[Federal Register: October 3, 2005 (Volume 70, Number 190)]
[Notices]
[Page 57635-57636]
[DOCID:fr03oc05-152]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-52509; File No. SR-DTC-2005-13]

Self-Regulatory Organizations; The Depository Trust Company;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Eliminate the Transfer Agent Drop Service

September 26, 2005.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ notice is hereby given that on August 25, 2005, The
Depository Trust Company (``DTC'') filed with the Securities and
Exchange Commission (``Commission'') the proposed rule change described
in Items I, II, and III below, which items have been prepared primarily
by DTC. The Commission is publishing this notice to solicit comments on
the proposed rule change from interested parties.
---------------------------------------------------------------------------

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

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

    The purpose of the proposed rule change is to eliminate DTC's
transfer agent drop service (``Drop Service'').

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

    In its filing with the Commission, DTC 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 these statements may be examined at the places specified in
Item IV below. DTC has prepared summaries, set forth in sections (A),
(B), and (C) below, of the most significant aspects of these
statements.\2\
---------------------------------------------------------------------------

    \2\ The Commission has modified the text of the summaries
prepared by the DTC.
---------------------------------------------------------------------------

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

    Since 1996, DTC has offered the Drop Service in order to provide
transfer agents located outside of New York City, New York, with a
central location within Manhattan for receipt of securities from banks,
broker-dealers, depositories, and shareholders. This service enabled
transfer agents to comply with the New York Stock Exchange (``NYSE'')
Rule 496, which required, among other things, that transfer agents for
NYSE listed companies maintain an office or obtain an agent located
south of Chambers Street in the Borough of Manhattan, City of New York,
where securities could be delivered in person for registration of
transfer and could be picked up after completion of such registration
(often referred to in the industry as a ``drop''). The drop requirement
was implemented when most securities were held in certificated form and
were settled with physical delivery. The transfer agents' presence in
lower Manhattan, where the brokers were also concentrated, facilitated
the speedy processing and settlement of securities transactions.
    Today most securities are held in ``street name'' at DTC with
transfers of such securities occurring through automated book-entry
systems at DTC without the need for the transfer of physical
certificates, and very few transfers and facilitated by the drop in
Manhattan. As a result, the NYSE

amended its Rule 196 to eliminate the drop requirement.\3\
---------------------------------------------------------------------------

    \3\ Exchange Act Release No. 51973 (July 5, 2005), 70 FR 40094
(July 12, 2005), File No. SR-NYSE-2004-62.
---------------------------------------------------------------------------

    DTC believes that the elimination of the NYSE's drop requirement
will result in a most transfer agents withdrawing from DTC's Drop
Service. Also, in light of an industry-wide move to dematerialize
securities holdings, DTC seeks to discourage the use of physical
certificates by eliminating processing facilities that makes the use of
certificates easier. Therefore, because the Drop Service no longer
serves a need for DTC participants and termination of the Drop Service
will assist in furthering industry initiatives to discontinue the use
of physical certificates, DTC will no longer provide the Drop Service
effective September 1, 2005.
    DTC believes that the proposed rule change is consistent with the
requirements of Section 17A of the Act \4\ and the rules and
regulations thereunder applicable to DTC because it will discourage the
use of inefficient and outdated securities transfer methods and
services and as such will promote the prompt and accurate clearance and
settlement of securities transactions. Furthermore, the proposed rule
change will not adversely affect the safeguarding of securities and
funds in DTC's control or custody or for which it is responsible.
---------------------------------------------------------------------------

    \4\ 15 U.S.C. 78q-1.
---------------------------------------------------------------------------

(B) Self-Regulatory Organization's Statement on Burden on Competition

    DTC 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 Act.

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

    No written comments relating to the proposed rule change have been
solicited or received. DTC will notify the Commission of any written
comments received by the DTC.

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

    The foregoing rule change has become effective upon filing pursuant
to Section 19(b)(3)(A)(iii) of the Act \5\ and Rule 19b-4(f)(4) \6\
thereunder because it is effecting a change in an existing service of a
registered clearing agency that does not adversely affect the
safeguarding of securities or funds in the custody or control of the
clearing agency or for which it is responsible and does not
significantly affect the respective rights or obligations of the
clearing agency or persons using the service. At any time within sixty
days of the filing of such rule change, the Commission may summarily
abrogate such rule change if it appears to the Commission that such
action is necessary or appropriate in the public interest, for the
protection of investors, or otherwise in furtherance of the purposes of
the Act.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \6\ 17 CFR 240.19b-4(f)(4).
---------------------------------------------------------------------------

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 e-mail to<EMAIL_ADDRESS>Please include

File Number SR-DTC-2005-13 on the subject line.

Paper Comments

     Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-9303.
    All submissions should refer to File Number SR-DTC-2005-13. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml
). Copies of the submission, all subsequent amendments,

all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for inspection
and copying in the Commission's Public Reference Section, 100 F Street,
NE., Washington, DC 20549. Copies of such filings also will be
available for inspection and copying at the principal office of DTC and
on DTC's Web site, http://www.dtcc.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-DTC-2005-13 and should be submitted on
or before October 24, 2005.
---------------------------------------------------------------------------

    \7\ 17 CFR 200.30-3(a)(12).

    For the Commission by the Division of Market Regulation,
pursuant to delegated authority.\7\
Jonathan G. Katz,
Secretary.
 [FR Doc. E5-5344 Filed 9-30-05; 8:45 am]

BILLING CODE 8010-01-P


[Federal Register Volume 80, Number 74 (Friday, April 17, 2015)]
[Proposed Rules]
[Pages 21199-21200]
[FR Doc No: 2015-08662]

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

ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R06-OAR-2013-0542; FRL-9926-40-Region 6]

Reopening of Public Comment Period for Proposed Action; Texas;
Revisions to the New Source Review State Implementation Plan; Flexible
Permit Program

AGENCY: Environmental Protection Agency (EPA).

ACTION: Proposed rule; reopening of comment period.

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

SUMMARY: On December 31, 2014, the Environmental Protection Agency
(EPA) published in the Federal Register a proposed rule to fully
approve the Texas New Source Review (NSR) State Implementation Plan
(SIP) for establishing the Flexible Permit Program and requested
comment by January 30, 2015. The EPA is reopening the original public
comment period of 30 days for the proposed rule for an additional 30
days from the date of publication. The reopening is necessary because
we neglected to include certain supporting materials in the electronic
docket. All previously submitted comments will be responded to as
appropriate, and members of the public who have submitted comments
during the prior comment period need not resubmit them at this time.

DATES: The comment period for the proposed rule published December 31,
2014 (79 FR 78752), is reopened. Written comments must be received on
or before May 18, 2015.

ADDRESSES: Submit your comments, identified by Docket ID No. EPA-R06-
OAR-2013-0542, by one of the following methods:
     http://www.regulations.gov. Follow the online instructions
for submitting comments.
     Email: Ms. Stephanie Kordzi at<EMAIL_ADDRESS>     Mail or delivery: Ms. Stephanie Kordzi, Air Permits
Section (6PD-R), Environmental Protection Agency, 1445 Ross Avenue,
Suite 1200, Dallas, Texas 75202-2733.
    Instructions: Direct your comments to Docket ID No. EPA-R06-OAR-
2013-0542. The EPA's policy is that all comments received will be
included in the public docket without change and may be made available
online at http://www.regulations.gov, including any personal
information provided, unless the comment includes information claimed
to be Confidential Business Information (CBI) or other information the
disclosure of which is restricted by statute. Do not submit information
through http://www.regulations.gov or email, if you believe that it is
CBI or otherwise protected from disclosure. The http://www.regulations.gov Web site is an ``anonymous access'' system, which
means that the EPA will not know your identity or contact information
unless you provide it in the body of your comment. If you send an email
comment directly to EPA without going through http://www.regulations.gov, your email address will be automatically captured
and included as part of the comment that is placed in the public docket
and made available on the Internet. If you submit an electronic
comment, we recommend that you include your name and other contact
information in the body of your comment along with any disk or CD-ROM
submitted. If we cannot read your comment due to technical difficulties
and cannot contact you for clarification, we may not be able to
consider your comment. Electronic files should avoid the use of special
characters and any form of encryption and should be free of any defects
or viruses. For additional information about our public docket, visit
the EPA Docket Center homepage at http://www.epa.gov/epahome/dockets.htm.
    Docket: The index to the docket for this action is available
electronically at www.regulations.gov and in hard copy at EPA Region 6,
1445 Ross Avenue, Suite 700, Dallas, Texas. While all documents in the
docket are listed in the index, some information may be publicly
available only at the hard copy location (e.g., copyrighted material),
and some may not be publicly available at either location (e.g., CBI).

FOR FURTHER INFORMATION CONTACT: Ms. Stephanie Kordzi,<PHONE_NUMBER>,
<EMAIL_ADDRESS>To inspect the hard copy materials please
contact Ms. Kordzi or Mr. Bill Deese at<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: Throughout this document whenever

``we,'' ``us,'' or ``our'' is used, we mean the EPA.
    On December 31, 2014, we published in the Federal Register a
proposed rule on the flexible permit program in Texas. See 79 FR 78752,
December 31, 2014. In the original proposal, we requested comment by
January 30, 2015. We are reopening the public comment period because we
neglected to include certain supporting materials in Docket ID No. EPA-
R06-OAR-2013-0542 at http://www.regulations.gov.
    This reopening will provide an opportunity for the review and
comment of all the relevant materials now posted in the public docket
for 30 days from the date of today's publication.

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Carbon monoxide,
Incorporation by reference, Intergovernmental relations, Lead, Nitrogen
dioxide, Ozone, Particulate matter, Reporting and recordkeeping
requirements, Sulfur oxides, Volatile organic compounds.

     Dated: April 7, 2015.
William L. Luthans,
Multimedia Planning and Permitting Acting Director, Region 6.
[FR Doc. 2015-08662 Filed 4-16-15; 8:45 am]
 BILLING CODE 6560-50-P


[Federal Register Volume 81, Number 119 (Tuesday, June 21, 2016)]
[Notices]
[Pages 40381-40391]
[FR Doc No: 2016-14556]

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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-78075; File No. SR-NYSEArca-2016-84]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change To List and Trade Shares of the Global Currency
Gold Fund Under NYSE Arca Equities Rule 8.201

June 15, 2016.
    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 1, 2016, 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. 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.
---------------------------------------------------------------------------

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 Global
Currency Gold Fund under NYSE Arca Equities Rule 8.201. 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'') of the Global
Currency Gold Fund (the ``Fund''), a series of the Global Gold Currency
Trust (Trust''), under NYSE Arca Equities Rule 8.201.\4\ Under NYSE
Arca Equities Rule 8.201, the Exchange may propose to list and/or trade
pursuant to unlisted trading privileges (``UTP'') ``Commodity-Based
Trust Shares.'' \5\
---------------------------------------------------------------------------

    \4\ On May 26, 2016, the Trust filed with the Commission an
amended registration statement on Form S-1 under the Securities Act
of 1933 (``1933 Act'') relating to the Fund (File No. 333-206640)
(``Registration Statement''). The description of the operation of
the Trust and the Fund herein is based, in part, on the Registration
Statement.
    \5\ Commodity-Based Trust Shares are securities issued by a
trust that represent investors' discrete identifiable and undivided
beneficial ownership interest in the commodities deposited into the
Trust.
---------------------------------------------------------------------------

    The Fund will not be registered as an investment company under the
Investment Company Act of 1940 \6\ and is not required to register
under such act.
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 80a-1.
---------------------------------------------------------------------------

    The Sponsor of the Fund and the Trust will be WGC USA Asset
Management Company, LLC (the ``Sponsor'').\7\ BNY Mellon Asset

Servicing, a division of The Bank of New York Mellon (``BNYM''), will
be the Fund's administrator (``Administrator'') and transfer agent
(``Transfer Agent'') and will not be affiliated with the Trust, the
Fund or the Sponsor. BNYM will also serve as the custodian of the
Fund's cash, if any. HSBC Bank plc will be the custodian (the
``Custodian'') of the Fund's Gold (defined below).
---------------------------------------------------------------------------

    \7\ The Trust will be a Delaware statutory trust consisting of
multiple series, each of which will issue common units of beneficial
interest, which represent units of fractional undivided beneficial
interest in and ownership of such series. The term of the Trust and
each series will be perpetual (unless terminated earlier in certain
circumstances). The trustee for the Fund's trust (``Trustee'') will
be a Delaware Trust Company, the sole trustee with respect to the
Fund.
---------------------------------------------------------------------------

    The Commission has previously approved listing on the Exchange
under NYSE Arca Equities Rules 5.2(j)(5) and 8.201 of other precious
metals and gold-based commodity trusts, including the Merk Gold Trust;
\8\ ETFS Gold Trust,\9\ ETFS Platinum Trust \10\ and ETFS Palladium
Trust (collectively, the ``ETFS Trusts''); \11\APMEX Physical--1 oz.
Gold Redeemable Trust; \12\ Sprott Gold Trust; \13\ SPDR Gold Trust
(formerly, streetTRACKS Gold Trust); iShares Silver Trust; \14\ and
iShares COMEX Gold Trust.\15\ Prior to their listing on the Exchange,
the Commission approved listing of the streetTRACKS Gold Trust on the
New York Stock Exchange (``NYSE'') \16\ and listing of iShares COMEX
Gold Trust and iShares Silver Trust on the American Stock Exchange
LLC.\17\ In addition, the Commission has approved trading of the
streetTRACKS Gold Trust and iShares Silver Trust on the Exchange
pursuant to UTP.\18\
---------------------------------------------------------------------------

    \8\ Securities Exchange Act Release No. 71378 (January 23,
2014), 79 FR 4786 (January 29, 2014) (SR-NYSEArca-2013-137).
    \9\ Securities Exchange Act Release No. 59895 (May 8, 2009), 74
FR 22993 (May 15, 2009) (SR-NYSEArca-2009-40).
    \10\ Securities Exchange Act Release No. 61219 (December 22,
2009), 74 FR 68886 (December 29, 2009) (SR-NYSEArca-2009-95).
    \11\ Securities Exchange Act Release No. 61220 (December 22,
2009), 74 FR 68895 (December 29, 2009) (SR-NYSEArca-2009-94).
    \12\ Securities Exchange Act Release No. 66930 (May 7, 2012), 77
FR 27817 (May 11, 2012) (SR-NYSEArca-2012-18).
    \13\ Securities Exchange Act Release No. 61496 (February 4,
2010), 75 FR 6758 (February 10, 2010) (SR-NYSEArca-2009-113).
    \14\ See Securities Exchange Act Release No. 58956 (November 14,
2008), 73 FR 71074 (November 24, 2008) (SR-NYSEArca-2008-124)
(approving listing on the Exchange of the iShares Silver Trust)).
    \15\ See Securities Exchange Act Release No. 56224 (August 8,
2007), 72 FR 45850 (August 15, 2007) (SR-NYSEArca-2007-76)
(approving listing on the Exchange of the streetTRACKS Gold Trust);
Securities Exchange Act Release No. 56041 (July 11, 2007), 72 FR
39114 (July 17, 2007) (SR-NYSEArca-2007-43) (order approving listing
on the Exchange of iShares COMEX Gold Trust).
    \16\ See Securities Exchange Act Release No. 50603 (October 28,
2004), 69 FR 64614 (November 5, 2004) (SR-NYSE-2004-22) (order
approving listing of streetTRACKS Gold Trust on NYSE).
    \17\ See Securities Exchange Act Release Nos. 51058 (January 19,
2005), 70 FR 3749 (January 26, 2005) (SR-Amex-2004-38) (order
approving listing of iShares COMEX Gold Trust on the American Stock
Exchange LLC); 53521 (March 20, 2006), 71 FR 14967 (March 24, 2006)
(SR-Amex-2005-72) (approving listing on the American Stock Exchange
LLC of the iShares Silver Trust).
    \18\ See Securities Exchange Act Release Nos. 53520 (March 20,
2006), 71 FR 14977 (March 24, 2006) (SR-PCX-2005-117) (approving
trading on the Exchange pursuant to UTP of the iShares Silver
Trust); 51245 (February 23, 2005), 70 FR 10731 (March 4, 2005) (SR-
PCX-2004-117) (approving trading on the Exchange of the streetTRACKS
Gold Trust pursuant to UTP).
---------------------------------------------------------------------------

Operation of the Fund
    Gold bullion typically is priced and traded throughout the world in
U.S. dollars. The Fund has been established as an alternative to
traditional dollar-based gold investing. Although investors will
purchase shares of the Fund with U.S. dollars, the Fund is designed to
provide investors with the economic effect of holding gold in terms of
a specific basket of major, non-U.S. currencies, such as the euro,
Japanese yen and British pound (each, a ``Reference Currency''), rather
than the U.S. dollar. Specifically, the Fund will seek to track the
performance of the GLD[supreg] Long USD Gold Index, less Fund expenses.
The GLD[supreg] Long USD Gold Index, or the ``Index'', represents the
daily performance of a long position in physical gold and a short
position in the FX Basket \19\ comprised of each of the Reference
Currencies.\20\ The Index is designed to measure daily gold bullion
returns as though an investor had invested in Gold in terms of the FX
Basket comprised of the Reference Currencies reflected in the Index.
(The Index is described in more detail below under the heading
``Description of the Index''.)
---------------------------------------------------------------------------

    \19\ ``FX Basket'' means the basket of Reference Currencies with
weighting determined by the Index.
    \20\ ``Gold'' means gold bullion meeting the requirements of
London Good Delivery Standards. London Good Delivery Standards are
the specifications for weight dimensions, fineness (or purity),
identifying marks and appearance set forth in ``The Good Delivery
Rules for Gold and Silver Bars'' published by the London Bullion
Markets Association (``LBMA'').
---------------------------------------------------------------------------

    The U.S. dollar value of an investment in Shares of the Fund would
therefore be expected to increase when both the price of Gold goes up
and the value of the U.S. dollar increases against the value of the
Reference Currencies comprising the FX Basket (as weighted in the
Index). Conversely, the U.S. dollar value of an investment would be
expected to decrease when the price of Gold goes down and the value of
the U.S. dollar decreases against the value of the Reference Currencies
comprising the FX Basket (as weighted in the Index). If Gold increases
and the value of the U.S. dollar decreases against the value of the
Reference Currencies comprising the FX Basket, or vice versa, the net
impact of these changes will determine the value of the Shares of the
Fund on a daily basis.\21\
---------------------------------------------------------------------------

    \21\ For additional information regarding the gold bullion
market, gold futures exchanges, and regulation of the global gold
market, see, e.g., Securities Exchange Act Release Nos. 59895 (May
8, 2009), 74 FR 22993 (May 15, 2009) (SR-NYSEArca-2009-40) (order
approving Exchange listing and trading of the ETFS Gold Trust); and
66627 (March 20, 2012), 77 FR 27817 (May 11, 2012) (SR-NYSE Arca-
2012-18) (order approving Exchange listing and trading of the APMEX
Physical--1 oz. Gold Redeemable Trust).
---------------------------------------------------------------------------

    The Fund is a passive investment vehicle and is designed to track
the performance of the Index regardless of: (i) The value of Gold or
any Reference Currency; (ii) market conditions; and (iii) whether the
Index is increasing or decreasing in value. The Fund's holdings
generally will consist entirely of Gold. Substantially all of the
Fund's Gold holdings will be delivered by Authorized Participants
(defined below) in exchange for Fund Shares. The Fund will not hold any
of the Reference Currencies. The Fund generally will not hold U.S.
dollars (except from time to time in very limited amounts to pay
expenses). The Fund's Gold holdings will not be managed and the Fund
will not have any investment discretion.
    The Fund's net asset value (``NAV'') will go up or down each
``Business Day'' based primarily on two factors.\22\ The first is the
change in the price of Gold measured in U.S. dollars from the prior
Business Day. This drives the value of the Fund's Gold holdings
measured in U.S. dollars up (as Gold prices increase) or down (as Gold
prices fall). The second is the change in the value of the Reference
Currencies comprising the FX Basket against the U.S. dollar from the
prior Business Day. This drives the value of the Fund's Gold holdings
measured in the Reference Currencies comprising the FX Basket up (when
the value of the U.S. dollar against the Reference Currencies
comprising the FX Basket increases) or down (when the value of the U.S.
dollar against the Reference Currencies comprising the FX Basket
declines). The value of Gold and the Reference Currencies comprising
the FX Basket are based on publicly available, transparent prices--for
Gold, the LBMA Gold Price AM (defined below), for currencies, the WMR
Fix.\23\
---------------------------------------------------------------------------

    \22\ A Business Day with respect to the Fund is any day the
Exchange is open for trading. A Business Day with respect to the
Index generally is any day on which (i) LBMA Gold prices are
established and (ii) banks are scheduled to be open in the principal
financial center of the jurisdiction in which each Reference
Currency is the lawful currency.
    \23\ The WMR Fix is the World Markets Company plc foreign
exchange benchmark rate.
---------------------------------------------------------------------------

    Because the Fund generally will hold only Gold bullion (and not
U.S. dollars

or the Reference Currencies), the economic impact of changes to the
value of the Reference Currencies against the U.S. dollar from day to
day is reflected in the Fund by moving an amount of Gold ounces of
equivalent value in or out of the Fund. Therefore, the Fund will seek
to track the performance of the Index by entering into a transaction
each Business Day with the ``Gold Delivery Provider'' pursuant to which
Gold is moved in or out of the Fund.\24\ The terms of this transaction
are set forth in a written contract between the Fund and the Gold
Delivery Provider referred to as the ``Gold Delivery Agreement.''
Pursuant to the terms of the Gold Delivery Agreement, the Fund will
deliver Gold to, or receive Gold from, the Gold Delivery Provider each
Business Day. The amount of Gold transferred will be equivalent to the
Fund's profit or loss as if the Fund had exchanged the Reference
Currencies comprising the FX Basket, in the proportion in which they
are reflected in the Index, for U.S. dollars in an amount equal to the
Fund's declared holdings of Gold on such day. If there is a currency
gain (i.e., the value of the U.S. dollar against the Reference
Currencies comprising the FX Basket increases), the Fund will receive
Gold. If there is a currency loss (i.e., the value of the U.S. dollar
against the Reference Currencies comprising the FX Basket decreases),
the Fund will deliver Gold.\25\ In this manner, the value of the Gold
held by the Fund will be adjusted to reflect the daily change in the
value of the Reference Currencies comprising the FX Basket against the
U.S. dollar. The Gold Delivery Agreement requires Gold ounces equal to
the value of the Gold Delivery Amount to be delivered to the custody
account of the Fund or Gold Delivery Provider, as applicable. The fee
that the Fund pays the Gold Delivery Provider for its services under
the Gold Delivery Agreement will be accrued daily and reflected in the
calculation of the Gold Delivery Amount.
---------------------------------------------------------------------------

    \24\ The Gold Delivery Provider, Merrill Lynch International, is
a company incorporated in England and Wales and regulated by the
Prudential Regulation Authority (the ``PRA'') and the Financial
Conduct Authority (the ``FCA''). The Gold Delivery Provider will not
be affiliated with the Trust, the Fund, the Sponsor, the Trustee,
the Administrator, the Transfer Agent, the Custodian or the Index
Provider (defined below).
    \25\ If the applicable currency exchange rates did not change
from one day to the next, or the net impact of such changes was
zero, then the Fund would neither deliver nor receive Gold pursuant
to the Gold Delivery Agreement.
---------------------------------------------------------------------------

    The Fund does not intend to enter into any other Gold transactions
other than with the Gold Delivery Provider as described in the Gold
Delivery Agreement (except that the Fund may sell Gold to cover Fund
expenses), and the Fund does not intend to hold any Reference Currency
or enter into any currency transactions.
Description of the Index
    The Index is maintained and calculated by a third-party data and
index provider, Solactive AG (the ``Index Provider''). The Index
Provider will license the Index to the Sponsor for use in connection
with the Trust and the Fund. The Index Provider is not affiliated with
the Trust, the Fund, the Sponsor, the trustee for the Trust, the
Administrator, the Transfer Agent, the Custodian or the Gold Delivery
Provider. The Index Provider is not affiliated with a broker-dealer.
The Index Provider has adopted policies and procedures designed to
prevent the spread of material non-public information about the Index.
    The description of the strategy and methodology underlying the
Index, which will be identified and described in the Registration
Statement, is based on rules formulated by the Index Provider (the
``Index Rules''). The Index Rules, which will be described in the
Registration Statement, will govern the calculation and constitution of
the Index and other decisions and actions related to its maintenance.
The Index is described as a ``notional'' or ``synthetic'' portfolio or
strategy because there is no actual portfolio of assets to which any
person is entitled or in which any person has any ownership interest.
The Index references certain assets (i.e., Gold and the Reference
Currencies comprising the FX Basket), the performance of which will be
used as a reference point for calculating the daily performance of the
Index (the ``Index Level''). The Index seeks to track the daily
performance of a long position in physical Gold and a short position in
the Reference Currencies comprising the FX Basket (as weighted in the
Index). If the Gold Price (as defined below) increases and the
Reference Currencies comprising the FX Basket depreciate against the
U.S. dollar, the Index Level will increase. Conversely, if the Gold
Price decreases and the Reference Currencies comprising the FX Basket
appreciate against the U.S. dollar, the Index Level will decrease. In
certain cases, the appreciation of the Gold Price or the depreciation
of the FX Basket comprised of the Reference Currencies may be offset by
the appreciation of the FX Basket comprised of the Reference Currencies
or the depreciation of the Gold Price, as applicable. The net impact of
these changes determines the Index Level on a daily basis.
    The Index values Gold on a daily basis using the ``Gold Price.''
The Gold Price generally is the LBMA Gold Price AM. The ``LBMA Gold
Price'' means the price per troy ounce of Gold stated in U.S. dollars
as set via an electronic auction process run twice daily at 10:30 a.m.
and 3:00 p.m., London time each Business Day as calculated and
administered by ICE Benchmark Administration Limited (``IBA'') and
published by LBMA on its Web site. The ``LBMA Gold Price AM'' is the
10:30 a.m. LBMA Gold Price. IBA, an independent specialist benchmark
administrator, provides the price platform, methodology and the overall
administration and governance for the LBMA Gold Price.
    As noted herein, the term ``Reference Currencies'' refers to the
following non-U.S. currencies: The euro, Japanese yen, British pound
sterling, Canadian dollar, Swedish krona and Swiss franc. Each
Reference Currency comprising the FX Basket is expressed in terms of a
number of foreign currency units relative to one U.S. dollar (e.g., a
number of Japanese yen per one U.S. dollar) or in terms of a number of
U.S. dollars per one unit of the reference currency (e.g., a number of
U.S. dollars per one euro).
    The Index references European Union euro (``euro'' or ``EUR''), the
Japanese yen (``JPY'' or ``yen''), the British pound sterling
(``GBP''), the Swiss franc (``CHF''), the Canadian dollar (``CAD'') and
the Swedish Krona (``SEK'') (each of which is measured against U.S.
dollars). The weightings of each currency referenced are as follows:
Euro (57.6%), yen (13.6%), GBP (11.9%), CAD (9.1%), SEK (4.2%) and CHF
(3.6%).
    Reference Currency Index values generally are calculated using the
published WM/Reuters (``WMR'') Spot Rate (``Spot Rate'') as of 9:00
a.m., London time associated with each Reference Currency.\26\ The
``Spot Rate''

is the rate at which a Reference Currency comprising the FX Basket can
be exchanged for U.S. dollars on an immediate basis, subject to the
applicable settlement cycle. Thus, if an investor wanted to convert
U.S. dollars into euros, the investor could enter into a spot
transaction at the Spot Rate (subject to the bid/ask) and would receive
euros in a number of days, depending on the settlement cycle of that
currency. Generally, the settlement of a ``spot'' transaction is two
currency business days (except in the case of Canadian dollars, which
settle on the next business day). The following table sets forth the
Reference Currencies comprising the FX Basket (each of which is
measured against U.S. dollars), the applicable ``Reuters Page'' for
each Spot Rate referenced by the Index and the market convention for
quoting such currency.
---------------------------------------------------------------------------

    \26\ The Spot Rate is calculated by WMR using observable data
from arms-length transactions between buyers and sellers in the
applicable currency market. The World Markets Company plc (``WM'')
provides an exchange rate service that publishes Spot Rates at fixed
times throughout the global trading day. WM does not use a panel or
polling solicitation process to obtain underlying data in the
benchmark calculation process. WM uses transactional data to set
``Trade Rates,'' reflecting data from actual transactions entered
into on an arm's length basis between buyers and sellers in that
market, where that data is available and reflects sufficient
liquidity. In a market where lower liquidity exists, ``Order Rates''
will be used to set the Spot Rate, based predominantly or
exclusively on bid and offer rates, or from prior transactions. The
Thomson Reuters Market Data System is the primary infrastructure
used to source spot foreign exchange rates used in the calculation
of the rates. Other systems may be used where the appropriate rates
are not available on the Thomson Reuters architecture. Over a five-
minute fix period, actual trades executed and bid and offer order
rates from the order matching systems are captured every second from
2 minutes 30 seconds before to 2 minutes 30 seconds after the time
of the fix. From each data source, a single traded rate will be
captured--this will be identified as a bid or offer depending on
whether the trade is a buy or sell. A pre-defined spread set for
each currency at each fix will be applied to the Trade Rate to
calculate the opposite bid or offer. All captured trades will be
subjected to validation checks. This may result in some captured
data being excluded from the fix calculation. The WMR methodology
guide is available at: http://www.wmcompany.com/pdfs/WMReutersMethodology.pdf.

------------------------------------------------------------------------
                                                      Market convention
     Reference currency           Reuters page          for quotation
------------------------------------------------------------------------
EUR/USD.....................  USDEURFIX=WM........  Number of USD per
                                                     one EUR.
USD/JPY.....................  USDJPYFIX=WM........  Number of JPY per
                                                     one USD.
GBP/USD.....................  USDGBPFIX=WM........  Number of USD per
                                                     one GBP.
USD/CAD.....................  USDCADFIX=WM........  Number of CAD per
                                                     one USD.
USD/SEK.....................  USDSEKFIX=WM........  Number of SEK per
                                                     one USD.
USD/CHF.....................  USDCHFFIX=WM........  Number of CHF per
                                                     one USD.
------------------------------------------------------------------------

    Settlement in most spot currency transactions is two currency
business days after the trade date. A ``spot-next trade'' effectively
extends the spot settlement cycle by one Business Day (i.e., the
``next'' day) and a ``spot-next forward point'' represents the
difference in price between a spot transaction and a spot-next trade.
Combining a spot-next trade with a spot transaction allows for exposure
to the currency without taking delivery. By entering on each Business
Day into notional spot-next trades that are closed the next Business
Day against spot transactions, the Index is exposed to the Reference
Currencies comprising the FX Basket without having to take delivery of
these currencies. The Index approximates the cost of entering into a
spot-next trade by linearly interpolating the cost of that trade based
on the WM/Reuters ``SW--Spot Week (One Week)'' forward rates and a spot
transaction.
    In general, the Index is calculated by the Index Provider each
Business Day, unless there is a ``Market Disruption Event'' or
``Extraordinary Event'' as described below.
The Gold Delivery Agreement
    The Fund has entered into a written contract with the Gold Delivery
Provider. Subject to the terms of the Gold Delivery Agreement, on a
daily basis, the Gold Delivery Provider will (i) calculate the Gold
Delivery Amount and (ii) deliver Gold ounces equal to the U.S. dollar
value of the Gold Delivery Amount into or out of the Fund. The Gold
Delivery Amount is the amount of Gold ounces to be delivered into or
out of the Fund on a daily basis to reflect price movements in the
Reference Currencies comprising the FX Basket against the U.S. dollar
from the prior Business Day (assuming no Market Disruption Event or
Extraordinary Event has occurred or is continuing, as described in more
detail below).
    On each Business Day, the Gold Delivery Provider determines the
notional exposure for each Reference Currency comprising the FX Basket
based upon their respective Index weights. The total notional exposure
for each Reference Currency on a Business Day takes into account the
NAV of the Fund (which takes into account creation and redemption
orders received on that day).
    The Gold Delivery Provider then determines the ``FX PnL'' which
captures the effect of changes in the daily value of the Reference
Currencies comprising the FX Basket in their respective weights by
calculating the change in the Spot Rate from the prior Business Day to
the current Business Day and adjusting that change to reflect a
notional spot-next trade because delivery of currencies is not being
taken. The Gold Delivery Provider may use another rate if any Spot Rate
is delayed or unavailable as set forth in the Gold Delivery Agreement.
The Gold Delivery Provider generally will make this calculation outside
of U.S. market hours (at approximately 4:00 a.m. E.T.) based on the
prices of the Reference Currencies comprising the FX Basket published
at the ``WMR FX Fixing Time,'' which is generally at 9:00 a.m., London
Time.
    The FX PnL is divided by the Gold Price (i.e., the LBMA Gold Price
AM) to determine the Gold Delivery Amount. The fee that the Fund pays
the Gold Delivery Provider for its services under the Gold Delivery
Agreement is accrued daily and reflected in the calculation of the Gold
Delivery Amount.
    If the Gold Delivery Amount is a positive number (meaning that the
Fund has experienced a currency gain on the notional short position in
the FX Basket comprised of Reference Currencies), the Gold Delivery
Provider will transfer to the Fund's custody account an amount of Gold
(in ounces) equal to the Gold Delivery Amount. If the Gold Delivery
Amount is a negative number (meaning that the Fund has experienced a
currency loss on the notional short position in the FX Basket comprised
of Reference Currencies), the Fund will transfer to the Gold Delivery
Provider's custody account an amount of Gold (in ounces) equal to the
Gold Delivery Amount.
Market Disruption and Extraordinary Events
    From time to time, unexpected events may cause the calculation of
the Index and/or the operation of the Fund to be disrupted. These
events are expected to be relatively rare, but there can be no
guarantee that these events will not occur. These events are referred
to as either ``Market Disruption Events'' or ``Extraordinary Events''
depending largely on their significance and potential impact to the
Index and Fund. Market Disruption Events generally include disruptions
in the trading of Gold or the Reference Currencies comprising the FX
Basket, delays or disruptions in the publication of the LBMA Gold Price
or the Reference Currency prices, and unusual market or other events
that are tied to either the trading of gold or the Reference

Currencies comprising the FX Basket or otherwise have a significant
impact on the trading of gold or the Reference Currencies comprising
the FX Basket. For example, market conditions or other events which
result in a material limitation in, or a suspension of, the trading of
physical Gold generally would be considered Market Disruption Events,
as would material disruptions or delays in the determination or
publication of the LBMA Gold Price AM. Similarly, market conditions
which prevent, restrict or delay the Gold Delivery Provider's ability
to convert a Reference Currency to U.S. dollars or deliver a Reference
Currency through customary channels generally would be considered a
Market Disruption Event, as would material disruptions or delays in the
determination or publication of WMR spot prices for any Reference
Currency comprising the FX Basket. The complete definition of a Market
Disruption Event is set forth below.
    A ``Market Disruption Event'' occurs if either an ``FX Basket
Disruption Event'' or a ``Gold Disruption Event'' occurs.
    An ``FX Basket Disruption Event'' occurs if any of the following
exist on any ``Index Business Day'' \27\ with respect to the Reference
Currencies comprising the FX Basket:
---------------------------------------------------------------------------

    \27\ An ``Index Business Day'' is (i) any day that is a business
day in New York and London, (ii) any day (other than a Saturday or
Sunday) on which the LBMA is scheduled to publish the LBMA Gold
Price AM, and (iii) any day (other than a Saturday or Sunday) on
which WM Company is scheduled to publish prices for each of the
Reference Currency pairs comprising the FX Basket.
---------------------------------------------------------------------------

    (i) an event, circumstance or cause (including, without limitation,
the adoption of or any change in any applicable law or regulation) that
has had or would reasonably be expected to have a materially adverse
effect on the availability of a market for converting such Reference
Currency to U.S. Dollars (or vice versa), whether due to market
illiquidity, illegality, the adoption of or change in any law or other
regulatory instrument, inconvertibility, establishment of dual exchange
rates or foreign exchange controls or the occurrence or existence of
any other circumstance or event, as determined by the Index Sponsor; or
    (ii) the failure of Reuters to announce or publish the relevant
spot exchange rates for any Reference Currency in the FX Basket; or
    (iii) any event or any condition that (I) results in a lack of
liquidity in the market for trading any Reference Currency that makes
it impossible or illegal for market participants (a) to convert from
one currency to another through customary commercial channels, (b) to
effect currency transactions in, or to obtain market values of, such,
currency, (c) to obtain a firm quote for the related exchange rate, or
(d) to obtain the relevant exchange rate by reference to the applicable
price source; or (II) leads to any governmental entity imposing rules
that effectively set the prices of any of the currencies; or
    (iv) the declaration of (a) a banking moratorium or the suspension
of payments by banks, in either case, in the country of any currency
used to determine any Reference Currency exchange rate, or (b) capital
and/or currency controls (including, without limitation, any
restriction placed on assets in or transactions through any account
through which a non-resident of the country of any currency used to
determine the currency exchange rate may hold assets or transfer monies
outside the country of that currency, and any restriction on the
transfer of funds, securities or other assets of market participants
from, within or outside of the country of any currency used to
determine the applicable exchange rate.
    A ``Gold Disruption Event'' occurs if any of the following exist on
any Index Business Day with respect to gold:
    (i)(a) the failure of the LBMA to announce or publish the LBMA Gold
Price (or the information necessary for determining the price of gold)
on that Index Business Day, (b) the temporary or permanent
discontinuance or unavailability of the LBMA or the LBMA Gold Price; or
    (ii) the material suspension of, or material limitation imposed on,
trading in Gold by the LBMA; or
    (iii) an event that causes market participants to be unable to
deliver gold bullion loco London under rules of the LBMA by credit to
an unallocated account at a member of the LBMA; or
    (iv) the permanent discontinuation of trading of gold on the LBMA
or any successor body thereto, the disappearance of, or of trading in,
gold; or
    (v) a material change in the formula for or the method of
calculating the price of gold, or a material change in the content,
composition or constitution of gold.
    The occurrence of a Market Disruption Event for five Index Business
Days generally would be considered an Extraordinary Event for the Index
and Fund.
Consequences of a Market Disruption or Extraordinary Event
    On any Index Business Day in which a Market Disruption Event or
Extraordinary Event has occurred or is continuing, the Index Provider
generally will calculate the Index based on the following fallback
procedures: (i) Where the Market Disruption Event is based on the Gold
Price, the Index will be kept at the same level as the previous Index
Business Day and updated when the Gold Price is no longer disrupted;
(ii) where the Gold Price is not disrupted but one of the Reference
Currency prices is disrupted, the Index will be calculated in the
ordinary course except that the disrupted Reference Currency will be
kept at its value from the previous Index Business Day and updated when
it is no longer disrupted; and (iii) if both the Gold Price and a
Reference Currency price are disrupted, the Index will be kept at the
same level as the previous Index Business Day and updated when such
prices are no longer disrupted. If a Market Disruption Event has
occurred and is continuing for five (5) or more consecutive Index
Business Days, the Index Provider will calculate a substitute price for
each index component that is disrupted. If an Extraordinary Event has
occurred and is continuing, the Index Provider shall be responsible for
making any decisions regarding the future composition of the Index and
implement any necessary adjustments that might be required. If
necessary, the Fund may use alternate pricing sources to calculate NAV
during the occurrence of any Market Disruption or Extraordinary
event.\28\ The Fund will not calculate NAV during the occurrence of a
Market Disruption Event or Extraordinary Event with respect to the
price of gold.
---------------------------------------------------------------------------

    \28\ The Exchange may suspend trading in the Shares in the event
the Sponsor suspends the right of redemptions.
---------------------------------------------------------------------------

The London Gold Bullion Market
    Although the market for physical gold is global, most over-the-
counter, or ``OTC'', trades are cleared through London. In addition to
coordinating market activities, the LBMA acts as the principal point of
contact between the market and its regulators. A primary function of
the LBMA is its involvement in the promotion of refining standards by
maintenance of the ``London Good Delivery Lists,'' which are the lists
of LBMA accredited melters and assayers of gold. The LBMA also
coordinates market clearing and vaulting, promotes good trading
practices and develops standard documentation.

    The term ``loco London'' refers to gold bars physically held in
London that meet the specifications for weight, dimensions, fineness
(or purity), identifying marks (including the assay stamp of a LBMA
acceptable refiner) and appearance set forth in ``The Good Delivery
Rules for Gold and Silver Bars'' published by the LBMA. Gold bars
meeting these requirements are known as ``London Good Delivery Bars.''
All of the gold held by the Fund will be London Good Delivery Bars
meeting the specifications for weight, dimensions, fineness (or
purity), identifying marks and appearance of gold bars as set forth in
``The Good Delivery Rules for Gold and Silver Bars'' published by the
LBMA.
    The unit of trade in London is the troy ounce, whose conversion
between grams is: 1,000 grams = 32.1507465 troy ounces and 1 troy ounce
= 31.1034768 grams. A London Good Delivery Bar is acceptable for
delivery in settlement of a transaction on the OTC market. Typically
referred to as 400-ounce bars, a London Good Delivery Bar must contain
between 350 and 430 fine troy ounces of gold, with a minimum fineness
(or purity) of 995 parts per 1,000 (99.5%), be of good appearance and
be easy to handle and stack. The fine gold content of a gold bar is
calculated by multiplying the gross weight of the bar (expressed in
units of 0.025 troy ounces) by the fineness of the bar.
The LBMA Gold Price
    IBA hosts a physically settled, electronic and tradeable auction
process that provides a market-based platform for buyers and sellers to
trade physical spot Gold. The final auction price is used and published
to the market as the ``LBMA Gold Price benchmark.'' The LBMA Gold Price
is set twice daily at 10:30 a.m., London time and 3:00 p.m., London
time in three currencies: U.S. dollars, euro and British pounds
sterling. The LBMA Gold Price is a widely used benchmark for the
physical spot price of Gold and is quoted by various financial
information sources.
    Participants in the IBA auction process submit anonymous bids and
offers which are published on screen and in real-time. Throughout the
auction process, aggregated Gold bids and offers are updated in real-
time with the imbalance calculated and the price updated every 45
seconds until the buy and sell orders are matched. When the net volume
of all participants falls within a pre-determined tolerance, the
auction is deemed complete and the applicable LBMA Gold Price is
published. Information about the auction process (such as aggregated
bid and offer volumes) will be immediately available after the auction
on the IBA's Web site.
    The LBMA Gold Price replaced the widely used ``London Gold Fix'' as
of March 20, 2015.
The Gold Futures Markets
    Although the Fund will not invest in gold futures, information
about the gold futures market is relevant as such markets contribute
to, and provide evidence of, the liquidity of the overall market for
Gold.
    The most significant gold futures exchange is COMEX, part of the
CME Group, Inc., which began to offer trading in gold futures contracts
in 1974. TOCOM (Tokyo Commodity Exchange) is another significant
futures exchange and has been trading gold since 1982. Trading on these
exchanges is based on fixed delivery dates and transaction sizes for
the futures and options contracts traded. Trading costs are negotiable.
As a matter of practice, only a small percentage of the futures market
turnover ever comes to physical delivery of the gold represented by the
contracts traded. Both exchanges permit trading on margin. Both COMEX
and TOCOM operate through a central clearance system and in each case,
the clearing organization acts as a counterparty for each member for
clearing purposes. Gold futures contracts also are traded on the
Shanghai Gold Exchange and the Shanghai Futures Exchange.
    The global gold markets are overseen and regulated by both
governmental and self-regulatory organizations. In addition, certain
trade associations have established rules and protocols for market
practices and participants.
Net Asset Value
    The Administrator will determine the NAV of Shares of the Fund each
Business Day, unless there is a Market Disruption Event or
Extraordinary Event based on the Gold Price. The NAV of Shares of the
Fund is the aggregate value of the Fund's assets (which include gold
payable, but not yet delivered, to the Fund) less its liabilities
(which include accrued but unpaid fees and expenses). The NAV of the
Fund will be calculated based on the price of Gold per ounce applied
against the number of ounces of Gold owned by the Fund. The number of
ounces of Gold held by the Fund is adjusted up or down on a daily basis
to reflect the Gold Delivery Amount. The number of ounces of Gold held
by the Fund also reflects the amount of Gold delivered into (or out of)
the Fund on a daily basis by Authorized Participants (as described
below) creating and redeeming Shares. In determining the Fund's NAV,
the Administrator generally will value the Gold held by the Fund based
on the LBMA Gold Price AM for an ounce of Gold (though other sources
may be used if the LBMA Gold Price AM is delayed or unavailable).
Although the Fund will not hold the Reference Currencies, the Gold
Delivery Provider generally will value the Reference Currencies based
on the rates in effect as of the WMR FX Fixing Time, which is generally
at 9:00 a.m., London Time (though other prices may be used if the 9:00
a.m. rate is delayed or unavailable). The Administrator will also
determine the NAV per Share, which equals the NAV of the Fund, divided
by the number of outstanding Shares. Unless there is a Market
Disruption Event or Extraordinary Event with respect to the price of
gold, NAV generally will be calculated as of 12:00 p.m. E.T.
Creation and Redemption of Shares
    The Fund expects to create and redeem Shares but only in Creation
Units (a Creation Unit equals a block of 10,000 Shares or more). The
creation and redemption of Creation Units requires the delivery to the
Fund (or the distribution by the Fund in the case of redemptions) of
the amount of Gold and any cash, if any, represented by the Creation
Units being created or redeemed. The total amount of Gold and cash, if
any, required for the creation of Creation Units will be based on the
combined NAV of the number of Creation Units being created or redeemed.
The initial amount of Gold required for deposit with the Fund to create
Shares is 1,000 ounces per Creation Unit. The number of ounces of Gold
required to create a Creation Unit or to be delivered upon redemption
of a Creation Unit will change over time depending on Index performance
net of the fees charged by the Fund and the Gold Delivery Provider.
Creation Units may be created or redeemed only by ``Authorized
Participants'' (as described below), who may be required to pay a
transaction fee for each order to create or redeem Creation Units as
will be set forth in the Registration Statement. Authorized
Participants may sell to other investors all or part of the Shares
included in the Creation Units they purchase from the Fund.
Creation Procedures--Authorized Participants
    Authorized Participants are the only persons that may place orders
to create and redeem Creation Units. To become an Authorized
Participant, a person

must enter into a Participant Agreement. All Gold bullion must be
delivered to the Fund and distributed by the Fund in unallocated form
through credits and debits between an Authorized Participant's
unallocated account (``Authorized Participant Unallocated Account'')
and the Fund's unallocated account (``Fund Unallocated Account'')
(except for Gold delivered to or from the Gold Delivery Provider
pursuant to the Gold Delivery Agreement). All Gold bullion must be of
at least a minimum fineness (or purity) of 995 parts per 1,000 (99.5%)
and otherwise conform to the rules, regulations practices and customs
of the LBMA, including the specifications for a London Good Delivery
Bar.
    On any Business Day, an Authorized Participant may place an order
with the Fund to create one or more Creation Units. Purchase orders
must be placed by 5:30 p.m., Eastern time (``E.T.''). The day on which
the Fund receives a valid purchase order is the purchase order date. By
placing a purchase order, an Authorized Participant agrees to deposit
Gold with the Fund, or a combination of Gold and cash, if any, as
described below.\29\ Prior to the delivery of Creation Units for a
purchase order, the Authorized Participant must also have wired to the
Fund the non-refundable transaction fee due for the purchase order.
---------------------------------------------------------------------------

    \29\ The Sponsor anticipates that in the ordinary course of the
Fund's operations cash generally will not be part of any Creation
Unit.
---------------------------------------------------------------------------

    The total deposit of Gold (and cash, if any) required to create
each Creation Unit is referred to as the ``Creation Unit Gold Delivery
Amount.'' The Creation Unit Gold Delivery Amount is the number of
ounces of Gold required to be delivered to the Fund by an Authorized
Participant in connection with a creation order for a single Creation
Unit.\30\ The Creation Unit Gold Delivery Amount will be determined on
the Business Day following the date such creation order is accepted. It
is calculated by multiplying the number of Shares in a Creation Unit by
the number of ounces of Gold associated with Fund Shares on the
Business Day after the day the creation order is accepted. In addition,
because the Gold Delivery Amount for the Fund does not reflect creation
order transactions (see the section herein entitled ``The Gold Delivery
Agreement''), the Creation Unit Gold Delivery Amount is required to
reflect the Gold Delivery Amount associated with such creation order.
This amount is determined on the Business Day following the date such
creation order is accepted.
---------------------------------------------------------------------------

    \30\ The ``Creation Unit Gold Delivery Amount'' is also used to
refer to the number of ounces of Gold to be paid by the Fund to an
Authorized Participant in connection with the redemption of a
Creation Unit. See ``Redemption Procedures--Authorized
Participants'' herein.
---------------------------------------------------------------------------

    An Authorized Participant who places a purchase order is
responsible for crediting its Authorized Participant Unallocated
Account with the required Gold deposit amount by the end of the third
Business Day in London following the purchase order date. Upon receipt
of the Gold deposit amount, the Custodian, after receiving appropriate
instructions from the Authorized Participant and the Fund, will
transfer on the third Business Day following the purchase order date
the Gold deposit amount from the Authorized Participant Unallocated
Account to the Fund Unallocated Account and the Administrator will
direct the Depository Trust Company (``DTC'') to credit the number of
Creation Units ordered to the Authorized Participant's DTC account. The
expense and risk of delivery, ownership and safekeeping of Gold until
such Gold has been received by the Fund will be borne solely by the
Authorized Participant. If Gold is to be delivered other than as
described above, the Sponsor is authorized to establish such procedures
and to appoint such custodians and establish such custody accounts as
the Sponsor determines to be desirable.
    Acting on standing instructions given by the Fund, the Custodian
will transfer the Gold deposit amount from the Fund Unallocated Account
to the Fund's allocated account by allocating to the allocated account
specific bars of Gold which the Custodian holds or instructing a
subcustodian to allocate specific bars of Gold held by or for the
subcustodian. The Gold bars in an allocated Gold account are specific
to that account and are identified by a list which shows, for each Gold
bar, the refiner, assay or fineness, serial number and gross and fine
weight. Gold held in the Fund's allocated account is the property of
the Fund and is not traded, leased or loaned under any circumstances.
    The Custodian will use commercially reasonable efforts to complete
the transfer of Gold to the Fund's allocated account prior to the time
by which the Administrator is to credit the Creation Unit to the
Authorized Participant's DTC account; if, however, such transfers have
not been completed by such time, the number of Creation Units ordered
will be delivered against receipt of the Gold deposit amount in the
Fund's unallocated account, and all Shareholders will be exposed to the
risks of unallocated Gold to the extent of that Gold deposit amount
until the Custodian completes the allocation process.
Redemption Procedures--Authorized Participants
    The procedures by which an Authorized Participant can redeem one or
more Creation Units mirror the procedures for the creation of Creation
Units. On any Business Day, an Authorized Participant may place an
order with the Fund to redeem one or more Creation Units. Redemption
orders must be placed by 5:30 p.m. E.T. A redemption order so received
is effective on the date it is received in satisfactory form by the
Fund. An Authorized Participant may be required to pay a transaction
fee per order to create or redeem Creation Units as will be set forth
in the Registration Statement.
    The redemption distribution from the Fund consists of a credit in
the amount of the Creation Unit Gold Delivery Amount to the Authorized
Participant Unallocated Account of the redeeming Authorized
Participant. The Creation Unit Delivery Amount for redemptions is the
number of ounces of Gold held by the Fund associated with the Shares
being redeemed plus, or minus, the cash redemption amount (if any). The
Sponsor anticipates that in the ordinary course of the Fund's
operations there will be no cash distributions made to Authorized
Participants upon redemptions. In addition, because the Gold to be paid
out in connection with the redemption order will decrease the amount of
Gold subject to the Gold Delivery Agreement, the Creation Unit Gold
Delivery Amount reflects the cost to the Gold Delivery Provider of
resizing (i.e., decreasing) its positions so that it can fulfill its
obligations under the Gold Delivery Agreement.
    The redemption distribution due from the Fund is delivered to the
Authorized Participant on the third Business Day following the
redemption order date if, by 10:00 a.m. E.T. on such third Business
Day, the Fund's DTC account has been credited with the Creation Units
to be redeemed. If the Administrator's DTC account has not been
credited with all of the Creation Units to be redeemed by such time,
the redemption distribution is delivered to the extent of whole
Creation Units received. Any remainder of the redemption distribution
is delivered on the next Business Day to the extent of remaining whole
Creation Units received if the Administrator receives the fee
applicable to the extension of the redemption distribution date which
the Administrator may, from time to time,

determine and the remaining Creation Units to be redeemed are credited
to the Administrator's DTC account by 10:00 a.m. E.T. on such next
Business Day. Any further outstanding amount of the redemption order
will be cancelled. The Administrator is also authorized to deliver the
redemption distribution notwithstanding that the Creation Units to be
redeemed are not credited to the Administrator's DTC account by 10:00
a.m. E.T. on the third Business Day following the redemption order date
if the Authorized Participant has collateralized its obligation to
deliver the Creation Units through DTC's book entry system on such
terms as the Sponsor and the Administrator may from time to time agree
upon.
    The Custodian transfers the redemption Gold amount from the Fund's
allocated account to the Fund's unallocated account and, thereafter, to
the redeeming Authorized Participant's Authorized Participant
Unallocated Account.
    The Fund may, in its discretion, suspend the right of redemption,
or postpone the redemption settlement date for: (1) Any period during
which NYSE Arca is closed other than customary weekend or holiday
closings, or trading on NYSE Arca is suspended or restricted, and (2)
any period during which an emergency exists as a result of which
delivery, disposal or evaluation of Gold or any Reference Currency is
not reasonably practicable, or (3) such other period as the Sponsor
determines to be necessary for the protection of the Shareholders, such
as during the occurrence of a Market Disruption Event or Extraordinary
Event based on the Gold Price.
    The Fund will reject a redemption order if (i) the order is not in
proper form as described in the Participant Agreement, (ii) the
fulfillment of the order, in the opinion of its counsel, might be
unlawful, (iii) the order would have adverse tax consequences to the
Fund or its Shareholders or (iv) circumstances outside the control of
the Administrator, the Sponsor or the Custodian make the redemption,
for all practical purposes, not feasible to process.
Secondary Market Trading
    While the Fund's investment objective is for the Shares to reflect
the performance of Gold bullion in terms of the Reference Currencies
reflected in the Index, less the expenses of the Fund, the Shares may
trade in the secondary market at prices that are lower or higher
relative to their NAV per Share. The amount of the discount or premium
in the trading price relative to the NAV per Share may be influenced by
non-concurrent trading hours between the NYSE Arca and the COMEX,
London, Zurich and Singapore. While the Shares will trade on NYSE Arca
until 8:00 p.m. E.T., liquidity in the global gold market will be
reduced after the close of the COMEX at 1:30 p.m. E.T. As a result,
during this time, trading spreads, and the resulting premium or
discount, on the Shares may widen.
Fund Expenses
    The Sponsor will receive an annual fee equal to 0.33% of the daily
NAV of the Fund. In return the Sponsor will be responsible for the
payment of the ordinary fees and expenses of the Fund, including the
Administrator's fee, the Custodian's fee, the Gold Delivery Provider's
fee, and the Index Provider's fee. This will be the case regardless of
whether the ordinary expenses of the Fund exceed 0.33% of the daily NAV
of the Fund. In addition, the Fund will pay the Gold Delivery Provider
an annual fee of 0.17% of the daily NAV, so that the Fund's total
annual expense ratio will be equal to 0.50%. The Sponsor's fee and
payment to the Gold Delivery Provider are expected to be the only
ordinary recurring expenses of the Fund.
Availability of Information Regarding Gold and Reference Currency
Prices
    Currently, the Consolidated Tape Plan does not provide for
dissemination of the spot price of a commodity, such as gold, or the
spot price of the Reference Currencies, over the Consolidated Tape.
However, there will be disseminated over the Consolidated Tape the last
sale price for the Shares, as is the case for all equity securities
traded on the Exchange (including exchange-traded funds). In addition,
there is a considerable amount of information about gold and currency
prices and gold and currency markets available on public Web sites and
through professional and subscription services.
    Investors may obtain on a 24-hour basis gold pricing information
based on the spot price for an ounce of Gold and pricing information
for the Reference Currencies from various financial information service
providers, such as Reuters and Bloomberg.
    Reuters and Bloomberg, for example, provide at no charge on their
Web sites delayed information regarding the spot price of Gold and last
sale prices of Gold futures, as well as information about news and
developments in the gold market. Reuters and Bloomberg also offer a
professional service to subscribers for a fee that provides information
on Gold prices directly from market participants. Complete real-time
data for Gold futures and options prices traded on the COMEX are
available by subscription from Reuters and Bloomberg. There are a
variety of other public Web sites providing information on gold,
ranging from those specializing in precious metals to sites maintained
by major newspapers. In addition, the LBMA Gold Price is publicly
available at no charge at www.lbma.org.uk.
    In addition, Reuters and Bloomberg, for example, provide at no
charge on their Web sites delayed information regarding the spot price
of each Reference Currency, as well as information about news and
developments in the currency markets. Reuters and Bloomberg also offer
a professional service to subscribers for a fee that provides
information on currency transactions directly from market participants.
Complete real-time data for currency transactions are available by
subscription from Reuters and Bloomberg. There are a variety of other
public Web sites providing information about the Reference Currencies
and currency transactions, ranging from those specializing in currency
trading to sites maintained by major newspapers.
Availability of Information
    The Fund Web site will provide an intraday indicative value
(``IIV'') per Share for the Shares updated every 15 seconds, as
calculated by the Exchange or a third party financial data provider
during the Exchange's Core Trading Session (9:30 a.m. to 4:00 p.m.
E.T.). The IIV will be calculated based on the amount of Gold held by
the Fund and (i) a price of Gold derived from updated bids and offers
indicative of the spot price of Gold, and (ii) intra-day exchange rates
for each Reference Currency against the U.S. dollar.\31\ The Fund's Web
site will also provide the Creation Basket Deposit and the NAV of the
Fund as calculated each Business Day by the Sponsor.
---------------------------------------------------------------------------

    \31\ The IIV on a per Share basis disseminated during the Core
Trading Session should not be viewed as a real-time update of the
NAV, which is calculated once a day.
---------------------------------------------------------------------------

    In addition, the Web site for the Fund will contain the following
information, on a per Share basis, for the Fund: (a) The mid-point of
the bid-ask price \32\ at the close of trading (``Bid/Ask Price''), and
a calculation of the premium or discount of such price against such
NAV; and (b) data in chart format

displaying the frequency distribution of discounts and premiums of the
Bid/Ask Price against the NAV, within appropriate ranges, for each of
the four previous calendar quarters. The Web site for the Fund will
also provide the Fund's prospectus, as well as the two most recent
reports to stockholders. Finally, the Fund Web site will provide the
last sale price of the Shares as traded in the U.S. market. In
addition, the Exchange will make available over the Consolidated Tape
quotation information, trading volume, closing prices and NAV for the
Shares from the previous day. The Index value will be calculated daily
using the daily LBMA Gold Price AM and the Spot Rate as of 9:00 a.m.,
London time. The Index value will be available from major market data
vendors.
---------------------------------------------------------------------------

    \32\ The bid-ask price of the Trust will be determined using the
highest bid and lowest offer on the Consolidated Tape as of the time
of calculation of the closing day NAV.
---------------------------------------------------------------------------

Criteria for Initial and Continued Listing
    The Fund will be subject to the criteria in NYSE Arca Equities Rule
8.201(e) for initial and continued listing of the Shares.
    A minimum of 100,000 Shares will be required to be outstanding at
the start of trading. The minimum number of shares required to be
outstanding is comparable to requirements that have been applied to
previously listed shares of the Sprott Physical Gold Trust, ETFS
Trusts, streetTRACKS Gold Trust, the iShares COMEX Gold Trust, and the
iShares Silver Trust. The Exchange believes that the anticipated
minimum number of Shares outstanding at the start of trading is
sufficient to provide adequate market liquidity.
Trading Rules
    The Exchange deems the Shares to be equity securities, thus
rendering trading in the Fund subject to the Exchange's existing rules
governing the trading of equity securities. Trading in the Shares on
the Exchange will occur in accordance with NYSE Arca Equities Rule
7.34(a). 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.
    Further, NYSE Arca Equities Rule 8.201 sets forth certain
restrictions on ETP Holders acting as registered Market Makers in the
Shares to facilitate surveillance. Pursuant to NYSE Arca Equities Rule
8.201(g), an ETP Holder acting as a registered Market Maker in the
Shares is required to provide the Exchange with information relating to
its trading in the underlying gold, related futures or options on
futures, or any other related derivatives. Commentary .04 of NYSE Arca
Equities Rule 6.3 requires an ETP Holder acting as a registered Market
Maker, and its affiliates, in the Shares to establish, maintain and
enforce written policies and procedures reasonably designed to prevent
the misuse of any material nonpublic information with respect to such
products, any components of the related products, any physical asset or
commodity underlying the product, applicable currencies, underlying
indexes, related futures or options on futures, and any related
derivative instruments (including the Shares).
    As a general matter, the Exchange has regulatory jurisdiction over
its ETP Holders and their associated persons, which include any person
or entity controlling an ETP Holder. A subsidiary or affiliate of an
ETP Holder that does business only in commodities or futures contracts
would not be subject to Exchange jurisdiction, but the Exchange could
obtain information regarding the activities of such subsidiary or
affiliate through surveillance sharing agreements with regulatory
organizations of which such subsidiary or affiliate is a member.
    With respect to trading halts, the Exchange may consider all
relevant factors in exercising its discretion to halt or suspend
trading in the Shares. Trading on the Exchange in the Shares 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 conditions in the underlying gold
market have caused disruptions and/or lack of trading, or (2) whether
other unusual conditions or circumstances detrimental to the
maintenance of a fair and orderly market are present. In addition,
trading in Shares will be subject to trading halts caused by
extraordinary market volatility pursuant to the Exchange's ``circuit
breaker'' rule.\33\ The Exchange will halt trading in the Shares if the
NAV of the Trust is not calculated or disseminated daily. The Exchange
may halt trading during the day in which an interruption occurs to the
dissemination of the IIV, as described above. If the interruption to
the dissemination of the IIV persists past the trading day in which it
occurs, the Exchange will halt trading no later than the beginning of
the trading day following the interruption.
---------------------------------------------------------------------------

    \33\ See NYSE Arca Equities Rule 7.12.
---------------------------------------------------------------------------

Surveillance
    The Exchange represents that trading in the Shares will be subject
to the existing trading surveillances administered by the Exchange, as
well as cross-market 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.\34\ 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\ FINRA conducts cross-market surveillances on behalf of 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.
    The Exchange or FINRA, on behalf of the Exchange, or both, will
communicate as needed regarding trading in the Shares with other
markets and other entities that are members of the ISG, and the
Exchange or FINRA, on behalf of the Exchange, or both, may obtain
trading information regarding trading in the Shares from such markets
and other entities. In addition, the Exchange may obtain information
regarding trading in the Shares from markets and other entities that
are members of ISG or with which the Exchange has in place a
comprehensive surveillance sharing agreement.\35\
---------------------------------------------------------------------------

    \35\ For a list of the current members of ISG, see
www.isgportal.org.
---------------------------------------------------------------------------

    Also, pursuant to NYSE Arca Equities Rule 8.201(g), the Exchange is
able to obtain information regarding trading in the Shares and the
underlying gold, gold futures contracts, options on gold futures, or
any other gold derivative, through ETP Holders acting as registered
Market Makers, in connection with such ETP Holders' proprietary or
customer trades through ETP Holders which they effect on any relevant
market.
    In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.

    All statements and representations made in this filing regarding
(a) the description of the portfolio, (b) limitations on portfolio
holdings or reference assets, or (c) the applicability of Exchange
rules and surveillance procedures shall constitute continued listing
requirements for listing the Shares of the Fund on the Exchange.
    The issuer has represented to the Exchange that it will advise the
Exchange of any failure by the Fund to comply with the continued
listing requirements, and, pursuant to its obligations under Section
19(g)(1) of the Act, the Exchange will monitor for compliance with the
continued listing requirements. If the Fund is not in compliance with
the applicable listing requirements, the Exchange will commence
delisting procedures under NYSE Arca Equities Rule 5.5(m).
Information Bulletin
    Prior to the commencement of trading, the Exchange will inform its
ETP Holders in an Information Bulletin of the special characteristics
and risks associated with trading the Shares. Specifically, the
Information Bulletin will discuss the following: (1) The procedures for
purchases and redemptions of Shares in Baskets (including noting that
Shares are not individually redeemable); (2) NYSE Arca Equities Rule
9.2(a), which imposes a duty of due diligence on its ETP Holders to
learn the essential facts relating to every customer prior to trading
the Shares; (3) how information regarding the IIV is disseminated; (4)
the requirement that ETP Holders deliver a prospectus to investors
purchasing newly issued Shares prior to or concurrently with the
confirmation of a transaction; (5) the possibility that trading spreads
and the resulting premium or discount on the Shares may widen as a
result of reduced liquidity of gold trading during the Core and Late
Trading Sessions after the close of the major world gold markets; and
(6) trading information. For example, the Information Bulletin will
advise ETP Holders, prior to the commencement of trading, of the
prospectus delivery requirements applicable to the Fund. The Exchange
notes that investors purchasing Shares directly from the Fund (by
delivery of the Creation Basket Deposit) will receive a prospectus. ETP
Holders purchasing Shares from the Fund for resale to investors will
deliver a prospectus to such investors.
    In addition, the Information Bulletin will reference that the Fund
is subject to various fees and expenses as will be described in the
Registration Statement. The Information Bulletin will also reference
the fact that there is no regulated source of last sale information
regarding physical gold, that the Commission has no jurisdiction over
the trading of gold as a physical commodity, and that the CFTC has
regulatory jurisdiction over the trading of gold futures contracts and
options on gold futures contracts.
    The Information Bulletin will also discuss any relief, if granted,
by the Commission or the staff from any rules under the Act.
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
8.201. 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. The Exchange 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.
    The proposed rule change is designed to promote just and equitable
principles of trade and to protect investors and the public interest in
that there is a considerable amount of gold price and gold market
information available on public Web sites and through professional and
subscription services. Investors may obtain on a 24-hour basis gold
pricing information based on the spot price for an ounce of gold from
various financial information service providers. Investors may obtain
gold pricing information based on the spot price for an ounce of gold
from various financial information service providers. Current spot
prices also are generally available with bid/ask spreads from gold
bullion dealers. In addition, the Fund's Web site will provide pricing
information for gold spot prices and the Shares. Market prices for the
Shares will be available from a variety of sources including brokerage
firms, information Web sites and other information service providers.
The NAV of the Fund will be published by the Sponsor on each day that
the NYSE Arca is open for regular trading and will be posted on the
Fund's Web site. The IIV relating to the Shares will be widely
disseminated by one or more major market data vendors at least every 15
seconds during the Core Trading Session. In addition, the LBMA Gold
Price is publicly available at no charge at www.lbma.org.uk. The Fund's
Web site will also provide the Fund's prospectus, as well as the two
most recent reports to stockholders. In addition, the Exchange will
make available over the Consolidated Tape quotation information,
trading volume, closing prices and NAV for the Shares from the previous
day.
    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 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 gold pricing.

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 Act. The Exchange believes the
proposed rule change will enhance competition by accommodating Exchange
trading of an additional exchange-traded product relating to physical
gold.

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 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 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-2016-84 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-NYSEArca-2016-84. 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 the filing also will 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-NYSEArca-2016-84, and should
be submitted on or before July 12, 2016.

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

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

Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-14556 Filed 6-20-16; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 79, Number 32 (Tuesday, February 18, 2014)]
[Notices]
[Pages 9223-9224]
[FR Doc No: 2014-03460]

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

DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2013-N-0764]

Agency Information Collection Activities; Announcement of Office
of Management and Budget Approval; Animal Feed Regulatory Program
Standards

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice.

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

SUMMARY: The Food and Drug Administration (FDA) is announcing that a
collection of information entitled ``Animal Feed Regulatory Program
Standards'' has been approved by the Office of Management and Budget
(OMB) under the Paperwork Reduction Act of 1995.

FOR FURTHER INFORMATION CONTACT: FDA PRA Staff, Office of Operations,
Food and Drug Administration, 1350 Piccard Dr., PI50-400B, Rockville,
MD 20850<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: On December 6, 2013; the Agency submitted a
proposed collection of information entitled ``Animal Feed Regulatory
Program Standards'' to OMB for review and clearance under 44 U.S.C.
3507. An Agency may not conduct or sponsor, and a person is not
required to respond to, a collection of information unless it displays
a currently valid OMB control number. OMB has now approved the
information collection and has assigned OMB control number 0910-0760.
The approval expires on January 31, 2017. A copy of the supporting
statement for this information collection is available on the Internet
at http://www.reginfo.gov/public/do/PRAMain.

    Dated: February 12, 2014.
Leslie Kux,
Assistant Commissioner for Policy.
[FR Doc. 2014-03460 Filed 2-14-14; 8:45 am]
BILLING CODE 4160-01-P