Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Permit the Listing and Trading of Managed Portfolio Shares; and To List and Trade Shares of the Following Under Proposed Rule 14.11(k): ClearBridge Appreciation ETF; ClearBridge Large Cap ETF; ClearBridge MidCap Growth ETF; ClearBridge Select ETF; and ClearBridge All Cap Value ETF

---
identifier: "/us/fr/2017-16267"
source: "fr"
legal_status: "authoritative_unofficial"
title: "Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Permit the Listing and Trading of Managed Portfolio Shares; and To List and Trade Shares of the Following Under Proposed Rule 14.11(k): ClearBridge Appreciation ETF; ClearBridge Large Cap ETF; ClearBridge MidCap Growth ETF; ClearBridge Select ETF; and ClearBridge All Cap Value ETF"
title_number: 0
title_name: "Federal Register"
section_number: "2017-16267"
section_name: "Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Permit the Listing and Trading of Managed Portfolio Shares; and To List and Trade Shares of the Following Under Proposed Rule 14.11(k): ClearBridge Appreciation ETF; ClearBridge Large Cap ETF; ClearBridge MidCap Growth ETF; ClearBridge Select ETF; and ClearBridge All Cap Value ETF"
positive_law: false
currency: "2017-08-02"
last_updated: "2017-08-02"
format_version: "1.1.0"
generator: "[email protected]"
agency: "Securities and Exchange Commission"
document_number: "2017-16267"
document_type: "notice"
publication_date: "2017-08-02"
agencies:
  - "Securities and Exchange Commission"
fr_citation: "82 FR 36031"
fr_volume: 82
docket_ids:
  - "Release No. 34-81247"
  - "File No. SR-BatsBZX-2017-30"
---


#  Self-Regulatory Organizations; Bats BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Permit the Listing and Trading of Managed Portfolio Shares; and To List and Trade Shares of the Following Under Proposed Rule 14.11(k): ClearBridge Appreciation ETF; ClearBridge Large Cap ETF; ClearBridge MidCap Growth ETF; ClearBridge Select ETF; and ClearBridge All Cap Value ETF

On June 1, 2017, Bats BZX Exchange, Inc. (“Exchange”) filed with the Securities and Exchange Commission (“Commission”), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”) [^1] and Rule 19b-4 thereunder, [^2] a proposed rule change to adopt new Rule 14.11(k) to permit it to list and trade Managed Portfolio Shares. The Exchange also proposed to list and trade shares of ClearBridge Appreciation ETF, ClearBridge Large Cap ETF, ClearBridge MidCap Growth ETF, ClearBridge Select ETF, and ClearBridge All Cap Value ETF under proposed Rule 14.11(k). The proposed rule change was published for comment in the *Federal Register* on June 19, 2017. [^3] The Commission has received three comment letters on the proposed rule change. [^4]

[^1] 15 U.S.C. 78s(b)(1).

[^2] 17 CFR 240.19b-4.

[^3]*See* Securities Exchange Act Release No. 80911 (June 13, 2017), 82 FR 27925.

[^4]*See* letters from: (1) Gary Gastineau, President, ETF Consultants.com, Inc., dated July 7, 2017; (2) Todd J. Broms, Chief Executive Officer, Broms & Company LLC, dated July 10, 2017; and (3) James J. Angel, Associate Professor of Finance, Georgetown University, McDonough School of Business, dated July 10, 2017. The comment letters are available at *https://www.sec.gov/comments/sr-batsbzx-2017-30/batsbzx201730.htm.*

Section 19(b)(2) of the Act [^5] provides that, within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day after publication of the notice for this proposed rule change is August 3, 2017. The Commission is extending this 45-day time period.

[^5] 15 U.S.C. 78s(b)(2).

The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the comment letters. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act, [^6] designates September 17, 2017, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File Number SR-BatsBZX-2017-30).

[^6]*Id.*

For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. [^7]

[^7] 17 CFR 200.30-3(a)(31).

Eduardo A. Aleman,

Assistant Secretary.