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Federal Register / Vol. 86, No. 155 / Monday, August 16, 2021 / Notices
23 FMIOFINMA means the Ordinance of the Swiss Financial Market Supervisory Authority on Financial Market Infrastructures and Market Conduct in Securities and Derivatives Trading FINMA Financial Market Infrastructure Ordinance, CC
958.111, as amended from time to time.
24 Liquidity Ordinance means the Ordinance on the Liquidity of Banks.
FR Doc. 202117424 Filed 81321; 8:45 am BILLING CODE 801101P

SECURITIES AND EXCHANGE
COMMISSION
Release No. 3492626; File No. SR
CboeBZX2021053

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change To Amend Rule 14.11m Tracking Fund Shares To Provide for the Use of Custom Baskets Consistent With the Exemptive Relief Issued Pursuant to the Investment Company Act of 1940
Applicable to a Series of Tracking Fund Shares August 10, 2021.

lotter on DSK11XQN23PROD with NOTICES1

Pursuant to Section 19b1 of the Securities Exchange Act of 1934
Exchange Act,1 and Rule 19b4
thereunder,2 notice is hereby given that on August 3, 2021, Cboe BZX Exchange, Inc. Exchange or BZX filed with the Securities and Exchange Commission 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 Substance of the Proposed Rule Change Cboe BZX Exchange, Inc. the Exchange or BZX proposes to amend Rule 14.11m Tracking Fund Shares to provide for the use of Custom Baskets consistent with the exemptive relief issued pursuant to the Investment Company Act of 1940
Investment Company Act applicable to a series of Tracking Fund Shares. The text of the proposed rule change is provided in Exhibit 5.
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, 1 15
2 17

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

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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.
A. Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange proposes to amend Rule 14.11m Tracking Fund Shares 3
to provide for the use of Custom Baskets consistent with the exemptive relief issued pursuant to the Investment Company Act 4 applicable to a series of Tracking Fund Shares.
To effectuate this change, the Exchange proposes the following amendments to Rule 14.11m. First, the proposed rule change adopts new subparagraph F under Rule 14.11m3 Definitions, which defines Custom Basket, for the purposes of Rule 14.11m, to mean a portfolio of securities that is different from the Tracking Basket and is otherwise consistent with the exemptive relief issued pursuant to the Investment Company Act applicable to a series of Tracking Fund Shares. The proposed rule change makes conforming amendments to the definition of Tracking Fund Shares in Rule 14.11m3A and Reporting Authority 3 Rule 14.11m3A defines the term Tracking Fund Share as a security that: i 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; ii is issued in a specified aggregate minimum number in return for a deposit of a specified Tracking Basket and/or a cash amount with a value equal to the next determined net asset value; iii when aggregated in the same specified minimum number, may be redeemed at a holders request, which holder will be paid a specified Tracking Basket and/
or a cash amount with a value equal to the next determined net asset value; and iv the portfolio holdings for which are disclosed within at least 60
days following the end of every fiscal quarter.
4 15 U.S.C. 80a et seq.

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in Rule 14.11m3C. The proposed rule change amends the definition of Tracking Fund Share in Rule 14.11m3A to provide for creations of shares in return for a deposit by the purchaser of, and redemptions of shares at a holders request in return for, a Custom Basket rather than a Tracking Basket to the extent permitted by a funds exemptive relief. In addition, the proposed rule change amends the definition of Reporting Authority in respect of a particular series of Tracking Fund Shares in Rule 14.11m3C to provide for Custom Baskets to the extent permitted by a funds exemptive relief.
Currently, Reporting Authority in respect of a particular series of Tracking Fund Shares means the Exchange, an institution, or a reporting service designated by the Exchange or by the exchange that lists a particular series of Tracking Fund Shares if the Exchange is trading such series pursuant to unlisted trading privileges as the official source for calculating and reporting information relating to such series, including, but not limited to, the Tracking Basket; the Fund Portfolio; the amount of any cash distribution to holders of Tracking Fund Shares, net asset value, or other information relating to the issuance, redemption or trading of Tracking Fund Shares. Rule 14.11m3C further provides that a series of Tracking Fund Shares may have more than one Reporting Authority, each having different functions. The proposed rule change adds Custom Basket to the nonexclusive list of information relating to Tracking Fund Shares that a Reporting Authority calculates and reports, i.e., including, but not limited to, the Tracking Basket; the Fund Portfolio; the amount of any cash distribution to holders of Tracking Fund Shares, net asset value, or other information relating to the issuance, redemption or trading of Tracking Fund Shares.
Second, the proposed rule change amends Rule 14.11m4 Initial and Continued Listing, which currently provides criteria that Tracking Fund Shares must satisfy for initial and continued listing on the Exchange, to incorporate specific initial and continued listing criteria for Custom Baskets. Specifically, Rule 14.11m4Aii currently provides that the Exchange will obtain a representation from the issuer of each series of Tracking Fund Shares that the net asset value per share for the series will be calculated daily and that each of the following will be made available to all market participants at the same time when disclosed: the net asset value, the
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