[Federal Register Volume 87, Number 228 (Tuesday, November 29, 2022)]
[Rules and Regulations]
[Pages 73238-73241]
[FR Doc No: 2022-26011]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2022-0808; Project Identifier MCAI-2022-00100-R;
Amendment 39-22232; AD 2022-23-05]
RIN 2120-AA64

Airworthiness Directives; Airbus Helicopters

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Final rule.

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SUMMARY: The FAA is adopting a new airworthiness directive (AD) for
certain Airbus Helicopters Model AS332C, AS332C1, AS332L, AS332L1, and
AS332L2 helicopters. This AD was prompted by reports of a crack in the
front upper hoist attachment fitting. This AD requires inspecting each
affected hoist attachment fitting (fitting) and depending on the
results, removing any cracked fitting from service and reporting
information. This AD also prohibits installing an affected fitting
unless the required actions are accomplished, as specified in a
European Union Aviation Safety Agency (EASA) AD, which is incorporated
by reference. The FAA is issuing this AD to address the unsafe
condition on these products.

DATES: This AD is effective January 3, 2023.
    The Director of the Federal Register approved the incorporation by
reference of a certain publication listed in this AD as of January 3,
2023
    AD Docket: You may examine the AD docket at regulations.gov under
Docket No. FAA-2022-0808; or in person at Docket Operations between 9
a.m. and 5 p.m., Monday through Friday, except Federal holidays. The AD
docket contains this final rule, the EASA AD, any comments received,
and other information. The address for Docket Operations is U.S.
Department of Transportation, Docket Operations, M-30, West Building
Ground Floor, Room W12-140, 1200 New Jersey Avenue SE, Washington, DC
20590.
    Material Incorporated by Reference:
     For service information identified in this final rule,
contact EASA, Konrad-Adenauer-Ufer 3, 50668 Cologne, Germany; telephone
+49 221 8999 000; email [email protected]; internet easa.europa.eu.
You may find the EASA material on the EASA website at
ad.easa.europa.eu.
     You may view this service information at the FAA, Office
of the Regional Counsel, Southwest Region, 10101 Hillwood Pkwy., Room
6N-321, Fort Worth, TX 76177. For information on the availability of
this material at the FAA, call<PHONE_NUMBER>. It is also available at
regulations.gov under Docket No. FAA-2022-0808.
    Other Related Service Information: For Airbus Helicopters service
information identified in this final rule, contact Airbus Helicopters,
2701 North Forum Drive, Grand Prairie, TX 75052, United States; phone:
(972) 641-0000 or<PHONE_NUMBER>; fax<PHONE_NUMBER>; email:
[email protected]; website: airbus.com/helicopters/services/technical-support.html. This service information
is also available at the contact information under Material
Incorporated by Reference above.

FOR FURTHER INFORMATION CONTACT: Kristin Bradley, COS Program Manager,
COS Program Management Section, Operational Safety Branch, FAA, 10101
Hillwood Pkwy., Fort Worth, TX 76177; telephone:<PHONE_NUMBER>; email:
[email protected].

SUPPLEMENTARY INFORMATION:

Background

    EASA, which is the Technical Agent for the Member States of the
European Union, has issued EASA Emergency AD 2022-0016-E, dated January
26, 2022 (EASA AD 2022-0016-E), to correct an unsafe condition for
Airbus Helicopters (AH), formerly Eurocopter, Eurocopter France,
Aerospatiale, Model AS 332 C, AS 332 C1, AS 332 L, AS 332 L1, and AS
332 L2 helicopters, equipped with front upper fitting manufacturer part
number (MP/N) 332A87-1116-21, rear upper fitting MP/N 332A87-1117-20,
or lower fitting MP/N 332A87-1176-20.
    The FAA issued a notice of proposed rulemaking (NPRM) to amend 14
CFR part 39 by adding an AD that would apply to certain Airbus
Helicopters Model AS332C, AS332C1, AS332L, AS332L1, and AS332L2
helicopters, with a front upper fitting MP/N 332A87-1116-21, rear upper
fitting MP/N 332A87-1117-20, or lower fitting MP/N 332A87-1176-20,
installed. The NPRM published in the Federal Register on July 6, 2022
(87 FR 40164). The NPRM was prompted by an occurrence of a front upper
fitting crack reported on a helicopter equipped with a double hoist
design, installed per a supplemental type certificate (STC). The STC
has not been validated by the FAA; however, other hoists may have
design similarities with the affected fitting installed. In the NPRM,
the FAA proposed to require inspecting each affected fitting and
depending on the results, removing any cracked fitting from service.
The NPRM also proposed to require reporting results of the inspection
to the manufacturer, as specified in EASA AD 2022-0016-E.
    The FAA is issuing this AD to address cracking of the front upper
fitting, which could affect the structural integrity of a fitting,
possibly leading to an in-flight detachment of the hoist support, and
consequent damage to the helicopter or injury to a person being lifted.
See EASA AD 2022-0016-E for additional background information.

Discussion of Final Airworthiness Directive

Comments

    The FAA received a comment from Airbus Helicopters. The following
presents the comment received on the NPRM and the FAA's response to the
comment.

Request To Require Returning Parts

    Airbus Helicopter requested the FAA change the AD to require
returning a cracked fitting to Airbus Helicopters for further
engineering investigation as required by EASA AD 2022-0016-E.
    The FAA disagrees with this request because the FAA does not have
the authority to direct operators to return defective components to the
manufacturer. However, operators may choose to return a cracked fitting
to Airbus Helicopters as this AD does not prohibit an operator from
returning a part to a manufacturer. Additionally, this AD requires
reporting inspection results to Airbus Helicopters within a specific
compliance time. Airbus Helicopters will have direct knowledge of any
non-compliances and can work with operators to return the parts at
their discretion.

Conclusion

    These helicopters have been approved by EASA and are approved for
operation in the United States. Pursuant to the FAA's bilateral
agreement with the European Union, EASA has notified the FAA of the
unsafe condition described in its AD. The FAA reviewed the relevant
data, considered the comment received, and determined that air safety
requires adopting this AD as proposed. Accordingly, the FAA is issuing
this AD to address the unsafe condition on these helicopters. Except
for minor editorial changes, this AD is adopted as proposed in the
NPRM.

Related Service Information Under 1 CFR Part 51

    EASA AD 2022-0016-E requires a one-time inspection of the front
upper fitting MP/N 332A87-1116-21, rear upper fitting MP/N 332A87-1117-
20, and lower fitting MP/N 332A87-1176-20 for a crack. If there is a
crack, EASA AD 2022-0016-E requires replacing the affected fitting.
EASA AD 2022-0016-E also prohibits installing an affected fitting on
any helicopter unless it passes the required inspection.
    This material is reasonably available because the interested
parties have access to it through their normal course of business or by
the means identified in ADDRESSES.

Other Related Service Information

    The FAA reviewed Airbus Helicopters Emergency Alert Service
Bulletin 25.03.95, Revision 0, dated January 25, 2022. This service
information specifies procedures for inspecting and replacing an
affected fitting. This service information also specifies reporting
certain information to Airbus Helicopters, and for a cracked fitting,
returning the fitting to Airbus Helicopters.

Differences Between This AD and the EASA AD

    EASA AD 2022-0016-E requires a compliance time of before next hoist
operation or within 30 days, whichever occurs first after its effective
date, whereas this AD requires a compliance time of within 30 hours
time-in-service or within 30 days, whichever occurs first after the
effective date of this AD. Where the service information referenced in
EASA AD 2022-0016-E specifies to perform a dye penetrant inspection
``if you are not sure,'' this AD would not require that action. Where
EASA AD 2022-0016-E requires returning a fitting that is required to be
removed as a result of the inspection, this AD does not.

Interim Action

    The FAA considers this AD an interim action. If final action is
later identified, the FAA might consider further rulemaking then.

Costs of Compliance

    The FAA estimates that this AD, affects 7 helicopters of U.S.
Registry. Labor rates are estimated at $85 per work-hour. Based on
these numbers, the FAA estimates the following costs to comply with
this AD.
    Inspecting all hoist attachment fittings takes about 0.5 work-hour
for an estimated cost of $42.50 per helicopter and $298 for the U.S.
fleet.
    Replacing the front upper fitting takes about 4 hours and parts
cost $834 for an estimated cost of $1,174 per front upper fitting.
    Replacing the rear upper fitting takes about 4 hours and parts cost
$1,040 for an estimated cost of $1,380 per rear upper fitting.
    Replacing the lower fitting takes about 4 hours and parts cost
$1,874 for an estimated cost of $2,214 per lower fitting.
    The FAA estimates that it takes about 1 hour per product to comply
with the reporting requirement in this AD. The average labor rate is
$85 per hour. Based on these figures, the FAA estimates the cost of
reporting the inspection results on U.S. operators to be $595 or $85
per product.

Paperwork Reduction Act

    A federal agency may not conduct or sponsor, and a person is not
required to respond to, nor shall a person be subject to a penalty for
failure to comply with

a collection of information subject to the requirements of the
Paperwork Reduction Act unless that collection of information displays
a currently valid OMB Control Number. The OMB Control Number for this
information collection is 2120-0056. Public reporting for this
collection of information is estimated to take approximately 1 hour per
response, including the time for reviewing instructions, searching
existing data sources, gathering and maintaining the data needed, and
completing and reviewing the collection of information. All responses
to this collection of information are mandatory. Send comments
regarding this burden estimate or any other aspect of this collection
of information, including suggestions for reducing this burden, to:
Information Collection Clearance Officer, Federal Aviation
Administration, 10101 Hillwood Parkway, Fort Worth, TX 76177-1524.

Authority for This Rulemaking

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

Regulatory Findings

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

List of Subjects in 14 CFR Part 39

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

The Amendment

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

PART 39--AIRWORTHINESS DIRECTIVES

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

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

Sec.  39.13   [Amended]

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

2022-23-05 Airbus Helicopters: Amendment 39-22232; Docket No. FAA-
2022-0808; Project Identifier MCAI-2022-00100-R.

(a) Effective Date

    This airworthiness directive (AD) is effective January 3, 2023.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to Airbus Helicopters Model AS332C, AS332C1,
AS332L, AS332L1, and AS332L2 helicopters, certificated in any
category, with a front upper hoist attachment fitting manufacturer
part number (MP/N) 332A87-1116-21, rear upper hoist attachment
fitting MP/N 332A87-1117-20, or lower hoist attachment fitting MP/N
332A87-1176-20, installed.

(d) Subject

    Joint Aircraft Service Component (JASC) Code: 2500, Cabin
Equipment/Furnishings.

(e) Unsafe Condition

    This AD was prompted by reports of a crack on the front upper
hoist attachment fitting. The FAA is issuing this AD to detect and
address this unsafe condition, which could affect the structural
integrity of a hoist attachment fitting, possibly leading to an in-
flight detachment of the hoist support, and consequent damage to the
helicopter or injury to a person being lifted.

(f) Compliance

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

(g) Requirements

    Except as specified in paragraph (h) of this AD: Comply with all
required actions and compliance times specified in, and in
accordance with, European Union Aviation Safety Agency Emergency AD
2022-0016-E, dated January 26, 2022 (EASA AD 2022-0016-E).

(h) Exceptions to EASA AD 2022-0016-E

    (1) Where EASA AD 2022-0016-E refers to its effective date, this
AD requires using the effective date of this AD.
    (2) Where EASA AD 2022-0016-E requires a compliance time of
before next hoist operation or within 30 days, whichever occurs
first after the effective date of EASA AD 2022-0016-E, this AD
requires a compliance time of within 30 hours time-in-service or
within 30 days, whichever occurs first after the effective date of
this AD.
    (3) Where the service information referenced in EASA AD 2022-
0016-E specifies discarding parts, this AD requires removing those
parts from service.
    (4) Where EASA AD 2022-0016-E specifies replacing parts and the
service information referenced in EASA AD 2022-0016-E specifies
returning parts to the manufacturer, this AD requires removing those
parts from service.
    (5) Where the service information referenced in EASA AD 2022-
0016-E specifies reporting inspection results to Airbus Helicopters
immediately after each inspection, this AD requires reporting
inspection results at the following compliance times:
    (i) If there is not a crack, within 30 days after the
inspection.
    (ii) If there is a crack, before the next hoist operation.
    (6) Where the service information referenced in EASA AD 2022-
0016-E specifies to perform a dye penetrant inspection ``if you are
not sure,'' this AD does not require a dye penetrant inspection.
    (7) This AD does not mandate compliance with the ``Remarks''
section of EASA AD 2022-0016-E.

(i) Alternative Methods of Compliance (AMOCs)

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

(j) Additional Information

    For more information about this AD, contact Kristin Bradley, COS
Program Manager, COS Program Management Section, Operational Safety
Branch, FAA, 10101 Hillwood Pkwy., Fort Worth, TX 76177; telephone:
(817) 222-5110; email: [email protected]

(k) Material Incorporated by Reference

    (1) The Director of the Federal Register approved the
incorporation by reference of the service information listed in this
paragraph under 5 U.S.C. 552(a) and 1 CFR part 51.
    (2) You must use this service information as applicable to do
the actions required by this AD, unless the AD specifies otherwise.
    (i) European Union Aviation Safety Agency (EASA) Emergency AD
2022-0016-E, dated January 26, 2022.
    (ii) [Reserved]
    (3) For EASA Emergency AD 2022-0016-E, contact EASA, Konrad-
Adenauer-Ufer 3, 50668 Cologne, Germany; telephone +49 221 8999 000;
email [email protected]; internet easa.europa.eu. You may find the
EASA material on the EASA website at ad.easa.europa.eu.
    (4) You may view this service information at FAA, Office of the
Regional Counsel, Southwest Region, 10101 Hillwood Pkwy., Room 6N-
321, Fort Worth, TX 76177. For information on the availability of
this material at the FAA, call<PHONE_NUMBER>.
    (5) You may view this service information that is incorporated
by reference at the National Archives and Records Administration
(NARA). For information on the availability of this material at
NARA, email: [email protected], or go to: www.archives.gov/federal-register/cfr/ibr-locations.html.

    Issued on October 27, 2022.
Christina Underwood,
Acting Director, Compliance & Airworthiness Division, Aircraft
Certification Service.
[FR Doc. 2022-26011 Filed 11-28-22; 8:45 am]
BILLING CODE 4910-13-P


[Federal Register Volume 88, Number 248 (Thursday, December 28, 2023)]
[Proposed Rules]
[Pages 89632-89633]
[FR Doc No: 2023-28703]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2023-2237; Project Identifier AD-2023-01057-E]
RIN 2120-AA64

Airworthiness Directives; International Aero Engines, LLC Engines

AGENCY: Federal Aviation Administration (FAA), DOT.

ACTION: Proposed rule; withdrawal.

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SUMMARY: The FAA is withdrawing a notice of proposed rulemaking (NPRM)
that proposed to supersede Airworthiness Directive (AD) 2022-19-15,
which applies to certain International Aero Engines, LLC (IAE LLC)
Model PW1100G series engines; and AD 2023-16-07, which applies to
certain IAE LLC Model PW1100G series engines and PW1400G series
engines. AD 2022-19-15 requires an angled ultrasonic inspection (AUSI)
of the high-pressure turbine (HPT) 1st-stage disk and HPT 2nd-stage
disk, and replacement if necessary. AD 2023-16-07 requires an AUSI of
the HPT 1st-stage hub (also known as the HPT 1st-stage disk) and HPT
2nd-stage hub (also known as the HPT 2nd-stage disk) for cracks, and
replacement if necessary, which is terminating action for AD 2022-19-
15. The NPRM was prompted by a manufacturer investigation that
determined an increased risk of powder metal anomalies for all powder
metal parts in certain powder metal production campaigns, which are
susceptible to failure significantly earlier than previously
determined. The NPRM would have retained the AUSI requirement for
certain HPT 1st-stage and HPT 2nd-stage hubs from AD 2023-16-07. The
NPRM would also have required performing an AUSI of the HPT 1st-stage
hub, HPT 2nd-stage hub, high-pressure compressor (HPC) 7th-stage
integrally bladed rotor (IBR-7), and HPC 8th-stage integrally bladed
rotor (IBR-8) for cracks and replacement if necessary. The NPRM would
also have required accelerated replacement of the HPC IBR-7, HPC IBR-8,
HPC rear hub, HPT 1st-stage hub, HPT 1st-stage air seal, HPT 1st-stage
blade retaining plate, HPT 2nd-stage hub, HPT 2nd-stage blade retaining
plate, and HPT 2nd-stage rear seal. Since issuance of the NPRM, the FAA
has received information that an error was inadvertently included in
the compliance times for some of the HPT 1st-stage and 2nd-stage hubs,
which would have required removal significantly later than necessary.
Accordingly, the NPRM is withdrawn.

DATES: As of December 28, 2023, the proposed rule, which was published
in the Federal Register on December 12, 2023 (88 FR 86088), is
withdrawn.

ADDRESSES:
    AD Docket: You may examine the AD docket at regulations.gov by
searching for and locating Docket No. FAA-2023-2237; or in person at
Docket Operations between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays. The AD docket contains this AD action, the
NPRM, any comments received, and other information. The street address
for Docket Operations is Docket Operations, M-30, West Building Ground
Floor, Room W12-140, 1200 New Jersey Avenue SE, Washington, DC 20590.

FOR FURTHER INFORMATION CONTACT: Carol Nguyen, Aviation Safety
Engineer, FAA, 2200 South 216th Street, Des Moines, WA 98198; phone:
(781) 238-7655; email: [email protected].

SUPPLEMENTARY INFORMATION:

Background

    The FAA issued an NPRM that proposed to amend 14 CFR part 39 by
adding an AD that would apply to certain IAE LLC Model PW1122G-JM,
PW1124G1-JM, PW1124G-JM, PW1127G-JM, PW1127G1-JM, PW1127GA-JM, PW1129G-
JM, PW1130G-JM, PW1133G-JM, PW1133GA-JM, PW1428G-JM, PW1428GA-JM,
PW1428GH-JM, PW1431G-JM, PW1431GA-JM, and PW1431GH-JM engines. The NPRM
was published in the Federal Register on December 12, 2023 (88 FR
86088). The NPRM was prompted by an analysis of an event involving an
IAE LLC Model PW1127GA-JM engine, which experienced failure of a HPC
IBR-7 that resulted in an engine shutdown and aborted takeoff; and the
FAA's determination to supersede AD 2022-19-15, Amendment 39-22184 (87
FR 59660, October 3, 2022; corrected October 24, 2022 (87 FR 64156))
(AD 2022-19-15), and AD 2023-16-07, Amendment 39-22526 (88 FR 56999,
August 22, 2023) (AD 2023-16-07). The NPRM proposed to retain the AUSI
requirement for certain HPT 1st-stage and HPT 2nd-stage hubs from AD
2023-16-07. The NPRM also proposed to require performing an AUSI of the
HPT

1st-stage hub, HPT 2nd-stage hub, HPC IBR-7, and HPC IBR-8 for cracks
and replacement if necessary. The NPRM also proposed to require
accelerated replacement of the HPC IBR-7, HPC IBR-8, HPC rear hub, HPT
1st-stage hub, HPT 1st-stage air seal, HPT 1st-stage blade retaining
plate, HPT 2nd-stage hub, HPT 2nd-stage blade retaining plate, and HPT
2nd-stage rear seal.
    The proposed actions were intended to address failure of the HPT
1st-stage hub, HPT 2nd-stage hub, HPC IBR-7, and HPC IBR-8, which could
result in uncontained hub failure, release of high-energy debris,
damage to the engine, damage to the airplane, and loss of the airplane.

Actions Since the NPRM Was Issued

    Since issuance of the NPRM, the FAA has received information from
Pratt & Whitney that an error was inadvertently included in the removal
times for some of the HPT 1st-stage and 2nd-stage hubs, which would
have required removal significantly later than necessary. Because the
removal timeframe needed to be shortened, the FAA determined it is
necessary to withdraw the NPRM and issue a new NPRM for the unsafe
condition with the correct compliance times.
    Withdrawal of the NPRM constitutes only such action and does not
preclude the FAA from further rulemaking on this issue, nor does it
commit the FAA to any course of action in the future.

Comments

    The FAA received comments on the NPRM. However, due to the FAA's
determination that it is necessary to withdraw and issue a new NPRM,
the comments will be copied to Docket No. FAA-2023-2401 and addressed
in the final rule for that AD action. Additionally, the FAA requests
that the commenters review the new NPRM at Docket No. FAA-2023-2401.

FAA's Conclusions

    Upon further consideration, the FAA has determined that the NPRM
does not adequately address the identified unsafe condition.
Accordingly, the NPRM is withdrawn.

Regulatory Findings

    Since this action only withdraws an NPRM, it is neither a proposed
nor a final rule. This action therefore is not covered under Executive
Order 12866, the Regulatory Flexibility Act, or DOT Regulatory Policies
and Procedures (44 FR 11034, February 26, 1979).

List of Subjects in 14 CFR Part 39

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

The Withdrawal

0
Accordingly, the notice of proposed rulemaking (Docket No. FAA-2023-
2237), which was published in the Federal Register on December 12, 2023
(88 FR 86088), is withdrawn.

    Issued on December 21, 2023.
Caitlin Locke,
Director, Compliance & Airworthiness Division, Aircraft Certification
Service.
[FR Doc. 2023-28703 Filed 12-22-23; 4:15 pm]
BILLING CODE 4910-13-P


[Federal Register Volume 83, Number 112 (Monday, June 11, 2018)]
[Notices]
[Pages 27042-27050]
[FR Doc No: 2018-12430]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-83381; File No. SR-NYSEArca-2018-38]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change Relating to the Index Methodology Applicable to
Indexes Underlying iShares California AMT-Free Muni Bond ETF and
iShares New York AMT-Free Muni Bond ETF

June 5, 2018.
    Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby given
that, on May 21, 2018, NYSE Arca, Inc. (``Exchange'' or ``NYSE Arca'')
filed with the Securities and Exchange Commission (``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 changes relating to the index methodology
applicable to the indexes underlying

shares of the following series of Investment Company Units that are
currently listed and traded on the Exchange under NYSE Arca Rule 5.2-
E(j)(3): iShares California AMT-Free Muni Bond ETF and iShares New York
AMT-Free Muni Bond ETF. The proposed 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 Exchange currently lists and trades shares (``Shares'') of the
iShares California AMT-Free Muni Bond ETF (``CA Fund'') and iShares New
York AMT-Free Muni Bond ETF (``NY Fund'' and, together with the CA
Fund, the ``Funds'') \4\ under NYSE Arca Rule 5.2-E(j)(3), which
governs the listing and trading of Investment Company Units (``Units'')
based on fixed income securities indexes.\5\ The Funds are series of
the iShares Trust (``Trust'').\6\ The Exchange is proposing changes
relating to the index methodology applicable to indexes underlying
Shares of the Funds, as described below.
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    \4\ On July 1, 2017 (as revised October 18, 2017), the Trust
filed an amendment to its registration statement on Form N-1A under
the Securities Act of 1933 (15 U.S.C. 77a) (``1933 Act'') and the
Investment Company Act of 1940 (``1940 Act'') (15 U.S.C. 80a-1)
(File Nos. 333-92935 and 811-09729) (the ``Registration
Statement''). The description of the operation of the Trust and the
Funds herein is based, in part, on the Registration Statement. The
Commission has issued an order granting certain exemptive relief to
the Trust under the 1940 Act. See Investment Company Act Release No.
27608 (December 21, 2006) (File No. 812-13208) (``Exemptive
Order'').
    \5\ The Funds were initially listed on the American Stock
Exchange, Inc. (``Amex'') (now NYSE American LLC) on October 4, 2007
pursuant to the generic listing criteria of Amex Rule 1000A. On
October 6, 2008, the listings transferred from the Amex to NYSE
Arca, which changes were effected pursuant to NYSE Arca Equities
Rule 5.2(j)(3), Commentary .02.
    \6\ The Commission previously has approved proposed rule changes
relating to listing and trading on the Exchange of Units based on
municipal bond indexes. See Securities Exchange Act Release Nos.
67985 (October 4, 2012), 77 FR 61804 (October 11, 2012) (SR-
NYSEArca-2012-92) (order approving proposed rule change relating to
the listing and trading of iShares 2018 S&P AMT-Free Municipal
Series and iShares 2019 S&P AMT-Free Municipal Series under NYSE
Arca Equities Rule 5.2(j)(3), Commentary .02); 67729 (August 24,
2012), 77 FR 52776 (August 30, 2012) (SR-NYSEArca-2012-92) (notice
of proposed rule change relating to the listing and trading of
iShares 2018 S&P AMT-Free Municipal Series and iShares 2019 S&P AMT-
Free Municipal Series under NYSE Arca Equities Rule 5.2(j)(3),
Commentary .02); 72523, (July 2, 2014), 79 FR 39016 (July 9, 2014)
(SR-NYSEArca-2014-37) (order approving proposed rule change relating
to the listing and trading of iShares 2020 S&P AMT-Free Municipal
Series under NYSE Arca Equities Rule 5.2(j)(3), Commentary .02);
72172 (May 15, 2014), 79 FR 29241 (May 21, 2014) (SR-NYSEArca-2014-
37) (notice of proposed rule change relating to the listing and
trading of iShares 2020 S&P AMT-Free Municipal Series under NYSE
Arca Equities Rule 5.2(j)(3), Commentary .02); 72464 (June 25,
2014), 79 FR 37373 (July 1, 2014) (File No. SR-NYSEArca-2014-45)
(order approving proposed rule change governing the continued
listing and trading of shares of the PowerShares Insured California
Municipal Bond Portfolio, PowerShares Insured National Municipal
Bond Portfolio, and PowerShares Insured New York Municipal Bond
Portfolio); 75468 (July 16, 2015), 80 FR 43500 (July 22, 2015) (SR-
NYSEArca-2015-25) (order approving proposed rule change relating to
the listing and trading of iShares iBonds Dec 2021 AMT-Free Muni
Bond ETF and iShares iBonds Dec 2022 AMT-Free Muni Bond ETF under
NYSE Arca Equities Rule 5.2(j)(3)); 74730 (April 15, 2015), 76 FR
22234 (April 21, 2015) (notice of proposed rule change relating to
the listing and trading of iShares iBonds Dec 2021 AMT-Free Muni
Bond ETF and iShares iBonds Dec 2022 AMT-Free Muni Bond ETF under
NYSE Arca Equities Rule 5.2(j)(3), Commentary .02); 74730 75376
(July 7, 2015), 80 FR 40113 (July 13, 2015) (SR-NYSEArca-2015-18)
(order approving proposed rule change relating to the listing and
trading of Vanguard Tax-Exempt Bond Index Fund under NYSE Arca
Equities Rule 5.2(j)(3)). The Commission also has issued a notice of
filing and immediate effectiveness of a proposed rule change
relating to listing and trading on the Exchange of shares of the
iShares Taxable Municipal Bond Fund. See Securities Exchange Act
Release No. 63176 (October 25, 2010), 75 FR 66815 (October 29, 2010)
(SR-NYSEArca-2010-94). The Commission has approved for Exchange
listing and trading of shares of actively managed funds of that
principally hold municipal bonds. See, e.g., Securities Exchange Act
Release Nos. 60981 (November 10, 2009), 74 FR 59594 (November 18,
2009) (SR-NYSEArca-2009-79) (order approving listing and trading of
shares of the PIMCO Short-Term Municipal Bond Strategy Fund and
PIMCO Intermediate Municipal Bond Strategy Fund); 79293 (November
10, 2016), 81 FR 81189 (November 17, 2016) (SR-NYSEArca-2016-107)
(order approving listing and trading of shares of Cumberland
Municipal Bond ETF). The Commission also has approved listing and
trading on the Exchange of shares of the SPDR Nuveen S&P High Yield
Municipal Bond Fund under Commentary .02 of NYSE Arca Equities Rule
5.2(j)(3). See Securities Exchange Act Release No. 63881 (February
9, 2011), 76 FR 9065 (February 16, 2011) (SR-NYSEArca-2010-120).
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    Blackrock Fund Advisors is the investment adviser (``BFA'' or
``Adviser'') for the Funds.\7\ Blackrock Investments, LLC is the Funds'
distributor (``Distributor''). State Street Bank and Trust Company is
the administrator, custodian and fund accounting and transfer agent for
each Fund.\8\
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    \7\ An investment adviser to an open-end fund is required to be
registered under the Investment Advisers Act of 1940 (the ``Advisers
Act''). As a result, the Adviser and its related personnel are
subject to the provisions of Rule 204A-1 under the Advisers Act
relating to codes of ethics. This Rule requires investment advisers
to adopt a code of ethics that reflects the fiduciary nature of the
relationship to clients as well as compliance with other applicable
securities laws. Accordingly, procedures designed to prevent the
communication and misuse of non-public information by an investment
adviser must be consistent with Rule 204A-1 under the Advisers Act.
In addition, Rule 206(4)-7 under the Advisers Act makes it unlawful
for an investment adviser to provide investment advice to clients
unless such investment adviser has (i) adopted and implemented
written policies and procedures reasonably designed to prevent
violation, by the investment adviser and its supervised persons, of
the Advisers Act and the Commission rules adopted thereunder; (ii)
implemented, at a minimum, an annual review regarding the adequacy
of the policies and procedures established pursuant to subparagraph
(i) above and the effectiveness of their implementation; and (iii)
designated an individual (who is a supervised person) responsible
for administering the policies and procedures adopted under
subparagraph (i) above.
    \8\ The Commission approved continued listing and trading of
Shares of the Funds in Securities Exchange Act Release Nos. 82295
(December 12, 2017), 82 FR 60056 (December 18, 2017) (SR-NYSEArca-
2017-56) (Notice of Filing of Amendment No. 3 and Order Granting
Accelerated Approval of a Proposed Rule Change, as Modified by
Amendment No. 3, to List and Trade Shares of Twelve Series of
Investment Company Units Pursuant to NYSE Arca Rule 5.2-E(j)(3)
(``Municipal Bond ETF Order''). In that filing, the Exchange
proposed to facilitate the listing and trading of Shares of the
Funds, in addition to other series of Units based on municipal bond
indexes notwithstanding the fact that the indices on which they are
based do not meet the requirements of Commentary .02(a)(2) to Rule
5.2-E(j)(3). See ``Application of the Generic Listing Criteria'',
infra.
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Changes to Indexes Underlying the Funds
    The index currently underlying the CA Fund is the S&P California
AMT-Free Muni Bond Index (``CA Index'') and the index underlying the NY
Fund is the S&P New York AMT-Free Muni Bond Index (``NY Index'', and,
together with the CA Index, the ``Indexes''). S&P Dow Jones Indices
LLC, the index provider (``Index Provider'') for the Indexes,\9\
previously proposed changes to the inclusion rules of both the CA Index
and the NY Index.\10\ While no

future changes to the methodologies applicable to the Indexes have been
announced by the Index Provider, the Exchange is proposing continued
listing criteria to accommodate continued listing and trading of Shares
of the Funds in accordance with possible future changes to the CA Index
and NY Index methodologies, as described below, in the event such
changes were to be implemented.\11\
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    \9\ The Index Provider is not a broker-dealer or affiliated with
a broker-dealer and has implemented procedures designed to prevent
the use and dissemination of material, non-public information
regarding the Indexes.
    \10\ On November 7, 2014, S&P Dow Jones Indices (``S&P'') issued
a press release announcing methodology changes for the Indexes to be
implemented prior to the February 2015 month-end rebalances for such
indexes (``S&P Announcement''). On April 3, 2015, S&P issued a press
release cancelling the proposed methodology change. S&P would be
expected to issue a press release prior to implementing any future
material changes to the methodology that would include the
implementation date for such changes. Any future material changes to
the Indexes for the Funds would be reflected in an amendment to the
Funds' Registration Statement.
    \11\ The Commission has approved the Exchange's proposed rule
change to facilitate the continued listing and trading of shares of
the Funds notwithstanding the fact that the indices on which they
are based do not meet the requirements of Commentary .02(a)(2) to
Rule 5.2(j)(3). Commentary .02 to Rule 5.2-E(j)(3) sets forth the
generic listing requirements for an index of fixed income securities
underlying a series of Units. One of the enumerated listing
requirements is that component fixed income securities that, in the
aggregate, account for at least 75% of the weight of the index each
shall have a minimum principal amount outstanding of $100 million or
more. (Commentary .02(a)(2) to NYSE Arca Rule 5.2-E(j)(3)). Each of
the indices on which the Funds are based do not meet such
requirement but meet all of the other requirements of such rule. See
also Municipal Bond ETF Order, note 8, supra.
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The Funds and the Indexes
The iShares California AMT-Free Muni Bond ETF
    The CA Fund currently seeks to track the investment results of the
CA Index, which measures the performance of the investment-grade
segment of the California municipal bond market. As of December 29,
2017, the CA Index included 2,229 component fixed income municipal bond
securities from 206 distinct municipal bond issuers in the State of
California. The most heavily weighted security in the index represented
approximately 0.56% of the total weight of the index and the aggregate
weight of the top five most heavily weighted securities in the index
represented approximately 2.52% of the total weight of the index.
Approximately 39.15% of the weight of the components in the index had a
minimum original principal amount outstanding of $100 million or more.
In addition, the total dollar amount outstanding of issues in the index
was approximately $148,688,995,000 and the average dollar amount
outstanding of issues in the index was approximately $66,706,593.
    Under normal market conditions,\12\ the CA Fund invests at least
90% of its assets in the component securities of the CA Index. With
respect to the remaining 10% of its assets, the CA Fund may invest in
short-term debt instruments issued by state governments, municipalities
or local authorities, cash, exchange-traded U.S. Treasury futures and
municipal money market funds, as well as in municipal bond securities
not included in the CA Index, but which the Adviser believes will help
the CA Fund track the CA Index. The CA Index is a subset of the S&P
National AMT-Free Municipal Bond Index\TM\ and is comprised of
municipal bonds issued in the State of California. The CA Index
includes municipal bonds from issuers in the State of California that
are California state or local governments or agencies whose interest
payments are exempt from U.S. federal and California state income taxes
and the federal alternative minimum tax (``AMT''). Each bond in the
current CA Index must be a constituent of an offering where the
original offering amount of the constituent bonds in the aggregate was
at least $100 million. The bond must have a total minimum par amount of
$25 million to be eligible for inclusion. To remain in the CA Index,
bonds must maintain a total minimum par amount greater than or equal to
$25 million as of the next ``Rebalancing Date''.
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    \12\ The term ``normal market conditions'' includes, but is not
limited to, the absence of trading halts in the applicable financial
markets generally; operational issues (e.g., systems failure)
causing dissemination of inaccurate market information; or force
majeure type events such as natural or manmade disaster, act of God,
armed conflict, act of terrorism, riot or labor disruption or any
similar intervening circumstance.
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iShares New York AMT-Free Muni Bond ETF
    The NY Fund seeks to track the investment results of the NY Index,
which measures the performance of the investment-grade segment of the
New York municipal bond market. As of December 29, 2017, the NY Index
included 2,404 component fixed income municipal bond securities from 42
distinct municipal bond issuers in the State of New York. The most
heavily weighted security in the NY Index represented approximately
1.02% of the total weight of the index and the aggregate weight of the
top five most heavily weighted securities in the NY Index represented
approximately 2.17% of the total weight of the index. Approximately
30.95% of the weight of the components in the index had a minimum
original principal amount outstanding of $100 million or more.
    In addition, the total dollar amount outstanding of issues in the
index was approximately $140,192,465,000 and the average dollar amount
outstanding of issues in the index was approximately $58,389,198.
    Under normal market conditions, the NY Fund invests at least 90% of
its assets in the component securities of the NY Index. With respect to
the remaining 10% of its assets, the NY Fund may invest in short-term
debt instruments issued by state governments, municipalities or local
authorities, cash, exchange-traded U.S. Treasury futures and municipal
money market funds, as well as in municipal bond securities not
included in the NY Index, but which the Adviser believes will help the
NY Fund track the NY Index.
    The NY Index also is a subset of the S&P National AMT-Free
Municipal Bond Index\TM\ and is comprised of municipal bonds issued in
the State of New York. The NY Index includes municipal bonds from
issuers in the State of New York that are New York state or local
governments or agencies whose interest payments are exempt from U.S.
federal and New York state income taxes and the federal AMT. Each bond
in the NY Index must be a constituent of an offering where the original
offering amount of the constituent bonds in the aggregate was at least
$100 million. The bond must have a minimum total par amount of $25
million to be eligible for inclusion. To remain in the NY Index, bonds
must maintain a minimum total par amount greater than or equal to $25
million as of the next Rebalancing Date.
Requirements for the CA Index and NY Index
    The Adviser wishes to position the Funds to accommodate continued
listing and trading of Shares of the Funds in the event that changes,
consistent with those described below, are implemented in the Index
methodologies.\13\
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    \13\ S&P announced changes to the Indexes in 2014, but such
changes were not implemented. See note 10, supra. This proposed rule
change is intended to accommodate continued listing and trading of
the Funds based on the Indexes in the event the Indexes were to
change consistent with the S&P Announcement.
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    On a continuous basis, the CA Index and NY Index will contain at
least 500 component securities.\14\ In addition, at

least 90% of the weight of the CA Index will consist of securities that
have an outstanding par value of at least $15 million and were issued
as part of a transaction of at least $100 million; and at least 90% of
the weight of the NY Index will consist of securities that have an
outstanding par value of at least $5 million and were issued as part of
a transaction of at least $20 million.\15\ At each monthly rebalancing,
no one issuer can represent more than 25% of the weight of the
applicable Index, and the aggregate weight of those issuers
representing at least 5% of such Index cannot exceed 50% of the weight
of the applicable Index.\16\
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    \14\ See Municipal Bond ETF Order, supra, note 8, in which the
Commission approved continued listing and trading of Shares of the
Funds and ten other series of Units where the applicable underlying
bond index did not satisfy Commentary .02(a)(2) of Rule 5.2-E(j)(3),
provided that such municipal bond index contained at least 500
component securities on a continuous basis, in addition to
satisfying other specified criteria. See also, Securities Exchange
Act Release No. 79767 (January 10, 2017), 82 FR 4950 (January 17,
2017) (SR-NYSEArca-2016-62) (order approving proposed rule change
relating to the listing and trading of the PowerShares Build America
Bond Portfolio).
    \15\ For comparison purposes, the Exchange notes that, in the
Municipal Bond ETF Order, the Commission approved the continued
listing and trading of shares of the VanEck Vectors High-Yield
Municipal Index ETF based on the Bloomberg Barclays Municipal Custom
High Yield Composite Index, which is comprised of three total
return, market size weighted benchmark indices with weights as
follows: (i) 50% weight in Muni High Yield/$100 Million Deal Size
Index, (ii) 25% weight in Muni High Yield/Under $100 Million Deal
Size Index, and (iii) 25% weight in Muni Baa Rated/$100 Million Deal
Size Index. At least 90% of the weight of the Muni High Yield/$100
Million Deal Size Index is comprised of securities that have an
outstanding par value of at least $3 million and were issued as part
of a transaction of at least $100 million. At least 90% of the
weight of the Muni High Yield/Under $100 Million Deal Size Index is
comprised of securities that have an outstanding par value of at
least $3 million and were issued as part of a transaction of under
$100 million but over $20 million. At least 90% of the weight of the
Muni Baa Rated/$100 Million Deal Size Index is comprised of
securities that have an outstanding par value of at least $7 million
and were issued as part of a transaction of at least $100 million.
    \16\ The CA Index and NY Index would continue to meet the
requirements of NYSE Arca Rule 5.2-E(j)(3), Commentary .02(a)(4),
which provides that no component fixed-income security (excluding
Treasury Securities and GSE Securities) shall represent more than
30% of the Fixed Income Securities portion of the weight of the
index or portfolio, and the five most heavily weighted component
fixed-income securities in the index or portfolio shall not in the
aggregate account for more than 65% of the Fixed Income Securities
portion of the weight of the index or portfolio.
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Application of the Generic Listing Criteria
    The Exchange is submitting this proposed rule change to permit the
continued listing and trading of Shares of each of the Funds in the
event that the methodologies applicable to the Indexes are revised in a
manner consistent with the descriptions above in ``Requirements for the
CA Index and NY Index''.\17\ The Indexes would satisfy all of the
requirements of the generic listing criteria of NYSE Arca Rule 5.2-
E(j)(3), except for those set forth in Commentary .02(a)(2).\18\
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    \17\ Specifically, in the event the NY Index methodology
specifies a minimum par amount of between $5 million and $25 million
with an original offering amount for bond components of $20 million
or more; or, in the event the CA Index methodology specifies a
minimum par amount of between $15 million and $25 million with an
original offering amount for bond components of $100 million or
more, such changes would be deemed consistent with the respective
Index descriptions above.
    \18\ See note 11, supra.
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    The Exchange believes that, notwithstanding that the CA Index would
not satisfy the criterion in NYSE Arca Rule 5.2-E(j)(3), Commentary
.02(a)(2), the CA Index would be sufficiently broad-based to deter
potential manipulation. As of December 29, 2017, the CA Index included
2,229 component fixed income municipal bond securities from 206
distinct municipal bond issuers in the State of California. The Adviser
anticipates that the number of CA Index components would increase
significantly if the methodology changes described above were
implemented in that a reduction in the minimum par amount required for
inclusion in the CA Index would permit a larger number of municipal
bond issues to be eligible for inclusion. In addition, the CA Index
securities would be sufficiently large to deter potential manipulation
in view of the substantial total dollar amount outstanding and the
average dollar amount outstanding of the CA Index issues, as referenced
above.
    The Exchange believes that, notwithstanding that the NY Index would
not satisfy the criterion in NYSE Arca Rule 5.2-E(j)(3), Commentary
.02(a)(2), the NY Index would be sufficiently broad-based to deter
potential manipulation. As of December 29, 2017, the NY Index included
2,404 component fixed income municipal bond securities from 42 distinct
municipal bond issuers in the State of New York. The Adviser
anticipates that the number of NY Index components would increase
significantly if the methodology changes described above were
implemented in that a reduction in the minimum par amount required for
inclusion in the NY Index would permit a larger number of municipal
bond issues to be eligible for inclusion. In addition, the NY Index
securities would be sufficiently large to deter potential manipulation
in view of the substantial total dollar amount outstanding and the
average dollar amount outstanding of NY Index issues, as referenced
above.
    The Adviser represents that reducing the required par amount
outstanding both allows for more diversity of issuers in an Index and
would significantly expand the universe of municipal securities that a
Fund could purchase, and, are a better representation of the securities
that issuers bring to the municipal bond market in California and New
York.
    With respect to each of the Funds, the value of each Index would be
calculated and disseminated via a major market data vendor at least
once daily; further, the components and percentage weightings of each
Index also would be available from major market data vendors. In
addition, the portfolio of securities held by each Fund are disclosed
daily on the Funds' website at www.iShares.com.
    The Exchange represents that: (1) With respect to the Funds, except
for Commentary .02(a)(2) to NYSE Arca Rule 5.2-E(j)(3), the Indexes
currently satisfy all of the generic listing standards under NYSE Arca
Rule 5.2-E(j)(3); (2) the continued listing standards under NYSE Arca
Rules 5.2-E(j)(3) and 5.5(g)(2) applicable to Units shall apply to the
Shares of the Funds; and (3) the Trust is required to comply with Rule
10A-3 \19\ under the Act for the initial and continued listing of the
Shares of the Funds. In addition, the Exchange represents that the
Shares of the Funds will comply with all other requirements applicable
to Units including, but not limited to, requirements relating to the
dissemination of key information such as the value of the Indexes and
the applicable Intraday Indicative Value (``IIV''),\20\ rules governing
the trading of equity securities, trading hours, trading halts,
surveillance, and the Information Bulletin to Equity Trading Permit
Holders (``ETP Holders''), as set forth in Exchange rules applicable to
Units and prior Commission orders approving the generic listing rules
applicable to the listing and trading of Units.\21\
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    \19\ 17 CFR 240.10A-3.
    \20\ The IIV is widely disseminated by one or more major market
data vendors at least every 15 seconds during the Exchange's Core
Trading Session of 9:30 a.m. to 4:00 p.m., Eastern time. Currently,
it is the Exchange's understanding that several major market data
vendors display and/or make widely available IIVs taken from the CTA
or other data feeds.
    \21\ See, e.g., Securities Exchange Act Release Nos. 55783 (May
17, 2007), 72 FR 29194 (May 24, 2007) (SR-NYSEArca-2007-36) (order
approving NYSE Arca generic listing standards for Units based on a
fixed income index); 44551 (July 12, 2001), 66 FR 37716 (July 19,
2001) (SR-PCX-2001-14) (order approving generic listing standards
for Units and Portfolio Depositary Receipts); 41983 (October 6,
1999), 64 FR 56008 (October 15, 1999) (SR-PCX-98-29) (order
approving rules for listing and trading of Units).
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    Each of the Indexes is sponsored by the Index Provider, which is
independent of the Funds and the Adviser. The Index Provider determines
the composition and relative weightings of the securities in the
Indexes and

publishes information regarding the market value of the Indexes. The
Index Provider is not a broker-dealer or affiliated with a broker-
dealer and has implemented procedures designed to prevent the use and
dissemination of material, non-public information regarding the
Indexes. In the event the Index Provider becomes registered as a
broker-dealer or affiliated with a broker-dealer, the Index Provider
will implement and maintain a ``fire wall'' with respect to its
relevant personnel or broker-dealer affiliate regarding access to
information concerning changes and adjustments to the Indexes.
    The current value of each of the Indexes is widely disseminated by
one or more major market data vendors at least once per day, as
required by NYSE Arca Rule 5.2-E(j)(3), Commentary .02(b)(ii). The IIVs
for Shares of the Funds are disseminated by one or more major market
data vendors, updated at least every 15 seconds during the Exchange's
Core Trading Session, as required by NYSE Arca Rule 5.2-E(j)(3),
Commentary .02 (c), and Commentary .01(c), respectively.
    With the exception of Commentary .02(a)(2) to NYSE Arca Rule 5.2-
E(j)(3), the CA Index and NY Index will meet all other requirements of
Commentary .02(a) to NYSE Arca Rule 5.2-E(j)(3).
Availability of Information
    On each business day, before commencement of trading in Shares of
each Fund in the Core Trading Session on the Exchange, a Fund discloses
on its website the portfolio that will form the basis for a Fund's
calculation of net asset value (``NAV'') at the end of the business
day.\22\
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    \22\ Under accounting procedures followed by the Funds, trades
made on the prior business day (``T'') will be booked and reflected
in NAV on the current business day (``T+1''). Accordingly, the Funds
will be able to disclose at the beginning of the business day the
portfolio that will form the basis for the NAV calculation at the
end of the business day.
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    On a daily basis, each Fund discloses for each portfolio security
or other financial instrument of a Fund the following information on
the Funds' website: Ticker symbol (if applicable), name of security and
financial instrument, a common identifier such as CUSIP or ISIN (if
applicable), number of shares (if applicable), and dollar value of
securities and financial instruments held in the portfolio, and
percentage weighting of the security and financial instrument in the
applicable portfolio. The website information is publicly available at
no charge.
    The current value of the Indexes would be widely disseminated by
one or more major market data vendors at least once per day, as
required by NYSE Arca Rule 5.2-E(j)(3), Commentary .02 (b)(ii). The IIV
for Shares of each Fund are disseminated by one or more major market
data vendors, updated at least every 15 seconds during the Exchange's
Core Trading Session, as required by NYSE Arca Rule 5.2-E(j)(3),
Commentary .02(c).
    Investors can also obtain the Trust's Statement of Additional
Information (``SAI''), the Funds' Shareholder Reports, and their Form
N-CSR and Form N-SAR, filed twice a year. The Trust's SAI and
Shareholder Reports are available free upon request from the Trust, and
those documents and the Form N-CSR and Form N-SAR may be viewed on-
screen or downloaded from the Commission's website at www.sec.gov.
Information regarding market price and trading volume of the Shares of
each Fund are 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.
    Quotation and last sale information for the Shares are available
via the Consolidate Tape Association (``CTA'') high speed line. Price
information regarding municipal bonds is available from major market
data vendors and third party pricing services. Trade price and other
information relating to municipal bonds is available through the
Municipal Securities Rulemaking Board's Electronic Municipal Market
Access (``EMMA'') system.
Trading Rules
    The Exchange deems the Shares of each Fund to be equity securities,
thus rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities. Shares trade on the
NYSE Arca Marketplace from 4:00 a.m. to 8:00 p.m., Eastern time in
accordance with NYSE Arca Rule 7.34-E (Early, Core, and Late Trading
Sessions). The Exchange has appropriate rules to facilitate
transactions in the Shares during all trading sessions. As provided in
NYSE Arca Rule 7.6-E, Commentary .03, the minimum price variation
(``MPV'') for quoting and entry of orders in equity securities traded
on the NYSE Arca Marketplace is $0.01, with the exception of securities
that are priced less than $1.00 for which the MPV for order entry is
$0.0001.
    With the exception of Commentary .02(a)(2) to Rule 5.2(j)(3), The
[sic] Shares of the Funds conform to the initial and continued listing
criteria under NYSE Arca Rules 5.2-E(j)(3) and 5.5-E(g)(2),
respectively. The Exchange represents that the Funds are in compliance
with Rule 10A-3 \23\ under the Act, as provided by NYSE Arca Rule 5.3-
E. The Exchange has obtained a representation from the issuer of the
Shares that the NAV per Share of each Fund is calculated daily and that
the NAV per Share will be made available to all market participants at
the same time.
---------------------------------------------------------------------------

    \23\ 17 CFR 240.10A-3.
---------------------------------------------------------------------------

    All statements and representations made in this filing regarding
(a) the description of the portfolio, or (b) limitations on portfolio
holdings or reference assets shall constitute continued listing
requirements for listing the Shares of the Funds on the Exchange.
    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 Act, the Exchange will monitor for compliance with the
continued listing requirements. If a Fund is not in compliance with the
applicable listing requirements, the Exchange will commence delisting
procedures under NYSE Arca Rule 5.5-E(m).
Trading Halts
    The Exchange will halt trading in the Shares if the circuit breaker
parameters of NYSE Arca Rule 7.12-E have been reached. In exercising
its discretion to halt or suspend trading in the Shares, the Exchange
may consider factors such as the extent to which trading in the
underlying securities is not occurring or whether other unusual
conditions or circumstances detrimental to the maintenance of a fair
and orderly market are present, in addition to other factors that may
be relevant. If the IIV (as defined in Commentary .01 to Rule 5.2-
E(j)(3)) or the value of an Index is not being disseminated as
required, the Exchange may halt trading during the day in which the
interruption to the dissemination of the IIV or the Index value occurs.
If the interruption to the dissemination of the IIV or the Index value
persists past the trading day in which it occurred, the Exchange will
halt trading.
Surveillance
    The Exchange represents that trading in the Shares of each Fund
will be subject to the existing trading surveillances, administered by
the Financial Industry Regulatory Authority

(``FINRA'') on behalf of the Exchange, or by regulatory staff of the
Exchange, which are designed to detect violations of Exchange rules and
applicable federal securities laws. The Exchange represents that these
procedures are adequate to properly monitor Exchange trading of the
Shares of each Fund in all trading sessions and to deter and detect
violations of Exchange rules and federal securities laws applicable to
trading on the Exchange.\24\
---------------------------------------------------------------------------

    \24\ FINRA conducts cross-market surveillances on behalf of the
Exchange pursuant to a regulatory services agreement. The Exchange
is responsible for FINRA's performance under this regulatory
services agreement.
---------------------------------------------------------------------------

    The surveillances referred to above generally focus on detecting
securities trading outside their normal patterns, which could be
indicative of manipulative or other violative activity. When such
situations are detected, surveillance analysis follows and
investigations are opened, where appropriate, to review the behavior of
all relevant parties for all relevant trading violations.
    The Exchange or FINRA, on behalf of the Exchange, or both, will
communicate as needed regarding trading in the Shares with other
markets and other entities that are members of the Intermarket
Surveillance Group (``ISG''), and the Exchange or FINRA, on behalf of
the Exchange, or both, may obtain trading information regarding trading
in the Shares from such markets and other entities. In addition, the
Exchange may obtain information regarding trading in the Shares from
markets and other entities that are members of ISG or with which the
Exchange has in place a comprehensive surveillance sharing agreement.
In addition, FINRA, on behalf of the Exchange, is able to access, as
needed, trade information for certain fixed income securities held by a
Fund reported to FINRA's Trade Reporting and Compliance Engine
(``TRACE''). FINRA also can access data obtained from the Municipal
Securities Rulemaking Board (``MSRB'') relating to municipal bond
trading activity for surveillance purposes in connection with trading
in the Shares.
Information Bulletin
    Prior to any implementation of changes to the Municipal Bond Index
methodologies as described above, the Exchange would inform its ETP
Holders in an Information Bulletin (``Bulletin'') of the special
characteristics and risks associated with trading the Shares.
Specifically, the Bulletin would discuss the following: (1) The
procedures for purchases and redemptions of Shares in Creation Unit
aggregations (and that Shares are not individually redeemable); (2)
NYSE Arca Rule 9.2-E(a), which imposes a duty of due diligence on its
ETP Holders to learn the essential facts relating to every customer
prior to trading the Shares; (3) the risks involved in trading the
Shares during the Opening and Late Trading Sessions when an updated IIV
will not be calculated or publicly disseminated; (4) how information
regarding the IIV is disseminated; (5) the requirement that ETP Holders
deliver a prospectus to investors purchasing newly issued Shares prior
to or concurrently with the confirmation of a transaction; (6) trading
information; and (7) changes to the Indexes.
    In addition, the Bulletin would reference that each Fund is subject
to various fees and expenses described in the Registration Statement.
The Bulletin would discuss any exemptive, no-action, and interpretive
relief granted by the Commission from any rules under the Act. The
Bulletin would also disclose that the NAV for the Shares is calculated
after 4:00 p.m., Eastern time each trading day.
    Based on the characteristics of each Index as described above, the
Exchange believes it is appropriate to facilitate the listing and
trading of the Funds. Each Index satisfies all of the generic listing
requirements for Units based on a fixed income index, except for the
minimum principal amount outstanding requirement of Commentary
.02(a)(2) to Rule 5.2-E(j)(3).
    A fundamental purpose behind the minimum principal amount
outstanding requirement is to ensure that component securities of an
index are sufficiently liquid such that the potential for index
manipulation is reduced. Each Index will be well-diversified to protect
against index manipulation. On a continuous basis, each Index will
contain at least 500 component securities. In addition, at least 90% of
the weight of the CA Index will consist of securities that have an
outstanding par value of at least $15 million and were issued as part
of a transaction of at least $100 million; and at least 90% of the
weight of the NY Index will consist of securities that have an
outstanding par value of at least $5 million and were issued as part of
a transaction of at least $20 million. At each monthly rebalancing, no
one issuer can represent more than 25% of the weight of the applicable
Index, and the aggregate weight of those issuers representing at least
5% of such Index cannot exceed 50% of the weight of the applicable
Index.\25\ The Exchange believes that this significant diversification
and the lack of concentration among constituent securities provide a
strong degree of protection against Index manipulation.
---------------------------------------------------------------------------

    \25\ The Commission has previously approved a proposed rule
change relating to the listing and trading on the Exchange of a
series of Units based on a municipal bond index that did not satisfy
Commentary .02(a)(2) of Rule 5.2-E(j)(3) provided that such
municipal bond index contained at least 500 component securities on
a continuous basis. See Securities Exchange Act Release No. 79767
(January 10, 2017), 82 FR 4950 (January 17, 2017) (SR-NYSEArca-2016-
62) (order approving proposed rule change relating to the listing
and trading of the PowerShares Build America Bond Portfolio). The
total dollar amount of issues in the index underlying the
PowerShares Build America Bond Portfolio was approximately
$281,589,346,769 and the average dollar amount outstanding of issues
in the index was approximately $27,808,547. Those metrics are
comparable to the metrics of the indices underlying the Funds.
---------------------------------------------------------------------------

    In addition, the Exchange represents that: (1) Except for
Commentary .02(a)(2) to Rule 5.2-E(j)(3), each Index will satisfy all
of the generic listing standards under Rule 5.2-E(j)(3); (2) the
continued listing standards under Rules 5.2-E(j)(3) (except for
Commentary .02(a)(2)) and 5.5-E(g)(2) applicable to Units will apply to
the Shares of each Fund; and (3) the issuer of each Fund is required to
comply with Rule 10A-3 \26\ under the Act for the initial and continued
listing of the Shares of each Fund.
---------------------------------------------------------------------------

    \26\ 17 CFR 240.10A-3.
---------------------------------------------------------------------------

    In addition, the Exchange represents that the Shares of each Fund
will comply with all other requirements applicable to Units including,
but not limited to, requirements relating to the dissemination of key
information such as the value of the underlying Index and the
applicable rules governing the trading of equity securities, trading
hours, trading halts, surveillance, information barriers and the
Information Bulletin to ETP Holders, as set forth in Exchange rules
applicable to Units and prior Commission orders approving the generic
listing rules applicable to the listing and trading of Units.\27\
---------------------------------------------------------------------------

    \27\ See note 21, supra.
---------------------------------------------------------------------------

    The current value of each Index is widely disseminated by one or
more major market data vendors at least once per day, as required by
NYSE Arca Rule 5.2-E(j)(3), Commentary .02(b)(ii). The IIV for Shares
of each Fund is disseminated by one or more major market data vendors,
updated at least every 15 seconds during the Exchange's Core Trading
Session, as required by NYSE Arca Rule 5.2-E(j)(3), Commentary .02(c).
In addition, the portfolio of securities held by each Fund is disclosed
daily on each Fund's

website. Further, the website for each Fund will contain the applicable
fund's prospectus and additional data relating to net asset value
(``NAV'') and other applicable quantitative information. The Exchange
has obtained a representation from each Fund issuer that the applicable
NAV per Share will be calculated daily and will be made available to
all market participants at the same time. The Indexes are not
maintained by a broker-dealer.
    The Exchange notes that each of the Funds has been listed on the
Exchange or on the American Stock Exchange, Inc. (now NYSE American
LLC) for over ten years and that, during such time, the Exchange has
not become aware of any potential manipulation of the Indexes. Further,
the Exchange's existing rules require that the Funds notify the
Exchange of any material change to the methodology used to determine
the composition of each Index.\28\ Therefore, if the methodology of an
Index was changed in a manner that would materially alter its existing
composition, the Exchange would have advance notice and would evaluate
such Index, as modified, to determine whether it was sufficiently
broad-based and well diversified.
---------------------------------------------------------------------------

    \28\ See NYSE Arca Rule 5.3-E(i)(1)(i)(P).
---------------------------------------------------------------------------

2. Statutory Basis
    The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) \29\ 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.
---------------------------------------------------------------------------

    \29\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Exchange believes that the proposed rule change is designed to
prevent fraudulent and manipulative acts and practices in that the
Shares will be listed and traded on the Exchange pursuant to the
initial and continued listing criteria in NYSE Arca Rule 5.2-E(j)(3).
The Exchange represents that trading in the Shares will be subject to
the existing trading surveillances, administered by FINRA on behalf of
the Exchange, which are designed to detect violations of Exchange rules
and applicable federal securities laws. The Exchange represents that
these procedures are adequate to properly monitor Exchange trading of
the Shares in all trading sessions and to deter and detect violations
of Exchange rules and applicable federal securities laws. FINRA, on
behalf of the Exchange, will communicate as needed regarding trading in
the Shares with other markets that are members of the ISG or with which
the Exchange has in place a comprehensive surveillance sharing
agreement. FINRA also can access data obtained from the MSRB relating
to municipal bond trading activity for surveillance purposes in
connection with trading in the Shares. FINRA, on behalf of the
Exchange, is able to access, as needed, trade information for certain
fixed income securities held by a Fund reported to FINRA's TRACE.
    The Index Provider is not a broker-dealer or affiliated with a
broker-dealer and has implemented procedures designed to prevent the
use and dissemination of material, non-public information regarding the
Indexes. In the event the Index Provider becomes registered as a
broker-dealer or affiliated with a broker-dealer, the Index Provider
will implement and maintain a ``fire wall'' with respect to its
relevant personnel or broker-dealer affiliate regarding access to
information concerning changes and adjustments to the Indexes.
    The Index values, calculated and disseminated at least once daily,
as well as the components of the Indexes and their respective
percentage weightings, will be available from major market data
vendors. In addition, the portfolio of securities held by the Funds
will be disclosed on the Funds' website. The IIV for Shares of the
Funds will be disseminated by one or more major market data vendors,
updated at least every 15 seconds during the Exchange's Core Trading
Session.
    Based on the characteristics of each Index as described above, the
Exchange believes it is appropriate to facilitate the listing and
trading of the Funds. Each Index satisfies all of the generic listing
requirements for Units based on a fixed income index, except for the
minimum principal amount outstanding requirement of Commentary
.02(a)(2) to Rule 5.2-E(j)(3).
    Each Index will be well-diversified to protect against index
manipulation. On a continuous basis, each Index will contain at least
500 component securities. In addition, at least 90% of the weight of
the CA Index will consist of securities that have an outstanding par
value of at least $15 million and were issued as part of a transaction
of at least $100 million; and at least 90% of the weight of the NY
Index will consist of securities that have an outstanding par value of
at least $5 million and were issued as part of a transaction of at
least $20 million. At each monthly rebalancing, no one issuer can
represent more than 25% of the weight of the applicable Index, and the
aggregate weight of those issuers representing at least 5% of such
Index cannot exceed 50% of the weight of the applicable Index. The
Exchange believes that this significant diversification and the lack of
concentration among constituent securities provides a strong degree of
protection against Index manipulation.
    The Adviser anticipates that the number of CA Index components
would increase significantly if the methodology changes described above
were implemented in that a reduction in the minimum par amount required
for inclusion in the CA Index would permit a larger number of municipal
bond issues to be eligible for inclusion. In addition, the CA Index
securities would be sufficiently large to deter potential manipulation
in view of the substantial total dollar amount outstanding and the
average dollar amount outstanding of the CA Index issues.
    The Exchange believes that, notwithstanding that the NY Index would
not satisfy the criterion in NYSE Arca Rule 5.2-E(j)(3), Commentary
.02(a)(2), the NY Index would be sufficiently broad-based to deter
potential manipulation. As of December 29, 2017, the NY Index included
2,404 component fixed income municipal bond securities from 42 distinct
municipal bond issuers in the State of New York. The Adviser
anticipates that the number of NY Index components would increase
significantly if the methodology changes described above were
implemented in that a reduction in the minimum par amount required for
inclusion in the NY Index would permit a larger number of municipal
bond issues to be eligible for inclusion. The Adviser represents that
reducing the required par amount outstanding both allows for more
diversity of issuers in an Index and would significantly expand the
universe of municipal securities that a Fund could purchase, and are a
better representation of the securities that issuers bring to the
municipal bond market in California and New York. In addition, the NY
Index securities would be sufficiently large to deter potential
manipulation in view of the substantial total dollar amount outstanding
and the average dollar amount outstanding of NY Index issues.
    On a continuous basis, each Index will (i) contain at least 500
component securities and (ii) comply with the parameters described
under the heading ``Requirements for the CA Index and NY Index'' set
forth above. The requirement that no one issuer can represent more than
25% of the weight of the applicable

Index, and individual issuers that represent at least 5% of the weight
of the applicable Index cannot account for more than 50% of the weight
of such Index in the aggregate will help assure that Index constituents
are not unduly concentrated among a relatively small number of
individual issuers. In addition, the Exchange represents that: (1)
Except for Commentary .02(a)(2) to Rule 5.2-E(j)(3), each Index
currently satisfies all of the generic listing standards under Rule
5.2-E(j)(3); (2) the continued listing standards under Rules 5.2-
E(j)(3) (except for Commentary .02(a)(2)) and 5.5-E(g)(2) applicable to
Units will apply to the Shares of each Fund; and (3) the issuer of each
Fund is required to comply with Rule 10A-3 \30\ under the Act for the
initial and continued listing of the Shares of each Fund. In addition,
the Exchange represents that the Shares of each Fund will comply with
all other requirements applicable to Units including, but not limited
to, requirements relating to the dissemination of key information such
as the value of each Index, IIV, the applicable rules governing the
trading of equity securities, trading hours, trading halts,
surveillance, information barriers and the Information Bulletin to ETP
Holders, as set forth in Exchange rules applicable to Units and prior
Commission orders approving the generic listing rules applicable to the
listing and trading of Units.\31\
---------------------------------------------------------------------------

    \30\ 17 CFR 240.10A-3.
    \31\ See note 21, supra.
---------------------------------------------------------------------------

    The current value of each Index is widely disseminated by one or
more major market data vendors at least once per day, as required by
NYSE Arca Rule 5.2-E(j)(3), Commentary .02(b)(ii). The IIV for Shares
of each Fund is disseminated by one or more major market data vendors,
updated at least every 15 seconds during the Exchange's Core Trading
Session, as required by NYSE Arca Rule 5.2-E(j)(3), Commentary .02(c).
In addition, the portfolio of securities held by each Fund is disclosed
daily on each Fund's website. Further, the website for each Fund will
contain the applicable Fund's prospectus and additional data relating
to NAV and other applicable quantitative information.
    In support of its proposed rule change, the Exchange notes that the
Commission has previously approved a rule change to facilitate the
listing and trading of series of Units based on an index of municipal
bond securities that did not otherwise meet the generic listing
requirements of NYSE Arca Rule 5.2-E(j)(3). As noted above, the
Commission has approved listing and trading of Shares of the Funds, in
addition to ten other series of Units based on municipal bond indexes
notwithstanding the fact that the indices on which they are based do
not meet the requirements of Commentary .02(a)(2) to Rule 5.2-
E(j)(3).\32\ Each of the indices on which the Funds and other series of
Units are based meet all other requirements of such rule. In its order
approving continued listing and trading of Shares of the Funds and the
other series of Units, the Commission stated that, based on the
Exchange's representations, the Commission believes that the indexes
underlying such funds are sufficiently designed to deter potential
manipulation. In addition, the Commission previously approved the
listing and trading of the PowerShares Insured California Municipal
Bond Portfolio, PowerShares Insured National Municipal Bond Portfolio
and the PowerShares Insured New York Municipal Bond Portfolio,
notwithstanding the fact that the index underlying each fund did not
satisfy the criteria of Commentary .02(a)(2) to Rule 5.2-E(j)(3).\33\
In finding such proposal to be consistent with the Act and the rules
regulations thereunder, the Commission noted that each underlying index
was sufficiently broad-based to deter potential manipulation. The
Exchange believes that each of the CA Index and NY Index shares
comparable characteristics to the series of Units that are the subject
of the Commission's order approving listing and trading of Shares of
the Funds and ten other series of Units,\34\ and the Commission's order
approving listing and trading of shares of the PowerShares Municipal
Bond Funds.\35\ The Exchange, therefore, believes, the CA Index and NY
Index are sufficiently broad-based to deter potential manipulation.
---------------------------------------------------------------------------

    \32\ See note 8, supra.
    \33\ See Securities Exchange Act Release No. 72464 (June 25,
2014), 79 FR 37373 (July 1, 2014) (SR-NYSEArca-2014-45).
    \34\ See notes 8 and 14, supra.
    \35\ See note 14, supra.
---------------------------------------------------------------------------

    The proposed rule change is designed to promote just and equitable
principles of trade and to protect investors and the public interest.
In addition, a large amount of information is publicly available
regarding the Funds and the Shares, thereby promoting market
transparency. The Funds' portfolio holdings will be disclosed on the
Funds' website daily after the close of trading on the Exchange and
prior to the opening of trading on the Exchange the following day.
Moreover, the IIV will be widely disseminated by one or more major
market data vendors at least every 15 seconds during the Exchange's
Core Trading Session. The current value of the Index will be
disseminated by one or more major market data vendors at least once per
day. Information regarding market price and trading volume of the
Shares will be continually available on a real-time basis throughout
the day on brokers' computer screens and other electronic services, and
quotation and last sale information will be available via the CTA high-
speed line. The website for the Funds will include the prospectus for
the Funds and additional data relating to NAV and other applicable
quantitative information. Moreover, prior to the commencement of
trading, the Exchange will inform its ETP Holders in an Information
Bulletin of the special characteristics and risks associated with
trading the Shares. If the Exchange becomes aware that the NAV is not
being disseminated to all market participants at the same time, it will
halt trading in the Shares until such time as the NAV is available to
all market participants. With respect to trading halts, the Exchange
may consider all relevant factors in exercising its discretion to halt
or suspend trading in the Shares of the Funds. 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. If the IIV or the
Index values are not being disseminated as required, the Exchange may
halt trading during the day in which the interruption to the
dissemination of the applicable IIV or an Index value occurs. If the
interruption to the dissemination of the applicable IIV or an Index
value persists past the trading day in which it occurred, the Exchange
will halt trading. Trading in Shares of the Funds will be halted if the
circuit breaker parameters in NYSE Arca's Rule 7.12-E have been reached
or because of market conditions or for reasons that, in the view of the
Exchange, make trading in the Shares inadvisable. In addition,
investors will have ready access to information regarding the IIV, and
quotation and last sale information for the Shares.
    The proposed rule change is designed to perfect the mechanism of a
free and open market and, in general, to protect investors and the
public interest in that it will facilitate the listing and trading of
additional types of exchange-traded products based on municipal bond
indexes that will enhance competition among market participants, to the
benefit of investors and the marketplace. The Exchange has in place
surveillance procedures relating to trading in the

Shares and may obtain information via ISG from other exchanges that are
members of ISG or with which the Exchange has entered into a
comprehensive surveillance sharing agreement. In addition, investors
will have ready access to information regarding the IIV and quotation
and last sale information for the Shares. Trade price and other
information relating to municipal bonds is available through the MSRB's
EMMA system.

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 Act. The Exchange notes that the
proposed rule change will facilitate the continued listing and trading
of exchange-traded products that hold municipal securities and that
will enhance competition among market participants, to the benefit of
investors and the marketplace.

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

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

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

    Within 45 days of the date of publication of this notice in the
Federal Register or up to 90 days (i) as the Commission may designate
if it finds such longer period to be appropriate and publishes its
reasons for so finding or (ii) as to which the self-regulatory
organization consents, the Commission will:
    (A) By order approve or disapprove the proposed rule change, or
    (B) institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-NYSEArca-2018-38 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-2018-38. 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-2018-38 and should be submitted
on or before July 2, 2018.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\36\
---------------------------------------------------------------------------

    \36\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-12430 Filed 6-8-18; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register: April 20, 2007 (Volume 72, Number 76)]
[Notices]
[Page 19918]
[DOCID:fr20ap07-55]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. RP06-416-002]

Northwest Pipeline Corporation; Notice of Compliance Filing

April 13, 2007.
    Take notice that on April 10, 2007, Northwest Pipeline Corporation
(Northwest) tendered for filing as part of its FERC Gas Tariff, Third
Revised Volume No. 1, the following tariff sheets, to be effective
January 1, 2007.

2nd Substitute Thirty-First Revised Sheet No. 5
Substitute Third Revised Sheet No. 5-B
2nd Substitute Sixth Revised Sheet No. 5-C
2nd Substitute First Revised Sheet No. 5-D
2nd Substitute Fourteenth Revised Sheet No. 6
Substitute Fifteenth Revised Sheet No. 7
Substitute Seventeenth Revised Sheet No. 8
Substitute Fifteenth Revised Sheet No. 8.1

    Northwest states that copies of the filing were served on parties
on the official service list in the above-captioned proceeding.
    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 in accordance with the provisions of Section 154.210 of
the Commission's regulations (18 CFR 154.210). 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 e-mail
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>.

Kimberly D. Bosem,
Secretary.
 [FR Doc. E7-7571 Filed 4-19-07; 8:45 am]

BILLING CODE 6717-01-P


[Federal Register: September 8, 2010 (Volume 75, Number 173)]
[Notices]
[Page 54617-54618]
[DOCID:fr08se10-64]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings No. 1

August 30, 2010.
    Take notice that the Commission has received the following Natural
Gas Pipeline Rate and Refund Report filings:

    Docket Numbers: RP10-1108-000.

    Applicants: Northwest Pipeline GP.
    Description: Northwest Pipeline GP submits tariff filing per
154.403(d)(2): Northwest Pipeline GP--Fuel Factor Filing, to be
effective 10/1/2010.
    Filed Date: 08/27/2010.
    Accession Number: 20100827-5080.
    Comment Date: 5 p.m. Eastern Time on Wednesday, September 08, 2010.

    Docket Numbers: RP10-1109-000.
    Applicants: Northern Natural Gas Company.
    Description: Northern Natural Gas Company submits Sixth Revised
Sheet 205 et al. of its FERC Gas Tariff, Fifth Revised Volume 1, to be
effective 9/29/2010.
    Filed Date: 08/27/2010.
    Accession Number: 20100827-0209.
    Comment Date: 5 p.m. Eastern Time on Wednesday, September 08, 2010.

    Docket Numbers: RP10-1110-000.
    Applicants: Rendezvous Pipeline Company, LLC.
    Description: Rendezvous Pipeline Company, LLC submits tariff filing
per 154.203: Baseline to be effective 8/27/2010.
    Filed Date: 08/27/2010.
    Accession Number: 20100827-5106.
    Comment Date: 5 p.m. Eastern Time on Wednesday, September 08, 2010.

    Docket Numbers: RP10-1111-000.
    Applicants: Clear Creek Storage Company, LLC.
    Description: Clear Creek Storage Company, LLC submits tariff filing
per 154.203: Compliance Filing Baseline Tariff to be effective 8/27/
2010.
    Filed Date: 08/27/2010.
    Accession Number: 20100827-5115.
    Comment Date: 5 p.m. Eastern Time on Wednesday, September 08, 2010.

    Docket Numbers: RP10-1112-000.
    Applicants: Alliance Pipeline LP.
    Description: Alliance Pipeline LP submits tariff filing per
154.204: Sep, Oct 2010 auction to be effective 9/1/2010.
    Filed Date: 08/27/2010.
    Accession Number: 20100827-5137.
    Comment Date: 5 p.m. Eastern Time on Wednesday, September 08, 2010.

    Docket Numbers: RP10-1114-000.
    Applicants: Monroe Gas Storage Company, LLC.
    Description: Monroe Gas Storage Company, LLC submits tariff filing
per 154.203: Monroe Compliance Filing to be effective 9/30/2010.
    Filed Date: 08/30/2010.
    Accession Number: 20100830-5031.
    Comment Date: 5 p.m. Eastern Time on Monday, September 13, 2010.

    Docket Numbers: RP10-1115-000.
    Applicants: Millennium Pipeline Company, LLC.
    Description: Millennium Pipeline Company, LLC submits tariff filing
per 154.203: NAESB V. 1.9 to be effective 11/1/2010.
    Filed Date: 08/30/2010.
    Accession Number: 20100830-5033.
    Comment Date: 5 p.m. Eastern Time on Monday, September 13, 2010.

    Any person desiring to intervene or to protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Rules of Practice and Procedure (18 CFR 385.211 and
385.214) on or before 5 p.m. Eastern time on the specified comment
date. It is not necessary to separately intervene again in a subdocket
related to a compliance filing if you have previously intervened in the
same docket. Protests 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. Anyone filing a motion to
intervene or protest must serve a copy of that document on the
Applicant. In reference to filings initiating a new proceeding,
interventions or protests submitted on or before the comment deadline
need not be served on persons other than the Applicant.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://
www.ferc.gov. To facilitate electronic service, persons with Internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
14 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First St., NE., Washington, DC 20426.
    The filings in the above proceedings are accessible in the
Commission's eLibrary system by clicking on the appropriate link in the
above list. They are also 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 e-mail 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>.

Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2010-22264 Filed 9-7-10; 8:45 am]
BILLING CODE 6717-01-P