[Federal Register: September 29, 2008 (Volume 73, Number 189)]
[Proposed Rules]
[Page 56528-56529]
[DOCID:fr29se08-25]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 71

[Docket No. FAA-2008-0757; Airspace Docket No. 08-ASW-13]

Proposed Amendment of Class E Airspace; Big Spring, TX

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Notice of proposed rulemaking.

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SUMMARY: This action proposes to amend Class E airspace at Big Spring
McMahon Wrinkle Airport, Big Spring, TX. Additional controlled airspace
is necessary to accommodate changes to the VOR/DME RWY 17 Standard
Instrument Approach Procedure (SIAP) at Big Spring McMahon-Wrinkle
Airport, Big Spring, TX. The FAA is taking this action to enhance the
safety and management of Instrument Flight Rules (IFR) aircraft
operations at Big Spring McMahon-Wrinkle Airport.

DATES: Comments must be received on or before November 13, 2008.

ADDRESSES: Send comments on this proposal to the U.S. Department of
Transportation, Docket Operations, 1200 New Jersey Avenue, SE., West
Building Ground Floor, Room W12-140, Washington, DC 20590-0001. You
must identify the docket number FAA-2008-0757/Airspace Docket No. 08-
AS-W-13, at the beginning of your comments. You may also submit
comments on the Internet at http://www.regulations.gov. You may review
the public docket containing the proposal, any comments received, and
any final disposition in person in the Dockets Office between 9 a.m.
and 5 p.m., Monday through Friday, except Federal holidays. The Docket
Office (telephone 1-800-647-5527), is on the ground floor of the
building at the above address.

FOR FURTHER INFORMATION CONTACT: Scott Enander, Central Service Center,
Operations Support Group, Federal Aviation Administration, Southwest
Region, 2601 Meacham Blvd., Fort Worth, TX 76193-0530; telephone: (817)
222-5582.

SUPPLEMENTARY INFORMATION:

Comments Invited

    Interested parties are invited to participate in this proposed
rulemaking by submitting such written data, views, or arguments, as
they may desire. Comments that provide the factual basis supporting the
views and suggestions presented are particularly helpful in developing
reasoned regulatory decisions on the proposal. Comments are
specifically invited on the overall regulatory, aeronautical, economic,
environmental, and energy-related aspects of the proposal.
Communications should identify both docket numbers and be submitted in
triplicate to the address listed above. Commenters wishing the FAA to
acknowledge receipt of their comments on this notice must submit with
those

comments a self-addressed, stamped postcard on which the following
statement is made: ``Comments to Docket No. FAA-2008-0757/Airspace
Docket No. 08-ASW-13.'' The postcard will be date/time stamped and
returned to the commenter.

Availability of NPRM's

    An electronic copy of this document may be downloaded through the
Internet at http://www.regulations.gov. Recently published rulemaking
documents can also be accessed through the FAA's Web page at http://
www.faa.gov or the Superintendent of Document's Web page at http://
www.access.gpo.gov/nara.
    Additionally, any person may obtain a copy of this notice by
submitting a request to the Federal Aviation Administration (FAA),
Office of Air Traffic Airspace Management, ATA-400, 800 Independence
Avenue, SW., Washington, DC 20591, or by calling<PHONE_NUMBER>.
Communications must identify both docket numbers for this notice.
Persons interested in being placed on a mailing list for future NPRM's
should contact the FAA's Office of Rulemaking<PHONE_NUMBER>, to
request a copy of Advisory Circular No. 11-2A, Notice of Proposed
Rulemaking Distribution System, which describes the application
procedure.

The Proposal

    This action proposes to amend Title 14, Code of Federal Regulations
(14 CFR), Part 71 by amending the Class E airspace area for IFR
operations at Big Spring McMahon-Wrinkle Airport, Big Spring, TX.
Changes to the VOR/DME RWY 17 SIAP have made this action necessary. The
area would be depicted on appropriate aeronautical charts.
    Class E airspace areas are published in Paragraph 6000 of FAA Order
7400.9R, dated August 15, 2007, and effective September 15, 2007, which
is incorporated by reference in 14 CFR 71.1. The Class E airspace
designation listed in this document would be published subsequently in
the Order.
    The FAA has determined that this proposed regulation only involves
an established body of technical regulations for which frequent and
routine amendments are necessary to keep them operationally current.
It, therefore, (1) Is not a ``significant regulatory action'' under
Executive Order 12866; (2) is not a ``significant rule'' under DOT
Regulatory Policies and Procedures (44 FR 11034; February 26, 1979);
and (3) does not warrant preparation of a Regulatory Evaluation as the
anticipated impact is so minimal. Since this is a routine matter that
will only affect air traffic procedures and air navigation, it is
certified that this rule, when promulgated, will not have a significant
economic impact on a substantial number of small entities under the
criteria of the Regulatory Flexibility Act. The FAA's authority to
issue rules regarding aviation safety is found in Title 49 of the U.S.
Code. 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. This rulemaking is promulgated
under the authority described in Subtitle VII, Part A, Subpart I,
Section 40103. Under that section, the FAA is charged with prescribing
regulations to assign the use of airspace necessary to ensure the
safety of aircraft and the efficient use of airspace. This regulation
is within the scope of that authority as it would amend controlled
airspace at Big Spring McMahon-Wrinkle Airport, Big Spring, TX.

List of Subjects in 14 CFR Part 71

    Airspace, Incorporation by reference, Navigation (Air).

The Proposed Amendment

    In consideration of the foregoing, the Federal Aviation
Administration proposes to amend 14 CFR part 71 as follows:

PART 71--DESIGNATION OF CLASS A, B, C, D, AND E AIRSPACE AREAS;
AIRWAYS; ROUTES; AND REPORTING POINTS

    1. The authority citation for part 71 continues to read as follows:

    Authority: 49 U.S.C. 106(g); 40103, 40113, 40120; E.O. 10854, 24
FR 9565, 3 CFR, 1959-1963 Comp., p. 389.

Sec.  71.1  [Amended]

    2. The incorporation by reference in 14 CFR 71.1 of Federal
Aviation Administration Order 7400.9R, Airspace Designations and
Reporting Points, dated August 15, 2007, and effective September 15,
2007, is amended as follows:

Paragraph 6005 Class E Airspace areas extending upward from 700' or
more above the surface of the earth.

* * * * *

ASW TX E5 Big Spring, TX [Amended]

Big Spring McMahon-Wrinkle Airport, TX
    (Lat. 32[deg]12'45'' N., long. 101[deg]31'18'' W.)
Big Spring VORTAC
    (Lat. 32[deg]23'08'' N., long. 101[deg]29'01'' W.)
    That airspace extending upward from 700 feet above the surface
within a 6.9-mile radius of Big Spring McMahon-Wrinkle Airport and
within 8 miles east and 4 miles west of the 190[deg] radial of the
Big Spring VORTAC extending from the 6.9-mile radius to 21.9 miles
south of the airport and within 3.9 miles each side of the 191[deg]
radial of the Big Spring VORTAC extending from the 6.9-mile radius
to 10.3 miles north of the airport.
* * * * *

    Issued in Fort Worth, TX, on August 28, 2008.
Roger M. Trevino,
Acting Manager, Operations Support Group, ATO Central Service Center.
[FR Doc. E8-22448 Filed 9-26-08; 8:45 am]

BILLING CODE 4910-13-M


[Federal Register Volume 83, Number 247 (Thursday, December 27, 2018)]
[Notices]
[Pages 66794-66798]
[FR Doc No: 2018-28007]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84853; File No. SR-NYSEArca-2018-91]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Changes Relating to
ProShares Ultra Gold, ProShares UltraShort Gold, ProShares Ultra
Silver, and ProShares UltraShort Silver

December 19, 2018.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on December 6, 2018, NYSE Arca, Inc. (the ``Exchange'' or
``NYSE Arca'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I, II,
and III below, which Items have been prepared by the self-regulatory
organization. The Commission is publishing this notice to solicit
comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C.78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to reflect changes to the underlying
benchmark, net asset value calculation times, and creation and
redemption order cut-off times applicable to the ProShares Ultra Gold,
ProShares UltraShort Gold, ProShares Ultra Silver, and ProShares
UltraShort Silver. The proposed rule change is available on the
Exchange's website at www.nyse.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.

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

    In its filing with the Commission, the self-regulatory organization
included statements concerning the purpose of, and basis for, the
proposed rule change and discussed any comments it received on the
proposed rule change. The text of those statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant parts of such statements.

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

1. Purpose
    The Commission previously approved the listing and trading of the
shares (``Shares'') on the Exchange of the following under Commentary
.02 to NYSE Arca Rule 8.200-E,\4\ which governs the listing and trading
of ``Trust Issued Receipts'' (``TIRs'') on the Exchange: \5\ ProShares
Ultra Gold, ProShares UltraShort Gold, ProShares Ultra Silver, and
ProShares UltraShort Silver (each a ``Fund'' and, collectively, the
``Funds'').\6\ The Funds are series of ProShares Trust II (``Trust'').
The Bank of New York Mellon Corporation is custodian for the Trust. SEI
Investments Distribution Co. is the distributor for the Funds.\7\
Shares of the Funds are currently listed and trading on the Exchange.
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    \4\ Commentary .02 to NYSE Arca Rule 8.200-E applies to Trust
Issued Receipts that invest in ``Financial Instruments.'' The term
``Financial Instruments,'' as defined in Commentary .02(b)(4) to
NYSE Arca Rule 8.200-E, means any combination of investments,
including cash; securities; options on securities and indices;
futures contracts; options on futures contracts; forward contracts;
equity caps, collars and floors; and swap agreements.
    \5\ See Securities Exchange Act Release Nos. 58457 (September 3,
2008), (73 FR 52711 (September 10, 2008) (SR-NYSEArca-2008-91)
(notice of filing and order granting accelerated approval of
proposed rule change regarding listing and trading of shares of 14
funds of the Commodities and Currency Trust (now the ProShares Trust
II)); 58162 (July 15, 2008), 73 FR 42391 (July 21, 2008) (SR-
NYSEArca-2008-73) (notice of filing and immediate effectiveness of
proposed rule change relating to trading of shares of 14 funds of
the Commodities and Currency Trust pursuant to unlisted trading
privileges) (``Prior NYSE Arca Notice''). See also Securities
Exchange Act Release Nos. 58161 (July 15, 2008), 73 FR 42380 (July
21, 2008) (SR-Amex-2008-39) (order approving listing and trading on
the American Stock Exchange LLC of shares of 14 funds of the
Commodities and Currency Trust) (``Prior Amex Order''); 57932 (June
5, 2008), 73 FR 33467 (June 12, 2008) (notice of proposed rule
change regarding listing and trading of shares of 14 funds of the
Commodities and Currency Trust) (``Prior Amex Notice'' and, together
with the Prior Amex Order, the ``Prior Amex Releases'').
    \6\ The ProShares Ultra Gold and ProShares Ultra Silver are
referred to herein as ``Ultra Funds'' and the ProShares UltraShort
Gold and ProShares UltraShort Silver are referred to herein as
``UltraShort Funds.''
    \7\ On October 1, 2018, the Trust filed with the Commission,
registration statements pursuant to Rule 424(b)(3) under the
Securities Act of 1933 (``Securities Act'') (15 U.S.C. 77a) relating
to the Ultra Gold and Ultra Silver Funds (File No. 333-220688) and
the UltraShort Silver and UltraShort Gold Funds (File No. 333-
223012). The registration statements filed pursuant to Rule
424(b)(3) are collectively referred to herein as the ``Registration
Statements.'' The description of the operation of the Trust and the
Funds herein is based, in part, on the Registration Statements.
Share of the Funds are currently listed and traded on the Exchange
in compliance with all original and continued listing standards of
the Exchange and requirements of the Prior NYSE Arca Order and the
Prior Amex Releases.
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    The Exchange is submitting this proposed rule change to reflect a
change to the underlying benchmarks, net asset value calculation times,
and creation and redemption order cut-off times applicable to the
Funds, as described below.
Changes to Underlying Benchmarks
    The Ultra Funds seek daily investment results, before fees and
expenses, that correspond to two times (2x) the daily performance of
their ``Underlying Benchmark'' (as described below) If each such Fund
is successful in meeting its investment objective, the value of the
Shares of each such Fund, on a given day, before fees and expenses,
should gain approximately two times as much on a percentage basis as
the level of each such Fund's respective Underlying Benchmark when the
price of the Underlying Benchmark rises, and should lose approximately
two times as much when such price declines on a given day, before fees
and expenses. The Ultra Funds do not seek to achieve their stated
objective over a period greater than a single day. A ``single day'' is
measured from the time an Ultra Fund calculates its respective NAV to
the time of the Ultra Fund's next NAV calculation.
    The UltraShort Funds seek daily investment results, before fees and
expenses that correspond to two times the inverse (-2x) of the daily
performance of their Underlying Benchmark. If each such Fund is
successful in meeting its objective, the value of the Shares of each
such Fund, on a given day, before fees and expenses, should gain
approximately two times as much, on a percentage basis, when the level
of each such Fund's respective Underlying Benchmark declines, and
should decrease approximately two times as much as the respective
Underlying

Benchmark gains when the Underlying Benchmark rises on a given day,
before fees and expenses. The UltraShort Funds do not seek to achieve
their stated objective over a period greater than a single day. A
``single day'' is measured from the time an UltraShort Fund calculates
its respective NAV to the time of the Ultra Fund's next NAV
calculation.
    With respect to the ProShares Ultra Gold and ProShares UltraShort
Gold, the current Underlying Benchmark is the U.S. dollar price of gold
bullion as measured by the LBMA Gold Price (formerly the London Gold
Fix).\8\ With respect to the ProShares Ultra Silver and ProShares
UltraShort Silver, the current Underlying Benchmark is the LBMA Silver
Price.\9\
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    \8\ For a description of the replacement of the LBMA Gold Price
for the London Gold Fix, see Securities Exchange Act Release No.
74544 (March 19, 2015), 80 FR 15840 (March 25, 2015) (SR-NYSEArca-
2015-19) (Notice of Filing and Immediate Effectiveness of Proposed
Rule Change Relating to the LBMA Gold Price as a Replacement for the
London Gold Fix for Certain Gold Related Exchange Traded Products).
    \9\ See Securities Exchange Act Release No. 81792 (October 2,
2017), 82 FR 46867 (October 6, 2017) (SR-NYSEArca-2017-113) (Notice
of Filing and Immediate Effectiveness of Proposed Rule Change to
Reflect a Change to the Administrator for the London Bullion Market
Association Silver Price to ICE Benchmark Administration).
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    Thus, the ProShares Ultra Gold and ProShares UltraShort Gold seek
daily investment results, before fees and expenses, that correspond to
a multiple (2x) or inverse multiple (-2x), as applicable, of the daily
performance of gold bullion as measured by the U.S. dollar fixing price
for delivery in London. The ProShares Ultra Silver and the ProShares
UltraShort Silver seek daily investment results, before fees and
expenses, that correspond to a multiple (2x) or inverse multiple (-2x),
as applicable, of the daily performance of silver bullion as measured
by the U.S. dollar fixing price for delivery in London. These Funds do
not directly or physically hold the underlying gold or silver, as
applicable, but instead, seek exposure to gold or silver through the
use of ``Financial Instruments'' based on the price of gold or silver,
as applicable, to pursue their respective investment objective.\10\
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    \10\ See note 4, supra.
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    The Prior NYSE Arca Notice and the Prior Amex Releases stated that
the Adviser would manage each Fund using a strategy designed to
correspond to the performance of its respective Underlying Benchmark.
In this proposed rule change, the Exchange proposes to reflect a change
to the Underlying Benchmarks applicable to the Funds. The new
Underlying Benchmarks will be the Bloomberg Gold Subindex for the
ProShares Ultra Gold and the ProShares UltraShort Gold, and the
Bloomberg Silver Subindex for the ProShares Ultra Silver and the
ProShares UltraShort Silver.\11\ Upon implementation of the proposed
rule change, the Adviser will manage each of ProShares Ultra Gold and
ProShares UltraShort Gold to seek daily investment results, before fees
and expenses, that correspond to a multiple (2x) or inverse multiple (-
2x), as applicable, of the daily performance of the Bloomberg Gold
Subindex. Additionally, the Adviser will manage each of the ProShares
Ultra Silver and ProShares UltraShort Silver to seek daily investment
results, before fees and expenses, that correspond to a multiple (2x)
or inverse multiple (-2x), as applicable, of the daily performance of
the Bloomberg Silver Subindex.
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    \11\ The changes described herein will be effected contingent
upon filing of a prospectus supplement or upon effectiveness of the
Trust's most recent post-effective amendment to its Registration
Statements. See note 7, supra. The Adviser represents that the
Adviser will not implement the changes described herein until the
instant proposed rule change is operative.
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    The Adviser believes that it is in the best interest of the Funds
and their shareholders to replace the Underlying Benchmarks with the
Bloomberg Gold Subindex or the Bloomberg Silver Subindex, as
applicable, while keeping the Fund's asset exposure and investment
strategies similar, and without changing the Fund's investment
objective (other than to reflect the change to each Fund's Underlying
Benchmark).
    The Bloomberg Gold Subindex and the Bloomberg Silver Subindex are
subindices of the Bloomberg Commodity Index (``BCOM'') (previously
known as the Dow Jones-UBS Commodity Index), which is composed of
futures contracts on physical commodities.\12\ The Bloomberg Gold
Subindex and Bloomberg Silver Subindex consist of COMEX gold futures
contracts and COMEX silver futures contracts, respectively. They are
not indexes that reflect the ``spot'' price of gold or silver. The
Bloomberg Gold Subindex and the Bloomberg Silver Subindex are each a
``rolling index.'' This means the value of the subindex is calculated
as if the futures contracts included in the subindex are closed out
prior to expiration by making an offsetting sale or purchase of an
identical futures contract with a later expiration date. This process
is referred to as ``rolling.'' An investor with a rolling futures
position is able to avoid delivering (or taking delivery of) underlying
physical commodities while maintaining exposure to those commodities.
The futures contracts in each subindex are ``rolled'' over a period of
five business days in certain months according to a pre-determined
schedule, generally beginning on the sixth business day of the month
and ending on the tenth business day.
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    \12\ The Exchange notes that the Commission has previously
approved multiple TIRs issued by ProShares Trust II based on sub-
indexes within the Dow Jones-AIG Commodity Index (later named the
Dow-Jones-UBS Commodity Index, and currently the BCOM). See the
Prior Amex Releases, note 5, supra.
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    The Exchange notes that the Commission has approved listing and
trading on the Exchange of shares of TIRs with benchmarks based on
COMEX gold or silver futures prices. For example, the Direxion Daily
Gold Bear 1X Shares, Direxion Daily Gold Bull 3X Shares, and Direxion
Daily Gold Bear 3X Shares invest in gold futures contracts traded on
COMEX and their benchmark is the daily last sale price occurring on or
before 4:00 p.m. Eastern Time of a standard gold futures contract for
100 troy ounces of gold.\13\ The Direxion Daily Silver Bear 1X Shares,
Direxion Daily Silver Bull 3X Shares, and Direxion Daily Silver Bear 3X
Shares invest in silver futures contracts traded on COMEX and their
benchmark is the daily last sale price occurring on or before 4:00 p.m.
Eastern Time of a standard silver futures contract for 5,000 troy
ounces of silver.\14\
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    \13\ See Securities Exchange Act Release Nos. 67882 (September
18, 2012) (SR-NYSEArca-2012-102) (Notice of Filing of Proposed Rule
Change Relating to the Listing and Trading of Twelve Funds of the
Direxion Shares ETF Trust II under NYSE Arca Equities Rule 8.200)
(``Direxion Notice''); 68165 (November 6, 2012) (SR-NYSEArca-2012-
102) (Order Granting Approval of Proposed Rule Change Relating to
the Listing and Trading of Twelve Funds of the Direxion Shares ETF
Trust II under NYSE Arca Equities Rule 8.200); 54770 (November 16,
2006) (SR-Amex-2006-76) (Notice of Filing of a Proposed Rule Change
and Amendments No. 1 and 2 Thereto Relating to the Listing and
Trading of the DB Multi-Sector Commodity Trust); and 55029 (December
29, 2006) (SR-Amex-2006-76) (Order Granting Accelerated Approval to
Proposed Rule Change as Modified by Amendments No. 1, 2, 3, and 4
Thereto and Notice of Filing of Amendments No. 3 and 4 Relating to
the Listing and Trading of the DB Multi-Sector Commodity Trust).
    \14\ Gold and silver futures contracts traded on COMEX are the
global benchmark contracts and most liquid futures contracts in the
world for each respective commodity. COMEX is a subsidiary of CME
Group, Inc. (``CME''), a member of the Intermarket Surveillance
Group (``ISG''). As of August 21, 2018, open interest in gold
futures contracts and silver futures contracts traded on the CME was
$58 billion and $18 billion, respectively. Gold futures contracts
and silver futures contracts traded on CME had an average daily
trading volume in 2017 of 290,000 contracts and 91,000 contracts,
respectively. The trading hours for the gold futures contracts and
silver futures contracts are 6 p.m.-5 p.m. Eastern Time Sunday
through Friday on both the CME Globex and CME ClearPort platforms.
Daily settlement for gold futures contracts occurs at 1:30 p.m.,
Eastern time and at 1:25 p.m., Eastern time for silver futures
contracts

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    In addition, the Commission has approved listing and trading on the
Exchange of shares of the PowerShares DB Gold Fund (now the Invesco DB
Gold Fund) and PowerShares DB Silver Fund (now the Invesco DB Silver
Fund). The Invesco DB Gold Fund primarily holds futures contracts on
the commodities comprising the DBIQ Optimum Yield Gold Index Excess
Return (formerly the Deutsche Bank Liquid Commodity Index--Optimum
Yield Gold Excess Return). The Invesco DB Silver Fund primarily holds
futures contracts on the commodities comprising the DBIQ Optimum Yield
Silver Index Excess Return (formerly the Deutsche Bank Liquid Commodity
Index--Optimum Yield Silver Excess Return).\15\ The gold and silver
futures in the indexes underlying the Invesco DB Gold Fund and the
Invesco DB Silver Fund, respectively, are traded on the COMEX.
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    \15\ See Securities Exchange Act Release No. 55453(March 13,
2007), 72 FR 13333 (March 21, 2007) (SR-NYSEArca-2006-62) (order
approving unlisted trading privileges trading of PowerShares DB
Agriculture Fund and other PowerShares commodity-based funds); 58993
(November 21, 2008), 73 FR 72548 (November 28, 2008) (SR-NYSEArca-
2008-128) (Notice of Filing and Order Granting Accelerated Approval
of Proposed Rule Change Relating to Listing of PowerShares DB
Funds). See also, Securities Exchange Act Release Nos. 60819
(October 13, 2009), 74 FR 53528 (October 19, 2009) (SR-NYSEArca-
2009-89) (Notice of Filing and Order Granting Accelerated Approval
of Proposed Rule Change Relating to Replacement Indexes for
PowerShares DB Commodity Index Tracking Fund and PowerShares DB
Agriculture Fund); 79445 (December 1, 2016), 81 FR 88302 (December
7, 2016) (SR-NYSEArca-2016-152) (Notice of Filing and Immediate
Effectiveness of Proposal to Change Representation Regarding
Investments by PowerShares DB Trust Issued Receipts Listed Under
Commentary .02 to NYSE Arca Equities Rule 8.200).
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    The Adviser represents that the replacement of the current
Underlying Benchmarks with the Bloomberg Gold Subindex and the
Bloomberg Silver Subindex is in the best interest of each Fund's
shareholders. The Funds currently use the LBMA Gold Price or the LBMA
Silver Price as their respective Underlying Benchmarks. While these
Benchmarks are widely used measures of the spot price of physical gold
or silver, as applicable, the Adviser believes that switching
Underlying Benchmarks offers several potential benefits. Specifically,
the Adviser anticipates that changing to a futures-based gold or silver
Benchmark for each Fund could potentially (i) better align each Fund's
portfolio holdings (e.g., futures contracts) with its Underlying
Benchmark (COMEX gold or silver futures contracts instead of the spot
price of physical gold or silver) and reduce tracking error over time,
(iii) better align the trading days and hours of each Fund's portfolio
investments with its Underlying Benchmark (since the trading hours of
COMEX gold and silver futures contracts will more closely align with
the hours of the Funds' operation than the timing of the auction
process used to determine the LBMA Gold Price and the LBMA Silver
Price), and (iv) increase the number of trading counterparties for each
Fund, which potentially increases counterparty diversification and
helps limit counterparty risk to each Fund. While Commodity-Based Trust
Shares holding physical gold or silver utilize the LBMA Gold Price or
the LBMA Silver Price as their respective benchmarks,\16\ other TIRs,
which do not hold physical commodities, have utilized COMEX gold or
silver futures prices as benchmarks.\17\ The Adviser believes that
changing each Fund's Underlying Benchmark to the Bloomberg Gold
Subindex and the Bloomberg Silver Subindex will allow each Fund to more
efficiently track its Underlying Benchmark, reduce tracking error
between each Fund's net asset value (``NAV'') and Underlying Benchmark,
and potentially improve performance.\18\
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    \16\ See, e.g., Securities Exchange Act Release Nos. 56224
(August 8, 2007), 72 FR 45850 (August 15, 2007) (SR-NYSEArca-2007-
76) (order approving listing on the Exchange of shares of the
streetTRACKS Gold Trust; 59895 (May 8, 2009), 74 FR 22993 (May 15,
2009) (SR-NYSEArca-2009-40) (notice of filing and order granting
accelerated approval of proposed rule change relating to the listing
and trading of shares of the ETFS Gold Trust); 71038(December 11,
2013), 78 FR 76367 (December 17, 2013) (notice of filing of proposed
rule change to list and trade shares of the Merk Gold Trust) 71378
(January 23, 2014), 79 FR 4786 (January 29, 2014) (SRNYSEArca-2013-
137) (order approving proposed rule change to list and trade shares
of the Merk Gold Trust).
    \17\ See notes 13 and 15, supra.
    \18\ The Exchange notes that the Commission previously has
issued a notice of filing and immediate effectiveness with respect
to a change in the benchmark underlying an issue of Commodity-Based
Trust Shares listed on the Exchange under Rule 8.201-E from the
COMEX settlement price for spot month gold futures to the London PM
Fix. See Securities Exchange Act Release No. 63398 (November 30,
2010) (SR-NYSEArca-2010-105) (Notice of Filing and Immediate
Effectiveness of Proposed Rule Change Relating to the Calculation of
Net Asset Value for the iShares[supreg] Gold Trust).
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Changes to NAV Calculation Times
    The Prior Amex Releases stated that the NAV Calculation Time for
ProShares Ultra Gold and ProShares UltraShort Gold is 10:00 a.m.,
Eastern Time and the NAV Calculation Time for ProShares Ultra Silver
and ProShares UltraShort Silver is 7:00 a.m., Eastern Time. The
Exchange proposes to reflect a change in the NAV Calculation Times to
1:30 p.m., Eastern Time for the ProShares Ultra Gold and ProShares
UltraShort Gold, and to 1:25 p.m., Eastern Time for the ProShares Ultra
Silver and ProShares UltraShort Silver. The change in NAV Calculation
Time for each Fund aligns the NAV Calculation Time of each Fund with
the settlement time of the futures contracts included in each Fund's
proposed new Underlying Benchmark. The Exchange notes that, in addition
to the Commission's previous approval of the above-referenced NAV
Calculation Times for the Funds, the Commission has previously approved
listing and trading of TIRs pursuant to Commentary .02 to NYSE Arca
Rule 8.200-E for which the NAV calculation time is 2:30 p.m. Eastern
Time or earlier.\19\
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    \19\ See, e.g., Securities Exchange Act Release No. 81686
(September 22, 2017), 82 FR 45643 (September 29, 2017) (SR-NYSEArca-
2017-05) (Order Granting Approval of a Proposed Rule Change, as
Modified by Amendment Nos. 2 and 3 Thereto, to List and Trade Shares
of Direxion Daily Crude Oil Bull 3x Shares and Direxion Daily Crude
Oil Bear 3x Shares under NYSE Arca Equities Rule 8.200) (stating
that each fund will compute its NAV as of 2:30 p.m. Eastern Time, or
if the NYSE closes earlier than 2:30 p.m. Eastern Time, each fund
will compute its NAV as of the close of trading on the New York
Stock Exchange).
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Changes to Creation and Redemption Order Cut-off Times
    The Prior Amex Releases stated that orders to create or redeem
Shares of the ProShares Ultra Gold and ProShares UltraShort Gold must
be placed by 9:00 a.m., Eastern Time and orders to create or redeem
Shares of the ProShares Ultra Silver and ProShares UltraShort Silver
must be placed by 6:00 a.m., Eastern Time. The Exchange proposes to
reflect a change in the creation and redemption order cutoff times for
the Funds to 1:00 p.m., Eastern Time. The Exchange represents that
moving the creation and redemption cut-off time will better align the
cut-off time with the new NAV times of 1:30 and 1:25, respectively. The
Exchange notes that the Commission has previously approved listing and
trading of shares of issues of Trust Issued Receipts pursuant to
Commentary .02 to NYSE Arca Rule 8.200-E for which the creation and
redemption cutoff times are at or earlier than 1:30 p.m., Eastern
Time.\20\
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    \20\ See, e.g., Securities Exchange Act Release Nos. 65136
(August 15, 2011), 76 FR 52037 (August 19, 2011) (SR-NYSEArca-2011-
24) (Order Approving a Proposed Rule Change to List and Trade Shares
ProShares Short DJ-UBS Natural Gas, ProShares Ultra DJ-UBS Natural
Gas and ProShares UltraShort DJ-UBS Natural Gas) (stating that an
order to create or redeem Shares must be placed by 1:30 p.m. Eastern
Time); 81655 (September 19, 2017), 82 FR 44678 (September 25, 2017)
(SR-NYSEArca-2016-177) (Notice of Filing of Amendment No. 4, and
Order Granting Accelerated Approval of a Proposed Rule Change, as
Modified by Amendment No. 4, Relating to the Listing and Trading of
Shares of the USCF Canadian Crude Oil Index Fund under NYSE Arca
Rule 8.200-E). See also Amendment No. 4 to SR NYSEArca-2016-177,
available at https://www.sec.gov/comments/sr-nysearca-2016-177/nysearca2016177-2228753-160788.pdf. (stating that purchase orders
and redemption orders must be placed by 10:30 a.m. Eastern Time or
the close of regular trading on the NYSE Arca, whichever is
earlier.)

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    The Adviser represents that the Funds will continue to invest in
the same assets referenced in the Prior NYSE Arca Notice and the Prior
Amex Releases and will remain subject to, and invest each Fund's assets
in accordance with all of the other requirements and limitations
identified in the Prior NYSE Arca Notice and the Prior Amex Releases.
As a condition to continued listing and trading Shares of the Funds on
the Exchange, the Fund will continue to comply with all initial and
continued listing requirements under NYSE Arca Rule 8.200-E.
    Except for the indicated changes to each Fund's Underlying
Benchmark, NAV Calculation Time and Creation and Redemption Order Cut-
Off Times noted herein, all other facts presented and representations
made in the Prior NYSE Arca Notice and the Prior Amex Releases are
unchanged.
2. Statutory Basis
    The basis under the Exchange Act for this proposed rule change is
the requirement under Section 6(b)(5) \21\ that an exchange have rules
that are designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to remove
impediments to, and perfect the mechanism of a free and open market
and, in general, to protect investors and the public interest.
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    \21\ 15 U.S.C. 78f(b)(5).
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    The Adviser represents that there is no change to the Funds'
investment objective (other than the change to each Fund's Underlying
Benchmark) or to the securities or other assets identified in the Prior
NYSE Arca Notice and the Prior Amex Releases that the Funds utilize in
seeking to achieve their respective investment objectives. The Fund's
use of such Financial Instruments will remain subject to all
requirements and applicable limitations identified in the Prior NYSE
Arca Notice and the Prior Amex Releases. As a condition to the
continued listing and trading of the Shares of the Funds on the
Exchange, the Funds will continue to comply with all initial and
continued listing requirements under NYSE Arca Rule 8.200-E.
    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest in that the Fund will continue to comply with all
initial and continued listing requirements under NYSE Arca Rule 8.200-
E. The proposed rule change will permit the Fund to continue to operate
in a manner similar to other issues of TIRs with benchmarks based on
gold and silver futures contracts traded on COMEX. The Exchange or the
Financial Industry Regulatory Authority (``FINRA''), on behalf of the
Exchange, or both, will communicate with CME, as an ISG member, as
needed regarding trading in COMEX gold futures and COMEX silver
futures, and the Exchange or FINRA, on behalf of the Exchange, or both,
may obtain trading information regarding trading in such futures from
CME. Except for the changes noted above, all other representations made
in the Prior NYSE Arca Notice and Prior Amex Releases are unchanged.

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

    The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purpose of the Exchange Act. The proposed rule
change will permit the continued listing on the Exchange of the Funds
following implementation of the changes noted above, and which will
enhance competition among issues of TIRs based on gold and silver
futures.

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

    No written comments were solicited or received with respect to the
proposed rule change.

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

    The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \22\ and Rule 19b-4(f)(6) thereunder.\23\
Because the proposed rule change does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; and (iii) become operative prior to
30 days from the date on which it was filed, or such shorter time as
the Commission may designate, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act and Rule 19b-
4(f)(6)(iii) thereunder.
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    \22\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \23\ 17 CFR 240.19b-4(f)(6).
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    At any time within 60 days of the filing of such proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings under
Section 19(b)(2)(B) \24\ of the Act to determine whether the proposed
rule change should be approved or disapproved.
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    \24\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number SR-NYSEArca-2018-91 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-2018-91. 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-2018-91 and should
be submitted on or before January 17, 2019.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\25\
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    \25\ 17 CFR 200.30-3(a)(12).
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Brent J. Fields,
Secretary.
[FR Doc. 2018-28007 Filed 12-26-18; 8:45 am]
BILLING CODE 8011-01-P


[Federal Register: December 29, 2006 (Volume 71, Number 250)]
[Notices]
[Page 78411]
[DOCID:fr29de06-37]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. CP06-351-003]

Bluewater Gas Storage, LLC; Notice of Compliance Filing

December 21, 2006.
    Take notice that, on December 15, 2006, Bluewater Gas Storage, LLC
(Bluewater) tendered for filing as part of its FERC Gas Tariff,
Original Volume No. 1, Substitute Original Sheet No. 106, to be
effective December 1, 2006.
    Any person desiring to protest this filing must file in accordance
with Rule 211 of the Commission's Rules of Practice and Procedure (18
CFR 385.211). Protests to this filing will be considered by the
Commission in determining the appropriate action to be taken, but will
not serve to make protestants parties to the proceeding. Such protests
must be filed on or before the date as indicated below. Anyone filing a
protest must serve a copy of that document on all the parties to the
proceeding.
    The Commission encourages electronic submission of protests in lieu
of paper using the ``eFiling'' link at http://www.ferc.gov. Persons

unable to file electronically should submit an original and 14 copies
of the protest to the Federal Energy Regulatory Commission, 888 First
Street, NE., Washington, DC 20426.
    This filing is accessible on-line at http://www.ferc.gov, using the

``eLibrary'' link and is available for review in the Commission's
Public Reference Room in Washington, DC. There is an ``eSubscription''
link on the Web site that enables subscribers to receive email
notification when a document is added to a subscribed docket(s). For
assistance with any FERC Online service, please e-mail
<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For

TTY, call<PHONE_NUMBER>.
    Comment Date: 5 p.m. Eastern Time on January 5, 2007.

Magalie R. Salas,
Secretary.
[FR Doc. E6-22351 Filed 12-28-06; 8:45 am]

BILLING CODE 6717-01-P