[Federal Register Volume 80, Number 121 (Wednesday, June 24, 2015)]
[Notices]
[Pages 36372-36380]
[FR Doc No: 2015-15455]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75247; File No. SR-NYSEArca-2015-42]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change, as Modified by Amendment No. 1, Relating to
the Listing and Trading of Shares of Newfleet Multi-Sector
Unconstrained Bond ETF under NYSE Arca Equities Rule 8.600

June 18, 2015.
    Pursuant to section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on June 5, 2015, NYSE Arca, Inc. (the ``Exchange'' or
``NYSE Arca'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the self-regulatory
organization. On June 15, 2015, NYSE Arca filed Amendment No. 1 to the
proposed rule change.\4\ 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\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
    \4\ Amendment No. 1 replaces and supersedes the filing in its
entirety.
---------------------------------------------------------------------------

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

    The Exchange proposes to list and trade shares of the following
under NYSE Arca Equities Rule 8.600 (``Managed Fund Shares''): Newfleet
Multi-Sector Unconstrained Bond ETF. The text of the proposed rule
change is available on the Exchange's Web site at www.nyse.com, at the
principal office of the Exchange, 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 shares (``Shares'') of the
following under NYSE Arca Equities Rule 8.600, which governs the
listing and trading of Managed Fund Shares: \5\ Newfleet Multi-Sector
Unconstrained Bond ETF,\6\ a series of the ETFis Series Trust I
(``Trust'').\7\
---------------------------------------------------------------------------

    \5\ 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-1) (``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.
    \6\ The Commission has approved listing and trading on the
Exchange of a number of actively managed funds under Rule 8.600.
See, e.g., Securities Exchange Act Release Nos. 69591 (May 16,
2013), 78 FR 30372 (May 22, 2013) (SR-NYSEArca-2013-33) (order
approving Exchange listing and trading of International Bear ETF);
69061 (March 7, 2013), 78 FR 15990 (March 13, 2013) (SR-NYSEArca-
2013-01) (order approving Exchange listing and trading of Newfleet
Multi-Sector Income ETF); and 67277 (June 27, 2012), 77 FR 39554
(July 3, 2012) (SR-NYSEArca-2012-39) (order approving Exchange
listing and trading of the Global Alpha & Beta ETF).
    \7\ The Trust is registered under the 1940 Act. On January 26,
2015, the Trust filed with the Commission an amendment to its
registration statement on Form N-1A under the Securities Act of 1933
(15 U.S.C. 77a) (``Securities Act''), and under the 1940 Act
relating to the Fund (File Nos. 333-187668 and 811-22819)
(``Registration Statement''). The description of the operation of
the Trust and the Fund herein is based, in part, on the Registration
Statement. In addition, the Commission has issued an order granting
certain exemptive relief to the Trust under the 1940 Act. See
Investment Company Act Release No. 30607 (July 23, 2013) (File No.
812-14080) (``Exemptive Order'').
---------------------------------------------------------------------------

    The investment adviser to the Fund will be Etfis Capital LLC. (the
``Adviser''). The Fund's Sub-Adviser will be Newfleet Asset Management
LLC (``Sub-Adviser''). ETF Issuer Solutions Inc. will serve as the
Fund's operational administrator. ETF Distributors LLC will serve as
the distributor (the ``Distributor'') of Fund Shares on an agency
basis.\8\
---------------------------------------------------------------------------

    \8\ This Amendment No. 1 to SR-NYSEArca-201[5]-42 replaces SR-
NYSEArca-201[5]-42 as originally filed and supersedes such filing in
its entirety.
---------------------------------------------------------------------------

    The Bank of New York Mellon (the ``Administrator'') will serve as
the administrator, custodian, transfer agent and fund accounting agent
for the Fund.
    Commentary .06 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.\9\ In addition,
Commentary .06 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. The Adviser and
Sub-Adviser are not registered as broker-dealers but each is affiliated
with one or more broker-dealers and has implemented and will maintain a
fire wall with respect to each such broker-dealer affiliate regarding
access to information concerning the composition and/or changes to the
portfolio. In the event (a) the Adviser or Sub-Adviser become
registered broker-dealers or newly affiliated with a broker-dealer, or
(b) any new adviser or sub-adviser is a registered broker-dealer or
becomes affiliated with a broker-dealer, it will implement a fire wall
with respect to its relevant personnel or its broker-dealer affiliate
regarding access to information concerning the composition and/or
changes to the portfolio, and will be subject to procedures designed to
prevent the use and dissemination of material non-public information
regarding such portfolio.
---------------------------------------------------------------------------

    \9\ 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 Adviser and Sub-Adviser and their related
personnel are 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. 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.
---------------------------------------------------------------------------

Description of the Fund
Principal Investments
    According to the Registration Statement, the Fund will, under
normal market conditions,\10\ invest at least eighty percent (80%) of
the Fund's net assets in fixed income securities, across all sectors of
the fixed income market, and in U.S. Treasury futures. The Fund may
invest across the credit rating spectrum, which includes securities
rated below investment grade by a nationally recognized statistical
rating organization (``NRSRO''). The Fund also may invest in unrated
securities. The Fund has no target duration for its investment
portfolio and the Fund's portfolio managers may target shorter or
longer durations in response to their view of the fixed income markets
generally or any sector thereof.
---------------------------------------------------------------------------

    \10\ The term ``under normal market conditions'' includes, but
is not limited to, the absence of extreme volatility or trading
halts in the fixed income markets or the financial markets
generally; operational issues causing dissemination of inaccurate
market information; or force majeure type events such as systems
failure, natural or man-made disaster, act of God, armed conflict,
act of terrorism, riot or labor disruption or any similar
intervening circumstance. In the absence of normal market
conditions, the Fund may invest 100% of its total assets, without
limitation, in cash or cash equivalents. The Fund may be invested in
this manner for extended periods depending on the Sub-Adviser's
assessment of market conditions.
---------------------------------------------------------------------------

    The Fund's investment objective will seek to provide a high level
of current income and, secondarily, capital appreciation. According to
the Registration Statement, the Fund will apply a time-tested approach
to credit research to capitalize on opportunities across undervalued
areas of the bond market. According to the Registration Statement,
under normal market conditions, the Sub-Adviser will seek to select
securities using a sector rotation approach and seek to adjust the
proportion of Fund investments in various sectors and sub-sectors in an
effort to obtain higher relative returns.
    The Fund's investable assets will typically be allocated among
various sectors and sub-sectors of the fixed income market using a top-
down, relative value approach that looks at factors such as yield and
spreads, supply and demand, investment environment, and sector
fundamentals. The Sub-Adviser will then typically

select particular investments using a bottom-up, fundamental research-
driven analysis that includes assessment of credit risk, company
management, issuer capital structure, technical market conditions, and
valuations. The Sub-Adviser will select securities it believes offer
the best potential to achieve the Fund's investment objective of
providing a relatively high level of current income, and secondarily,
capital appreciation.
    The Sub-Adviser will seek to provide diversification by allocating
the Fund's investments among various sectors of the fixed income
markets (as described below), including corporate investment-grade,
corporate high-yield, non-agency commercial mortgage-backed securities
(``CMBS''), agency and non-agency residential mortgage-backed
securities (``RMBS''), non-U.S. dollar securities, emerging market
high-yield securities, and asset-backed securities (``ABS'').
    The Fund may invest in the following fixed income securities:
     Securities issued or guaranteed as to principal and
interest by the U.S. Government, its agencies, authorities or
instrumentalities, including, without limitation, collateralized
mortgage obligations (``CMOs''), real estate mortgage investment
conduits (``REMICs'') and other pass-through securities;
     Non-agency \11\ CMBS, agency and non-agency RMBS, and
other ABS, including equipment trust certificates; \12\
---------------------------------------------------------------------------

    \11\ ``Non-agency'' securities are financial instruments that
have been issued by an entity that is not a government-sponsored
agency, such as the Federal National Mortgage Association, Federal
Home Loan Mortgage Corporation, Federal Home Loan Banks, or the
Government National Mortgage Association.
    \12\ The Fund may invest up to 20% of its net assets in the
aggregate in non-agency CMBS, RMBS and ABS. The liquidity of any
such security will be a factor in the selection of any such
security.
---------------------------------------------------------------------------

     Yankee bonds; \13\
---------------------------------------------------------------------------

    \13\ Yankee bonds are denominated in U.S. dollars, registered in
accordance with the Securities Act and publicly issued in the U.S.
by foreign banks and corporations.
---------------------------------------------------------------------------

     Loan assignments, including senior and junior bank loans
(generally with floating rates); \14\
---------------------------------------------------------------------------

    \14\ The Fund may invest in loan assignments, including senior
and junior bank loans, rated C or higher by an NRSRO or is unrated
but considered to be of comparable quality by the Adviser or Sub-
Adviser. The Fund will not invest in loan assignments that are in
default at time of purchase. The Fund will only invest in U.S.
dollar-denominated loan assignments. In addition, for investment
purposes, a bank loan must have a par amount outstanding of U.S.
$150 million or greater at the time it is originally issued. The
Fund may invest up to 20% of its net assets in junior bank loans.
---------------------------------------------------------------------------

     Corporate bonds; and
     Taxable municipal bonds and tax-exempt municipal bonds.
    The Fund represents that the portfolio generally will include a
minimum of 13 non-affiliated issuers of debt securities. The Fund will
only purchase performing securities and not distressed debt.\15\
---------------------------------------------------------------------------

    \15\ Distressed debt is debt that is currently in default and is
not expected to pay the current coupon.
---------------------------------------------------------------------------

    The Fund may invest in securities of U.S. or non-U.S. issuers of
any maturity or credit quality rating. The Fund generally will consider
a security to be ``investment grade'' if it is rated within the four
highest rating categories of a NRSRO or, if unrated, it is determined
to be of comparable quality by the Sub-Adviser (pursuant to procedures
reviewed and approved by the Trust's Board of Trustees (``Board'')).
Securities that are not determined to be investment grade are
considered below investment grade. There is no limitation to the Fund's
holdings in below investment grade securities or non-U.S. issuers (as
measured by country of risk).
    The fixed income securities referenced above may be issued by
foreign issuers, including foreign governments and their political
subdivisions and issuers located in emerging markets countries.\16\
---------------------------------------------------------------------------

    \16\ The Adviser expects that under normal market conditions,
the Fund will seek to invest at least 75% of its corporate bond
assets in issuances that have at least $100,000,000 par amount
outstanding in developed countries and at least $200,000,000 par
amount outstanding in emerging market countries.
---------------------------------------------------------------------------

    The fixed income securities referenced above may be short-term
securities of U.S. and non-U.S. issuers.
    The Fund has no target duration for its investment portfolio and
the Fund's portfolio managers may target shorter or longer durations in
response to their view of the fixed income markets generally or any
sector thereof. Duration measures the interest rate sensitivity of a
fixed income security by assessing and weighting the present value of
the security's payment pattern. Generally, the longer the maturity, the
greater the duration and, therefore, the greater effect interest rate
changes have on the price of the security.
    The Sub-Adviser will seek to adjust (i) the proportion of Fund
investments primarily in the sectors described above, and (ii) the
selections within sectors to obtain higher relative returns. The Sub-
Adviser will regularly review the Fund's portfolio construction,
endeavoring to minimize risk exposure by closely monitoring portfolio
characteristics such as sector concentration and portfolio duration and
by investing no more than 5% of the Fund's total assets in securities
of any single issuer (excluding the U.S. government, its agencies,
authorities or instrumentalities).
    The Fund may invest in U.S. Treasury futures contracts traded on
U.S. futures exchanges in an attempt to protect the Fund's current or
intended investments from broad fluctuations in securities prices.\17\
---------------------------------------------------------------------------

    \17\ In instances involving the purchase of futures contracts,
the Fund will deposit in a segregated account with its custodian an
amount of cash, cash equivalents and/or appropriate securities equal
to the cost of such futures contracts, to the extent that such
deposits are required under the 1940 Act.
---------------------------------------------------------------------------

Other Investments
    While the Fund, under normal market conditions, will invest at
least eighty percent (80%) of its assets in fixed income securities and
financial instruments, as described above, the Fund may invest its
remaining assets in other assets and financial instruments, as
described below.
    The Fund may hold the following exchange-traded equity securities:
common stocks, preferred stocks, warrants, convertible securities, unit
investment trusts, master limited partnerships, real estate investment
trusts (``REITs''), exchange-traded funds (``ETFs'') \18\ and exchange-
traded notes (``ETNs'').\19\
---------------------------------------------------------------------------

    \18\ The ETFs in which the Fund may invest will be registered
under the 1940 Act and include Investment Company Units (as
described in NYSE Arca Equities Rule 5.2(j)(3)); Portfolio
Depositary Receipts (as described in NYSE Arca Equities Rule 8.100);
and Managed Fund Shares (as described in NYSE Arca Equities Rule
8.600). Such ETFs all will be listed and traded in the U.S. on
registered exchanges. The Fund may invest in inverse ETFs, leveraged
ETFs and inverse leveraged ETFs (e.g., 2X or 3X).
    \19\ ETNs, also called index-linked securities as would be
listed, for example, under NYSE Arca Equities Rule 5.2(j)(6), are
senior, unsecured, unsubordinated debt securities issued by an
underwriting bank that are designed to provide returns that are
linked to a particular benchmark less investor fees. The Fund will
not invest in leveraged ETNs and inverse leveraged ETNs (e.g., 2X or
3X).
---------------------------------------------------------------------------

    The Fund will purchase such equity securities traded in the U.S. on
registered exchanges.
    To gain exposure to the performance of foreign issuers, the Fund
may invest in the following types of equity securities: American
Depositary Receipts (``ADRs''), ``ordinary shares,'' and ``New York
shares'' (each of which is issued and traded in the U.S.); and Global
Depositary Receipts (``GDRs''), European Depositary Receipts
(``EDRs''), and International Depositary Receipts (``IDRs''), which are
traded on foreign exchanges (all of the foregoing financial instruments
collectively referred to as ``Equity Financial Instruments'').\20\
---------------------------------------------------------------------------

    \20\ ADRs are U.S. dollar denominated receipts typically issued
by U.S. banks and trust companies that evidence ownership of
underlying securities issued by a foreign issuer. The underlying
securities may not necessarily be denominated in the same currency
as the securities into which they may be converted. The underlying
securities are held in trust by a custodian bank or similar
financial institution in the issuer's home country. The depositary
bank may not have physical custody of the underlying securities at
all times and may charge fees for various services, including
forwarding dividends and interest and corporate actions. The Fund
may invest in sponsored or unsponsored ADRs; however, non-exchange
listed ADRs will not exceed 10% of the Fund's net assets. Ordinary
shares are shares of foreign issuers that are traded abroad and on a
U.S. exchange. New York shares are shares that a foreign issuer has
allocated for trading in the U.S. ADRs, ordinary shares, and New
York shares all may be purchased with and sold for U.S. dollars,
which protects the Fund from foreign settlement risks. GDRs, EDRs,
and IDRs are similar to ADRs in that they are certificates
evidencing ownership of shares of a foreign issuer; however, GDRs,
EDRs, and IDRs may be issued in bearer form and denominated in other
currencies, and are generally designed for use in specific or
multiple securities markets outside the U.S. EDRs, for example, are
designed for use in European securities markets while GDRs are
designed for use throughout the world.

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

    With respect to its exchange-traded equity securities investments,
the Fund will normally invest in equity securities that are listed and
traded on a U.S. exchange or in markets that are members of the
Intermarket Surveillance Group (``ISG'') or parties to a comprehensive
surveillance sharing agreement with the Exchange. In any case, not more
than 10% of the net assets of the Fund in the aggregate invested in
exchange-traded equity securities will consist of equity securities
whose principal market is not a member of ISG or a market with which
the Exchange does not have a comprehensive surveillance sharing
agreement.
    The Fund may invest in, to the extent permitted by section 12(d)(1)
of the 1940 Act and the rules thereunder,\21\ other affiliated and
unaffiliated funds, such as open-end or closed-end management
investment companies (``closed-end funds''), including other ETFs.
---------------------------------------------------------------------------

    \21\ 15 U.S.C. 80a-12(d)(1).
---------------------------------------------------------------------------

    The Fund also may invest in the securities of other investment
companies in compliance with section 12(d)(1)(E), (F) and (G) of the
1940 Act and the rules thereunder.\22\
---------------------------------------------------------------------------

    \22\ 15 U.S.C. 80a-12(d)(1)(E),(F) and (G).
---------------------------------------------------------------------------

    The Fund may invest in the exchange traded securities of pooled
vehicles that are not investment companies and, thus, not required to
comply with the provisions of the 1940 Act. Such pooled vehicles would
be required to comply with the provisions of other federal securities
laws, such as the Securities Act. These pooled vehicles typically hold
commodities, such as gold or oil, currency, or other property that is
itself not a security.\23\
---------------------------------------------------------------------------

    \23\ Exchange-traded pooled investment vehicles include Trust
Issued Receipts (as described in NYSE Arca Equities Rule 8.200);
Commodity-Based Trust Shares (as described in NYSE Arca Equities
Rule 8.201); Currency Trust Shares (as described in NYSE Arca
Equities Rule 8.202); Commodity Index Trust Shares (as described in
NYSE Arca Equities Rule 8.203); and Trust Units (as described in
NYSE Arca Equities Rule 8.500).
---------------------------------------------------------------------------

Investment Restrictions
    The Fund may hold up to an aggregate amount of 15% of its net
assets in illiquid assets (calculated at the time of investment),
including Rule 144A fixed income securities and bank loans, that are
deemed illiquid by the Adviser, consistent with Commission
guidance.\24\ Thus, only those Rule 144A securities and bank loans,
that are deemed illiquid by the Adviser would be included in the
limitation of 15% of net assets in illiquid assets.\25\
---------------------------------------------------------------------------

    \24\ The Commission has stated that long-standing Commission
guidelines have required open-end funds to hold no more than 15% of
their net assets in illiquid securities and other illiquid assets.
See Investment Company Act Release No. 28193 (March 11, 2008), 73 FR
14618 (March 18, 2008), footnote 34. See also, Investment Company
Act Release No. 5847 (October 21, 1969), 35 FR 19989 (December 31,
1970) (Statement Regarding ``Restricted Securities''); Investment
Company Act Release No. 18612 (March 12, 1992), 57 FR 9828 (March
20, 1992) (Revisions of Guidelines to Form N-1A). A fund's portfolio
security is illiquid if it cannot be disposed of in the ordinary
course of business within seven days at approximately the value
ascribed to it by the fund. See Investment Company Act Release No.
14983 (March 12, 1986), 51 FR 9773 (March 21, 1986) (adopting
amendments to Rule 2a-7 under the 1940 Act); Investment Company Act
Release No. 17452 (April 23, 1990), 55 FR 17933 (April 30, 1990)
(adopting Rule 144A under the Securities Act).
    \25\ Rule 144A securities and loan assignments, including bank
loans, are subject to the Fund's 15% limitation on holdings in
illiquid assets only if deemed illiquid by the Adviser. In reaching
liquidity decisions relating to Rule 144A securities and loan
assignments, the Adviser may consider the following factors: the
frequency of trades and quotes for the security; the number of
dealers wishing to purchase or sell the security and the number of
other potential purchasers; dealer undertakings to make a market in
the security; and the nature of the security and the nature of the
marketplace trades (e.g., the time needed to dispose of the
security, the method of soliciting offers, and the mechanics of
transfer.) The Adviser represents that the Adviser and the Board
will continue to evaluate each 144A security and loan assignment
based on the Fund's valuation procedures to oversee liquidity and
valuation concerns.
---------------------------------------------------------------------------

    The Adviser has represented that it will invest generally in loan
assignments, including bank loans, that it deems highly liquid, with
readily available prices.
    The Fund will not invest in options contracts or swap agreements.
    The Fund will seek to qualify for treatment as a regulated
investment company under the Internal Revenue Code of 1986.\26\
---------------------------------------------------------------------------

    \26\ 26 U.S.C. 851.
---------------------------------------------------------------------------

    The Fund's investments will be consistent with its investment
objective and will not be used to provide multiple returns of a
benchmark or to produce leveraged returns.
Creation and Redemption of Shares
    The Trust will issue and sell Shares of the Fund only in ``Creation
Units'' on a continuous basis through the Distributor, at their NAV
next determined after receipt, on any business day, for an order
received in proper form. All orders to create Creation Units must be
placed for one or more Creation Unit size aggregations of Shares
(50,000 Shares per Creation Unit). The Creation Unit size is subject to
change.
    The consideration for purchase of a Creation Unit of the Fund
generally will consist of an in-kind deposit of ``Deposit Securities''
for each Creation Unit constituting a substantial replication, or a
representation, of the securities included in the Fund's portfolio and
a ``Cash Component'' computed as described below. Together, the Deposit
Securities and the Cash Component constitute the ``Fund Deposit'',
which represents the minimum initial and subsequent investment amount
for a Creation Unit of the Fund. The Cash Component is an amount equal
to the difference between the NAV of the Shares (per Creation Unit) and
the market value of the Deposit Securities. If the Cash Component is a
positive number (i.e., the NAV per Creation Unit exceeds the market
value of the Deposit Securities), the Cash Component will be such
positive amount. If the Cash Component is a negative number (i.e., the
NAV per Creation Unit is less than the market value of the Deposit
Securities), the Cash Component will be such negative amount, and the
creator will be entitled to receive cash from the Fund in an amount
equal to the Cash Component. The Cash Component serves the function of
compensating for any differences between the NAV per Creation Unit and
the market value of the Deposit Securities.
    The Administrator, through the National Securities Clearing
Corporation (``NSCC''), will make available on each business day,
immediately prior to the opening of business on the Exchange (currently
9:30 a.m., Eastern Time), the list of the names and the required number
of Shares of each Deposit Security to be included in the current Fund
Deposit (based on information at the end of the previous business day)
for the Fund. Such Fund Deposit will be applicable, subject to any
adjustments as described below, in order to effect creations of
Creation Units of the Fund

until such time as the next-announced composition of the Deposit
Securities is made available.
    The identity and number of Shares of the Deposit Securities
required for the Fund Deposit for the Fund will change as rebalancing
adjustments and corporate action events are reflected from time to time
by the Sub-Adviser with a view to the investment objective of the Fund.
In addition, the Trust reserves the right to permit or require the
substitution of an amount of cash--i.e., a ``cash in lieu'' amount--to
be added to the Cash Component to replace any Deposit Security that may
not be available in sufficient quantity for delivery, that may not be
eligible for transfer or that may not be eligible for trading by an
``Authorized Participant'' (as described below) or the investor for
which it is acting.
    In addition to the list of names and numbers of securities
constituting the current Deposit Securities of the Fund Deposit, the
Administrator, through NSCC, also will make available on each business
day the estimated Cash Component, effective through and including the
previous business day, per outstanding Creation Unit of the Fund.
Procedures for Creation of Creation Units
    To be eligible to place orders to create a Creation Unit of the
Fund, an entity must be (i) a ``Participating Party'', i.e., a broker-
dealer or other participant in the clearing process through the
Continuous Net Settlement System of NSCC (the ``Clearing Process'') or
a clearing agency that is registered with the Commission, or (ii) a
Depositary Trust Company (``DTC'') Participant (see ``Book Entry Only
System'') and, in each case, must have executed an agreement with the
Trust, the Distributor and the Administrator with respect to creations
and redemptions of Creation Units (``Participant Agreement''). A
Participating Party and DTC Participant are collectively referred to as
an ``Authorized Participant''.
    All orders to create Creation Units must be received by the
Distributor no later than the close of the regular trading session on
the Exchange (ordinarily 4:00 p.m. Eastern Time) (``Closing Time''), in
each case on the date such order is placed in order for the creation of
Creation Units to be effected based on the NAV of Shares of the Fund as
next determined on such date after receipt of the order in proper form.
Redemption of Creation Units
    Shares may be redeemed only in Creation Units at their NAV next
determined after receipt of a redemption request in proper form by the
Distributor and the Fund through the Administrator and only on a
business day.
    With respect to the Fund, the Administrator, through NSCC, will
make available immediately prior to the opening of business on the
Exchange (currently 9:30 a.m., Eastern Time) on each business day, the
Deposit Securities that will be applicable (subject to possible
amendment or correction) to redemption requests received in proper form
on that day. Deposit Securities received on redemption may not be
identical to Deposit Securities which are applicable to creations of
Creation Units.
    Unless cash redemptions are available or specified for the Fund,
the redemption proceeds for a Creation Unit generally consist of
Deposit Securities, as announced by the Administrator on the business
day of the request for redemption received in proper form, plus cash in
an amount equal to the difference between the NAV of the Shares being
redeemed, as next determined after a receipt of a request in proper
form, and the value of the Deposit Securities (the ``Cash Redemption
Amount''), less a redemption transaction fee. In the event that the
Deposit Securities have a value greater than the NAV of the Shares, a
compensating cash payment equal to the differential is required to be
made by or through an Authorized Participant by the redeeming
shareholder.
    If it is not possible to effect deliveries of the Deposit
Securities, the Trust may in its discretion exercise its option to
redeem such shares in cash, and the redeeming Beneficial Owner will be
required to receive its redemption proceeds in cash. In addition, an
investor may request a redemption in cash which the Fund may, in its
sole discretion, permit.\27\ In either case, the investor will receive
a cash payment equal to the NAV of its Shares based on the NAV of
Shares of the Fund next determined after the redemption request is
received in proper form (minus a redemption transaction fee and
additional charge for requested cash redemptions specified above, to
offset the Trust's brokerage and other transaction costs associated
with the disposition of Deposit Securities). The Fund may also, in its
sole discretion, upon request of a shareholder, provide such redeemer a
portfolio of securities which differs from the exact composition of the
Deposit Securities but does not differ in NAV.
---------------------------------------------------------------------------

    \27\ The Adviser represents that, to the extent the Trust
effects the redemption of Shares in cash, such transactions will be
effected in the same manner for all Authorized Participants.
---------------------------------------------------------------------------

    The right of redemption may be suspended or the date of payment
postponed with respect to the Fund (1) for any period during which the
Exchange is closed (other than customary weekend and holiday closings);
(2) for any period during which trading on the Exchange is suspended or
restricted; (3) for any period during which an emergency exists as a
result of which disposal of the Shares of the Fund or determination of
the Shares' NAV is not reasonably practicable; or (4) in such other
circumstance as is permitted by the Commission.
Net Asset Value
    The NAV of the Shares for the Fund will be equal to the Fund's
total assets minus the Fund's total liabilities divided by the total
number of Shares outstanding. Interest and investment income on the
Trust's assets will accrue daily and will be included in the Fund's
total assets. Expenses and fees (including investment advisory,
management, administration and distribution fees, if any) will accrue
daily and will be included in the Fund's total liabilities.
    The pricing and valuation of portfolio securities will be
determined in good faith in accordance with procedures approved by, and
under the direction of, the Board. In determining the value of the
Fund's assets, portfolio securities will generally be valued at market
using quotations from the primary market in which they are traded. The
Fund normally will use third party pricing services to obtain market
quotations.
    Securities and assets for which market quotations are not readily
available or which cannot be accurately valued using the Fund's normal
pricing procedures will be valued by the Trust's Fair Value Pricing
Committee at fair value as determined in good faith under policies
approved by the Trust's Board. Fair value pricing may be used, for
example, in situations where (i) portfolio securities, such as
securities with small capitalizations, are so thinly traded that there
have been no transactions for that security over an extended period of
time; (ii) an event occurs after the close of the exchange on which a
portfolio security is principally traded that is likely to change the
value of the portfolio security prior to the Fund's NAV calculation;
(iii) the exchange on which the portfolio security is principally
traded closes early; or (iv) trading of the particular portfolio
security is halted during the day and does not resume prior to the

Fund's NAV calculation. Pursuant to policies adopted by the Board, the
Adviser will consult with BNY Mellon and the Sub-Adviser on a regular
basis regarding the need for fair value pricing. The Fund's policies
regarding fair value pricing are intended to result in a calculation of
the Fund's NAV that fairly reflects portfolio security values as of the
time of pricing. A portfolio security's ``fair value'' price may differ
from the price next available for that portfolio security using the
Fund's normal pricing procedures, and the fair value price may differ
substantially from the price at which the security may ultimately be
traded or sold. The Board will monitor and evaluate the Fund's use of
fair value pricing, and periodically reviews the results of any fair
valuation under the Trust's policies.
    The NAV will be determined as of the close of regular trading on
the Exchange, normally 4:00 p.m. Eastern time, on each day that the
Exchange is open for business.
    In computing the Fund's NAV, the Fund's securities holdings will be
valued based on their last readily available market price.
    Exchange-traded equity securities will be valued at market value,
which will generally be determined using the last reported official
closing or last trading price on the exchange or market on which the
security is primarily traded at the time of valuation or, if no sale
has occurred, at the last quoted bid price on the primary market or
exchange on which they are traded. If market prices are unavailable or
the Fund believes that they are unreliable, or when the value of a
security has been materially affected by events occurring after the
relevant market closes, the Fund will price those securities at fair
value as determined in good faith using methods approved by the Trust's
Board.
    Unsponsored ADRs, which are traded OTC, will be valued on the basis
of the market closing price on the exchange where the stock of the
foreign issuer that underlies the ADR is listed. Investment company
securities (other than ETFs), including mutual funds and closed end
funds will be valued at net asset value.
    Currency spot rates will be taken from major market data vendors
and will generally be determined as of the close of trading of the New
York Stock Exchange. Futures contracts will generally be valued at the
settlement price of the relevant exchange. In computing the Fund's net
asset value per Share, Rule 144A fixed income securities will be valued
based on price quotations and other equivalent indications of value
provided by a third party pricing service.
    Corporate debt securities, bank loans, non-agency CMBS, agency and
non-agency RMBS, non-U.S. dollar securities, emerging market high-yield
securities, investment-grade bonds, ABS, municipal bonds, CMOs, REMICs,
junk bonds, equipment trust certificates, and money market instruments
generally trade in the OTC market rather than on a securities exchange.
The Fund will generally value these portfolio securities by relying on
independent pricing services. The Fund's pricing services will use
valuation models or matrix pricing to determine current value. In
general, pricing services use information with respect to comparable
bond and note transactions, quotations from bond dealers or by
reference to other securities that are considered comparable in such
characteristics as rating, interest rate, maturity date, option
adjusted spread models, prepayment projections, interest rate spreads
and yield curves.
    Foreign exchange rates will be priced using 4:00 p.m. Eastern Time
mean prices from major market data vendors.
Availability of Information
    The Fund's Web site (www.newfleet.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''),\28\ 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's Web site will disclose the Disclosed Portfolio that will form
the basis for the Fund's calculation of NAV at the end of the business
day.\29\
---------------------------------------------------------------------------

    \28\ The Bid/Ask Price of the Fund's Shares will be determined
using the mid-point of 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.
    \29\ 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.
---------------------------------------------------------------------------

    The Fund will disclose on the Fund's Web site the following
information regarding each portfolio holding, as applicable to the type
of holding: Ticker symbol, CUSIP number or other identifier, if any; a
description of the holding (including the type of holding); the
identity of the security, commodity, index or other asset or instrument
underlying the holding, if any; quantity held (as measured by, for
example, par value, notional value or number of shares, contracts or
units); maturity date, if any; coupon rate, if any; effective date, if
any; market value of the holding; and the percentage weighting of the
holding in the Fund's portfolio. The Web site information will be
publicly available at no charge.
    In addition, a basket composition file, which includes the security
names and share quantities, if applicable, required to be delivered in
exchange for the Fund's Shares, together with estimates and actual cash
components, will be publicly disseminated daily prior to the opening of
the Exchange via the NSCC. The basket represents one Creation Unit of
the Fund. The NAV of Shares of the Fund will normally be determined as
of the close of the regular trading session on the Exchange (ordinarily
4:00 p.m. Eastern Time) on each business day. Authorized participants
may refer to the basket composition file for information regarding
securities and financial instruments that may comprise the Fund's
basket on a given day.
    The approximate value of the Fund's investments on a per-Share
basis, the Indicative Intra-Day Value (``IIV''), will be disseminated
every 15 seconds during the Exchange Core Trading Session. The IIV
should not be viewed as a ``real-time'' update of NAV because the IIV
will be calculated by an independent third party and may not be
calculated in the exact same manner as NAV, which will be computed
daily.
    The IIV for the Fund will be calculated during hours of trading on
the Exchange by dividing the ``Estimated Fund Value'' as of the time of
the calculation by the total number of outstanding Shares. ``Estimated
Fund Value'' is the sum of the estimated amount of cash held in the
Fund's portfolio, the estimated amount of accrued interest owing to the
Fund and the estimated value of the securities held in the Fund's
portfolio, minus the estimated amount of the Fund's liabilities. The
IIV will be calculated based on the same portfolio holdings disclosed
on the Fund's Web site. In determining the estimated value for

each of the component securities, the IIV will use last sale, market
prices or other methods that would be considered appropriate for
pricing equity securities held by registered investment companies.
    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 will be 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 www.sec.gov. Information
regarding market price and trading volume of the Shares 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 for the Shares will be published daily in the financial
section of newspapers.
    Quotation and last sale information for the Shares and the
underlying U.S. exchange-traded equity securities will be available via
the Consolidated Tape Association (``CTA'') high-speed line, and from
the national securities exchange on which they are listed. Price
information regarding exchange-traded equity securities and futures
contracts held by the Fund will be available from the exchanges trading
such assets.
    Quotation information from brokers and dealers or pricing services
will be available for unsponsored ADRs; fixed income securities; bank
loans; U.S. Treasury securities; other obligations issued or guaranteed
by U.S. government agencies and instrumentalities; bank obligations;
short-term securities; money market instruments; ABS; MBS; CMBS; RMBS;
CMOs; shares of mutual funds; corporate debt securities; and
convertible securities. Price information for investment company
securities (other than ETFs and exchange-traded closed end funds) will
be available from the investment company's Web site and from market
data vendors. Pricing information regarding each asset class in which
the Fund will invest will generally be available through nationally
recognized data service providers through subscription agreements.
Foreign exchange prices are available from major market data vendors.
Intra-day and closing price information for Rule 144A fixed income
securities and loan assignments will be available from major market
data vendors.
    In addition, the IIV, (which is the Portfolio Indicative Value, as
defined in NYSE Arca Equities Rule 8.600(c)(3)), will be widely
disseminated at least every 15 seconds during the Core Trading Session
by one or more major market data vendors.\30\ The dissemination of the
IIV, together with the Disclosed Portfolio, will allow investors to
determine the value of the underlying portfolio of the Fund on a daily
basis and will provide a close estimate of that value throughout the
trading day.
---------------------------------------------------------------------------

    \30\ Currently, it is the Exchange's understanding that several
major market data vendors display and/or make widely available IIVs
taken from CTA or other data feeds.
---------------------------------------------------------------------------

    Additional information regarding the Trust and the Shares,
including investment strategies, risks, creation and redemption
procedures, fees, portfolio holdings disclosure policies, distributions
and taxes is included 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.\31\ 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 and/or the
financial instruments comprising the Disclosed Portfolio 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.
---------------------------------------------------------------------------

    \31\ 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. As provided in
NYSE Arca Equities Rule 7.6, Commentary .03, the minimum price
variation (``MPV'') for quoting and entry of orders in equity
securities traded on the NYSE Arca Marketplace is $0.01, with the
exception of securities that are priced less than $1.00 for which the
MPV for order entry is $0.0001.
    The Shares will conform to the initial and continued listing
criteria under NYSE Arca Equities Rule 8.600. Consistent with NYSE Arca
Equities Rule 8.600(d)(2)(B)(ii), the Adviser will implement and
maintain, or be subject to, procedures designed to prevent the use and
dissemination of material non-public information regarding the actual
components of the Fund's portfolio. The Exchange represents that, for
initial and/or continued listing, the Fund will be in compliance with
Rule 10A-3 \32\ under the 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 NAV per Share
will be calculated daily and that the NAV and the Disclosed Portfolio
\33\ as defined in NYSE Arca Equities Rule 8.600(c)(2) will be made
available to all market participants at the same time. The Fund's
investments will be consistent with the Fund's investment objective and
will not be used to enhance leverage.
---------------------------------------------------------------------------

    \32\ 17 CFR 240.10A-3.
    \33\ The term ``Disclosed Portfolio'' is defined in NYSE Arca
Equities Rule 8.600(c)(2).
---------------------------------------------------------------------------

    Additional information regarding the Trust, Fund, and Shares,
including investment strategies, risks, creation and redemption
procedures, fees, portfolio holdings, disclosure policies,
distributions and taxes, availability of information, trading rules and
halts, and surveillance procedures, among other things, can be found in
the Registration Statement.
Surveillance
    The Exchange represents that trading in the Shares will be subject
to the existing trading surveillances, administered by the Financial
Industry Regulatory Authority (``FINRA'') on behalf of the Exchange,
which are designed to detect violations of Exchange rules and
applicable federal securities laws. 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 federal

securities laws applicable to trading on the Exchange.\34\
---------------------------------------------------------------------------

    \34\ FINRA surveils trading on the Exchange pursuant to a
regulatory services agreement. The Exchange is responsible for
FINRA's performance under this regulatory services agreement.
---------------------------------------------------------------------------

    The surveillances referred to above generally focus on detecting
securities trading outside their normal patterns, which could be
indicative of manipulative or other violative activity. 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.\35\
---------------------------------------------------------------------------

    \35\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all components of the
Disclosed Portfolio may trade on markets that are members of ISG or
with which the Exchange has in place a comprehensive surveillance
sharing agreement.
---------------------------------------------------------------------------

    FINRA, on behalf of the Exchange, will communicate as needed
regarding trading in the Shares, exchange-traded equity securities and
futures contracts with other markets and other entities that are
members of the ISG, and FINRA, on behalf of the Exchange, may obtain
trading information regarding trading in the Shares, exchange-traded
equity securities and futures contracts from such markets and other
entities. In addition, the Exchange may obtain information regarding
trading in the Shares, exchange-traded equity securities and futures
contracts from markets and other entities that are members of ISG or
with which the Exchange has in place a comprehensive surveillance
sharing agreement. In addition, FINRA, on behalf of the Exchange, is
able to access, as needed, trade information for certain fixed income
securities held by the Fund reported to FINRA's Trade Reporting and
Compliance Engine (``TRACE'').
    In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
Information Bulletin
    Prior to the commencement of trading, the Exchange will inform its
Equity Trading Permit 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 Equity Trading Permit 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 IIV will not be calculated or publicly
disseminated; (4) how information regarding the IIV and the Disclosed
Portfolio is disseminated; (5) the requirement that Equity Trading
Permit 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 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 Act for this proposed rule change is the
requirement under section 6(b)(5) \36\ 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.
---------------------------------------------------------------------------

    \36\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change is designed to
prevent fraudulent and manipulative acts and practices in that the
Shares will be listed and traded on the Exchange pursuant to the
initial and continued listing criteria in NYSE Arca Equities Rule
8.600. The Exchange has in place surveillance procedures that are
adequate to properly monitor trading in the Shares in all trading
sessions and to deter and detect violations of Exchange rules and
applicable federal securities laws. FINRA, on behalf of the Exchange,
will communicate as needed regarding trading in the Shares, exchange-
traded equity securities and futures contracts with other markets and
other entities that are members of the ISG, and FINRA, on behalf of the
Exchange, may obtain trading information regarding trading in the
Shares, exchange-traded equity securities and futures contracts from
such markets and other entities. In addition, the Exchange may obtain
information regarding trading in the Shares, exchange-traded equity
securities and futures contracts from markets and other entities that
are members of ISG or with which the Exchange has in place a
comprehensive surveillance sharing agreement. In addition, FINRA, on
behalf of the Exchange, is able to access, as needed, trade information
for certain fixed income securities held by the Fund reported to TRACE.
The Fund may invest up to 20% of its net assets in the aggregate in
non-agency CMBS, RMBS and ABS. The Fund may invest up to 20% of its
assets in junior bank loans. The Fund may not purchase or hold illiquid
assets if, in the aggregate, more than 15% of its net assets would be
invested in illiquid assets. The Adviser and Sub-Adviser are not
registered as broker-dealers but are affiliated with two broker-dealers
and have implemented and will maintain a fire wall with respect to each
such broker-dealer affiliate regarding access to information concerning
the composition and/or changes to the portfolio.
    The proposed rule change is designed to promote just and equitable
principles of trade and to protect investors and the public interest in
that the Exchange will obtain a representation from the issuer of the
Shares that the NAV per Share will be calculated daily and that the NAV
and the Disclosed Portfolio will be made available to all market
participants at the same time. In addition, a large amount of
information is publicly available regarding the Fund and the Shares,
thereby promoting market transparency. Quotation and last sale
information for the Shares and the underlying U.S. exchange-traded
equity securities will be available via the CTA high-speed line, and
from the national securities exchange on which they are listed. The
Fund will disclose on the Fund's Web site the following information
regarding each portfolio holding, as applicable to the type of holding:
ticker symbol, CUSIP number or other identifier, if any; a description
of the holding (including the type of holding); the identity of the
security, commodity, index or other asset or instrument underlying the
holding, if any; quantity held (as measured by, for example, par value,
notional value or number of shares, contracts or units); maturity date,
if any; coupon rate, if any; effective date, if any; market value of
the holding; and the percentage weighting of the holding in the Fund's
portfolio. Moreover, prior to the commencement of trading, the Exchange
will inform its Equity Trading Permit Holders in an Information
Bulletin of the special characteristics and risks associated with
trading the Shares. Trading in Shares of the Fund will be halted if the
circuit breaker parameters in NYSE Arca Equities Rule 7.12 have been
reached or because of market

conditions or for reasons that, in the view of the Exchange, make
trading in the Shares inadvisable. 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. In
addition, as noted above, investors will have ready access to
information regarding the Fund's holdings, the IIV, the Disclosed
Portfolio, and quotation and last sale information for the Shares.
    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest in that it 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. As noted above, the Exchange has in
place surveillance procedures relating to trading in the Shares and may
obtain information via ISG from other exchanges that are members of ISG
or with which the Exchange has entered into a comprehensive
surveillance sharing agreement. In addition, as noted above, investors
will have ready access to information regarding the Fund's holdings,
the IIV, the Disclosed Portfolio, and quotation and last sale
information for the Shares.

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 purpose of the Act. The Exchange notes 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.

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 45 days of the date of publication of this notice in the
Federal Register or such longer period up to 90 days after publication
(i) as the Commission may designate 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 or disapprove 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 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 email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2015-42 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 SR-NYSEArca-2015-42. 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 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 Web site viewing and
printing in the Commission's Public Reference Section, 100 F Street,
NE., Washington, DC 20549 on official business days between 10:00 a.m.
and 3:00 p.m. Copies of the filing will also be available for
inspection and copying at the NYSE's principal office and on its
Internet Web site at www.nyse.com. 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-2015-42 and should be submitted on or before
July 15, 2015.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\37\
---------------------------------------------------------------------------

    \37\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2015-15455 Filed 6-23-15; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 77, Number 204 (Monday, October 22, 2012)]
[Notices]
[Pages 64513-64514]
[FR Doc No: 2012-25974]

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

ENVIRONMENTAL PROTECTION AGENCY

Proposed Administrative Agreement for Collection of CERCLA Past
Costs

AGENCY: U.S Environmental Protection Agency (U.S. EPA).

ACTION: Notice. Proposed CERCLA 122 Administrative Agreement.

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

SUMMARY: U.S. EPA is proposing to execute an Administrative Agreement
(Agreement) under Section 122 of CERCLA for collection of a percentage
of past response costs at the Ultimate Industries, Inc. Site.
Respondent has agreed to pay $8,000 out of total past costs of
approximately $83,776.10, in return for a covenant not to sue and
contribution protection from U.S. EPA. U.S. EPA today is proposing to
execute this Agreement because it achieves collection of a reasonable
percentage of total Site costs.

DATES: Comments on this proposed settlement must be received by
November 21, 2012.

ADDRESSES: Copies of the proposed settlement are available at the
following address for review: Ms. Cheryl Allen, Coordinator, Office of
Public Affairs, U.S. Environmental Protection Agency, Region V, 77 W.
Jackson Boulevard (P-19J), Chicago, Illinois 60604,<PHONE_NUMBER>.
    It is recommended that you contact Ms. Allen at<PHONE_NUMBER>
before visiting the Region 5 Office.
    Comments on this proposed settlement should be addressed to: Ms.
Cheryl Allen, Coordinator, Office of Public Affairs, U.S. Environmental
Protection Agency, Region V, 77 W. Jackson Boulevard (P-19J), Chicago,
Illinois 60604,<PHONE_NUMBER>.
    Please submit an original and three copies, if possible.

FOR FURTHER INFORMATION CONTACT: Ms Cheryl Allen, Office of Public
Affairs, at<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The Site is a closed decorative landscaping
rocks and waterfalls manufacturing facility and brick warehouse in a
residential neighborhood, located in Sandusky, Erie County, Ohio. The
site was discovered by Ohio EPA (OEPA) between 2005 and 2007. During
that time OEPA took legal action against Ultimate Industries, Inc.
(Ultimate), the owner-operator potentially responsible party.
Subsequently, Ultimate discontinued business in June 2004 and the
owners, Mr. James Roberts and Mr. Thomas Roberts, filed for personal
bankruptcy. Under the proposed Agreement, Citizens Banks, current
Settling Party, held a mortgage interest on the business and property.
Citizens Bank foreclosed on the mortgage in May 2005 and purchased the
Site property in May 2006. In September 2006, Citizens Bank sought a
court order to have the Site property sale set aside. A state of Ohio
court granted this motion in January 2007.
    A 30-day period, beginning on the date of publication, is open
pursuant to section 122(i) of CERCLA for comments on the proposed
Administrative Agreement. Comments should be sent to Ms. Cheryl Allen
of the Office of Public Affairs (P-19J), U.S. Environmental Protection
Agency, Region V, 77W.

Jackson Boulevard, Chicago, Illinois 60604.

Thomas Turner,
Associate Regional Counsel, United States Environmental Protection
Agency.
[FR Doc. 2012-25974 Filed 10-19-12; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 86, Number 121 (Monday, June 28, 2021)]
[Notices]
[Pages 34000-34002]
[FR Doc No: 2021-13747]

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

DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket Nos. CP21-462-000; CP21-464-000]

Roaring Fork Interstate Gas Transmission, LLC; Kaiser-Frontier
Midstream, LLC; Notice of Applications and Establishing Intervention
Deadline

    Take notice that on June 17, 2021, Roaring Fork Interstate Gas
Transmission, LLC (RFIGT), 1125 17th Street, Suite 650, Denver,
Colorado 80202, filed an application under section 7(c) of the Natural
Gas Act (NGA) and Part 157 of the Commission's regulations requesting:
(1) Authorization to acquire, own, and operate the approximately 30-
mile, 6- and 8-inch-diameter Silo Pipeline located in Laramie County,
Wyoming and Weld County, Colorado and currently owned and operated by
Kaiser-Frontier Midstream, LLC (Kaiser-Frontier); (2) a Part 157,
Subpart F blanket certificate; (3) a Part 284, Subpart G blanket
certificate; (4) approval of its proposed pro forma tariff and initial
rates; and (5) certain waivers. RFIGT will purchase the Silo Pipeline
for $18,200,000. RFIGT and Kaiser-Frontier have entered into a
precedent agreement for up to 20 million cubic feet per day of
capacity, all as more fully set forth in the application which is on
file with the Commission and open for public inspection.
    Additionally, on June 17, 2021, Kaiser-Frontier, 6733 S Yale
Avenue, Tulsa, Oklahoma 74136, filed an application under section 7(b)
of the NGA and Part 157 of the Commission's regulations requesting
authority to: (1) Abandon by sale to RFIGT the Silo Pipeline and (2)
abandon its Part 157, Subpart F blanket certificate, all as more fully
set forth in the application which is on file with the Commission and
open for public inspection.
    In addition to publishing the full text of this document in the
Federal Register, the Commission provides all interested persons an
opportunity to view and/or print the contents of this document via the
internet through the Commission's Home Page (http://ferc.gov) using the
``eLibrary'' link. Enter the docket number excluding the last three
digits in the docket number field to access the document. At this time,
the Commission has suspended access to the Commission's Public
Reference Room, due to the proclamation declaring a National Emergency
concerning the Novel Coronavirus Disease (COVID-19), issued

by the President on March 13, 2020. For assistance, contact the Federal
Energy Regulatory Commission at<EMAIL_ADDRESS>or call
toll-free,<PHONE_NUMBER> or TYY,<PHONE_NUMBER>.
    Any questions regarding RFIGT's application may be directed to
Daniel E. Watson, Chief Executive Officer, Roaring Fork Interstate Gas
Transmission, LLC, 1125 17th Street, Suite 650, Denver, Colorado 80202,
by telephone at<PHONE_NUMBER> or by email at
<EMAIL_ADDRESS>    Any questions regarding Kaiser-Frontier's application may be
directed to John A. Boone, Kaiser-Frontier Midstream, LLC, 6733 S Yale
Avenue, Tulsa, Oklahoma 74136, by telephone at<PHONE_NUMBER> or by
email at<EMAIL_ADDRESS>    Pursuant to Section 157.9 of the Commission's Rules of Practice and
Procedure,\1\ within 90 days of this Notice the Commission staff will
either: Complete its environmental review and place it into the
Commission's public record (eLibrary) for this proceeding; or issue a
Notice of Schedule for Environmental Review. If a Notice of Schedule
for Environmental Review is issued, it will indicate, among other
milestones, the anticipated date for the Commission staff's issuance of
the final environmental impact statement (FEIS) or environmental
assessment (EA) for this proposal. The filing of an EA in the
Commission's public record for this proceeding or the issuance of a
Notice of Schedule for Environmental Review will serve to notify
federal and state agencies of the timing for the completion of all
necessary reviews, and the subsequent need to complete all federal
authorizations within 90 days of the date of issuance of the Commission
staff's FEIS or EA.
---------------------------------------------------------------------------

    \1\ 18 CFR (Code of Federal Regulations) Sec.  157.9.
---------------------------------------------------------------------------

Public Participation

    There are three ways to become involved in the Commission's review
of this project: You can file a protest to the project, you can file a
motion to intervene in the proceeding, and you can file comments on the
project. There is no fee or cost for filing protests, motions to
intervene, or comments. The deadline for filing protests, motions to
intervene, and comments is 5:00 p.m. Eastern Time on July 13, 2021. How
to file comments and motions to intervene is explained below.

Comments

    Any person wishing to comment on the project may do so. The
Commission considers all comments received about the project in
determining the appropriate action to be taken. To ensure that your
comments are timely and properly recorded, please submit your comments
on or before July 13, 2021. However, the filing of a comment alone will
not serve to make the filer a party to the proceeding. To become a
party, you must intervene in the proceeding.
    Persons who comment on the environmental review of this project
will be placed on the Commission's environmental mailing list, and will
receive notification when the environmental documents (EA or EIS) are
issued for this project and will be notified of meetings associated
with the Commission's environmental review process.

Interventions

    Any person, which includes individuals, organizations, businesses,
municipalities, and other entities,\2\ has the option to file a motion
to intervene in this proceeding. Only intervenors have the right to
request rehearing of Commission orders issued in this proceeding and to
subsequently challenge the Commission's orders in the U.S. Circuit
Courts of Appeal.
---------------------------------------------------------------------------

    \2\ 18 CFR 385.102(d).
---------------------------------------------------------------------------

    To intervene, you must submit a motion to intervene to the
Commission in accordance with Rule 214 of the Commission's Rules of
Practice and Procedure \3\ and the regulations under the NGA \4\ by the
intervention deadline for the project, which is July 13, 2021. As
described further in Rule 214, your motion to intervene must state, to
the extent known, your position regarding the proceeding, as well as
your interest in the proceeding. [For an individual, this could include
your status as a landowner, ratepayer, resident of an impacted
community, or recreationist. You do not need to have property directly
impacted by the project in order to intervene.] For more information
about motions to intervene, refer to the FERC website at https://www.ferc.gov/resources/guides/how-to/intervene.asp.
---------------------------------------------------------------------------

    \3\ 18 CFR 385.214.
    \4\ 18 CFR 157.10.
---------------------------------------------------------------------------

    All timely, unopposed motions to intervene are automatically
granted by operation of Rule 214(c)(1). Motions to intervene that are
filed after the intervention deadline are untimely and may be denied.
Any late-filed motion to intervene must show good cause for being late
and must explain why the time limitation should be waived and provide
justification by reference to factors set forth in Rule 214(d) of the
Commission's Rules and Regulations. A person obtaining party status
will be placed on the service list maintained by the Secretary of the
Commission and will receive copies (paper or electronic) of all
documents filed by the applicant and by all other parties.

How To File Comments and Interventions

    There are two ways to submit your comments and motions to intervene
to the Commission. In all instances, please reference the Project
docket numbers CP21-462-000 and CP21-464-000 in your submission. The
Commission encourages electronic filing of submissions.
    (1) You may file your comments or motions to intervene
electronically by using the eFiling feature, which is located on the
Commission's website (www.ferc.gov) under the link to Documents and
Filings. New eFiling users must first create an account by clicking on
``eRegister.'' You will be asked to select the type of filing you are
making; first select ``General'' and then select ``Comment on a
Filing'' or ``Intervention''; or
    (2) You can file a paper copy of your comments by mailing them to
the following address below. Your written comments must reference the
Project docket numbers (CP21-462-000 and CP21-464-000).
    To mail via USPS, use the following address: Kimberly D. Bose,
Secretary, Federal Energy Regulatory Commission, 888 First Street NE,
Washington, DC 20426.
    To mail via any other courier, use the following address: Kimberly
D. Bose, Secretary, Federal Energy Regulatory Commission, 12225 Wilkins
Avenue, Rockville, Maryland 20852.
    Motions to intervene must be served on the applicants either by
mail or email (with a link to the document) at: Roaring Fork Interstate
Gas Transmission, LLC, 1125 17th Street, Suite 650, Denver, Colorado
80202 or at<EMAIL_ADDRESS>and Kaiser-Frontier
Midstream, LLC, 6733 S Yale Avenue, Tulsa, Oklahoma 74136 or at
<EMAIL_ADDRESS>Any subsequent submissions by an intervenor must be
served on the applicants and all other parties to the proceeding.
Contact information for parties can be downloaded from the service list
at the eService link on FERC Online. Service can be via email with a
link to the document.
    All timely, unopposed \5\ motions to intervene are automatically
granted by

operation of Rule 214(c)(1).\6\ Motions to intervene that are filed
after the intervention deadline are untimely, and may be denied. Any
late-filed motion to intervene must show good cause for being late and
must explain why the time limitation should be waived and provide
justification by reference to factors set forth in Rule 214(d) of the
Commission's Rules and Regulations.\7\ A person obtaining party status
will be placed on the service list maintained by the Secretary of the
Commission and will receive copies (paper or electronic) of all
documents filed by the applicant and by all other parties.
---------------------------------------------------------------------------

    \5\ The applicant has 15 days from the submittal of a motion to
intervene to file a written objection to the intervention.
    \6\ 18 CFR 385.214(c)(1).
    \7\ 18 CFR 385.214(b)(3) and (d).
---------------------------------------------------------------------------

Tracking the Proceeding

    Throughout the proceeding, additional information about the
projects will be available from the Commission's Office of External
Affairs, at (866) 208-FERC, or on the FERC website at www.ferc.gov
using the ``eLibrary'' link as described above. The eLibrary link also
provides access to the texts of all formal documents issued by the
Commission, such as orders, notices, and rulemakings.
    In addition, the Commission offers a free service called
eSubscription which allows you to keep track of all formal issuances
and submittals in specific dockets. This can reduce the amount of time
you spend researching proceedings by automatically providing you with
notification of these filings, document summaries, and direct links to
the documents. For more information and to register, go to
www.ferc.gov/docs-filing/esubscription.asp.
    Intervention Deadline: 5:00 p.m. Eastern Time on July 13, 2021.

    Dated: June 22, 2021.
Debbie-Anne A. Reese,
Deputy Secretary.
[FR Doc. 2021-13747 Filed 6-25-21; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 78, Number 61 (Friday, March 29, 2013)]
[Notices]
[Pages 19277-19278]
[FR Doc No: 2013-07285]

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

DEPARTMENT OF HOMELAND SECURITY

Coast Guard

[USCG-2012-0797]

National Maritime Security Advisory Committee; Meeting

AGENCY: United States Coast Guard, DHS.

ACTION: Notice of Federal Advisory Committee meeting; correction.

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

SUMMARY: The Coast Guard published a notice of meeting for the National
Maritime Security Advisory Committee (NMSAC) in the Federal Register on
March 18, 2013. Based on budgetary constraints, NMSAC will no longer
meet as previously reported. NMSAC will now meet on April 2, 2013 via
web and teleconference to discuss various issues relating to national
maritime security. This meeting will be open to the public.

DATES: The Committee will meet on Tuesday, April 2, 2013 from 10:00
a.m. to 1:00 p.m. This meeting may close early if all business is
finished. All written material and requests to make oral presentations
should reach the Coast Guard on or before March 29, 2012.

ADDRESSES: This meeting will be broadcasted via a web enabled
interactive online format and teleconference line.
    To participate via teleconference, dial<PHONE_NUMBER>, the pass code
to join is 9760138. Additionally, if you would like to
participate in this meeting via the online web format, please log onto
https://connect.hsin.gov/r11254182 and follow the online instructions
to register for this meeting.
    For information on facilities or services for individuals with
disabilities or to request special assistance, contact the person
listed in the FOR FURTHER INFORMATION CONTACT section as soon as
possible.
    To facilitate public participation, we are inviting public comment
on the issues to be considered by the Committee as listed in the
``Agenda'' section below. You may submit written comments no later than
March 29, 2013. Identify your comments by docket number [USCG-2012-
0797] using one of the following methods:
     Federal eRulemaking Portal: http://www.regulations.gov.
Follow the instructions for submitting comments.
     Mail: Docket Management Facility (M-30), U.S. Department
of Transportation, West Building Ground Floor, Room W12-140, 1200 New
Jersey Avenue SE., Washington, DC 20590-0001. We encourage use of
electronic submissions because security screening may delay delivery of
mail.
     Fax:<PHONE_NUMBER>.
     Hand Delivery: Same as mail address above, between 9:00
a.m. and 5:00 p.m., Monday through Friday, except Federal Holidays. The
telephone number is<PHONE_NUMBER>.
    Instructions: All submissions received must include the words
``Department of Homeland Security'' and docket number [USCG-2012-0797].
All submissions received will be posted without alteration at
www.regulations.gov, including any personal information provided. You
may review a Privacy Act

notice regarding our public dockets in the January 17, 2008 issue of
the Federal Register (73 FR 3316).
    Docket: Any background information or presentations available prior
to the meeting will be published in the docket. For access to the
docket to read background documents or submissions received by NMSAC,
go to http://www.regulations.gov,insert ``USCG-2012-0797'' in the
``Search'' box, and then click ``Search.''
    Public oral comment period will be held during the meetings on
April 2, 2013, from 12:30 p.m. to 1:00 p.m. Speakers are requested to
limit their comments to 5 minutes. Please note that the public comment
period will end following the last call for comments. Contact the
person listed in the FOR FURTHER INFORMATION CONTACT section below to
register as a speaker.

FOR FURTHER INFORMATION CONTACT: Mr. Ryan Owens, ADFO of NMSAC, 2100
2nd Street SW., Stop 7581, Washington, DC 20593-7581; telephone 202-
372-1108 or email<EMAIL_ADDRESS>If you have any questions on
viewing or submitting material to the docket, call Barbara Hairston,
Program Manager, Docket Operations, telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: Notice of this meeting is given under the
Federal Advisory Committee Act, 5 U.S.C. App. (Pub. L. 92-463). NMSAC
operates under the authority of 46 U.S.C. 70112. NMSAC provides advice,
consults with, and makes recommendations to the Secretary of Homeland
Security, via the Commandant of the Coast Guard, on matters relating to
national maritime security.

Agenda of Meeting

    The agenda for the Committee meeting is as follows:
    (1) Cyber Security Executive Order. On February 12, 2013, President
Barack Obama signed an Executive Order to strengthen the cybersecurity
of critical infrastructure by increasing information sharing and by
jointly developing and implementing a framework of cybersecurity
practices with our industry partners. NMSAC will be engaged to discuss
and hear public comment on the Executive Order and begin initial work
in developing a framework for the maritime community.
---------------------------------------------------------------------------

    \1\ The Executive Order (not numbered) is available for viewing
online at the White House's Web site: http://www.whitehouse.gov/the-press-office/2013/02/12/executive-order-improving-critical-infrastructure-cybersecurity.
---------------------------------------------------------------------------

    (2) Presidential Policy Directive-21. On February 12, 2013, the
White House Office of the Press Secretary published a Presidential
Policy Directive (PPD) on critical infrastructure security and
resilience. PPD-21 updates the national approach from Homeland Security
Presidential Directive-7 (issued in 2003) to adjust to the new risk
environment, understand key lessons learned, and drive toward enhanced
capabilities. NMSAC will be engaged to discuss and hear public comment
on PPD-21 and its impacts on the maritime community.
---------------------------------------------------------------------------

    \2\ Presidential Policy Directive-21 is available for viewing
online at the White House's Web site: http://www.whitehouse.gov/the-press-office/2013/02/12/presidential-policy-directive-critical-infrastructure-security-and-resil.
---------------------------------------------------------------------------

    (3) National Suspicious Activity Reporting Initiative (NSI). NMSAC
will receive a brief, hear public comments and provide recommendations,
on the NSI program.
    (4) Radiation Portal Monitoring. NMSAC will continue its discussion
of the Radiation Portal Monitoring Program.
    (5) Transportation Worker Identification Credential (TWIC) Notice
of Proposed Rule Making (NPRM). NMSAC will have a discussion on the
recent TWIC NPRM.
    (6) Public Comment Period.

    Dated: March 25, 2013.
Kathryn Sinniger,
Chief, Office of Regulations and Administrative Law, U.S. Coast Guard.
[FR Doc. 2013-07285 Filed 3-28-13; 8:45 am]
BILLING CODE 9110-04-P


[Federal Register: October 10, 2008 (Volume 73, Number 198)]
[Notices]
[Page 60396-60397]
[DOCID:fr10oc08-165]

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

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

Public Notice for Waiver of Aeronautical Land-Use Assurance;
Springfield-Beckley Municipal Airport, Springfield, OH

AGENCY: Federal Aviation Administration, DOT.

ACTION: Notice of intent of waiver with respect to land.

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

SUMMARY: The Federal Aviation Administration (FAA) is considering a
proposal to change a portion of the airport from aeronautical use to
non-aeronautical use and to authorize the sale of the airport property.
The proposal consists of 2 parcels of land, totaling approximately
69.525 acres. Current use and present condition is undeveloped land
compatible with local commercial/industrial zoning classification. The
land was acquired by the City of Springfield and has never had federal
participation. There are no impacts to the airport by allowing the
airport to sell the property. Subject land may provide good commercial/
industrial development opportunities for the community and are well
outside airport perimeter fence limits. Approval does not constitute a
commitment by the FAA to financially assist in the sale of the subject
airport property nor a determination of eligibility for grant-in-aid
funding from the FAA. The disposition of proceeds from the sale of the
airport property will be in accordance FAA's Policy and Procedures
Concerning the Use of Airport Revenue, published in the Federal
Register on February 16, 1999.
    In accordance with section 47107 (h) of title 49, United States
Code, this notice is required to be published in the Federal Register
30 days before modifying the land-use assurance that requires the
property to be used for an aeronautical purpose.

DATES: Comments must be received on or before October 20, 2008.

FOR FURTHER INFORMATION CONTACT: Mr. Marion D. Pe[ntilde]a, Program
Manager, Federal Aviation Administration, Great Lakes Region, Detroit
Airports District Office, DET-ADO 610, 11677 South Wayne Road, Romulus,
Michigan 48174. Telephone Number<PHONE_NUMBER>/FAX Number (734) 229-
2950. Documents reflecting this FAA action may be reviewed at this same
location or at the Springfield-Eeckley Municipal Airport, Springfield,
Ohio.

SUPPLEMENTARY INFORMATION: Following is a legal description of the
property located in Springfield, Clark County, Ohio, and described as
follows:

Parcel-1 Airpark Ohio Plat

46.664 Acres
Pt. 10-4-8, July 21, 2008

    Situate in the State of Ohio, County of Clark, Township of Green
and being part of Section 10, Town 4, Range 8, Between the Miami Rivers
Survey and being described as follows:
    Beginning at the southwesterly corner of Airpark Ohio Re-plat,
Section 1 as recorded in the Plat Records of Clark County, Ohio;

Thence, 5 84[deg] 12' 39'' E, 954.81 feet;
Thence with the southerly extension of the east line of Green-Field
Drive, S 04[deg] 42' 01'' W, 399.48 feet;
Thence, S 84[deg] 12' 14'' E, 1044.73 feet;
Thence, S 55[deg] 02' 29'' W, 2158.95 feet;
Thence, S 63[deg] 34' 33'' W, 333.14 feet;
Thence, N 04[deg] 54' 31'' E, 769.81 feet;
Thence with the future southerly line of the westerly extension of
Green-Field Drive, N 85[deg] 05' 29'' W, 73.06 feet;
Thence, N 05[deg] 33' 48'' E, 1217.76 feet to the point of beginning
and containing 46.664 acres subject, however, to all rights-of-way,
easements and restrictions of record.

    Being all of the proposed Airpark Ohio Section 2, Phase 1.

Parcel-2 Airpark Ohio Plat

22.861 Acres
Pt. 10-4-8, July 21, 2008

    Situate in the State of Ohio, County of Clark, Township of Green
and being part of Section 10, Town 4, Range 8, Between the Miami Rivers
Survey and being described as follows:
    Beginning at a point, S 05[deg] 33' 48'' W, 1092.75 feet from the
southwesterly

corner of the Airpark Ohio Replat, Section 1, as recorded in the Plat
Records of Clark County, Ohio;

Thence, S 05[deg] 33' 48'' W, 125.01 feet;
Thence with the south line of the future westerly extension of Green-
Field Drive, S 85[deg] 05' 29'' E, 73.06 feet;
Thence, S 04[deg] 54' 31'' W, 769.81 feet;
Thence, 5 63[deg] 34' 33'' W, 900.96 feet;
Thence with the centerline of West Jackson Road, N 85[deg] 11' 29'' W,
103.70 feet;
Thence with the west line of The City of Springfield Airport property,
N 05[deg] 14' 41'' E, 1363.56 feet;
Thence with a north line of The City of Springfield Airport property, S
85[deg] 05' 18'' E, 793.68 feet to the point of beginning and
containing 22.861 acres subject, however, to all rights-of-way,
easements and restrictions of record.

    Being all of the future Airpark Ohio Section 2 Phase 2 Plat.

    Issued in Romulus, Michigan, on September 18, 2008.
Matthew J. Thys,
Manager, Detroit Airports District Office, FAA, Great Lakes Region.
[FR Doc. E8-24098 Filed 10-9-08; 8:45 am]

BILLING CODE 4910-13-M