[Federal Register Volume 75, Number 11 (Tuesday, January 19, 2010)]
[Rules and Regulations]
[Pages 2787-2789]
[FR Doc No: 2010-758]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2010-0009; Directorate Identifier 2010-NE-01-AD;
Amendment 39-16178; AD 2010-02-08]
RIN 2120-AA64

Airworthiness Directives; Turbomeca Turmo IV A and IV C
Turboshaft Engines

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule; request for comments.

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SUMMARY: We are adopting a new airworthiness directive (AD) for the
products listed above. This AD results from mandatory continuing
airworthiness information (MCAI) issued by an aviation authority of
another country to identify and correct an unsafe condition on an
aviation product. The MCAI describes the unsafe condition as:

    During a maintenance inspection before the first flight of the
day, an oil leak was found on an engine deck. A circumferential
crack on the intermediate bearing return flexible pipe union (pipe
part number 9 560 17 606 0) was identified as the origin of the
leak. A similar oil pipe union crack was then reported at the same
location on another engine, on the same pipe part number. This pipe
part number was approved as Modification TU 233 in 2008.
    Although such cracks have been detected and did not lead to an
in-service event, the possibility exists that some additional cracks
could occur and may not be detected before the potential complete
rupture of the union.

    We are issuing this AD to prevent a helicopter engine in-flight
shutdown resulting in an emergency auto-rotation landing or accident.

DATES: This AD becomes effective February 3, 2010.
    We must receive comments on this AD by February 18, 2010.

ADDRESSES: You may send comments by any of the following methods:
     Federal eRulemaking Portal: Go to http://www.regulations.gov and follow the instructions for sending your
comments electronically.
     Mail: U.S. Department of Transportation, 1200 New Jersey
Avenue, SE., West Building Ground Floor, Room W12-140, Washington, DC
20590-0001.
     Hand Delivery: Deliver to Mail address above between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays.
     Fax:<PHONE_NUMBER>.

Contact Turbomeca S.A., 40220 Tarnos, France; e-mail<EMAIL_ADDRESS>telephone 33 05 59 74 40 00, fax 33 05 59 74 45
15, or go to: http://www.turbomeca-support.com, for a copy of the
service information identified in this AD.

Examining the AD Docket

    You may examine the AD docket on the Internet at http://www.regulations.gov; or in person at the Docket Operations office
between 9 a.m. and 5 p.m., Monday through Friday, except Federal
holidays. The AD docket contains this AD, the regulatory evaluation,
any comments received, and other information. The street address for
the Docket Operations office (telephone<PHONE_NUMBER>) is the same as
the Mail address provided in the ADDRESSES section. Comments will be
available in the AD docket shortly after receipt.

FOR FURTHER INFORMATION CONTACT: Kevin Dickert, Aerospace Engineer,
Engine Certification Office, FAA, Engine & Propeller Directorate, 12
New England Executive Park, Burlington, MA 01803; e-mail:
<EMAIL_ADDRESS>telephone<PHONE_NUMBER>; fax<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION:

Discussion

    The European Aviation Safety Agency (EASA), which is the Technical
Agent for the Member States of the European Community, has issued EASA
Airworthiness Directive 2009-0261-E, dated December 18, 2009 (referred
to after this as ``the MCAI''), to correct an unsafe condition for the
specified products. The MCAI states:

    During a maintenance inspection before the first flight of the
day, an oil leak was found on an engine deck. A circumferential
crack on the intermediate bearing return flexible pipe union (pipe
part number 9 560 17 606 0) was identified as the origin of the
leak. A similar oil pipe union crack was then reported at the same
location on another engine, on the same pipe part number. This pipe
part number was approved as Modification TU 233 in 2008.
    Although such cracks have been detected and did not lead to an
in-service event, the possibility exists that some additional cracks
could occur and may not be detected before the potential complete
rupture of the union.

    You may obtain further information by examining the MCAI in the AD
docket.

Relevant Service Information

    Turbomeca has issued Alert Service Bulletin No. A249 72 0809,
Version A, dated December 15, 2009. The actions described in this
service information are intended to correct the unsafe condition
identified in the MCAI.

FAA's Determination and Requirements of This AD

    This product has been approved by the aviation authority of EASA
and is approved for operation in the United States. Pursuant to our
bilateral agreement with EASA, they have notified us of the unsafe
condition described in the MCAI and service information referenced
above. We are issuing this AD because we evaluated all information
provided by EASA and determined the unsafe condition exists and is
likely to exist or develop on other products of the same type design.
This AD requires, for Turmo IV A and Turmo IV C engines that have
incorporated Turbomeca Modification TU 233, initial and repetitive
visual inspections for the absence of oil leakage or seepage from the
unions of the intermediate bearing return flexible pipes.

FAA's Determination of the Effective Date

    An unsafe condition exists that requires the immediate adoption of
this AD. The FAA has found that the risk to the flying public justifies
waiving notice and comment prior to adoption of this rule because
failures of the flexible pipe unions, which if not corrected, could
lead to an in-flight engine shutdown and a forced autorotation landing
or accident. Therefore, we determined that notice and opportunity for
public comment before issuing this AD are impracticable and that good
cause exists for making this amendment effective in fewer than 30 days.

Interim Actions

    These actions are interim actions and we may take further
rulemaking actions in the future.

Comments Invited

    This AD is a final rule that involves requirements affecting flight
safety, and we did not precede it by notice and opportunity for public
comment. We invite you to send any written relevant data, views, or
arguments about this AD. Send your comments to an address listed under
the ADDRESSES section. Include ``Docket No. FAA-2010-0009; Directorate
Identifier 2010-NE-01-AD'' at the beginning of your comments. We
specifically invite comments on the overall regulatory, economic,
environmental, and energy aspects of this AD. We will consider all
comments received by the closing date and may amend this AD because of
those comments.
    We will post all comments we receive, without change, to http://www.regulations.gov, including any personal information you provide. We
will also post a report summarizing each substantive verbal contact
with FAA personnel concerning this AD. Using the search function of the
Web site, anyone can find and read the comments in any of our dockets,
including, if provided, the name of the individual who sent the comment
(or signed the comment on behalf of an association, business, labor
union, etc.). You may review the DOT's complete Privacy Act Statement
in the Federal Register published on April 11, 2000 (65 FR 19477-78).

Authority for This Rulemaking

    Title 49 of the United States Code specifies the FAA's authority to
issue rules on aviation safety. Subtitle I, section 106, describes the
authority of the FAA Administrator. ``Subtitle VII: Aviation
Programs,'' describes in more detail the scope of the Agency's
authority.
    We are issuing this rulemaking under the authority described in
``Subtitle VII, Part A, Subpart III, Section 44701: General
requirements.'' Under that section, Congress charges the FAA with
promoting safe flight of civil aircraft in air commerce by prescribing
regulations for practices, methods, and procedures the Administrator
finds necessary for safety in air commerce. This regulation is within
the scope of that authority because it addresses an unsafe condition
that is likely to exist or develop on products identified in this
rulemaking action.

Regulatory Findings

    We determined that this AD will not have federalism implications
under Executive Order 13132. This AD will not have a substantial direct
effect on the States, on the relationship between the national
government and the States, or on the distribution of power and
responsibilities among the various levels of government.
    For the reasons discussed above, I certify this AD:
    1. Is not a ``significant regulatory action'' under Executive Order
12866;
    2. Is not a ``significant rule'' under the DOT Regulatory Policies
and Procedures (44 FR 11034, February 26, 1979); and
    3. Will not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.
    We prepared a regulatory evaluation of the estimated costs to
comply with this AD and placed it in the AD docket.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Safety.

Adoption of the Amendment

0
Accordingly, under the authority delegated to me by the Administrator,
the FAA amends 14 CFR part 39 as follows:

PART 39--AIRWORTHINESS DIRECTIVES

0
1. The authority citation for part 39 continues to read as follows:

    Authority:  49 U.S.C. 106(g), 40113, 44701.

Sec.  39.13  [Amended]

0
2. The FAA amends Sec.  39.13 by adding the following new AD:

2010-02-08 Turbomeca: Amendment 39-16178; Docket No. FAA-2010-0009;
Directorate Identifier 2010-NE-01-AD.

Effective Date

    (a) This airworthiness directive (AD) becomes effective February
3, 2010.

Affected ADs

    (b) None.

Applicability

    (c) This AD applies to Turbomeca Turmo IV A and IV C turboshaft
engines that have incorporated Turbomeca Modification TU 233. These
engines are installed on, but not limited to, Eurocopter SA 330F, G,
or J PUMA helicopters.

Reason

    (d) During a maintenance inspection before the first flight of
the day, an oil leak was found on an engine deck. A circumferential
crack on the intermediate bearing return flexible pipe union (pipe
part number 9 560 17 606 0) was identified as the origin of the
leak. A similar oil pipe union crack was then reported at the same
location on another engine, on the same pipe part number. This pipe
part number was approved as Modification TU 233 in 2008.
    Although such cracks have been detected and did not lead to an
in-service event, the possibility exists that some additional cracks
could occur and may not be detected before the potential complete
rupture of the union.

This AD results from mandatory continuing airworthiness information
(MCAI) issued by an aviation authority of another country to
identify and correct an unsafe condition on an aviation product. We
are issuing this AD to prevent a helicopter engine in-flight
shutdown resulting in an emergency auto-rotation landing or
accident.

Actions and Compliance

    (e) Unless already done, do the following actions.
    (1) Before the next flight after the effective date of this AD,
and thereafter daily after the last flight of the day until further
notice, visually inspect for absence of oil leakage or seepage from
both unions of the intermediate bearing return flexible pipes, part
number 9 560 17 606 0.
    (2) If any oil leakage or seepage is found, disassemble the pipe
and visually inspect the unions.
    (3) If no crack is found, re-install the pipe.
    (4) If any crack is found, remove the pipe from service and
replace it.
    (5) The actions required by paragraph (e)(1) of this AD may be
performed by the owner/operator holding at least a private pilot
certificate, and must be entered into the aircraft records showing
compliance with this AD in accordance with 14 CFR 43.9 and
91.417(a)(2)(v).

FAA AD Differences

    (f) None.

Alternative Methods of Compliance (AMOCs)

    (g) The Manager, Engine Certification Office, FAA, has the
authority to approve AMOCs for this AD, if requested using the
procedures found in 14 CFR 39.19.

Related Information

    (h) Refer to MCAI Airworthiness Directive 2009-0261-E, dated
December 18, 2009, and Turbomeca Alert Mandatory Service Bulletin
No. A249 72 0809, Version A, dated December 15, 2009, for related
information. Contact Turbomeca S.A., 40220 Tarnos, France; e-mail:
<EMAIL_ADDRESS>telephone 33 05 59 74 40 00, fax 33 05
59 74 45 15, or go to: http://www.turbomeca-support.com, for a copy
of this service information.
    (i) Contact Kevin Dickert, Aerospace Engineer, Engine
Certification Office, FAA, Engine & Propeller Directorate, 12 New
England Executive Park, Burlington, MA 01803; e-mail:
<EMAIL_ADDRESS>telephone<PHONE_NUMBER>; fax<PHONE_NUMBER>,
for more information about this AD.

Material Incorporated by Reference

    (j) None.

    Issued in Burlington, Massachusetts, on January 12, 2010.
Peter A. White,
Assistant Manager, Engine and Propeller Directorate, Aircraft
Certification Service.
[FR Doc. 2010-758 Filed 1-15-10; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 76, Number 200 (Monday, October 17, 2011)]
[Notices]
[Page 64163]
[FR Doc No: 2011-26759]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration (FAA)

Notice of Opportunity for Public Comment on Surplus Property
Release at Laurinburg-Maxton Airport, Maxton, NC

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice.

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SUMMARY: Under the provisions of title 49, U.S.C. Section 47153(c),
notice is being given that the FAA is considering a request from the
Laurinburg-Maxton Airport Commission to waive the requirement that
approximately 20.26 acres of airport property, located at the
Laurinburg-Maxton Airport, be used for aeronautical purposes.

DATES: Comments must be received on or before November 16, 2011.

ADDRESSES: Comments on this notice May be mailed or delivered in
triplicate to the FAA at the following address:

Atlanta Airports District Office, Attn: Rusty Nealis, Program Manager,
1701 Columbia Ave., Suite 2-260, Atlanta, GA 30337-2747.

    In addition, one copy of any comments submitted to the FAA must be
mailed or delivered to JoAnn Gentry, Executive Director, Laurinburg-
Maxton Airport Commission at the following address:

Laurinburg-Maxton Airport Commission, 16701 Airport Road, Maxton, NC
28364.

FOR FURTHER INFORMATION CONTACT: Rusty Nealis, Program Manager, Atlanta
Airports District Office, 1701 Columbia Ave., Campus Building, Suite 2-
260, Atlanta, GA 30337-2747,<PHONE_NUMBER>. The application may be
reviewed in person at this same location.

SUPPLEMENTARY INFORMATION: The FAA is reviewing a request by the
Laurinburg-Maxton Airport Commission to release approximately 20.26
acres of airport property at the Laurinburg-Maxton Airport. The
property consists of one parcel located north of S.R. 1434, Airport
Road. This property is currently shown on the approved Airport Layout
Plan as non-aeronautical use land and the proposed use of this property
is compatible with airport operations. The City will ultimately sell
the property for future industrial use with proceeds of the sale
providing funding for future airport development.
    Any person may inspect the request in person at the FAA office
listed above under FOR FURTHER INFORMATION CONTACT. In addition, any
person may, upon request, inspect the request, notice and other
documents germane to the request in person at the Laurinburg-Maxton
Airport.

    Issued in Atlanta, Georgia on October 6, 2011.
Larry F. Clark,
Assistant Manager, Atlanta Airports District Office Southern Region.
[FR Doc. 2011-26759 Filed 10-14-11; 8:45 am]
BILLING CODE 4910-13-M


[Federal Register Volume 80, Number 150 (Wednesday, August 5, 2015)]
[Notices]
[Pages 46631-46640]
[FR Doc No: 2015-19125]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75555; File No. SR-NASDAQ-2015-085]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC;
Notice of Filing of Proposed Rule Change Relating to the Listing and
Trading of the Shares of the PowerShares High Income Downside Hedged
Portfolio a series of the PowerShares Actively Managed Exchange-Traded
Fund Trust

July 30, 2015.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on July 28, 2015, The NASDAQ Stock Market LLC (``Nasdaq'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in in Items I
and II below, which Items have been prepared by Nasdaq. The Commission
is publishing this notice to solicit comments on the proposed rule
change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    Nasdaq proposes to list and trade the common shares of beneficial
interest of the PowerShares High Income Downside Hedged Portfolio (the
``Fund''), a series of the PowerShares Actively Managed Exchange-Traded
Fund Trust (the ``Trust''), under Nasdaq Rule 5735 (``Rule 5735''). The
common shares of beneficial interest of the Fund are referred to herein
as the ``Shares.''
    The text of the proposed rule change is available at http://nasdaq.cchwallstreet.com/, at Nasdaq's principal office, and at the
Commission's Public Reference Room.

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

    In its filing with the Commission, Nasdaq included statements
concerning the purpose of, and basis for, the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. Nasdaq has prepared summaries, set forth in Sections A,
B, and C below, of the most significant aspects of such statements.

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

1. Purpose
    The Exchange proposes to list and trade the Shares of the Fund
under Rule 5735, which rule governs the listing and trading of Managed
Fund Shares \3\ on the Exchange.\4\ The Shares will be offered by the
Fund, which will be an actively managed exchange-traded fund (``ETF'')
and a series of the Trust. The Trust was established as a Delaware
statutory trust on November 6, 2007. The Trust is registered with the
Commission as an open-end management investment company and has filed a
post-effective amendment to its registration statement on Form N-1A
(the ``Registration Statement'') with the Commission to register the
Fund and its Shares under the 1940 Act and the Securities Act of
1933.\5\ Invesco PowerShares Capital Management LLC will serve as the
investment adviser (the ``Adviser'') to the Fund. Invesco Distributors,
Inc. (the ``Distributor'') will serve as the principal underwriter and
distributor of the Fund's Shares. The Bank of New York Mellon will act
as the administrator, accounting agent, custodian (the ``Custodian'')
and transfer agent for the Fund.
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    \3\ 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) (the ``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 Index Fund Shares, listed
and traded on the Exchange under Nasdaq Rule 5705, 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.
    \4\ The Commission approved Nasdaq Rule 5735 (formerly Nasdaq
Rule 4420(o)) in Securities Exchange Act Release No. 57962 (June 13,
2008), 73 FR 35175 (June 20, 2008) (SR-NASDAQ-2008-039). There are
already multiple actively managed funds listed on the Exchange; see,
e.g., Securities Exchange Act Release Nos. 69464 (April 26, 2013),
78 FR 25774 (May 2, 2013) (SR-NASDAQ-2013-036) (order approving
listing and trading of First Trust Senior Loan Fund); and 66489
(February 29, 2012), 77 FR 13379 (March 6, 2012) (SR-NASDAQ-2012-
004) (order approving listing and trading of WisdomTree Emerging
Markets Corporate Bond Fund). Additionally, the Commission has
previously approved the listing and trading of a number of actively-
managed funds on NYSE Arca, Inc. pursuant to Rule 8.600 of that
exchange. See, e.g., Securities Exchange Act Release No. 68870
(February 8, 2013), 78 FR 11245 (February 15, 2013) (SR-NYSEArca-
2012-139) (order approving listing and trading of First Trust
Preferred Securities and Income ETF). Moreover, the Commission
previously approved the listing and trading of other actively
managed funds within the PowerShares family of ETFs. See, e.g.,
Securities Exchange Act Release Nos. 68158 (November 5, 2012), 77 FR
67412 (November 9, 2012) (SR-NYSEArca-2012-101) (order approving
listing and trading of PowerShares S&P 500 Downside Hedged
Portfolio) and 69915 (July 2, 2013), 78 FR 41145 (July 9, 2013) (SR-
NYSEArca-2013-56) (order approving listing of PowerShares China A-
Share Portfolio). The Exchange believes the proposed rule change
raises no significant issues not previously addressed in those prior
Commission orders.
    \5\ See Registration Statement for the Trust, filed on April 13,
2015 (File Nos. 333-147622 and 811-22148). In addition, the
Commission has issued an order granting certain exemptive relief to
the Trust under the1940 Act. See Investment Company Act Release No.
28171 (February 27, 2008) (File No. 812-13386) (``Exemptive
Order'').
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    Paragraph (g) of Rule 5735 provides that, if the investment adviser
to an 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's portfolio.\6\ In addition, paragraph (g) of Rule
5735 further requires that personnel who make decisions on such
investment company's portfolio composition must be subject to
procedures designed to prevent the use and dissemination of material,
non-public information regarding the investment company's portfolio.
Rule 5735(g) is similar to Nasdaq Rule 5705(b)(5)(A)(i), which applies
to index-based funds and requires ``fire-walls'' between affiliated
broker-dealers and investment advisers regarding the index-based fund's
underlying benchmark index. Rule 5735(g), however, applies to the
establishment of a ``fire wall'' between affiliated investment advisers
and the broker-dealers with respect to the investment company's
portfolio and not with respect to an underlying benchmark index, as is
the case with index-based funds. The Adviser is itself not a broker-
dealer, but it is affiliated with the Distributor, a broker-dealer. The
Adviser has therefore implemented a fire wall between itself and the
Distributor with respect to the access of information concerning the
composition and/or changes to the Fund's portfolio. In the event (a)
the Adviser becomes newly affiliated with a different broker-dealer (or
becomes a registered broker-dealer), or (b) any new adviser or sub-
adviser to the Fund is a registered broker-dealer or becomes affiliated
with a broker-dealer, it will implement a fire wall with respect to its
relevant personnel and/or such broker-dealer affiliate, if applicable,
regarding access to information concerning the composition and/or
changes to the Fund's portfolio and will be subject to procedures
designed to prevent the use and dissemination of material non-public
information regarding such portfolio. The Fund does not currently
intend to use a sub-adviser.
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    \6\ 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 its 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 the Advisers Act and Rule 204A-1
thereunder. 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.
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Description of the Fund
    The Fund will be an actively managed ETF, and its investment
objective will be to seek to achieve high income and positive total
returns. The Fund will seek to achieve its investment objective by
using a quantitative, rules-based investment methodology designed to
provide returns that exceed the performance of the S&P High Income
VEQTOR Index (the ``Benchmark'').\7\ As

described below, the Fund will seek to gain exposure to the securities
contained in the equity component of the Benchmark and CBOE Volatility
Index (``VIX Index'') related instruments (``VIX Index Related
Instruments,'' as defined below).
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    \7\ The Fund's Benchmark allocates between equity securities and
CBOE Volatility Index futures. The Commission has previously
approved listing and trading of exchange traded products with
Chicago Board Options Exchange (``CBOE'') volatility index futures
as components of benchmarks. See, e.g., Securities Exchange Act
Release No. 68158 (November 5, 2012), 77 FR 67412 (November 9, 2012)
(SR-NYSEArca-2012-101) (order approving listing and trading of
PowerShares S&P 500 Downside Hedged Portfolio); Securities Exchange
Act Release Nos. 65134 (August 15, 2011), 76 FR 52034 (August 19,
2011) (SR-NYSEArca-2011-23) (order approving listing of ProShares
Short VIX Short-Term Futures ETF, ProShares Short VIX Mid-Term
Futures ETF, ProShares Ultra VIX Short-Term Futures ETF, ProShares
Ultra VIX Mid-Term Futures ETF, ProShares UltraShort VIX Short-Term
Futures ETF, and ProShares UltraShort VIX Mid-Term Futures ETF); and
63610 (December 27, 2010), 76 FR 199 (January 3, 2011) (SR-NYSEArca-
2010-101 [sic]) (order approving listing of ProShares VIX Short-Term
Futures ETF and ProShares VIX Mid-Term Futures ETF).
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The Benchmark, the VIX Index and the S&P 500 VIX Short Term Futures
Index
    The Benchmark, using strategy allocation rules developed by
Standard & Poor's (``S&P''),\8\ is composed of two types of components:
An equity component, represented by the constituents of the S&P High
Income Equity Composite Index (``Equity Component Index''), and a
volatility component, represented by the S&P 500 VIX Short Term Futures
Index (``VIX Futures Index''). The Benchmark allocates its constituents
between the two components in any given amount from time to time based
on the level of volatility in the market.
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    \8\ S&P is a division of the McGraw-Hill Companies, Inc. S&P is
not a broker-dealer and has implemented procedures designed to
prevent the use and dissemination of material, non-public
information regarding the Benchmark.
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    The Equity Component Index is composed of 150 high yield securities
that meet certain size, liquidity and listing exchange criteria as
determined by S&P. This component is comprised of the following four
sub-components: (i) Preferred stocks, (ii) units of master limited
partnerships (``MLPs''), (iii) real estate investment trusts
(``REITs''), and (iv) a portfolio of global securities engaged in the
real estate industry (``global property securities'') and/or global
securities that pay high dividends (``global dividend securities''
which, collectively with global property securities, are ``Global
Equities'').
    The VIX Index is a theoretical calculation and cannot be traded.
The VIX Index is a benchmark index designed to measure the market price
of volatility in large cap U.S. stocks over 30 days in the future, and
is calculated based on the prices of certain put and call options on
the S&P 500[supreg] Index. The VIX Index measures the premium paid by
investors for certain options linked to the S&P 500[supreg] Index.
During periods of market instability, the implied level of volatility
of the S&P 500[supreg] Index typically increases and, consequently, the
prices of options linked to the S&P 500[supreg] Index typically
increase (assuming all other relevant factors remain constant or have
negligible changes). This, in turn, causes the level of the VIX Index
to increase. The VIX Index historically has had negative correlations
to the S&P 500[supreg] Index. Because the level of the VIX Index may
increase in times of uncertainty, the VIX Index is known as the ``fear
gauge'' of the broad U.S. equities market.
    The VIX Futures Index utilizes the prices of the first and second
month futures contracts based on the VIX Index, replicating a position
that rolls the nearest month VIX futures contracts to the next month
VIX futures contracts on a daily basis in equal fractional amounts. The
Benchmark's allocation to its volatility component serves as an implied
volatility hedge, as volatility historically tends to correlate
negatively to the performance of the equity markets (i.e., rapid
declines in the performance of the equity markets generally are
associated with particularly high volatility in such markets).
    On any Business Day (as defined below), the Benchmark allocates
between its equity and volatility components based on a combination of
realized volatility and implied volatility trend decision variables.
The allocation to the VIX Futures Index generally increases when
realized volatility and implied volatility are higher, and decreases
when realized volatility and implied volatility are lower. While
allocations are reviewed daily, these allocations may change on a less
frequent basis.
    The U.S. Index Committee (the ``Committee'') of S&P maintains the
Benchmark. The Committee meets monthly. At each meeting, the Committee
reviews pending corporate actions that may affect Benchmark
constituents, statistics comparing the composition of the Benchmark to
the market, companies that are being considered as candidates for
addition to the Benchmark, and any significant market events. In
addition, the Committee may revise the Benchmark's policy covering
rules for selecting companies, treatment of dividends, share counts, or
other matters.
Principal Investment Strategies of the Fund
    The Fund's investment strategy is similar to the rules-based
allocation methodology of its Benchmark. Therefore, the allocation
among the Fund's investments generally will tend to approximate the
allocation between the equity and volatility components of the
Benchmark. However, the Fund seeks returns that exceed the returns of
the Benchmark; accordingly, the Fund can have a higher or lower
exposure to either component (or any respective sub-component) of the
Benchmark at any time.\9\
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    \9\ The Fund will be ``non-diversified'' under the 1940 Act and
therefore may invest more of its assets in fewer issuers than
``diversified'' funds. The diversification standard is set forth in
Section 5(b)(1) of the 1940 Act (15 U.S.C. 80a-5).
---------------------------------------------------------------------------

    In pursuing its investment objective, under normal market
conditions,\10\ the Fund will invest substantially all of its assets in
(i) an equity sleeve that generally corresponds to the Equity Component
Index, represented by a combination of 150 high yield securities that
includes preferred stocks, MLPs, REITs, and Global Equities, each of
which will be listed either on a U.S. securities exchange or a member
exchange of the Intermarket Surveillance Group (``ISG''); \11\ and (ii)
a volatility sleeve, represented by instruments relating to the VIX
Index and consisting of futures contracts on the VIX Index and options
on those futures contracts. During periods of low volatility, a greater
portion of the Fund's assets will be invested in equity securities, and
during periods of increased volatility, a greater portion of the Fund's
assets will be invested in VIX Index Related Instruments (as defined
below). Any U.S. security invested by the Fund must be listed on a
national securities exchange, and any non-U.S. security must be listed
on a member exchange of the ISG.
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    \10\ The term ``under normal market conditions'' as used herein
includes, but is not limited to, the absence of adverse market,
economic, political or other conditions, including extreme
volatility or trading halts in the securities 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 periods of
extreme market disturbance, the Fund may take temporary defensive
positions, by overweighting its portfolio in cash/cash-like
instruments; however, to the extent possible, the Adviser would
continue to seek to achieve the Fund's investment objective.
    \11\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all components of the
Disclosed Portfolio for the Fund may trade on markets that are
members of ISG or with which the Exchange has in place a
comprehensive surveillance sharing agreement.
---------------------------------------------------------------------------

    Additionally, the Fund may invest in ETFs and exchange-traded notes
(``ETNs'') that are listed on U.S. securities exchanges that provide
exposure to the components of the Equity Component Index, as well as
ETFs and ETNs that provide exposure to the VIX Index (these
instruments, collectively with VIX Index futures contracts and options
on those futures contracts, are termed the ``VIX Index Related
Instruments'').

Other Investments of the Fund
    The Fund may invest its remaining assets in U.S. government
securities, high-quality money market instruments, cash and cash
equivalents to provide liquidity and to collateralize its investments
in derivative instruments. These instruments in which the Fund may
invest include: (i) Short-term obligations issued by the U.S.
Government; \12\ (ii) short-term negotiable obligations of commercial
banks, fixed time deposits and bankers' acceptances of U.S. and foreign
banks and similar institutions; \13\ (iii) commercial paper rated at
the date of purchase ``Prime-1'' by Moody's Investors Service, Inc. or
``A-1+'' or ``A-1'' by S&P or, if unrated, of comparable quality, as
the Adviser of the Fund determines, and (iv) money market mutual funds,
including affiliated money market funds.
---------------------------------------------------------------------------

    \12\ The Fund may invest in U.S. government obligations.
Obligations issued or guaranteed by the U.S. Government, its
agencies and instrumentalities include bills, notes and bonds issued
by the U.S. Treasury, as well as ``stripped'' or ``zero coupon''
U.S. Treasury obligations representing future interest or principal
payments on U.S. Treasury notes or bonds.
    \13\ Time deposits are non-negotiable deposits maintained in
banking institutions for specified periods of time at stated
interest rates. Banker's acceptances are time drafts drawn on
commercial banks by borrowers, usually in connection with
international transactions.
---------------------------------------------------------------------------

    In addition, the Fund's investment in securities of other
investment companies (including money market funds) may exceed the
limits permitted under the 1940 Act, in accordance with certain terms
and conditions set forth in a Commission exemptive order issued to the
Trust pursuant to Section 12(d)(1)(J) of the 1940 Act.\14\
---------------------------------------------------------------------------

    \14\ Investment Company Act Release No. 30238 (October 23, 2012)
(File No. 812-13820).
---------------------------------------------------------------------------

    The Fund may enter into repurchase agreements, which are agreements
pursuant to which securities are acquired by the Fund from a third
party with the understanding that they will be repurchased by the
seller at a fixed price on an agreed date. These agreements may be made
with respect to any of the portfolio securities in which the Fund is
authorized to invest. Repurchase agreements may be characterized as
loans secured by the underlying securities. The Fund may enter into
repurchase agreements with (i) member banks of the Federal Reserve
System having total assets in excess of $500 million and (ii)
securities dealers (``Qualified Institutions''). The Adviser will
monitor the continued creditworthiness of Qualified Institutions.
    The Fund may enter into reverse repurchase agreements, which
involve the sale of securities with an agreement to repurchase the
securities at an agreed-upon price, date, and interest payment and have
the characteristics of borrowing. The securities purchased with the
funds obtained from the agreement and securities collateralizing the
agreement will have maturity dates no later than the repayment date.
    The Fund may purchase exchange-listed warrants. However, the Fund
does not expect to enter into swap agreements, including credit default
swaps, but may do so if such investments are in the best interests of
the Fund's shareholders.
Investment Restrictions of the Fund
    The Fund may not concentrate its investments (i.e., invest more
than 25% of the value of its net assets) in securities of issuers in
any one industry or group of industries. This restriction will not
apply to obligations issued or guaranteed by the U.S. government, its
agencies or instrumentalities.\15\
---------------------------------------------------------------------------

    \15\ See Form N-1A, Item 9. The Commission has taken the
position that a fund is concentrated if it invests more than 25% of
the value of its total assets in any one industry. See, e.g.,
Investment Company Act Release No. 9011 (October 30, 1975), 40 FR
54241 (November 21, 1975).
---------------------------------------------------------------------------

    The Fund may hold up to an aggregate amount of 15% of its net
assets in illiquid securities or other illiquid assets (calculated at
the time of investment), including Rule 144A securities. The Fund will
monitor its portfolio liquidity on an ongoing basis to determine
whether, in light of current circumstances, an adequate level of
liquidity is being maintained, and will consider taking appropriate
steps in order to maintain adequate liquidity if, through a change in
values, net assets, or other circumstances, more than 15% of the Fund's
net assets are held in illiquid securities or other illiquid assets.
Illiquid securities and other illiquid assets include those subject to
contractual or other restrictions on resale and other instruments or
assets that lack readily available markets as determined in accordance
with Commission staff guidance.\16\
---------------------------------------------------------------------------

    \16\ 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), FN
34. See also Investment Company Act Release Nos. 5847 (October 21,
1969), 35 FR 19989 (December 31, 1970) (Statement Regarding
``Restricted Securities''); and 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
Nos. 14983 (March 12, 1986), 51 FR 9773 (March 21, 1986) (adopting
amendments to Rule 2a-7 under the 1940 Act); and 17452 (April 23,
1990), 55 FR 17933 (April 30, 1990) (adopting Rule 144A under the
Securities Act of 1933).
---------------------------------------------------------------------------

    The Fund intends to qualify for and to elect to be treated as a
regulated investment company under Subchapter M of the Internal Revenue
Code.\17\
---------------------------------------------------------------------------

    \17\ 26 U.S.C. 851.
---------------------------------------------------------------------------

    As a result of the instruments that the Fund will hold, the Fund
will be subject to regulation by the Commodity Futures Trading
Commission and the National Futures Association (``NFA'') as a
commodity pool, and thus must comply with additional disclosure,
reporting, and recordkeeping rules imposed upon commodity pools.\18\
---------------------------------------------------------------------------

    \18\ The Exchange represents that the Adviser has previously
registered as a commodity pool operator and commodity trading
advisor and also is a member of the NFA.
---------------------------------------------------------------------------

    The Fund's investments will be consistent with the Fund's
investment objective. Additionally, the Fund may engage in frequent and
active trading of portfolio securities to achieve its investment
objective. The Fund may utilize instruments or investment techniques
that have a leveraging effect on the Fund. This effective leverage
occurs when the Fund's market exposure exceeds the amounts actually
invested. Any instance of effective leverage will be covered in
accordance with guidance promulgated by the Commission and its
staff.\19\ The Fund does not presently intend to engage in any form of
borrowing for investment purposes, and will not be operated as a
``leveraged ETF,'' i.e., it will not be operated in a manner designed
to seek a multiple of the performance of an underlying reference index.
The Fund will not use futures for speculative purposes, nor will the
Fund invest in OTC equities or enter into futures contracts that are
not traded on a U.S. exchange.
---------------------------------------------------------------------------

    \19\ In re Securities Trading Practices of Investment Companies,
Investment Company Act Release No. 10666 (April 18, 1979), 44 FR
25128 (April 27, 1979).
---------------------------------------------------------------------------

Net Asset Value
    The Fund's administrator will calculate the Fund's net asset value
(``NAV'') per Share as of the close of regular trading (normally 4:00
p.m., Eastern time (``E.T.'')) on each day the New York Stock Exchange
(``NYSE'') is open for business (a ``Business Day''). NAV per Share
will be calculated for the Fund by deducting all of the Fund's
liabilities from the total value of its assets and dividing the result
by the number of Shares outstanding, rounding to the nearest cent. All
valuations will be subject to review by the Board of Trustees of the
Trust (``Board'') or its delegate.

    In determining NAV, expenses will be accrued and applied daily and
securities and other assets for which market quotations are readily
available will be valued at market value. Securities listed or traded
on an exchange (including high yield Global Equities, preferred stocks,
MLPs, REITs and warrants) will be valued at the last sale price or
official closing price that day as of the close of the exchange on
which such securities primarily trade. Shares of open-end registered
investment companies (i.e., mutual funds) will be valued at net asset
value; shares of exchange-traded investment companies (i.e., ETFs) and
ETNs will be valued at the last sale price or official closing price on
the exchange on which they primarily trade. Futures contracts are
valued as of the final settlement price on the exchange on which they
trade. Options will be valued at the closing price (and, if no closing
price is available, at the mean of the last bid/ask quotations) from
the exchange where such instruments principally trade. U.S. government
securities will be valued at the mean price provided by a third party
vendor. Illiquid securities, as well as cash and cash equivalents,
money market funds, repurchase agreements (including reverse repurchase
agreements) and other short-term obligations (including corporate
commercial paper, negotiable short-term obligations of commercial
banks, fixed time deposits, bankers acceptances and similar securities)
will each be valued in accordance with the Trust's valuation policies
and procedures, which have been approved by the Trust's Board.
    The NAV for the Fund will be calculated and disseminated daily. If
an asset's market price is not readily available, the asset will be
valued using pricing provided from independent pricing services or by
another method that the Adviser, in its judgment, believes will better
reflect the asset's fair value in accordance with the Trust's valuation
policies and procedures approved by the Trust's Board and with the 1940
Act. Fair value pricing involves subjective judgments and it is
possible that a fair value determination for an asset may be materially
different than the value that could be realized upon the sale of the
asset.
Creation and Redemption of Shares
    The Trust will issue Shares of the Fund at NAV only with authorized
participants (``APs'') and only in aggregations of 50,000 shares (each
aggregation is called a ``Creation Unit'') or multiples thereof, on a
continuous basis through the Distributor, without a sales load, at the
NAV next determined after receipt, on any Business Day, of an order in
proper form.
    The consideration an AP must provide for purchase of Creation Unit
aggregations of the Fund may consist of (i) cash, in lieu of all or a
portion of the Deposit Securities, as defined below, in an amount
calculated based on the NAV per Share, multiplied by the number of
Shares representing a Creation Unit (``Deposit Cash''), plus fixed and
variable transaction fees; or (ii) an ``in-kind'' deposit of a
designated portfolio of securities determined by the Adviser that
generally will conform to the holdings of the Fund consistent with its
investment objective (the ``Deposit Securities'') per each Creation
Unit aggregation and generally an amount of cash (the ``Cash
Component'') computed as described below.
    Together, the Deposit Securities and the Cash Component (including
the cash in lieu amount) will constitute the ``Fund Deposit,'' which
will represent the minimum initial and subsequent investment amount for
a Creation Unit aggregation of the Fund. The Cash Component is
sometimes also referred to as the Balancing Amount. The Cash Component
will serve the function of compensating for any differences between the
NAV per Creation Unit aggregation and the Deposit Amount (as defined
below). For example, for a creation the Cash Component will be an
amount equal to the difference between the NAV of Fund Shares (per
Creation Unit aggregation) and the ``Deposit Amount''--an amount equal
to the market value of the Deposit Securities and/or cash in lieu of
all or a portion of the Deposit Securities. If the Cash Component is a
positive number (i.e., the NAV per Creation Unit aggregation exceeds
the Deposit Amount), the AP will deliver the Cash Component. If the
Cash Component is a negative number (i.e., the NAV per Creation Unit
aggregation is less than the Deposit Amount), the AP will receive the
Cash Component.
    Shares may be redeemed only in Creation Unit aggregations at their
NAV next determined after receipt of a redemption request in proper
form by the Fund through the Custodian and only on a Business Day. The
Fund will not redeem Shares in amounts less than Creation Unit
Aggregations. APs must accumulate enough Shares in the secondary market
to constitute a Creation Unit Aggregation in order to have such Shares
redeemed by the Trust. The redemption proceeds for a Creation Unit
Aggregation generally consist of (i) cash, in lieu of all or a portion
of the Fund Securities as defined below, in an amount calculated based
on the NAV per Share, multiplied by the number of Shares representing a
Creation Unit, less any redemption transaction fees; or (ii) a
designated portfolio of securities determined by the Adviser that
generally will conform to the holdings of the Fund consistent with its
investment objective per each Creation Unit aggregation (``Fund
Securities'')--as announced on the Business Day of the request for
redemption received in proper form-- plus or minus 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 Fund Securities, less any redemption transaction fees. In
the event that the Fund Securities have a value greater than the NAV of
the Shares, a compensating Cash Component payment equal to the
difference is required to be made by or through an AP by the redeeming
shareholder.
    Creation Units of the Fund generally will be sold partially in cash
and partially in-kind. However, the Fund also reserves the right to
permit or require Creation Units to be issued principally in-kind or
principally for cash. At all times, the Trust reserves the right to
permit or require the substitution of Deposit 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,
or that may not be eligible for transfer or which might not be eligible
for trading by an AP or the investor for which it is acting or other
relevant reason.\20\
---------------------------------------------------------------------------

    \20\ Such substitutions of certain Deposit Securities are termed
``custom orders.'' On any given Business Day, if the Fund accepts a
custom order, the Adviser represents that the Fund will accept
similar custom orders from all other APs on the same basis.
---------------------------------------------------------------------------

    To the extent that the Fund permits Creation Units to be issued
principally or partially in-kind, the Custodian, through the National
Securities Clearing Corporation (``NSCC''), will make available on each
Business Day, prior to the opening of business of the NYSE (currently
9:30 a.m., E.T.), the list of the names and the quantity of each
Deposit Security to be included in the current Fund Deposit (based on
information at the end of the previous Business Day), plus any
estimated Cash Component, for the Fund. Such Fund Deposit will be
applicable, subject to any adjustments as described below, to effect
creations of Creation Units of the Fund until such time as the next-
announced composition of the Deposit Securities is made available.
Information on the specific names and holdings in a Fund

Deposit also will be available at www.pstrader.net.
    To the extent that the Fund permits Creation Units to be redeemed
in-kind, the Custodian, through the NSCC, will make available on each
Business Day, prior to the opening of business of NYSE (currently 9:30
a.m., E.T.), the identity of the Fund Securities that will be
applicable (subject to possible amendment or correction) to redemption
requests received in proper form on that day. Fund Securities received
on redemption may not be identical to Deposit Securities that are
applicable to creations of Creation Unit aggregations.
    When applicable, during times that the Fund permits in-kind
creations, the identity and quantity of the Deposit Securities required
for a Fund Deposit for the Shares may change as rebalancing adjustments
and corporate action events occur and are reflected within the Fund
from time to time by the Adviser, consistent with the investment
objective of the Fund.
    To be eligible to place orders with respect to creations and
redemptions of Creation Units, 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 the NSCC or
(ii) a Depository Trust Company (``DTC'') Participant (a ``DTC
Participant''). In addition, each Participating Party or DTC
Participant (each, an AP) must execute an agreement that has been
agreed to by the Distributor and the Custodian with respect to
purchases and redemptions of Creation Units.
    All orders to create Creation Unit aggregations must be received by
the transfer agent no later than the closing time of the regular
trading session on the NYSE (ordinarily 4:00 p.m., E.T.) in each case
on the date such order is placed in order for creations of Creation
Unit aggregations 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.
    In order to redeem Creation Units of the Fund, an AP must submit an
order to redeem for one or more Creation Units. All such orders must be
received by the Fund's transfer agent in proper form no later than the
close of regular trading on the NYSE (ordinarily 4:00 p.m. E.T.) in
order to receive that day's closing NAV per Share.
    The right of redemption may be suspended or the date of payment
postponed (i) for any period during which the NYSE is closed (other
than customary weekend and holiday closings); (ii) for any period
during which trading on the NYSE is suspended or restricted; (iii) for
any period during which an emergency exists as a result of which
disposal of the Shares of the Fund or determination of the Fund's NAV
is not reasonably practicable; or (iv) in such other circumstances as
is permitted by the Commission.
    APs may be required to pay an administrative fee and a variable
transaction fee for purchasing or redeeming Creation Units. Creation
and redemption transactions for the Fund are subject to a fixed
administrative fee of $500, payable to the Custodian, irrespective of
the size of the order. In addition to the fixed administrative fee, the
Custodian may impose an additional variable transaction fee of up to
four times the fixed administrative fee. This additional administrative
fee may be incurred for administration and settlement of (i) in-kind
creations and redemptions effected outside the normal Clearing Process,
and (ii) cash creations and redemptions. Finally, to the extent the
Fund permits or requires APs to substitute cash in lieu of Deposit
Securities, the Adviser may set additional variable fees separate from
the fees already described that are also payable to the Fund up to 2%.
These cash-in-lieu fees will be negotiated between the Adviser and the
AP and are charged to offset the transaction cost to the Fund of buying
(or selling) those particular Deposit Securities, to cover spreads and
slippage costs and to protect existing shareholders against sudden
movements in the prices of the portfolio investments due to market
events. From time to time, the Adviser, in its sole discretion, may
adjust the Fund's variable transaction fees or reimburse APs for all or
a portion of the creation or redemption transaction fees.
Availability of Information
    The Fund's Web site (www.invescopowershares.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 the ticker symbol for the Shares, CUSIP
and exchange information, along with additional quantitative
information updated on a daily basis, including, for the Fund: (1)
daily trading volume, the prior Business Day's reported NAV, closing
price and mid-point of the bid/ask spread at the time of calculation of
such NAV (the ``Bid/Ask Price''),\21\ 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 the most recently completed calendar year and each of the
four most recently completed calendar quarters since that year (or the
life of the Fund if shorter). On each Business Day, before commencement
of trading in Shares in the Regular Market Session \22\ on the
Exchange, the Fund will disclose on its Web site the identities and
quantities of the portfolio of securities and other assets (the
``Disclosed Portfolio'' as such term is defined in Rule 5735(c)(2))
held by the Fund that will form the basis for the Fund's calculation of
NAV at the end of the Business Day.\23\ In addition to disclosing the
identities and quantities of the portfolio of securities and other
assets in the Disclosed Portfolio, the Fund also will disclose on a
daily basis on its Web site the following information, 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 or other asset or instrument underlying
the holding, if any; for options, the option strike price; 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
percentage weighting of the holding in the Fund's portfolio. The Web
site information will be publicly available at no charge. In addition,
to the extent the Fund permits full or partial creations in-kind, a
basket composition file, which will include the security names and
share quantities to deliver (along with requisite cash in lieu) in
exchange for Shares, together with estimates and actual Cash
Components, will be publicly disseminated daily prior to the opening

of the Exchange via the NSCC and at www.pstrader.net. The basket will
represent the equity component of the Shares of the Fund.
---------------------------------------------------------------------------

    \21\ The Bid/Ask Price of the Fund 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.
    \22\ See Nasdaq Rule 4120(b)(4) (describing the three trading
sessions on the Exchange: (1) Pre-Market Session from 4 a.m. to 9:30
a.m. E.T.; (2) Regular Market Session from 9:30 a.m. to 4 p.m. or
4:15 p.m. E.T.; and (3) Post-Market Session from 4 p.m. or 4:15 p.m.
to 8 p.m. E.T.).
    \23\ Under accounting procedures to be 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'').
Notwithstanding the foregoing, portfolio trades that are executed
prior to the opening of the Exchange on any Business Day may be
booked and reflected in NAV on such Business Day. 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.
---------------------------------------------------------------------------

    In addition, for the Fund, an estimated value, defined in Rule
5735(c)(3) as the ``Intraday Indicative Value,'' that reflects an
estimated intraday value of the Fund's portfolio, will be disseminated.
Moreover, the Intraday Indicative Value, available on the NASDAQ OMX
Information LLC proprietary index data service \24\ will be based upon
the current value for the components of the Disclosed Portfolio and
will be updated and widely disseminated by one or more major market
data vendors and broadly displayed at least every 15 seconds during the
Regular Market Session.
---------------------------------------------------------------------------

    \24\ Currently, the NASDAQ OMX Global Index Data Service
(``GIDS'') is the NASDAQ OMX global index data feed service,
offering real-time updates, daily summary messages, and access to
widely followed indexes and Intraday Indicative Values for ETFs.
GIDS provides investment professionals with the daily information
needed to track or trade NASDAQ OMX indexes, listed ETFs, or third-
party partner indexes and ETFs.
---------------------------------------------------------------------------

    The dissemination of the Intraday Indicative Value, together with
the Disclosed Portfolio, will allow investors to determine the value of
the underlying portfolio of the Fund on a daily basis and will provide
a close estimate of that value throughout the trading day.
    Intra-day, executable price quotations on the securities and other
assets held by the Fund, as well as closing price information, will be
available from major broker-dealer firms or on the exchange on which
they are traded, as applicable. Intra-day and closing price information
on the securities and other assets held by the Fund also will be
available through subscription services, such as Bloomberg, Markit and
Thomson Reuters, which can be accessed by APs and other investors.
    Investors also will be able to obtain the Fund's Statement of
Additional Information (``SAI''), the Fund's Shareholder Reports, and
its Trust's Form N-CSR and Form N-SAR, each of which is filed twice a
year, except the SAI, which is filed at least annually. The Fund'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 for the Shares will be published daily in the financial
section of newspapers. Quotation and last sale information for the
Shares will be available via Nasdaq proprietary quote and trade
services, as well as in accordance with the Unlisted Trading Privileges
and the Consolidated Tape Association plans for the Shares. Quotation
and last sale information for any U.S. exchange-traded instruments will
be available via the quote and trade service of their respective
primary exchanges, as well as in accordance with the Unlisted Trading
Privileges and the Consolidated Tape Association plans. Quotation and
last sale information for any non-U.S. exchange-listed securities will
be available from the foreign exchanges on which such securities trade
as well as from major market data vendors. Pricing information for any
futures contracts or options will be available via the quote and trade
service of their respective primary exchanges. Pricing information
related to U.S. government securities, money market mutual funds,
commercial paper, repurchase and reverse repurchase agreements and
other short-term investments held by the Fund will be available through
publicly available quotation services, such as Bloomberg, Markit and
Thomson Reuters.
    Additional information regarding the Fund and the Shares, including
investment strategies, risks, creation and redemption procedures, fees,
portfolio holdings disclosure policies, distributions and taxes, will
be included in the Registration Statement.
Initial and Continued Listing of the Fund's Shares
    The Shares will conform to the initial and continued listing
criteria applicable to Managed Fund Shares, as set forth under Rule
5735. The Exchange represents that, for initial and/or continued
listing, the Fund will be in compliance with Rule 10A-3 \25\ under the
Exchange Act. 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
will be made available to all market participants at the same time.
---------------------------------------------------------------------------

    \25\ See 17 CFR 240.10A-3.
---------------------------------------------------------------------------

Trading Halts of the Fund's Shares
    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. Nasdaq will halt trading in the
Shares under the conditions specified in Nasdaq Rules 4120 and 4121,
including the trading pauses under Nasdaq Rules 4120(a)(11) and (12).
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
constituting 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 also will be
subject to Rule 5735(d)(2)(D), which sets forth circumstances under
which Shares of the Fund may be halted.
Trading Rules
    Nasdaq deems the Shares to be equity securities, thus rendering
trading in the Shares subject to Nasdaq's existing rules governing the
trading of equity securities. Nasdaq will allow trading in the Shares
from 4:00 a.m. until 8:00 p.m. E.T. The Exchange has appropriate rules
to facilitate transactions in the Shares during all trading sessions.
As provided in Rule 5735(b)(3), the minimum price variation for quoting
and entry of orders in Managed Fund Shares traded on the Exchange is
$0.01.
    Surveillance
    The Exchange represents that trading in the Shares will be subject
to the existing trading surveillances, administered by both Nasdaq and
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.\26\ The Exchange represents
that these procedures are adequate to properly monitor Exchange trading
of the Shares in all trading sessions and to deter and detect
violations of Exchange rules and applicable federal securities laws.
---------------------------------------------------------------------------

    \26\ 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. FINRA, on
behalf of

the Exchange, will communicate as needed regarding trading in the
Shares and other exchange-traded securities (including the equity
component securities, ETFs, ETNs and warrants) and instruments
(including futures contracts and options) held by the Fund with other
markets and other entities that are members of the ISG, and FINRA may
obtain trading information regarding trading in the Shares and other
exchange-traded securities (including the equity component securities,
ETFs, ETNs and warrants) and instruments (including futures contracts
and options) held by the Fund from such markets and other entities.
    In addition, the Exchange may obtain information regarding trading
in the Shares and other exchange-traded securities (including the
equity component securities, ETFs, ETNs and warrants) and instruments
(including futures contracts and options) held by the Fund from markets
and other entities that are members of ISG, which includes securities
and futures exchanges, or with which the Exchange has in place a
comprehensive surveillance sharing agreement.
    In addition, with regard to the Fund's investments in futures
contracts and options, such instruments shall have their principal
trading market be a member of ISG or a market with which the Exchange
has a comprehensive surveillance sharing agreement.
    In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
Information Circular
    Prior to the commencement of trading, the Exchange will inform its
members in an Information Circular of the special characteristics and
risks associated with trading the Shares. Specifically, the Information
Circular will discuss the following: (1) The procedures for purchases
and redemptions of Shares in Creation Units (and that Shares are not
individually redeemable); (2) Nasdaq Rule 2111A, which imposes
suitability obligations on Nasdaq members with respect to recommending
transactions in the Shares to customers; (3) how information regarding
the Intraday Indicative Value and the Disclosed Portfolio is
disseminated; (4) the risks involved in trading the Shares during the
Pre-Market and Post-Market Sessions when an updated Intraday Indicative
Value will not be calculated or publicly disseminated; (5) the
requirement that members purchasing Shares from the Fund for resale to
investors 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 Information Circular will advise members, prior to
the commencement of trading, of the prospectus delivery requirements
applicable to the Fund. Members purchasing Shares from the Fund for
resale to investors will deliver a prospectus to such investors. The
Information Circular will also discuss any exemptive, no-action and
interpretive relief granted by the Commission from any rules under the
Exchange Act.
    Additionally, the Information Circular will reference that the Fund
is subject to various fees and expenses. The Information Circular will
also disclose the trading hours of the Shares of the Fund and the
applicable NAV calculation time for the Shares. The Information
Circular will disclose that information about the Shares of the Fund
will be publicly available on the Fund's Web site.
2. Statutory Basis
    Nasdaq believes that the proposal is consistent with Section 6(b)
of the Exchange Act in general, and Section 6(b)(5) \27\ of the
Exchange Act in particular, in that it is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, to foster cooperation and coordination
with persons engaged in facilitating transactions in securities, and to
remove impediments to, and perfect the mechanism of a free and open
market and, in general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \27\ 15 U.S.C. 78(f)(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 Rule 5735. The Exchange
represents that trading in the Shares will be subject to the existing
trading surveillances, administered by both Nasdaq and FINRA, on behalf
of the Exchange, which are designed to deter and detect violations of
Exchange rules and applicable federal securities laws and are adequate
to properly monitor trading in the Shares in all trading sessions. The
Adviser is affiliated with a broker-dealer and has implemented a fire
wall with respect to its broker-dealer affiliate regarding access to
information concerning the composition and/or changes to the Fund's
portfolio. In addition, paragraph (g) of Rule 5735 further requires
that personnel who make decisions on an open-end fund's portfolio
composition must be subject to procedures designed to prevent the use
and dissemination of material, non-public information regarding the
open-end fund's portfolio.
    FINRA may obtain information via ISG from other exchanges that are
members of ISG. In addition, the Exchange may obtain information
regarding trading in the Shares and other exchange-traded securities
(including the equity component securities, ETFs, ETNs and warrants)
and instruments (including futures contracts and options) held by the
Fund from markets and other entities that are members of ISG, which
includes securities and futures exchanges, or with which the Exchange
has in place a comprehensive surveillance sharing agreement. The Fund
will limit its investments in illiquid securities or other illiquid
assets to an aggregate amount of 15% of its net assets (calculated at
the time of investment). The holdings of the Fund will be comprised
primarily of securities included in the Equity Component Index, VIX
Index Related Instruments, U.S. government securities, money market
instruments, cash and cash equivalents. The Fund will invest in U.S.
government securities, money market instruments, cash and cash
equivalents to provide liquidity and to collateralize its investments
in derivative instruments. The Fund also may invest directly in ETFs
and ETNs. The Fund will not invest in OTC equities or enter into
futures contracts that are not traded on a U.S. exchange.
    The Fund will not use futures for speculative purposes, and its
investments will be consistent with the Fund's investment objective.
Additionally, the Fund may engage in frequent and active trading of
portfolio securities to achieve its investment objective. In pursuing
its investment objective, the Fund may utilize instruments or
investment techniques that have a leveraging effect on the Fund. This
effective leverage occurs when the Fund's market exposure exceeds the
amounts actually invested. Any instance of effective leverage will be
covered in accordance with guidance promulgated by the Commission and
its staff.\28\ The Fund does not presently intend to engage in any form
of borrowing for investment purposes, and will not be operated as a
``leveraged ETF,'' i.e., it will not be operated in a manner designed
to seek a multiple of

the performance of an underlying reference index. The Fund does not
expect to enter into swap agreements, including credit default swaps,
but may do so if such investments are in the best interests of the
Fund's shareholders.
---------------------------------------------------------------------------

    \28\ See FN 18 [sic], supra.
---------------------------------------------------------------------------

    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 every day that
the Fund is traded, 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 will be publicly available
regarding the Fund and the Shares, thereby promoting market
transparency. Moreover, the Intraday Indicative Value, available on the
NASDAQ OMX Information LLC proprietary index data service, will be
widely disseminated by one or more major market data vendors at least
every 15 seconds during the Exchange's Regular Market Session. On each
Business Day, before commencement of trading in Shares in the Regular
Market Session on the Exchange, the Fund will disclose on its Web site
the Disclosed Portfolio of the Fund that will form the basis for the
Fund's calculation of NAV at the end of the Business Day. 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, and quotation
and last-sale information for the Shares will be available via Nasdaq
proprietary quote and trade services, as well as in accordance with the
Unlisted Trading Privileges and the Consolidated Tape Association plans
for the Shares. Quotation and last sale information for any U.S.
exchange-traded instruments also be available via the quote and trade
service of their respective primary exchanges, as well as in accordance
with the Unlisted Trading Privileges and the Consolidated Tape
Association plans. Quotation and last sale information for any non-U.S.
exchange-listed securities will be available from the foreign exchanges
on which such securities trade as well as from major market data
vendors. Pricing information for any futures contracts or options will
be available via the quote and trade service of their respective
primary exchanges. Pricing information related to U.S. government
securities, money market mutual funds, commercial paper, repurchase and
reverse repurchase agreements and other short-term investments held by
the Fund will be available through publicly available quotation
services, such as Bloomberg, Markit and Thomson Reuters. Intra-day and
closing price information will be available through subscription
services, such as Bloomberg, Markit and Thomson Reuters, which can be
accessed by APs and other investors.
    The Fund's Web site will include a form of the prospectus for the
Fund and additional data relating to NAV and other applicable
quantitative information. Moreover, prior to the commencement of
trading, the Exchange will inform its members in an Information
Circular of the special characteristics and risks associated with
trading the Shares. Trading in Shares of the Fund will be halted under
the conditions specified in Nasdaq Rules 4120 and 4121 or because of
market conditions or for reasons that, in the view of the Exchange,
make trading in the Shares inadvisable, and trading in the Shares will
be subject to Rule 5735(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 Intraday Indicative Value, 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.
    For the above reasons, Nasdaq believes the proposed rule change is
consistent with the requirements of Section 6(b)(5) of the Exchange
Act.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Exchange Act. The Exchange
believes that the proposed rule change will facilitate the listing and
trading of an additional type of actively-managed exchange-traded
product that will enhance competition among market participants, to the
benefit of investors and the marketplace.

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

    Written comments were neither solicited nor received.

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 within such longer period up to 90 days (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 Exchange consents, the Commission will:
    (A) by order approve or disapprove such 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-NASDAQ-2015-085 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NASDAQ-2015-085. 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 Room, 100 F Street NE., Washington, DC 20549, on official
business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of
such filing will also be available for inspection and copying at the
principal office of the Exchange. 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-NASDAQ-2015-085 and should be submitted on or before
August 26, 2015.
    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\29\
---------------------------------------------------------------------------

    \29\ 17 CFR 200.30-3(a)(12).

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-19125 Filed 8-4-15; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 83, Number 43 (Monday, March 5, 2018)]
[Notices]
[Page 9329]
[FR Doc No: 2018-04352]

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DEPARTMENT OF HOMELAND SECURITY

Federal Emergency Management Agency

[Docket ID FEMA-2008-0010]

Board of Visitors for the National Fire Academy

AGENCY: Federal Emergency Management Agency, DHS.

ACTION: Committee Management; Request for applicants for appointment to
the Board of Visitors for the National Fire Academy.

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SUMMARY: The National Fire Academy (Academy) is requesting an
individual who are interested in serving on the Board of Visitors for
the National Fire Academy (Board) to apply for appointment as
identified in this notice. Pursuant to the Federal Fire Prevention and
Control Act of 1974, the Board shall review annually the programs of
the Academy and shall make recommendations to the Federal Emergency
Management Agency (FEMA) Administrator, through the United States Fire
Administrator, regarding the operation of the Academy and any
improvements that the Board deems appropriate. The Board is composed of
eight members, all of whom have national or regional leadership
experience in the fields of fire safety, fire prevention (such as
community risk reduction to include wildland urban interface), fire
control, research and development in fire protection, treatment and
rehabilitation of fire victims, or local government services
management, which includes emergency medical services. The Academy
seeks to appoint an individual to a position on the Board that will be
open due to term expiration. If other positions are vacated during the
application process, candidates may be selected from the pool of
applicants to fill the vacated positions.

DATES: R[eacute]sum[eacute]s will be accepted until 11:59 p.m. EST
April 4, 2018.

ADDRESSES: The preferred method of submission is via email. However,
r[eacute]sum[eacute]s may also be submitted by mail. Please only submit
by ONE of the following methods:
     Email: [email protected].
     Mail: National Fire Academy, U.S. Fire Administration,
Attention: Ellen Newlin, 16825 South Seton Avenue, Emmitsburg, Maryland
21727-8998.

FOR FURTHER INFORMATION CONTACT: Alternate Designated Federal Officer,
Terry Gladhill, telephone<PHONE_NUMBER>, email
[email protected].

SUPPLEMENTARY INFORMATION: The Board is an advisory committee
established in accordance with the provision of the Federal Advisory
Committee Act (FACA), 5 U.S.C. Appendix. The purpose of the Board is to
review annually the programs of the Academy and advise the FEMA
Administrator on the operation of the Academy and any improvements
therein that the Board deems appropriate. In carrying out its
responsibilities, the Board examines Academy programs to determine
whether these programs further the basic missions that are approved by
the FEMA Administrator, examines the physical plant of the Academy to
determine the adequacy of the Academy's facilities, and examines the
funding levels for Academy programs. The Board submits a written annual
report through the United States Fire Administrator to the FEMA
Administrator. The report provides detailed comments and
recommendations regarding the operation of the Academy.
    Individuals who are interested in serving on the Board are invited
to apply for consideration for appointment. There is no application
form; however, a current r[eacute]sum[eacute] and statement of interest
will be required. The appointment shall be for a term of up to three
years. Individual selected for the appointment shall serve as Special
Government Employees (SGEs), defined in section 202(a) of title 18,
United States Code. The candidate selected for the appointment will be
required to complete a Confidential Financial Disclosure Form (U.S.
Office of Government Ethics (OGE) Form 450).
    The Board shall meet as often as needed to fulfill its mission, but
not less than twice each fiscal year to address its objectives and
duties. The Board will meet in person at least once each fiscal year
with additional meetings held via teleconference. Board members may be
reimbursed for travel and per diem incurred in the performance of their
duties as members of the Board. All travel for Board business must be
approved in advance by the Designated Federal Officer. To the extent
practical, Board members shall serve on any subcommittee that is
established.
    FEMA does not discriminate in employment on the basis of race,
color, religion, sex, national origin, political affiliation, sexual
orientation, gender identity, marital status, disability and genetic
information, age, membership in an employee organization, or other non-
merit factor. FEMA strives to achieve a diverse candidate pool for all
its recruitment actions.
    Current DHS employees, contractors, and potential contractors will
not be considered for membership. Federally registered lobbyists will
not be considered for SGE appointments.

    Dated: February 21, 2018.
Tonya L. Hoover,
Superintendent, National Fire Academy, United States Fire
Administration, Federal Emergency Management Agency.
[FR Doc. 2018-04352 Filed 3-2-18; 8:45 am]
 BILLING CODE 9111-45-P