
[Federal Register Volume 84, Number 51 (Friday, March 15, 2019)]
[Notices]
[Pages 9576-9582]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-04800]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-85287/March 11, 2019]


Order Making Fiscal Year 2019 Annual Adjustments to Transaction 
Fee Rates

I. Background

    Section 31 of the Securities Exchange Act of 1934 (``Exchange 
Act'') requires each national securities exchange and national 
securities association to pay transaction fees to the Commission.\1\ 
Specifically, Section 31(b) requires each national securities exchange 
to pay to the Commission fees based on the aggregate dollar amount of 
sales of certain securities (``covered sales'') transacted on the 
exchange.\2\ Section 31(c) requires each national securities 
association to pay to the Commission fees based on the aggregate dollar 
amount of covered sales transacted by or through any member of the 
association other than on an exchange.\3\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78ee.
    \2\ 15 U.S.C. 78ee(b).
    \3\ 15 U.S.C. 78ee(c).
---------------------------------------------------------------------------

    Section 31 of the Exchange Act requires the Commission to annually 
adjust the fee rates applicable under Sections 31(b) and (c) to a 
uniform adjusted rate.\4\ Specifically, the Commission must adjust the 
fee rates to a uniform adjusted rate that is reasonably likely to 
produce aggregate fee collections (including assessments on security 
futures transactions) equal to the regular appropriation to the 
Commission for the applicable fiscal year.\5\
---------------------------------------------------------------------------

    \4\ In some circumstances, the SEC also must make a mid-year 
adjustment to the fee rates applicable under Sections 31(b) and (c).
    \5\ 15 U.S.C. 78ee(j)(1) (the Commission must adjust the rates 
under Sections 31(b) and (c) to a ``uniform adjusted rate that, when 
applied to the baseline estimate of the aggregate dollar amount of 
sales for such fiscal year, is reasonably likely to produce 
aggregate fee collections under [Section 31] (including assessments 
collected under [Section 31(d)]) that are equal to the regular 
appropriation to the Commission by Congress for such fiscal 
year.'').

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

[[Page 9577]]

    The Commission is required to publish notice of the new fee rates 
under Section 31 not later than 30 days after the date on which an Act 
making a regular appropriation for the applicable fiscal year is 
enacted.\6\ On February 15, 2019, the President signed into law the 
Consolidated Appropriations Act, 2019, which includes total 
appropriations of $1,712,091,000 to the SEC for fiscal year 2019.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78ee(g).
---------------------------------------------------------------------------

II. Fiscal Year 2019 Annual Adjustment to the Fee Rate

    The new fee rate is determined by (1) subtracting the sum of fees 
estimated to be collected prior to the effective date of the new fee 
rate \7\ and estimated assessments on security futures transactions to 
be collected under Section 31(d) of the Exchange Act for all of fiscal 
year 2019 \8\ from an amount equal to the regular appropriation to the 
Commission for fiscal year 2019, and (2) dividing by the estimated 
aggregate dollar amount of covered sales for the remainder of the 
fiscal year following the effective date of the new fee rate.\9\
---------------------------------------------------------------------------

    \7\ The sum of fees to be collected prior to the effective date 
of the new fee rate is determined by applying the current fee rate 
to the dollar amount of covered sales prior to the effective date of 
the new fee rate. The exchanges and FINRA have provided data on the 
dollar amount of covered sales through January, 2019. To calculate 
the dollar amount of covered sales from February, 2019 to the 
effective date of the new fee rate, the Commission is using the 
methodology described in the Appendix A of this order.
    \8\ The Commission is using the same methodology it has used 
previously to estimate assessments on security futures transactions 
to be collected in fiscal year 2019. An explanation of the 
methodology appears in Appendix A.
    \9\ To estimate the aggregate dollar amount of covered sales for 
the remainder of fiscal year 2019 following the effective date of 
the new fee rate, the Commission is using the methodology described 
in Appendix A of this order.
---------------------------------------------------------------------------

    As noted above, the Consolidated Appropriations Act, 2019, includes 
total appropriations of $1,712,091,000 to the Commission for fiscal 
year 2019.\10\ The Commission estimates that it will collect 
$740,970,262 in fees for the period prior to the effective date of the 
new fee rate and $23,127 in assessments on round turn transactions in 
security futures products during all of fiscal year 2019. Using the 
methodology described in Appendix A, the Commission estimates that the 
aggregate dollar amount of covered sales for the remainder of fiscal 
year 2019 to be $46,958,135,950,927.
---------------------------------------------------------------------------

    \10\ The Consolidated Appropriations Act, 2019 includes an 
appropriation of $1,674,902,000 for necessary expenses for the 
Commission and an appropriation of $37,189,000 for costs associated 
with relocation under a replacement lease for the Commission's New 
York regional office facilities. The act provides that ``for 
purposes of calculating the fee rate under section 31(j) of the 
[Exchange Act] for fiscal year 2019, all amounts appropriated [to 
the Commission in the act] shall be deemed to be the regular 
appropriation to the Commission for fiscal year 2019.''
---------------------------------------------------------------------------

    The uniform adjusted rate is computed by dividing the residual fees 
to be collected of $971,097,612 by the estimated aggregate dollar 
amount of covered sales for the remainder of fiscal year 2019 of 
$46,958,135,950,927; this results in a uniform adjusted rate for fiscal 
year 2019 of $20.70 per million.\11\
---------------------------------------------------------------------------

    \11\ Appendix A shows the process of calculating the fiscal year 
2019 annual adjustment and includes the data used by the Commission 
in making this adjustment.
---------------------------------------------------------------------------

III. Effective Date of the Uniform Adjusted Rate

    Under Section 31(j)(4)(A) of the Exchange Act, the fiscal year 2019 
annual adjustments to the fee rates applicable under Sections 31(b) and 
(c) of the Exchange Act shall take effect on the later of October 1, 
2018, or 60 days after the date on which a regular appropriation to the 
Commission for fiscal year 2019 is enacted.\12\ The regular 
appropriation to the Commission for fiscal year 2019 was enacted on 
February 15, 2019, and accordingly, the new fee rates applicable under 
Sections 31(b) and (c) of the Exchange Act will take effect on April 
16, 2019.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78ee(j)(4)(A).
---------------------------------------------------------------------------

IV. Conclusion

    Accordingly, pursuant to Section 31 of the Exchange Act,
    It is hereby ordered that the fee rates applicable under Sections 
31(b) and (c) of the Exchange Act shall be $20.70 per $1,000,000 
effective on April 16, 2019.

    By the Commission.
Eduardo A. Aleman,
Deputy Secretary.

Appendix A

    This appendix provides the methodology for determining the 
annual adjustment to the fee rates applicable under Sections 31(b) 
and (c) of the Exchange Act for fiscal year 2019. Section 31 of the 
Exchange Act requires the fee rates to be adjusted so that it is 
reasonably likely that the Commission will collect aggregate fees 
equal to its regular appropriation for fiscal year 2019.
    To make the adjustment, the Commission must project the 
aggregate dollar amount of covered sales of securities on the 
securities exchanges and certain over-the-counter (``OTC'') markets 
over the course of the year. The fee rate equals the ratio of the 
Commission's regular appropriation for fiscal year 2019 (less the 
sum of fees to be collected during fiscal year 2019 prior to the 
effective date of the new fee rate and aggregate assessments on 
security futures transactions during all of fiscal year 2019) to the 
estimated aggregate dollar amount of covered sales for the remainder 
of the fiscal year following the effective date of the new fee rate.
    For 2019, the Commission has estimated the aggregate dollar 
amount of covered sales by projecting forward the trend established 
in the previous decade. More specifically, the dollar amount of 
covered sales was forecasted for months subsequent to January 2019, 
the last month for which the Commission has data on the dollar 
volume of covered sales.\13\
---------------------------------------------------------------------------

    \13\ To determine the availability of data, the Commission 
compares the date of the appropriation with the date the transaction 
data are due from the exchanges (10 business days after the end of 
the month). If the business day following the date of the 
appropriation is equal to or subsequent to the date the data are due 
from the exchanges, the Commission uses these data. The 
appropriation was signed on February 15, 2019. The first business 
day after this date was February 19, 2019. Data for January 2019 
were due from the exchanges on February 14, 2019. As a result, the 
Commission used January 2019 and earlier data to forecast volume for 
February 2019 and later months.
---------------------------------------------------------------------------

    The following sections describe this process in detail.

A. Baseline Estimate of the Aggregate Dollar Amount of Covered 
Sales for Fiscal Year 2019

    First, calculate the average daily dollar amount of covered 
sales (``ADS'') for each month in the sample (December 2008-January 
2019). The monthly total dollar amount of covered sales (exchange 
plus certain OTC markets) is presented in column C of Table A.
    Next, model the monthly change in the natural logarithm of ADS 
as a first order autoregressive process (``AR(1)''), including 
monthly indicator variables to control for seasonality.
    Use the estimated AR(1) model to forecast the monthly change in 
the log level of ADS. These percent changes can then be applied to 
obtain forecasts of the total dollar volume of covered sales. The 
following is a more formal (mathematical) description of the 
procedure:
    1. Begin with the monthly data for total dollar volume of 
covered sales (column C). The sample spans ten years, from December 
2008-January 2019.\14\ Divide each month's total dollar volume by 
the number of trading days in that month (column B) to obtain the 
average daily dollar volume (ADS, column D).
---------------------------------------------------------------------------

    \14\ Because the model uses a one period lag in the change in 
the log level of average daily sales, two additional months of data 
are added to the table so that the model is estimated with 120 
observations.
---------------------------------------------------------------------------

    2. For each month t, calculate [Delta] LN ADS (shown in column 
E) as the log growth rate of ADS, that is, the difference between 
the natural logarithm of ADS in month t and its value in the prior 
month.
    3. Estimate the AR(1) model

[[Page 9578]]

[GRAPHIC] [TIFF OMITTED] TN15MR19.002

with Dtm representing monthly indicator variables, yt representing 
the log growth rate in ADS ([Delta] LN ADS), and [egr] t 
representing the error term for month t. The model can be estimated 
using standard commercially available software. The estimated 
parameter values are [beta] = -0.2692 and [alpha]1 - 
[alpha]12 as follows:

[alpha]1 (JAN) = 0.0386, [alpha]2 (FEB) = 
0.0773, [alpha]3 (MAR) =-0.0251, [alpha]4 
(APR) =-0.0565, [alpha]5 (MAY) = 0.0279, 
[alpha]6 (JUN) = 0.0042, [alpha]7 (JUL) =-
0.0918, [alpha]8 (AUG) =-0.0039, [alpha]9 
(SEP) = 0.0560, [alpha]10 (OCT) = 1.0594, 
[alpha]11 (NOV) =-0.0117, [alpha]12 (DEC) =-
0.0069. The root-mean squared error (RMSE) of the regression is 
0.1037.

    4. For the first month calculate the forecasted value of the log 
growth rate of ADS as
[GRAPHIC] [TIFF OMITTED] TN15MR19.003

For the next month use the forecasted value of the log growth rate 
of the first month to calculate the forecast of the next month. This 
process iterates until a forecast is generated for all remaining 
months in the fiscal year. These data appear in column F.
    5. Assuming that the regression error in the AR(1) model is 
normally distributed, the expected percentage change in average 
daily dollar volume from month t-1 to month t is then given by the 
expression exp ([beta]yt-1 + [frac12] 
[sigma]2) -1, where denotes the root mean squared error 
of the regression (RMSE).
    6. For instance, for February 2019, using the [beta] parameter 
and the [alpha] parameter (for February) above, and the change in 
the log-level ADS from January, 2019, we can estimate the change in 
the log growth in average daily sales as [beta]yJan + [alpha]Feb = 
((-0.2692 x -0.2311) + 0.0773) = +0.1395 This represents the 
estimated change in log average daily dollar volume for February 
2019 relative to January 2019. To estimate the percent change in 
average daily sales from January 2019 to February 2019, use the 
formula shown in Step 5, above: exp (+0.1395 + [frac12] 
0.10372)-1 = +0.1559. Apply this estimated percent change 
in ADS to the ADS for January 2019 to estimate the ADS for February 
2019 as $379,079,268,750 x (1 + 0.1559) = $438,192,488,788. Multiply 
this by the 19 trading days in February 2019 to obtain a total 
dollar volume forecast of $8,325,657,286,963.
    7. For March 2019, proceed in a similar fashion. Using the 
estimates for February 2019 along with the [beta] parameter and the 
[alpha]3 parameter (for March) to generate a forecast for 
the one-month change in the log level of average daily sales. 
Convert the estimated log change in average daily sales to estimated 
percent change in ADS as in step 6, above to obtain a forecast ADS 
of $413,789,951,878. Multiply this figure by the 21 trading days in 
March 2019 to obtain a total dollar volume forecast of 
$8,689,588,989,442.
    8. Repeat this procedure for subsequent months.

B. Using the Forecasts From A To Calculate the New Fee Rate

    1. Use Table A to estimate fees collected for the period October 
1, 2018 through April 15, 2019. The projected aggregate dollar 
amount of covered sales for this period is $56,997,712,431,458. 
Actual and projected fee collections at the current fee rate of 
$13.00 per million are $740,970,262.
    2. Estimate the amount of assessments on security futures 
products collected from October 1, 2018 through September 30, 2019. 
First, calculate the average and the standard deviation of the 
change in log average daily sales, in column E, for the 120 months 
ending January 2019. The average is 0.004038 and the standard 
deviation is 0.111345. These are used to estimate an average growth 
rate in ADS using the formula (0.004038 + [frac12] 0.111345\2\)-1. 
This results in an average monthly increase of 1.029%. Apply this 
monthly increase to the last month for which single stock futures' 
assessments are available, which was $1,701.13, for January 2019. 
Estimate all subsequent months in fiscal year 2019 by applying the 
growth rate to the previously estimated monthly value, and sum the 
results. This totals $23,126.73 for the entire fiscal year.
    3. Subtract the amounts $740,970,262 and $23,127 from the target 
off-setting collection amount set by Congress of $1,712,091,000, 
leaving $971,097,612 to be collected on dollar volume for the period 
April 16, 2019 through September 30, 2019.
    4. Use Table A to estimate dollar volume for the period April 
16, 2019 through September 30, 2019. The estimate is 
$46,958,135,950,927. Finally, compute the fee rate required to 
produce the additional $971,097,612 in revenue. This rate is 
$971,097,612 divided by $46,958,135,950,927 or 0.00002068007.
    5. Round the result to the seventh decimal point, yielding a 
rate of 0.0000207 (or $20.70 per million).
    This table summarizes the estimates of the aggregate dollar 
amount of covered sales, by time period. The figures in this table 
can be used to determine the new fee rate.

   Table A--Baseline Estimate of the Aggregate Dollar Amount of Sales
                         [Fee rate calculation]
------------------------------------------------------------------------
 
------------------------------------------------------------------------
a. Baseline estimate of the aggregate dollar amount of        52,599,495
 sales, 10/01/2018 to 03/31/2019 ($Millions)............
b. Baseline estimate of the aggregate dollar amount of         4,398,217
 sales, 04/01/2019 to 04/15/2019 ($Millions)............
c. Baseline estimate of the aggregate dollar amount of         3,998,379
 sales, 04/16/2019 to 04/30/2019 ($Millions)............
d. Baseline estimate of the aggregate dollar amount of        42,959,756
 sales, 05/01/2019 to 09/30/2019 ($Millions)............
e. Estimated collections in assements on security                  0.023
 futures products in fiscal year 2019 ($Millions).......
f. Implied fee rate (($1,712,091,000 - $13.00 * (a + b) -         $20.70
  e)/(c + d)............................................
------------------------------------------------------------------------


 
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                 Number of                             Average daily                                         Forecast average    Forecast total
                            Month                               trading days       Total dollar      dollar amount  of   [Delta] LN ADS  Forecast  [Delta]     daily dollar    dollar amount  of
                                                                  in month       amount of sales        sales  (ADS)                           LN ADS        amount of sales         sales
(A)                                                                      (B)                   (C)                  (D)             (E)                (F)                (G)                (H)
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Dec-08......................................................              22     5,176,041,317,640      235,274,605,347            #N/A  .................  .................  .................
Jan-09......................................................              20     4,670,249,433,806      233,512,471,690        -0.00752  .................  .................  .................
Feb-09......................................................              19     4,771,470,184,048      251,130,009,687         0.07274  .................  .................  .................
Mar-09......................................................              22     5,885,594,284,780      267,527,012,945         0.06325  .................  .................  .................
Apr-09......................................................              21     5,123,665,205,517      243,984,057,406        -0.09212  .................  .................  .................
May-09......................................................              20     5,086,717,129,965      254,335,856,498         0.04155  .................  .................  .................
Jun-09......................................................              22     5,271,742,782,609      239,624,671,937        -0.05958  .................  .................  .................
Jul-09......................................................              22     4,659,599,245,583      211,799,965,708        -0.12343  .................  .................  .................
Aug-09......................................................              21     4,582,102,295,783      218,195,347,418         0.02975  .................  .................  .................
Sep-09......................................................              21     4,929,155,364,888      234,721,684,042         0.07301  .................  .................  .................
Oct-09......................................................              22     5,410,025,301,030      245,910,240,956         0.04657  .................  .................  .................
Nov-09......................................................              20     4,770,928,103,032      238,546,405,152        -0.03040  .................  .................  .................
Dec-09......................................................              22     4,688,555,303,171      213,116,150,144        -0.11273  .................  .................  .................
Jan-10......................................................              19     4,661,793,708,648      245,357,563,613         0.14088  .................  .................  .................
Feb-10......................................................              19     4,969,848,578,023      261,570,977,791         0.06399  .................  .................  .................

[[Page 9579]]

 
Mar-10......................................................              23     5,563,529,823,621      241,892,601,027        -0.07821  .................  .................  .................
Apr-10......................................................              21     5,546,445,874,917      264,116,470,234         0.08790  .................  .................  .................
May-10......................................................              20     7,260,430,376,294      363,021,518,815         0.31807  .................  .................  .................
Jun-10......................................................              22     6,124,776,349,285      278,398,924,967        -0.26541  .................  .................  .................
Jul-10......................................................              21     5,058,242,097,334      240,868,671,302        -0.14480  .................  .................  .................
Aug-10......................................................              22     4,765,828,263,463      216,628,557,430        -0.10607  .................  .................  .................
Sep-10......................................................              21     4,640,722,344,586      220,986,778,314         0.01992  .................  .................  .................
Oct-10......................................................              21     5,138,411,712,272      244,686,272,013         0.10187  .................  .................  .................
Nov-10......................................................              21     5,279,700,881,901      251,414,327,710         0.02713  .................  .................  .................
Dec-10......................................................              22     4,998,574,681,208      227,207,940,055        -0.10124  .................  .................  .................
Jan-11......................................................              20     5,043,391,121,345      252,169,556,067         0.10424  .................  .................  .................
Feb-11......................................................              19     5,114,631,590,581      269,191,136,346         0.06532  .................  .................  .................
Mar-11......................................................              23     6,499,355,385,307      282,580,668,926         0.04854  .................  .................  .................
Apr-11......................................................              20     4,975,954,868,765      248,797,743,438        -0.12732  .................  .................  .................
May-11......................................................              21     5,717,905,621,053      272,281,220,050         0.09020  .................  .................  .................
Jun-11......................................................              22     5,820,079,494,414      264,549,067,928        -0.02881  .................  .................  .................
Jul-11......................................................              20     5,189,681,899,635      259,484,094,982        -0.01933  .................  .................  .................
Aug-11......................................................              23     8,720,566,877,109      379,155,081,613         0.37925  .................  .................  .................
Sep-11......................................................              21     6,343,578,147,811      302,075,149,896        -0.22727  .................  .................  .................
Oct-11......................................................              21     6,163,272,963,688      293,489,188,747        -0.02884  .................  .................  .................
Nov-11......................................................              21     5,493,906,473,584      261,614,593,980        -0.11497  .................  .................  .................
Dec-11......................................................              21     5,017,867,255,600      238,946,059,790        -0.09063  .................  .................  .................
Jan-12......................................................              20     4,726,522,206,487      236,326,110,324        -0.01103  .................  .................  .................
Feb-12......................................................              20     5,011,862,514,132      250,593,125,707         0.05862  .................  .................  .................
Mar-12......................................................              22     5,638,847,967,025      256,311,271,228         0.02256  .................  .................  .................
Apr-12......................................................              20     5,084,239,396,560      254,211,969,828        -0.00822  .................  .................  .................
May-12......................................................              22     5,611,638,053,374      255,074,456,972         0.00339  .................  .................  .................
Jun-12......................................................              21     5,121,896,896,362      243,899,852,208        -0.04480  .................  .................  .................
Jul-12......................................................              21     4,567,519,314,374      217,500,919,732        -0.11455  .................  .................  .................
Aug-12......................................................              23     4,621,597,884,730      200,939,038,467        -0.07920  .................  .................  .................
Sep-12......................................................              19     4,598,499,962,682      242,026,313,825         0.18604  .................  .................  .................
Oct-12......................................................              21     5,095,175,588,310      242,627,408,967         0.00248  .................  .................  .................
Nov-12......................................................              21     4,547,882,974,292      216,565,855,919        -0.11363  .................  .................  .................
Dec-12......................................................              20     4,744,922,754,360      237,246,137,718         0.09120  .................  .................  .................
Jan-13......................................................              21     5,079,603,817,496      241,885,896,071         0.01937  .................  .................  .................
Feb-13......................................................              19     4,800,663,527,089      252,666,501,426         0.04360  .................  .................  .................
Mar-13......................................................              20     4,917,701,839,870      245,885,091,993        -0.02721  .................  .................  .................
Apr-13......................................................              22     5,451,358,637,079      247,789,028,958         0.00771  .................  .................  .................
May-13......................................................              22     5,681,788,831,869      258,263,128,721         0.04140  .................  .................  .................
Jun-13......................................................              20     5,623,545,462,226      281,177,273,111         0.08501  .................  .................  .................
Jul-13......................................................              22     5,083,861,509,754      231,084,614,080        -0.19620  .................  .................  .................
Aug-13......................................................              22     4,925,611,193,095      223,891,417,868        -0.03162  .................  .................  .................
Sep-13......................................................              20     4,959,197,626,713      247,959,881,336         0.10211  .................  .................  .................
Oct-13......................................................              23     5,928,804,028,970      257,774,088,216         0.03882  .................  .................  .................
Nov-13......................................................              20     5,182,024,612,049      259,101,230,602         0.00514  .................  .................  .................
Dec-13......................................................              21     5,265,282,994,173      250,727,761,627        -0.03285  .................  .................  .................
Jan-14......................................................              21     5,808,700,114,288      276,604,767,347         0.09822  .................  .................  .................
Feb-14......................................................              19     6,018,926,931,054      316,785,627,950         0.13564  .................  .................  .................
Mar-14......................................................              21     6,068,617,342,988      288,981,778,238        -0.09186  .................  .................  .................
Apr-14......................................................              21     6,013,948,953,528      286,378,521,597        -0.00905  .................  .................  .................
May-14......................................................              21     5,265,594,447,318      250,742,592,729        -0.13289  .................  .................  .................
Jun-14......................................................              21     5,159,506,989,669      245,690,809,032        -0.02035  .................  .................  .................
Jul-14......................................................              22     5,364,099,567,460      243,822,707,612        -0.00763  .................  .................  .................
Aug-14......................................................              21     5,075,332,147,677      241,682,483,223        -0.00882  .................  .................  .................
Sep-14......................................................              21     5,507,943,363,243      262,283,017,297         0.08180  .................  .................  .................
Oct-14......................................................              23     7,796,638,035,879      338,984,262,430         0.25653  .................  .................  .................
Nov-14......................................................              19     5,340,847,027,697      281,097,211,984        -0.18725  .................  .................  .................
Dec-14......................................................              22     6,559,110,068,128      298,141,366,733         0.05887  .................  .................  .................
Jan-15......................................................              20     6,185,619,541,044      309,280,977,052         0.03668  .................  .................  .................
Feb-15......................................................              19     5,723,523,235,641      301,238,065,034        -0.02635  .................  .................  .................
Mar-15......................................................              22     6,395,046,297,249      290,683,922,602        -0.03566  .................  .................  .................
Apr-15......................................................              21     5,625,548,298,004      267,883,252,286        -0.08169  .................  .................  .................
May-15......................................................              20     5,521,351,972,386      276,067,598,619         0.03009  .................  .................  .................
Jun-15......................................................              22     6,005,521,460,806      272,978,248,218        -0.01125  .................  .................  .................
Jul-15......................................................              22     6,493,670,315,390      295,166,832,518         0.07815  .................  .................  .................
Aug-15......................................................              21     6,963,901,249,270      331,614,345,203         0.11643  .................  .................  .................
Sep-15......................................................              21     6,434,496,770,897      306,404,608,138        -0.07907  .................  .................  .................
Oct-15......................................................              22     6,592,594,708,082      299,663,395,822        -0.02225  .................  .................  .................
Nov-15......................................................              20     5,822,824,015,945      291,141,200,797        -0.02885  .................  .................  .................
Dec-15......................................................              22     6,384,337,478,801      290,197,158,127        -0.00325  .................  .................  .................
Jan-16......................................................              19     6,696,059,796,055      352,424,199,792         0.19428  .................  .................  .................
Feb-16......................................................              20     6,659,878,908,747      332,993,945,437        -0.05671  .................  .................  .................
Mar-16......................................................              22     6,161,943,754,542      280,088,352,479        -0.17302  .................  .................  .................
Apr-16......................................................              21     5,541,076,988,322      263,860,808,968        -0.05968  .................  .................  .................
May-16......................................................              21     5,693,520,415,112      271,120,019,767         0.02714  .................  .................  .................
Jun-16......................................................              22     6,317,212,852,759      287,146,038,762         0.05743  .................  .................  .................
Jul-16......................................................              20     5,331,797,261,269      266,589,863,063        -0.07428  .................  .................  .................

[[Page 9580]]

 
Aug-16......................................................              23     5,635,976,607,786      245,042,461,208        -0.08428  .................  .................  .................
Sep-16......................................................              21     5,942,072,286,976      282,955,823,189         0.14386  .................  .................  .................
Oct-16......................................................              21     5,460,906,573,682      260,043,170,175        -0.08444  .................  .................  .................
Nov-16......................................................              21     6,845,287,809,886      325,966,086,185         0.22595  .................  .................  .................
Dec-16......................................................              21     6,208,579,880,985      295,646,660,999        -0.09763  .................  .................  .................
Jan-17......................................................              20     5,598,200,907,603      279,910,045,380        -0.05470  .................  .................  .................
Feb-17......................................................              19     5,443,426,609,533      286,496,137,344         0.02326  .................  .................  .................
Mar-17......................................................              23     6,661,861,914,530      289,646,170,197         0.01094  .................  .................  .................
Apr-17......................................................              19     5,116,714,033,499      269,300,738,605        -0.07283  .................  .................  .................
May-17......................................................              22     6,305,822,460,672      286,628,293,667         0.06236  .................  .................  .................
Jun-17......................................................              22     6,854,993,097,601      311,590,595,346         0.08350  .................  .................  .................
Jul-17......................................................              20     5,394,333,070,522      269,716,653,526        -0.14432  .................  .................  .................
Aug-17......................................................              23     6,206,204,906,864      269,834,995,951         0.00044  .................  .................  .................
Sep-17......................................................              20     5,939,886,169,525      296,994,308,476         0.09590  .................  .................  .................
Oct-17......................................................              22     6,134,529,538,894      278,842,251,768        -0.06307  .................  .................  .................
Nov-17......................................................              21     6,289,748,560,897      299,511,836,233         0.07151  .................  .................  .................
Dec-17......................................................              20     6,672,181,323,001      333,609,066,150         0.10782  .................  .................  .................
Jan-18......................................................              21     7,672,288,677,308      365,347,079,872         0.09088  .................  .................  .................
Feb-18......................................................              19     8,725,420,462,639      459,232,655,928         0.22871  .................  .................  .................
Mar-18......................................................              21     8,264,755,011,030      393,559,762,430        -0.15432  .................  .................  .................
Apr-18......................................................              21     7,490,308,402,446      356,681,352,497        -0.09839  .................  .................  .................
May-18......................................................              22     7,242,077,467,179      329,185,339,417        -0.08022  .................  .................  .................
Jun-18......................................................              21     7,936,783,802,579      377,942,085,837         0.13812  .................  .................  .................
Jul-18......................................................              21     6,807,593,326,456      324,171,110,784        -0.15347  .................  .................  .................
Aug-18......................................................              23     7,363,115,444,274      320,135,454,099        -0.01253  .................  .................  .................
Sep-18......................................................              19     6,781,988,459,996      356,946,761,052         0.10884  .................  .................  .................
Oct-18......................................................              23    10,133,514,480,998      440,587,586,130         0.21052  .................  .................  .................
Nov-18......................................................              21     8,414,847,862,204      400,707,041,057        -0.09488  .................  .................  .................
Dec-18......................................................              19     9,075,221,733,736      477,643,249,144         0.17563  .................  .................  .................
Jan-19......................................................              21     7,960,664,643,749      379,079,268,750        -0.23112  .................  .................  .................
Feb-19......................................................              19   ...................  ...................  ..............             0.1395    438,192,488,788  8,325,657,286,963
Mar-19......................................................              21   ...................  ...................  ..............            -0.0627    413,789,951,878  8,689,588,989,442
Apr-19......................................................              21   ...................  ...................  ..............            -0.0397    399,837,948,579  8,396,596,920,153
May-19......................................................              22   ...................  ...................  ..............             0.0386    417,801,508,030  9,191,633,176,654
Jun-19......................................................              20   ...................  ...................  ..............            -0.0062    417,455,061,409  8,349,101,228,188
Jul-19......................................................              22   ...................  ...................  ..............            -0.0901    383,542,454,021  8,437,933,988,469
Aug-19......................................................              22   ...................  ...................  ..............             0.0204    393,541,847,373  8,657,920,642,210
Sep-19......................................................              20   ...................  ...................  ..............             0.0505    416,158,371,481  8,323,167,429,618
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

BILLING CODE 8011-01-P

[[Page 9581]]

[GRAPHIC] [TIFF OMITTED] TN15MR19.004


[[Page 9582]]


[FR Doc. 2019-04800 Filed 3-14-19; 8:45 am]
 BILLING CODE 8011-01-C


