Joint Industry Plan; Notice of Filing and Immediate Effectiveness of the Sixteenth Amendment to the National Market System Plan To Address Extraordinary Market Volatility by Cboe BZX Exchange, Inc., Cboe BYX Exchange, Inc., Cboe EDGA Exchange, Inc., Cboe EDGX Exchange, Inc., Chicago Stock Exchange, Inc., Financial Industry Regulatory Authority, Inc., Investors Exchange LLC, NASDAQ BX, Inc., NASDAQ PHLX LLC, The Nasdaq Stock Market LLC, NYSE National, Inc., New York Stock Exchange LLC, NYSE American LLC, and NYSE Arca, Inc.

Federal Register, Volume 83 Issue 55 (Wednesday, March 21, 2018)

Federal Register Volume 83, Number 55 (Wednesday, March 21, 2018)

Notices

Pages 12414-12430

From the Federal Register Online via the Government Publishing Office www.gpo.gov

FR Doc No: 2018-05660

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SECURITIES AND EXCHANGE COMMISSION

Release No. 34-82887; File No. 4-631

Joint Industry Plan; Notice of Filing and Immediate Effectiveness of the Sixteenth Amendment to the National Market System Plan To Address Extraordinary Market Volatility by Cboe BZX Exchange, Inc., Cboe BYX Exchange, Inc., Cboe EDGA Exchange, Inc., Cboe EDGX Exchange, Inc., Chicago Stock Exchange, Inc., Financial Industry Regulatory Authority, Inc., Investors Exchange LLC, NASDAQ BX, Inc., NASDAQ PHLX LLC, The Nasdaq Stock Market LLC, NYSE National, Inc., New York Stock Exchange LLC, NYSE American LLC, and NYSE Arca, Inc.

March 15, 2018.

  1. Introduction

    On February 14, 2018, Cboe Global Markets, Inc., on behalf of Cboe BZX Exchange, Inc. (``BZX''), Cboe BYX Exchange, Inc. (``BYX''), Cboe EDGA Exchange, Inc. (``EDGA''), and Cboe EDGX Exchange, Inc. (``EDGX''), and the following parties to the Plan to Address Extraordinary Market Volatility Pursuant to Rule 608 of Regulation NMS under the Securities Exchange Act of 1934 (``Plan''): \1\ Chicago Stock Exchange, Inc., the Financial Industry Regulatory Authority, Inc., Investors Exchange LLC (``IEX''), NASDAQ BX, Inc., NASDAQ PHLX LLC, The NASDAQ Stock Market LLC, the New York Stock Exchange LLC (``NYSE''), NYSE Arca, Inc. (``NYSE Arca''), NYSE American LLC (``NYSE American''), and NYSE National, Inc. (``NYSE National'') (collectively with BYX, BZX, EDGA, and EDGX, the ``Participants''), filed with the Securities and Exchange Commission (``Commission'') pursuant to Section 11A(a)(3) of the Securities Exchange Act of 1934 (``Exchange Act'') \2\ and Rule 608 thereunder,\3\ a proposal to amend the Plan (``Sixteenth Amendment'').\4\ The Sixteenth Amendment proposes a non-substantive amendment to the Plan to reflect the name change of Bats BYX Exchange, Inc. to Cboe BYX Exchange, Inc., Bats BZX Exchange, Inc. to Cboe BZX Exchange, Inc., Bats EDGA Exchange, Inc. to Cboe EDGA Exchange, Inc., and Bats EDGX Exchange, Inc. to Cboe EDGX Exchange, Inc.\5\ The amendment also changes the addresses for Bats BYX Exchange, Inc., Bats BZX Exchange, Inc., Bats EDGA Exchange, Inc., and Bats EDGX Exchange, Inc. The Participants are filing this change for immediate effectiveness pursuant to Rule 608(b)(3)(iii) of Regulation NMS (``Rule 608'') under the Securities

    Page 12415

    Exchange Act of 1934 (``Exchange Act'').\6\

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    \1\ On May 31, 2012, the Commission approved the Plan, as modified by Amendment No. 1. See Securities Exchange Act Release No. 67091, 77 FR 33498 (June 6, 2012) (File No. 4-631). On February 20, 2013, the Commission noticed for immediate effectiveness the Second Amendment to the Plan. See Securities Exchange Act Release No. 68953, 78 FR 13113 (February 26, 2013). On April 3, 2013, the Commission approved the Third Amendment to the Plan. See Securities Exchange Act Release No. 69287, 78 FR 21483 (April 10, 2013). On August 27, 2013, the Commission noticed for immediate effectiveness the Fourth Amendment to the Plan. See Securities Exchange Act Release No. 70273, 78 FR 54321 (September 3, 2013). On September 26, 2013, the Commission approved the Fifth Amendment to the Plan. See Securities Exchange Act Release No. 70530, 78 FR 60937 (October 2, 2013). On January 7, 2014, the Commission noticed for immediate effectiveness the Sixth Amendment to the Plan. See Securities Exchange Act Release No. 71247, 79 FR 2204 (January 13, 2014). On April 3, 2014, the Commission approved the Seventh Amendment to the Plan. See Securities Exchange Act Release No. 71851, 79 FR 19687 (April 9, 2014). On February 19, 2015, the Commission approved the Eight Amendment to the Plan. See Securities Exchange Act Release No. 74323, 80 FR 10169 (February 25, 2015). On October 22, 2015, the Commission approved the Ninth Amendment to the Plan. See Securities Exchange Act Release No. 76244, 80 FR 66099 (October 28, 2015). On April 21, 2016, the Commission approved the Tenth Amendment to the Plan. See Securities Exchange Act Release No. 77679, 81 FR 24908 (April 27, 2016). On August 26, 2016, the Commission noticed for immediate effectiveness the Eleventh Amendment to the Plan. See Securities Exchange Act Release No. 78703, 81 FR 60397 (September 1, 2016). On January 19, 2017, the Commission approved the Twelfth Amendment to the Plan. See Securities Exchange Act Release No. 79845, 82 FR 8551 (January 26, 2017). On April 13, 2017, the Commission approved the Thirteenth Amendment to the Plan. See Securities Exchange Act Release No. 80455, 82 FR 18519 (April 19, 2017). On April 28, 2017, the Commission noticed for immediate effectiveness the Fourteenth Amendment to the Plan. See Securities Exchange Act Release No. 80549, 82 FR 20928 (May 4, 2017). On September 26, 2017, the Commission noticed for immediate effectiveness the Fifteenth Amendment to Plan. See Securities Exchange Act Release No. 81720, 82 FR 45922 (October 2, 2017).

    \2\ 15 U.S.C 78k-1(a)(3).

    \3\ 17 CFR 242.608.

    \4\ See Letter from Joanne Moffic-Silver, General Counsel, Cboe Global Markets, Inc., to Brent Fields, Secretary, Commission, dated February 13, 2018 (``Transmittal Letter'').

    \5\ See Securities Exchange Act. Release Nos. 81952 (October 26, 2018), 82 FR 50725 (November 1, 2017), 81962 (October 26, 2017), 82 FR 50711 (November 1, 2017), 81957 (October 26, 2017), 82 FR 50716 (November 1, 2016), and 81963 (October 26, 2017), 82 FR 50697 (November 1, 2017).

    \6\ 17 CFR 242.608.

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    The Commission is publishing this notice to solicit comments from interested persons.\7\

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    \7\ 17 CFR 242.608(b)(1).

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  2. Description of the Plan

    Set forth in this Section II is the statement of the purpose and summary of the Sixteenth Amendment, along with the information required by Rule 608(a)(4) and (5) under the Exchange Act,\8\ prepared and submitted by the Participants to the Commission.\9\

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    \8\ See 17 CFR 242.608(a)(4) and (a)(5).

    \9\ See Transmittal Letter, supra note 4.

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    1. Statement of Purpose and Summary of the Plan Amendment

      The Participants submit this amendment to propose a non-substantive amendment to the Plan to reflect the name change of Bats BYX Exchange, Inc. to Cboe BYX Exchange, Inc., Bats BZX Exchange, Inc. to Cboe BZX Exchange, Inc., Bats EDGA Exchange, Inc. to Cboe EDGA Exchange, Inc., and Bats EDGX Exchange, Inc. to Cboe EDGX Exchange, Inc.\10\ This non-

      substantive amendment to the Plan also changes the addresses for Bats BYX Exchange, Inc., Bats BZX Exchange, Inc., Bats EDGA Exchange, Inc., and Bats EDGX Exchange, Inc. On October 17, 2017, BYX, BZX, EDGA, and EDGX filed proposed rule changes with the Commission for immediate effectiveness to amend, among other things, their rules to reflect a non-substantive corporate rebranding which included changing each exchange's name as described herein.\11\

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      \10\ See supra note 5.

      \11\ Id.

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    2. Governing or Constituent Documents

      Not applicable.

    3. Implementation of Amendment

      Because the amendments involve solely ministerial matters, the Participants are filing this change for immediate effectiveness pursuant to Rule 608(b)(3)(iii) of Regulation NMS under the Exchange Act.\12\

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      \12\ 17 CFR 242.608.

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    4. Development and Implementation Phases

      Not applicable

    5. Analysis of Impact on Competition

      The amendments do not impose any burden on competition because they simply effectuate a change in the names and addresses of certain Participants. For the same reasons, the Participants do not believe that the amendments introduce terms that are unreasonably discriminatory for purposes of Section 11A(c)(1)(D) of the Exchange Act.

    6. Written Understanding or Agreements Relating to Interpretation of, or Participation in, Plan

      Not applicable

    7. Approval of Amendment of the Plan

      Each of the Plan's Participants has executed a written amended Plan.

    8. Terms and Conditions of Access

      Section II(C) of the Plan provides that any entity registered as a national securities exchange or national securities association under the Exchange Act may become a Participant by: (1) Becoming a participant in the applicable Market Data Plans, as defined in Section I(F) of the Plan; (2) executing a copy of the Plan, as then in effect; (3) providing each then-current Participant with a copy of such executed Plan; and (4) effecting an amendment to the Plan as specified in Section III(B) of the Plan.

  3. Method of Determination and Imposition, and Amount of, Fees and Charges

    Not applicable.

    1. Method and Frequency of Processor Evaluation

      Not applicable.

    2. Dispute Resolution

      Section III(C) of the Plan provides that each Participant shall designate an individual to represent the Participant as a member of an Operating Committee. No later than the initial date of the Plan, the Operating Committee shall designate one member of the Operating Committee to act as the Chair of the Operating Committee. Any recommendation for an amendment to the Plan from the Operating Committee that receives an affirmative vote of at least two-thirds of the Participants, but is less than unanimous, shall be submitted to the Commission as a request for an amendment to the Plan initiated by the Commission under Rule 608.

  4. Solicitation of Comments

    Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the amendment is consistent with the Exchange Act and the rules thereunder. Comments may be submitted by any of the following methods:

    Electronic Comments

    Use the Commission's internet comment form http://www.sec.gov/rules/sro.shtml); or

    Send an email to email protected. Please include File Number 4-631 on the subject line.

    Paper Comments

    Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.

    All submissions should refer to File Number 4-631.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 Commission's internet website (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed plan amendment that are filed with the Commission, and all written communications relating to the amendment 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 Commission's 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 such filing also will be available for inspection and copying at the Participants' offices. 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 Number 4-631 and should be submitted on or before April 11, 2018.

    By the Commission.

    Brent J. Fields,

    Secretary.

    Exhibit A

    Proposed new language is italicized; proposed deletions are in brackets.

    Page 12416

    Plan To Address Extraordinary Market Volatility Submitted to the Securities and Exchange CommissionPursuant to Rule 608 of Regulation NMS Under the Securities Exchange Act of 1934

    Table of Contents

    Section Page

    Preamble........................................................ 1

  5. Definitions.................................................. 2

  6. Parties..................................................... 4

  7. Amendments to Plan......................................... 7

  8. Trading Center Policies and Procedures...................... 8

  9. Price Bands.................................................. 8

  10. Limit Up-Limit Down Requirements............................ 11

  11. Trading Pauses............................................. 13

  12. Implementation............................................ 15

  13. Withdrawal from Plan........................................ 15

  14. Counterparts and Signatures.................................. 15

    Appendix A--Percentage Parameters............................... 17

    Appendix A--Schedule 1.......................................... 19

    Appendix B--Data................................................ 35

    Preamble

    The Participants submit to the SEC this Plan establishing procedures to address extraordinary volatility in NMS Stocks. The procedures provide for market-wide limit up-limit down requirements that prevent trades in individual NMS Stocks from occurring outside of the specified Price Bands. These limit up-limit down requirements are coupled with Trading Pauses to accommodate more fundamental price moves. The Plan procedures are designed, among other things, to protect investors and promote fair and orderly markets. The Participants developed this Plan pursuant to Rule 608(a)(3) of Regulation NMS under the Exchange Act, which authorizes the Participants to act jointly in preparing, filing, and implementing national market system plans.

  15. Definitions

    (A) ``Eligible Reported Transactions'' shall have the meaning prescribed by the Operating Committee and shall generally mean transactions that are eligible to update the last sale price of an NMS Stock.

    (B) ``Exchange Act'' means the Securities Exchange Act of 1934, as amended.

    (C) ``Limit State'' shall have the meaning provided in Section VI of the Plan.

    (D) ``Limit State Quotation'' shall have the meaning provided in Section VI of the Plan.

    (E) ``Lower Price Band'' shall have the meaning provided in Section V of the Plan.

    (F) ``Market Data Plans'' shall mean the effective national market system plans through which the Participants act jointly to disseminate consolidated information in compliance with Rule 603(b) of Regulation NMS under the Exchange Act.

    (G) ``National Best Bid'' and ``National Best Offer'' shall have the meaning provided in Rule 600(b)(42) of Regulation NMS under the Exchange Act.

    (H) ``NMS Stock'' shall have the meaning provided in Rule 600(b)(47) of Regulation NMS under the Exchange Act.

    (I) ``Opening Price'' shall mean the price of a transaction that opens trading on the Primary Listing Exchange. If the Primary Listing Exchange opens with quotations, the ``Opening Price'' shall mean the closing price of the NMS Stock on the Primary Listing Exchange on the previous trading day, or if no such closing price exists, the last sale on the Primary Listing Exchange.

    (J) ``Operating Committee'' shall have the meaning provided in Section III(C) of the Plan.

    (K) ``Participant'' means a party to the Plan.

    (L) ``Plan'' means the plan set forth in this instrument, as amended from time to time in accordance with its provisions.

    (M) ``Percentage Parameter'' shall mean the percentages for each tier of NMS Stocks set forth in Appendix A of the Plan.

    (N) ``Price Bands'' shall have the meaning provided in Section V of the Plan.

    (O) ``Primary Listing Exchange'' shall mean the Participant on which an NMS Stock is listed. If an NMS Stock is listed on more than one Participant, the Participant on which the NMS Stock has been listed the longest shall be the Primary Listing Exchange.

    (P) ``Processor'' shall mean the single plan processor responsible for the consolidation of information for an NMS Stock pursuant to Rule 603(b) of Regulation NMS under the Exchange Act.

    (Q) ``Pro-Forma Reference Price'' shall have the meaning provided in Section V(A)(2) of the Plan.

    (R) ``Reference Price'' shall have the meaning provided in Section V of the Plan.

    (S) ``Regular Trading Hours'' shall have the meaning provided in Rule 600(b)(64) of Regulation NMS under the Exchange Act. For purposes of the Plan, Regular Trading Hours can end earlier than 4:00 p.m. ET in the case of an early scheduled close.

    (T) ``Regulatory Halt'' shall have the meaning specified in the Market Data Plans.

    (U) ``Reopening Price'' shall mean the price of a transaction that reopens trading on the Primary Listing Exchange following a Trading Pause or a Regulatory Halt, or, if the Primary Listing Exchange reopens with quotations, the midpoint of those quotations.

    (V) ``SEC'' shall mean the United States Securities and Exchange Commission.

    (W) ``Straddle State'' shall have the meaning provided in Section VII(A)(2) of the Plan.

    (X) ``Trading center'' shall have the meaning provided in Rule 600(b)(78) of Regulation NMS under the Exchange Act.

    (Y) ``Trading Pause'' shall have the meaning provided in Section VII of the Plan.

    (Z) ``Upper Price Band'' shall have the meaning provided in Section V of the Plan.

  16. Parties

    (A) List of Parties

    The parties to the Plan are as follows:

    (1) BatsCboe BZX Exchange, Inc., 8050 Marshall Drive, Lenexa, Kansas 66214, 400 South LaSalle Street, Chicago, Illinois 60605

    (2) BatsCboe BYX Exchange, Inc., 8050 Marshall Drive, Lenexa, Kansas 66214, 400 South LaSalle Street, Chicago, Illinois 60605

    (3) BatsCboe EDGA Exchange, Inc., 8050 Marshall Drive, Lenexa, Kansas 66214, 400 South LaSalle Street, Chicago, Illinois 60605

    (4) BatsCboe EDGX Exchange, Inc., 8050 Marshall Drive, Lenexa, Kansas 66214, 400 South LaSalle Street, Chicago, Illinois 60605

    (5) Chicago Stock Exchange, Inc., 440 South LaSalle Street, Chicago, Illinois 60605

    (6) Financial Industry Regulatory Authority, Inc., 1735 K Street NW, Washington, DC 20006

    (7) Investors Exchange LLC, 4 World Trade Center, 44th Floor, New York, New York 10007

    (8) NASDAQ BX, Inc., One Liberty Plaza, New York, New York 10006

    (9) NASDAQ PHLX LLC, 1900 Market Street, Philadelphia, Pennsylvania 19103

    (10) The Nasdaq Stock Market LLC, 1 Liberty Plaza, 165 Broadway, New York, NY 10006

    (11) NYSE National, Inc., 11 Wall Street, New York, NY 10005

    (12) New York Stock Exchange LLC, 11 Wall Street, New York, New York 10005

    (13) NYSE American LLC, 11 Wall Street, New York, New York 10005

    Page 12417

    (14) NYSE Arca, Inc., 11 Wall Street, New York, New York 10005

    (B) Compliance Undertaking

    By subscribing to and submitting the Plan for approval by the SEC, each Participant agrees to comply with and to enforce compliance, as required by Rule 608(c) of Regulation NMS under the Exchange Act, by its members with the provisions of the Plan. To this end, each Participant shall adopt a rule requiring compliance by its members with the provisions of the Plan, and each Participant shall take such actions as are necessary and appropriate as a participant of the Market Data Plans to cause and enable the Processor for each NMS Stock to fulfill the functions set forth in this Plan.

    (C) New Participants

    The Participants agree that any entity registered as a national securities exchange or national securities association under the Exchange Act may become a Participant by: (1) Becoming a participant in the applicable Market Data Plans; (2) executing a copy of the Plan, as then in effect; (3) providing each then-current Participant with a copy of such executed Plan; and (4) effecting an amendment to the Plan as specified in Section III (B) of the Plan.

    (D) Advisory Committee

    (1) Formation. Notwithstanding other provisions of this Plan, an Advisory Committee to the Plan shall be formed and shall function in accordance with the provisions set forth in this section.

    (2) Composition. Members of the Advisory Committee shall be selected for two-year terms as follows:

    (A) Advisory Committee Selections. By affirmative vote of a majority of the Participants, the Participants shall select at least one representatives from each of the following categories to be members of the Advisory Committee: (1) A broker-dealer with a substantial retail investor customer base; (2) a broker-dealer with a substantial institutional investor customer base; (3) an alternative trading system; (4) a broker-dealer that primarily engages in trading for its own account; and (5) an investor.

    (3) Function. Members of the Advisory Committee shall have the right to submit their views to the Operating Committee on Plan matters, prior to a decision by the Operating Committee on such matters. Such matters shall include, but not be limited to, proposed material amendments to the Plan.

    (4) Meetings and Information. Members of the Advisory Committee shall have the right to attend meetings of the Operating Committee and to receive any information concerning Plan matters; provided, however, that the Operating Committee may meet in executive session if, by affirmative vote of a majority of the Participants, the Operating Committee determines that an item of Plan business requires confidential treatment.

  17. Amendments to Plan

    (A) General Amendments

    Except with respect to the addition of new Participants to the Plan, any proposed change in, addition to, or deletion from the Plan shall be effected by means of a written amendment to the Plan that: (1) Sets forth the change, addition, or deletion; (2) is executed on behalf of each Participant; and, (3) is approved by the SEC pursuant to Rule 608 of Regulation NMS under the Exchange Act, or otherwise becomes effective under Rule 608 of Regulation NMS under the Exchange Act.

    (B) New Participants

    With respect to new Participants, an amendment to the Plan may be effected by the new national securities exchange or national securities association executing a copy of the Plan, as then in effect (with the only changes being the addition of the new Participant's name in Section II(A) of the Plan) and submitting such executed Plan to the SEC for approval. The amendment shall be effective when it is approved by the SEC in accordance with Rule 608 of Regulation NMS under the Exchange Act or otherwise becomes effective pursuant to Rule 608 of Regulation NMS under the Exchange Act.

    (C) Operating Committee

    (1) Each Participant shall select from its staff one individual to represent the Participant as a member of an Operating Committee, together with a substitute for such individual. The substitute may participate in deliberations of the Operating Committee and shall be considered a voting member thereof only in the absence of the primary representative. Each Participant shall have one vote on all matters considered by the Operating Committee. No later than the initial date of Plan operations, the Operating Committee shall designate one member of the Operating Committee to act as the Chair of the Operating Committee.

    (2) The Operating Committee shall monitor the procedures established pursuant to this Plan and advise the Participants with respect to any deficiencies, problems, or recommendations as the Operating Committee may deem appropriate. The Operating Committee shall establish specifications and procedures for the implementation and operation of the Plan that are consistent with the provisions of this Plan and the Appendixes thereto. With respect to matters in this paragraph, Operating Committee decisions shall be approved by a simple majority vote.

    (3) Any recommendation for an amendment to the Plan from the Operating Committee that receives an affirmative vote of at least two-

    thirds of the Participants, but is less than unanimous, shall be submitted to the SEC as a request for an amendment to the Plan initiated by the Commission under Rule 608 of Regulation NMS.

  18. Trading Center Policies and Procedures

    All trading centers in NMS Stocks, including both those operated by Participants and those operated by members of Participants, shall establish, maintain, and enforce written policies and procedures that are reasonably designed to comply with the limit up--limit down requirements specified in Sections VI of the Plan, and to comply with the Trading Pauses specified in Section VII of the Plan.

  19. Price Bands

    (A) Calculation and Dissemination of Price Bands

    (1) The Processor for each NMS stock shall calculate and disseminate to the public a Lower Price Band and an Upper Price Band during Regular Trading Hours for such NMS Stock. The Price Bands shall be based on a Reference Price for each NMS Stock that equals the arithmetic mean price of Eligible Reported Transactions for the NMS stock over the immediately preceding five-minute period (except for periods following openings and reopenings, which are addressed below). If no Eligible Reported Transactions for the NMS Stock have occurred over the immediately preceding five-minute period, the previous Reference Price shall remain in effect. The Price Bands for an NMS Stock shall be calculated by applying the Percentage Parameter for such NMS Stock to the Reference Price, with the Lower Price Band being a Percentage Parameter below the Reference Price, and the Upper Price Band being a Percentage Parameter above the Reference Price. The Price Bands shall be calculated during Regular Trading Hours. Between 9:30 a.m. and 9:45 a.m. ET, and 3:35 p.m. and 4:00 p.m. ET, or in the case of an early scheduled close, during the last 25 minutes of trading before the early scheduled close, the

    Page 12418

    Price Bands shall be calculated by applying double the Percentage Parameters set forth in Appendix A. If the Processor has not yet disseminated Price Bands, but a Reference Price is available, a trading center may calculate and apply Price Bands based on the same Reference Price that the Processor would use for calculating such Price Bands until such trading center receives Price Bands from the Processor. If, under Section VII(B)(2), the Primary Listing Exchange notifies the Processor that it is unable to reopen an NMS Stock due to a systems or technology issue and it has not declared a Regulatory Halt, the Processor will calculate and disseminate Price Bands by applying triple the Percentage Parameters set forth in Appendix A for the first 30 seconds such Price Bands are disseminated.

    (2) The Processor shall calculate a Pro-Forma Reference Price on a continuous basis during Regular Trading Hours, as specified in Section V(A)(1) of the Plan. If a Pro-Forma Reference Price has not moved by 1% or more from the Reference Price currently in effect, no new Price Bands shall be disseminated, and the current Reference Price shall remain the effective Reference Price. When the Pro-Forma Reference Price has moved by 1% or more from the Reference Price currently in effect, the Pro-Forma Reference Price shall become the Reference Price, and the Processor shall disseminate new Price Bands based on the new Reference Price; provided, however, that each new Reference Price shall remain in effect for at least 30 seconds.

    (B) Openings

    (1) Except when a Regulatory Halt is in effect at the start of Regular Trading Hours, the first Reference Price for a trading day shall be the Opening Price on the Primary Listing Exchange in an NMS Stock if such Opening Price occurs less than five minutes after the start of Regular Trading Hours. During the period less than five minutes after the Opening Price, a Pro-Forma Reference Price shall be updated on a continuous basis to be the arithmetic mean price of Eligible Reported Transactions for the NMS Stock during the period following the Opening Price (including the Opening Price), and if it differs from the current Reference Price by 1% or more shall become the new Reference Price, except that a new Reference Price shall remain in effect for at least 30 seconds. Subsequent Reference Prices shall be calculated as specified in Section V(A) of the Plan.

    (2) If the Opening Price on the Primary Listing Exchange in an NMS Stock does not occur within five minutes after the start of Regular Trading Hours, the first Reference Price for a trading day shall be the arithmetic mean price of Eligible Reported Transactions for the NMS Stock over the preceding five minute time period, and subsequent Reference Prices shall be calculated as specified in Section V(A) of the Plan.

    (C) Reopenings

    (1) Following a Trading Pause in an NMS Stock, and if the Primary Listing Exchange has not declared a Regulatory Halt, if the Primary Listing Exchange reopens trading with a transaction or quotation that does not include a zero bid or zero offer, the next Reference Price shall be the Reopening Price on the Primary Listing Exchange. Subsequent Reference Prices shall be determined in the manner prescribed for normal openings, as specified in Section V(B)(1) of the Plan. If the Primary Listing Exchange notifies the Processor that it is unable to reopen an NMS Stock due to a systems or technology issue, or if the Primary Listing Exchange reopens trading with a quotation that has a zero bid or zero offer, or both, the next Reference Price shall be the last effective Price Band that was in a Limit State before the Trading Pause. Subsequent Reference Prices shall be calculated as specified in Section V(A) of the Plan.

    (2) Following a Regulatory Halt, the next Reference Price shall be the Opening or Reopening Price on the Primary Listing Exchange if such Opening or Reopening Price occurs within five minutes after the end of the Regulatory Halt, and subsequent Reference Prices shall be determined in the manner prescribed for normal openings, as specified in Section V(B)(1) of the Plan. If such Opening or Reopening Price has not occurred within five minutes after the end of the Regulatory Halt, the Reference Price shall be equal to the arithmetic mean price of Eligible Reported Transactions for the NMS Stock over the preceding five minute time period, and subsequent Reference Prices shall be calculated as specified in Section V(A) of the Plan.

  20. Limit Up-Limit Down Requirements

    (A) Limitations on Trades and Quotations Outside of Price Bands

    (1) All trading centers in NMS Stocks, including both those operated by Participants and those operated by members of Participants, shall establish, maintain, and enforce written policies and procedures that are reasonably designed to prevent trades at prices that are below the Lower Price Band or above the Upper Price Band for an NMS Stock. Single-priced opening, reopening, and closing transactions on the Primary Listing Exchange, however, shall be excluded from this limitation. In addition, any transaction that both (i) does not update the last sale price (except if solely because the transaction was reported late or because the transaction was an odd-lot sized transaction), and (ii) is excepted or exempt from Rule 611 under Regulation NMS shall be excluded from this limitation.

    (2) When a National Best Bid is below the Lower Price Band or a National Best Offer is above the Upper Price Band for an NMS Stock, the Processor shall disseminate such National Best Bid or National Best Offer with an appropriate flag identifying it as non-executable. When a National Best Offer is equal to the Lower Price Band or a National Best Bid is equal to the Upper Price Band for an NMS Stock, the Processor shall distribute such National Best Bid or National Best Offer with an appropriate flag identifying it as a ``Limit State Quotation''.

    (3) All trading centers in NMS Stocks, including both those operated by Participants and those operated by members of Participants, shall establish, maintain, and enforce written policies and procedures that are reasonably designed to prevent the display of offers below the Lower Price Band and bids above the Upper Price Band for an NMS Stock. The Processor shall disseminate an offer below the Lower Price Band or bid above the Upper Price Band that may be submitted despite such reasonable policies and procedures, but with an appropriate flag identifying it as non-executable; provided, however, that any such bid or offer shall not be included in National Best Bid or National Best Offer calculations.

    (B) Entering and Exiting a Limit State

    (1) All trading for an NMS Stock shall immediately enter a Limit State if the National Best Offer equals the Lower Price Band and does not cross the National Best Bid, or the National Best Bid equals the Upper Price Band and does not cross the National Best Offer.

    (2) When trading for an NMS Stock enters a Limit State, the Processor shall disseminate this information by identifying the relevant quotation (i.e., a National Best Offer that equals the Lower Price Band or a National Best Bid that equals the Upper Price Band) as a Limit State Quotation. At this point, the Processor shall cease calculating and disseminating updated Reference Prices and Price Bands for the NMS Stock until

    Page 12419

    either trading exits the Limit State or trading resumes with an opening or re-opening as provided in Section V.

    (3) Trading for an NMS Stock shall exit a Limit State if, within 15 seconds of entering the Limit State, the entire size of all Limit State Quotations are executed or cancelled.

    (4) If trading for an NMS Stock exits a Limit State within 15 seconds of entry, the Processor shall immediately calculate and disseminate updated Price Bands based on a Reference Price that equals the arithmetic mean price of Eligible Reported Transactions for the NMS Stock over the immediately preceding five-minute period (including the period of the Limit State).

    (5) If trading for an NMS Stock does not exit a Limit State within 15 seconds of entry, the Limit State will terminate when the Primary Listing Exchange declares a Trading Pause pursuant to Section VII of the Plan or at the end of Regular Trading Hours.

  21. Trading Pauses

    (A) Declaration of Trading Pauses

    (1) If trading for an NMS Stock does not exit a Limit State within 15 seconds of entry during Regular Trading Hours, then the Primary Listing Exchange shall declare a Trading Pause for such NMS Stock and shall notify the Processor.

    (2) The Primary Listing Exchange may also declare a Trading Pause for an NMS Stock when an NMS Stock is in a Straddle State, which is when National Best Bid (Offer) is below (above) the Lower (Upper) Price Band and the NMS Stock is not in a Limit State, and trading in that NMS Stock deviates from normal trading characteristics such that declaring a Trading Pause would support the Plan's goal to address extraordinary market volatility. The Primary Listing Exchange shall develop policies and procedures for determining when it would declare a Trading Pause in such circumstances. If a Trading Pause is declared for an NMS Stock under this provision, the Primary Listing Exchange shall notify the Processor.

    (3) The Processor shall disseminate Trading Pause information to the public. No trades in an NMS Stock shall occur during a Trading Pause, but all bids and offers may be displayed.

    (B) Reopening of Trading During Regular Trading Hours

    (1) Five minutes after declaring a Trading Pause for an NMS Stock, and if the Primary Listing Exchange has not declared a Regulatory Halt, the Primary Listing Exchange shall attempt to reopen trading using its established reopening procedures. The Processor will publish the following information that the Primary Listing Exchange provides to the Processor in connection with such reopening: Auction reference price; auction collars; and number of extensions to the reopening auction. The Trading Pause shall end when the Primary Listing Exchange reports a Reopening Price.

    (2) The Primary Listing Exchange shall notify the Processor if it is unable to reopen trading in an NMS Stock due to a systems or technology issue and if it has not declared a Regulatory Halt. The Processor shall disseminate this information to the public.

    (3) Trading centers may not resume trading in an NMS Stock following a Trading Pause without Price Bands in such NMS Stock.

    (4) The Processor shall update the Price Bands as set forth in Section V(C)(1)-(2) of the Plan after receiving notification from the Primary Listing Exchange of a Reopening Price following a Trading Pause (or a resume message in the case of a reopening quote that has a zero bid or zero offer, or both) or that it is unable to reopen trading following a Trading Pause due to a systems or technology issue, provided that if the Primary Listing Exchange is unable to reopen due to a systems or technology issue, the update to the Price Bands will be no earlier than ten minutes after the beginning of the Trading Pause.

    (C) Trading Pauses Within Ten Minutes of the End of Regular Trading Hours

    (1) If an NMS Stock is in a Trading Pause during the last ten minutes of trading before the end of Regular Trading Hours, the Primary Listing Exchange shall not reopen trading and shall attempt to execute a closing transaction using its established closing procedures. All trading centers may begin trading the NMS Stock when the Primary Listing Exchange executes a closing transaction.

    (2) If the Primary Listing Exchange does not execute a closing transaction within five minutes after the end of Regular Trading Hours, all trading centers may begin trading the NMS Stock.

  22. Implementation

    The initial date of Plan operations shall be April 8, 2013.

    The Plan shall be implemented on a pilot basis set to end on April 16, 2018.

  23. Withdrawal From Plan

    If a Participant obtains SEC approval to withdraw from the Plan, such Participant may withdraw from the Plan at any time on not less than 30 days' prior written notice to each of the other Participants. At such time, the withdrawing Participant shall have no further rights or obligations under the Plan.

  24. Counterparts and Signatures

    The Plan may be executed in any number of counterparts, no one of which need contain all signatures of all Participants, and as many of such counterparts as shall together contain all such signatures shall constitute one and the same instrument.

    In witness thereof, this Plan has been executed as of the 13th day of February 2018 by each of the parties hereto.

    Page 12420

    GRAPHIC TIFF OMITTED TN21MR18.000

    Appendix A--Percentage Parameters

  25. Tier 1 NMS Stocks

    (1) Tier 1 NMS Stocks shall include all NMS Stocks included in the S&P 500 Index, the Russell 1000 Index, and the exchange-traded products (``ETP'') identified as Schedule 1 to this Appendix. Schedule 1 to the Appendix will be reviewed and updated semi-

    annually based on the fiscal year by the Primary Listing Exchange to add ETPs that meet the criteria, or delete ETPs that are no longer eligible. To determine eligibility for an ETP to be included as a Tier 1 NMS Stock, all ETPs across multiple asset classes and issuers, including domestic equity, international equity, fixed income, currency, and commodities and futures will be identified. Leveraged ETPs will be excluded and the list will be sorted by notional consolidated average daily volume (``CADV''). The period used to measure CADV will be from the first day of the previous fiscal half year up until one week before the beginning of the next fiscal half year. Daily volumes will be multiplied by closing prices and then averaged over the period. ETPs, including inverse ETPs, that trade over $2,000,000 CADV will be eligible to be included as a Tier 1 NMS Stock. The semi-annual updates to Schedule 1 do not require an amendment to the Plan. The Primary Listing Exchanges will maintain the updated Schedule 1 on their respective websites.

    (2) The Percentage Parameters for Tier 1 NMS Stocks with a Reference Price more than $3.00 shall be 5%.

    (3) The Percentage Parameters for Tier 1 NMS Stocks with a Reference Price equal to $0.75 and up to and including $3.00 shall be 20%.

    (4) The Percentage Parameters for Tier 1 NMS Stocks with a Reference Price less than $0.75 shall be the lesser of (a) $0.15 or (b) 75%.

    (5) The Reference Price used for determining which Percentage Parameter shall be applicable during a trading day shall be based on the closing price of the NMS

    Page 12421

    Stock on the Primary Listing Exchange on the previous trading day, or if no closing price exists, the last sale on the Primary Listing Exchange reported by the Processor.

  26. Tier 2 NMS Stocks

    (1) Tier 2 NMS Stocks shall include all NMS Stocks other than those in Tier 1, provided, however, that all rights and warrants are excluded from the Plan.

    (2) The Percentage Parameters for Tier 2 NMS Stocks with a Reference Price more than $3.00 shall be 10%.

    (3) The Percentage Parameters for Tier 2 NMS Stocks with a Reference Price equal to $0.75 and up to and including $3.00 shall be 20%.

    (4) The Percentage Parameters for Tier 2 NMS Stocks with a Reference Price less than $0.75 shall be the lesser of (a) $0.15 or (b) 75%.

    (5) Notwithstanding the foregoing, the Percentage Parameters for a Tier 2 NMS Stock that is a leveraged ETP shall be the applicable Percentage Parameter set forth in clauses (2), (3), or (4) above, multiplied by the leverage ratio of such product.

    (6) The Reference Price used for determining which Percentage Parameter shall be applicable during a trading day shall be based on the closing price of the NMS Stock on the Primary Listing Exchange on the previous trading day, or if no closing price exists, the last sale on the Primary Listing Exchange reported by the Processor.

    Appendix A--Schedule 1 (as of January 2, 2018)

    ------------------------------------------------------------------------

    Ticker ETP name Exchange

    ------------------------------------------------------------------------

    SPY...................... SPDR S&P NYSE Arca.

    500supreg ETF.

    QQQ...................... Powershares QQQ NASDAQ.

    Trust Series 1.

    IWM...................... iShares Russell NYSE Arca.

    2000 ETF.

    EEM...................... iShares MSCI NYSE Arca.

    Emerging Markets

    ETF.

    XLF...................... Financial Select NYSE Arca.

    Sector SPDR Fund.

    VXX...................... iPath S&P 500 VIX NYSE Arca.

    Short-Term Futures

    ETN.

    EFA...................... iShares MSCI EAFE NYSE Arca.

    ETF.

    TLT...................... iShares 20+ Year NASDAQ.

    Treasury Bond ETF.

    HYG...................... iShares iBoxx $ NYSE Arca.

    High Yield

    Corporate Bond ETF.

    GDX...................... VanEck Vectors Gold NYSE Arca.

    Miners ETF.

    XIV...................... VelocityShares NASDAQ.

    Daily Inverse VIX

    Short Term ETN.

    IVV...................... iShares Core S&P NYSE Arca.

    500 ETF.

    GLD...................... SPDR Gold Trust.... NYSE Arca.

    XLE...................... Energy Select NYSE Arca.

    Sector SPDR Fund.

    LQD...................... iShares iBoxx $ NYSE Arca.

    Investment Grade

    Corporate Bond ETF.

    EWZ...................... iShares MSCI Brazil NYSE Arca.

    Capped ETF.

    XLU...................... Utilities Select NYSE Arca.

    Sector SPDR Fund.

    XLI...................... Industrial Select NYSE Arca.

    Sector SPDR Fund.

    DIA...................... SPDR Dow Jones NYSE Arca.

    Industrial Average

    ETF Trust.

    XLP...................... Consumer Staples NYSE Arca.

    Select Sector SPDR

    Fund.

    XLK...................... Technology Select NYSE Arca.

    Sector SPDR Fund.

    SVXY..................... ProShares Short VIX NYSE Arca.

    Short Term Futures.

    FXI...................... iShares China Large- NYSE Arca.

    Cap ETF.

    XLV...................... Health Care Select NYSE Arca.

    Sector SPDR Fund.

    IYR...................... iShares U.S. Real NYSE Arca.

    Estate ETF.

    XOP...................... SPDR S&P Oil & Gas NYSE Arca.

    Exploration &

    Production ETF.

    VWO...................... Vanguard FTSE NYSE Arca.

    Emerging Markets

    ETF.

    VOO...................... Vanguard S&P 500 NYSE Arca.

    ETF.

    IEMG..................... iShares Core MSCI NYSE Arca.

    Emerging Markets

    ETF.

    EWJ...................... iShares MSCI Japan NYSE Arca.

    ETF.

    GDXJ..................... VanEck Vectors NYSE Arca.

    Junior Gold Miners

    ETF.

    XLY...................... Consumer NYSE Arca.

    Discretionary

    Select Sector SPDR

    Fund.

    SMH...................... VanEck Vectors NYSE Arca.

    Semiconductor ETF.

    JNK...................... SPDR Bloomberg NYSE Arca.

    Barclays High

    Yield Bond ETF.

    KRE...................... SPDR S&P Regional NYSE Arca.

    Banking ETF.

    MDY...................... SPDR S&P MidCap NYSE Arca.

    400supreg ETF.

    XBI...................... SPDR S&P Biotech NYSE Arca.

    ETF.

    VEA...................... Vanguard FTSE NYSE Arca.

    Developed Markets

    ETF.

    IBB...................... iShares Nasdaq NASDAQ.

    Biotechnology ETF.

    VNQ...................... Vanguard REIT ETF.. NYSE Arca.

    AGG...................... iShares Core U.S. NYSE Arca.

    Aggregate Bond ETF.

    EZU...................... iShares MSCI Cboe BZX.

    Eurozone ETF.

    VTI...................... Vanguard Total NYSE Arca.

    Stock Market ETF.

    IEFA..................... iShares Core MSCI Cboe BZX.

    EAFE ETF.

    XLB...................... Materials Select NYSE Arca.

    Sector SPDR Fund.

    EMB...................... iShares JP Morgan NASDAQ.

    USD Emerging

    Markets Bond ETF.

    IWD...................... iShares Russell NYSE Arca.

    1000 Value ETF.

    USO...................... United States Oil NYSE Arca.

    Fund LP.

    XRT...................... SPDR S&P Retail ETF NYSE Arca.

    IEF...................... iShares 7-10 Year NASDAQ.

    Treasury Bond ETF.

    IJR...................... iShares Core S&P NYSE Arca.

    Small-Cap ETF.

    IJH...................... iShares Core S&P NYSE Arca.

    Mid-Cap ETF.

    IWF...................... iShares Russell NYSE Arca.

    1000 Growth ETF.

    VGK...................... Vanguard FTSE NYSE Arca.

    Europe ETF.

    EWY...................... iShares MSCI South NYSE Arca.

    Korea Capped ETF.

    BND...................... Vanguard Total Bond NYSE Arca.

    Market ETF.

    OIH...................... VanEck Vectors Oil NYSE Arca.

    Services ETF.

    DXJ...................... WisdomTree Japan NYSE Arca.

    Hedged Equity Fund.

    AMLP..................... Alerian MLP ETF.... NYSE Arca.

    EWW...................... iShares MSCI Mexico NYSE Arca.

    Capped ETF.

    Page 12422

    IWB...................... iShares Russell NYSE Arca.

    1000 ETF.

    VTV...................... Vanguard Value ETF. NYSE Arca.

    RSX...................... VanEck Vectors NYSE Arca.

    Russia ETF.

    SLV...................... iShares Silver NYSE Arca.

    Trust.

    EWT...................... iShares MSCI Taiwan NYSE Arca.

    Capped ETF.

    IAU...................... iShares Gold Trust. NYSE Arca.

    VCSH..................... Vanguard Short-Term NASDAQ.

    Corporate Bond ETF.

    TIP...................... iShares TIPS Bond NYSE Arca.

    ETF.

    ACWI..................... iShares MSCI ACWI NASDAQ.

    ETF.

    IWO...................... iShares Russell NYSE Arca.

    2000 Growth ETF.

    BSV...................... Vanguard Short-Term NYSE Arca.

    Bond ETF.

    MCHI..................... iShares MSCI China NASDAQ.

    ETF.

    VCIT..................... Vanguard NASDAQ.

    Intermediate-Term

    Corporate Bond ETF.

    IWN...................... iShares Russell NYSE Arca.

    2000 Value ETF.

    EWG...................... iShares MSCI NYSE Arca.

    Germany ETF.

    INDA..................... iShares MSCI India Cboe BZX.

    ETF.

    FEZ...................... SPDR EURO STOXX 50 NYSE Arca.

    ETF.

    KBE...................... SPDR S&P Bank ETF.. NYSE Arca.

    IVW...................... iShares S&P 500 NYSE Arca.

    Growth ETF.

    VEU...................... Vanguard FTSE All- NYSE Arca.

    World ex-US ETF.

    PFF...................... iShares US NASDAQ.

    Preferred Stock

    ETF.

    ITB...................... iShares U.S. Home Cboe BZX.

    Construction ETF.

    AAXJ..................... iShares MSCI All NASDAQ.

    Country Asia ex

    Japan ETF.

    EWH...................... iShares MSCI Hong NYSE Arca.

    Kong ETF.

    HEDJ..................... WisdomTree Europe NYSE Arca.

    Hedged Equity Fund.

    SOXX..................... iShares PHLX NASDAQ.

    Semiconductor ETF.

    XME...................... SPDR S&P Metals & NYSE Arca.

    Mining ETF.

    IVE...................... iShares S&P 500 NYSE Arca.

    Value ETF.

    SHV...................... iShares Short NASDAQ.

    Treasury Bond ETF.

    SHY...................... iShares 1-3 Year NASDAQ.

    Treasury Bond ETF.

    VB....................... Vanguard Small-Cap NYSE Arca.

    ETF.

    VUG...................... Vanguard Growth ETF NYSE Arca.

    BKLN..................... PowerShares Senior NYSE Arca.

    Loan Portfolio.

    AMJ...................... JPMorgan Alerian NYSE Arca.

    MLP Index ETN.

    VGT...................... Vanguard NYSE Arca.

    Information

    Technology ETF.

    SH....................... ProShares Short NYSE Arca.

    S&P500.

    USMV..................... iShares MSCI USA Cboe BZX.

    Minimum Volatility

    ETF.

    EWU...................... iShares MSCI United NYSE Arca.

    Kingdom ETF.

    VYM...................... Vanguard High NYSE Arca.

    Dividend Yield

    Index Fund.

    XHB...................... SPDR S&P NYSE Arca.

    Homebuilders ETF.

    IEI...................... iShares 3-7 Year NASDAQ.

    Treasury Bond ETF.

    FXE...................... CurrencyShares Euro NYSE Arca.

    Trust.

    EWC...................... iShares MSCI Canada NYSE Arca.

    ETF.

    UNG...................... United States NYSE Arca.

    Natural Gas Fund

    LP.

    MBB...................... iShares MBS ETF.... NASDAQ.

    XLRE..................... Real Estate Select NYSE Arca.

    Sector SPDR Fund.

    SPLV..................... PowerShares S&P NYSE Arca.

    500supreg Low

    Volatility

    Portfolio.

    MUB...................... iShares National NYSE Arca.

    Muni Bond ETF.

    VT....................... Vanguard Total NYSE Arca.

    World Stock Index

    Fund.

    MINT..................... PIMCO Enhanced NYSE Arca.

    Short Maturity

    Strategy Exchange-

    Traded Fund.

    DBEF..................... Xtrackers MSCI EAFE NYSE Arca.

    Hedged Equity ETF.

    VO....................... Vanguard Mid-Cap NYSE Arca.

    ETF.

    OEF...................... iShares S&P 100 ETF NYSE Arca.

    VIG...................... Vanguard Dividend NYSE Arca.

    Appreciation ETF.

    EWP...................... iShares MSCI Spain NYSE Arca.

    Capped ETF.

    FLOT..................... iShares Floating Cboe BZX.

    Rate Bond ETF.

    EPI...................... WisdomTree India NYSE Arca.

    Earnings Fund.

    DVY...................... iShares Select NASDAQ.

    Dividend ETF.

    CSJ...................... iShares 1-3 Year NASDAQ.

    Credit Bond ETF.

    VIXY..................... ProShares VIX Short- NYSE Arca.

    Term Futures ETF.

    CWB...................... SPDR Bloomberg NYSE Arca.

    Barclays

    Convertible

    Securities ETF.

    BIV...................... Vanguard NYSE Arca.

    Intermediate-Term

    Bond ETF.

    SCHF..................... Schwab NYSE Arca.

    International

    Equity ETF.

    ITA...................... iShares US Cboe BZX.

    Aerospace &

    Defense ETF.

    SCZ...................... iShares MSCI EAFE NASDAQ.

    Small-Cap ETF.

    RSP...................... Guggenheim S&P 500 NYSE Arca.

    Equal Weight ETF.

    SJNK..................... SPDR Bloomberg NYSE Arca.

    Barclays Short

    Term High Yield

    Bond ETF.

    ITOT..................... iShares Core S&P NYSE Arca.

    Total U.S. Stock

    Market ETF.

    BNDX..................... Vanguard Total NASDAQ.

    International Bond

    ETF.

    EWA...................... iShares MSCI NYSE Arca.

    Australia ETF.

    IYT...................... iShares Cboe BZX.

    Transportation

    Average ETF.

    ILF...................... iShares Latin NYSE Arca.

    America 40 ETF.

    VFH...................... Vanguard Financials NYSE Arca.

    ETF.

    PCY...................... PowerShares NYSE Arca.

    Emerging Markets

    Sovereign Debt

    Portfolio.

    Page 12423

    HYS...................... PIMCO 0-5 Year High NYSE Arca.

    Yield Corporate

    Bond Index

    Exchange-Traded

    Fund.

    FDN...................... First Trust Dow NYSE Arca.

    Jones Internet

    Index Fund.

    CIU...................... iShares NASDAQ.

    Intermediate

    Credit Bond ETF.

    MTUM..................... iShares MSCI USA Cboe BZX.

    Momentum Factor

    ETF.

    VBR...................... Vanguard Small-Cap NYSE Arca.

    Value ETF.

    VXUS..................... Vanguard Total NASDAQ.

    International

    Stock ETF.

    SDY...................... SPDR S&P Dividend NYSE Arca.

    ETF.

    IWR...................... iShares Russell Mid- NYSE Arca.

    Cap ETF.

    EMLC..................... VanEck Vectors NYSE Arca.

    Emerging Markets

    Local Currency

    Bond ETF.

    HEWJ..................... iShares Currency NYSE Arca.

    Hedged MSCI Japan

    ETF.

    EFAV..................... iShares MSCI EAFE Cboe BZX.

    Minimum Volatility

    ETF.

    EUFN..................... iShares MSCI Europe NASDAQ.

    Financials ETF.

    IWS...................... iShares Russell Mid- NYSE Arca.

    Cap Value ETF.

    SCHX..................... Schwab U.S. Large- NYSE Arca.

    Cap ETF.

    NEAR..................... iShares Short Cboe BZX.

    Maturity Bond ETF.

    IWP...................... iShares Russell Mid- NYSE Arca.

    Cap Growth ETF.

    KWEB..................... KraneShares CSI NYSE Arca.

    China Internet ETF.

    HEFA..................... iShares Currency Cboe BZX.

    Hedged MSCI EAFE

    ETF.

    EWI...................... iShares MSCI Italy NYSE Arca.

    Capped ETF.

    IWV...................... iShares Russell NYSE Arca.

    3000 ETF.

    IYF...................... iShares U.S. NYSE Arca.

    Financials ETF.

    EZA...................... iShares MSCI South NYSE Arca.

    Africa ETF.

    VXF...................... Vanguard Extended NYSE Arca.

    Market Index Fund.

    IYW...................... iShares U.S. NYSE Arca.

    Technology ETF.

    VHT...................... Vanguard Health NYSE Arca.

    Care ETF.

    BIL...................... SPDR Bloomberg NYSE Arca.

    Barclays 1-3 Month

    T-Bill ETF.

    UUP...................... PowerShares DB US NYSE Arca.

    Dollar Index

    Bullish Fund.

    IEUR..................... iShares Core MSCI NYSE Arca.

    Europe ETF.

    DBC...................... PowerShares DB NYSE Arca.

    Commodity Index

    Tracking Fund.

    EFV...................... iShares MSCI EAFE Cboe BZX.

    Value ETF.

    HEZU..................... iShares Currency NYSE Arca.

    Hedged MSCI

    Eurozone ETF.

    SCHB..................... Schwab U.S. Broad NYSE Arca.

    Market ETF.

    IEV...................... iShares Europe ETF. NYSE Arca.

    SCHD..................... Schwab U.S. NYSE Arca.

    Dividend Equity

    ETF.

    VV....................... Vanguard Large-Cap NYSE Arca.

    ETF.

    PGX...................... PowerShares NYSE Arca.

    Preferred

    Portfolio.

    EWL...................... iShares MSCI NYSE Arca.

    Switzerland Capped

    ETF.

    VPL...................... Vanguard FTSE NYSE Arca.

    Pacific ETF.

    IJK...................... iShares S&P Mid-Cap NYSE Arca.

    400 Growth ETF.

    BOTZ..................... Global X Robotics & NASDAQ.

    Artificial

    Intelligence

    Thematic ETF.

    VMBS..................... Vanguard Mortgage- NASDAQ.

    Backed Securities

    ETF.

    IXUS..................... iShares Core MSCI NASDAQ.

    Total

    International

    Stock ETF.

    VCLT..................... Vanguard Long-Term NASDAQ.

    Corporate Bond ETF.

    SCHE..................... Schwab Emerging NYSE Arca.

    Markets Equity ETF.

    LIT...................... Global X Lithium & NYSE Arca.

    Battery Tech ETF.

    ASHR..................... Xtrackers Harvest NYSE Arca.

    CSI 300 China A-

    Shares ETF.

    ACWX..................... iShares MSCI ACWI NASDAQ.

    ex US ETF.

    VOE...................... Vanguard Mid-Cap NYSE Arca.

    Value ETF.

    VDE...................... Vanguard Energy ETF NYSE Arca.

    HDV...................... iShares Core High NYSE Arca.

    Dividend ETF.

    IUSG..................... iShares Core US NASDAQ.

    Growth ETF.

    SCHA..................... Schwab U.S. Small- NYSE Arca.

    Cap ETF.

    PSQ...................... ProShares Short QQQ NYSE Arca.

    GOVT..................... iShares Core US Cboe BZX.

    Treasury Bond ETF.

    KBWB..................... PowerShares KBW NASDAQ.

    Bank Portfolio.

    EEMV..................... iShares MSCI Cboe BZX.

    Emerging Markets

    Minimum Volatility

    ETF/Dup.

    VTIP..................... Vanguard Short-Term NASDAQ.

    Inflation-

    Protected

    Securities ETF.

    RWX...................... SPDR Dow Jones NYSE Arca.

    International Real

    Estate ETF.

    ROBO..................... ROBO Global NASDAQ.

    Robotics and

    Automation Index

    ETF.

    DBJP..................... Xtrackers MSCI NYSE Arca.

    Japan Hedged

    Equity ETF.

    VNQI..................... Vanguard Global ex- NASDAQ.

    U.S. Real Estate

    ETF.

    SHYG..................... iShares 0-5 Year NYSE Arca.

    High Yield

    Corporate Bond ETF.

    QUAL..................... iShares MSCI USA Cboe BZX.

    Quality Factor ETF.

    IGV...................... iShares North Cboe BZX.

    American Tech-

    Software ETF.

    EPP...................... iShares MSCI NYSE Arca.

    Pacific ex Japan

    ETF.

    EWQ...................... iShares MSCI France NYSE Arca.

    ETF.

    VLUE..................... iShares MSCI USA Cboe BZX.

    Value Factor ETF.

    VSS...................... Vanguard FTSE All- NYSE Arca.

    World Ex-US Small-

    Cap Index Fund.

    ECH...................... iShares MSCI Chile Cboe BZX.

    Capped ETF.

    SCHZ..................... Schwab U.S. NYSE Arca.

    Aggregate Bond ETF.

    IDV...................... iShares Cboe BZX.

    International

    Select Dividend

    ETF.

    IJS...................... iShares S&P Small- NYSE Arca.

    Cap 600 Value ETF.

    DBEU..................... Xtrackers MSCI NYSE Arca.

    Europe Hedged

    Equity ETF.

    SPIB..................... SPDR Bloomberg NYSE Arca.

    Barclays

    Intermediate Term

    Corporate Bond ETF.

    Page 12424

    IHI...................... iShares U.S. NYSE Arca.

    Medical Devices

    ETF.

    HYD...................... VanEck Vectors High NYSE Arca.

    Yield Municipal

    Index ETF.

    SCHO..................... Schwab Short-Term NYSE Arca.

    U.S. Treasury ETF.

    SCHH..................... Schwab U.S. REIT NYSE Arca.

    ETF.

    IUSV..................... iShares Core US NASDAQ.

    Value ETF.

    SCHG..................... Schwab U.S. Large- NYSE Arca.

    Cap Growth ETF.

    SHM...................... SPDR Nuveen NYSE Arca.

    Bloomberg Barclays

    Short Term

    Municipal Bond ETF.

    FPE...................... First Trust NYSE Arca.

    Preferred

    Securities and

    Income ETF.

    SPSB..................... SPDR Bloomberg NYSE Arca.

    Barclays Short

    Term Corporate

    Bond ETF.

    VBK...................... Vanguard Small-Cap NYSE Arca.

    Growth ETF.

    ACWV..................... iShares MSCI All Cboe BZX.

    Country World

    Minimum Volatility

    ETF.

    TOTL..................... SPDR DoubleLine NYSE Arca.

    Total Return

    Tactical ETF.

    VTEB..................... Vanguard Tax-Exempt NYSE Arca.

    Bond Index Fund.

    FXU...................... First Trust NYSE Arca.

    Utilities AlphaDEX

    Fund.

    IJT...................... iShares S&P Small- NASDAQ.

    Cap 600 Growth ETF.

    IYM...................... iShares U.S. Basic NYSE Arca.

    Materials ETF.

    MLPI..................... ETRACS Alerian MLP NYSE Arca.

    Infrastructure ETN.

    VPU...................... Vanguard Utilities NYSE Arca.

    Index Fund.

    SRLN..................... SPDR Blackstone/GSO NYSE Arca.

    Senior Loan ETF.

    FXL...................... First Trust NYSE Arca.

    Technology

    AlphaDEX Fund.

    BLV...................... Vanguard Long-Term NYSE Arca.

    Bond ETF.

    SPHD..................... PowerShares S&P 500 NYSE Arca.

    High Dividend Low

    Volatility

    Portfolio.

    IYH...................... iShares U.S. NYSE Arca.

    Healthcare ETF.

    TFI...................... SPDR Nuveen NYSE Arca.

    Bloomberg Barclays

    Municipal Bond ETF.

    ICF...................... iShares Cohen & Cboe BZX.

    Steers REIT ETF.

    VDC...................... Vanguard Consumer NYSE Arca.

    Staples ETF.

    EWM...................... iShares MSCI NYSE Arca.

    Malaysia ETF.

    VOX...................... Vanguard NYSE Arca.

    Telecommunication

    Services ETF.

    IJJ...................... iShares S&P Mid-Cap NYSE Arca.

    400 Value ETF.

    SCHP..................... Schwab U.S. TIPS NYSE Arca.

    ETF.

    DBA...................... PowerShares DB NYSE Arca.

    Agriculture Fund.

    THD...................... iShares MSCI NYSE Arca.

    Thailand Capped

    ETF.

    VIS...................... Vanguard NYSE Arca.

    Industrials ETF.

    EIDO..................... iShares MSCI NYSE Arca.

    Indonesia ETF.

    IYG...................... iShares U.S. NYSE Arca.

    Financial Services

    ETF.

    ANGL..................... VanEck Vectors NYSE Arca.

    Fallen Angel High

    Yield Bond ETF.

    RWM...................... ProShares Short NYSE Arca.

    Russell2000.

    FTSM..................... First Trust NASDAQ.

    Enhanced Short

    Maturity ETF.

    EWS...................... iShares MSCI NYSE Arca.

    Singapore Capped

    ETF.

    FVD...................... First Trust Value NYSE Arca.

    Line Dividend

    Index Fund.

    BWX...................... SPDR Bloomberg NYSE Arca.

    Barclays

    International

    Treasury Bond ETF.

    OIL...................... iPath S&P GSCI NYSE Arca.

    Crude Oil Total

    Return Index ETNs.

    IYE...................... iShares U.S. Energy NYSE Arca.

    ETF.

    QTEC..................... First Trust NASDAQ- NASDAQ.

    100 Technology

    Index Fund.

    DGRO..................... iShares Core NYSE Arca.

    Dividend Growth

    ETF.

    TUR...................... iShares MSCI Turkey NASDAQ.

    ETF.

    VOT...................... Vanguard Mid-Cap NYSE Arca.

    Growth ETF.

    IYZ...................... iShares US Cboe BZX.

    Telecommunications

    ETF.

    PHB...................... PowerShares High NYSE Arca.

    Yield Corporate

    Bond Portfolio.

    SCHV..................... Schwab U.S. Large- NYSE Arca.

    Cap Value ETF.

    KIE...................... SPDR S&P Insurance NYSE Arca.

    ETF.

    IDU...................... iShares U.S. NYSE Arca.

    Utilities ETF.

    EMLP..................... First Trust North NYSE Arca.

    American Energy

    Infrastructure

    Fund.

    REM...................... iShares Mortgage Cboe BZX.

    Real Estate Capped

    ETF.

    RWR...................... SPDR Dow Jones REIT NYSE Arca.

    ETF.

    ERUS..................... iShares MSCI Russia NYSE Arca.

    Capped ETF.

    MGK...................... Vanguard Mega Cap NYSE Arca.

    Growth ETF.

    VGSH..................... Vanguard Short-Term NASDAQ.

    Government Bond

    ETF.

    FXB...................... CurrencyShares NYSE Arca.

    British Pound

    Sterling Trust.

    NOBL..................... ProShares S&P 500 Cboe BZX.

    Dividend

    Aristocrats ETF.

    GBIL..................... Goldman Sachs NYSE Arca.

    TreasuryAccesssup

    reg 0-1 Year ETF.

    PRF...................... PowerShares FTSE NYSE Arca.

    RAFI U.S. 1000

    Portfolio.

    EFG...................... iShares MSCI EAFE Cboe BZX.

    Growth ETF.

    AMZA..................... InfraCap MLP ETF... NYSE Arca.

    GVI...................... iShares Cboe BZX.

    Intermediate

    Government/Credit

    Bond ETF.

    GUNR..................... FlexShares Global NYSE Arca.

    Upstream Natural

    Resources Index

    Fund.

    VAW...................... Vanguard Materials NYSE Arca.

    ETF.

    XAR...................... SPDR S&P Aerospace NYSE Arca.

    & Defense ETF.

    BOND..................... PIMCO Active Bond NYSE Arca.

    Exchange-Traded

    Fund.

    VTWO..................... Vanguard Russell NASDAQ.

    2000.

    IGF...................... iShares Global NASDAQ.

    Infrastructure ETF.

    FLRN..................... SPDR Bloomberg NYSE Arca.

    Barclays

    Investment Grade

    Floating Rate ETF.

    SCHM..................... Schwab U.S. Mid-Cap NYSE Arca.

    ETF.

    FNDX..................... Schwab Fundamental NYSE Arca.

    U.S. Large Company

    Index ETF.

    Page 12425

    RWO...................... SPDR Dow Jones NYSE Arca.

    Global Real Estate

    ETF.

    EWD...................... iShares MSCI Sweden NYSE Arca.

    Capped ETF.

    CQQQ..................... Guggenheim China NYSE Arca.

    Technology ETF.

    VRP...................... PowerShares NYSE Arca.

    Variable Rate

    Preferred

    Portfolio.

    FTEC..................... Fidelity MSCI NYSE Arca.

    Information

    Technology Index

    ETF.

    ZIV...................... VelocityShares NASDAQ.

    Daily Inverse VIX

    Medium Term ETN.

    IYJ...................... iShares U.S. Cboe BZX.

    Industrials ETF.

    DEM...................... WisdomTree Emerging NYSE Arca.

    Markets High

    Dividend Fund.

    USMC..................... Principal U.S. Mega- NASDAQ.

    Cap Multi-Factor

    ETF.

    GSY...................... Guggenheim Ultra NYSE Arca.

    Short Duration ETF.

    XES...................... SPDR S&P Oil & Gas NYSE Arca.

    Equipment &

    Services ETF.

    VGIT..................... Vanguard NASDAQ.

    Intermediate-Term

    Government Bond

    ETF.

    VCR...................... Vanguard Consumer NYSE Arca.

    Discretionary ETF.

    FNDF..................... Schwab Fundamental NYSE Arca.

    International

    Large Company

    Index ETF.

    FXY...................... CurrencyShares NYSE Arca.

    Japanese Yen Trust.

    FNDA..................... Schwab Fundamental NYSE Arca.

    U.S. Small Company

    Index ETF.

    IDEV..................... iShares Core MSCI NYSE Arca.

    International

    Developed Markets

    ETF.

    DON...................... WisdomTree U.S. NYSE Arca.

    MidCap Dividend

    Fund.

    ITM...................... VanEck Vectors AMT- NYSE Arca.

    Free Intermediate

    Municipal Index

    ETF.

    HACK..................... ETFMG Prime Cyber NYSE Arca.

    Security ETF.

    CRED..................... iShares Core US NASDAQ.

    Credit Bond ETF.

    FNCL..................... Fidelity MSCI NYSE Arca.

    Financials Index

    ETF.

    IXN...................... iShares Global Tech NYSE Arca.

    ETF.

    ONEQ..................... Fidelity NASDAQ NASDAQ.

    Composite Index

    Tracking Stock ETF.

    SPDW..................... SPDR S&P World ex- NYSE Arca.

    US ETF.

    HEWG..................... iShares Currency NASDAQ.

    Hedged MSCI

    Germany ETF.

    TBF...................... ProShares Short 20+ NYSE Arca.

    Year Treasury.

    RPG...................... Guggenheim S&P 500 NYSE Arca.

    Pure Growth ETF.

    DOG...................... ProShares Short NYSE Arca.

    Dow30.

    RYT...................... Guggenheim S&P NYSE Arca.

    Equal Weight

    Technology ETF.

    LMBS..................... First Trust Low NASDAQ.

    Duration

    Opportunities ETF.

    GXC...................... SPDR S&P China ETF. NYSE Arca.

    SPHB..................... PowerShares S&P NYSE Arca.

    500supreg High

    Beta Portfolio.

    INDY..................... iShares India 50 NASDAQ.

    ETF.

    IYC...................... iShares U.S. NYSE Arca.

    Consumer Services

    ETF.

    RING..................... iShares MSCI Global NASDAQ.

    Gold Miners ETF.

    MDYG..................... SPDR S&P 400 Mid NYSE Arca.

    Cap Growth ETF.

    DFE...................... WisdomTree Europe NYSE Arca.

    SmallCap Dividend

    Fund.

    DGRW..................... WisdomTree U.S. NASDAQ.

    Quality Dividend

    Growth Fund.

    SPEM..................... SPDR S&P Emerging NYSE Arca.

    Markets ETF.

    FNDE..................... Schwab Fundamental NYSE Arca.

    Emerging Markets

    Large Company

    Index ETF.

    IXC...................... iShares Global NYSE Arca.

    Energy ETF.

    EPHE..................... iShares MSCI NYSE Arca.

    Philippines ETF.

    DGS...................... WisdomTree Emerging NYSE Arca.

    Markets SmallCap

    Dividend Fund.

    FXC...................... CurrencyShares NYSE Arca.

    Canadian Dollar

    Trust.

    EPOL..................... iShares MSCI Poland NYSE Arca.

    Capped ETF.

    GSLC..................... Goldman Sachs NYSE Arca.

    ActiveBeta U.S.

    Large Cap Equity

    ETF.

    ISTB..................... iShares Core 1-5 NASDAQ.

    Year USD Bond ETF.

    VWOB..................... Vanguard Emerging NASDAQ.

    Markets Government

    Bond ETF.

    STIP..................... iShares 0-5 Year NYSE Arca.

    TIPS Bond ETF.

    SUB...................... iShares Short-Term NYSE Arca.

    National Muni Bond

    ETF.

    TLH...................... iShares 10-20 Year NYSE Arca.

    Treasury Bond ETF.

    EMHY..................... iShares Emerging Cboe BZX.

    Markets High Yield

    Bond ETF.

    FXO...................... First Trust NYSE Arca.

    Financial AlphaDEX

    Fund.

    LDRS..................... Innovator NYSE Arca.

    IBDsupreg ETF

    Leaders ETF.

    SPAB..................... SPDR Bloomberg NYSE Arca.

    Barclays Aggregate

    Bond ETF.

    SLYV..................... SPDR S&P 600 Small NYSE Arca.

    Cap Value ETF.

    DJP...................... iPath Bloomberg NYSE Arca.

    Commodity Index

    Total Return ETN.

    SDOG..................... ALPS Sector NYSE Arca.

    Dividend Dogs ETF.

    MLPA..................... Global X MLP ETF... NYSE Arca.

    FBT...................... First Trust NYSE NYSE Arca.

    Arca Biotechnology

    Index Fund.

    FV....................... First Trust Dorsey NASDAQ.

    Wright Focus 5 ETF.

    SCHR..................... Schwab Intermediate- NYSE Arca.

    Term U.S. Treasury

    ETF.

    MDYV..................... SPDR S&P 400 Mid NYSE Arca.

    Cap Value ETF.

    TAN...................... Guggenheim Solar NYSE Arca.

    ETF.

    FTSL..................... First Trust Senior NASDAQ.

    Loan ETF.

    PZA...................... PowerShares NYSE Arca.

    National AMT-Free

    Municipal Bond

    Portfolio.

    VOOG..................... Vanguard S&P 500 NYSE Arca.

    Growth ETF.

    FEX...................... First Trust Large NASDAQ.

    Cap Core AlphaDEX

    Fund.

    SKYY..................... First Trust ISE NASDAQ.

    Cloud Computing

    Index Fund.

    SDIV..................... Global X NYSE Arca.

    SuperDividend ETF.

    IAT...................... iShares U.S. NYSE Arca.

    Regional Banks ETF.

    SLYG..................... SPDR S&P 600 Small NYSE Arca.

    Cap Growth ETF.

    IYK...................... iShares U.S. NYSE Arca.

    Consumer Goods ETF.

    Page 12426

    IUSB..................... iShares Core Total NASDAQ.

    USD Bond Market

    ETF.

    VGLT..................... Vanguard Long-Term NASDAQ.

    Government Bond

    ETF.

    XSD...................... SPDR S&P NYSE Arca.

    Semiconductor ETF.

    EDV...................... Vanguard Extended NYSE Arca.

    Duration Treasury

    ETF.

    HYLS..................... First Trust NASDAQ.

    Exchange-Traded

    Fund IV First

    Trust Tactical

    High Yield ETF.

    CWI...................... SPDR MSCI ACWI ex- NYSE Arca.

    US ETF.

    GREK..................... Global X MSCI NYSE Arca.

    Greece ETF.

    XT....................... iShares Exponential NASDAQ.

    Technologies ETF.

    SPTM..................... SPDR Portfolio NYSE Arca.

    Total Stock Market

    ETF.

    PPLT..................... ETFS Physical NYSE Arca.

    Platinum Shares.

    XMLV..................... PowerShares S&P NYSE Arca.

    MidCap Low

    Volatility

    Portfolio.

    VIGI..................... Vanguard NASDAQ.

    International

    Dividend

    Appreciation ETF.

    SCHK..................... Schwab 1000 NYSE Arca.

    Indexsupreg ETF.

    SPYG..................... SPDR Portfolio S&P NYSE Arca.

    500 Growth ETF.

    IGM...................... iShares North NYSE Arca.

    American Tech ETF.

    ARKK..................... ARK Innovation ETF. NYSE Arca.

    XSLV..................... PowerShares S&P NYSE Arca.

    SmallCap Low

    Volatility

    Portfolio.

    FXH...................... First Trust Health NYSE Arca.

    Care AlphaDEX Fund.

    IWY...................... iShares Russell Top NYSE Arca.

    200 Growth ETF.

    VONG..................... Vanguard Russell NASDAQ.

    1000 Growth ETF.

    EWN...................... iShares MSCI NYSE Arca.

    Netherlands ETF.

    CLRG..................... IQ Chaikin U.S. NASDAQ.

    Large Cap ETF.

    PICK..................... iShares MSCI Global Cboe BZX.

    Metals & Mining

    Producers ETF.

    DES...................... WisdomTree U.S. NYSE Arca.

    SmallCap Dividend

    Fund.

    SCHC..................... Schwab NYSE Arca.

    International

    Small-Cap Equity

    ETF.

    IGOV..................... iShares NASDAQ.

    International

    Treasury Bond ETF.

    GNR...................... SPDR S&P Global NYSE Arca.

    Natural Resources

    ETF.

    CLY...................... iShares 10+ Year NYSE Arca.

    Credit Bond ETF.

    IPAC..................... iShares Core MSCI NYSE Arca.

    Pacific ETF.

    EMQQ..................... EMQQ The Emerging NYSE Arca.

    Markets Internet &

    Ecommerce ETF.

    FFTY..................... Innovator NYSE Arca.

    IBDsupreg 50 ETF.

    AIEQ..................... AI Powered Equity NYSE Arca.

    ETF.

    FEP...................... First Trust Europe NASDAQ.

    AlphaDEX Fund.

    DLS...................... WisdomTree NYSE Arca.

    International

    SmallCap Dividend

    Fund.

    IXJ...................... iShares Global NYSE Arca.

    Healthcare ETF.

    AOM...................... iShares Core NYSE Arca.

    Moderate

    Allocation Fund.

    PGF...................... PowerShares NYSE Arca.

    Financial

    Preferred

    Portfolio.

    FXR...................... First Trust NYSE Arca.

    Industrials/

    Producer Durables

    AlphaDEX Fund.

    JO....................... iPath Bloomberg NYSE Arca.

    Coffee Subindex

    Total Return ETN.

    FDL...................... First Trust NYSE Arca.

    Morningstar

    Dividend Leaders

    Index Fund.

    FHLC..................... Fidelity MSCI NYSE Arca.

    Health Care Index

    ETF.

    VXZ...................... iPATH S&P 500 VIX NYSE Arca.

    Mid-Term Futures

    ETN.

    SIL...................... Global X Silver NYSE Arca.

    Miners ETF.

    LRGF..................... iShares Edge MSCI NYSE Arca.

    Multifactor USA

    ETF.

    SPLG..................... SPDR Portfolio NYSE Arca.

    Large Cap ETF.

    DFJ...................... WisdomTree Japan NYSE Arca.

    SmallCap Dividend

    Fund.

    PHYS..................... Sprott Physical NYSE Arca.

    Gold Trust.

    SPTL..................... SPDR Bloomberg NYSE Arca.

    Barclays Long Term

    Treasury ETF.

    URA...................... Global X Uranium NYSE Arca.

    ETF.

    JPIN..................... JPMorgan NYSE Arca.

    Diversified Return

    International

    Equity ETF.

    PDBC..................... PowerShares DB NASDAQ.

    Optimum Yield

    Diversified

    Commodity Strategy

    Portfolio.

    HYMB..................... SPDR Nuveen S&P NYSE Arca.

    High Yield

    Municipal Bond ETF.

    FNDC..................... Schwab Fundamental NYSE Arca.

    International

    Small Company

    Index ETF.

    HYLB..................... Xtrackers USD High NYSE Arca.

    Yield Corporate

    Bond ETF.

    PXH...................... PowerShares FTSE NYSE Arca.

    RAFI Emerging

    Markets Portfolio.

    DBO...................... PowerShares DB Oil NYSE Arca.

    Fund.

    PRFZ..................... PowerShares FTSE NASDAQ.

    RAFI US 1500 Small-

    Mid Portfolio.

    AIA...................... iShares Asia 50 ETF NASDAQ.

    DWX...................... SPDR S&P NYSE Arca.

    International

    Dividend ETF.

    MOAT..................... VanEck Vectors NYSE Arca.

    Morningstar Wide

    Moat ETF.

    XPH...................... SPDR S&P NYSE Arca.

    Pharmaceuticals

    ETF.

    RPV...................... Guggenheim S&P 500 NYSE Arca.

    Pure Value ETF.

    AOR...................... iShares Core Growth NYSE Arca.

    Allocation Fund.

    ITE...................... SPDR Bloomberg NYSE Arca.

    Barclays

    Intermediate Term

    Treasury ETF.

    PSI...................... PowerShares Dynamic NYSE Arca.

    Semiconductors

    Portfolio.

    VYMI..................... Vanguard NASDAQ.

    International High

    Dividend Yield ETF.

    PPA...................... PowerShares NYSE Arca.

    Aerospace &

    Defense Portfolio.

    JPMF..................... JPMorgan Managed NYSE Arca.

    Futures Strategy

    ETF.

    SCIF..................... VanEck Vectors NYSE Arca.

    India Small-Cap

    Index ETF.

    FM....................... iShares MSCI NYSE Arca.

    Frontier 100 ETF.

    FDT...................... First Trust NASDAQ.

    Developed Markets

    ex-US AlphaDEX

    Fund.

    DSI...................... iShares MSCI KLD NYSE Arca.

    400 Social ETF.

    GWX...................... SPDR S&P NYSE Arca.

    International

    Small Cap ETF.

    SLQD..................... iShares 0-5 Year NASDAQ.

    Investment Grade

    Corporate Bond ETF.

    Page 12427

    ARKW..................... ARK Web x.0 ETF.... NYSE Arca.

    STPZ..................... PIMCO 1-5 Year U.S. NYSE Arca.

    TIPS Index

    Exchange-Traded

    Fund.

    SPSM..................... SPDR Portfolio NYSE Arca.

    Small Cap ETF.

    IEO...................... iShares U.S. Oil & Cboe BZX.

    Gas Exploration &

    Production ETF.

    SPHQ..................... PowerShares S&P 500 NYSE Arca.

    Quality Portfolio.

    PNQI..................... PowerShares NASDAQ NASDAQ.

    Internet Portfolio.

    IWC...................... iShares Micro-Cap NYSE Arca.

    ETF.

    VIOO..................... Vanguard S&P Small- NYSE Arca.

    Cap 600 ETF.

    RYH...................... Guggenheim S&P NYSE Arca.

    Equal Weight

    Health Care ETF.

    SGOL..................... ETFS Physical Swiss NYSE Arca.

    Gold Shares.

    REMX..................... VanEck Vectors Rare NYSE Arca.

    Earth/Strategic

    Metals ETF.

    REET..................... iShares Global REIT NYSE Arca.

    ETF.

    VONV..................... Vanguard Russell NASDAQ.

    1000 Value.

    IHF...................... iShares U.S. NYSE Arca.

    Healthcare

    Providers ETF.

    BSCI..................... Guggenheim NYSE Arca.

    BulletShares 2018

    Corporate Bond ETF.

    MGV...................... Vanguard Mega Cap NYSE Arca.

    Value ETF.

    BSJJ..................... Guggenheim NYSE Arca.

    BulletShares 2019

    High Yield

    Corporate Bond ETF.

    BBH...................... VanEck Vectors NASDAQ.

    Biotech ETF.

    IGE...................... iShares North Cboe BZX.

    American Natural

    Resources ETF.

    BSJK..................... Guggenheim NYSE Arca.

    BulletShares 2020

    High Yield

    Corporate Bond ETF.

    PDP...................... PowerShares DWA NASDAQ.

    Momentum Portfolio.

    FXA...................... CurrencyShares NYSE Arca.

    Australian Dollar

    Trust.

    BSJI..................... Guggenheim NYSE Arca.

    BulletShares 2018

    High Yield

    Corporate Bond ETF.

    RFDI..................... First Trust NASDAQ.

    RiverFront Dynamic

    Developed

    International ETF.

    CORP..................... PIMCO Investment NYSE Arca.

    Grade Corporate

    Bond Index

    Exchange-Traded

    Fund.

    FPX...................... First Trust US IPO NYSE Arca.

    Index Fund.

    GEM...................... Goldman Sachs NYSE Arca.

    ActiveBeta

    Emerging Markets

    Equity ETF.

    PWV...................... PowerShares Dynamic NYSE Arca.

    Large Cap Value

    Portfolio.

    BSCK..................... Guggenheim NYSE Arca.

    BulletShares 2020

    Corporate Bond ETF.

    TDTT..................... FlexShares iBoxx 3- NYSE Arca.

    Year Target

    Duration TIPS

    Index Fund.

    AMU...................... ETRACS Alerian MLP NYSE Arca.

    Index ETN.

    IXG...................... iShares Global NYSE Arca.

    Financials ETF.

    FXD...................... First Trust NYSE Arca.

    Consumer

    Discretionary

    AlphaDEX Fund.

    DLN...................... WisdomTree U.S. NYSE Arca.

    LargeCap Dividend

    Fund.

    ILTB..................... iShares Core Long- NYSE Arca.

    Term USD Bond ETF.

    FREL..................... Fidelity MSCI Real NYSE Arca.

    Estate Index ETF.

    SCJ...................... iShares MSCI Japan NYSE Arca.

    Small-Cap ETF.

    SPMD..................... SPDR S&P 1000 ETF.. NYSE Arca.

    GSG...................... iShares S&P GSCI NYSE Arca.

    Commodity-Indexed

    Trust.

    FENY..................... Fidelity MSCI NYSE Arca.

    Energy Index ETF.

    BSCJ..................... Guggenheim NYSE Arca.

    BulletShares 2019

    Corporate Bond ETF.

    FXG...................... First Trust NYSE Arca.

    Consumer Staples

    AlphaDEX Fund.

    BAB...................... PowerShares Taxable NYSE Arca.

    Municipal Bond

    Portfolio.

    QAI...................... IQ Hedge Multi- NYSE Arca.

    Strategy Tracker

    ETF.

    SPYV..................... SPDR Portfolio S&P NYSE Arca.

    500 Value ETF.

    PPH...................... VanEck Vectors NASDAQ.

    Pharmaceutical ETF.

    SMIN..................... iShares MSCI India Cboe BZX.

    Small-Cap ETF.

    DBB...................... PowerShares DB Base NYSE Arca.

    Metals Fund.

    TOK...................... iShares MSCI NYSE Arca.

    Kokusai ETF.

    SECT..................... Main Sector Cboe BZX.

    Rotation ETF.

    FCG...................... First Trust Natural NYSE Arca.

    Gas ETF.

    IVOG..................... Vanguard S&P Mid- NYSE Arca.

    Cap 400 Growth ETF.

    EXI...................... iShares Global NYSE Arca.

    Industrials ETF.

    EWO...................... iShares MSCI NYSE Arca.

    Austria Capped ETF.

    SGG...................... iPath Bloomberg NYSE Arca.

    Sugar Subindex

    Total Return ETN.

    IDLV..................... PowerShares S&P NYSE Arca.

    International

    Developed Low

    Volatility

    Portfolio.

    SIZE..................... iShares Edge MSCI NYSE Arca.

    USA Size Factor

    ETF.

    FTA...................... First Trust Large NASDAQ.

    Cap Value AlphaDEX

    Fund.

    FLEE..................... Franklin FTSE NYSE Arca.

    Europe ETF.

    PJP...................... PowerShares Dynamic NYSE Arca.

    Pharmaceuticals

    Portfolio.

    ECON..................... EGShares Emerging NYSE Arca.

    Markets Consumer

    ETF.

    FEM...................... First Trust NASDAQ.

    Emerging Markets

    AlphaDEX Fund.

    HFXI..................... IQ 50 Percent NYSE Arca.

    Hedged FTSE

    International ETF.

    EBND..................... SPDR Bloomberg NYSE Arca.

    Barclays Emerging

    Markets Local Bond

    ETF.

    INTF..................... iShares Edge MSCI NYSE Arca.

    Multifactor Intl

    ETF.

    EUM...................... ProShares Short NYSE Arca.

    MSCI Emerging

    Markets.

    IFV...................... First Trust Dorsey NASDAQ.

    Wright

    International

    Focus 5 ETF.

    LEMB..................... iShares J.P. Morgan NYSE Arca.

    EM Local Currency

    Bond ETF.

    IPE...................... SPDR Bloomberg NYSE Arca.

    Barclays TIPS ETF.

    BSCL..................... Guggenheim NYSE Arca.

    BulletShares 2021

    Corporate Bond ETF.

    AOK...................... iShares Core NYSE Arca.

    Conservative

    Allocation Fund.

    IHE...................... iShares U.S. NYSE Arca.

    Pharmaceuticals

    ETF.

    FXZ...................... First Trust NYSE Arca.

    Materials AlphaDEX

    Fund.

    IYY...................... iShares Dow Jones NYSE Arca.

    U.S. ETF.

    Page 12428

    PXF...................... PowerShares FTSE NYSE Arca.

    RAFI Developed

    Markets ex-U.S.

    Portfolio.

    QDF...................... FlexShares Quality NYSE Arca.

    Dividend Index

    Fund.

    HYEM..................... VanEck Vectors NYSE Arca.

    Emerging Markets

    High Yield Bond

    ETF.

    AOA...................... iShares Core NYSE Arca.

    Aggressive

    Allocation Fund.

    RYF...................... Guggenheim S&P NYSE Arca.

    Equal Weight

    Financial ETF.

    PSLV..................... Sprott Physical NYSE Arca.

    Silver Trust.

    FXN...................... First Trust Energy NYSE Arca.

    AlphaDEX Fund.

    SPYD..................... SPDR Portfolio S&P NYSE Arca.

    500 High Dividend

    ETF.

    MOO...................... VanEck Vectors NYSE Arca.

    Agribusiness ETF.

    ULVM..................... USAA MSCI USA Value NYSE Arca.

    Momentum Blend

    Index ETF.

    PKW...................... PowerShares Buyback NASDAQ.

    Achievers

    Portfolio.

    PWS...................... Pacer WealthShield Cboe BZX.

    ETF.

    QQEW..................... First Trust NASDAQ- NASDAQ.

    100 Equal Weighted

    Index Fund.

    DHS...................... WisdomTree U.S. NYSE Arca.

    High Dividend Fund.

    IVOO..................... Vanguard S&P Mid- NYSE Arca.

    Cap 400 ETF.

    CMF...................... iShares California NYSE Arca.

    Muni Bond ETF.

    IGHG..................... ProShares Cboe BZX.

    Investment Grade-

    Interest Rate

    Hedged ETF.

    SPLB..................... SPDR Bloomberg NYSE Arca.

    Barclays Long Term

    Corporate Bond ET.

    PID...................... PowerShares NASDAQ.

    International

    Dividend Achievers

    Portfolio.

    VONE..................... Vanguard Russell NASDAQ.

    1000.

    IAGG..................... iShares Cboe BZX.

    International

    Aggregate Bond

    Fund.

    EPU...................... iShares MSCI All NYSE Arca.

    Peru Capped ETF.

    RWL...................... Oppenheimer Large NYSE Arca.

    Cap Revenue ETF.

    RHS...................... Guggenheim S&P 500 NYSE Arca.

    Equal Weight

    Consumer Staples

    ETF.

    USRT..................... iShares U.S. Core NYSE Arca.

    REIT ETF.

    MGC...................... Vanguard Mega Cap NYSE Arca.

    300 Index Fund.

    PTLC..................... Pacer Trendpilot Cboe BZX.

    750 ETF.

    IQDF..................... FlexShares NYSE Arca.

    International

    Quality Dividend

    Index Fund.

    EWX...................... SPDR S&P Emerging NYSE Arca.

    Markets Small Cap

    ETF.

    JKD...................... iShares Morningstar NYSE Arca.

    Large-Cap ETF.

    FXF...................... CurrencyShares NYSE Arca.

    Swiss Franc Trust.

    PFXF..................... VanEck Vectors NYSE Arca.

    Preferred

    Securities ex

    Financials ETF.

    LVHD..................... Legg Mason Low NASDAQ.

    Volatility High

    Dividend ETF.

    KBWY..................... PowerShares KBW NASDAQ.

    Premium Yield

    Equity REIT

    Portfolio.

    FEMS..................... First Trust NASDAQ.

    Emerging Markets

    Small Cap AlphaDEX

    Fund.

    CFO...................... Victory CEMP US 500 NASDAQ.

    Enhanced

    Volatility Wtd

    Index ETF.

    PSCT..................... PowerShares S&P NASDAQ.

    SmallCap

    Information

    Technology

    Portfolio.

    NIB...................... iPath Bloomberg NYSE Arca.

    Cocoa Subindex

    Total Return ETN.

    CSML..................... IQ Chaikin U.S. NASDAQ.

    Small Cap ETF.

    BSCM..................... Guggenheim NYSE Arca.

    BulletShares 2022

    Corporate Bond ETF.

    IEZ...................... iShares U.S. Oil NYSE Arca.

    Equipment &

    Services ETF.

    FUTY..................... Fidelity MSCI NYSE Arca.

    Utilities Index

    ETF.

    FTCS..................... First Trust Capital NASDAQ.

    Strength ETF.

    PALL..................... ETFS Physical NYSE Arca.

    Palladium Shares.

    XLG...................... Guggenheim S&P 500 NYSE Arca.

    supreg Top 50

    ETF.

    BSJL..................... Guggenheim NYSE Arca.

    BulletShares 2021

    High Yield

    Corporate Bond ETF.

    RDIV..................... Oppenheimer Ultra NYSE Arca.

    Dividend Revenue

    ETF.

    CGW...................... Guggenheim S&P NYSE Arca.

    Global Water Index

    ETF.

    BSCH..................... Guggenheim NYSE Arca.

    BulletShares 2017

    Corporate Bond ETF.

    FSTA..................... Fidelity MSCI NYSE Arca.

    Consumer Staples

    Index ETF.

    FDD...................... First Trust STOXX NYSE Arca.

    European Select

    Dividend Income

    Fund.

    PSP...................... PowerShares Global NYSE Arca.

    Listed Private

    Equity Portfolio.

    FIDU..................... Fidelity MSCI NYSE Arca.

    Industrials Index

    ETF.

    VNM...................... VanEck Vectors NYSE Arca.

    Vietnam ETF.

    PSK...................... SPDR Wells Fargo NYSE Arca.

    Preferred Stock

    ETF.

    MDIV..................... First Trust Multi- NASDAQ.

    Asset Diversified

    Income Index Fund.

    ARGT..................... Global X MSCI NYSE Arca.

    Argentina ETF.

    EEMA..................... iShares MSCI NASDAQ.

    Emerging Markets

    Asia ETF.

    EZM...................... WisdomTree U.S. NYSE Arca.

    MidCap Earnings

    Fund.

    IFGL..................... iShares NASDAQ.

    International

    Developed Real

    Estate ETF.

    RWJ...................... Oppenheimer Small NYSE Arca.

    Cap Revenue ETF.

    TDTF..................... FlexShares iBoxx 5- NYSE Arca.

    Year Target

    Duration TIPS

    Index Fund.

    PEY...................... PowerShares High NASDAQ.

    Yield Equity

    Dividend Achievers

    Portfolio.

    ATMP..................... Barclays ETN+ NYSE Arca.

    Select MLP ETN.

    PTH...................... PowerShares DWA NASDAQ.

    Healthcare

    Momentum Portfolio.

    IOO...................... iShares Global 100 NYSE Arca.

    ETF.

    GBF...................... iShares Government/ NYSE Arca.

    Credit Bond ETF.

    FTXO..................... First Trust Nasdaq NASDAQ.

    Bank ETF.

    FIXD..................... First Trust TCW NASDAQ.

    Opportunistic

    Fixed Income ETF.

    HEEM..................... iShares Currency Cboe BZX.

    Hedged MSCI

    Emerging Markets

    ETF.

    PIN...................... PowerShares India NYSE Arca.

    Portfolio.

    PCEF..................... PowerShares CEF NYSE Arca.

    Income Composite

    Portfolio.

    CHIQ..................... Global X China NYSE Arca.

    Consumer ETF.

    DWM...................... WisdomTree NYSE Arca.

    International

    Equity Fund.

    Page 12429

    CXSE..................... WisdomTree Trust NASDAQ.

    WisdomTree China

    ex-State-Owned

    Enterprises Fund.

    VOOV..................... Vanguard S&P 500 NYSE Arca.

    Value ETF.

    RYE...................... Guggenheim S&P 500 NYSE Arca.

    Equal Weight

    Energy ETF.

    PKB...................... PowerShares Dynamic NYSE Arca.

    Building &

    Construction

    Portfolio.

    GMF...................... SPDR S&P Emerging NYSE Arca.

    Asia Pacific ETF.

    MNA...................... IQ Merger Arbitrage NYSE Arca.

    ETF.

    FMAT..................... Fidelity MSCI NYSE Arca.

    Materials Index

    ETF.

    OUSA..................... O'Shares FTSE U.S. NYSE Arca.

    Quality Dividend

    ETF.

    RZV...................... Guggenheim S&P NYSE Arca.

    Smallcap 600 Pure

    Value ETF.

    IBDM..................... iShares iBonds Dec NYSE Arca.

    2021 Term

    Corporate ETF.

    FLTR..................... VanEck Vectors NYSE Arca.

    Investment Grade

    Floating Rate ETF.

    BNO...................... United States Brent NYSE Arca.

    Oil Fund, LP.

    QABA..................... First Trust NASDAQ NASDAQ.

    ABA Community Bank

    Index Fund.

    FDIS..................... Fidelity MSCI NYSE Arca.

    Consumer

    Discretionary

    Index ETF.

    SLY...................... SPDR S&P 600 Small NYSE Arca.

    Cap ETF.

    CDC...................... Victory CEMP US EQ NASDAQ.

    Income Enhanced

    Volatility Wtd

    Index ETF.

    FYX...................... First Trust Small NASDAQ.

    Cap Core AlphaDEX

    Fund.

    SUSA..................... iShares MSCI USA NYSE Arca.

    ESG Select ETF.

    REZ...................... iShares Residential NYSE Arca.

    Real Estate Capped

    ETF.

    IBDL..................... iShares iBonds Dec NYSE Arca.

    2020 Term

    Corporate ETF.

    BSJH..................... Guggenheim NYSE Arca.

    BulletShares 2017

    High Yield

    Corporate Bond ETF.

    UIVM..................... USAA MSCI NYSE Arca.

    International

    Value Momentum

    Blend Index ETF.

    GSIE..................... Goldman Sachs NYSE Arca.

    ActiveBeta

    International

    Equity ETF.

    AGGY..................... WisdomTree Barclays NYSE Arca.

    Yield Enhanced

    U.S. Aggregate

    Bond Fund.

    JPUS..................... JPMorgan NYSE Arca.

    Diversified Return

    US Equity ETF.

    RGI...................... Guggenheim S&P 500 NYSE Arca.

    Equal Weight

    Industrials ETF.

    IHDG..................... WisdomTree NYSE Arca.

    International

    Hedged Quality

    Dividend Growth

    Fund.

    URTH..................... iShares MSCI World NYSE Arca.

    ETF.

    DGL...................... PowerShares DB Gold NYSE Arca.

    Fund.

    CIBR..................... First Trust NASDAQ NASDAQ.

    Cybersecurity ETF.

    FMB...................... First Trust Managed NASDAQ.

    Municipal ETF.

    FTC...................... First Trust Large NASDAQ.

    Cap Growth

    AlphaDEX Fund.

    RDVY..................... First Trust NASDAQ NASDAQ.

    Rising Dividend

    Achievers ETF.

    KBA...................... KraneShares Bosera NYSE Arca.

    MSCI China A Share

    ETF.

    DXJS..................... WisdomTree Japan NASDAQ.

    Hedged SmallCap

    Equity Fund.

    TDIV..................... First Trust NASDAQ NASDAQ.

    Technology

    Dividend Index

    Fund.

    IXP...................... iShares Global NYSE Arca.

    Telecom ETF.

    SLX...................... VanEck Vectors NYSE Arca.

    Steel ETF.

    ------------------------------------------------------------------------

    Appendix B--Data

    Unless otherwise specified, the following data shall be collected and transmitted to the SEC in an agreed-upon format on a monthly basis, to be provided 30 calendar days following month end. Unless otherwise specified, the Primary Listing Exchanges shall be responsible for collecting and transmitting the data to the SEC. Data collected in connection with Sections II(E)--(G) below shall be transmitted to the SEC with a request for confidential treatment under the Freedom of Information Act. 5 U.S.C. 552, and the SEC's rules and regulations thereunder.

  27. Summary Statistics

    1. Frequency with which NMS Stocks enter a Limit State. Such summary data shall be broken down as follows:

    1. Partition stocks by category

    1. Tier 1 non-ETP issues >$3.00

    2. Tier 1 non-ETP issues >=$0.75 and = $3.00

    3. Tier 1 non-ETP issues

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