Voglio sapere a riguardo di…

12502

Federal Register / Vol. 86, No. 40 / Wednesday, March 3, 2021 / Notices
proposed rule change is available on the Exchanges website at www.nyse.com, at the principal office of the Exchange, 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 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 Organizations Statement of the Purpose of, and the Statutory Basis for, the Proposed Rule Change
jbell on DSKJLSW7X2PROD with NOTICES

1. Purpose The Commission has approved a proposed rule change relating to listing and trading on the Exchange of shares Shares of the Fund under NYSE
Arca Rule 8.900E,5 which governs the listing and trading of Managed Portfolio Shares on the Exchange.6 The Shares of the Fund were to be issued by The Alger ETF Trust the Trust, which is registered with the Commission as an 5 See Securities Exchange Act Release No. 90528
November 30, 2020, 85 FR 78389 December 4, 2020 SRNYSEArca202080 Order Approving a Proposed Rule Change, as Modified by Amendment No. 2, to List and Trade Shares of Alger Mid Cap 40 ETF and Alger 25 ETF under NYSE Arca Rule 8.900E the Prior Order; see also Amendment No. 2 to SRNYSEArca202080, available at https www.sec.gov/comments/sr-nysearca-202080/srnysearca202080-7985015-225090.pdf the Prior Filing.
6 NYSE Arca Rule 8.900E provides that a Managed Portfolio Share is security that a represents an interest in an investment company registered under the Investment Company Act of 1940 Investment Company organized as an open-end management investment company that invests in a portfolio of securities selected by the Investment Companys investment adviser consistent with the Investment Companys investment objectives and policies; b is issued in a Creation Unit, or multiples thereof, in return for a designated portfolio of instruments and/or an amount of cash with a value equal to the next determined net asset value and delivered to the Authorized Participant as defined in the Investment Companys Form N1A filed with the Commission through a Confidential Account; c when aggregated into a Redemption Unit, or multiples thereof, may be redeemed for a designated portfolio of instruments and/or an amount of cash with a value equal to the next determined net asset value delivered to the Confidential Account for the benefit of the Authorized Participant; and d the portfolio holdings for which are disclosed within at least 60
days following the end of every fiscal quarter.

VerDate Sep<11>2014

17:29 Mar 02, 2021

Jkt 253001

open-end management investment company.7 Shares of the Fund have not commenced listing and trading on the Exchange.
The Exchange proposes to update two representations made in the Prior Filing and the Prior Order relating to the Fund.
The Exchange proposes to 1 update the name of the Fund to the Alger 35 ETF
and 2 update the number of holdings that the Fund will generally own to approximately 35, rather than approximately 25 as represented in the Prior Filing. The Prior Filing represented that the Funds primary objective is to seek long-term capital appreciation and that the Fund will primarily invest in equity securities of growth companies of any market capitalization listed on U.S. exchanges, including common or preferred stocks, and these representations are unchanged with respect to the Alger 35
ETF. The Alger 35 ETF will differ from the Fund only in that it will generally own approximately 35 holdings, instead of approximately 25 holdings.
2. Statutory Basis The basis under the Act for this proposed rule change is the requirement under Section 6b5 8 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.
This proposed rule change merely updates the name of the Fund and the approximate number of holdings that the Fund will own, in accordance with the Registration Statement. Other than this proposed change, all statements in the Prior Filing remain unchanged, including that the Alger 35 ETF will have the same investment objectives as 7 The Trust is registered under the Investment Company Act of 1940 the 1940 Act. On August 17, 2020, the Trust filed a registration statement on Form N1A under the Securities Act of 1933 the 1933 Act and the 1940 Act for the Alger Mid Cap 40 ETF and the Alger 25 ETF File No. 81123603.
On February 19, 2021, the Trust filed an amended registration statement on Form N1A under the 1933 Act and 1940 Act for the Alger Mid Cap 40
ETF and the Alger 35 ETF File Nos. 81123603 and 333248085 the Registration Statement. In response to the Trusts application for exemptive relief File No. 81215117, the Commission issued an order granting such relief to the Trust under the 1940 Act on May 19, 2020 Investment Company Act Release No. 33869. The description of the operation of the Trust and the Alger 35 ETF, formerly known as the Alger 25 ETF, herein is based, in part, on the Registration Statement. The Exchange will not commence trading in shares of the Alger 35 ETF until the Registration Statement is effective.
8 15 U.S.C. 78fb5.

PO 00000

Frm 00093

Fmt 4703

Sfmt 4703

the Fund and will invest in the same types of securities as the Fund.
Accordingly, the Exchange believes that this proposed rule change raises no novel regulatory issues.
B. Self-Regulatory Organizations 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 proposed change does not introduce a new product, but rather proposes to update representations regarding the Fund that would not impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act.
C. Self-Regulatory Organizations 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 The Exchange has filed the proposed rule change pursuant to Section 19b3Aiii of the Act 9 and Rule 19b4f6 thereunder.10 Because the proposed rule change does not: i Significantly affect the protection of investors or the public interest; ii impose any significant burden on competition; and iii become operative prior to 30 days from the date on which it was filed, or such shorter time as the Commission may designate, if consistent with the protection of investors and the public interest, the proposed rule change has become effective pursuant to Section 19b3A
of the Act and Rule 19b4f6iii thereunder.
A proposed rule change filed under Rule 19b4f6 11 normally does not become operative prior to 30 days after the date of the filing. However, pursuant to Rule 19b4f6iii,12 the Commission may designate a shorter time if such action is consistent with the protection of investors and the public interest. The Exchange has asked the Commission to waive the 30-day operative delay so that the proposal may become operative immediately upon filing to accommodate the listing and trading of the Shares of the Alger 35
9 15

U.S.C. 78sb3Aiii.
CFR 240.19b4f6.
11 17 CFR 240.19b4f6.
12 17 CFR 240.19b4f6iii.
10 17

E:FRFM03MRN1.SGM

03MRN1