[Federal Register Volume 77, Number 29 (Monday, February 13, 2012)]
[Notices]
[Pages 7647-7652]
[FR Doc No: 2012-3216]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-66343; File No. SR-NYSEArca-2011-85]

Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting
Approval of Proposed Rule Change, as Modified by Amendment No. 3
Thereto, Relating to the Listing and Trading of SPDR SSgA Real Assets
ETF; SPDR SSgA Income Allocation ETF; SPDR SSgA Conservative Global
Allocation ETF; SPDR SSgA Global Allocation ETF; and SPDR SSgA
Aggressive Global Allocation ETF Under NYSE Arca Equities Rule 8.600

February 7, 2012.

I. Introduction

    On November 16, 2011, 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 to list and trade shares (``Shares'') of the SPDR
SSgA Real Assets ETF; SPDR SSgA Income Allocation ETF; SPDR SSgA
Conservative Global Allocation ETF; SPDR SSgA Global Allocation ETF;
and SPDR SSgA Aggressive Global Allocation ETF (each, a ``Fund'' and,
collectively, ``Funds'') under NYSE Arca Equities Rule 8.600. The
proposed rule change was published in the Federal Register on December
7, 2011.\3\ On January 17, 2012, the Exchange filed Amendment No. 1 to
the proposed rule

change (``Amendment No. 1'').\4\ On January 18, 2012, the Exchange
filed Amendment No. 2 to the proposed rule change (``Amendment No.
2'').\5\ On January 23, 2012, the Exchange further extended the time
period for Commission action to February 8, 2012. On January 25, 2012,
the Exchange filed Amendment No. 3 to the proposed rule change
(``Amendment No. 3'').\6\ The Commission received no comments on the
proposal. This order grants approval of the proposed rule change, as
modified by Amendment No. 3 thereto.
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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. 65860 (December 1,
2011), 76 FR 76464 (``Notice'').
    \4\ The Exchange withdrew Amendment No. 1 on January 18, 2012,
and extended the time period for Commission action to January 25,
2012.
    \5\ The Exchange withdrew Amendment No. 2 on January 25, 2012.
    \6\ The proposed rule change originally stated that ``[e]ach
Fund may invest in the aggregate up to 15% of its net assets (taken
at the time of investment) in: (1) Illiquid securities, (2) Rule
144A securities, and (3) loan participation interests.'' Notice at
76468, supra note 3. Amendment No. 3 amended the proposed rule
change by deleting the phrase ``(taken at the time of investment)''
and replacing the term ``invest'' with ``hold.'' Because Amendment
No. 3 seeks to maintain consistency with the Investment Company Act
of 1940 (``1940 Act'') and the rules and regulations thereunder and
does not materially alter the substance of the proposed rule change
or raise any novel regulatory issues, the amendment is not subject
to notice and comment.
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II. Description of the Proposal

    The Exchange proposes to list and trade the Shares under NYSE Arca
Equities Rule 8.600, which governs the listing and trading of Managed
Fund Shares on the Exchange. The Shares will be offered by SSgA Active
ETF Trust (``Trust''), which is organized as a Massachusetts business
trust and is registered with the Commission as an open-end management
investment company.\7\ SSgA FM serves as the investment adviser to the
Funds (``Adviser''). State Street Global Markets, LLC (``Distributor'')
is the principal underwriter and distributor of the Funds' Shares.
State Street Bank and Trust Company (``Administrator,'' ``Custodian,''
or ``Transfer Agent'') serves as administrator, custodian, and transfer
agent for the Funds. The Exchange states that the Adviser is affiliated
with a broker-dealer and has implemented a ``fire wall'' with respect
to such broker-dealer regarding access to information concerning the
composition and/or changes to the Funds' portfolios.\8\
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    \7\ The Trust is registered under the 1940 Act. On September 12,
2011, the Trust filed with the Commission Form N-1A under the
Securities Act of 1933 (15 U.S.C. 77a) and the 1940 Act relating to
the Funds (File Nos. 333-173276 and 811-22542) (``Registration
Statement''). In addition, the Commission has issued an order
granting certain exemptive relief to the Trust under the 1940 Act.
See Investment Company Act Release No. 29524 (December 13, 2010)
(File No. 812-13487) (``Exemptive Order'').
    \8\ See Commentary .06 to NYSE Arca Equities Rule 8.600. The
Exchange represents that, in the event (a) the Adviser or any sub-
adviser becomes newly affiliated with a broker-dealer, or (b) any
new adviser or sub-adviser becomes affiliated with a broker-dealer,
such adviser and/or sub-adviser will implement a ``fire wall'' with
respect to such broker-dealer 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.
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SPDR SSgA Real Assets ETF

    The SPDR SSgA Real Assets ETF will seek to achieve a real return
consisting of capital appreciation and current income. The Fund will
invest substantially all of its assets in the SSgA Real Assets
Portfolio (``Real Assets Portfolio''), a separate series of the SSgA
Master Trust with an identical investment objective as the Fund. As a
result, the Fund will invest indirectly through the Real Assets
Portfolio. The Adviser will invest, under normal circumstances,\9\ at
least 80% of the Real Assets Portfolio's net assets among exchange-
traded products (``ETPs'') that provide exposure to ``real assets.''
The Adviser considers ``real assets'' to include the following four
primary asset classes: (i) Inflation protected securities issued by the
U.S. government, its agencies, and/or instrumentalities, as well as
inflation protected securities issued by foreign governments, agencies,
and/or instrumentalities; (ii) domestic and international real estate
securities; (iii) commodities; and (iv) publicly-traded companies in
natural resources and/or commodities businesses. The Real Assets
Portfolio will concentrate at least 25% of its assets in companies
primarily involved in the energy sector and real estate industry
through ETPs. The Real Assets Portfolio's allocation among those asset
classes will be in proportions consistent with the Adviser's evaluation
of the expected returns and risks of each asset class as well as the
allocation that, in the Adviser's view, will best meet the Real Assets
Portfolio's investment objective. The allocations to each asset class
will change over time as the Adviser's expectations of each asset class
shift. The Real Assets Portfolio's indirect holdings by virtue of
investing in ETPs representing those asset classes will consist of a
diversified mix of domestic and international equity securities,
government and corporate bonds, inflation protected securities,
commodities, and real estate investment trusts (``REITs''). ETPs may
include exchange-traded funds that seek to track the performance of a
market index (``Underlying ETFs'') (including Underlying ETFs managed
by the Adviser), exchange-traded commodity trusts, and exchange-traded
notes (``ETNs'').\10\
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    \9\ The term ``under normal circumstances'' includes, but is not
limited to, the absence of extreme volatility or trading halts in
the equity markets or the financial markets generally; operational
issues causing dissemination of inaccurate market information; or
force majeure type events such as systems failure, natural or man-
made disaster, act of God, armed conflict, act of terrorism, riot or
labor disruption or any similar intervening circumstance.
    \10\ For each of the Funds, ETPs include Investment Company
Units (as described in NYSE Arca Equities Rule 5.2(j)(3)); Index-
Linked Securities (as described in NYSE Arca Equities Rule
5.2(j)(6)); Portfolio Depositary Receipts (as described in NYSE Arca
Equities Rule 8.100); Trust Issued Receipts (as described in NYSE
Arca Equities Rule 8.200); Commodity-Based Trust Shares (as
described in NYSE Arca Equities Rule 8.201); Currency Trust Shares
(as described in NYSE Arca Equities Rule 8.202); Commodity Index
Trust Shares (as described in NYSE Arca Equities Rule 8.203); Trust
Units (as described in NYSE Arca Equities Rule 8.500); Managed Fund
Shares (as described in NYSE Arca Equities Rule 8.600), and closed-
end funds. The ETPs all will be listed and traded in the U.S. on
registered exchanges.
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SPDR SSgA Income Allocation ETF

    The SPDR SSgA Income Allocation ETF will seek to provide a total
return by focusing on investments in income and yield-generating
assets. The Fund will invest substantially all of its assets in the
SSgA Income Portfolio (``Income Portfolio''), a separate series of the
SSgA Master Trust with an identical investment objective as the Fund.
As a result, the Fund will invest indirectly through the Income
Portfolio. The Adviser will invest the assets of the Income Portfolio
among ETPs that provide exposure to four primary asset classes: (i)
Equity, domestic, and international securities; (ii) investment grade
and high yield debt securities; (iii) hybrid equity/debt (such as
preferred stock and convertible securities); and (iv) REITs. The Income
Portfolio's allocation among those asset classes will be in proportions
consistent with the Adviser's evaluation of the expected returns and
risks of each asset class as well as the allocation that, in the
Adviser's view, will best meet the Income Portfolio's investment
objective. The allocations to each asset class will change over time as
the Adviser's expectations of each asset class shift. The Income
Portfolio's indirect holdings by virtue of investing in ETPs
representing these asset classes will consist of a diversified mix of
domestic and international equity securities, investment grade and high
yield government and corporate bonds, hybrid securities, such as
preferred

stock and convertible securities, Build America Bonds, commodities, and
REITs.

SPDR SSgA Conservative Global Allocation ETF

    The SPDR SSgA Conservative Global Allocation ETF will seek to
provide current income, capital preservation, and the avoidance of
excessive portfolio volatility. The Fund will invest substantially all
of its assets in the SSgA Conservative Global Allocation Portfolio
(``Conservative Allocation Portfolio''), a separate series of the SSgA
Master Trust with an identical investment objective as the Fund. As a
result, the Fund will invest indirectly through the Conservative
Allocation Portfolio. The Adviser will invest the assets of the
Conservative Allocation Portfolio among ETPs that provide exposure to
domestic and international debt and equity securities with a larger
allocation to debt securities than to other asset classes. The
Conservative Allocation Portfolio has a higher allocation to fixed
income securities than to equity securities. These fixed income
securities tend to be less volatile than traditional equity securities.
The Conservative Allocation Portfolio typically will allocate
approximately 60% of its assets to debt related securities, though this
percentage can vary based on the Adviser's tactical decisions. The
allocations to each asset class will change over time as the Adviser's
expectations of each asset class shift. The Conservative Allocation
Portfolio's indirect holdings by virtue of investing in ETPs
representing these asset classes will consist of a diversified mix of
domestic and international, including emerging markets, equity
securities across all market capitalizations, investment grade and high
yield government and corporate bonds, inflation protected securities,
mortgage pass through securities, commercial mortgage backed
securities, asset backed securities, commodities, and REITs.

SPDR SSgA Global Allocation ETF

    The SPDR SSgA Global Allocation ETF will seek to provide current
income and capital preservation, with a secondary emphasis on capital
appreciation. The Fund will invest substantially all of its assets in
the SSgA Global Allocation Portfolio (``Global Allocation Portfolio''),
a separate series of the SSgA Master Trust with an identical investment
objective as the Fund. As a result, the Fund will invest indirectly
through the Global Allocation Portfolio. The Adviser will invest the
assets of the Global Allocation Portfolio among ETPs that provide
balanced exposure to domestic and international debt and equity
securities. The Global Allocation Portfolio typically will allocate
approximately 60% of its assets to equity securities, though this
percentage can vary based on the Adviser's tactical decisions. The
allocations to each asset class will change over time as the Adviser's
expectations of each asset class shift. The Global Allocation
Portfolio's indirect holdings by virtue of investing in ETPs
representing these asset classes will consist of a diversified mix of
domestic and international, including emerging market, equity
securities across all market capitalizations, investment grade and high
yield government and corporate bonds, inflation protected securities,
mortgage pass through securities, commercial mortgage backed
securities, asset backed securities, commodities, and REITs.

SPDR SSgA Aggressive Global Allocation ETF

    The SPDR SSgA Aggressive Global Allocation ETF will seek to provide
capital appreciation, with a secondary emphasis on current income. The
Fund will invest substantially all of its assets in the SSgA Aggressive
Global Allocation Portfolio (``Aggressive Allocation Portfolio'' and,
together with the Real Assets Portfolio, Income Portfolio, Conservative
Allocation Portfolio, and Global Allocation Portfolio, collectively,
``Portfolios''), a separate series of the SSgA Master Trust with an
identical investment objective as the Fund. As a result, the Fund will
invest indirectly through the Aggressive Allocation Portfolio. The
Adviser will invest the assets of the Aggressive Allocation Portfolio
among ETPs that provide exposure to domestic and international debt and
equity securities with a larger allocation to equity securities than
the other asset classes. The Aggressive Allocation Portfolio will have
a higher allocation to equity securities than to fixed income
securities. These equity securities will tend to be more volatile than
traditional equity securities. The Aggressive Allocation Portfolio
typically will allocate approximately 80% or more of its assets to
equity securities, though this percentage can vary based on the
Adviser's tactical decisions. The Aggressive Allocation Portfolio's
indirect holdings by virtue of investing in ETPs representing these
asset classes will consist of a diversified mix of domestic and
international, including emerging market, equity securities across all
market capitalizations, investment grade and high yield government and
corporate bonds, inflation protected securities, mortgage pass through
securities, commercial mortgage backed securities, asset backed
securities, government and corporate bonds, commodities, and REITs.

Master-Feeder Structure of the Funds

    The Funds are intended to be managed in a ``master-feeder''
structure, under which each Fund will invest substantially all of its
assets in a corresponding ``master fund,'' which is a separate mutual
fund that has an identical investment objective. As a result, each Fund
(i.e., a ``feeder fund'') will have an indirect interest in all of the
securities owned by each corresponding master fund.\11\ Because of this
indirect interest, each Fund's investment returns should be the same as
those of the corresponding master fund, adjusted for the expenses of
the feeder fund. In extraordinary instances, each Fund reserves the
right to make direct investments in securities.
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    \11\ Each master fund is registered under the 1940 Act.
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    The Adviser will manage the investments of each respective
Portfolio. Under the master-feeder arrangement, investment advisory
fees charged at the master fund level are deducted from the advisory
fees charged at the feeder fund level. This arrangement avoids a
``layering'' of fees, e.g., a Fund's total annual operating expenses
would be no higher as a result of investing in a master-feeder
arrangement than they would be if the Fund pursued its investment
objectives directly. In addition, each Fund may discontinue investing
through the master-feeder arrangement and pursue its investment
objectives directly if the Fund's Board of Trustees determines that
doing so would be in the best interests of shareholders.
    Each Fund is classified as a ``diversified'' investment company
under the 1940 Act. The Funds, other than the SPDR SSgA Real Assets
ETF, will not concentrate their investments in any particular industry
or sector. The SPDR SSgA Real Assets ETF will concentrate its
investments (i.e., invest more than 25% of its assets) in companies
primarily involved in the energy and real estate industries. In
addition, the Funds intend to qualify for and to elect treatment as a
separate regulated investment company under Subchapter M of the
Internal Revenue Code.

Other Investments

    While each Fund will invest substantially all of its assets in its
respective Portfolio, each Fund may

directly invest in certain other investments, as described below.
    Each Fund may (either directly or through its investments in its
corresponding Portfolio) invest in the following types of investments:
money market instruments, such as repurchase agreements, money market
funds (including money market funds managed by the Adviser), variable
rate demand notes, U.S. government and U.S. government agency
securities, loan-focused closed-end funds, and collateralized loan
obligation debt securities. Each Fund may invest in preferred
securities and in convertible securities.\12\
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    \12\ Convertible securities are bonds, debentures, notes,
preferred stocks, or other securities that may be converted or
exchanged (by the holder or by the issuer) into shares of the
underlying common stock (or cash or securities of equivalent value)
at a stated exchange ratio. A convertible security may also be
called for redemption or conversion by the issuer after a particular
date and under certain circumstances (including a specified price)
established upon issue. If a convertible security held by a Fund is
called for redemption or conversion, the Fund could be required to
tender it for redemption, convert it into the underlying common
stock, or sell it to a third party.
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    Each Fund may invest in bonds, including corporate bonds, high
yield debt securities, sovereign debt,\13\ and U.S. government
obligations.\14\ Each Fund may also invest in Variable Rate Demand
Obligations (``VRDOs'').\15\
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    \13\ Sovereign debt obligations are issued or guaranteed by
foreign governments or their agencies. Sovereign debt may be in the
form of conventional securities or other types of debt instruments
such as loans or loan participations. Governmental entities
responsible for repayment of the debt may be unable or unwilling to
repay the principal and pay interest when due, and may require
renegotiation or reschedule of debt payments. In addition, prospects
for repayment of principal and payment of interest may depend on
political as well as economic factors. Although some sovereign debt,
such as Brady Bonds, is collateralized by U.S. government
securities, repayment of principal and payment of interest is not
guaranteed by the U.S. government.
    \14\ U.S. government obligations are a type of bond and include
securities issued or guaranteed as to principal and interest by the
U.S. government, its agencies or instrumentalities.
    \15\ VRDOs are short-term tax exempt fixed income instruments
whose yield is reset on a periodic basis. VRDO securities tend to be
issued with long maturities of up to 30 or 40 years; however, they
are considered short-term instruments because they include a put
feature which coincides with the periodic yield reset. For example,
a VRDO with a yield that resets weekly will have a put feature that
is exercisable upon seven days notice. VRDOs are put back to a bank
or other entity that serves as a liquidity provider, who then tries
to resell the VRDOs or, if unable to resell, holds them in its own
inventory. VRDOs are generally supported by either a Letter of
Credit or a Stand-by Bond Purchase Agreement to provide credit
enhancement.
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    The Funds may invest in inflation protected public obligations,
commonly known as ``TIPS,'' of the U.S. Treasury, as well as TIPS of
major governments and emerging market countries, excluding the U.S.\16\
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    \16\ TIPS are a type of security issued by a government and are
designed to provide inflation protection to investors.
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    The Funds may conduct foreign currency transactions on a spot
(i.e., cash) or forward basis (i.e., by entering into forward contracts
to purchase or sell foreign currencies).
    Each Fund may invest in repurchase agreements with commercial
banks, brokers, or dealers to generate income from its excess cash
balances and to invest securities lending cash collateral.\17\
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    \17\ A repurchase agreement is an agreement under which a Fund
acquires a financial instrument (e.g., a security issued by the U.S.
government or an agency thereof, a banker's acceptance, or a
certificate of deposit) from a seller, subject to resale to the
seller at an agreed upon price and date (normally, the next business
day). A repurchase agreement may be considered a loan collateralized
by securities.
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    Each Fund may enter into reverse repurchase agreements, which
involve the sale of securities with an agreement to repurchase the
securities at an agreed upon price, date, and interest payment and have
the characteristics of borrowing.
    Each Fund may invest in commercial paper.\18\ In addition to
repurchase agreements, each Fund may invest in short-term instruments,
including money market instruments, (including money market funds
advised by the Adviser), repurchase agreements, cash and cash
equivalents, on an ongoing basis to provide liquidity or for other
reasons.
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    \18\ Commercial paper consists of short-term, promissory notes
issued by banks, corporations, and other entities to finance short-
term credit needs. These securities generally are discounted but
sometimes may be interest bearing.
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    In certain situations or market conditions, a Fund may (either
directly or through the corresponding Portfolio) temporarily depart
from its normal investment policies and strategies provided that the
alternative is consistent with the Fund's investment objective and is
in the best interest of the Fund.\19\ For example, a Fund may hold a
higher than normal proportion of its assets in cash in times of extreme
market stress. Each Fund may (either directly or through its
investments in its corresponding Portfolio) borrow money from a bank as
permitted by the 1940 Act or other governing statute, by applicable
rules thereunder, or by Commission or other regulatory agency with
authority over the Fund, but only for temporary or emergency purposes.
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    \19\ Such situations and conditions include, but are not limited
to, trading halts in the equities or fixed income markets or
disruptions in the financial markets generally; operational issues
causing dissemination of inaccurate market information; or force
majeure type events such as systems failure, natural or man-made
disaster, act of God, armed conflict, act of terrorism, riot or
labor disruption or any similar intervening circumstance.
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    In addition to ETPs, each Fund may invest in the securities of
other investment companies, including money market funds, subject to
applicable limitations under Section 12(d)(1) of the 1940 Act. A Fund
may also invest in the securities of other investment companies if such
securities are the only investment securities held by the Fund, such as
through a master-feeder arrangement. Each Fund will pursue its
respective investment objective through such an arrangement. To the
extent allowed by law, regulation, each Fund's investment restrictions,
and the Trust's exemptive relief under the 1940 Act, a Fund may invest
its assets in securities of investment companies that are money market
funds, including those advised by the Adviser or otherwise affiliated
with the Adviser, in excess of the limits discussed above.
    The Funds may purchase U.S. exchange-listed common stocks and
preferred securities of foreign corporations, as well as U.S.-
registered, dollar-denominated bonds of foreign corporations,
governments, agencies, and supra-national entities.
    A Fund's investments in common stock of foreign corporations may
also be in the form of American Depositary Receipts (``ADRs''), Global
Depositary Receipts (``GDRs''), and European Depositary Receipts
(``EDRs'') (collectively ``Depositary Receipts'').\20\ Depositary
Receipts are receipts, typically issued by a bank or trust company,
which evidence ownership of underlying securities issued by a foreign
corporation. For ADRs, the depository is typically a U.S. financial
institution and the underlying securities are issued by a foreign
issuer. For other Depositary Receipts, the depository may be a foreign
or a U.S. entity, and the underlying securities may have a foreign or a
U.S. issuer. Depositary Receipts will not necessarily be denominated in
the same currency as their underlying securities. Generally, ADRs, in
registered form, are designed for use in the U.S. securities market,
and EDRs, in bearer form, are designated for use in European securities
markets. GDRs are tradable both in the U.S. and in Europe

and are designed for use throughout the world. Each Fund may invest up
to 10% of its assets in unsponsored Depositary Receipts. The issuers of
unsponsored Depositary Receipts are not obligated to disclose material
information in the U.S., and, therefore, there may be less information
available regarding such issuers and there may not be a correlation
between such information and the market value of the Depositary
Receipts.
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    \20\ The foreign equity securities in which the Funds may invest
will be limited to securities that trade in markets that are members
of the Intermarket Surveillance Group (``ISG''), which includes all
U.S. national securities exchanges and certain foreign exchanges, or
are parties to a comprehensive surveillance sharing agreement with
the Exchange.
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    Each Fund may hold in the aggregate up to 15% of its net assets in:
(1) Illiquid securities, (2) Rule 144A securities, and (3) loan
participation interests. An illiquid asset is any asset which may not
be sold or disposed of in the ordinary course of business within seven
days at approximately the value at which a Fund has valued the
investment.
    In accordance with the Exemptive Order, the Funds will not invest
in options, futures, or swaps. Each Fund's investments will be
consistent with its respective investment objective and will not be
used to enhance leverage.
    Except for ETPs that may hold non-U.S. issues and Depositary
Receipts, the Funds will not otherwise invest in non-U.S.-registered
issues.
    Additional information regarding the Trust, the Funds, and the
Shares, including investment strategies, risks, creation and redemption
procedures, fees, portfolio holdings disclosure policies, distributions
and taxes is included in the Registration Statement. All terms relating
to the Funds that are referred to, but not defined in, this proposed
rule change are defined in the Notice and/or Registration Statement, as
applicable.\21\
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    \21\ See Notice and Registration Statement, supra notes 3 and 7,
respectively.
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III. Discussion and Commission's Findings

    The Commission has carefully reviewed the proposed rule change and
finds that it is consistent with the requirements of Section 6 of the
Act \22\ and the rules and regulations thereunder applicable to a
national securities exchange.\23\ In particular, the Commission finds
that the proposal is consistent with Section 6(b)(5) of the Act,\24\
which requires, among other things, that the Exchange's rules be
designed 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. The Commission notes that the Funds and the Shares
must comply with the requirements of NYSE Arca Equities Rule 8.600 to
be listed and traded on the Exchange.
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    \22\ 15 U.S.C. 78f.
    \23\ 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).
    \24\ 17 U.S.C. 78f(b)(5).
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    The Commission finds that the proposal to list and trade the Shares
on the Exchange is consistent with Section 11A(a)(1)(C)(iii) of the
Act,\25\ which sets forth Congress' finding that it is in the public
interest and appropriate for the protection of investors and the
maintenance of fair and orderly markets to assure the availability to
brokers, dealers, and investors of information with respect to
quotations for, and transactions in, securities. Quotation and last-
sale information for the Shares will be available via the Consolidated
Tape Association high-speed line and, for the ETPs, will be available
from the national securities exchange(s) on which they are listed.\26\
In addition, the Indicative Optimized Portfolio Value (``IOPV''),\27\
which is the Portfolio Indicative Value (``PIV'') as defined in NYSE
Arca Equities Rule 8.600(c)(3), will be widely disseminated by one or
more major market data vendors at least every 15 seconds during the
Core Trading Session.\28\ On each business day, before commencement of
trading in Shares in the Core Trading Session on the Exchange, the
Funds will disclose on their Web site the Disclosed Portfolio, as
defined in NYSE Arca Equities Rule 8.600(c)(2), that will form the
basis for the Funds' calculation of the net asset value (``NAV'') at
the end of the business day.\29\ The NAV of a Fund will be determined
once each business day, normally 4:00 p.m. Eastern Time. A basket
composition file, which includes the security names and share
quantities required to be delivered in exchange for Fund Shares,
together with estimates and actual cash components, will be publicly
disseminated daily prior to the opening of the New York Stock Exchange
via the National Securities Clearing Corporation. Information regarding
market price and trading volume of the Shares will be continually
available on a real-time basis throughout the day on brokers' computer
screens and other electronic services, and information regarding the
previous day's closing price and trading volume information for the
Shares will be published daily in the financial section of newspapers.
The Funds' Web site will also include a form of the prospectus for the
Funds, information relating to NAV (updated daily), and other
quantitative and trading information.
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    \25\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
    \26\ The intra-day, closing, and settlement prices of the
portfolio securities are also readily available on automated
quotation systems, published or other public sources, or online
information services such as Bloomberg or Reuters.
    \27\ The IOPV calculations will be estimates of the value of the
Funds' NAV per Share using market data converted into U.S. dollars
at the current currency rates. The IOPV price will be based on
quotes and closing prices from the securities' local market and may
not reflect events that occur subsequent to the local market's
close. Premiums and discounts between the IOPV and the market price
may occur. This should not be viewed as a ``real-time'' update of
the NAV per Share of the Funds, which will be calculated only once a
day.
    \28\ According to the Exchange, several major market data
vendors display and/or make widely available PIVs published on the
Consolidated Tape Association or other data feeds. See Notice at
76470, supra note 3.
    \29\ On a daily basis, the Adviser will disclose for each
portfolio security or other financial instrument of the Funds and of
the Portfolios the following information: Ticker symbol (if
applicable); name of security or financial instrument; number of
shares or dollar value of financial instruments held in the
portfolio; and percentage weighting of the security or financial
instrument in the portfolio.
---------------------------------------------------------------------------

    The Commission further believes that the proposal to list and trade
the Shares is reasonably designed to promote fair disclosure of
information that may be necessary to price the Shares appropriately and
to prevent trading when a reasonable degree of transparency cannot be
assured. The Commission notes that the Exchange will obtain a
representation from the issuer of the Shares that the NAV per Share
will be calculated daily and that the NAV and the Disclosed Portfolio
will be made available to all market participants at the same time.\30\
In addition, the Exchange will halt trading in the Shares under the
specific circumstances set forth in NYSE Arca Equities Rule
8.600(d)(2)(D) and may halt trading in the Shares if trading is not
occurring in the securities and/or the financial instruments comprising
the Disclosed Portfolio of the Funds, or if other unusual conditions or
circumstances detrimental to the maintenance of a fair and orderly
market are present.\31\ Further, the Commission notes that the
Reporting Authority that provides the Disclosed Portfolio must
implement and maintain, or be subject to, procedures designed to
prevent the use and dissemination of material non-public information
regarding the actual components of the

portfolio.\32\ The Exchange states that it has a general policy
prohibiting the distribution of material, non-public information by its
employees. The Exchange also represents that the Adviser is affiliated
with a broker-dealer and has implemented a ``fire wall'' with respect
to such broker-dealer regarding access to information concerning the
composition and/or changes to the Funds' portfolios.\33\ The Commission
also notes that the Exchange can obtain information with respect to the
ETPs from the U.S. exchanges, which are all members of the ISG, listing
and trading such ETPs.
---------------------------------------------------------------------------

    \30\ See NYSE Arca Equities Rule 8.600(d)(1)(B).
    \31\ With respect to trading halts, the Exchange may consider
other relevant factors in exercising its discretion to halt or
suspend trading in the Shares of the Funds. Trading in Shares of the
Funds will be halted if the circuit breaker parameters in NYSE Arca
Equities Rule 7.12 have been reached. Trading also may be halted
because of market conditions or for reasons that, in the view of the
Exchange, make trading in the Shares inadvisable.
    \32\ See NYSE Arca Equities Rule 8.600(d)(2)(B)(ii).
    \33\ See supra note 8 and accompanying text. The Commission
notes that an investment adviser to an open-end fund is required to
be registered under the Investment Advisers Act of 1940 (``Advisers
Act''). As a result, the Adviser and its related personnel are
subject to the provisions of Rule 204A-1 under the Advisers Act
relating to codes of ethics. This Rule requires investment advisers
to adopt a code of ethics that reflects the fiduciary nature of the
relationship to clients as well as compliance with other applicable
securities laws. Accordingly, procedures designed to prevent the
communication and misuse of non-public information by an investment
adviser must be consistent with Rule 204A-1 under the Advisers Act.
In addition, Rule 206(4)-7 under the Advisers Act makes it unlawful
for an investment adviser to provide investment advice to clients
unless such investment adviser has (i) adopted and implemented
written policies and procedures reasonably designed to prevent
violation, by the investment adviser and its supervised persons, of
the Advisers Act and the Commission rules adopted thereunder; (ii)
implemented, at a minimum, an annual review regarding the adequacy
of the policies and procedures established pursuant to subparagraph
(i) above and the effectiveness of their implementation; and (iii)
designated an individual (who is a supervised person) responsible
for administering the policies and procedures adopted under
subparagraph (i) above.
---------------------------------------------------------------------------

    The Exchange represents that the Shares are deemed to be equity
securities, thus rendering trading in the Shares subject to the
Exchange's existing rules governing the trading of equity securities.
In support of this proposal, the Exchange has made representations,
including:
    (1) The Shares will conform to the initial and continued listing
criteria under NYSE Arca Equities Rule 8.600.
    (2) The Exchange has appropriate rules to facilitate transactions
in the Shares during all trading sessions.
    (3) The Exchange's surveillance procedures applicable to derivative
products, which include Managed Fund Shares, are adequate to properly
monitor Exchange trading of the Shares in all trading sessions and to
deter and detect violations of Exchange rules and applicable federal
securities laws.
    (4) Prior to the commencement of trading, the Exchange will inform
its Equity Trading Permit Holders in an Information Bulletin of the
special characteristics and risks associated with trading the Shares.
Specifically, the Information Bulletin will discuss the following: (a)
The procedures for purchases and redemptions of Shares in Creation Unit
Aggregations (and that Shares are not individually redeemable); (b)
NYSE Arca Equities Rule 9.2(a), which imposes a duty of due diligence
on its Equity Trading Permit Holders to learn the essential facts
relating to every customer prior to trading the Shares; (c) the risks
involved in trading the Shares during the Opening and Late Trading
Sessions when an updated PIV will not be calculated or publicly
disseminated; (d) how information regarding the PIV is disseminated;
(e) the requirement that Equity Trading Permit Holders deliver a
prospectus to investors purchasing newly issued Shares prior to or
concurrently with the confirmation of a transaction; and (f) trading
and other information.
    (5) For initial and/or continued listing, the Funds will be in
compliance with Rule 10A-3 under the Act,\34\ as provided by NYSE Arca
Equities Rule 5.3.
---------------------------------------------------------------------------

    \34\ See 17 CFR 240.10A-3.
---------------------------------------------------------------------------

    (6) Each Fund: (a) Will not invest in non-U.S.-registered issues
(except for ETPs that may hold non-U.S. issues and Depositary
Receipts);\35\ (b) may hold in the aggregate up to 15% of its net
assets in (i) illiquid securities, (ii) Rule 144A securities, and (iii)
loan participation interests; and (c) in accordance with the Exemptive
Order, will not invest in options, futures, or swaps.
---------------------------------------------------------------------------

    \35\ See supra note 20 and accompanying text.
---------------------------------------------------------------------------

    (7) Each Fund's investments will be consistent with its respective
investment objective and will not be used to enhance leverage.
    (8) A minimum of 100,000 Shares for each Fund will be outstanding
at the commencement of trading on the Exchange.
    This approval order is based on the Exchange's representations.
    For the foregoing reasons, the Commission finds that the proposed
rule change, as modified by Amendment No. 3 thereto, is consistent with
Section 6(b)(5) of the Act \36\ and the rules and regulations
thereunder applicable to a national securities exchange.
---------------------------------------------------------------------------

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

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\37\ that the proposed rule change (SR-NYSEArca-2011-85), as
modified by Amendment No. 3 thereto, be, and it hereby is, approved.
---------------------------------------------------------------------------

    \37\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\38\
---------------------------------------------------------------------------

    \38\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-3216 Filed 2-10-12; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register Volume 86, Number 171 (Wednesday, September 8, 2021)]
[Rules and Regulations]
[Pages 50242-50244]
[FR Doc No: 2021-19250]

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

DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2021-0380; Project Identifier MCAI-2020-01683-R;
Amendment 39-21672; AD 2021-16-10]
RIN 2120-AA64

Airworthiness Directives; Airbus Helicopters Deutschland GmbH
Helicopters

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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

SUMMARY: The FAA is adopting a new airworthiness directive (AD) for
certain Airbus Helicopters Deutschland GmbH Model EC135P1, EC135P2,
EC135P2+, EC135P3, EC135T1, EC135T2, EC135T2+, and EC135T3 helicopters.
This AD was prompted by a report that geometrical non-conformities were
found in the root section of the tail rotor blade (TRB). This AD
requires a one-time inspection (dimensional check) of the TRB for
conformity and, depending on the findings, replacement of certain
affected parts, as specified in a European Union Aviation Safety Agency
(EASA) AD, which is incorporated by reference. This AD also prohibits
rework, repair, or modification of affected parts in the affected area
of the TRB assembly root. The FAA is issuing this AD to address the
unsafe condition on these products.

DATES: This AD is effective October 13, 2021.
    The Director of the Federal Register approved the incorporation by
reference of a certain publication listed in this AD as of October 13,
2021.

ADDRESSES: For material incorporated by reference (IBR) in this AD,
contact the EASA, Konrad-Adenauer-Ufer 3, 50668 Cologne, Germany;
telephone +49 221 8999 000; email<EMAIL_ADDRESS>internet
www.easa.europa.eu. You may find this IBR material on the EASA website
at https://ad.easa.europa.eu. You may view this material at the FAA,
Office of the Regional Counsel, Southwest Region, 10101 Hillwood Pkwy.,
Room 6N-321, Fort Worth, TX 76177. For information on the availability
of this material at the FAA, call<PHONE_NUMBER>. It is also available in
the AD docket on the internet at https://www.regulations.gov by
searching for and locating Docket No. FAA-2021-0380.

Examining the AD Docket

    You may examine the AD docket on the internet at https://www.regulations.gov by searching for and locating Docket No. FAA-2021-
0380; or in person at Docket Operations between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays. The AD docket contains
this final rule, any comments received, and other information. The
address for Docket Operations is U.S. Department of Transportation,
Docket Operations, M-30, West Building Ground Floor, Room W12-140, 1200
New Jersey Avenue SE, Washington, DC 20590.

FOR FURTHER INFORMATION CONTACT: Andrea Jimenez, Aerospace Engineer,
COS Program Management Section, Operational Safety Branch, Compliance &
Airworthiness Division, FAA, 1600 Stewart Ave., Mail Stop: Room 410,
Westbury, NY 11590; telephone<PHONE_NUMBER>; email
<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Background

    The EASA, which is the Technical Agent for the Member States of the
European Union, has issued EASA AD 2020-0282, dated December 17, 2020
(EASA AD 2020-0282) (also referred to as the Mandatory Continuing
Airworthiness Information, or the MCAI), to correct an unsafe condition
for Airbus Helicopters Deutschland GmbH Model EC135 P1, EC135 P2, EC135
P2+, EC135 P3, EC135 T1, EC135 T2, EC135 T2+, EC135 T3, EC635 P2+,
EC635 P3, EC635 T1, EC635 T2+, and EC635 T3 helicopters, all variants,
all serial numbers. Model EC635 P2+, EC635 P3, EC635 T1, EC635 T2+, and
EC635 T3 helicopters are not certificated by the FAA and are not
included on the U.S. type certificate data sheet, except where the U.S.
type certificate data sheet explains that the Model EC635T2+ helicopter
having serial number 0858 was converted from Model EC635T2+ to Model
EC135T2+. This AD, therefore, does not include Model EC635 P2+, EC635
P3, EC635 T1, EC635 T2+, and EC635 T3 helicopters in the applicability.
    Furthermore, although EASA AD 2020-0282 applies to all Model EC135
P1, EC135 P2, EC135 P2+, EC135 P3, EC135 T1, EC135 T2, EC135 T2+, and
EC135 T3 helicopters, this AD applies to helicopters with an affected
part installed instead.
    The FAA issued a notice of proposed rulemaking (NPRM) to amend 14
CFR part 39 by adding an AD that would apply to certain Airbus
Helicopters Deutschland GmbH Model EC135P1, EC135P2, EC135P2+, EC135P3,
EC135T1, EC135T2, EC135T2+, and EC135T3 helicopters. The NPRM published
in the Federal Register on June 1, 2021 (86 FR 29216). The NPRM was
prompted by a report that during an investigation related to an
accident on an Airbus Helicopters Model EC130B4 helicopter, geometrical
non-conformities were observed in the TRB root section. EASA issued AD
2020-0187, dated August 21, 2020, to address this issue on Model
EC130B4 and EC130T2 helicopters and the FAA issued corresponding AD
2021-10-25, Amendment 39-21558 (86 FR 29176, June 1, 2021). The Airbus
Helicopters Deutschland GmbH Model EC135P1, EC135P2, EC135P2+, EC135P3,
EC135T1, EC135T2, EC135T2+, and EC135T3 helicopters have a similar
design and production requirements to the affected Model EC130B4
helicopter, and an inspection of the affected parts detected
geometrical non-conformities in some instances. The NPRM proposed to
require a one-time inspection (dimensional check) of the TRB for
conformity and, depending on the findings, replacement of certain
affected parts, as specified in EASA AD 2020-0282. The NPRM also
proposed to prohibit rework, repair, or modification of affected parts
in the affected area of the TRB assembly root.
    The FAA is issuing this AD to address geometrical non-conformities
in the TRB root section, which could lead to crack initiation and
consequent blade failure, resulting in loss of control of the
helicopter. See the MCAI for additional background information.

Comments

    The FAA gave the public the opportunity to participate in
developing this final rule. The FAA received no comments on the NPRM or
on the determination of the cost to the public.

Conclusion

    The FAA reviewed the relevant data and determined that air safety
and the public interest require adopting this final rule as proposed,
except for minor editorial changes. The FAA has determined that these
minor changes:
     Are consistent with the intent that was proposed in the
NPRM for addressing the unsafe condition; and
     Do not add any additional burden upon the public than was
already proposed in the NPRM.

Related Service Information Under 1 CFR Part 51

    EASA AD 2020-0282 requires a one-time inspection (dimensional
check) to verify TRB conformity, and, depending on findings,
replacement of each affected part classified as Category B (non-
compliant TRB assembly). EASA AD 2020-0282 also prohibits rework,
repair, or modification of affected parts in the critical section
(affected area of the TRB assembly root).
    This material is reasonably available because the interested
parties have access to it through their normal course of business or by
the means identified in the ADDRESSES section.

Costs of Compliance

    The FAA estimates that this AD affects 341 helicopters of U.S.
registry. The FAA estimates the following costs to comply with this AD:

                                      Estimated Costs for Required Actions
----------------------------------------------------------------------------------------------------------------
                                                                                Cost per       Cost on U.S.
                          Labor cost                              Parts cost        product         operators
----------------------------------------------------------------------------------------------------------------
4 work-hours x $85 per hour = $340...........................              $0             $340         $115,940
----------------------------------------------------------------------------------------------------------------

    The FAA estimates the following costs to do any necessary on-
condition actions that would be required based on the results of any
required actions. The FAA has no way of determining the number of
helicopters that might need these on-condition actions:

                 Estimated Costs of On-Condition Actions
------------------------------------------------------------------------
                                                             Cost per
              Labor cost                   Parts cost        product
------------------------------------------------------------------------
10 work-hours x $85 per hour = $850...          $4,400           $5,250
------------------------------------------------------------------------

Authority for This Rulemaking

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

Regulatory Findings

    This AD will not have federalism implications under Executive Order
13132. This AD will not have a substantial direct effect on the States,
on the relationship between the national government and the States, or
on the distribution of power and responsibilities among the various
levels of government.
    For the reasons discussed above, I certify that this AD:
    (1) Is not a ``significant regulatory action'' under Executive
Order 12866,
    (2) Will not affect intrastate aviation in Alaska, and
    (3) Will not have a significant economic impact, positive or
negative, on a substantial number of small entities under the criteria
of the Regulatory Flexibility Act.

List of Subjects in 14 CFR Part 39

    Air transportation, Aircraft, Aviation safety, Incorporation by
reference, Safety.

Adoption of the Amendment

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

PART 39--AIRWORTHINESS DIRECTIVES

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

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

Sec.  39.13   [Amended]

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

2021-16-10 Airbus Helicopters Deutschland GmbH: Amendment 39-21672;
Docket No. FAA-2021-0380; Project Identifier MCAI-2020-01683-R.

(a) Effective Date

    This airworthiness directive (AD) is effective October 13, 2021.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to Airbus Helicopters Deutschland GmbH Model
EC135P1, EC135P2, EC135P2+, EC135P3, EC135T1, EC135T2, EC135T2+, and
EC135T3 helicopters, certificated in any category, with any of the
tail rotor blade (TRB) part numbers specified in paragraphs (c)(1)
through (5) of this AD installed.
    (1) Part number (P/N) L642A2002101.
    (2) P/N L642A2002103.
    (3) P/N L642A2002104.
    (4) P/N L642A2002111.
    (5) P/N L642A2002112.

(d) Subject

    Joint Aircraft System Component (JASC) Code 6410, Tail Rotor
Blades.

(e) Unsafe Condition

    This AD was prompted by a report that during an investigation
related to an accident on an Airbus Helicopters Model EC130B4
helicopter, geometrical non-conformities were observed in the TRB
root section. The FAA is issuing this AD to address geometrical non-
conformities in the TRB root section, which could lead to crack
initiation

and consequent blade failure, resulting in loss of control of the
helicopter.

(f) Compliance

    Comply with this AD within the compliance times specified,
unless already done.

(g) Requirements

    Except as specified in paragraph (h) of this AD: Comply with all
required actions and compliance times specified in, and in
accordance with, European Union Aviation Safety Agency (EASA) AD
2020-0282, dated December 17, 2020 (EASA AD 2020-0282).

(h) Exceptions to EASA AD 2020-0282

    (1) Where EASA AD 2020-0282 refers to its effective date, this
AD requires using the effective date of this AD.
    (2) The ``Remarks'' section of EASA AD 2020-0282 does not apply
to this AD.
    (3) Where the service information referred to in EASA AD 2020-
0282 specifies to discard a certain part, this AD requires removing
that part from service.
    (4) Where EASA AD 2020-0282 refers to flight hours (FH), this AD
requires using hours time-in-service.
    (5) Where the service information referred to in EASA AD 2020-
0282 specifies to measure using the Smartphone application or the
PowerPoint method, those methods of measurement are not required by
this AD.
    (6) Where the service information referred to in EASA AD 2020-
0282 specifies to contact Airbus Helicopters if the measurement
results cannot be confirmed, this AD requires determining the
specified measurements but does not require contacting Airbus
Helicopters for confirmation.

(i) No Reporting Requirement

    Although the service information referred to in EASA AD 2020-
0282 specifies to submit certain information to the manufacturer,
this AD does not include that requirement.

(j) Alternative Methods of Compliance (AMOCs)

    (1) The Manager, International Validation Branch, FAA, has the
authority to approve AMOCs for this AD, if requested using the
procedures found in 14 CFR 39.19. In accordance with 14 CFR 39.19,
send your request to your principal inspector or local Flight
Standards District Office, as appropriate. If sending information
directly to the manager of the International Validation Branch, send
it to the attention of the person identified in paragraph (k) of
this AD. Information may be emailed to<EMAIL_ADDRESS>    (2) Before using any approved AMOC, notify your appropriate
principal inspector, or lacking a principal inspector, the manager
of the local flight standards district office/certificate holding
district office.

(k) Related Information

    For more information about this AD, contact Andrea Jimenez,
Aerospace Engineer, COS Program Management Section, Operational
Safety Branch, Compliance & Airworthiness Division, FAA, 1600
Stewart Ave., Mail Stop: Room 410, Westbury, NY 11590; telephone
516-228-7330; email<EMAIL_ADDRESS>
(l) Material Incorporated by Reference

    (1) The Director of the Federal Register approved the
incorporation by reference (IBR) of the service information listed
in this paragraph under 5 U.S.C. 552(a) and 1 CFR part 51.
    (2) You must use this service information as applicable to do
the actions required by this AD, unless this AD specifies otherwise.
    (i) European Union Aviation Safety Agency (EASA) AD 2020-0282,
dated December 17, 2020.
    (ii) [Reserved]
    (3) For EASA AD 2020-0282, contact the EASA, Konrad-Adenauer-
Ufer 3, 50668 Cologne, Germany; telephone +49 221 8999 000; email
<EMAIL_ADDRESS>Internet www.easa.europa.eu. You may find this
EASA AD on the EASA website at https://ad.easa.europa.eu.
    (4) You may view this material at the FAA, Office of the
Regional Counsel, Southwest Region, 10101 Hillwood Pkwy., Room 6N-
321, Fort Worth, TX 76177. For information on the availability of
this material at the FAA, call<PHONE_NUMBER>. This material may be
found in the AD docket on the internet at https://www.regulations.gov by searching for and locating Docket No. FAA-
2021-0380.
    (5) You may view this material that is incorporated by reference
at the National Archives and Records Administration (NARA). For
information on the availability of this material at NARA, email
<EMAIL_ADDRESS>or go to: https://www.archives.gov/federal-register/cfr/ibr-locations.html.

    Issued on July 27, 2021.
Lance T. Gant,
Director, Compliance & Airworthiness Division, Aircraft Certification
Service.
[FR Doc. 2021-19250 Filed 9-7-21; 8:45 am]
BILLING CODE 4910-13-P