[Federal Register Volume 81, Number 69 (Monday, April 11, 2016)]
[Notices]
[Pages 21420-21427]
[FR Doc No: 2016-08182]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77522; File No. SR-NYSEArca-2015-125]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Amendment Nos. 1, 2, and 3 and Order Granting Accelerated Approval
of a Proposed Rule Change, as Modified by Amendment Nos. 1, 2, and 3,
To List and Trade Shares of RiverFront Dynamic Unconstrained Income ETF
and RiverFront Dynamic Core Income ETF Under NYSE Arca Equities Rule
8.600

April 5, 2016.

I. Introduction

    On December 15, 2015, NYSE Arca, Inc. (``Exchange'') filed with the
Securities and Exchange Commission (``Commission''), pursuant to
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'' or
``Exchange Act'')\1\ and Rule 19b-4 thereunder,\2\ a proposed rule
change to list and trade shares (``Shares'') of the following under
NYSE Arca Equities Rule 8.600: RiverFront Dynamic Unconstrained Income
ETF and RiverFront Dynamic Core Income ETF (each a ``Fund,'' and
collectively, ``Funds''). The Commission published notice of the
proposed rule change in the Federal Register on January 6, 2016.\3\ On
January 19, 2016, and January 29, 2016, the Exchange submitted
Amendment Nos. 1 and 2, respectively, to the proposed rule change.\4\
On February 19, 2016, pursuant to Section 19(b)(2) of the Act,\5\ the
Commission designated a longer period within which to either approve
the proposed rule change, disapprove the proposed rule change, or
institute proceedings to determine whether to disapprove the proposed
rule change.\6\ On April 1, 2016, the Exchange submitted Amendment No.
3 to the proposed rule change.\7\ The Commission is publishing this
notice to solicit comment on Amendment Nos. 1, 2, and 3 to the proposed
rule change from interested persons and is approving the proposed rule
change, as modified by Amendment Nos. 1, 2, and 3, on an accelerated
basis.
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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. 34-76798 (December
30, 2015), 81 FR 526 (January 6, 2016) (NYSEArca-2015-125)
(``Notice'').
    \4\ Amendment No. 1 replaced and superseded the original filing
in its entirety. Amendment No. 1 is available at https://www.sec.gov/comments/sr-nysearca-2015-125/nysearca2015125.shtml.
Amendment No. 2 replaced and superseded the original filing, as
modified by Amendment No. 1, in its entirety. Amendment No. 2 is
available at https://www.sec.gov/comments/sr-nysearca-2015-125/nysearca2015125.shtml.
    \5\ 15 U.S.C. 78s(b)(2).
    \6\ See Securities Exchange Act Release No. 77184, 81 FR 9532
(February 25, 2016). The Commission designated April 5, 2016, as the
date by which it should approve, disapprove, or institute
proceedings to determine whether to disapprove the proposed rule
change.
    \7\ In Amendment No. 3, the Exchange: (i) Revised the
description of the Funds' portfolio construction and asset
allocation methodology; (ii) clarified the percentage limitations on
investments in the securities of issuers located in emerging markets
for each Fund, and (iii) added representations that (a) all
statements and representations made in the filing regarding the
description of the portfolio, limitations on portfolio holdings or
reference assets, or the applicability of Exchange rules and
surveillance procedures shall constitute continued listing
requirements for listing the Shares on the Exchange; and (b) the
issuer has represented to the Exchange that it will advise the
Exchange of any failure by the Funds to comply with the continued
listing requirements, and, pursuant to its obligation under section
19(g)(1) of the Exchange Act, the Exchange will, monitor for
compliance with its continued listing requirements, and if the Funds
are not in compliance with the applicable listing requirements, the
Exchange will commence delisting procedures under the Exchange's
rules. Amendment No. 3 is available at https://www.sec.gov/comments/sr-nysearca-2015-125/nysearca2015125-3.pdf.
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II. The Exchange's Description of the Proposal \8\
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    \8\ Additional information regarding the Trust (as defined
herein), the Funds, and the Shares, including investment strategies,
risks, creation and redemption procedures, fees, portfolio holdings,
disclosure policies, calculation of net asset value (``NAV''),
distributions, and taxes, among other things, can be found in the
Notice and the Registration Statement, as applicable. See Notice,
supra note 3, and Registration Statement, infra note 9.
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    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. The Funds are each a series of ALPS ETF Trust (``Trust''),
a statutory trust organized under the laws of the State of Delaware and
registered with the Commission as an open-end management investment
company.\9\ The Funds will be managed by ALPS Advisors, Inc.
(``Adviser''), and RiverFront Investment Group, LLC (``Sub-Adviser'')
will be the investment sub-adviser for the Funds.\10\
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    \9\ The Exchange states that the Trust is registered under the
1940 Act. According to the Exchange, on September 1, 2015, the Trust
filed with the Commission an amendment to its registration statement
on Form N-1A under the Securities Act of 1933 (15 U.S.C. 77a)
(``Securities Act'') and the 1940 Act relating to the Funds (File
Nos. 333-148826 and 811-22175) (``Registration Statement''). The
Exchange states that the Commission has issued an order granting
certain exemptive relief to the Trust and the Adviser (as defined
herein) under the 1940 Act. See Investment Company Act Release No.
30553 (June 11, 2013) (File No. 812-13884) (``Exemptive Order'').
The Exchange states that the Funds will be offered in reliance upon
the Exemptive Order issued to the Trust and the Adviser.
    \10\ The Exchange states that neither the Adviser nor the Sub-
Adviser is registered as a broker-dealer. The Exchange states that
each of the Adviser and Sub-Adviser is affiliated with a broker-
dealer and has implemented and will maintain a fire wall with
respect to its broker-dealer affiliate regarding access to
information concerning the composition of and/or changes to a Fund
portfolio. In the event (a) the Adviser or 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 or
sub-adviser will implement a fire wall with respect to such broker-
dealer regarding access to information concerning the composition of
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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A. RiverFront Dynamic Unconstrained Income ETF

1. Principal Investment Strategies
    The Exchange states that the investment objective of the Fund will
be to seek total return with an emphasis on income as the source of
that total return. Under normal circumstances, the Fund will invest at
least 65% of its assets in the securities and financial instruments
described below.\11\ The average maturity or duration of the Fund's
portfolio of Fixed Income Securities (as described below) will vary
based on the Sub-Adviser's assessment of economic and market
conditions; however, the Sub-Adviser intends to manage the Fund's
portfolio so that it has an average duration of between two and ten
years, under normal circumstances.
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    \11\ The term ``under normal circumstances'' includes, but is
not limited to, the absence of extreme volatility or trading halts
in the securities markets or the financial markets generally;
circumstances under which a Fund's investments are made for
temporary defensive purposes; 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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    According to the Exchange, the Fund's portfolio is constructed
through a two-step process. The first step is setting the strategic
allocation among different fixed income asset classes, with the
objective being to construct an allocation that is designed to balance
the probability of upside returns with

downside risks for investors with a five-year time horizon for their
investments. The second step is tactically adjusting these allocations
as market conditions warrant and determining security selection within
those asset classes in order to maximize potential returns over time.
    The Exchange states that the strategic allocation across long-term,
medium-term and short-term investment grade securities, long-term and
short-term high yield securities, and emerging market debt is adjusted
at least annually or as market conditions warrant and is determined by
a quantitative methodology. This methodology models historical returns
as a function of initial valuation conditions and creates estimates of
potential returns and downside risks consistent with historical market
behavior. The capital market assumptions produced by this methodology
are then incorporated into a proprietary Mean Reversion Optimization
(MRO) process to produce the model weighting for each of the major
fixed income asset classes.
    The Fund will seek to achieve its investment objective by investing
in a global portfolio of ``Fixed Income Securities'' (as described
below) of various maturities, ratings, and currency denominations. The
Fund intends to utilize various investment strategies in a broad array
of fixed income sectors. The Fund will allocate its investments based
upon the analysis of the Sub-Adviser of the pertinent economic and
market conditions, as well as yield, maturity, credit and currency
considerations.
    For purposes of this filing, Fixed Income Securities include the
following: Corporate bonds, notes, and debentures; securities issued by
the U.S. government or its agencies, instrumentalities, or sponsored
corporations (including those not backed by the full faith and credit
of the U.S. government); agency and non-agency mortgage-backed
securities (``MBS'') and asset-backed securities (``ABS''); \12\
municipal securities; \13\ U.S. agency mortgage pass-through
securities; \14\ convertible securities; \15\ preferred stocks; \16\
commercial instruments; \17\ variable or floating rate instruments and
variable rate demand instruments; \18\ zero-coupon and pay-in-kind
securities; \19\ bank instruments, including certificates of deposit,
time deposits, and bankers' acceptances from U.S. banks; and
participations in and assignments of bank loans or corporate loans,
\20\ which loans include senior loans, syndicated bank loans, junior
loans, bridge loans, unfunded commitments, revolving credit facilities,
and participation interests.\21\
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    \12\ The MBS in which a Fund may invest includes residential
mortgage-backed securities (``RMBS''), collateralized mortgage
obligations (``CMOs''), and commercial mortgage-backed securities
(``CMBS''). The ABS in which the Fund may invest includes
collateralized debt obligations (``CDOs''). CDOs include
collateralized bond obligations (``CBOs''), collateralized loan
obligations (``CLOs''), and other similarly structured securities. A
CBO is a trust which is backed by a diversified pool of high-risk,
below investment-grade, fixed income securities. A CLO is a trust
typically collateralized by a pool of loans, which may include
domestic and foreign senior secured loans, senior unsecured loans,
and subordinate corporate loans, including loans that may be rated
below investment grade or equivalent unrated loans. Specifically,
the Exchange notes that such ABS are bonds backed by pools of loans
or other receivables and are securitized by a wide variety of assets
that are generally broken into three categories: consumer,
commercial, and corporate. The consumer category includes credit
card, auto loan, student loan, and timeshare loan ABS. The
commercial category includes trade receivables, equipment leases,
oil receivables, film receivables, rental cars, aircraft
securitizations, ship and container securitizations, whole business
securitizations, and diversified payment right securitizations.
Corporate ABS includes cash flow collateralization loan obligations,
collateralized by both middle market and broadly syndicated bank
loans. ABS are issued through special purpose vehicles that are
bankruptcy remote from the issuer of the collateral. The credit
quality of an ABS tranche depends on the performance of the
underlying assets and the structure. To protect ABS investors from
the possibility that some borrowers could miss payments or even
default on their loans, ABS includes various forms of credit
enhancement.
    \13\ The municipal securities which each Fund may purchase
include general obligation bonds and limited obligation bonds (or
revenue bonds), including industrial development bonds issued
pursuant to former federal tax law, and lease obligations.
    \14\ Each Fund will seek to obtain exposure to U.S. agency
mortgage pass-through securities primarily through the use of ``to-
be-announced'' or ``TBA transactions.'' ``TBA'' refers to a commonly
used mechanism for the forward settlement of U.S. agency mortgage
pass-through securities, and not to a separate type of mortgage-
backed security. Most transactions in mortgage pass-through
securities occur through the use of TBA transactions. TBA
transactions generally are conducted in accordance with widely-
accepted guidelines which establish commonly observed terms and
conditions for execution, settlement and delivery.
    \15\ Convertible securities include bonds, debentures, notes,
preferred stocks, and other securities that may be converted into a
prescribed amount of common stock or other equity securities at a
specified price and time. The holder of convertible securities is
entitled to receive interest paid or accrued on debt, or dividends
paid or accrued on preferred stock, until the security matures or is
converted.
    \16\ The preferred stocks in which each Fund may invest may be
either exchange-traded or traded over-the-counter.
    \17\ Commercial instruments include commercial paper and other
short-term corporate instruments.
    \18\ Variable or floating interest rates are readjusted on set
dates (such as the last day of the month or calendar quarter) in the
case of variable rates or whenever a specified interest rate change
occurs in the case of a floating rate instrument. The terms of such
demand instruments require payment of principal and accrued interest
by the issuer, a guarantor and/or a liquidity provider. The Sub-
Adviser will monitor the pricing, quality and liquidity of the
variable or floating rate securities held by the Fund.
    \19\ Zero-coupon or pay-in-kind securities are debt securities
that do not make regular cash interest payments. Zero-coupon
securities are sold at a deep discount to their face value. Pay-in-
kind securities pay interest through the issuance of additional
securities.
    \20\ The Adviser expects that under normal market conditions,
the Fund generally will seek to invest at least 80% of its corporate
loan assets in issuances that have at least $100,000,000 par amount
outstanding (if tied to developed countries) and at least
$200,000,000 par amount outstanding (if tied to emerging market
countries).
    \21\ Participation interests generally will be acquired from a
commercial bank or other financial institution (a ``Lender'') or
from other holders of a participation interest (a ``Participant'').
The purchase of a participation interest either from a Lender or a
Participant will not result in any direct contractual relationship
with the borrowing company (the ``Borrower''). The Fund generally
will have no right directly to enforce compliance by the Borrower
with the terms of the credit agreement. Instead, the Fund will be
required to rely on the Lender or the Participant that sold the
participation interest, both for the enforcement of the Fund's
rights against the Borrower and for the receipt and processing of
payments due to the Fund under the loans. Under the terms of a
participation interest, the Fund may be regarded as a member of the
Participant, and thus the Fund is subject to the credit risk of both
the Borrower and a Participant. Participation interests are
generally subject to restrictions on resale.
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    The Fund may purchase Fixed Income Securities issued by U.S. or
foreign corporations \22\ or financial institutions.
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    \22\ The Fund will invest only in securities that the Adviser or
Sub-Adviser deems to be sufficiently liquid. While corporate debt
securities tied to developed market countries generally must have
$100 million or more par amount outstanding and significant par
value traded to be considered as an eligible investment, at least
75% of issues of such corporate debt held by the Fund will have $100
million or more par amount outstanding. While corporate debt
securities tied to emerging market countries generally must have
$200 million or more par amount outstanding and significant par
value traded to be considered as an eligible investment, at least
75% of issues of such corporate debt held by the Fund will have $200
million or more par amount outstanding.
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    The Fund may purchase securities issued or guaranteed by the U.S.
or foreign governments (including foreign states, provinces, and
municipalities) or their agencies and instrumentalities or issued or
guaranteed by international organizations designated or supported

by multiple government entities to promote economic reconstruction or
development.
    The Fund may invest in MBS issued or guaranteed by federal agencies
and/or U.S. government sponsored instrumentalities, such as the
Government National Mortgage Administration (``Ginnie Mae''), the
Federal Housing Administration (``FHA''), the Federal National Mortgage
Association (``Fannie Mae''), and the Federal Home Loan Mortgage
Corporation (``Freddie Mac''). The MBS in which the Fund may invest
will be either pass-through securities or CMOs and may be TBA
transactions.\23\
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    \23\ Pass-through securities represent a right to receive
principal and interest payments collected on a pool of mortgages,
which are passed through to security holders. CMOs are created by
dividing the principal and interest payments collected on a pool of
mortgages into several revenue streams (tranches) with different
priority rights to portions of the underlying mortgage payments. The
Fund will not invest in CMO tranches which represent a right to
receive interest only (``IOs''), principal only (``POs'') or an
amount that remains after other floating-rate tranches are paid (an
inverse floater).
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    The Fund may purchase or sell securities on a when-issued,\24\
delayed delivery, or forward commitment basis, and may enter into
repurchase and reverse repurchase agreements.\25\
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    \24\ Purchasing securities on a ``when-issued'' basis means that
the date for delivery of and payment for the securities is not fixed
at the date of purchase, but is set after the securities are issued.
The payment obligation and, if applicable, the interest rate that
will be received on the securities are fixed at the time the buyer
enters into the commitment. The Fund will only make commitments to
purchase such securities with the intention of actually acquiring
such securities, but the Fund may sell these securities before the
settlement date if it is deemed advisable.
    \25\ Repurchase agreements are agreements pursuant to which
securities are acquired by the Fund from a third party with the
understanding that they will be repurchased by the seller at a fixed
price on an agreed date. These agreements may be made with respect
to any of the portfolio securities in which the Fund is authorized
to invest. Repurchase agreements may be characterized as loans
secured by the underlying securities. Reverse repurchase agreements
involve the sale of securities with an agreement to repurchase the
securities at an agreed-upon price, date and interest payment and
have the characteristics of borrowing. The securities purchased with
the funds obtained from the agreement and securities collateralizing
the agreement will have maturity dates no later than the repayment
date.
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    The Fund may invest in exchange-traded funds (``ETFs'') \26\ and/or
exchange-traded closed-end funds that invest in Fixed Income
Securities.
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    \26\ For purposes of this filing, ETFs consist of Investment
Company Units (as described in NYSE Arca Equities Rule 5.2(j)(3)),
Portfolio Depositary Receipts (as described in NYSE Arca Equities
Rule 8.100), and Managed Fund Shares (as described in NYSE Arca
Equities Rule 8.600). All ETFs will be listed and traded in the U.S.
on a national securities exchange. The Funds will not invest in
leveraged or leveraged inverse ETFs.
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    The Fund may invest without limitation in U.S. dollar-denominated
securities of foreign issuers in developed markets. The Fund can invest
up to 50% of its assets in non-dollar-denominated securities. The Fund
can invest up to 50% of its assets in the securities of issuers located
in emerging markets (either US dollar-denominated or non-dollar-
denominated). The Sub-Adviser may attempt to reduce currency risk by
entering into contracts with banks, brokers, or dealers to purchase or
sell securities or foreign currencies at a future date (``forward
contracts'').\27\
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    \27\ A foreign currency forward contract is a negotiated
agreement between the contracting parties to exchange a specified
amount of currency at a specified future time at a specified rate.
The rate can be higher or lower than the spot rate between the
currencies that are the subject of the contract.
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    The Fund may enter into cleared and over-the-counter (``OTC'')
total return swap agreements that effectively bundle the purchase of
foreign bonds and the hedging of foreign currency into a single
transaction.\28\
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    \28\ See ``The Funds' Use of Derivatives,'' Section II. D.
infra.
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    The Fund may invest in securities that are offered pursuant to Rule
144A under the Securities Act.
    The Fund may also use leverage to the extent permitted under the
1940 Act by entering into reverse repurchase agreements and borrowing
transactions (principally lines of credit) for investment purposes. The
Fund's exposure to reverse repurchase agreements will be covered by
securities having a value equal to or greater than such commitments.
The Exchange represents that, under the 1940 Act, reverse repurchase
agreements are considered borrowings. Although there is no limit on the
percentage of Fund assets that can be used in connection with reverse
repurchase agreements, the Fund does not expect to engage, under normal
circumstances, in reverse repurchase agreements with respect to more
than 33\1/3\% of its assets.
2. Other Investments
    While the Fund will, under normal circumstances, invest at least
65% of its assets in the securities and financial instruments described
above, the Fund may invest its remaining assets in the securities and
financial instruments described below.
    The Fund may invest in money market instruments, including other
funds which invest exclusively in money market instruments. The Fund
may invest in structured notes (notes on which the amount of principal
repayment and interest payments are based on the movement of one or
more specified factors, such as the movement of a particular bond or
bond index). In addition to the types of forward contracts and swaps
discussed above, the Fund may invest in other types of forward
contracts and swaps, as well as options and futures contracts (as
discussed below), each based on fixed-income securities, currencies, or
indexes of fixed-income securities or currencies.\29\
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    \29\ See ``The Funds' Use of Derivatives,'' Section II. D.
infra.
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    The Fund may invest up to 5% of its assets in U.S. exchange-traded
equity securities (excluding ETFs and closed-end funds).

B. RiverFront Dynamic Core Income ETF

1. Principal Investment Strategies
    The Exchange states that the investment objective of the Fund will
be to seek total return with an emphasis on income as the source of
that total return. Under normal circumstances, the Fund will invest at
least 65% of its assets in the securities and financial instruments
described below.\30\ The average maturity or duration of the Fund's
portfolio of Fixed Income Securities will vary based on the Sub-
Adviser's assessment of economic and market conditions; however, the
Sub-Adviser intends to manage the Fund's portfolio so that it has an
average duration of between two and eight years, under normal
circumstances.
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    \30\ See note 11, supra.
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    The Fund's portfolio is constructed through a two-step process. The
first step is setting the strategic allocation among different fixed
income asset classes, with the objective being to construct an
allocation that is designed to balance the probability of upside
returns with downside risks for investors with a five-year time horizon
for their investments. The second step is tactically adjusting these
allocations as market conditions warrant and determining security
selection within those asset classes in order to maximize potential
returns over time.
    The strategic allocation across long-term, medium-term and short-
term investment grade securities, long-term and short-term high yield
securities and emerging market debt is adjusted at least annually or as
market conditions warrant and is determined by a quantitative
methodology. This methodology models historical returns as a function
of initial valuation conditions and creates estimates of potential
returns and downside risks consistent with historical market behavior.
The capital market assumptions produced by this methodology are then
incorporated into

a proprietary Mean Reversion Optimization (MRO) process to produce the
model weighting for each of the major fixed income asset classes.
    The Fund will seek to achieve its investment objective by investing
in a global portfolio of Fixed Income Securities (as described above)
\31\ of various maturities, ratings, and currency denominations. The
Fund intends to utilize various investment strategies in a broad array
of fixed income sectors. The Fund will allocate its investments based
upon the analysis of the Sub-Adviser of the pertinent economic and
market conditions, as well as yield, maturity, credit, and currency
considerations.
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    \31\ See supra Section II.A.1. See also supra notes 12-21 and
accompanying text.
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    The Fund may purchase Fixed Income Securities issued by U.S. or
foreign corporations \32\ or financial institutions.
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    \32\ See note 22, supra.
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    The Fund may purchase securities issued or guaranteed by the U.S.
or foreign governments (including foreign states, provinces, and
municipalities) or their agencies and instrumentalities or issued or
guaranteed by international organizations designated or supported by
multiple government entities to promote economic reconstruction or
development.
    The Fund may invest in MBS issued or guaranteed by federal agencies
and/or U.S. government sponsored instrumentalities, such as Ginnie Mae,
the FHA, Fannie Mae, and Freddie Mac. The MBS in which the Fund may
invest will be either pass-through securities or CMOs and may be TBA
transactions.\33\
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    \33\ See note 23, supra.
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    The Fund may purchase or sell securities on a when-issued,\34\
delayed delivery, or forward commitment basis, and may enter into
repurchase and reverse repurchase agreements.\35\
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    \34\ See note 24, supra.
    \35\ See note 25, supra.
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    The Fund may invest in ETFs \36\ and/or exchange-traded closed-end
funds which invest in Fixed Income Securities.
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    \36\ See note 26, supra.
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    The Fund may invest without limitation in U.S. dollar-denominated
securities of foreign issuers in developed markets. The Fund can invest
up to 10% of its assets in non-dollar denominated securities. The Fund
can invest up to 10% of its assets in the securities of issuers located
in emerging markets (either US dollar-denominated or non-dollar-
denominated). The Sub-Adviser may attempt to reduce currency risk by
entering into forward contracts.\37\
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    \37\ See note 27, supra.
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    The Fund may enter into cleared and OTC total return swap
agreements that effectively bundle the purchase of foreign bonds and
the hedging of foreign currency into a single transaction.\38\
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    \38\ See ``The Funds' Use of Derivatives,'' Section II.D. infra.
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    The Fund may invest in securities that are offered pursuant to Rule
144A under the Securities Act.
    The Fund may also use leverage to the extent permitted under the
1940 Act by entering into reverse repurchase agreements and borrowing
transactions (principally lines of credit) for investment purposes. The
Fund's exposure to reverse repurchase agreements will be covered by
securities having a value equal to or greater than such commitments.
The Exchange represents that, under the 1940 Act, reverse repurchase
agreements are considered borrowings. Although there is no limit on the
percentage of Fund assets that can be used in connection with reverse
repurchase agreements, the Fund does not expect to engage, under normal
circumstances, in reverse repurchase agreements with respect to more
than 33 1/3% of its assets.
2. Other Investments
    While the Fund will, under normal circumstances, invest at least
65% of its assets in the securities and financial instruments described
above, the Fund may invest its remaining assets in the securities and
financial instruments described below.
    The Fund may invest in money market instruments, including other
funds which invest exclusively in money market instruments. The Fund
may invest in structured notes. In addition to the types of forward
contracts and swaps discussed above, the Fund may invest in other types
of forward contracts and swaps, as well as options and futures
contracts (as described below), each based on fixed-income securities,
currencies, or indexes of fixed-income securities or currencies.\39\
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    \39\ See ``The Funds' Use of Derivatives,'' Section II.D. infra.
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    The Fund may invest up to 5% of its assets in U.S. exchange-traded
equity securities (excluding ETFs and closed-end funds).

C. Investment Restrictions for Each Fund

    Each Fund's portfolio holdings that in the aggregate account for at
least 75% of the weight of the applicable portfolio each shall have a
minimum original principal amount outstanding of $100 million or more.
No fixed-income security (excluding Treasury Securities and GSE
Securities) \40\ held by a Fund shall represent more than 30% of the
weight of a Fund's portfolio, and the five most heavily weighted fixed-
income securities in a Fund's portfolio shall not in the aggregate
account for more than 65% of the weight of the portfolio. Each Fund's
portfolio (excluding one consisting entirely of exempted securities)
must include a minimum of 13 non-affiliated issuers.
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    \40\ The terms ``Treasury Securities'' and ``GSE Securities''
are defined in NYSEArca Equities Rule 5.2(j)(3), Commentary. 02.
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    Each Fund may invest up to an aggregate amount of 15% of its net
assets in illiquid assets (calculated at the time of investment),
including securities that are offered pursuant to Rule 144A under the
Securities Act, ABS and MBS issued by private entities, loans, and loan
commitments deemed illiquid by the Sub-Adviser. A Fund will monitor its
portfolio liquidity on an ongoing basis to determine whether, in light
of current circumstances, an adequate level of liquidity is being
maintained, and will consider taking appropriate steps in order to
maintain adequate liquidity if, through a change in values, net assets,
or other circumstances, more than 15% of a Fund's net assets are held
in illiquid assets.\41\ Illiquid assets include securities subject to
contractual or other restrictions on resale and other instruments that
lack readily available markets as determined in accordance with
Commission staff guidance.
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    \41\ In reaching liquidity decisions with respect to Rule 144A
securities, the Sub-Adviser may consider the following factors: the
frequency of trades and quotes for the security; the number of
dealers willing to purchase or sell the security and the number of
other potential purchasers; dealer undertakings to make a market in
the security; and the nature of the security and the nature of the
marketplace in which it trades (e.g., the time needed to dispose of
the security, the method of soliciting offers, and the mechanics of
transfer).
---------------------------------------------------------------------------

    The Funds intend to qualify for and to elect to be treated as
separate regulated investment companies under Subchapter M of the
Internal Revenue Code.
    A Fund may invest up to 20% of its total assets in the aggregate in
MBS (which may include CMBS) or ABS issued or guaranteed by private
entities. The liquidity of such securities will be a substantial factor
in a Fund's security selection process. Such holdings will be subject
to the respective limitations on a Fund's investments in illiquid
assets and high yield securities.
    A Fund may invest up to 20% of its total assets, in the aggregate,
in syndicated bank loans, junior loans, bridge loans, unfunded
commitments,

revolving credit facilities, participation interests, and structured
notes. Such holdings will be subject to the respective limitations on a
Fund's investments in illiquid assets and high yield securities. The
liquidity of such securities will be a substantial factor in a Fund's
security selection process.
    The RiverFront Dynamic Unconstrained Income ETF may invest entirely
in high yield securities (``junk bonds''). The Sub-Adviser will
consider the credit ratings assigned by nationally recognized
statistical rating organizations (``NRSROs'') as one of several factors
in its independent credit analysis of issuers.
    The RiverFront Dynamic Core Income ETF may invest up to 15% of its
total assets in Fixed Income Securities that are rated below investment
grade by NRSROs, or unrated securities that the Sub-Adviser believes
are of comparable quality. The Sub-Adviser will consider the credit
ratings assigned by NRSROs as one of several factors in its independent
credit analysis of issuers.
    The Funds will not invest in non-U.S. equity securities.
    A Fund's investments will be consistent with a Fund's investment
objective and will not be used to enhance leverage. That is, while a
Fund will be permitted to borrow as permitted under the 1940 Act, a
Fund's investments will not be used to seek performance that is the
multiple or inverse multiple (i.e., 2Xs and 3Xs) of a Fund's primary
broad-based securities benchmark index (as defined in Form N-1A).\42\
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    \42\ A Fund's broad-based securities benchmark index will be
identified in a future amendment to the Registration Statement
following a Fund's first full calendar year of performance.
---------------------------------------------------------------------------

D. The Funds' Use of Derivatives

    According to the Exchange, each Fund proposes to seek certain
exposures through derivative transactions. Subject to the investment
restrictions described above, with respect to each Fund, derivative
instruments may include foreign exchange forward contracts; exchange-
traded futures on fixed income securities, currencies, and indices of
fixed income securities or currencies; exchange-traded and OTC options;
exchange-traded and OTC options on futures contracts; exchange-traded
and OTC interest rate swaps, cross-currency swaps, total return swaps,
inflation swaps, and credit default swaps; and options on such swaps
(``swaptions'').\43\ A Fund may, but is not required to, use derivative
instruments for risk management purposes or as part of its investment
strategies.\44\ The Exchange states that a Fund may also engage in
derivative transactions for speculative purposes to enhance total
return, to seek to hedge against fluctuations in securities prices,
interest rates or currency rates, to change the effective duration of
its portfolio, to manage certain investment risks, and/or as a
substitute for the purchase or sale of securities or currencies.
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    \43\ Options on swaps are traded OTC. In the future, in the
event that there are exchange-traded options on swaps, a Fund may
invest in these instruments.
    \44\ A Fund will seek, where possible, to use counterparties
whose financial status is such that the risk of default is reduced;
however, the risk of losses resulting from default is still
possible. The Sub-Adviser will monitor the financial standing of
counterparties on an ongoing basis. This monitoring may include
information provided by credit agencies, as well as the Sub-
Adviser's credit analysts and other team members who evaluate
approved counterparties using various methods of analysis, including
but not limited to earnings updates, the counterparty's reputation,
the Sub-Adviser's past experience with the broker-dealer, market
levels for the counterparty's debt and equity, the counterparty's
liquidity and its share of market participation.
---------------------------------------------------------------------------

    The Exchange states that investments in derivative instruments will
be made in accordance with the 1940 Act and consistent with a Fund's
investment objective and policies. As described further below, a Fund
will typically use derivative instruments as a substitute for taking a
position in the underlying asset and/or as part of a strategy designed
to reduce exposure to other risks, such as currency risk. A Fund may
also use derivative instruments to enhance returns. To limit the
potential risk associated with such transactions, the Exchange states
that a Fund will segregate or ``earmark'' assets determined to be
liquid by the Sub-Adviser in accordance with procedures established by
a Fund's Board of Trustees (the ``Board'') and in accordance with the
1940 Act (or, as permitted by applicable regulation, enter into certain
offsetting positions) to cover its obligations under derivative
instruments. These procedures have been adopted consistent with Section
18 of the 1940 Act and related Commission guidance. In addition, the
Exchange states that a Fund will include appropriate risk disclosure in
its offering documents, including leveraging risk.\45\
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    \45\ Leveraging risk is the risk that certain transactions of a
Fund, including a Fund's use of derivatives, may give rise to
leverage, causing a Fund to be more volatile than if it had not been
leveraged. To mitigate leveraging risk, the Sub-Adviser will
segregate or ``earmark'' liquid assets or otherwise cover the
transactions that may give rise to such risk.
---------------------------------------------------------------------------

III. Discussion and Commission Findings

    After careful review, the Commission finds that the Exchange's
proposal to list and trade the Shares is consistent with the Exchange
Act and the rules and regulations thereunder applicable to a national
securities exchange.\46\ In particular, the Commission finds that the
proposed rule change, as modified by Amendment Nos. 1, 2, and 3, is
consistent with Section 6(b)(5) of the Exchange Act,\47\ which
requires, among other things, that the Exchange's rules be designed to
prevent fraudulent and manipulative acts and practices, to promote just
and equitable principles of trade, to remove impediments to and perfect
the mechanism of a free and open market and a national market system,
and, in general, to protect investors and the public interest. The
Commission also finds that the proposal to list and trade the Shares on
the Exchange is consistent with Section 11A(a)(1)(C)(iii) of the
Exchange Act,\48\ which sets forth the finding of Congress 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.
---------------------------------------------------------------------------

    \46\ 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).
    \47\ 15 U.S.C. 78f(b)(5).
    \48\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
---------------------------------------------------------------------------

    According to the Exchange, quotation and last sale information will
be available via the Consolidated Tape Association (``CTA'') high-speed
line for the Shares and for U.S. exchange-traded common stocks, ETFs,
and closed-end funds. Price information for exchange-traded derivative
instruments will be available from the applicable exchange and from
major market data vendors. Price information for currency spot and
forward rates, swaps, money market instruments, repurchase agreements,
reverse repurchase agreements, OTC options, structured notes,
syndicated bank loans, junior loans, bridge loans, unfunded
commitments, revolving credit facilities, participation interests and
OTC derivative instruments will be available from major market data
vendors. Intra-day and closing price information for exchange-traded
options and futures will be available from the applicable exchange and
from major market data vendors. In addition, price information for U.S.
exchange-traded options is available from the Options

Price Reporting Authority. Quotation information from brokers and
dealers or independent pricing services will be available for Fixed
Income Securities. One source of price information for municipal
securities is the Electronic Municipal Market Access (``EMMA''), which
is administered by the Municipal Securities Rulemaking Board.
    In addition, the Portfolio Indicative Value, 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.\49\ On each business day, before commencement of
trading in Shares in the Core Trading Session on the Exchange, each
Fund will disclose on its Web site the Disclosed Portfolio as defined
in NYSE Arca Equities Rule 8.600(c)(2) that will form the basis for the
Fund's calculation of NAV at the end of the business day.\50\
---------------------------------------------------------------------------

    \49\ Currently, it is the Exchange's understanding that several
major market data vendors display and/or make widely available
Portfolio Indicative Values taken from CTA or other data feeds.
    \50\ On a daily basis, the Adviser or Sub-Adviser will disclose
on the Funds' Web site the following information regarding each
portfolio holding, as applicable to the type of holding: Ticker
symbol, CUSIP number or other identifier, if any; a description of
the holding (including the type of holding, such as the type of
swap); the identity of the security, commodity, index or other asset
or instrument underlying the holding, if any; for options, the
option strike price; quantity held (as measured by, for example, par
value, notional value or number of shares, contracts or units);
maturity date, if any; coupon rate, if any; effective date, if any;
market value of the holding; and the percentage weighting of the
holding in each Fund's portfolio. The Web site information will be
publicly available at no charge. The Funds' disclosure of derivative
positions in the Disclosed Portfolio will include information that
market participants can use to value these positions intraday.
---------------------------------------------------------------------------

    The NAV for the Shares will be calculated as of the close of the
regular trading session on the New York Stock Exchange (``NYSE'')
(ordinarily 4:00 p.m., Eastern Time) on each day that such exchange is
open. A basket composition file, which will include the security names
and share quantities required to be delivered in exchange for each
Fund's Shares, together with estimates and actual cash components, will
be publicly disseminated daily prior to the opening of the NYSE via the
National Securities Clearing Corporation. Information regarding market
price and trading volume for the Shares will be continually available
on a real-time basis throughout the day on brokers' computer screens
and other electronic services. Information regarding the previous day's
closing price and trading volume information for the Shares will be
published daily in the financial section of newspapers. The Web site
for the Funds will include a form of the prospectus for each Fund and
additional data relating to NAV and other applicable quantitative
information.
    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
for each Fund will be made available to all market participants at the
same time.\51\
---------------------------------------------------------------------------

    \51\ See NYSE Arca Equities Rule 8.600(d)(1)(B).
---------------------------------------------------------------------------

    Trading in Shares of the Fund 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.\52\
Trading in the Shares also will be subject to NYSE Arca Equities Rule
8.600(d)(2)(D), which sets forth circumstances under which Shares of
the Fund may be halted.
---------------------------------------------------------------------------

    \52\ These may include: (1) The extent to which trading is not
occurring in the securities or the financial instruments
constituting the Disclosed Portfolio of a Fund; or (2) whether other
unusual conditions or circumstances detrimental to the maintenance
of a fair and orderly market are present.
---------------------------------------------------------------------------

    The Exchange represents that it has a general policy prohibiting
the distribution of material, non-public information by its employees.
Each of the Adviser and the Sub-Adviser is affiliated with a broker-
dealer and has implemented and will maintain a fire wall with respect
to its broker-dealer affiliate regarding access to information
concerning the composition and/or changes to a Fund portfolio.\53\
Further, the Commission notes that the Reporting Authority that
provides the Disclosed Portfolio of each Fund 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.\54\
---------------------------------------------------------------------------

    \53\ See supra note 10. The Exchange represents that an
investment adviser to an open-end fund is required to be registered
under the Investment Advisers Act of 1940.
    \54\ See NYSE Arca Equities Rule 8.600(d)(2)(B)(ii).
---------------------------------------------------------------------------

    Prior to the commencement of trading, the Exchange will inform its
Equity Trading Permit Holders (``ETP Holders'') in an Information
Bulletin (``Bulletin'') of the special characteristics and risks
associated with trading the Shares. The Exchange represents that
trading in the Shares will be subject to the existing trading
surveillances, administered by the Financial Industry Regulatory
Authority (``FINRA'') on behalf of the Exchange, or regulatory staff of
the Exchange, which are designed to detect violations of Exchange rules
and applicable federal securities laws.\55\
---------------------------------------------------------------------------

    \55\ The Exchange states that FINRA surveils trading on the
Exchange pursuant to a regulatory services agreement. The Exchange
is responsible for FINRA's performance under this regulatory
services agreement.
---------------------------------------------------------------------------

    The Exchange represents that it deems the Shares 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 also made the following
representations:

    (1) The Shares will conform to the initial and continued listing
criteria under NYSE Arca Equities Rule 8.600.
    (2) All statements and representations made in this filing
regarding (a) the description of the portfolio, (b) limitations on
portfolio holdings or reference assets, or (c) the applicability of
Exchange rules and surveillance procedures shall constitute
continued listing requirements for listing the Shares on the
Exchange.
    (3) The issuer has represented to the Exchange that it will
advise the Exchange of any failure by the Funds to comply with the
continued listing requirements, and, pursuant to its obligations
under Section 19(g)(1) of the Exchange Act, the Exchange will
monitor \56\ for compliance with the continued listing requirements.
If the Funds are not in compliance with the applicable listing
requirements, the Exchange will commence delisting procedures under
NYSEArca Equities Rule 5.5(m).
---------------------------------------------------------------------------

    \56\ The Commission notes that certain other proposals for the
listing and trading of managed fund shares include a representation
that the exchange will ``surveil'' for compliance with the continued
listing requirements. See, e.g., Amendment No. 2 to SR-BATS-2016-04,
available at: http://www.sec.gov/comments/sr-bats-2016-04/bats201604-2.pdf. In the context of this representation, it is the
Commission's view that ``monitor'' and ``surveil'' both mean ongoing
oversight of the Fund's compliance with the continued listing
requirements. Therefore, the Commission does not view ``monitor'' as
a more or less stringent obligation than ``surveil'' with respect to
the continued listing requirements.
---------------------------------------------------------------------------

    (4) The Exchange has appropriate rules to facilitate
transactions in the Shares during all trading sessions.
    (5) Trading in the Shares will be subject to the existing
trading surveillances, administered FINRA on behalf of the Exchange,
or regulatory staff of the Exchange, which are designed to detect
violations of Exchange rules and applicable federal securities laws,
and these procedures are adequate to properly monitor Exchange
trading of the Shares in all trading sessions and to deter and
detect violations of

Exchange rules and federal securities laws applicable to trading on
the Exchange.
    (6) FINRA, on behalf of the Exchange, or regulatory staff of the
Exchange, will communicate as needed regarding trading in the
Shares, certain exchange-traded options and futures, and certain
exchange-traded equities (including ETFs and closed-end funds) with
other markets or other entities that are members of the Intermarket
Surveillance Group (``ISG''), and FINRA or regulatory staff of the
Exchange may obtain trading information regarding trading in the
Shares, certain exchange-traded options and futures, and certain
exchange-traded equities from such markets or entities. In addition,
the Exchange may obtain information regarding trading in the Shares,
certain exchange-traded options and futures, and certain exchange-
traded equities from markets or other entities that are members of
ISG or with which the Exchange has in place a comprehensive
surveillance sharing agreement. FINRA, on behalf of the Exchange, is
able to access, as needed, trade information for certain Fixed
Income Securities held by the Funds reported to FINRA's Trade
Reporting and Compliance Engine.
    (7) Prior to the commencement of trading of the Shares, the
Exchange will inform its ETP Holders in a Bulletin of the special
characteristics and risks associated with trading the Shares. The
Bulletin will discuss the following: (a) The procedures for
purchases and redemptions of Shares in creation units (and that
Shares are not individually redeemable); (b) NYSE Arca Equities Rule
9.2(a), which imposes a duty of due diligence on its ETP Holders to
learn the essential facts relating to every customer prior to
trading the Shares; (c) the risks involved in trading the Shares
during the Opening and Late Trading Sessions when an updated Intra-
day Indicative Value (``IIV'') (which is the Portfolio Indicative
Value as defined in NYSE Arca Equities Rule 8.600(c)(3)) will not be
calculated or publicly disseminated; (d) how information regarding
the IIV and the Disclosed Portfolio is disseminated; (e) the
requirement that ETP Holders deliver a prospectus to investors
purchasing newly issued Shares prior to or concurrently with the
confirmation of a transaction; and (f) trading information.
    (8) For initial and continued listing, each Fund will be in
compliance with Rule 10A-3 under the Act,\57\ as provided by NYSE
Arca Equities Rule 5.3.
---------------------------------------------------------------------------

    \57\ 17 CFR 240.10A-3.
---------------------------------------------------------------------------

    (9) A minimum of 100,000 Shares of each Fund will be outstanding
at the commencement of trading on the Exchange.
    (10) The Funds will not invest in non-U.S. equity securities.
All ETFs that the Funds will invest in will be listed and traded in
the U.S. on a national securities exchange. The Funds will not
invest in leveraged or leveraged inverse ETFs.
    (11) Not more than 10% of the net assets of a Fund in the
aggregate invested in futures contracts or options contracts shall
consist of futures contracts or exchange-traded options contracts
whose principal market is not a member of ISG or is a market with
which the Exchange does not have a comprehensive surveillance
sharing agreement.
    (12) Each Fund's portfolio holdings that in the aggregate
account for at least 75% of the weight of the applicable portfolio
each shall have a minimum original principal amount outstanding of
$100 million or more. No fixed-income security (excluding Treasury
Securities and GSE Securities) held by a Fund shall represent more
than 30% of the weight of the Fund's portfolio, and the five most
heavily weighted fixed-income securities in the Fund's portfolio
shall not in the aggregate account for more than 65% of the weight
of the portfolio. Each Fund's portfolio (excluding one consisting
entirely of exempted securities) must include a minimum of 13 non-
affiliated issuers.
    (13) At least 75% of issues of corporate debt securities tied to
developed market countries held by a Fund will have $100 million or
more par amount outstanding and at least 75% of issues of corporate
debt securities tied to emerging market countries held by a Fund
will have $200 million or more par amount outstanding.
    (14) Under normal market conditions, each Fund generally will
seek to invest at least 80% of its corporate loan assets in
issuances that have at least $100,000,000 par amount outstanding (if
tied to developed countries) and at least $200,000,000 par amount
outstanding (if tied to emerging market countries).
    (15) Each Fund may invest up to 20% of its total assets in the
aggregate in MBS (which may include CMBS) or ABS issued or
guaranteed by private entities. The liquidity of such securities
will be a substantial factor in a Fund's security selection process.
Such holdings would be subject to the respective limitations on a
Fund's investments in illiquid assets and high yield securities.
    (16) Each Fund may invest up to 20% of its total assets, in the
aggregate, in syndicated bank loans, junior loans, bridge loans,
unfunded commitments, revolving credit facilities, participation
interests, and structured notes. Such holdings would be subject to
the respective limitations on a Fund's investments in illiquid
assets and high yield securities. The liquidity of such securities
will be a substantial factor in a Fund's security selection process.
    (17) Each Fund may invest up to an aggregate amount of 15% of
its net assets in illiquid assets (calculated at the time of
investment), including securities that are offered pursuant to Rule
144A under the Securities Act, ABS and MBS issued by private
entities, loans and loan commitments deemed illiquid by the Sub-
Adviser.
    (18) The RiverFront Dynamic Unconstrained Income ETF can invest
up to 50% of its assets in the securities of issuers located in
emerging markets. The RiverFront Dynamic Core Income ETF can invest
up to 10% of its assets in the securities of issuers located in
emerging markets.
    (19) The RiverFront Dynamic Core Income ETF may invest up to 15%
of its total assets in Fixed Income Securities that are rated below
investment grade by NRSROs, or unrated securities that the Sub-
Adviser believes are of comparable quality.
    (20) A Fund's investments will be consistent with a Fund's
investment objective and will not be used to enhance leverage. That
is, while a Fund will be permitted to borrow as permitted under the
1940 Act, a Fund's investments will not be used to seek performance
that is the multiple or inverse multiple (i.e., 2Xs and 3Xs) of a
Fund's primary broad-based securities benchmark index (as defined in
Form N-1A).
    (21) Investments in derivative instruments will be made in
accordance with the 1940 Act and consistent with a Fund's investment
objective and policies. To limit the potential risk associated with
such transactions, a Fund will segregate or ``earmark'' assets
determined to be liquid by the Sub-Adviser in accordance with
procedures established by a Fund's Board of Trustees and in
accordance with the 1940 Act (or, as permitted by applicable
regulation, enter into certain offsetting positions) to cover its
obligations under derivative instruments. In addition, a Fund will
include appropriate risk disclosure in its offering documents,
including leveraging risk. To mitigate leveraging risk, the Sub-
Adviser will segregate or ``earmark'' liquid assets or otherwise
cover the transactions that may give rise to such risk.

    This approval order is based on all of the Exchange's
representations, including those set forth above, in the Notice, and in
Amendment Nos. 1, 2, and 3. The Commission notes that the Funds and the
Shares must comply with the requirements of NYSE Arca Equities Rule
8.600 to be initially and continuously listed and traded on the
Exchange.

IV. Solicitation of Comments on Amendment Nos. 1, 2, and 3

    Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether Amendment Nos. 1,
2, and 3 to the proposed rule change are 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-2015-125 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-2015-125. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's

Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the
submission, all subsequent amendments, all written statements with
respect to the proposed rule change that are filed with the Commission,
and all written communications relating to the proposed rule change
between the Commission and any person, other than those that may be
withheld from the public in accordance with the provisions of 5 U.S.C.
552, will be available for Web site viewing and printing in the
Commission's Public Reference Room, 100 F Street NE., Washington, DC
20549 on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change; the Commission does not edit
personal identifying information from submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number SR-NYSEArca-2015-125 and should
be submitted on or before May 2, 2016.

V. Accelerated Approval of Proposed Rule Change, as Modified by
Amendment Nos. 1, 2, and 3

    The Commission finds good cause to approve the proposed rule
change, as modified by Amendment Nos. 1, 2, and 3, prior to the 30th
day after the date of publication of notice of Amendment Nos. 1, 2, and
3 in the Federal Register. Amendment Nos. 1, 2, and 3 revised the
proposed rule change by: (1) Clarifying that each Fund will invest at
least 65% of its assets in the securities and financial instruments
described under the headings ``Principal Investments;'' (2) clarifying
the portfolio construction and asset allocation methodology of the
Funds; (3) further defining the characteristics of the Fixed Income
Instruments in which the Funds may invest; (4) modifying the investment
restrictions of each Fund; (5) clarifying how certain investments will
be valued for computing each Fund's NAV; (6) describing where price
information can be obtained for certain investments of the Funds; and
(7) providing additional representations relating to the continued
listing requirements for listing the Shares on the Exchange, including
issuer notification requirements if a Fund fails to comply with such
continued listing requirements, and Exchange surveillance obligations
relating to such continued listing requirements.
    Amendment Nos. 1, 2, and 3 supplement the proposed rule change by,
among other things, clarifying the scope of the Funds' permitted
investments and investment restrictions and providing additional
information about the availability of pricing information for the
Funds' underlying assets. They also help the Commission evaluate
whether the listing and trading of the Shares of the Funds would be
consistent with the protection of investors and the public interest.
    Accordingly, the Commission finds good cause, pursuant to Section
19(b)(2) of the Act,\58\ to approve the proposed rule change, as
modified by Amendment Nos. 1, 2, and 3 on an accelerated basis.
---------------------------------------------------------------------------

    \58\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

VI. Conclusion

    It Is Therefore Ordered, pursuant to Section 19(b)(2) of the
Exchange Act,\59\ that the proposed rule change (SR-NYSEArca-2015-125),
as modified by Amendment Nos. 1, 2, and 3 thereto, be, and it hereby
is, approved on an accelerated basis.
---------------------------------------------------------------------------

    \59\ 15 U.S.C. 78s(b)(2).
    \60\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\60\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-08182 Filed 4-8-16; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register: November 19, 2008 (Volume 73, Number 224)]
[Notices]
[Page 69623-69624]
[DOCID:fr19no08-65]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[FFP Missouri 25, LLC; Project No. 13206-000]

Notice of Preliminary Permit Applications Accepted for Filing and
Soliciting Comment, Motions To Intervene, and Competing Applications

November 12, 2008.
    On April 22, 2008, FFP Missouri 25, LLC each filed an application,
pursuant to section 4(f) of the Federal Power Act, proposing to study
the feasibility of the Missouri River 25 Project, to be located on the
Missouri River in Ray, Lafayette, and Jackson Counties, Missouri.
    The proposed Missouri River 25 Project consists of: (1) 8,400
proposed 20 kilowatt Free Flow generating units having a total
installed capacity of 168 megawatts, (2) a proposed transmission line,
and (3) appurtenant facilities. The FFP Missouri 25, LLC, project would
have an average annual generation of 735.84 gigawatt-hours and be sold
to a local utility.
    Applicant Contact: Mr. Dan Irvin, FFP Missouri 25, LLC, 69 Bridge
Street, Manchester, MA 01944, phone<PHONE_NUMBER>.
    FERC Contact: Robert Bell,<PHONE_NUMBER>.
    Deadline for filing comments, motions to intervene, competing
applications (without notices of intent), or notices of intent to file
competing applications: 60 days from the issuance of this notice.
Comments, motions to intervene, notices of intent, and competing
applications may be filed electronically via the Internet. See 18 CFR
385.2001(a)(1)(iii) and the instructions on the Commission's Web site
under the ``e-Filing'' link. If unable to be filed electronically,
documents may be paper-filed. To paper-file, an original and eight
copies should be mailed to: Kimberly D. Bose, Secretary, Federal Energy
Regulatory Commission, 888 First Street, NE., Washington, DC 20426. For
more information on how to submit these types of filings please go to
the Commission's Web site located at http://www.ferc.gov/filing-
comments.asp. More information about this project can be viewed or
printed on the ``eLibrary'' link of Commission's Web site at http: //
www.ferc.gov/docs-filing/elibrary.asp. Enter the docket number (P-
13206) in the docket number field to access the

document. For assistance, call toll-free 1-866-208-3372.

Kimberly D. Bose,
Secretary.
[FR Doc. E8-27373 Filed 11-18-08; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register Volume 88, Number 111 (Friday, June 9, 2023)]
[Notices]
[Pages 37888-37890]
[FR Doc No: 2023-12370]

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DEPARTMENT OF HEALTH AND HUMAN SERVICES

Food and Drug Administration

[Docket No. FDA-2020-D-1848]

Clinical Drug Interaction Studies With Combined Oral
Contraceptives; Guidance for Industry; Availability

AGENCY: Food and Drug Administration, HHS.

ACTION: Notice of availability.

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SUMMARY: The Food and Drug Administration (FDA or Agency) is announcing
the availability of a final guidance for industry entitled ``Clinical
Drug Interaction Studies With Combined Oral Contraceptives.'' This
guidance is intended to help sponsors of investigational new drug
applications and new drug applications evaluate the need for drug-drug
interaction (DDI) studies with combined oral contraceptives (COCs),
design such studies, and determine how to communicate DDI study results
and risk mitigation strategies to address potential risks associated
with increased or decreased exposure of COCs in labeling. The guidance
finalizes the draft guidance ``Clinical Drug Interaction Studies With
Combined Oral Contraceptives'' issued on November 23, 2020.

DATES: The announcement of the guidance is published in the Federal
Register on June 9, 2023.

ADDRESSES: You may submit either electronic or written comments on
Agency guidances at any time as follows:

Electronic Submissions

    Submit electronic comments in the following way:
     Federal eRulemaking Portal: https://www.regulations.gov.
Follow the instructions for submitting comments. Comments submitted
electronically, including attachments, to https://www.regulations.gov
will be posted to the docket unchanged. Because your comment will be
made public, you are solely responsible for ensuring that your comment
does not include any confidential information that you or a third party
may not wish to be posted, such as medical information, your or anyone
else's Social Security number, or confidential business information,
such as a manufacturing process. Please note that if you include your
name, contact information, or other information that identifies you in
the body of your comments, that information will be posted on https://www.regulations.gov.
     If you want to submit a comment with confidential
information that you do not wish to be made available to the public,
submit the comment as a written/paper submission and in the manner
detailed (see ``Written/Paper Submissions'' and ``Instructions'').

Written/Paper Submissions

    Submit written/paper submissions as follows:
     Mail/Hand Delivery/Courier (for written/paper
submissions): Dockets Management Staff (HFA-305), Food and Drug
Administration, 5630 Fishers Lane, Rm. 1061, Rockville, MD 20852.
     For written/paper comments submitted to the Dockets
Management Staff, FDA will post your comment, as well as any
attachments, except for information submitted, marked and identified,
as confidential, if submitted as detailed in ``Instructions.''
    Instructions: All submissions received must include the Docket No.
FDA-2020-D-1848 for ``Clinical Drug Interaction Studies With Combined
Oral Contraceptives.'' Received comments will be placed in the docket
and, except for those submitted as ``Confidential Submissions,''
publicly viewable at https://www.regulations.gov or at the Dockets
Management Staff between 9 a.m. and 4 p.m., Monday through Friday, 240-
402-7500.
     Confidential Submissions--To submit a comment with
confidential information that you do not wish to be made publicly
available, submit your comments only as a written/paper submission. You
should submit two copies total. One copy will include the information
you claim to be confidential with a heading or cover note that states
``THIS DOCUMENT CONTAINS CONFIDENTIAL INFORMATION.'' The Agency will
review this copy, including the claimed confidential information, in
its consideration of comments. The second copy, which will have the
claimed confidential information redacted/blacked out, will be
available for public viewing and posted on https://www.regulations.gov.
Submit both copies to the Dockets Management Staff. If you do not wish
your name and contact information to be made publicly available, you
can provide this information on the cover sheet and not in the body of
your comments and you must identify this information as
``confidential.'' Any information marked as ``confidential'' will not
be disclosed except in accordance with 21 CFR 10.20 and other
applicable disclosure law. For more information about FDA's posting of
comments to public dockets, see 80 FR 56469, September 18, 2015, or
access the information at: https://www.govinfo.gov/content/pkg/FR-2015-09-18/pdf/2015-23389.pdf.
    Docket: For access to the docket to read background documents or
the electronic and written/paper comments received, go to https://www.regulations.gov and insert the docket number, found in brackets in
the heading of this document, into the ``Search'' box and follow the
prompts and/or go to the Dockets Management Staff, 5630 Fishers Lane,
Rm. 1061, Rockville, MD 20852,<PHONE_NUMBER>.
    You may submit comments on any guidance at any time (see 21 CFR
10.115(g)(5)).
    Submit written requests for single copies of this guidance to the
Division of Drug Information, Center for Drug Evaluation and Research,
Food and Drug Administration, 10001 New Hampshire Ave., Hillandale
Building, 4th Floor, Silver Spring, MD 20993-0002. Send one self-
addressed adhesive label to assist that office in processing your
requests. See the SUPPLEMENTARY INFORMATION section for electronic
access to the guidance document.

FOR FURTHER INFORMATION CONTACT: Xinning Yang, Center for Drug
Evaluation and Research, Food and Drug Administration, 10903 New
Hampshire Ave, Silver Spring, MD 20993,<PHONE_NUMBER>,
[email protected].

SUPPLEMENTARY INFORMATION:

I. Background

    FDA is announcing the availability of a guidance for industry
entitled ``Clinical Drug Interaction Studies With Combined Oral
Contraceptives.'' COCs can effectively prevent pregnancy; however, the
use of concomitant medications could result in DDIs that affect the
safety and/or efficacy of COCs. For example, the induction of drug
metabolizing enzymes could cause lower levels of progestin and/or
estrogen and compromise the efficacy of COCs, while inhibition of
metabolizing enzymes could cause higher levels of these hormones and
increase the risk of safety events, such as venous thromboembolism.
This guidance discusses when clinical DDI studies with COCs should be
conducted. It also provides recommendations on the design and conduct
of such studies, including but not limited to, the study population,
the choice of COC, study design, pharmacokinetic sampling schedule, and
pharmacodynamic assessments. In addition, this guidance discusses the
interpretation of results from clinical DDI studies with COCs and
whether it is possible to extrapolate the results of such studies to
other COCs. This guidance also provides recommendations to sponsors on
communicating DDI study results and risk mitigation strategies in
labeling to address potential risks associated with increased or
decreased exposure of COCs. A decision tree regarding whether a DDI
study with a COC is recommended based on the metabolizing enzyme
inhibition or induction potential of the investigational drug is also
included.
    This guidance finalizes the draft guidance entitled ``Clinical Drug
Interaction Studies With Combined Oral Contraceptives'' issued on
November 23, 2020 (85 FR 74737). FDA considered comments received on
the draft guidance as the guidance was finalized. Changes from the
draft to the final guidance include the addition of more explanations/
scenarios when a DDI study with COCs may or may not be recommended,
clarifications for non-teratogenic drugs that are intended to be used
as a combination therapy with teratogenic drugs, removal of food intake
recommendations, addition of alternative options for choosing COCs, and
more examples of pharmacodynamic parameters for the DDI study.
    This guidance is being issued consistent with FDA's good guidance
practices regulation (21 CFR 10.115). The guidance represents the
current thinking of FDA on ``Clinical Drug Interaction Studies With
Combined Oral Contraceptives.'' It does not establish any rights for
any person and is not binding on FDA or the public. You can use an
alternative approach if it satisfies the requirements of the applicable
statutes and regulations.

II. Paperwork Reduction Act of 1995

    While this guidance contains no collection of information, it does
refer to previously approved FDA collections of information. Therefore,
clearance by the Office of Management and Budget (OMB) under the
Paperwork Reduction Act of 1995 (PRA) (44 U.S.C. 3501-3521) is not
required for this guidance. The previously approved collections of
information are subject to review by OMB under the PRA. The collections
of information in 21 CFR part 312 pertaining to investigational new
drug applications have been approved under OMB control number 0910-
0014. The collections of information in 21 CFR part 314 pertaining to
new drug applications have been approved under OMB control number 0910-
0001. The collections of information in 21 CFR part 601 pertaining to
biologic license applications have been approved under OMB control
number 0910-0338. The collections of information in 21 CFR 201.56 and
201.57 pertaining to the content and format of labeling have been
approved under OMB control number 0910-0572.

III. Electronic Access

    Persons with access to the internet may obtain the guidance at
https://www.fda.gov/drugs/guidance-compliance-regulatory-information/guidances-drugs, https://www.fda.gov/regulatory-information/search-fda-guidance-documents, or https://www.regulations.gov.

    Dated: June 6, 2023.
Lauren K. Roth,
Associate Commissioner for Policy.
[FR Doc. 2023-12370 Filed 6-8-23; 8:45 am]
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[Federal Register Volume 88, Number 202 (Friday, October 20, 2023)]
[Notices]
[Pages 72477-72478]
[FR Doc No: 2023-23125]

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ENVIRONMENTAL PROTECTION AGENCY

[FRL-11454-01-OMS]

Good Neighbor Environmental Board

AGENCY: Environmental Protection Agency (EPA).

ACTION: Notice of meeting.

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SUMMARY: Under the Federal Advisory Committee Act, the Environmental
Protection Agency (EPA) gives notice of a public meeting of the Good
Neighbor Environmental Board (GNEB). The purpose of this meeting is for
the board to discuss and approve the final integrated draft of its 20th
comprehensive report on water and wastewater infrastructure issues and

challenges along the U.S.-Mexico border region.

DATES: November 6, 2023, from 1 p.m.-5 p.m. (EDT). A copy of the agenda
will be posted at www.epa.gov/faca/gneb.
    The meeting will be held virtually and in-person at the U.S.
Environmental Protection Agency (EPA) headquarters located at 1200
Pennsylvania Avenue NW, Washington, DC 20460. The meeting is open to
the public with limited access available on a first-come, first-served
basis. Members of the public wishing to participate should contact
Eugene Green at [email protected] by October 30th.
    Requests to make oral comments or submit written public comments to
the board, should also be directed to Eugene Green at least five
business days prior to the meeting. Requests for accessibility and/or
accommodations for individuals with disabilities should be directed to
Eugene Green at the phone number or email address listed below. To
ensure adequate time for processing, please make requests for
accommodations at least 10 days prior to the meeting.

FOR FURTHER INFORMATION CONTACT: Regarding the GNEB meeting, please
contact Eugene Green at<PHONE_NUMBER> or via email at
[email protected].

SUPPLEMENTARY INFORMATION: The GNEB is an independent federal advisory
committee chartered under the Federal Advisory Committee Act, Public
Law 92-463. Its mission is to advise the President and Congress of the
United States on good neighbor practices along the U.S. border with
Mexico. Its recommendations are focused on environmental infrastructure
needs within the U.S. states contiguous to Mexico.

Eugene Green,
Program Analyst.
[FR Doc. 2023-23125 Filed 10-19-23; 8:45 am]
BILLING CODE 6560-50-P


[Federal Register Volume 80, Number 246 (Wednesday, December 23, 2015)]
[Notices]
[Page 79875]
[FR Doc No: 2015-32271]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Project No. 2335-039]

Brookfield White Pine Hydro LLC; Notice of Application Tendered
for Filing With the Commission and Establishing Procedural Schedule for
Licensing and Deadline for Submission of Final Amendments

    Take notice that the following hydroelectric application has been
filed with the Commission and is available for public inspection.
    a. Type of Application: New Major License.
    b. Project No.: 2335-039.
    c. Date Filed: December 11, 2015.
    d. Applicant: Brookfield White Pine Hydro LLC (White Pine Hydro).
    e. Name of Project: Williams Hydroelectric Project (Williams
Project).
    f. Location: The existing project is located on the Kennebec River
in Somerset County, Maine. The project does not occupy federal lands.
    g. Filed Pursuant to: Federal Power Act, 16 U.S.C. 791(a)-825(r).
    h. Applicant Contact: Ms. Kelly Maloney, Manager of Licensing and
Compliance, Brookfield White Pine Hydro LLC, 150 Main Street, Lewiston,
ME 04240; Telephone:<PHONE_NUMBER>.
    i. FERC Contact: Amy Chang,<PHONE_NUMBER> or<EMAIL_ADDRESS>    j. This application is not ready for environmental analysis at this
time.
    k. The Project Description: The Williams Project has a total
installed capacity of 13-megawatts (MW). The project's average annual
generation is 96,731 megawatt-hours. The power generated by the project
is sold on the open market into the regional grid.
    The existing project consists of: (a) A 894.7-foot-long, 45.0-foot-
high dam that includes: (i) A 202-foot-long, 15-foot-high east earth
embankment section with a concrete core wall; (ii) a 244-foot-long, 32-
foot-high stone masonry and concrete spillway section at the west end
of the east earth embankment section with six 32.5-foot-wide, 20.5-
foot-high Tainter gates; (iii) a 71.3-foot-long, 19.5-foot-high stone
masonry and concrete abutment section at the west end of the spillway
section; (iv) a 203.3-foot-long, 26.5-foot-high stone masonry and
concrete stanchion bay section at the west end of the abutment section
with two 65.9-foot-wide, 17.5-foot-high and one 46.8-foot-wide, 17.5-
foot-high stanchion bays; (v) a 27-foot-long bulkhead section at the
west end of the stanchion bay section with a 20.5-foot-wide, 7.0-foot-
high surface weir gate and a 6.0-foot-wide, 12.3-foot-high Tainter gate
at the upstream end of a steel-lined sluiceway; (vi) a 95.5-foot-wide
intake and powerhouse section at the west end of the bulkhead section
that varies in height from 45.5 feet to 49.4 feet and includes four
headgates and two double-bay trashracks with 3.5-inch clear-bar
spacing; and (vii) a 51.6-foot-long, 10.5-foot-high concrete cut-off
wall at the west end of the intake and powerhouse section; (b) a 400-
acre impoundment with a gross storage volume of 4,575 acre-feet and a
useable storage volume of 2,065 acre-feet at a normal maximum elevation
of 320 feet National Geodetic Vertical Datum; (c) a 40.5-foot-wide,
105.5-foot-long concrete powerhouse that is integral with the dam and
contains two turbine-generator units rated at 6 and 7 MW; (d) a 6,000-
foot-long excavated tailrace that varies from 150 to 175 feet wide; (e)
a 200-foot-long generator lead and a 310-foot-long generator lead that
connect the turbine-generator units to the regional grid; and (f)
appurtenant facilities.
    The Williams Project operates in a store-and-release mode where the
impoundment level is fluctuated up to six feet daily to regulate
downstream flow and meet peak demands for hydroelectric generation. The
existing license requires an instantaneous minimum flow of 1,360 cubic
feet per second, or inflow (whichever is less), in the tailrace. White
Pine Hydro proposes to install an upstream eel passage facility,
improve a canoe portage, and improve angler access. White Pine Hydro
also proposes to remove 375.5 acres of land and water from the existing
project boundary because it does not serve a project purpose.
    l. Locations of the Application: A copy of the application is
available for review at the Commission in the Public Reference Room or
may be viewed on the Commission's Web site at http://www.ferc.gov using
the ``eLibrary'' link. Enter the docket number excluding the last three
digits in the docket number field to access the document. For
assistance, please contact FERC Online Support at
<EMAIL_ADDRESS>(866) 208-3676 (toll free), or (202) 502-
8659 (TTY). A copy is also available for inspection and reproduction at
the address in item (h) above.
    m. You may also register online at http://www.ferc.gov/docs-filing/esubscription.asp to be notified via email of new filings and issuances
related to this or other pending projects. For assistance, contact FERC
Online Support.
    n. Procedural Schedule:
    The application will be processed according to the following
preliminary Hydro Licensing Schedule. Revisions to the schedule may be
made as appropriate.

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               Milestone                           Target Date
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Notice of Acceptance/Notice of Ready    February 2016.
 for Environmental Analysis.
Filing of recommendations, preliminary  April 2016.
 terms and conditions, and fishway
 prescriptions.
Commission issues Non-Draft             September 2016.
 Environmental Assessment (EA).
Comments on EA........................  October 2016.
Modified terms and conditions.........  December 2016.
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    o. Final amendments to the application must be filed with the
Commission no later than 30 days from the issuance date of the notice
of ready for environmental analysis.

    Dated: December 17, 2015.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2015-32271 Filed 12-22-15; 8:45 am]
BILLING CODE 6717-01-P