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Federal Register / Vol. 86, No. 161 / Tuesday, August 24, 2021 / Notices Comments may be submitted by any of the following methods:

SECURITIES AND EXCHANGE
COMMISSION

the most significant aspects of such statements.

Electronic Comments
Release No. 3492701; File No. SR
CboeBZX2021056

A. Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
Use the Commissions internet comment form http www.sec.gov/
rules/sro.shtml; or Send an email to rule-comments@
sec.gov. Please include File No. SR
GEMX202108 on the subject line.
Paper Comments Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 205491090.
All submissions should refer to File No.
SRGEMX202108. 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 Commissions internet website http www.sec.gov/
rules/sro.shtml. Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for website viewing and printing in the Commissions Public Reference Room, 100 F Street NE, Washington, DC 20549, on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change.
Persons submitting comments are cautioned that we do not redact or edit personal identifying information from comment submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File No.
SRGEMX202108, and should be submitted on or before September 14, 2021.

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For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.23
Jill M. Peterson, Assistant Secretary.
FR Doc. 202118122 Filed 82321; 8:45 am
Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Allow the Invesco Focused Discovery Growth ETF and Invesco Select Growth ETF To Strike and Publish an Intra-Day NAV
and an End-of-Day NAV
August 18, 2021.

Pursuant to Section 19b1 of the Securities Exchange Act of 1934 the Act,1 and Rule 19b4 thereunder,2
notice is hereby given that on August 12, 2021, Cboe BZX Exchange, Inc. filed with the Securities and Exchange Commission the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.
I. Self-Regulatory Organizations Statement of the Terms of Substance of the Proposed Rule Change Cboe BZX Exchange, Inc. the Exchange or BZX is filing with the Securities and Exchange Commission Commission a proposed rule amendment to allow the Invesco Focused Discovery Growth ETF and Invesco Select Growth ETF each a Fund and, collectively, the Funds, each a series of the Invesco Actively Managed Exchange-Traded Fund Trust the Trust, to strike and publish an intra-day net asset value NAV and an end-of-day NAV.
The text of the proposed rule change is also available on the Exchanges website http markets.cboe.com/us/
equities/regulation/rule_filings/bzx/, at the Exchanges Office of the Secretary, and at the Commissions Public Reference Room.
II. Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of
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1. Purpose The Exchange proposed and the Commission approved a rule to permit the listing and trading of the Shares of each Fund.3 On December 22, 2020, the Exchange commenced trading in the Shares of each Fund. The Exchange now proposes to continue listing and trading the Shares of each Fund pursuant to Rule 14.11m and to permit the Funds to strike and publish a single intra-day NAV in addition to the current practice of striking and publishing an end-of-day NAV. This proposal is designed to assist market makers in assessing and managing their intra-day risk, provide greater flexibility in creating and redeeming shares and provide the marketplace with additional information about the Funds. The Exchange believes this feature of the Funds will allow market participants to better assess and manage their intra-day risk in making a market in the Funds shares, and provide additional certainty around intra-day price and hedging for the Funds shares.
The NAV represents the value of a funds assets minus its liabilities divided by the number of shares outstanding and is used in valuing exchange-traded products ETPs, including Tracking Fund Shares. By way of background, an ETP issues shares that can be bought or sold throughout the day in the secondary market at a market-determined price.
Authorized participants that have contractual arrangements with the ETP
and/or its distributor purchase and redeem ETP shares directly from the ETP in blocks called creation units at a price equal to the next-calculated NAV, and may then purchase or sell individual ETP shares in the secondary market at market-determined prices.
ETP shares trade at market prices, but the market price typically will be more or less than the funds NAV per share due to a variety of factors, including the underlying prices of the ETPs assets and the demand for the ETP shares.
Nonetheless, an ETPs market price is generally kept close to the ETPs end-ofday NAV because of the arbitrage function inherent to the structure of the ETP. An arbitrage opportunity is 3 See Securities Exchange Act Release No. 90684
December 16, 2020 85 FR 83637 December 22, 2020 SRCboeBZX2020091 the Initial Filing.

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