[Federal Register: October 9, 2009 (Volume 74, Number 195)]
[Notices]
[Page 52288-52292]
[DOCID:fr09oc09-121]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60773; File No. SR-NYSEArca-2009-83]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change To List and Trade Shares of the Grail American
Beacon International Equity ETF

October 2, 2009.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby
given that, on September 18, 2009, NYSE Arca, Inc. (``NYSE Arca'' or
the ``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    Pursuant to the provisions of Section 19(b)(1) of the Exchange
Act,\3\ NYSE Arca, through its wholly-owned subsidiary NYSE Arca
Equities, Inc. (``NYSE Arca Equities'' or the ``Corporation''),
proposes to list and trade the following under NYSE Arca Equities Rule
8.600 (``Managed Fund Shares''): The Grail American Beacon
International Equity ETF.
---------------------------------------------------------------------------

    \3\ 15 U.S.C. 78s(b)(1).
---------------------------------------------------------------------------

    The text of the proposed rule change is available on the Exchange's
Web site at http://www.nyx.com, at the Exchange's principal office and
at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Exchange proposes to list and trade the following Managed Fund
Shares \4\ (``Shares'') under NYSE Arca Equities Rule 8.600: The Grail
American Beacon International Equity ETF (``Fund'').\5\ The Shares will
be offered by Grail Advisors' ETF Trust (the ``Trust''), a statutory
trust organized under the laws of the State of Delaware and registered
with the Commission as an open-end management investment company.\6\
Grail Advisors, LLC (the ``Manager''), a majority-owned subsidiary of
Grail Partners, LLC, acts as the Fund's investment manager. The Fund is
subadvised by American Beacon Advisors, Inc. (``ABA''). The Bank of New
York Mellon Corporation is the administrator, Fund accountant, transfer
agent and custodian for the Fund. ALPS Distributors, Inc. (the
``Distributor'') serves as the distributor for the Fund.
---------------------------------------------------------------------------

    \4\ A Managed Fund Share is a security that represents an
interest in an investment company registered under the Investment
Company Act of 1940 (15 U.S.C. 80a) (``1940 Act'') organized as an
open-end investment company or similar entity that invests in a
portfolio of securities selected by its investment adviser
consistent with its investment objectives and policies. In contrast,
an open-end investment company that issues Investment Company Units,
listed and traded on the Exchange under NYSE Arca Equities Rule
5.2(j)(3), seeks to provide investment results that correspond
generally to the price and yield performance of a specific foreign
or domestic stock index, fixed income securities index or
combination thereof.
    \5\ The Commission previously approved listing and trading on
the Exchange of the following actively managed funds under Rule
8.600. See Securities Exchange Act Release No. 57619 (April 4,
2008), 73 FR 19544 (April 10, 2008) (SR-NYSEArca-2008-25) (order
approving Rule 8.600 and Exchange listing and trading of PowerShares
Active AlphaQ Fund, PowerShares Active Alpha Multi-Cap Fund,
PowerShares Active Mega-Cap Portfolio and PowerShares Active Low
Duration Portfolio); Securities Exchange Act Release No. 57801 (May
8, 2008), 73 FR 27878 (May 14, 2008) (SR-NYSEArca-2008-31) (order
approving Exchange listing and trading of twelve actively-managed
funds of the WisdomTree Trust); Securities Exchange Act Release No.
59826 (April 28, 2009), 74 FR 20512 (May 4, 2009) (SR-NYSEArca-2009-
22) (order approving Exchange listing and trading of Grail American
Beacon Large Cap Value ETF); Securities Exchange Act Release No.
60460 (August 7, 2009), 74 FR 41468 (August 17, 2009) (SR-NYSEArca-
2009-55) (order approving Exchange listing and trading of Dent
Tactical ETF).
    \6\ The Trust is registered under the 1940 Act. On April 29,
2009, the Trust filed with the Commission pre-effective Amendment
No. 3 to its registration statement on Form N-1A under the
Securities Act of 1933 (15 U.S.C. 77a), and under the 1940 Act
relating to the Fund (File Nos. 333-148082 and 811-22154)
(``Registration Statement''). The description of the operation of
the Trust herein is based on the Registration Statement.
---------------------------------------------------------------------------

    The Shares will conform to the initial and continued listing
criteria under NYSE Arca Equities Rule 8.600. The Exchange represents
that, for initial and/or continued listing, the Fund will be in
compliance with Rule 10A-3 \7\ under the Exchange Act, as provided by
NYSE Arca Equities Rule 5.3. A minimum of 100,000 Shares will be
outstanding at the commencement of trading on the Exchange. The
Exchange will obtain a representation from the issuer of the Shares
that the net asset value will be calculated daily and that the net
asset value and the Disclosed Portfolio will be made available to all
market participants at the same time.
---------------------------------------------------------------------------

    \7\ 17 CFR 240.10A-3.
---------------------------------------------------------------------------

    Commentary .07 to Rule 8.600 provides that, if the investment
adviser to the Investment Company issuing Managed Fund Shares is
affiliated with a broker-dealer, such investment adviser shall erect a
``fire wall'' between the investment adviser and the broker-dealer with
respect to access to information concerning the composition and/or
changes to such Investment Company portfolio.\8\ In addition,
Commentary .07 further requires that personnel who make decisions on
the open-end fund's portfolio composition must be subject to procedures
designed to prevent the use and dissemination of material nonpublic
information regarding the open-end fund's portfolio. Commentary .07 to
Rule 8.600 is similar to Commentary .03(a)(i) and (iii) to NYSE Arca
Equities Rule 5.2(j)(3); however, Commentary .07 in connection

with the establishment of a ``fire wall'' between the investment
adviser and the broker-dealer reflects the applicable open-end fund's
portfolio, not an underlying benchmark index, as is the case with
index-based funds. Grail Advisors, LLC is affiliated with a broker-
dealer, Grail Securities, LLC, and has implemented a fire wall with
respect to such broker-dealer regarding access to information
concerning the composition and/or changes to the portfolio.\9\
---------------------------------------------------------------------------

    \8\ An investment adviser to an open-end fund is required to be
registered under the Investment Advisers Act of 1940 (the ``Advisers
Act''). As a result, the investment adviser is subject to the
provisions of Rule 204A-1 under the Advisers Act relating to codes
of ethics. This Rule requires investment advisers to adopt a code of
ethics that reflects the fiduciary nature of the relationship to
clients as well as compliance with other applicable securities laws.
Accordingly, procedures designed to prevent the communication and
misuse of non-public information by an investment adviser must be
consistent with Rule 204A-1 under the Advisers Act.
    \9\ The Exchange represents that Grail Advisors, LLC, as the
investment adviser of the Fund, and each of the sub-advisers of the
Fund, and their respective related personnel, are subject to
Investment Advisers Act Rule 204A-1. This Rule specifically requires
the adoption of a code of ethics by an investment adviser to
include, at a minimum: (i) Standards of business conduct that
reflect the firm's/personnel fiduciary obligations; (ii) provisions
requiring supervised persons to comply with applicable federal
securities laws; (iii) provisions that require all access persons to
report, and the firm to review, their personal securities
transactions and holdings periodically as specifically set forth in
Rule 204A-1; (iv) provisions requiring supervised persons to report
any violations of the code of ethics promptly to the chief
compliance officer (``CCO'') or, provided the CCO also receives
reports of all violations, to other persons designated in the code
of ethics; and (v) provisions requiring the investment adviser to
provide each of the supervised persons with a copy of the code of
ethics with an acknowledgement by said supervised persons. In
addition, Rule 206(4)-7 under the Advisers Act makes it unlawful for
an investment adviser to provide investment advice to clients unless
such investment adviser has (i) adopted and implemented written
policies and procedures reasonably designed to prevent violation, by
the investment adviser and its supervised persons, of the Advisers
Act and the Commission rules adopted thereunder; (ii) implemented,
at a minimum, an annual review regarding the adequacy of the
policies and procedures established pursuant to subparagraph (i)
above and the effectiveness of their implementation; and (iii)
designated an individual (who is a supervised person) responsible
for administering the policies and procedures adopted under
subparagraph (i) above. E-mail from Michael Cavalier, Chief Counsel,
NYSE Euronext, to Edward Cho, Special Counsel, and Arisa Tinaves,
Special Counsel, Division of Trading and Markets, Commission, dated
September 30, 2009.
---------------------------------------------------------------------------

    ABA, the Fund's primary sub-adviser, is not affiliated with a
broker-dealer. In addition, Lazard Asset Management LLC, Templeton
Investment Counsel, LLC and The Boston Company Asset Management, LLC
each is a sub-adviser to the Fund and each is affiliated with a broker-
dealer. The sub-advisers have represented that they have implemented a
fire wall with respect to their respective broker-dealer affiliates
regarding access to information concerning the composition and/or
changes to the portfolio.
Description of the Fund
    According to the Registration Statement, the Fund's objective is
long-term capital appreciation. Ordinarily, at least 80% of the Fund's
net assets (plus the amount of any borrowings for investment purposes)
will be invested in common stocks and securities convertible into
common stocks of issuers based in at least three different countries
located outside the United States and the Fund will primarily hold
securities of large capitalization companies that have last sale
reporting in the countries in which it invests. The Fund will primarily
invest in countries in the Morgan Stanley Capital International Europe
Australasia Far East Index (``MSCI EAFE Index''). The MSCI EAFE Index
is comprised of equity securities of companies from various industrial
sectors whose primary trading markets are located outside the United
States. Companies included in the MSCI EAFE Index are selected from
among the larger capitalization companies in these markets.\10\ The
Fund considers companies with market capitalizations of more than $1
billion to be large capitalization companies. Thus, at least 50% of the
Fund's assets invested in securities of companies will be in companies
with market capitalizations of more than $1 billion.
---------------------------------------------------------------------------

    \10\ The Commission has previously approved the listing and
trading of funds based on MSCI EAFE Indexes. See, e.g., Securities
Exchange Act Release Nos. 44700 (August 14, 2001), 66 FR 43927
(August 21, 2001) (SR-Amex-2001-34) (approving shares of a fund
based on the MSCI EAFE Index); 52178 (July 29, 2005), 70 FR 46244
(August 9, 2005) (SR-NYSE-2005-41) (order approving iShares MSCI
EAFE Growth Index Fund and iShares MSCI EAFE Value Index Fund);
56592 (October 1, 2007), 72 FR 57364 (October 9, 2007) (SR-Amex-
2007-60) (order approving fund of the Proshares Trust based on the
MSCI EAFE Index).
---------------------------------------------------------------------------

    According to the Registration Statement, the investment sub-
advisers will select stocks that, in their opinion, have most or all of
the following characteristics (relative to that stock's country, sector
or industry): Above-average return on equity or earnings growth
potential, below-average price to earnings or price to cash flow ratio,
below-average price to book value ratio, and above-average dividend
yields.
    The investment sub-advisers may consider potential changes in
currency exchange rates when choosing stocks. Each of the investment
sub-advisers determines the earnings growth prospects of companies
based upon a combination of internal and external research using
fundamental analysis and considering changing economic trends. The
decision to sell a stock is typically based on the belief that the
company is no longer considered undervalued or shows deteriorating
fundamentals, or that better investment opportunities exist in other
stocks. The Manager and ABA believe that this strategy will help the
Fund outperform other investment styles over the longer term while
minimizing volatility and downside risk. An investment sub-adviser may
trade forward foreign currency contracts or currency futures in an
attempt to reduce the Fund's risk exposure to adverse fluctuations in
currency exchange rates.
    The Fund's assets are allocated among one or more investment sub-
advisers by the Manager and/or ABA. With respect to any assets
allocated to it, each investment sub-adviser has discretion to purchase
and sell securities in accordance with the Fund's objectives, policies,
restrictions and more specific policies provided by the Manager and
ABA.
    According to the Registration Statement, in addition to the
investment strategies described in the Registration Statement, the Fund
may invest up to 20% of its total assets in debt securities that are
investment grade at the time of purchase, including obligations of the
U.S. Government, its agencies and instrumentalities, corporate debt
securities, mortgage-backed securities, asset-backed securities, and
other debt securities, as specified in the Registration Statement. Such
assets may include non-U.S. debt securities that are rated at the time
of purchase in one of the three highest rating categories by any Rating
Organization (as defined in the Registration Statement) or, if unrated,
are deemed to be of comparable quality by the applicable investment
sub-adviser and traded publicly on a world market. In addition,
although not currently anticipated except to reduce the Fund's exposure
to adverse fluctuations in currency exchange rates, the Fund may use
options and futures for various purposes, including for hedging and
investment purposes. In addition, the Fund may purchase or otherwise
receive warrants or rights, or convertible and non-convertible
preferred and preference stocks. The Fund may also invest in over-the-
counter options. To the extent consistent with applicable law, the Fund
may invest in futures contracts on, among other things, financial
instruments (such as a U.S. government security or other fixed income
security), individual equity securities (``single stock futures''),
securities indices, interest rates, currencies, inflation indices, and
commodities or commodities indices. The Fund's purchase and sale of
index futures is limited to contracts and exchanges approved by the U.
S. Commodity Futures Trading Commission.

    According to the Registration Statement, the Fund may engage in
transactions involving the use of interest rate futures; use options on
futures contracts, interest rate caps, floors, and collars; and
directly or indirectly use various different types of swaps, such as
swaps on securities and securities indices, interest rate swaps,
currency swaps, credit default swaps, commodity swaps, inflation swaps,
and other types of available swap agreements. The Fund may enter into
repurchase agreements with banks and broker-dealers. The Fund may
temporarily invest a portion of its assets in cash or cash items
pending other investments or to maintain liquid assets required in
connection with some of the Fund's investments. The Fund may invest in
pooled real estate investment vehicles. In addition, the Fund may
invest up to 15% of its net assets in illiquid securities. For this
purpose, ``illiquid securities'' are securities that the Fund may not
sell or dispose of within seven days in the ordinary course of business
at approximately the amount at which the Fund has valued the
securities. The Fund may invest in the securities of other investment
companies to the extent permitted by law.
    Under adverse market conditions, the Fund may, for temporary
defensive purposes, invest up to 100% of its assets in cash or cash
equivalents, including investment grade short-term obligations.
Investment grade obligations include securities issued or guaranteed by
the U.S. Government, its agencies and instrumentalities, as well as
securities rated in one of the four highest rating categories by at
least two nationally recognized statistical rating organizations rating
that security (such as Standard & Poor's Ratings Services or Moody's
Investors Service, Inc.) or rated in one of the four highest rating
categories by one rating organization if it is the only organization
rating that security.
    As stated in the Registration Statement, the following are
fundamental policies of the Fund: (1) Regarding diversification, the
Fund may not invest more than 5% of its total assets (taken at market
value) in securities of any one issuer, other than obligations issued
by the U.S. Government, its agencies and instrumentalities, or purchase
more than 10% of the voting securities of any one issuer, with respect
to 75% of an ETF's total assets; \11\ and (2) regarding concentration,
the Fund may not invest more than 25% of its total assets in the
securities of companies primarily engaged in any one industry or group
of industries provided that: (i) This limitation does not apply to
obligations issued or guaranteed by the U.S. Government, its agencies
and instrumentalities; and (ii) municipalities and their agencies and
authorities are not deemed to be industries.
---------------------------------------------------------------------------

    \11\ The diversification standards are included in Section
5(b)(1) of the 1940 Act. The Fund's fundamental policies may be
changed with respect to an ETF only by a vote of the holders of a
majority of the Fund's outstanding voting securities.
---------------------------------------------------------------------------

    Creations and redemptions of Fund shares will generally be in-kind,
with a specified Cash Component, as described in the Registration
Statement. Authorized Participants or the investors on whose behalf the
Authorized Participants are acting (``Investors''), however, may
deliver in connection with creations or receive in connection with
redemptions cash in lieu of one or more in-kind securities.
Specifically, in connection with creations (or redemptions), an
Authorized Participant or Investor may transact in cash, in whole or in
part, at the sole discretion of the Fund, provided, however, that the
cash amount delivered (or received) shall not exceed 10% of the value
of the In-Kind Creation (or Redemption) Basket, unless the Authorized
Participant or Investor is subject to legal restrictions with respect
to delivery or receipt of one or more securities in the In-Kind
Creation (or Redemption) Basket, or the Fund is in a temporary
defensive position. The Creation Unit size for the Fund is 50,000
Shares.
Availability of Information
    The Fund's Web site (http://www.grailadvisors.com), which will be
publicly available prior to the public offering of Shares, will include
a form of the Prospectus for the Fund that may be downloaded. The
Fund's Web site will include additional quantitative information
updated on a daily basis, including, for the Fund, (1) daily trading
volume, the prior business day's reported closing price, NAV and mid-
point of the bid/ask spread at the time of calculation of such NAV (the
``Bid/Ask Price''),\12\ and a calculation of the premium and discount
of the Bid/Ask Price against the NAV, and (2) data in chart format
displaying the frequency distribution of discounts and premiums of the
daily Bid/Ask Price against the NAV, within appropriate ranges, for
each of the four previous calendar quarters. On each business day,
before commencement of trading in Shares in the Core Trading Session on
the Exchange, the Fund will disclose on its Web site the Disclosed
Portfolio as defined in proposed Rule 8.600(c)(2) that will form the
basis for the Fund's calculation of NAV at the end of the business
day.\13\ The Registration Statement provides that the Fund's portfolio
holdings are publicly disseminated each day the Fund is open for
business through its internet Web site. In addition, a basket
composition file, which includes the security names and share
quantities required to be delivered in exchange for Fund shares,
together with estimates and actual cash components, is publicly
disseminated daily prior to the opening of the NYSE via the National
Securities Clearing Corporation (``NSCC''). The basket represents one
Creation Unit of the Fund. The Web site information will be publicly
available at no charge.
---------------------------------------------------------------------------

    \12\ The Bid/Ask Price of the Fund is determined using the
highest bid and the lowest offer on the Exchange as of the time of
calculation of the Fund's NAV. The records relating to Bid/Ask
Prices will be retained by the Fund and its service providers.
    \13\ Under accounting procedures followed by the Fund, trades
made on the prior business day (``T'') will be booked and reflected
in NAV on the current business day (``T + 1''). Accordingly, the
Fund will be able to disclose at the beginning of the business day
the portfolio that will form the basis for the NAV calculation at
the end of the business day.
---------------------------------------------------------------------------

    On a daily basis, the Fund will disclose on the Fund's Web site for
each portfolio security or other financial instrument of the Fund the
following information: ticker symbol (if applicable), name of security
or financial instrument, number of shares or dollar value of financial
instruments held in the portfolio, and percentage weighting of the
security or financial instrument in the portfolio.
    The NAV of the Fund will normally be determined as of the close of
the regular trading session on the New York Stock Exchange (ordinarily
4 p.m. Eastern time) on each business day.
    Investors can also obtain the Trust's Statement of Additional
Information (``SAI''), the Fund's Shareholder Reports, and its Form N-
CSR and Form N-SAR, filed twice a year. The Trust's SAI and Shareholder
Reports are available free upon request from the Trust, and those
documents and the Form N-CSR and Form N-SAR may be viewed on-screen or
downloaded from the Commission's Web site at http://www.sec.gov.
Information regarding market price and trading volume of the Shares is
and will be continually available on a real-time basis throughout the
day on brokers' computer screens and other electronic services.
Information regarding the previous day's closing price and trading
volume information will be published daily in the financial section of
newspapers. Quotation and last sale information for the Shares will be
available via the Consolidated Tape Association (``CTA'')

high-speed line. In addition, the Portfolio Indicative Value, as
defined in NYSE Arca Equities Rule 8.600 (c)(3), will be disseminated
by the Exchange at least every 15 seconds during the Core Trading
Session through the facilities of CTA. The dissemination of the
Portfolio Indicative Value, together with the Disclosed Portfolio, will
allow investors to determine the value of the underlying portfolio of
the Fund on a daily basis and to provide a close estimate of that value
throughout the trading day.
    Additional information regarding the Shares and the Fund, including
investment strategies, risks, creation and redemption procedures, fees,
portfolio holdings disclosure policies, distributions and taxes is
included in the Registration Statement. All terms relating to the Fund
that are referred to, but not defined in, this proposed rule change are
defined in the Registration Statement.
Trading Halts
    With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in the Shares of the Fund.\14\ Trading in Shares of the Fund
will be halted if the circuit breaker parameters in NYSE Arca Equities
Rule 7.12 have been reached. Trading also may be halted because of
market conditions or for reasons that, in the view of the Exchange,
make trading in the Shares inadvisable. These may include: (1) The
extent to which trading is not occurring in the securities comprising
the Disclosed Portfolio and/or the financial instruments of the Fund;
or (2) whether other unusual conditions or circumstances detrimental to
the maintenance of a fair and orderly market are present. Trading in
the Shares will be subject to NYSE Arca Equities Rule 8.600(d)(2)(D),
which sets forth circumstances under which Shares of the Fund may be
halted.
---------------------------------------------------------------------------

    \14\ See NYSE Arca Equities Rule 7.12, Commentary .04.
---------------------------------------------------------------------------

Trading Rules
    The Exchange deems the Shares to be equity securities, thus
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities. Shares will trade on
the NYSE Arca Marketplace from 4 a.m. to 8 p.m. Eastern Time in
accordance with NYSE Arca Equities Rule 7.34 (Opening, Core, and Late
Trading Sessions). The Exchange has appropriate rules to facilitate
transactions in the Shares during all trading sessions. The minimum
trading increment for Shares on the Exchange will be $0.01.
Surveillance
    The Exchange intends to utilize its existing surveillance
procedures applicable to derivative products (which include Managed
Fund Shares) to monitor trading in the Shares. The Exchange represents
that these procedures are adequate to properly monitor Exchange trading
of the Shares in all trading sessions and to deter and detect
violations of Exchange rules and applicable federal securities laws.
    The Exchange's current trading surveillance focuses on detecting
securities trading outside their normal patterns. When such situations
are detected, surveillance analysis follows and investigations are
opened, where appropriate, to review the behavior of all relevant
parties for all relevant trading violations.
    The Exchange may obtain information via the Intermarket
Surveillance Group (``ISG'') from other exchanges that are members of
ISG.\15\ In addition, the Exchange also has a general policy
prohibiting the distribution of material, non-public information by its
employees.
---------------------------------------------------------------------------

    \15\ For a list of the current members of ISG, see http://
www.isgportal.org. The Exchange notes that not all components of the
Disclosed Portfolio for the Fund may trade on markets that are
members of ISG and the Exchange may not have in place comprehensive
surveillance sharing agreements with such markets.
---------------------------------------------------------------------------

Information Bulletin
    Prior to the commencement of trading, the Exchange will inform its
ETP Holders in an Information Bulletin (``Bulletin'') of the special
characteristics and risks associated with trading the Shares.
Specifically, the Bulletin will discuss the following: (1) The
procedures for purchases and redemptions of Shares in Creation Unit
aggregations (and that Shares are not individually redeemable); (2)
NYSE Arca Equities Rule 9.2(a), which imposes a duty of due diligence
on its ETP Holders to learn the essential facts relating to every
customer prior to trading the Shares; (3) the risks involved in trading
the Shares during the Opening and Late Trading Sessions when an updated
Portfolio Indicative Value will not be calculated or publicly
disseminated; (4) how information regarding the Portfolio Indicative
Value is disseminated; (5) the requirement that ETP Holders deliver a
prospectus to investors purchasing newly issued Shares prior to or
concurrently with the confirmation of a transaction; and (6) trading
information.
    In addition, the Bulletin will reference that the Fund is subject
to various fees and expenses described in the Registration Statement.
The Bulletin will discuss any exemptive, no-action, and interpretive
relief granted by the Commission from any rules under the Exchange Act.
The Bulletin will also disclose that the NAV for the Shares will be
calculated after 4:00 p.m. Eastern Time each trading day.
2. Statutory Basis
    The basis under the Exchange Act for this proposed rule change is
the requirement under Section 6(b)(5) \16\ that an exchange have rules
that are designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to remove
impediments to, and perfect the mechanism of a free and open market
and, in general, to protect investors and the public interest. The
Exchange believes that the proposed rule change will facilitate the
listing and trading of an additional type of actively-managed exchange-
traded product that will enhance competition among market participants,
to the benefit of investors and the marketplace.
---------------------------------------------------------------------------

    \16\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Exchange Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others

    No written comments were solicited or received with respect to the
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action

    Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the self-regulatory organization consents, the Commission will:
    (A) By order approve the proposed rule change, or
    (B) Institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Exchange Act. 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 e-mail to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2009-83 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEArca-2009-83. This
file number should be included on the subject line if e-mail 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 Web site (http://www.sec.gov/
rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change 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 inspection
and copying in the Commission's Public Reference Room, 100 F Street,
NE., Washington, DC 20549, on official business days between the hours
of 10 a.m. and 3 p.m. Copies of the filing will also be available for
inspection and copying at NYSE Arca's principal office. All comments
received will be posted without change; the Commission does not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSEArca-2009-83 and should
be submitted on or before October 30, 2009.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
---------------------------------------------------------------------------

    \17\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-24353 Filed 10-8-09; 8:45 am]

BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 18 (Friday, January 26, 2018)]
[Notices]
[Pages 3763-3764]
[FR Doc No: 2018-01457]

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

DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID: FEMA-2017-0028; OMB No. 1660-0058]

Agency Information Collection Activities: Submission for OMB
Review; Comment Request; Fire Management Assistance Grant Program

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Notice and request for comments.

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

SUMMARY: The Federal Emergency Management Agency (FEMA) will submit the
information collection abstracted below to the Office of Management and
Budget for review and clearance in accordance with the requirements of
the Paperwork Reduction Act of 1995. The submission will describe the
nature of the information collection, the categories of respondents,
the estimated burden (i.e., the time, effort and resources used by
respondents to respond) and cost, and the actual data collection
instruments FEMA will use.

DATES: Comments must be submitted on or before February 26, 2018.

ADDRESSES: Submit written comments on the proposed information
collection to the Office of Information and Regulatory Affairs, Office
of Management and Budget. Comments should be addressed to the Desk
Officer for the Department of Homeland Security, Federal Emergency
Management Agency, and sent via electronic mail to
[email protected].

FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the information collection should be made to Director,
Records Management Division, 500 C Street SW, Washington, DC 20472,
email address [email protected] or
Allen Wineland, FMAG Program Manager, Office of Response & Recovery,
FEMA,<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: This proposed information collection
previously published in the Federal Register on October 12, 2017 at 82
FR 47562 with a 60 day public comment period. FEMA received 58
comments. The comments were unrelated to the collection. The purpose of
this notice is to notify the public that FEMA will submit the
information collection abstracted below to the Office of Management and
Budget for review and clearance.

Collection of Information

    Title: Fire Management Assistance Grant Program.
    Type of Information Collection: Reinstatement, with change, of a
currently approved information collection.
    OMB Number: 1660-0058.
    Form Titles and Numbers: FEMA Form 078-0-1, Request for Fire
Management Assistance Declaration; FEMA Form 089-0-24, Request for Fire
Management Sub-grant; FEMA Form 078-0-2, Principal Advisor's Report.
    Abstract: The information collection is required to make grant
eligibility determinations for the Fire Management Assistance Grant
Program (FMAGP). These eligibility-based grants and subgrants provide
assistance to any eligible State, Indian tribal government, or local
government for the mitigation, management, and control of a fire on
public or private forest land or grassland that is threatening such
destruction as would constitute a major disaster. The data/information
gathered in the forms is used to determine the severity of the
threatening fire, current and forecast weather conditions, and
associated factors related to the fire and its potential threat as a
major disaster.
    Affected Public: State, local, or Tribal Government.
    Estimated Number of Respondents: 178.
    Estimated Number of Responses: 553.
    Estimated Total Annual Burden Hours: 811.
    Estimated Total Annual Respondent Cost: The estimated annual cost
to respondents for the hour burden is $56,281.
    Estimated Respondents' Operation and Maintenance Costs: There are
no annual costs to respondents operations and maintenance costs for
technical services.
    Estimated Respondents' Capital and Start-Up Costs: There is no
annual start-up or capital costs.
    Estimated Total Annual Cost to the Federal Government: The cost to
the Federal Government is $612,370.

Comments

    Comments may be submitted as indicated in the ADDRESSES caption
above. Comments are solicited to (a) evaluate whether the proposed data
collection is necessary for the proper performance of the agency,
including whether the information shall have practical utility; (b)
evaluate the accuracy of the agency's estimate of the burden of the
proposed collection of information, including the validity of

the methodology and assumptions used; (c) enhance the quality, utility,
and clarity of the information to be collected; and (d) minimize the
burden of the collection of information on those who are to respond,
including through the use of appropriate automated, electronic,
mechanical, or other technological collection techniques or other forms
of information technology, e.g., permitting electronic submission of
responses.

William Holzerland,
Director, Information Management Division, Mission Support, Federal
Emergency Management Agency, Department of Homeland Security.
[FR Doc. 2018-01457 Filed 1-25-18; 8:45 am]
 BILLING CODE 9111-23-P