting, and value of the Futures Contracts and

Financial Interests; (iii) the Shares' ticker and CUSIP information;

(iv) additional quantitative information updated on a daily basis,

including, for each Fund: (1) Daily trading volume, the prior Business

Day's reported NAV and closing price, and a calculation of the premium

and discount of the closing price or mid-point of the bid/ask spread at

the time of NAV calculation (the ``Bid/Ask Price'') against the NAV;

and (2) data in chart format displaying the frequency distribution of

discounts and premiums of the daily closing price or Bid/Ask Price

against the NAV, within appropriate ranges, for at least each of the

four previous calendar quarters; and (v) as applicable, (1) the name,

quantity, value, expiration and strike price of Futures Contracts and

Stop Options, (2) the counterparty to and value of swap agreements and

forward contracts, (3) quantity held regarding each portfolio holding

(as measured by, for example, par value, notional value or number of

shares, contracts or units); (4) maturity date, if any; and (5) the

aggregate net value of Money Market Instruments and cash held in each

Fund's portfolio. In addition, the IOPV will be published on the

Exchange's Web site and will be available through on-line information

services such as Bloomberg and Reuters. The Fund's Web site will be

publicly accessible at no charge.

Impact on Arbitrage Mechanism

    The Sponsor believes there will be minimal, if any, impact to the

arbitrage mechanism as a result of the use of derivatives. Each Fund

intends to achieve substantially all of its leveraged or inverse

leveraged exposure to its Benchmark through positions in Futures

Contracts. The intraday, closing prices, and settlement prices of the

Futures Contracts will be readily available from the applicable futures

exchange Web sites, automated quotation systems, published or other

public sources, or major market data vendors. Market makers and

participants should be able to value derivatives as long as the

positions are disclosed with relevant information. The Sponsor believes

that the price at which Shares of the Funds trade will continue to be

disciplined by arbitrage opportunities created by the ability to

purchase or redeem Shares of the Funds at their NAV, which should

ensure that Shares of the Funds will not trade at a material discount

or premium in relation to its NAV.

    The Sponsor does not believe there will be any significant impacts

to the settlement or operational aspects of the Funds' arbitrage

mechanism due to the use of derivatives.

Surveillance

    The Exchange represents that trading in the Shares of each Fund

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.\20\ The Exchange represents that

these procedures are adequate to properly monitor Exchange trading of

the Shares in all trading sessions and to deter and detect violations

of Exchange rules and federal securities laws applicable to trading on

the Exchange.

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    \20\ FINRA conducts cross-market surveillances on behalf of the

Exchange pursuant to a regulatory services agreement. The Exchange

is responsible for FINRA's performance under this regulatory

services agreement.

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    The surveillances referred to above generally focus on detecting

securities trading outside their normal patterns, which could be

indicative of manipulative or other violative activity. When such

situations are detected, surveillance analysis follows and

investigations are opened, where appropriate, to review the behavior of

all relevant parties for all relevant trading violations.

    The Exchange or FINRA, on behalf of the Exchange, or both, will

communicate as needed regarding trading in the Shares, Futures

Contracts and certain Stop Options with other markets and other

entities that are members of the ISG, and the Exchange or FINRA, on

behalf of the Exchange, or both, may obtain trading information

regarding trading in the Shares, Futures Contracts and certain Stop

Options from such markets and other entities. In addition, the Exchange

may obtain information regarding trading in the Shares, Futures

Contracts and certain Stop Options from markets and other entities that

are members of ISG or with which the Exchange has in place a

comprehensive surveillance sharing agreement (``CSSA'').\21\ The

Exchange is also able to obtain information regarding trading in the

Shares, Futures Contracts and certain Stop Options through ETP Holders,

in connection with such ETP Holders' proprietary or customer trades

which they effect through ETP Holders on any relevant market. The

Exchange can obtain market surveillance information, including customer

identity information, with respect to transactions (including

transactions in Futures Contracts and certain Stop Options) occurring

on U.S. futures and securities exchanges that are members of the ISG.

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

    \21\ For a list of the current members of ISG, see

www.isgportal.org. The Exchange notes that not all components of a

Fund may trade on markets that are members of ISG or with which the

Exchange has in place a CSSA.

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    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 portfolios of the Funds or Benchmarks, (b)

limitations on the portfolios of the Funds or Benchmarks, or (c) the

applicability of Exchange listing rules specified in this rule filing

shall constitute continued listing requirements for listing the Shares

on the Exchange.

    The issuer has represented to the Exchange that it will advise the

Exchange of any failure by the Funds 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 a Fund is not in compliance with the

applicable listing requirements, the Exchange will commence delisting

procedures under NYSE Arca Equities Rule 5.5(m).

Information Bulletin

    Prior to the commencement of trading, the Exchange will inform its

ETP Holders in an Information Bulletin of the special characteristics

and risks associated with trading the Shares. Specifically, the

Information Bulletin will discuss the following: (1) The risks involved

in trading the Shares during the Early and Late Trading Sessions when

an updated IOPV will not be calculated or publicly disseminated; (2)

the procedures for purchases and redemptions of Shares in Creation

Units (and that Shares are not individually redeemable); (3) NYSE Arca

Equities Rule 9.2(a), which imposes a duty of due diligence on its ETP

Holders to learn the essential facts relating to every customer prior

to trading the Shares; (4) how information regarding the IOPV is

disseminated; (5) how information regarding portfolio holdings is

disseminated; (6) the requirement that ETP Holders deliver a prospectus

to investors purchasing newly issued Shares prior to or concurrently

with the

confirmation of a transaction; and (7) trading information.

    Prior to the commencement of trading, the Exchange will inform its

ETP Holders of the suitability requirements of NYSE Arca Equities Rule

9.2(a) in an Information Bulletin. Specifically, ETP Holders will be

reminded in the Information Bulletin that, in recommending transactions

in the Shares, they must have a reasonable basis to believe that (1)

the recommendation is suitable for a customer given reasonable inquiry

concerning the customer's investment objectives, financial situation,

needs, and any other information known by such ETP Holder, and (2) the

customer can evaluate the special characteristics, and is able to bear

the financial risks, of an investment in the Shares. In connection with

the suitability obligation, the Information Bulletin will also provide

that ETP Holders must make reasonable efforts to obtain the following

information: (1) The customer's financial status; (2) the customer's

tax status; (3) the customer's investment objectives; and (4) such

other information used or considered to be reasonable by such ETP

Holder or registered representative in making recommendations to the

customer.

    Further, the Exchange states that FINRA has implemented increased

sales practice and customer margin requirements for FINRA members

applicable to inverse, leveraged and inverse leveraged securities

(which include the Shares) and options on such securities, as described

in FINRA Regulatory Notices 09-31 (June 2009), 09-53 (August 2009), and

09-65 (November 2009) (collectively, ``FINRA Regulatory Notices''). ETP

Holders that carry customer accounts will be required to follow the

FINRA guidance set forth in these notices. As noted above, each Fund

will seek, on a daily basis, investment results that correspond (before

fees and expenses) to 4x, or -4x, respectively, the performance of a

Benchmark. Over a period of time in excess of one day, the cumulative

percentage increase or decrease in the NAV of the Shares of a Fund may

diverge significantly from a multiple or inverse multiple of the

cumulative percentage decrease or increase in the relevant Benchmark

due to a compounding effect.

    In addition, the Information Bulletin will advise ETP Holders,

prior to the commencement of trading, of the prospectus delivery

requirements applicable to a Fund. The Information Bulletin will also

discuss any exemptive, no-action, and interpretive relief granted by

the Commission from any rules under the Act. In addition, the

Information Bulletin will reference that a Fund is subject to various

fees and expenses described in the Registration Statement. The

Information Bulletin will also reference that the CFTC has regulatory

jurisdiction over the trading of Futures Contracts traded on U.S.

markets.

    The Information Bulletin will also disclose the trading hours of

the Shares and that the NAV for the Shares will be calculated as of

4:00 p.m. E.T. each trading day. The Information Bulletin will disclose

that information about the Shares will be publicly available on the

Funds' Web site.

2. Statutory Basis

    The basis under the Act for this proposed rule change is the

requirement under Section 6(b)(5) \22\ 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.

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

    \22\ 15 U.S.C. 78f(b)(5).

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    The Exchange believes that the proposed rule change is designed to

prevent fraudulent and manipulative acts and practices in that the

Shares will be listed and traded on the Exchange pursuant to the

initial and continued listing criteria in NYSE Arca Equities Rule 8.200

and Commentary .02 thereto. 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.

    Futures Contract closing price and settlement prices of are readily

available from the CME. In addition, such prices are available from

automated quotation systems, published or other public sources, or on-

line information services. Each Benchmark 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. Quotation and last-

sale information regarding the Shares will be disseminated through the

facilities of the CTA. The IOPV will be disseminated on a per Share

basis by one or more major market data vendors every 15 seconds during

the NYSE Arca Core Trading Session. The Exchange may halt trading

during the day in which an interruption to the dissemination of the

IOPV or the value of the underlying Benchmark Futures Contracts occurs.

If the interruption to the dissemination of the IOPV or the value of

the underlying Benchmark Futures Contracts 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.

    The proposed rule change is designed to promote just and equitable

principles of trade and to protect investors and the public interest in

that a large amount of information will be publicly available regarding

the Funds and the Shares, thereby promoting market transparency.

Quotation and last sale information for the Futures Contracts are

widely disseminated through a variety of major market data vendors

worldwide. Complete real-time data for such contracts is available by

subscription from Reuters and Bloomberg. The CME also provides delayed

futures information on current and past trading sessions and market

news free of charge on their Web sites. Each Benchmark 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. The NAV per Share will be calculated daily and made available to

all market participants at the same time. NYSE Arca will calculate and

disseminate every 15 seconds throughout the NYSE Arca Core Trading

Session an updated IOPV.

    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

additional types of exchange-traded products that are principally

exposed to futures contracts and that will enhance competition among

market participants, to the benefit of investors and the marketplace.

As noted above, the Exchange has in place surveillance procedures

relating to trading in the Shares and may obtain information via ISG

from other exchanges that are members of ISG or with which the Exchange

has in place a CSSA.

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

additional types of exchange-traded products that are principally

exposed to futures contracts 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_ADDRESS>Please include

File Number SR-NYSEArca-2017-69 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-2017-69. This

file number should be included on the subject line if email is used. To

help the Commission process and review your comments more efficiently,

please use only one method. The Commission will post all comments on

the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all

written statements with respect to the proposed rule change that are

filed with the Commission, and all written communications relating to

the proposed rule change between the Commission and any person, other

than those that may be withheld from the public in accordance with the

provisions of 5 U.S.C. 552, will be available for Web site viewing and

printing in the Commission's Public Reference Room, 100 F Street NE.,

Washington, DC 20549, on official business days between the hours of

10:00 a.m. and 3:00 p.m. Copies of 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; the Commission does

not edit personal identifying information from submissions. You should

submit only information that you wish to make available publicly. All

submissions should refer to File Number SR-NYSEArca-2017-69, and should

be submitted on or before September 8, 2017.

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    \23\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,

pursuant to delegated authority.\23\

Eduardo A. Aleman,

Assistant Secretary.

[FR Doc. 2017-17433 Filed 8-17-17; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 87, Number 112 (Friday, June 10, 2022)]
[Rules and Regulations]
[Pages 35387-35393]
[FR Doc No: 2022-12301]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2020-0988 Airspace Docket No. 18-AWA-3]
RIN 2120-AA66

Amendment of Class C Airspace and Revocation of Class E Airspace
Extension; Fort Lauderdale, FL

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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SUMMARY: This action reconfigures and expands the Fort Lauderdale-
Hollywood International Airport, FL (FLL), Class C airspace area. The
FAA is taking this action to reduce the risk of midair collisions and
enhance the efficient management of air traffic operations in the FLL
terminal area. This action also updates the FLL Airport Reference Point
(ARP) latitude/longitude geographic coordinates to match current
airspace database information. Additionally, this action revokes the
Class E airspace

extension to the FLL Class C airspace surface area. This action is
separate and distinct from the South Florida Metroplex Project. No
flight path changes are associated with this proposal.

DATES: Effective date 0901 UTC, September 8, 2022. The Director of the
Federal Register approves this incorporation by reference action under
1 CFR part 51, subject to the annual revision of FAA Order JO 7400.11
and publication of conforming amendments.

ADDRESSES: FAA Order JO 7400.11F, Airspace Designations and Reporting
Points, and subsequent amendments can be viewed online at https://www.faa.gov/air_traffic/publications/. For further information, you can
contact the Rules and Regulations Group, Federal Aviation
Administration, 800 Independence Avenue SW, Washington, DC 20591;
telephone:<PHONE_NUMBER>.

FOR FURTHER INFORMATION CONTACT: Paul Gallant, Rules and Regulations
Group, Office of Policy, Federal Aviation Administration, 800
Independence Avenue SW, Washington, DC 20591; telephone: (202) 267-
8783.

SUPPLEMENTARY INFORMATION:

Authority for This Rulemaking

    The FAA's authority to issue rules regarding aviation safety is
found in Title 49 of the United States Code. Subtitle I, Section 106
describes the authority of the FAA Administrator. Subtitle VII,
Aviation Programs, describes in more detail the scope of the agency's
authority. This rulemaking is promulgated under the authority described
in Subtitle VII, Part A, Subpart I, Section 40103. Under that section,
the FAA is charged with prescribing regulations to assign the use of
airspace necessary to ensure the safety of aircraft and the efficient
use of airspace. This regulation is within the scope of that authority
as it modifies the Fort Lauderdale-Hollywood International Airport, FL,
to reduce the potential for midair collisions and enhances the
management of air traffic in the terminal area.

History

    The FAA published a notice of proposed rulemaking for Docket No.
FAA-2020-0988 in the Federal Register (86 FR 17333; April 2, 2021)
proposing to modify the Fort Lauderdale-Hollywood International
Airport, FL (FLL), Class C airspace area. Interested parties were
invited to participate in this rulemaking effort by submitting written
comments on the proposal. Two comments were received.
    Class C airspace designations are published in paragraph 4000 of
FAA Order JO 7400.11F, dated August 10, 2021, and effective September
15, 2021, which is incorporated by reference in 14 CFR part 71.1. The
Class C airspace designation listed in this document will be published
subsequently in FAA Order JO 7400.11.
    Correspondingly, the Class C airspace area, and the Class E
airspace extension, in this document will subsequently be published in,
or removed from, FAA Order JO 7400.11.

Discussion of Comments

    The first commenter affirmed their support for the new airspace
design. The second commenter, the Aircraft Owners and Pilots
Association (AOPA), expressed four concerns about the proposal as
discussed below.\1\
---------------------------------------------------------------------------

    \1\ AOPA submitted its comments directly to the FAA. The FAA
placed AOPA's comments into the docket on January 25, 2022.
---------------------------------------------------------------------------

    First, AOPA acknowledged FAA's action to improve the availability
of Visual Flight Rules (VFR) flight following in the Miami Class B
airspace, and the FLL Class C airspace areas, but stated that recent
feedback from members indicated that VFR flight following can still be
difficult to obtain particularly as ``FAA has indicated they are not
able to provide a VFR corridor through this airspace.''
    The current coronavirus (COVID-19) pandemic has impacted air
traffic controller training and staffing which, at times, has limited
the services controllers can provide to VFR aircraft due to workload.
Within Miami Terminal Radar Approach Control (TRACON), training is
resuming and staffing is returning to normal levels which will assist
in creating additional opportunities to obtain/provide services to VFR
aircraft when airborne. As a suggestion, VFR pilots wishing to receive
air traffic control (ATC) services are encouraged to consider obtaining
a VFR discreet transponder code from ATC prior to departure.
    Second, AOPA stated that the ceiling of the Class D airspace areas
should be consistent with the floor of the overlying Class B or C
airspace as there ``needs to be more consistency to these altitudes and
[AOPA] continue[s] to have concerns that this complexity could result
in unintentional airspace violations.''
    This rule establishes a new Area F north of FLL with a floor of
2,500 feet mean sea level (MSL). With regard to the FLL Class C
airspace, the 1,200-foot MSL floor within the outer 10 nautical mile
(NM) ring of the current Class C airspace design overlaps portions of
the Fort Lauderdale Executive (FXE) Airport, and the Pompano Beach
Airport (PMP), Class D airspace areas which both have ceilings at 2,500
feet MSL. Area F overlies portions of the FXE and PMP Class D airspace
areas. The 2,500-foot floor of Area F is consistent with the 2,500-foot
ceilings of the two underlying Class D airspace areas.
    Third, AOPA restated its preference for the establishment of a VFR
corridor through the MIA Class B airspace but expressed satisfaction
that the FAA is considering the development of a VFR transition route
as an alternative.
    The FAA considered a VFR corridor but determined it is not feasible
with current MIA area air traffic operations. As described in the
Aeronautical Information Manual (AIM), VFR corridors are, in effect, a
``hole'' through Class B airspace in which aircraft can operate without
an ATC clearance or communication with ATC. Considering local
constraints, including traffic volume and traffic flows, plus the close
proximity of numerous airports in the MIA area, a VFR corridor could
not be established for operational and flight safety reasons.
    As an alternative, the FAA designed and implemented VFR Transition
Routes which became effective beginning with the February 25, 2021,
aeronautical charting cycle. The routes currently are depicted on the
Miami VFR Terminal Area Chart (TAC), and the Miami/South Florida VFR
Flyway Planning Chart. These transition routes traverse both the MIA
Class B, and the FLL Class C airspace areas, generally in north and
south directions. An ATC clearance is required to fly these routes.
Notes are placed on the charts to identify the routes and provide radio
frequencies and altitudes to expect. Operationally, although access to
the transition routes is based on controller workload, it does provide
more flexibility for both controllers and pilots.
    Fourth, AOPA called for the formation of a new Ad Hoc Committee to
evaluate the Class B airspace changes proposed in the NPRM due to the
lapse in time from the original Ad Hoc Committee and complexities as
the changes.
    The FAA considered the request for a second Ad Hoc Committee. After
studying the recommendations from the previous Committee, and the
public comments from the Informal Airspace Meetings, the FAA made a
number of changes to the Class B design and published an NPRM for
additional public comment. The FAA believes that

sufficient feedback was received to proceed with rulemaking, and
therefore decided not to form a second Ad Hoc Committee. Moreover, the
public was provided with an opportunity to submit comments in response
to the NPRM.

Availability and Summary of Documents for Incorporation by Reference

    This document amends FAA Order JO 7400.11F, Airspace Designations
and Reporting Points, dated August 10, 2021, and effective September
15, 2021. FAA Order JO 7400.11F is publicly available as listed in the
ADDRESSES section of this document. FAA Order JO 7400.11F lists Class
A, B, C, D, and E airspace areas, air traffic service routes, and
reporting points.

The Rule

    This action amends 14 CFR part 71 by modifying the FLL Class C
airspace area to expand the lateral dimensions to the east and west of
the airport, and lower some airspace floors to enhance safety in the
Fort Lauderdale terminal area (see the attached chart).
    The current FLL Class C airspace area consists of two concentric
circles centered on the airport reference point: (1) that airspace
extending upward from the surface to 4,000 feet MSL within a 5 NM
radius of the airport; and (2) that airspace extending upward from
1,200 feet MSL to 4,000 feet MSL within a 10 NM radius of the airport
(excluding the airspace within the adjacent Miami Class B airspace
area).
    This action updates the FLL airport reference point coordinates to
read ``lat. 26[deg]04'18'' N, long. 80[deg]08'59'' W'' which matches
the latest information in the Airport Master Records file. In addition,
this rule reconfigures the Class C airspace area from the traditional
two concentric circles design, to a more rectangular shape consisting
of seven sub-areas identified by the letters A though G. The lateral
foot print of the area is expanded to the east and west, but the
current 4,000-foot MSL ceiling of the Class C airspace area is
retained. In developing these modifications, the FAA has considered the
input received from the Ad Hoc Committee, the informal airspace
meetings, and the NPRM. The airspace modifications are described below.
    Area A. Area A extends from ground level upward to 4,000 feet MSL.
The lateral dimension of Area A is expanded from the current 5 NM
radius of FLL, to a 7 NM radius of the airport. It is bounded on the
north by lat. 26[deg]10'03'' N (the eastern most portion of Oakland
Park Boulevard located in Lauderdale Beach); and bounded on the south
by a 15 NM radius of the Miami International Airport; and on the
southeast by lat. 26[deg]00'39'' N (the eastern most portion of
Hollywood Boulevard located in Hollywood).
    Setting the northern boundary of Area A along lat. 26[deg]10'03'' N
allows Fort Lauderdale Executive Airport (FXE) to continue using south
downwind departures from FXE airport and returns most of the FXE Class
D airspace area altitudes to FXE airport traffic control tower (ATCT)
for their use. The new southeastern boundary of Area A provides more
room for aircraft departing North Perry Airport (HWO) and Opa Locka
Executive Airport (OPF) to transition to the east overwater.
    Area B. Area B, located west of Area A, extends upward from 1,200
feet MSL to 4,000 feet MSL. It is bounded on the north by lat.
26[deg]10'03'' N; on the west by State Road 869/Sawgrass Expressway,
Interstate 595 and Interstate 75; on the south by the 15 NM radius of
Miami International Airport; and on the east by the 7 NM radius of FLL
(the western boundary of Area A). Aligning the boundaries with
reference to existing major roadways give VFR pilots better visual
references for determining the airspace boundaries.
    Area C. Area C is located at the western end of the Class C
expansion. It extends upward from 3,000 feet MSL to 4,000 feet MSL.
Area C is bounded on the north by lat. 26[deg]13'53'' N (aligned with
the eastern portion of Atlantic Boulevard located in Pompano Beach)
(which is also the new northern boundary of FLL Class C airspace area);
on the west by the 25 NM radius of FLL; on the south by lat.
25[deg]57'48'' N; on the southeast by the 15 NM radius of MIA; and on
the east by U.S. Route 27. Route 27 was selected as the eastern
boundary based on suggestions that visual references be used to provide
better situational awareness for VFR pilots.
    Area D. Area D is located at the eastern end of the Class C
expansion. It extends upward from 3,000 feet MSL to 4,000 feet MSL. It
is bounded on the north by lat. 26[deg]13'53'' N (aligned with the
eastern portion of Atlantic Boulevard located in Pompano Beach); on the
east by the 25 NM radius of FLL; on the south by lat. 26[deg]00'39'' N
(the eastern most portion of Hollywood Boulevard located in Hollywood);
and on the west by the 20 NM radius of FLL. Area D forms the eastern
most section of the FLL Class C airspace area. In the original design,
the Class C floor in Area D was proposed to be 2,500 feet MSL. To
accommodate concerns, the floor is raised to 3,000 feet MSL to give VFR
pilots a little more room to transition beneath the area.
    Area E. Area E extends upward from 1,500 feet MSL to 4,000 feet
MSL. It is bounded on the north by lat. 26[deg]10'03'' N (the eastern
most portion of Oakland Park Boulevard located in Lauderdale Beach); on
the east by the north-south portion of Interstate I-75 and State Road
869/Sawgrass Expressway; on the south by the 15 NM radius of MIA; and
on the west by U.S. Route 27. Area E is located between Areas B and C.
    A goal of the design of Area E is to resolve an issue caused by the
configurations of the current MIA Class B airspace and the FLL Class C
airspace areas. A gap, approximately 4-5 NM wide, exists in the
airspace between the current 10 NM radius of FLL's Class C airspace (to
the west of the airport), and the existing MIA Class B airspace area to
the northwest of MIA (in the vicinity of U.S. Route 27). VFR aircraft
that are not in communication with ATC frequently transit this gap and
are climbing or descending through the final approach courses and the
downwind legs for FLL arrivals to runways 10L/10R. The redesign of Area
E is intended to close this gap to enhance safety for both FLL traffic
and the transiting VFR aircraft. The original proposal set the Class C
airspace floor in this area at 1,200 feet MSL. Due to concerns about
restricting VFR aircraft transiting the area, the Area E floor is
raised to 1,500 feet MSL to give VFR aircraft more room to transition
north and south. The use of existing major roadways to mark the
boundaries gives VFR pilots better situational awareness of the lateral
confines of Area E.
    Area F. Area F extends upward from 2,500 feet MSL to 4,000 feet
MSL. The area's boundaries begin at a point northwest of FLL where U.S.
Route 27 intersects lat. 26[deg]13'53'' N (aligned with the eastern
portion of Atlantic Boulevard in Pompano Beach); thence moving east
along lat. 26[deg]13'53'' N to a point that intersects the 20 NM radius
of FLL; thence moving clockwise along the 20 NM radius of FLL to a
point that intersects lat. 26[deg]00'39'' N; (the eastern most portion
of Hollywood Boulevard located in Hollywood); thence moving west along
lat. 26[deg]00'39'' N to a point that intersects the 15 NM radius of
FLL; thence moving counter-clockwise along the 15 NM radius of FLL to a
point that intersects lat. 26[deg]10'03'' N (the eastern most portion
of Oakland Park Boulevard located in Lauderdale Beach); thence moving
west along lat. 26[deg]10'03'' N to a point that intersects U.S. route
27; thence moving north along U.S. Route 27 to the point of beginning.
Area F forms the northern shelf of the FLL Class C airspace area,
running east and west between areas C and D, as well as

a north/south segment running between Areas G and D.
    In the current FLL Class C airspace configuration, the floor of
Class C airspace over FXE is 1,200 feet MSL. This 1,200-foot floor
extends right up to Pompano Beach Airpark (PMP). With the addition of
Area F, the Class C airspace floor is raised to 2,500 feet MSL over
FXE, and the northern boundary of Class C airspace is moved farther to
the south of PMP and aligned with the eastern portion of Atlantic
Boulevard. This 2,500-foot MSL Class C airspace shelf over FXE, and
southward relocation of the northern Class C airspace boundary to be
aligned with Atlantic Boulevard, provides a number of benefits,
including: the use of visual references to identify airspace
boundaries; better access for VFR pilots to the FXE and PMP areas;
additional room below Class C airspace to accommodate downwind
departures from FXE; better access for the flight schools based at FXE
and PMP to airspace that is regularly used for flight training; and
providing FXE and PMP ATCTs access to more altitudes within their
respective Class D airspace areas.
    Area G. Area G extends upward from 1,200 feet MSL to 4,000 feet
MSL. The area boundaries begin at a point northeast of FLL where the 7
NM radius of FLL intersects lat. 26[deg]10'03'' N (the eastern most
portion of Oakland Park Boulevard located in Lauderdale beach); thence
moving clockwise along the 7 NM radius of FLL to a point that
intersects lat. 26[deg]00'39'' N (the eastern most portion of Hollywood
Boulevard located in Hollywood); thence moving east along lat.
26[deg]00'39'' N to a point that intersects the 15 NM radius of FLL;
thence moving counterclockwise along the 15 NM radius of FLL to a point
that intersects lat. 26[deg]10'03'' N; thence moving west along lat.
26[deg]10'03'' N to the point of beginning. Area G is located between
Areas A and F.
    In addition, this action removes the Class E airspace extension to
the FLL Class C airspace surface area. The expansion of Area A from the
current 5 NM radius, to a 7 NM radius, incorporates the airspace in the
Class E extension into the Class C surface area thereby rendering the
extension unnecessary.
    FAA Order JO 7400.11, Airspace Designations and Reporting Points,
is published yearly and effective on September 15th.
    Since this action involves, in part, the designation of navigable
airspace outside the United States, the Administrator consulted with
the Secretary of State and the Secretary of Defense in accordance with
the provisions of Executive Order 10854.

Paperwork Reduction Act

    The Paperwork Reduction Act of 1995 (44 U.S.C. 3507(d)) requires
that the FAA consider the impact of paperwork and other information
collection burdens imposed on the public. The FAA has determined that
there is no new information collection requirement associated with this
final rule.

Regulatory Notices and Analyses

    Federal agencies consider impacts of regulatory actions under a
variety of executive orders and other requirements. First, Executive
Order 12866 and Executive Order 13563 direct that each Federal agency
shall propose or adopt a regulation only upon a reasoned determination
that the benefits of the intended regulation justify the costs. Second,
the Regulatory Flexibility Act of 1980 (Pub. L. 96-354) requires
agencies to analyze the economic impact of regulatory changes on small
entities. Third, the Trade Agreements Act (Pub. L. 96-39) prohibits
agencies from setting standards that create unnecessary obstacles to
the foreign commerce of the United States. Fourth, the Unfunded
Mandates Reform Act of 1995 (Pub. L. 104-4) requires agencies to
prepare a written assessment of the costs, benefits, and other effects
of proposed or final rules that include a Federal mandate that may
result in the expenditure by State, local, and tribal governments, in
the aggregate, or by the private sector, of $100,000,000 or more
(adjusted annually for inflation) in any one year. The current
threshold after adjustment for inflation is $158,000,000, using the
most current (2020) Implicit Price Deflator for the Gross Domestic
Product. This portion of the preamble summarizes the FAA's analysis of
the economic impacts of this rule.
    In conducting these analyses, the FAA has determined that this
rule: will have a minimal cost impact; is not an economically
``significant regulatory action'' as defined in section 3(f) of
Executive Order 12866; will not have a significant economic impact on a
substantial number of small entities; will not create unnecessary
obstacles to the foreign commerce of the United States; and will not
impose an unfunded mandate on State, local, or tribal governments, or
on the private sector.

Regulatory Impact Analysis

    Changes to Federal regulations must undergo several economic
analyses. First, Executive Order 12866 and Executive Order 13563 direct
that each Federal agency shall propose or adopt a regulation only upon
a reasoned determination that the benefits of the intended regulation
justify its costs. Second, the Regulatory Flexibility Act of 1980 (Pub.
L. 96-354) requires agencies to analyze the economic impact of
regulatory changes on small entities. Third, the Trade Agreements Act
(Pub. L. 96-39) prohibits agencies from setting standards that create
unnecessary obstacles to the foreign commerce of the United States. In
developing U.S. standards, this Trade Act requires agencies to consider
international standards and, where appropriate, that they be the basis
of U.S. standards. Fourth, the Unfunded Mandates Reform Act of 1995
(Pub. L. 104-4) requires agencies to prepare a written assessment of
the costs, benefits, and other effects of proposed or final rules that
include a Federal mandate likely to result in the expenditure by State,
local, or tribal governments, in the aggregate, or by the private
sector, of $100 million or more annually (adjusted for inflation with
base year of 1995). This portion of the preamble summarizes the FAA's
analysis of the economic impacts of this final rule.
    In conducting these analyses, the FAA has determined that this
final rule: (1) Is expected to have a minimal cost impact, (2) is not
an economically ``significant regulatory action'' as defined in section
3(f) of Executive Order 12866, (3) is not significant under DOT's
administrative procedure rule on rulemaking at 49 CFR 5.13; (4) not
have a significant economic impact on a substantial number of small
entities; (5) does not create unnecessary obstacles to the foreign
commerce of the United States; and (6) does not impose an unfunded
mandate on state, local, or tribal governments, or on the private
sector by exceeding the threshold identified above. These analyses are
summarized below.
    As discussed above, the FAA determined that changes put forth in
this rule will increase airspace safety and efficiency with minimal
cost impact. The rule will reconfigure and expand the FLL Class C
airspace. Despite significant increases in aircraft operations and
passenger enplanements over the years, the FLL Class C airspace has not
been modified since its inception in 1986. The current Class C airspace
area is not sufficient to accommodate the volume of aircraft operations
in the congested South Florida airspace, nor the traffic pattern
required by the increasing numbers of turbojet operations at FLL. The
benefits of the rule are to reduce the risk of midair collisions and
increase efficiency

of air traffic operations in the FLL terminals.
    The discussion presented in this section reflects conditions that
predate the coronavirus (COVID-19) pandemic in 2021. At the time of
writing, there is uncertainty surrounding the timing of recovery and
the long-term effects. To the extent that there are lingering or
lasting changes to general aviation and air carrier operations, the
benefits and costs of the FLL Class C airspace modification in this
rule may vary relative to the level of future operations.

Regulatory Flexibility Determination

    The Regulatory Flexibility Act of 1980 (Pub. L. 96-354) (RFA)
establishes ``as a principle of regulatory issuance that agencies shall
endeavor, consistent with the objectives of the rule and of applicable
statutes, to fit regulatory and informational requirements to the scale
of the businesses, organizations, and governmental jurisdictions
subject to regulation.'' To achieve this principle, agencies are
required to solicit and consider flexible regulatory proposals and to
explain the rationale for their actions to assure that such proposals
are given serious consideration.'' The RFA covers a wide-range of small
entities, including small businesses, not-for-profit organizations, and
small governmental jurisdictions.
    Agencies must perform a review to determine whether a rule will
have a significant economic impact on a substantial number of small
entities. If the agency determines that it will, the agency must
prepare a regulatory flexibility analysis as described in the RFA.
However, if an agency determines that a rule is not expected to have a
significant economic impact on a substantial number of small entities,
section 605(b) of the RFA provides that the head of the agency may so
certify and a regulatory flexibility analysis is not required. The
certification must include a statement providing the factual basis for
this determination, and the reasoning should be clear.
    The final rule modifies Class C airspace around FLL. The change
affects general aviation operators using the airspace at or near FLL.
Operators flying VFR need to adjust their flight paths to avoid the
modified Class C airspace. However, the modifications to Class C
airspace are intended to be the least restrictive option while
enhancing safety. Additionally, VFR operators can also use the current
north-south charted VFR flyway below the 3,000-foot Class B floor to
the west of MIA, which enables pilots to fly beneath the Class B, and
east-west flyway below 2000 MSL located to the south of HWO, or to the
north of Miami OPF. VFR pilots have the option to contact ATC at Miami
TRACON or FLL ATCT, and request flight following, if desired.
Therefore, as provided in section 605(b), the head of the FAA certifies
that this rulemaking would not result in a significant economic impact
on a substantial number of small entities.

International Trade Impact Assessment

    The Trade Agreements Act of 1979 (Pub. L. 96-39), as amended by the
Uruguay Round Agreements Act (Pub. L. 103-465), prohibits Federal
agencies from establishing standards or engaging in related activities
that create unnecessary obstacles to the foreign commerce of the United
States. Pursuant to these Acts, the establishment of standards is not
considered an unnecessary obstacle to the foreign commerce of the
United States, so long as the standard has a legitimate domestic
objective, such as the protection of safety, and does not operate in a
manner that excludes imports that meet this objective. The statute also
requires consideration of international standards and, where
appropriate, that they be the basis for U.S. standards. The FAA has
assessed the potential effect of this final rule and determined that it
should improve safety and is consistent with the Trade Agreements Act.

Unfunded Mandates Assessment

    Title II of the Unfunded Mandates Reform Act of 1995 (Pub. L. 104-
4) requires each Federal agency to prepare a written statement
assessing the effects of any Federal mandate in a proposed or final
agency rule that may result in an expenditure of $100 million or more
(in 1995 dollars) in any one year by State, local, and tribal
governments, in the aggregate, or by the private sector; such a mandate
is deemed to be a ``significant regulatory action.'' The FAA currently
uses an inflation-adjusted value of $155 million in $100 million. This
final rule does not contain such a mandate; therefore, the requirements
of Title II of the Act do not apply.

Environmental Review

    The FAA has determined that this action of (1) reconfiguring and
expanding the Fort Lauderdale-Hollywood International Airport, FL
(FLL), Class C airspace area and, (2) updating the FLL Airport
Reference Point (ARP) latitude/longitude geographic coordinates to
match current airspace database information, and (3) revoking the Class
E airspace extension to the FLL Class C airspace surface area qualifies
for categorical exclusion under the National Environmental Policy Act
(42 U.S.C. 4321 et seq.) and its implementing regulations at 40 CFR
part 1500, and in accordance with FAA Order 1050.1F, Environmental
Impacts: Policies and Procedures, paragraph 5-6.5a, which categorically
excludes from further environmental impact review rulemaking actions
that designate or modify classes of airspace areas, airways, routes,
and reporting points (see 14 CFR part 71, Designation of Class A, B, C,
D, and E Airspace Areas; Air Traffic Service Routes; and Reporting
Points). As such, this action is not expected to result in any
potentially significant environmental impacts. In accordance with FAA
Order 1050.1F, paragraph 5-2 regarding Extraordinary Circumstances, the
FAA has reviewed this action for factors and circumstances in which a
normally categorically excluded action may have a significant
environmental impact requiring further analysis. The FAA has determined
that no extraordinary circumstances exist that warrant preparation of
an environmental assessment or environmental impact study.

Lists of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (Air).

The Amendment

    In consideration of the foregoing, the Federal Aviation
Administration amends 14 CFR part 71 as follows:

PART 71--DESIGNATION OF CLASS A, B, C, D, AND E AIRSPACE AREAS; AIR
TRAFFIC SERVICE ROUTES; AND REPORTING POINTS

0
1. The authority citation for Part 71 continues to read as follows:

    Authority:  49 U.S.C. 106(f), 106(g); 40103, 40113, 40120; E.O.
10854, 24 FR 9565, 3 CFR, 1959-1963 Comp., p. 389.

Sec.  71.1   [Amended]

0
2. The incorporation by reference in 14 CFR 71.1 of FAA Order JO
7400.11F, Airspace Designations and Reporting Points, dated August 10,
2021, effective September 15, 2021, is amended as follows:

Paragraph 4000 Class C Airspace.

* * * * *

ASO FL C Fort Lauderdale-Hollywood International Airport, FL

Fort Lauderdale-Hollywood International Airport, FL
    (Lat. 26[deg]04'18'' N, long. 80[deg]08'59'' W)

Boundaries

    Area A. That airspace extending upward from the surface to and
including 4,000 feet

MSL within a 7 nautical mile radius of Fort Lauderdale-Hollywood
International Airport, excluding the airspace north of lat.
26[deg]10'03'' N (the eastern most portion of Oakland Park Boulevard
located in Lauderdale Beach), and bounded on the south by a 15
nautical mile radius of Miami International Airport, and on the
southeast by lat. 26[deg]00'39'' N (the eastern most portion of
Hollywood Boulevard located in Hollywood).
    Area B. That airspace extending upward from 1,200 feet MSL to
and including 4,000 feet MSL beginning at a point northwest of Fort
Lauderdale-Hollywood International Airport at the intersection of a
7 nautical mile radius of Fort Lauderdale-Hollywood International
Airport and lat. 26[deg]10'03'' N, thence moving west along lat.
26[deg]10'03'' N (the eastern most portion of Oakland Park Boulevard
located in Lauderdale Beach), to a point that intersects State Road
869/Sawgrass Expressway, thence moving south along State Road 869/
Sawgrass Expressway, [continuing south across the intersection of
State Road 869/Sawgrass Expressway, Interstate 595, and Interstate
75], and continuing south along Interstate 75 to a point that
intersects a 15 nautical mile radius of Miami International Airport,
thence moving clockwise along the 15 nautical mile radius to a point
that intersects the 7 nautical mile radius of Fort Lauderdale-
Hollywood International Airport, thence moving clockwise along the 7
nautical mile radius to the point of beginning.
    Area C. That airspace extending upward from 3,000 feet MSL to
and including 4,000 feet MSL within an area bounded on the north by
lat. 26[deg]13'53'' N (aligned with the eastern portion of Atlantic
Boulevard located in Pompano Beach), on the west by a 25 nautical
mile radius of Fort Lauderdale-Hollywood International Airport, on
the south by lat. 25[deg]57'48'' N, on the southeast by a 15
nautical mile radius of Miami International Airport, and on the east
by U.S. Route 27.
    Area D. That airspace extending upward from 3,000 feet MSL to
and including 4,000 feet MSL within an area bounded on the north by
lat. 26[deg]13'53'' N (aligned with the eastern portion of Atlantic
Boulevard located in Pompano Beach), on the east by a 25 nautical
mile radius of Fort Lauderdale-Hollywood International Airport, on
the south by lat. 26[deg]00'39'' N (the eastern most portion of
Hollywood Boulevard located in Hollywood), and on the west by a 20
nautical mile radius of Fort Lauderdale-Hollywood International
Airport.
    Area E. That airspace extending upward from 1,500 feet MSL to
and including 4,000 feet MSL within an area bounded on the north by
lat. 26[deg]10'03'' N (the eastern most portion of Oakland Park
Boulevard located in Lauderdale Beach), on the east by the north-
south portion of Interstate 75 and State Road 869/Sawgrass
Expressway, on the south by a 15 nautical mile radius of Miami
International Airport, and on the west by U.S. Route 27.
    Area F. That airspace extending upward from 2,500 feet MSL to
and including 4,000 feet MSL beginning northwest of Fort Lauderdale-
Hollywood International Airport at a point that intersects U.S.
Route 27 and lat. 26[deg]13'53'' N (aligned with the eastern portion
of Atlantic Boulevard located in Pompano Beach), thence moving east
along lat. 26[deg]13'53'' N to a point that intersects a 20 nautical
mile radius of Fort Lauderdale-Hollywood International Airport,
thence moving clockwise along the 20 nautical mile radius to a point
that intersects lat. 26[deg]00'39'' N (the eastern most portion of
Hollywood Boulevard located in Hollywood), thence moving west to a
point that intersects a 15 nautical mile radius of Fort Lauderdale-
Hollywood International Airport, thence moving counter-clockwise
along the 15 nautical mile radius to a point that intersects lat.
26[deg]10'03'' N (the eastern most portion of Oakland Park Boulevard
located in Lauderdale Beach), thence moving west along lat.
26[deg]10'03'' N to a point that intersects U.S. Route 27, thence
moving north along U.S. Route 27 to the point of beginning.
    Area G. That airspace extending upward from 1,200 feet MSL to
and including 4,000 feet MSL beginning northeast of Fort Lauderdale-
Hollywood International Airport at a point that intersects a 7
nautical mile radius of Fort Lauderdale-Hollywood International
Airport and lat. 26[deg]10'03'' N (the eastern most portion of
Oakland Park Boulevard located in Lauderdale Beach), thence moving
clockwise along the 7 nautical mile radius to a point that
intersects lat. 26[deg]00'39'' N (the eastern most portion of
Hollywood Boulevard located in Hollywood), thence moving east along
lat. 26[deg]00'39'' N to a point that intersects a 15 nautical mile
radius of Fort Lauderdale-Hollywood International Airport, thence
moving counter-clockwise along the 15 nautical mile radius to a
point that intersects lat. 26[deg]10'03'' N, thence moving west
along lat. 26[deg]10'03'' N to the point of beginning.
* * * * *

Paragraph 6003 Subpart E--Class E Airspace Areas Designated as an
Extension to a Class C Surface Area.

* * * * *

ASO FL E3 Fort Lauderdale, FL [Remove]

* * * * *
BILLING CODE 4910-13-P

[GRAPHIC] [TIFF OMITTED] TR10JN22.000

    Issued in Washington, DC, on June 3, 2022.
Scott M. Rosenbloom,
Manager, Airspace Rules and Regulations.
[FR Doc. 2022-12301 Filed 6-9-22; 8:45 am]
BILLING CODE 4910-13-C


[Federal Register: August 5, 2008 (Volume 73, Number 151)]
[Notices]
[Page 45434]
[DOCID:fr05au08-48]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CP07-62-000; CP07-63-000; CP07-64-000; CP07-65-000]

AES Sparrows Point LNG, LLC; Mid-Atlantic Express, LLC; Notice of
Meeting

July 28, 2008.
    At the request of U.S. Representative Joe Pitts, representing the
16th Congressional District of Pennsylvania, staff of the Federal
Energy Regulatory Commission will attend a meeting sponsored and
moderated by the Congressman to discuss constituents' concerns about
the proposed Sparrows Point LNG and Pipeline Project.\1\
---------------------------------------------------------------------------

    \1\ For additional information about the Project, please contact
the Commission's Office of External Affairs at<PHONE_NUMBER>.
---------------------------------------------------------------------------

    The meeting will be held on August 12, 2008, beginning at 7p.m.
(EDT) at: Octorara High School Auditorium, 226 Highland Road, Atglen,
PA 19310.
    Please contact Congressman Pitts' district office at<PHONE_NUMBER>
with any questions regarding this meeting.

Kimberly D. Bose,
Secretary.
[FR Doc. E8-17879 Filed 8-4-08; 8:45 am]

BILLING CODE 6717-01-P