Voglio sapere a riguardo di…

160

Federal Register / Vol. 86, No. 1 / Monday, January 4, 2021 / Notices
Exchanges Late Trading Session normally 4:00 p.m., E.T. to 8:00 p.m., E.T. are trading at a premium or a discount to the Trusts NAV. Therefore, investors and APs will have sufficient information to be able to ascertain whether any premiums or discounts will have a material impact on their trading in Shares of the Trust.8 The creation and redemption process used by the Trust will not be affected by the proposed change because the value used for purposes of effecting creations and redemptions of the Shares is based on NAV, not the Index value.
The proposed two-hour extension of the calculation and publication of the Index value will not impact investors trading Shares during the Exchanges Early Trading Session normally 4:00
a.m. to 9:30 a.m. E.T. or the Exchanges Core Trading Session normally 9:30
a.m. to 4:00 p.m. E.T. as such calculation and publication time will, consistent with the Prior Order, occur after such trading sessions. In addition, investors trading Shares during the Exchanges Late Trading Session normally 4:00 p.m. to 8:00 p.m. E.T.
will not be impacted by such change, as the Trusts NAV will be determined as of 4:00 p.m., E.T. or as soon thereafter as practicable and then disseminated via market data feeds as well as posted on the Trusts website. Like the Index, the value of the Physical Gold held by the Trust for purposes of determining the Trusts NAV is determined by reference to the LBMA Gold Price PM
for that day. Therefore, whether the Index value is calculated and published at 5:00 p.m. E.T. or 7:00 p.m. E.T., investors trading in the Exchanges Late Trading Session will trade based on the Trusts NAV determined as of 4:00 p.m.
E.T. or as soon thereafter as practicable.9
8 The Commission has previously approved proposed rule changes permitting listing and trading of shares of gold-related commodity trusts where such proposed rule changes did not specify when NAV or the value of the applicable trusts holdings would be posted to the trusts website.
See, e.g., Securities Exchange Act Release Nos.
50603 October 28, 2004, 69 FR 64614 November 5, 2004 SRNYSE200422 Order Granting Approval of Proposed Rule Change and Notice of Filing and Order Granting Accelerated Approval to Amendments No. 1 and No. 2 Thereto to the Proposed Rule Change by the New York Stock Exchange, Inc. Regarding Listing and Trading of streetTRACKS Gold Shares; 71378 January 13, 2014, 79 FR 4786 January 29, 2014 SR
NYSEArca2013137 Order Approving a Proposed Rule Change, as Modified by Amendment No. 1 Thereto, to List and Trade Shares of the Merk Gold Trust Pursuant to NYSE Arca Equities Rule 8.201.
9 The LBMA Gold Price PM for such day does not change between the hours of 4:00 p.m. E.T. and 7:00
p.m. E.T. and the investment objective of the Trust is for the Shares to closely reflect the Index.

VerDate Sep<11>2014

17:28 Dec 31, 2020

Jkt 253001

The Exchange notes that the Prior Order stated that the Index value is calculated and published each business day at approximately 5:00 p.m. E.T. on the Trusts website.10 Such calculation and publication time occurs outside of the Exchanges Core Trading Session normally 9:30 a.m. to 4:00 p.m. E.T. for each business day but occurs during the Exchanges Late Trading Session. The proposed change to the calculation and publication time from approximately 5:00 p.m. E.T. to approximately 7:00
p.m. E.T. is consistent with the Prior Order in that calculation and publication of the Index value will continue to occur outside of the Exchanges Core Trading Session for each business day but during the Exchanges Late Trading Session. The Exchange notes that the Commission has previously approved listing and trading on the Exchange of shares of gold-related commodity trusts under NYSE Arca Rule 8.201E where the specified time i.e., approximately 6:00
a.m. E.T. for dissemination of the applicable index value occurs outside of the Core Trading Session for such business day but during the Exchanges Early Trading Session normally 4:00
a.m., E.T. to 9:30 a.m., E.T..11
The proposed change would not affect the Trusts requirement to provide investors with an updated Index value each day and would not alter any information that is provided to investors during the trading day.12 Rather, the proposed publication of the Index value at approximately 7:00 p.m., E.T. would, like the approximately 5:00 p.m., E.T.
time frame approved in the Prior Order, provide for publication after the close of the Exchanges Core Trading Session.13
10 The Index currently is published daily through various market data vendors, including Bloomberg LP, under the ticker symbol WGIX, and Refinitiv, under the Reuters instrument code RIC
WGIX. Wilshire Phoenix Funds LLC, the Trusts Sponsor, represents that both the cash and Physical Gold weights for the Index are posted on the Trusts website on the first Business Day after the rebalance date, which is the last Business Day of each month.
11 See Securities Exchange Act Release Nos.
79518 December 9, 2016, 81 FR 90876 December 15, 2016 SRNYSEArca201684 order approving listing and trading of shares of the Long Dollar Gold Trust; 80840 June 1, 2017, 82 FR
26534 June 7, 2017 SRNYSEArca201733
Order Approving a Proposed Rule Change, as Modified by Amendment No. 2 Thereto, To List and Trade Shares of the Euro Gold Trust, Pound Gold Trust, and the Yen Gold Trust Under NYSE Arca Equities Rule 8.201.
12 As stated in the Prior Order, the current Index value will be disseminated by one or more major market vendors at least every 15 seconds during the Exchanges Core Trading Session.
13 The proposed approximately 7:00 p.m. E.T.
time for Index publication, like the approximately 5:00 p.m., E.T. Index calculation and publication time, would overlap with part of the Exchanges
PO 00000

Frm 00112

Fmt 4703

Sfmt 4703

In addition, as stated in the Prior Order, the Exchange, the Index Calculation Agent or a third party financial data provider will calculate an intraday indicative value IIV for the Shares every fifteen seconds during the Exchanges Core Trading Session, which will be available from one or more major market data vendors.14
The Sponsor represents that the proposed change described above will not impact investors. Except for the change noted above, all other representations made in the Prior Order remain unchanged.15
2. Statutory Basis The basis under the Act for this proposed rule change is the requirement under Section 6b5 16 that an exchange have rules that are designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to remove impediments to, and perfect the mechanism of a free and open market and, in general, to protect investors and the public interest.
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. The Exchange believes that the proposed change to the time of Index value calculation and publication would have no impact on the Trusts shareholders.
The Trusts ability to pursue its investment objective will not be impacted by the proposed change to provide for a later calculation and publication of an updated Index value for a particular business day.
The proposed change would provide investors with an updated Index value each day and would not alter any information that is provided to investors during the trading day. Like the approximately 5:00 p.m., E.T. time frame approved in the Prior Order, the Index would be calculated and published after the close of the Exchanges Core Trading Session and during the Exchanges Late Trading Late Trading Session normally 4:00 p.m., E.T. to 8:00 p.m., E.T.. The Exchange notes, that NYSE
Arca Rule 7.34E Trading Sessions includes certain requirements for orders entered in the Late Trading Session. Among these is the requirement that no Equity Trading Permit ETP Holder may accept an order from a non-ETP Holder for execution in the Exchanges Late Trading Session without disclosing to such non-ETP Holder certain risks, including the risk that an updated underlying index value or IIV may not be calculated or publicly disseminated in extended trading hours.
14 For purposes of the Prior Order and this filing, the IIV is the value referenced in NYSE Arca Rule 8.201Ee2v.
15 See note 5, supra. All terms referenced but not defined herein are defined in the Prior Order.
16 15 U.S.C. 78fb5.

E:FRFM04JAN1.SGM

04JAN1