Voglio sapere a riguardo di…

Federal Register / Vol. 86, No. 16 / Wednesday, January 27, 2021 / Notices 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.
SRCboeEDGA2021004. 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.
SRCboeEDGA2021004, and should be submitted on or before February 17, 2021.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.20
J. Matthew DeLesDernier, Assistant Secretary.
FR Doc. 202101731 Filed 12621; 8:45 am
khammond on DSKJM1Z7X2PROD with NOTICES

BILLING CODE 801101P

SECURITIES AND EXCHANGE
COMMISSION
Release No. 3490957; File No. SR
CboeBZX2021012

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Expand the Annual Listing Fee Cap for Outcome Strategy ETPs To Include Series Having Returns Based on Two or More Reference Indexes January 21, 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 January 13, 2021, Cboe BZX Exchange, Inc. the Exchange or BZX filed with the Securities and Exchange Commission the Commission the proposed rule change as described in Items I, II, and III below, which Items have been prepared by the 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 the 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 change to amend the fees applicable to securities listed on the Exchange, which are set forth in BZX Rule 14.13.
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 the most significant aspects of such statements.
1 15

20 17

CFR 200.303a12.

VerDate Sep<11>2014

17:04 Jan 26, 2021

2 17

Jkt 253001

PO 00000

U.S.C. 78sb1.
CFR 240.19b4.

Frm 00085

Fmt 4703

Sfmt 4703

7327

A. Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange is proposing to amend Rule 14.13b2C related to the listing of exchange-traded products ETPs 3
on the Exchange. Specifically, the Exchange is proposing to modify the fee definition of Outcome Strategy ETPs provided under Rule 14.13b2Ciii the Rule to include ETPs that provide returns based on the performance of more than one underlying instruments.
By way of background, Outcome Strategy ETPs are ETPs that are designed to provide a particular set of returns over a specified outcome period based on the performance of an underlying instrument during the ETPs outcome period. As an example, an Outcome Strategy ETP would include an ETP that employs the following strategy the Buffer Strategy: The ETP
seeks to provide investment returns that match the gains of a particular index the Reference Index up to a maximized annual return the Cap Level while guarding against certain declines in that same underlying index the Buffer Level over a particular period of time the Outcome Period.
If over the course of the Outcome Period, the Reference Index increases in value, the ETP would appreciate by approximately the same amount, up to the Cap Level. If over the course of the Outcome Period, the Reference Index decreases in value by an amount equal to or less than the Buffer Level, then the ETP would provide an approximate total return of zero. If over the course of the Outcome Period, the Reference Index decreases in value by an amount greater than the Buffer Level, then the ETP would decrease in value by approximately the same percentage as the Reference Index, minus the Buffer Level. Such outcomes would only apply for the specified Outcome Period and the ETP would reset at the end of that Outcome Period in order to employ the same Buffer Strategy for the following Outcome Period.4
As such, the Outcome Period applicable to each ETP is particularly important and investors need to have 3 As defined in Rule 11.8e1A, the term ETP
means any security listed pursuant to Exchange Rule 14.11.
4 The Exchange notes that the Cap Levels, Buffer Levels, and the duration of each Outcome Period will vary across Outcome Strategy Series, but that the concepts of providing exposure to a particular reference instrument with an upside cap and limited downside over a particular period of time generally define Outcome Strategy ETPs.

E:FRFM27JAN1.SGM

27JAN1