[Federal Register Volume 86, Number 119 (Thursday, June 24, 2021)]
[Notices]
[Pages 33271-33272]
[FR Doc No: 2021-13422]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings #1

    Take notice that the Commission received the following electric
rate filings:

    Docket Numbers: ER10-3166-004; ER10-1285 012; ER10-1287 013; ER10-
1346 008; ER10-1348 008; ER10-2959 017; ER12-2676 001; ER20-1604 002.
    Applicants: Cadillac Renewable Energy LLC, Chambers Cogeneration,
Limited Partnership, Craven County Wood Energy Limited Partnership,
Frederickson Power L.P., Grayling Generating Station Limited
Partnership, Manchief Power Company LLC, Piedmont Green Power, LLC, EF
Oxnard LLC.
    Description: Notice of Change in Status of Cadillac Renewable
Energy LLC, et al.
    Filed Date: 6/11/21.
    Accession Number: 20210611-5154.
    Comments Due: 5 p.m. ET 7/2/21.

    Docket Numbers: ER11-2534-007; ER16-2234 004.
    Applicants: Morris Cogeneration, LLC, EF Kenilworth LLC.
    Description: Compliance filing: Change in Status Filing to be
effective 6/12/2021.
    Filed Date: 6/11/21.
    Accession Number: 20210611-5116.
    Comments Due: 5 p.m. ET 7/2/21.

    Docket Numbers: ER20-2411-001.
    Applicants: Midcontinent Independent System Operator, Inc.
    Description: Compliance filing: 2021-06-14_SA 2959 NSP-Stoneray
Power Partners Sub 2nd Rev GIA (J426) to be effective 4/15/2021.
    Filed Date: 6/14/21.
    Accession Number: 20210614-5074.
    Comments Due: 5 p.m. ET 7/6/21.

    Docket Numbers: ER20-2412-002.
    Applicants: Midcontinent Independent System Operator, Inc.
    Description: Compliance filing: 2021-06-14_SA 3513 NSP-Stoneray
Power Partners Sub Original FSA (J426) to be effective 4/15/2021.
    Filed Date: 6/14/21.
    Accession Number: 20210614-5078.
    Comments Due: 5 p.m. ET 7/6/21.

    Docket Numbers: ER20-2423-001.
    Applicants: Midcontinent Independent System Operator, Inc.
    Description: Compliance filing: 2021-06-14_SA 2852 NSP-GRE-WMMPA-
OTP-CMMPA-Red Pine Wind Sub 1st Rev FCA (H081) to be effective 4/15/
2021.
    Filed Date: 6/14/21.
    Accession Number: 20210614-5102.
    Comments Due: 5 p.m. ET 7/6/21.

    Docket Numbers: ER20-2424-002.
    Applicants: Midcontinent Independent System Operator, Inc.
    Description: Compliance filing: 2021-06-14_SA 3520 OTP-Red Pine
Wind Substitute FSA (H081) to be effective 4/15/2021.
    Filed Date: 6/14/21.
    Accession Number: 20210614-5113.
    Comments Due: 5 p.m. ET 7/6/21.

    Docket Numbers: ER20-2438-001.
    Applicants: Midcontinent Independent System Operator, Inc.
    Description: Compliance filing: 2021-06-14_SA 2885 NSP-Marshall
Solar Sub 2nd Rev GIA (J400) to be effective 4/15/2021.
    Filed Date: 6/14/21.
    Accession Number: 20210614-5064.
    Comments Due: 5 p.m. ET 7/6/21.

    Docket Numbers: ER20-2439-002.
    Applicants: Midcontinent Independent System Operator, Inc.
    Description: Compliance filing: 2021-06-14_SA 3514 NSP-Marshall
Solar Sub FSA (J400) to be effective 4/15/2021.
    Filed Date: 6/14/21.
    Accession Number: 20210614-5066.
    Comments Due: 5 p.m. ET 7/6/21.

    Docket Numbers: ER21-1505-001.
    Applicants: Diablo Energy Storage, LLC.
    Description: Tariff Amendment: Response to Request for Additional
Information to be effective 4/1/2021.
    Filed Date: 6/14/21.
    Accession Number: 20210614-5108.
    Comments Due: 5 p.m. ET 7/6/21.

    Docket Numbers: ER21-1768-001.
    Applicants: Light Power & Gas LLC.
    Description: Tariff Amendment: LPG Revised MBR Tariff Filing to be
effective 6/1/2021.

    Filed Date: 6/14/21.
    Accession Number: 20210614-5068.
    Comments Due: 5 p.m. ET 7/6/21.

    Docket Numbers: ER21-2126-000.
    Applicants: American Electric Power Service Corporation, Ohio Power
Company, PJM Interconnection, L.L.C.
    Description: Sec.  205(d) Rate Filing: AEP submits Two FAs re:
ILDSA SA No. 1336 to be effective 8/14/2021.
    Filed Date: 6/14/21.
    Accession Number: 20210614-5040.
    Comments Due: 5 p.m. ET 7/6/21.

    Docket Numbers: ER21-2127-000.
    Applicants: AEP Texas Inc.
    Description: Sec.  205(d) Rate Filing: AEPTX-AP Solar 4 (Charger
Solar) GIA to be effective 6/5/2021.
    Filed Date: 6/14/21.
    Accession Number: 20210614-5045.
    Comments Due: 5 p.m. ET 7/6/21.

    Docket Numbers: ER21-2128-000.
    Applicants: 0HAM WHAM8 SOLAR, LLC.
    Description: Baseline eTariff Filing: Application for Market-Based
Rate Authorization under Section 205 of the FPA to be effective 8/14/
2021.
    Filed Date: 6/14/21.
    Accession Number: 20210614-5046.
    Comments Due: 5 p.m. ET 7/6/21.

    Docket Numbers: ER21-2129-000.
    Applicants: 276FED WHAM8 SOLAR, LLC.
    Description: Baseline eTariff Filing: Application for Market-Based
Rate Authorization under Section 205 of the FPA to be effective 8/14/
2021.
    Filed Date: 6/14/21.
    Accession Number: 20210614-5047.
    Comments Due: 5 p.m. ET 7/6/21.

    Docket Numbers: ER21-2130-000.
    Applicants: Public Service Company of Oklahoma.
    Description: Sec.  205(d) Rate Filing: PSO-AECI Mazie Delivery
Point Agreement to be effective 6/5/2021.
    Filed Date: 6/14/21.
    Accession Number: 20210614-5049.
    Comments Due: 5 p.m. ET 7/6/21.

    Docket Numbers: ER21-2131-000.
    Applicants: AEP Texas Inc.
    Description: Sec.  205(d) Rate Filing: AEPTX-BRP Antlia BESS GIA to
be effective 6/5/2021.
    Filed Date: 6/14/21.
    Accession Number: 20210614-5054.
    Comments Due: 5 p.m. ET 7/6/21.

    Docket Numbers: ER21-2132-000.
    Applicants: Florida Power & Light Company.
    Description: Sec.  205(d) Rate Filing: FPL-Seminole Amendments to
Exhibit A of Contract for Interconnected Operations to be effective 6/
1/2021.
    Filed Date: 6/14/21.
    Accession Number: 20210614-5067.
    Comments Due: 5 p.m. ET 7/6/21.

    Docket Numbers: ER21-2133-000.
    Applicants: Midcontinent Independent System Operator, Inc., AEP
Indiana Michigan Transmission Company.
    Description: Compliance filing: 2021-06-14_AEP IMTCO Compliance
Filing to be effective 4/15/2021.
    Filed Date: 6/14/21.
    Accession Number: 20210614-5098.
    Comments Due: 5 p.m. ET 7/6/21.

    Docket Numbers: ER21-2134-000.
    Applicants: Basin Electric Power Cooperative.
    Description: Tariff Cancellation: Basin Electric Notice of
Cancellation for Service Agreement No. 26 to be effective 3/2/2021.
    Filed Date: 6/14/21.
    Accession Number: 20210614-5111.
    Comments Due: 5 p.m. ET 7/6/21.

    The filings are accessible in the Commission's eLibrary system
(https://elibrary.ferc.gov/idmws/search/fercgensearch.asp) by querying
the docket number.
    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: June 14, 2021.
Debbie-Anne A. Reese,
Deputy Secretary.
[FR Doc. 2021-13422 Filed 6-23-21; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 84, Number 163 (Thursday, August 22, 2019)]
[Notices]
[Pages 43823-43829]
[FR Doc No: 2019-18074]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-86698; File No. SR-NYSEArca-2018-83]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Amendment No. 4 and Order Granting Accelerated Approval of a
Proposed Rule Change, as Modified by Amendment No. 4, Regarding Changes
to Investments of the iShares Bloomberg Roll Select Commodity Strategy
ETF

August 16, 2019.

I. Introduction

    On December 19, 2018, NYSE Arca, Inc. (``Exchange'' or ``NYSE
Arca'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change regarding changes to investments of the iShares
Bloomberg Roll Select Commodity Strategy ETF (``Fund''), shares
(``Shares'') of which are currently listed and traded on the Exchange
under NYSE Arca Rule 8.600-E. The proposed rule change was published
for comment in the Federal Register on December 31, 2018.\3\ On
February 13, 2019, pursuant to Section 19(b)(2) of the Act,\4\ the
Commission designated a longer period within which to approve the
proposed rule change, disapprove the proposed rule change, or institute
proceedings to determine whether to approve or disapprove the proposed
rule change.\5\ On March 6, 2019, the Exchange filed Amendment No. 1 to
the proposed rule change, which replaced and superseded the proposed
rule change as originally filed, and on March 14, 2019, the Exchange
filed Amendment No. 2 to the proposed rule change, which replaced and
superseded the proposed rule change, as modified by Amendment No. 1. On
March 21, 2019, the Commission noticed the proposed rule change, as
modified by Amendment No. 2, and instituted proceedings under Section
19(b)(2)(B) of the Act \6\ to determine

whether to approve or disapprove the proposed rule change, as modified
by Amendment No. 2.\7\ On March 29, 2019, the Exchange filed Amendment
No. 3 to the proposed rule change, which replaced and superseded the
proposed rule change, as modified by Amendment No. 2. On June 26, 2019,
the Commission designated a longer period for Commission action on the
proceedings to determine whether to approve or disapprove the proposed
rule change.\8\ On August 16, 2019, the Exchange filed Amendment No. 4
to the proposed rule change, which replaced and superseded the proposed
rule change, as modified by Amendment No. 3.\9\ The Commission has
received no comment letters on the proposal.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 84931 (December 21,
2018), 83 FR 67741.
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 85117, 84 FR 5124
(February 20, 2019). The Commission designated March 31, 2019, as
the date by which the Commission would approve the proposed rule
change, disapprove the proposed rule change, or institute
proceedings to determine whether to approve or disapprove the
proposed rule change.
    \6\ 15 U.S.C. 78s(b)(2)(B).
    \7\ See Securities Exchange Act Release No. 85385, 84 FR 11582
(March 27, 2019).
    \8\ See Securities Exchange Act Release No. 86199, 84 FR 31647
(July 2, 2019). The Commission extended the date by which the
Commission shall approve or disapprove the proposed rule change to
August 28, 2019.
    \9\ In Amendment No. 4, the Exchange: (1) Modified the
description of the Reference Benchmark (as defined below); (2)
modified the types of reference assets for the derivative
instruments in which the Fund may invest; (3) clarified that the
Fund may invest in Short-Term Fixed Income Securities (as defined
below) other than cash equivalents on an ongoing basis for cash
management purposes only; (4) modified the instruments included in
the Short-Term Fixed Income Securities that the Fund may invest in
for cash management purposes (and which would be excluded from the
requirements of Commentary .01(b)(1)-(4) to NYSE Arca Rule 8.600-E);
(5) represented that the Fund's holdings in non-convertible
corporate debt securities will not exceed 30% of the weight of
Fund's holdings in cash equivalents and Short-Term Fixed Income
Securities, collectively; (6) specified that all exchange-traded
notes (``ETNs'') which the Fund may hold will be listed and traded
in the U.S. on a national securities exchange and the Fund will not
invest in inverse or leveraged ETNs; (7) modified its proposal
relating to the Fund's holdings in Listed Derivatives (as defined
below) to, among other things, (a) state that the Fund does not
currently meet the requirements of Commentary .01(d)(2) to NYSE Arca
Rule 8.600-E with respect to investments in Listed Derivatives; (b)
propose to allow the Fund to hold up to 60% of the weight of the
portfolio (including gross notional exposures) in Listed Derivatives
based on reference assets consisting of the Reference Benchmark or
commodities from the same sectors as those included in the Reference
Benchmark; and (c) represent that all Listed Derivatives utilized by
the Fund will be traded on exchanges that are members of the
Intermarket Surveillance Group (``ISG'') or with which the Exchange
has in place a comprehensive surveillance sharing agreement
(``CSSA''); (8) amended representations relating to the Fund's
holdings in OTC Derivatives (as defined below) to, among other
things, (a) add a representation that the Fund's holdings in OTC
Derivatives will comply with the requirements of Commentary .01(f)
to NYSE Arca Rule 8.600-E; and (b) remove a representation that the
aggregate gross notional value of OTC Derivatives based on any five
or fewer underlying reference assets would not exceed 65% of the
weight of the portfolio (including gross notional exposures), and
the aggregate gross notional value of OTC Derivatives based on any
single underlying reference asset would not exceed 30% of the weight
of the portfolio (including gross notional exposures); (9) added a
representation by the Adviser that futures on all commodities in the
Reference Benchmark are traded on futures exchanges that are members
of the ISG or with which the Exchange has in place a CSSA; (10)
clarified that other than Commentary .01(b)(1)-(4) (with respect to
Short-Term Fixed Income Securities), .01(d)(2) (with respect to
Listed Derivatives), and .01(e) (with respect to OTC Derivatives),
the Fund's portfolio will meet all other requirements of NYSE Arca
Rule 8.600-E and Commentary .01 thereto; (11) specified that
quotation and last sale information for exchange-traded funds
(``ETFs'') and ETNs that the Fund may hold will be available via the
Consolidated Tape Association high-speed line; (12) specified that
the Reference Benchmark index methodology and constituent list are
available via Bloomberg; and (13) made other technical and
conforming changes. Amendment No. 4 is available at: https://www.sec.gov/comments/sr-nysearca-2018-83/srnysearca201883.htm.
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    The Commission is publishing this notice and order to solicit
comments on the proposed rule change, as modified by Amendment No. 4,
from interested persons and is approving the proposed rule change, as
modified by Amendment No. 4, on an accelerated basis.

II. Summary of the Exchange's Description of the Proposal, as Modified
by Amendment No. 4 10
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    \10\ For a complete description of the Exchange's proposal, as
amended, see Amendment No. 4, supra note 9.
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    The Exchange proposes certain changes regarding investments of the
Fund, Shares of which are currently listed and traded on the Exchange
under NYSE Arca Rule 8.600-E, which governs the listing and trading of
Managed Fund Shares on the Exchange. Shares of the Fund commenced
listing and trading on the Exchange on April 5, 2018 under the generic
listing standards under Commentary.01 to NYSE Arca Rule 8.600-E.
    The Shares are offered by iShares U.S. ETF Trust (``Trust''), which
is registered with the Commission as an open-end management investment
company.\11\ The Fund is a series of the Trust.
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    \11\ According to the Exchange, on February 21, 2018, the Trust
filed with the Commission its registration statement on Form N-1A
under the Securities Act of 1933 and under the Investment Company
Act of 1940 (``1940 Act'') relating to the Fund (File Nos. 333-
179904 and 811-22649) (``Registration Statement''). In addition, the
Exchange states that the Commission has issued an order upon which
the Trust may rely, granting certain exemptive relief under the 1940
Act. See Investment Company Act Release No. 29571 (January 24, 2011)
(File No. 812-13601).
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    BlackRock Fund Advisors (``Adviser'') is the investment adviser for
the Fund.\12\ BlackRock Investments, LLC is the distributor for the
Fund's Shares. State Street Bank and Trust Company serves as the
administrator, custodian and transfer agent for the Fund.
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    \12\ According to the Exchange, the Adviser is not registered as
a broker-dealer but is affiliated with a broker-dealer, and has
implemented and will maintain a fire wall with respect to its
broker-dealer affiliate regarding access to information concerning
the composition and/or changes to the portfolio. In the event (a)
the Adviser becomes registered as a broker-dealer or newly
affiliated with a broker-dealer, or (b) any new adviser or sub-
adviser is a registered broker-dealer or becomes affiliated with a
broker-dealer, it will implement and maintain a fire wall with
respect to its relevant personnel or its broker-dealer affiliate
regarding access to information concerning the composition and/or
changes to the portfolio, and will be subject to procedures designed
to prevent the use and dissemination of material non-public
information regarding such portfolio. The Exchange also represents
that the Adviser and its related personnel are subject to the
provisions of Rule 204A-1 under the Investment Advisers Act of 1940
relating to codes of ethics.
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A. Fund Investments

    According to the Exchange, the Fund's investment objective is to
seek to provide exposure, on a total return basis, to a diversified
group of commodities. The Fund is actively managed and will seek to
achieve its investment objective in part \13\ by, under normal market
conditions,\14\ investing in ``Listed Derivatives'' (as defined below)
and ``OTC Derivatives'' (as defined below) referencing the Bloomberg
Roll Select Commodity Index (``Reference Benchmark'').\15\ In
connection with investments in swaps on the Reference Benchmark, the
Fund is expected to establish new swaps contracts on an ongoing basis
and replace expiring contracts.\16\ Swaps subsequently entered into by
the Fund may have terms that differ from the swaps the Fund previously
held.\17\ The Fund expects generally to pay a fixed payment rate and
certain swap related fees to the swap counterparty and receive the
total return of the Reference Benchmark, including in the event of
negative performance by the Reference Benchmark, negative return (i.e.,
a payment from the Fund to the swap

counterparty). In seeking total return, the Fund additionally aims to
generate interest income and capital appreciation through a cash
management strategy consisting primarily of cash, cash equivalents,\18\
and fixed income securities other than cash equivalents, as described
below.
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    \13\ The Fund's investment objective is also achieved by
investing in cash, cash equivalents, Commodity Investments, Fixed
Income Securities, and Short-Term Fixed Income Securities (each as
defined or described below).
    \14\ The term ``normal market conditions'' is defined in NYSE
Arca Rule 8.600-E(c)(5).
    \15\ According to the Exchange, the Bloomberg Roll Select
Commodity Index is a version of the Bloomberg Commodity Index that
aims to mitigate the effects of contango on index performance (as
described further below). For each commodity, the index rolls into
the futures contract showing the most backwardation or least
contango, selecting from those contracts with nine months or fewer
until expiration.
    \16\ Swaps on the Reference Benchmark are included in
``Commodity Investments'' as defined below.
    \17\ Although the Fund may hold swaps on the Reference
Benchmark, or direct investments in the same futures contracts as
those included in the Reference Benchmark, the Fund is not obligated
to invest in any futures contracts included in, and does not seek to
replicate the performance of, the Reference Benchmark.
    \18\ Cash equivalents are the short-term instruments enumerated
in Commentary .01(c) to NYSE Arca Rule 8.600-E.
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    The Reference Benchmark is composed of 22 futures contracts across
20 physical agricultural, livestock, energy, precious metals and
industrial metals commodities listed on U.S. regulated futures
exchanges or non-U.S. futures exchanges with which the Exchange has in
place a CSSA. The Reference Benchmark reflects the returns from these
commodities and provides broad-based exposure to commodities as an
asset class by using liquidity and sector caps to avoid
overconcentration in any single commodity or commodity sector. The
Reference Benchmark employs a contract roll strategy intended to
minimize the effects of contango and maximize the effects of
backwardation.\19\
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    \19\ According to the Exchange, in order to maintain exposure to
a futures contract on a particular commodity, an investor must sell
the position in the expiring contract and buy a new position in a
contract with a later delivery month, which is referred to as
``rolling.'' If the price for the new futures contract is less than
the price of the expiring contract, then the market for the
commodity is said to be in ``backwardation.'' In these markets, roll
returns are positive, which is referred to as ``positive carry.''
The term ``contango'' is used to describe a market in which the
price for a new futures contract is more than the price of the
expiring contract. In these markets, roll returns are negative,
which is referred to as ``negative carry.'' The Reference Benchmark
seeks to employ a positive carry strategy that emphasizes
commodities and futures contract months with the greatest degree of
backwardation and lowest degree of contango, resulting in net gains
through positive roll returns.
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    The Fund will invest in financial instruments described below that
provide exposure to commodities and not in the physical commodities
themselves.
    The Fund (through its Subsidiary (as defined below)) may hold the
following listed derivative instruments: Futures, options, and swaps on
the Reference Benchmark or on commodities from the same sectors as
those included in the Reference Benchmark, currencies, U.S. and non-
U.S. equity securities, fixed income securities (as defined in
Commentary .01(b) to NYSE Arca Rule 8.600-E, but excluding Short-Term
Fixed Income Securities (as defined below)), interest rates, and U.S.
Treasuries, or a basket or index of any of the foregoing (collectively,
``Listed Derivatives'').\20\
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    \20\ Examples of Listed Derivatives the Fund may invest in
include exchange traded futures contracts similar to those found in
the Reference Benchmark, exchange traded futures contracts on the
Reference Benchmark, swaps on commodity futures contracts similar to
those found in the Reference Benchmark, and futures and options that
correlate to the investment returns of commodities without investing
directly in physical commodities.
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    The Fund (through its Subsidiary) may hold the following over-the-
counter (``OTC'') derivative instruments: Forwards, options, and swaps
on the Reference Benchmark or on commodities from the same sectors as
those included in the Reference Benchmark, currencies, U.S. and non-
U.S. equity securities, fixed income securities (as defined in
Commentary .01(b) to NYSE Arca Rule 8.600-E, but excluding Short-Term
Fixed Income Securities), and interest rates, or a basket or index of
any of the foregoing (collectively, ``OTC Derivatives,'' \21\ and
together with Listed Derivatives, ``Commodity Investments'').\22\
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    \21\ Examples of OTC Derivatives the Fund may invest in include
swaps on commodity futures contracts similar to those found in the
Reference Benchmark and options that correlate to the investment
returns of commodities without investing directly in physical
commodities.
    \22\ As discussed in Section II.D (Application of Generic
Listing Requirements), the Fund's and the Subsidiary's holdings in
Listed Derivatives and OTC Derivatives will not comply with the
criteria in Commentary .01(d)(2) and .01(e) of NYSE Arca Rule 8.600-
E, respectively.
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    The Fund may hold cash, cash equivalents and fixed income
securities other than cash equivalents, as described further below.
    Specifically, the Fund may invest in Short-Term Fixed Income
Securities (as defined below) other than cash equivalents on an ongoing
basis for cash management purposes.\23\ Short-Term Fixed Income
Securities will have a maturity of no longer than 397 days and include
only the following: (i) Money market instruments; (ii) obligations
issued or guaranteed by the U.S. government, its agencies or
instrumentalities (including government-sponsored enterprises); (iii)
negotiable certificates of deposit, bankers' acceptances, fixed-time
deposits and other obligations of U.S. and non-U.S. banks (including
non-U.S. branches) and similar institutions; (iv) commercial paper; (v)
non-convertible corporate debt securities (e.g., bonds and debentures);
(vi) repurchase agreements; and (vii) sovereign debt obligations of
non-U.S. countries excluding emerging market countries (``Non-U.S.
Sovereign Debt'') \24\ (collectively, ``Short-Term Fixed Income
Securities''). Any of these securities may be purchased on a current or
forward-settled basis.\25\
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    \23\ As discussed in Section II.D (Application of Generis
Listing Requirements), the Short-Term Fixed Income Securities will
not comply with the requirements of Commentary .01(b)(1)-(4) to NYSE
Arca Rule 8.600-E.
    \24\ According to the Exchange, an ``emerging market country''
is a country that, at the time the Fund invests in the related fixed
income instruments, is classified as an emerging or developing
economy by any supranational organization such as the International
Bank of Reconstruction and Development or any affiliate thereof (the
``World Bank'') or the United Nations, or related entities, or is
considered an emerging market country for purposes of constructing a
major emerging market securities index.
    \25\ To the extent that the Fund and the Subsidiary invest in
cash and Short-Term Fixed Income Securities that are cash
equivalents (i.e., that have maturities of less than 3 months) as
specified in Commentary .01(c) to NYSE Arca Rule 8.600-E, such
investments will comply with Commentary .01(c) and may be held
without limitation. Non-convertible corporate debt securities and
Non-U.S. Sovereign Debt are not included as cash equivalents in
Commentary .01(c).
---------------------------------------------------------------------------

    The Fund also may invest in fixed income securities as defined in
Commentary .01(b) to NYSE Arca Rule 8.600-E,\26\ other than cash
equivalents and Short-Term Fixed Income Securities, with remaining
maturities longer than 397 days (``Fixed Income Securities''). Such
Fixed Income Securities will comply with the requirements of Commentary
.01(b) to NYSE Arca Rule 8.600-E.\27\
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    \26\ Commentary .01(b) to NYSE Arca Rule 8.600-E defines fixed
income securities as debt securities that are notes, bonds,
debentures or evidence of indebtedness that include, but are not
limited to, U.S. Department of Treasury securities (``Treasury
Securities''), government-sponsored entity securities (``GSEs''),
municipal securities, trust preferred securities, supranational debt
and debt of a foreign country or a subdivision thereof, investment
grade and high yield corporate debt, bank loans, mortgage and asset
backed securities, and commercial paper.
    \27\ Among the Fixed Income Securities in which the Fund may
invest are commodity-linked notes.
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    The Fund may also hold ETNs \28\ and ETFs.\29\
---------------------------------------------------------------------------

    \28\ ETNs are securities as described in NYSE Arca Rule 5.2-
E(j)(6) (Equity Index-Linked Securities, Commodity-Linked
Securities, Currency-Linked Securities, Fixed Income Index-Linked
Securities, Futures-Linked Securities and Multifactor Index-Linked
Securities). All ETNs will be listed and traded in the U.S. on a
national securities exchange. The Fund will not invest in inverse or
leveraged (e.g., 2X, -2X, 3X or -3X) ETNs.
    \29\ For purposes of the filing, the term ``ETFs'' includes
Investment Company Units (as described in NYSE Arca Rule 5.2-
E(j)(3)); Portfolio Depositary Receipts (as described in NYSE Arca
Rule 8.100-E); and Managed Fund Shares (as described in NYSE Arca
Rule 8.600-E). All ETFs will be listed and traded in the U.S. on a
national securities exchange. The Fund will not invest in inverse or
leveraged (e.g., 2X, -2X, 3X or -3X) ETFs.
---------------------------------------------------------------------------

    The Fund's exposure to Commodity Investments is obtained by
investing through a wholly-owned subsidiary organized in the Cayman
Islands

(``Subsidiary'').\30\ The Fund controls the Subsidiary, and the
Subsidiary is advised by the Adviser and has the same investment
objective as the Fund. In compliance with the requirements of Sub-
Chapter M of the Internal Revenue Code of 1986, the Fund may invest up
to 25% of its total assets in the Subsidiary. The Subsidiary is not an
investment company registered under the 1940 Act and is a company
organized under the laws of the Cayman Islands. The Trust's Board of
Trustees (``Board'') has oversight responsibility for the investment
activities of the Fund, including its investment in the Subsidiary, and
the Fund's role as sole shareholder of the Subsidiary.
---------------------------------------------------------------------------

    \30\ The Exchange represents that all statements related to the
Fund's investments and restrictions are applicable to the Fund and
Subsidiary collectively.
---------------------------------------------------------------------------

    The Fund's Commodity Investments held in the Subsidiary are
intended to provide the Fund with exposure to broad commodities. The
Subsidiary may hold cash and cash equivalents.

B. Investment Restrictions

    The Fund and the Subsidiary will not invest in securities or other
financial instruments that have not been described in the proposed rule
change.
    The Fund's holdings in non-convertible corporate debt securities
shall not exceed 30% of the weight of Fund's holdings in cash
equivalents and Short-Term Fixed Income Securities, collectively.
    The Fund's investments, including derivatives, will be consistent
with the Fund's investment objective and will not be used to enhance
leverage (although certain derivatives and other investments may result
in leverage). That is, the Fund's investments will not be used to seek
performance that is the multiple or inverse multiple (e.g., 2X or -3X)
of the Fund's Reference Benchmark.

C. Use of Derivatives by the Fund

    Investments in derivative instruments will be made in accordance
with the Fund's investment objective and policies. To limit the
potential risk associated with such transactions, the Fund will enter
into offsetting transactions or segregate or ``earmark'' assets
determined to be liquid by the Adviser in accordance with procedures
established by the Board. In addition, the Fund has included
appropriate risk disclosure in its offering documents, including
leveraging risk. Leveraging risk is the risk that certain transactions
of the Fund, including the Fund's use of derivatives, may give rise to
leverage, causing the Fund to be more volatile than if it had not been
leveraged.
    The Adviser believes there will be minimal, if any, impact to the
arbitrage mechanism as a result of the Fund's use of derivatives. The
Adviser understands that market makers and participants should be able
to value derivatives as long as the positions are disclosed with
relevant information. The Adviser believes that the price at which
Shares of the Fund trade will continue to be disciplined by arbitrage
opportunities created by the ability to purchase or redeem Shares of
the Fund at their net asset value (``NAV''), which should ensure that
Shares of the Fund will not trade at a material discount or premium in
relation to their NAV.
    The Exchange states that the Adviser does not believe there will be
any significant impacts to the settlement or operational aspects of the
Fund's arbitrage mechanism due to the use of derivatives.

D. Application of Generic Listing Requirements

    The Exchange represents that the portfolio of the Fund will not
meet all of the ``generic'' listing requirements of Commentary .01 to
NYSE Arca Rule 8.600-E applicable to the listing of Managed Fund
Shares. The Exchange represents that, other than Commentary .01 (b)(1-
4) (with respect to Short-Term Fixed Income Securities), Commentary
.01(d)(2) (with respect to Listed Derivatives), and .01(e) (with
respect to OTC Derivatives) to NYSE Arca Rule 8.600-E, as described
below, the Fund's portfolio will meet all other requirements of NYSE
Arca Rule 8.600-E.\31\
---------------------------------------------------------------------------

    \31\ The Exchange states that the Adviser represents, in
particular, that the Fund's holdings in OTC Derivatives will comply
with the requirements of Commentary .01(f) to NYSE Arca Rule 8.600-
E, which provides, in part, that to the extent that OTC derivatives
are used to gain exposure to individual equities and/or fixed income
securities, or to indexes of equities and/or indexes of fixed income
securities, the aggregate gross notional value of such exposure will
meet the generic listing criteria applicable to equities and fixed
income securities (including gross notional exposures) set forth in
Commentary .01(a) and .01(b) to NYSE Arca Rule 8.600-E,
respectively.
---------------------------------------------------------------------------

    According to the Exchange, the Fund's investments currently comply
with the generic requirements set forth in Commentary .01(b)(1)-(4) to
NYSE Arca Rule 8.600-E.\32\ The Exchange proposes that, going forward,
the Fund's investments in Short-Term Fixed Income Securities will not
comply with the requirements set forth in Commentary .01(b)(1)-(4) to
NYSE Arca Rule 8.600-E. The Exchange states that while the requirements
set forth in Commentary .01(b)(1)-(4) include rules intended to ensure
that the fixed income securities included in a fund's portfolio are
sufficiently large and diverse, and have sufficient publicly available
information regarding the issuances, the Exchange believes that any
concerns regarding non-compliance are mitigated by the types of
instruments that the Fund would hold. The Exchange represents that the
Fund's Short-Term Fixed Income Securities primarily would include those
instruments that are included in the definition of cash and cash
equivalents,\33\ but are not considered cash and cash equivalents
because they have maturities of three months or longer. The Exchange
believes, however, that all Short-Term Fixed Income Securities,
including non-convertible corporate debt securities \34\ and Non-U.S.
Sovereign Debt (which are not cash equivalents as enumerated in
Commentary .01(c) to Rule 8.600-E), are less susceptible than other
types of fixed income instruments both to price manipulation and
volatility and that the holdings as proposed are generally consistent
with the policy concerns which Commentary .01(b)(1)-(4) is intended to
address. Because the Short-Term Fixed Income Securities will

consist of high-quality fixed income securities described above, the
Exchange believes that the policy concerns that Commentary .01(b)(1)-
(4) are intended to address are otherwise mitigated and that the Fund
should be permitted to hold these securities in a manner that may not
comply with Commentary .01(b)(1)-(4).
---------------------------------------------------------------------------

    \32\ Commentary .01(b)(1)-(4) to NYSE Arca Rule 8.600-E requires
that the components of the fixed income portion of a portfolio meet
the following criteria initially and on a continuing basis: (1)
Components that in the aggregate account for at least 75% of the
fixed income weight of the portfolio each shall have a minimum
original principal amount outstanding of $100 million or more; (2)
no component fixed-income security (excluding Treasury Securities
and GSEs) shall represent more than 30% of the fixed income weight
of the portfolio, and the five most heavily weighted component fixed
income securities in the portfolio (excluding Treasury Securities
and GSEs) shall not in the aggregate account for more than 65% of
the fixed income weight of the portfolio; (3) an underlying
portfolio (excluding exempted securities) that includes fixed income
securities shall include a minimum of 13 non-affiliated issuers,
provided, however, that there shall be no minimum number of non-
affiliated issuers required for fixed income securities if at least
70% of the weight of the portfolio consists of equity securities as
described in Commentary .01(a); and (4) component securities that in
aggregate account for at least 90% of the fixed income weight of the
portfolio must be either (a) from issuers that are required to file
reports pursuant to Sections 13 and 15(d) of Act; (b) from issuers
that have a worldwide market value of its outstanding common equity
held by non-affiliates of $700 million or more; (c) from issuers
that have outstanding securities that are notes, bonds debentures,
or evidence of indebtedness having a total remaining principal
amount of at least $1 billion; (d) exempted securities as defined in
Section 3(a)(12) of Act; or (e) from issuers that are a government
of a foreign country or a political subdivision of a foreign
country.
    \33\ See supra note 18.
    \34\ The Exchange notes that the Fund's holdings in non-
convertible corporate debt securities will not exceed 30% of the
weight of the Fund's holdings in cash equivalents and Short-Term
Fixed Income Securities, collectively.
---------------------------------------------------------------------------

    The Exchange states that the Fund does not currently meet the
requirements of Commentary .01(d)(2) to NYSE Arca Rule 8.600-E with
respect to the Fund's and the Subsidiary's investments in Listed
Derivatives.\35\ The Exchange proposes to facilitate the continued
listing and trading of Shares of the Fund notwithstanding the fact that
the Fund does not meet the requirements of Commentary .01(d)(2) to Rule
8.600-E. Specifically, the Exchange is proposing to allow the Fund to
hold up to 60% of the weight of its portfolio (including gross notional
exposures) in Listed Derivatives based on reference assets consisting
of the Reference Benchmark or commodities from the same sectors as
those included in the Reference Benchmark. With respect to the Fund's
and the Subsidiary's investment in derivatives on the Reference
Benchmark, the Exchange notes that the Reference Benchmark provides
broad-based exposure to commodities as an asset class, as it is
composed of 22 futures contracts across 20 physical agricultural,
livestock, energy, precious metals and industrial metals commodities
listed on U.S. regulated futures exchanges or non-U.S. futures
exchanges with which the Exchange has in place a CSSA.\36\ The Exchange
states that the Reference Benchmark reflects the returns from these
commodities and uses liquidity and sector caps to avoid
overconcentration in any single commodity or commodity sector.
---------------------------------------------------------------------------

    \35\ Commentary .01(d)(2) to NYSE Arca Rule 8.600-E provides
that the aggregate gross notional value of listed derivatives based
on any five or fewer underlying reference assets shall not exceed
65% of the weight of the portfolio (including gross notional
exposures), and the aggregate gross notional value of listed
derivatives based on any single underlying reference asset shall not
exceed 30% of the weight of the portfolio (including gross notional
exposures).
    \36\ The Exchange states that the commodity futures included in
the Reference Benchmark are traded on the CME Group, Inc. (``CME''),
ICE Futures U.S. (``ICE U.S.''), ICE Futures Europe (``ICE
Europe''), and the London Metal Exchange (``LME''). The Exchange
further states that ICE U.S., ICE Europe, and CME are members of the
ISG, and that the Exchange has in place a CSSA with the LME.
---------------------------------------------------------------------------

    The Exchange states that by holding Listed Derivatives in excess of
the parameters included in Commentary .01(d)(2) to NYSE Arca Rule
8.600-E, the Fund and the Subsidiary would be able to invest a greater
portion of the Fund's assets in Listed Derivatives rather than OTC
Derivatives. According to the Exchange, this would provide the Fund
with greater flexibility in meeting its investment objective while
reducing counterparty risk associated with the Fund's and the
Subsidiary's investments in OTC Derivatives. In addition, the Exchange
represents that all Listed Derivatives utilized by the Fund would be
traded on exchanges that are members of the ISG or with which the
Exchange has in place a CSSA.
    The Exchange represents that the Fund's holdings in OTC Derivatives
currently comply with the requirements set forth in Commentary .01(e)
to NYSE Arca Rule 8.600-E.\37\ The Exchange proposes that, going
forward, the Fund's holdings in OTC Derivatives will not comply with
the requirements set forth in Commentary .01(e) to NYSE Arca Rule
8.600-E. Specifically, the Exchange proposes that up to 60% of the
Fund's assets (calculated as the aggregate gross notional value) may be
invested in OTC Derivatives. The Exchange states that the Adviser
believes that it is important to provide the Fund with additional
flexibility to manage risk associated with its investments and,
depending on market conditions, it may be critical that the Fund be
able to utilize available OTC Derivatives to efficiently gain exposure
to the multiple commodities that underlie the Reference Benchmark, as
well as commodity futures contracts similar to those found in the
Reference Benchmark. The Exchange states that OTC Derivatives can be
tailored to provide specific exposure to the Fund's Reference
Benchmark, as well as commodity futures contracts similar to those
found in the Reference Benchmark, allowing the Fund to more efficiently
meet its investment objective.\38\ The Exchange further states that if
the Fund were to gain commodity exposure exclusively through the use of
listed futures, the Fund's holdings in listed futures would be subject
to position limits and accountability levels established by an
exchange, and such limitations would restrict the Fund's ability to
gain efficient exposure to the commodities in the Reference Benchmark,
or futures contracts similar to those found in the Reference Benchmark,
thereby impeding the Fund's ability to satisfy its investment
objective.
---------------------------------------------------------------------------

    \37\ Commentary .01(e) to NYSE Arca Rule 8.600-E provides that,
on an initial and continuing basis, no more than 20% of the assets
in the portfolio may be invested in OTC derivatives (calculated as
the aggregate gross notional value of the OTC derivatives).
    \38\ As an example, the Exchange states that the Reference
Benchmark is composed of 22 futures contracts across 20 physical
commodities, which may not be sufficiently liquid and would not
provide the commodity exposure the Fund requires to meet its
investment objective if the Fund were to invest in the futures
directly. The Exchange states that a total return swap can be
structured to provide exposure to the same futures contracts as
exist in the Reference Benchmark, as well as commodity futures
contracts similar to those found in the Reference Benchmark, while
providing sufficient efficiency to allow the Fund to more easily
meet its investment objective.
---------------------------------------------------------------------------

    The Exchange represents that the Adviser and its affiliates
actively monitor counterparty credit risk exposure (including for OTC
derivatives) and evaluate counterparty credit quality on a continuous
basis. With respect to the Fund's (and the Subsidiary's) investments in
derivatives on the Reference Benchmark or on commodities from the same
sectors as those included in the Reference Benchmark, the Exchange
states that the Reference Benchmark provides broad-based exposure to
commodities as an asset class, as it is composed of 22 futures
contracts across 20 physical agricultural, livestock, energy, precious
metals, and industrial metals commodities listed on U.S. regulated
futures exchanges or non-U.S. futures exchanges with which the Exchange
has in place a CSSA. In addition, the Exchange states that the Adviser
represents that futures on all commodities in the Reference Benchmark
are traded on futures exchanges that are members of the ISG or with
which the Exchange has in place a CSSA.

III. Discussion and Commission's Findings

    After careful review, the Commission finds that the proposed rule
change, as modified by Amendment No. 4, is consistent with the Act and
the rules and regulations thereunder applicable to a national
securities exchange.\39\ In particular, the Commission finds that the
proposed rule change, as modified by Amendment No. 4, is consistent
with Section 6(b)(5) of the Act,\40\ which requires, among other
things, that the Exchange's rules be 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 a national market system, and, in

general, to protect investors and the public interest.
---------------------------------------------------------------------------

    \39\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
    \40\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    According to the Exchange, other than Commentary .01(b)(1)-(4) with
respect to Short-Term Fixed Income Securities, Commentary .01(d)(2)
with respect to Listed Derivatives, and Commentary .01(e) with respect
to OTC Derivatives, the Fund's portfolio will meet all requirements of
Commentary .01 to NYSE Arca Rule 8.600-E, and the Shares of the Fund
will conform to the initial and continued listing criteria under NYSE
Arca Rule 8.600-E.
    The Fund's investments in Short-Term Fixed Income Securities will
not meet the requirements for fixed income securities set forth in
Commentary .01(b)(1)-(4) to NYSE Arca Rule 8.600-E.\41\ The Commission,
however, believes that the limited nature of the Fund's investment in,
and certain restrictions on, the Short Term Fixed Income Securities
helps to mitigate concerns regarding the Shares being susceptible to
manipulation because of the Fund's investment in the Short Term Fixed
Income Securities.\42\ Specifically, the Exchange states that Short-
Term Fixed Income Securities primarily will include instruments that
are included in the definition of cash equivalents, but are not
considered cash equivalents because they have maturities of three
months or longer. As proposed, the Fund's investments in Short-Term
Fixed Income Securities will also include non-convertible corporate
debt securities, but such holdings would be limited to 30% of the
weight of the Fund's holdings in cash equivalents and Short-Term Fixed
Income Securities, collectively. In addition, the Fund's investments in
Short-Term Fixed Income Securities would include sovereign debt, but
would exclude sovereign debt obligations of emerging market countries.
Further, the Fund will invest in Short Term Fixed Income Securities for
cash management purposes, and the Short Term Fixed Income Securities in
which the Fund may invest will have maturities of no longer than 397
days.\43\
---------------------------------------------------------------------------

    \41\ See supra note 32.
    \42\ The Commission notes that all the fixed income securities
the Fund may invest in other than those included in Short-Term Fixed
Income Securities and cash equivalents will comply with the
requirements of Commentary .01(b) to NYSE Arca Rule 8.600-E, and the
cash equivalents the Fund may invest in will comply with the
requirements of Commentary .01(c). See supra Section II.A.
    \43\ See supra Section II.A.
---------------------------------------------------------------------------

    The Fund's investments in Listed Derivatives currently do not
comply with Commentary .01(d)(2) to NYSE Arca Rule 8.600-E, which
requires that the aggregate gross notional value of listed derivatives
based on any five or fewer underlying reference assets not exceed 65%
of the weight of the portfolio (including gross notional exposures),
and the aggregate gross notional value of listed derivatives based on
any single underlying reference asset not exceed 30% of the weight of
the portfolio (including gross notional exposures). To facilitate the
continued listing and trading of the Shares, the Exchange proposes to
allow the Fund to hold up to 60% of the weight of the portfolio
(including gross notional exposures) in Listed Derivatives based on
reference assets consisting of the Reference Benchmark or commodities
from the same sectors as those included in the Reference Benchmark. The
Exchange states that allowing the Fund to invest in Listed Derivatives
on the Reference Benchmark in excess of the limitations in Commentary
.01(d)(2) will provide the Fund with greater flexibility in meeting its
investment objective while reducing counterparty risk associated with
investments in OTC Derivatives by allowing the Fund to rely to a
greater extent on investments in Listed Derivatives.\44\
---------------------------------------------------------------------------

    \44\ See supra Section II.D.
---------------------------------------------------------------------------

    The Commission believes that certain factors help to mitigate
concerns that the Fund's investment in Listed Derivatives will make the
Shares susceptible to manipulation. Specifically, with respect to
Listed Derivatives on the Reference Benchmark or commodities from the
same sectors as those included in the Reference Benchmark, the Exchange
represents that (i) the Reference Benchmark includes at least 22
futures contracts across 20 physical agricultural, livestock, energy,
precious metals, and industrial metals commodities listed on U.S.
regulated futures exchanges or non-U.S. futures exchanges with which
the Exchange has in place a CSSA; (ii) futures on all commodities in
the Reference Benchmark are traded on futures exchanges that are
members of the ISG or with which the Exchange has in place a CSSA; and
(iii) the Reference Benchmark uses liquidity and sector caps to avoid
overconcentration in any single commodity or commodity sector. In
addition, the Exchange represents that all Listed Derivatives utilized
by the Fund will be traded on exchanges that are members of the ISG or
with which the Exchange has in place a CSSA.
    The Fund's investments in OTC Derivatives will not comply with
Commentary .01(e) to NYSE Arca Rule 8.600-E, which requires that no
more than 20% of the assets of the Fund be invested in OTC derivatives
(calculated as the aggregate gross notional value of such OTC
derivatives). In the alternative, the Exchange proposes that up to 60%
of the Fund's assets (calculated as the aggregate gross notional value)
may be invested in OTC Derivatives.\45\ The Exchange states that it may
be necessary for the Fund to utilize OTC Derivatives in order to more
efficiently hedge its portfolio or to meet its investment
objective.\46\
---------------------------------------------------------------------------

    \45\ The Exchange represents that the Adviser and its affiliates
actively monitor counterparty credit risk exposure for OTC
derivatives and evaluate counterparty credit quality on a continuous
basis. See supra Section II.D. Moreover, the Exchange states that
investments in derivative instruments will be made in accordance
with the Fund's investment objective and policies. To limit the
potential risk associated with such transactions, the Fund will
enter into offsetting transactions or segregate or ``earmark''
assets determined to be liquid by the Adviser in accordance with
procedures established by the Trust's Board of Trustees. In
addition, the Fund has included appropriate risk disclosure in its
offering documents, including leveraging risk. See supra Section II.
C.
    \46\ See supra Section II. D.
---------------------------------------------------------------------------

    As with Listed Derivatives, the Commission believes that certain
factors help to mitigate concerns that the Fund's investment in OTC
Derivatives will make the Shares susceptible to manipulation. As
discussed above, with respect to OTC Derivatives on the Reference
Benchmark or on commodities from the same sectors as those included in
the Reference Benchmark, the Exchange represents that (i) the Reference
Benchmark includes at least 22 futures contracts across 20 physical
agricultural, livestock, energy, precious metals, and industrial metals
commodities listed on U.S. regulated futures exchanges or non-U.S.
futures exchanges with which the Exchange has in place a CSSA; (ii)
futures on all commodities in the Reference Benchmark are traded on
futures exchanges that are members of the ISG or with which the
Exchange has in place a CSSA; and (iii) the Reference Benchmark uses
liquidity and sector caps to avoid overconcentration in any single
commodity or commodity sector. Moreover, on a daily basis, the Fund
will be required to disclose on its website the information regarding
the Disclosed Portfolio required under NYSE Arca Rule 8.600-E(c)(2), to
the extent applicable,\47\ and the website

information will be publicly available at no charge.\48\
---------------------------------------------------------------------------

    \47\ NYSE Arca Rule 8.600-E(c)(2) requires that the website for
each series of Managed Fund Shares disclose the following
information regarding the Disclosed Portfolio, to the extent
applicable: (A) Ticker symbol; (B) CUSIP or other identifier; (C)
description of the holding; (D) with respect to holdings in
derivatives, the identity of the security, commodity, index or other
asset upon which the derivative is based; (E) the strike price for
any options; (F) the quantity of each security or other asset held
as measured by (i) par value, (ii) notional value, (iii) number of
shares, (iv) number of contracts, and (v) number of units; (G)
maturity date; (H) coupon rate; (I) effective date; (J) market
value; and (K) percentage weighting of the holding in the portfolio.
    \48\ See Amendment No. 4, supra note 9 at 19.
---------------------------------------------------------------------------

    The Exchange represents that all statements and representations
made in the filing regarding: (1) The description of the portfolio
holdings or reference assets; (2) limitations on portfolio holdings or
reference assets; or (3) the applicability of Exchange listing rules
specified in the rule filing constitute continued listing requirements
for listing the Shares on the Exchange. In addition, the Exchange
represents that the issuer must notify 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 \49\ 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 Rule 5.5-E(m).
---------------------------------------------------------------------------

    \49\ The Commission notes that certain proposals for the listing
and trading of exchange-traded products include a representation
that the exchange will ``surveil'' for compliance with the continued
listing requirements. See, e.g., Securities Exchange Act Release No.
77499 (April 1, 2016), 81 FR 20428, 20432 (April 7, 2016) (SR-BATS-
2016-04). In the context of this representation, it is the
Commission's view that ``monitor'' and ``surveil'' both mean ongoing
oversight of compliance with the continued listing requirements.
Therefore, the Commission does not view ``monitor'' as a more or
less stringent obligation than ``surveil'' with respect to the
continued listing requirements.
---------------------------------------------------------------------------

    For the foregoing reasons, the Commission finds that the proposed
rule change, as modified by Amendment No. 4, is consistent with Section
6(b)(5) of the Act \50\ and the rules and regulations thereunder
applicable to a national securities exchange.
---------------------------------------------------------------------------

    \50\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

IV. Solicitation of Comments on Amendment No. 4 to the Proposed Rule
Change

    Interested persons are invited to submit written views, data, and
arguments concerning whether Amendment No. 4 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-2018-83 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-2018-83. 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 website (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 website 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. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSEArca-2018-83 and should be submitted
on or before September 12, 2019.

V. Accelerated Approval of the Proposed Rule Change, as Modified by
Amendment No. 4

    The Commission finds good cause to approve the proposed rule
change, as modified by Amendment No. 4, prior to the thirtieth day
after the date of publication of notice of the filing of Amendment No.
4 in the Federal Register. The Commission notes that Amendment No. 4
clarified the permitted investments of the Fund and the application of
NYSE Arca Rule 8.600-E, Commentary .01 to the Fund's investments.
Amendment No. 4 also provided other clarifications and additional
information to the proposed rule change. The changes and additional
information in Amendment No. 4 assist the Commission in evaluating the
Exchange's proposal and in determining that the listing and trading of
the Shares is consistent with the Act. Accordingly, the Commission
finds good cause, pursuant to Section 19(b)(2) of the Act,\51\ to
approve the proposed rule change, as modified by Amendment No. 4, on an
accelerated basis.
---------------------------------------------------------------------------

    \51\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

VI. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\52\ that the proposed rule change (SR-NYSEArca-2018-83), as
modified by Amendment No. 4 thereto, be, and it hereby is, approved on
an accelerated basis.
---------------------------------------------------------------------------

    \52\ Id.
    \53\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\53\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2019-18074 Filed 8-21-19; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 87, Number 105 (Wednesday, June 1, 2022)]
[Rules and Regulations]
[Pages 33018-33019]
[FR Doc No: 2022-11713]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 165

[Docket No. USCG-2022-0401]

Safety Zone; Recurring Events in Captain of the Port Duluth--City
of Superior 4th of July Fireworks

AGENCY: Coast Guard, DHS.

ACTION: Notice of enforcement of regulation.

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

SUMMARY: The Coast Guard will enforce a safety zone in 33 CFR 165.943
for the City of Superior 4th of July Fireworks in Superior, WI from 10
p.m. through 10:30 p.m. This action is necessary to protect
participants and spectators during the City of Superior 4th of July
Fireworks. During the enforcement period, entry into, transiting, or
anchoring within the safety zone is prohibited unless authorized by the
Captain of the Port Duluth or their designated on-scene representative.

DATES: The regulations in 33 CFR 165.943(b) will be enforced from 10
p.m. through 10:30 p.m. on July 4, 2022.

FOR FURTHER INFORMATION CONTACT: If you have questions about this
notice of enforcement, call or email LT Joe McGinnis, telephone 218-
725-3818, email [email protected].

SUPPLEMENTARY INFORMATION: The Coast Guard will enforce the safety zone
in 33 CFR 165.943 on all waters of Superior Bay in Superior, WI bounded
by the arc of a circle with a 1120-foot radius from the fireworks
launch site with its center in position 46[deg]43'28'' N,
092[deg]03'38'' W from 10 p.m. through 10:30 p.m. on July 4, 2022. This
action is necessary to protect participants and spectators during the
City of Superior 4th of July Fireworks.
    Entry into, transiting, or anchoring within the safety zone is
prohibited unless authorized by the Captain of the Port Duluth or their
designated on-scene representative. The Captain of the Port's
designated on-scene representative may be contacted via VHF Channel 16.
    This document is issued under authority of 33 CFR 165.943 and 5
U.S.C. 552 (a). In addition to this publication in the Federal
Register, the Coast Guard will provide the maritime community with
advance notification of the enforcement of this safety zone via
Broadcast Notice to Mariners.

    Dated: May 25, 2022.
F.M. Smith,
Captain of the Port Duluth, CDR, U.S. Coast Guard.
[FR Doc. 2022-11713 Filed 5-31-22; 8:45 am]
BILLING CODE 9110-04-P