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Federal Register / Vol. 86, No. 26 / Wednesday, February 10, 2021 / Notices The hour burden estimates for preparing and filing reports on Form N14 are based on the Commissions experience with the contents of the form. The number of burden hours may vary depending on, among other things, the complexity of the filing and whether preparation of the forms is performed by internal staff or outside counsel.
The amendments to Form N14 to permit BDCs to incorporate certain information by reference into that form to the same extent as registered closedend fund are expected to decrease the burden and costs for BDCs that prepare and file Forms N14. As summarized in Table 1 above, we estimate that the total internal burden associated with N14
will be 125,260 hours, at a cost of approximately $37,856,382.
The public may view the background documentation for this information collection at the following website, www.reginfo.gov. Comments should be directed to: i Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503, or by sending an email to:
Lindsay.M.Abate@omb.eop.gov; and ii David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, c/o Cynthia Roscoe, 100 F Street NE, Washington, DC 20549 or send an email to: PRA_
Mailbox@sec.gov. Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to www.reginfo.gov/public/do/
PRAMain. Find this particular information collection by selecting Currently under 30-day ReviewOpen for Public Comments or by using the search function.
Dated: February 4, 2021.
J. Matthew DeLesDernier, Assistant Secretary.
FR Doc. 202102687 Filed 2921; 8:45 am BILLING CODE 801101C

SECURITIES AND EXCHANGE
COMMISSION
Release No. 3491064; File No. SR
CboeBZX2021014

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of 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 Multiple Intra-Day Net Asset Values NAVs and an End-of-Day NAV
February 4, 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 22, 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 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 multiple intra-day net asset values NAVs and an end-of-day NAV. The shares of each Fund the Shares would continue to comply with all of the listing standards set forth under Rule 14.11m.
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.
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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.
A. Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 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 multiple intra-day NAVs and an end-of-day NAV. This proposal is designed to provide the marketplace with additional information about the Funds and their respective holdings and the Exchange believes it will allow market participants to better estimate the value each Funds underlying holdings, assess their risk, 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
or its distributor purchase and redeem ETP shares directly from the ETP in blocks called creation units at a price equal to the next NAV, and may then purchase or sell individual ETP shares in the secondary market at marketdetermined prices. ETPs trade at market prices, but the market price typically will be more or less than the funds 3 See Securities Exchange Act Release No. 90684
December 16, 2020 85 FR 83637 December 22, 2020 SRCboeBZX2020091 the Initial Filing.

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

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