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Let be a commutative algebra over the field ${\mathbb F}2 = {\mathbb Z}/2\ell (A) \to HC^-(A)A$ is a smooth algebra. Thus, the functor can be viewed as an approximation of negative cyclic homology and ordinary cyclic homology is a natural -module. In general, there is a spectral sequence $E^2 = L_(\ell )(A) \Rightarrow HC_*^- (A)\ell^+\ell^{per}$ for ordinary cyclic homology and periodic cyclic homology, and set up their spectral sequences. Finally, we discuss universality of the approximations.

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