[Federal Register Volume 84, Number 67 (Monday, April 8, 2019)]
[Notices]
[Pages 13942-13943]
[FR Doc No: 2019-06769]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

[Docket No. USCG-2019-0245]

Information Collection Request to Office of Management and
Budget; OMB Control Number: 1625-0117

AGENCY: Coast Guard, DHS.

ACTION: Sixty-day notice requesting comments.

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SUMMARY: In compliance with the Paperwork Reduction Act of 1995, the
U.S. Coast Guard intends to submit an Information Collection Request
(ICR) to the Office of Management and Budget (OMB), Office of
Information and Regulatory Affairs (OIRA), requesting an extension of
its approval for the following collection of information: 1625-0117,
Towing Vessels--Title 46 CFR Subchapter M; without change. Our ICR
describes the information we seek to collect from the public. Before
submitting this ICR to OIRA, the Coast Guard is inviting comments as
described below.

DATES: Comments must reach the Coast Guard on or before June 7, 2019.

ADDRESSES: You may submit comments identified by Coast Guard docket
number [USCG-2019-0245] to the Coast Guard using the Federal
eRulemaking Portal at https://www.regulations.gov. See the ``Public
participation and request for comments'' portion of the SUPPLEMENTARY
INFORMATION section for further instructions on submitting comments.
    A copy of the ICR is available through the docket on the internet
at https://www.regulations.gov. Additionally, copies are available
from: Commandant (CG-612), Attn: Paperwork Reduction Act Manager, U.S.
Coast Guard, 2703 Martin Luther King Jr. Ave. SE, STOP 7710,
Washington, DC 20593-7710.

FOR FURTHER INFORMATION CONTACT: Mr. Anthony Smith, Office of
Information Management, telephone<PHONE_NUMBER>, or fax<PHONE_NUMBER>,
for questions on these documents.

SUPPLEMENTARY INFORMATION:

Public Participation and Request for Comments

    This notice relies on the authority of the Paperwork Reduction Act
of 1995; 44 U.S.C. Chapter 35, as amended. An ICR is an application to
OIRA seeking the approval, extension, or renewal of a Coast Guard
collection of information (Collection). The ICR contains information
describing the Collection's purpose, the Collection's likely burden on
the affected public, an explanation of the necessity of the Collection,
and other important information describing the Collection. There is one
ICR for each Collection.
    The Coast Guard invites comments on whether this ICR should be
granted based on the Collection being necessary for the proper
performance of Departmental functions. In particular, the Coast Guard
would appreciate comments addressing: (1) The practical utility of the
Collection; (2) the accuracy of the estimated burden of the Collection;
(3) ways to enhance the quality, utility, and clarity of information
subject to the Collection; and (4) ways to minimize the burden of the
Collection on respondents, including the use of automated collection
techniques or other forms of information technology. Consistent with

the requirements of Executive Order 13771, Reducing Regulation and
Controlling Regulatory Costs, and Executive Order 13777, Enforcing the
Regulatory Reform Agenda, the Coast Guard is also requesting comments
on the extent to which this request for information could be modified
to reduce the burden on respondents. In response to your comments, we
may revise this ICR or decide not to seek an extension of approval for
the Collection. We will consider all comments and material received
during the comment period.
    We encourage you to respond to this request by submitting comments
and related materials. Comments must contain the OMB Control Number of
the ICR and the docket number of this request, [USCG-2019-0245], and
must be received by June 7, 2019.

Submitting Comments

    We encourage you to submit comments through the Federal eRulemaking
Portal at https://www.regulations.gov. If your material cannot be
submitted using https://www.regulations.gov, contact the person in the
FOR FURTHER INFORMATION CONTACT section of this document for alternate
instructions. Documents mentioned in this notice, and all public
comments, are in our online docket at https://www.regulations.gov and
can be viewed by following that website's instructions. Additionally,
if you go to the online docket and sign up for email alerts, you will
be notified when comments are posted.
    We accept anonymous comments. All comments received will be posted
without change to https://www.regulations.gov and will include any
personal information you have provided. For more about privacy and the
docket, you may review a Privacy Act notice regarding the Federal
Docket Management System in the March 24, 2005, issue of the Federal
Register (70 FR 15086).

Information Collection Request

    Title: Towing Vessels--Title 46 CFR Subchapter M.
    OMB Control Number: 1625-0117.
    Summary: The Coast Guard uses the information to document that
towing vessels meet inspection requirements of 46 CFR Subchapter M. The
information aids in the administration and enforcement of the towing
vessel inspection program.
    Need: Under the authority of 46 U.S.C. 3306, the Coast Guard
prescribed regulations for the design, construction, alteration, repair
and operation of towing vessels. The Coast Guard uses the information
in this collection to ensure compliance with the requirements.
    Forms: None.
    Respondents: Owners and operators of towing vessels, and third
party organizations.
    Frequency: On occasion.
    Hour Burden Estimate: The estimated burden has decreased from
181,669 hours to 151,219 hours a year, due to a decrease in the
estimated annual number of responses.

    Authority:  The Paperwork Reduction Act of 1995; 44 U.S.C.
Chapter 35, as amended.

    Dated: April 2, 2019.
James D. Roppel,
Chief, Office of Information Management, U.S. Coast Guard.
[FR Doc. 2019-06769 Filed 4-5-19; 8:45 am]
 BILLING CODE 9110-04-P


[Federal Register: July 8, 2009 (Volume 74, Number 129)]
[Notices]
[Page 32678-32682]
[DOCID:fr08jy09-124]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-60195; File No. SR-NYSEArca-2009-55]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change To List and Trade Shares of the Dent Tactical
ETF

June 30, 2009.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'' or ``Exchange Act'')\1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that, on June 18, 2009, NYSE Arca, Inc. (``NYSE Arca''
or ``Exchange'') 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 Exchange. 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\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to list and trade the following under NYSE
Arca Equities Rule 8.600 (``Managed Fund Shares''): The Dent Tactical
ETF. The text of the proposed rule change is available on the
Exchange's Web site at http://www.nyx.com, at the Exchange's principal
office, and at the Commission's Public Reference Room.\3\
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    \3\ E-mail from Michael Cavalier, Chief Counsel, NYSE Euronext,
to Edward Cho, Special Counsel, Division of Trading and Markets,
Commission, dated June 30, 2009 (``June 30 E-mail'').
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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 proposes to list and trade the following Managed Fund
Shares \4\ (``Shares'') under NYSE Arca Equities Rule 8.600: The Dent
Tactical ETF (``Fund'').\5\ The Shares will be offered by AdvisorShares
Trust (``Trust''), a statutory trust organized under the laws of the
State of Delaware and registered with the Commission as an open-end
management investment company.\6\ According to the Registration
Statement, the Fund is a ``fund of funds,'' which means that the Fund
seeks to achieve its investment objective by investing primarily in
other exchange-traded funds (``ETFs'') that are registered under 1940
Act and also shares of certain exchange-traded products that are not
registered as investment companies under the 1940 Act (collectively,
the ``Underlying ETPs'').\7\ Unlike certain of the Underlying ETPs,
which may be based on underlying indexes, the Fund will not track or
replicate a specific index. The Fund charges its own expenses and also
indirectly bears a proportionate share of the Underlying ETPs'
expenses.
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    \4\ A Managed Fund Share is a security that represents an
interest in an investment company registered under the Investment
Company Act of 1940 (15 U.S.C. 80a) (``1940 Act'') organized as an
open-end investment company or similar entity that invests in a
portfolio of securities selected by its investment advisor
consistent with its investment objectives and policies. In contrast,
an open-end investment company that issues Investment Company Units,
listed and traded on the Exchange under NYSE Arca Equities Rule
5.2(j)(3), seeks to provide investment results that correspond
generally to the price and yield performance of a specific foreign
or domestic stock index, fixed income securities index, or
combination thereof.
    \5\ The Commission previously approved listing and trading on
the Exchange of the following actively managed funds under Rule
8.600. See Securities Exchange Act Release No. 57619 (April 4,
2008), 73 FR 19544 (April 10, 2008) (SR-NYSEArca-2008-25) (order
approving Rule 8.600 and Exchange listing and trading of PowerShares
Active AlphaQ Fund, PowerShares Active Alpha Multi-Cap Fund,
PowerShares Active Mega-Cap Portfolio and PowerShares Active Low
Duration Portfolio); Securities Exchange Act Release No. 57801 (May
8, 2008), 73 FR 27878 (May 14, 2008) (SR-NYSEArca-2008-31) (order
approving Exchange listing and trading of twelve actively-managed
funds of the WisdomTree Trust); Securities Exchange Act Release No.
59826 (April 28, 2009), 74 FR 20512 (May 4, 2009) (SR-NYSEArca-2009-
22) (order approving Exchange listing and trading of Grail American
Beacon Large Cap Value ETF).
    \6\ The Trust is registered under the 1940 Act. On June 9, 2009,
the Trust filed with the Commission Form N-1A under the Securities
Act of 1933 (15 U.S.C. 77a), and under the 1940 Act relating to the
Fund (File Nos. 333-157876 and 811-22110) (``Registration
Statement''). The Trust has also filed a Third Amended Application
for an Order under Sections 6(c) and 17(b) of the Investment Company
Act of 1940 (``1940 Act'') for an exemption from certain provisions
of the 1940 Act and rules thereunder (File No. 812-13488). The
description of the operation of the Trust and the Fund herein is
based on the Registration Statement.
    \7\ Underlying ETPs include Investment Company Units (as
described in NYSE Arca Equities Rule 5.2(j)(3)); Index-Linked
Securities (as described in NYSE Arca Equities Rule 5.2(j)(6));
Portfolio Depositary Receipts (as described in NYSE Arca Equities
Rule 8.100); Trust Issued Receipts (as described in NYSE Arca
Equities Rule 8.200); Commodity-Based Trust Shares (as described in
NYSE Arca Equities Rule 8.201); Currency Trust Shares (as described
in NYSE Arca Equities Rule 8.202); Commodity Index Trust Shares (as
described in NYSE Arca Equities Rule 8.203); Trust Units (as
described in NYSE Arca Equities Rule 8.500); and Managed Fund Shares
(as described in NYSE Arca Equities Rule 8.600).
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    Underlying ETPs will be listed on a national securities exchange
and such Underlying ETPs may hold non-U.S. issues.
    The investment advisor to the Fund is AdvisorShares Investments,
LLC (the ``Advisor''). The day-to-day portfolio management of the Fund
is provided by HS Dent Investment Management, LLC, the sub-advisor to
the Fund (``Sub-Advisor''). The Sub-Advisor selects a group of
Underlying ETPs for the Fund in which to invest pursuant to an
``active'' management strategy for asset allocation, security selection
and portfolio construction. The Fund will periodically change the
composition of its portfolio to best meet its investment objective.
Neither the Advisor nor the Sub-Advisor is affiliated with a broker-
dealer.\8\
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    \8\ The Exchange represents that the Advisor, as the investment
advisor of the Fund, and its related personnel, are subject to
Investment Advisers Act Rule 204A-1. This Rule specifically requires
the adoption of a code of ethics by an investment advisor to
include, at a minimum: (i) Standards of business conduct that
reflect the firm's/personnel fiduciary obligations; (ii) provisions
requiring supervised persons to comply with applicable Federal
securities laws; (iii) provisions that require all access persons to
report, and the firm to review, their personal securities
transactions and holdings periodically as specifically set forth in
Rule 204A-1; (iv) provisions requiring supervised persons to report
any violations of the code of ethics promptly to the chief
compliance officer (``CCO'') or, provided the CCO also receives
reports of all violations, to other persons designated in the code
of ethics; and (v) provisions requiring the investment advisor to
provide each of the supervised persons with a copy of the code of
ethics with an acknowledgement by said supervised persons. In
addition, Rule 206(4)-7 under the Advisers Act makes it unlawful for
an investment advisor to provide investment advice to clients unless
such investment advisor has (i) adopted and implemented written
policies and procedures reasonably designed to prevent violation, by
the investment advisor 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.

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Description of the Fund

    According to the Registration Statement, the Fund's investment
objective is long-term growth of capital. The Fund Sub-Advisor seeks to
achieve the Fund's investment objective by identifying, through
proprietary economic and demographic analysis, the overall trend of the
U.S. and global economies, and then implementing investment strategies
in asset classes that the Sub-Advisor believes will benefit from these
trends. The Sub-Advisor believes its modeling can accurately forecast
economic trends such as gross domestic product (``GDP'') growth and
inflation based on its research concerning consumer spending, consumer
debt, consumer savings and investment, and technological innovation.
The Sub-Advisor is of the opinion that maximizing investment returns
depends on understanding the right balance of asset classes that are
favored by different fundamental economic trends and accurately
rebalancing the Fund's investments as the trends emerge.
    According to the Registration Statement, the Sub-Advisor follows
its model to determine how offensive or defensive the Fund portfolio
will be, and then selects securities to buy or sell. Offensive holdings
are those that the Sub-Advisor anticipates will appreciate in value.
Defensive positions are those which the Sub-Advisor anticipates will
maintain their value, regardless of market conditions or cycles.
According to the Registration Statement, the model is objective and the
Sub-Advisor applies little subjective judgment in security selection,
retention, or sales decisions.
    The securities that comprise the Fund's offensive strategy are
selected using the following method: The Sub-Advisor identifies
sectors, styles and/or geographic regions it believes are
demographically favored based on its research. Using a proprietary
selection process, the Sub-Advisor creates a universe of Underlying
ETPs \9\ that correspond to the favored sectors, styles and/or
geographic regions. On a monthly basis, using a proprietary ranking
process and objective third party research, the selected Underlying
ETPs are ranked by the Sub-Advisor according to their relative
strength. The relative strength is gauged by a third party research
firm that measures price momentum and similar characteristics in order
to determine relative strength. The Sub-Advisor then constructs the
Fund portfolio using highly ranked Underlying ETPs that meet a minimum
relative strength requirement. The Fund is managed as an allocated fund
of funds made up of these highly ranked Underlying ETPs selected by the
Sub-Advisor. When there are not sufficient sectors and/or Underlying
ETPs that meet the minimum relative strength requirement of the model,
the balance of the Portfolio's assets will be allocated to defensive
investments such as high quality debt, money market instruments, or
other investments as determined by the Sub-Advisor.\10\
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    \9\ See June 30 e-mail, supra, note 3.
    \10\ Terms relating to the Trust and the Shares referred to, but
not defined, herein are defined in the Registration Statement.
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    While the model is applied monthly, the holdings of the Portfolio
will be reallocated at the Sub-Advisor's discretion over the course of
the month. As a result, the Fund may have a high rate of portfolio
turnover.
    The Fund and the Underlying ETPs may invest in equity securities.
As described in the Registration Statement, equity securities represent
ownership interests in a company or partnership and consist of common
stocks, preferred stocks, warrants to acquire common stock, securities
convertible into common stock, and investments in master limited
partnerships. Except for Underlying ETPs that may hold non-US issues,
the Fund will not otherwise invest in non-U.S. issues.
    The Fund may use futures contracts and related options for bona
fide hedging; attempting to offset changes in the value of securities
held or expected to be acquired or be disposed of; attempting to gain
exposure to a particular market, index or instrument; or other risk
management purposes. To the extent the Fund uses futures and/or options
on futures, it will do so in accordance with Rule 4.5\11\ under the
Commodity Exchange Act.\12\ According to the Registration Statement,
the Fund will reduce the risk that it will be unable to close out a
futures contract by only entering into futures contracts that are
traded on a national futures exchange regulated by the Commodities
Futures Trading Commission.
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    \11\ 17 CFR 4.5.
    \12\ 7 U.S.C. 1 et seq.
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    The Fund may purchase and write put and call options on indices and
enter into related closing transactions; may trade put and call options
on securities, securities indices and currencies, as the Investment
Sub-Advisor determines is appropriate in seeking the Fund's investment
objective, and except as restricted by the Fund's investment
limitations (as described in the Registration Statement); may enter
into repurchase agreements with financial institutions; may use reverse
repurchase agreements as part of the Fund's investment strategy; may
enter into swap agreements, including, but not limited to, equity index
swaps and interest rate swap agreements; and may make short-term
investments in U.S. Government securities. In addition, the Fund may
invest up to 15% of its net assets in illiquid securities. For this
purpose, ``illiquid securities'' are securities that the Fund may not
sell or dispose of within seven days in the ordinary course of business
at approximately the amount at which the Fund has valued the
securities.
    The Fund, from time to time, in the ordinary course of business,
may purchase securities on a when-issued or delayed-delivery basis
(i.e., delivery and payment can take place between a month and 120 days
after the date of the transaction). The Fund may invest in U.S.
Treasury zero-coupon bonds.
    As stated in the Registration Statement, it is a fundamental policy
of the Fund that it may not, with respect to 75% of its total assets,
(i) purchase securities of any issuer (except securities issued or
guaranteed by the U.S. Government, its agencies or instrumentalities)
if, as a result, more than 5% of its total assets would be invested in
the securities of such issuer; or (ii) acquire more than 10% of the
outstanding voting securities of any one issuer.\13\ In addition, the
Fund may not purchase any securities which would cause 25% or more of
its total assets to be invested in the securities of one or more
issuers conducting their principal business activities in the same
industry or group of industries, provided that this limitation does not
apply to investments in securities issued or guaranteed by the U.S.
Government, its agencies or instrumentalities, or shares of investment
companies.\14\
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    \13\ This diversification standard is contained in Section
5(b)(1) of the Investment Company Act of 1940 (15 U.S.C. 80a).
    \14\ Such fundamental policies may not be changed without the
vote of a majority of the outstanding voting securities of the Fund.
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    According to the Registration Statement, the Fund will seek to
qualify for treatment as a Regulated Investment

Company (``RIC'') under the Internal Revenue Code.\15\
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    \15\ According to the Registration Statement, one of several
requirements for RIC qualification is that a Fund must receive at
least 90% of the Fund's gross income each year from dividends,
interest, payments with respect to securities loans, gains from the
sale or other disposition of stock, securities or foreign
currencies, or other income derived with respect to the Fund's
investments in stock, securities, foreign currencies and net income
from an interest in a qualified publicly traded partnership (the
``90% Test''). A second requirement for qualification as a RIC is
that a Fund must diversify its holdings so that, at the end of each
fiscal quarter of the Fund's taxable year: (a) At least 50% of the
market value of the Fund's total assets is represented by cash and
cash items, U.S. Government securities, securities of other RICs,
and other securities, with these other securities limited, in
respect to any one issuer, to an amount not greater than 5% of the
value of the Fund's total assets or 10% of the outstanding voting
securities of such issuer; and (b) not more than 25% of the value of
its total assets are invested in the securities (other than U.S.
Government securities or securities of other RICs) of any one issuer
or two or more issuers which the Fund controls and which are engaged
in the same, similar, or related trades or businesses, or the
securities of one or more qualified publicly traded partnership (the
``Asset Test'').
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    To respond to adverse market, economic, political or other
conditions, the Fund may invest 100% of its total assets, without
limitation, in high-quality debt securities and money market
instruments. The Fund may be invested in these instruments for extended
periods, depending on the Sub-Advisor's assessment of market
conditions. These debt securities and money market instruments include
shares of other mutual funds, commercial paper, certificates of
deposit, bankers' acceptances, U.S. Government securities, repurchase
agreements and bonds that are BBB or higher.
    Creations and redemptions of Shares occur in large specified blocks
of Shares, referred to as ``Creation Units.'' According to the
Registration Statement, the shares of the Fund are ``created'' at their
net asset value (``NAV'') by market makers, large investors and
institutions only in block-size Creation Units of 25,000 shares or
more. A ``creator'' enters into an authorized participant agreement (a
``Participant Agreement'') with the Fund's distributor (the
``Distributor'') or a DTC participant that has executed a Participant
Agreement with the Distributor (an ``Authorized Participant''), and
deposits into the Fund a portfolio of securities closely approximating
the holdings of the Fund and a specified amount of cash, together
totaling the NAV of the Creation Unit(s), in exchange for 25,000 shares
of the Fund (or multiples thereof). Similarly, shares can only be
redeemed in Creation Units, generally 25,000 shares or more,
principally in-kind for a portfolio of securities held by the Fund and
a specified amount of cash together totaling the NAV of the Creation
Unit(s). Shares are not redeemable from the Fund except when aggregated
in Creation Units. The prices at which creations and redemptions occur
are based on the next calculation of NAV after an order is received in
a form prescribed in the Participant Agreement.
    The Shares will conform to the initial and continued listing
criteria under NYSE Arca Equities Rule 8.600. The Exchange represents
that, for initial and/or continued listing, the Fund will be in
compliance with Rule 10A-3 \16\ under the Exchange Act, as provided by
NYSE Arca Equities Rule 5.3. A minimum of 100,000 Shares will be
outstanding at the commencement of trading on the Exchange. The
Exchange will obtain a representation from the issuer of the Shares
that the net asset value and the Disclosed Portfolio will be made
available to all market participants at the same time.
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    \16\ 17 CFR 240.10A-3.
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Availability of Information

    The Fund's Web site (http://www.advisorshares.com), which will be
publicly available prior to the public offering of Shares, will include
a form of the Prospectus for the Fund that may be downloaded. The
Fund's Web site will include additional quantitative information
updated on a daily basis, including, for the Fund, (1) daily trading
volume, the prior business day's reported closing price, NAV and mid-
point of the bid/ask spread at the time of calculation of such NAV (the
``Bid/Ask Price''),\17\ and a calculation of the premium and discount
of the Bid/Ask Price against the NAV, and (2) data in chart format
displaying the frequency distribution of discounts and premiums of the
daily Bid/Ask Price against the NAV, within appropriate ranges, for
each of the four previous calendar quarters. On each business day,
before commencement of trading in Shares in the Core Trading Session on
the Exchange, the Fund will disclose on its Web site the Disclosed
Portfolio as defined in NYSE Arca Equities Rule 8.600(c)(2) that will
form the basis for the Fund's calculation of NAV at the end of the
business day.\18\
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    \17\ The Bid/Ask Price of the Fund is determined using the
highest bid and the lowest offer on the Exchange as of the time of
calculation of the Fund's NAV. The records relating to Bid/Ask
Prices will be retained by the Fund and its service providers.
    \18\ Under accounting procedures followed by the Fund, trades
made on the prior business day (``T'') will be booked and reflected
in NAV on the current business day (``T + 1''). Accordingly, the
Fund 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, the Advisor will disclose for each portfolio
security or other financial instrument of the Fund the following
information: Ticker symbol (if applicable), name of security or
financial instrument, number of shares or dollar value of financial
instruments held in the portfolio, and percentage weighting of the
security or financial instrument in the portfolio.\19\ In addition, a
basket composition file, which includes the security names and share
quantities required to be delivered in exchange for Fund shares,
together with estimates and actual cash components, will be publicly
disseminated daily prior to the opening of the New York Stock Exchange
(``NYSE'') via the National Securities Clearing Corporation. The basket
represents one Creation Unit of the Fund. The Web site information will
be publicly available at no charge.
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    \19\ See June 30 E-mail, supra, note 3.
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    The NAV of the Fund will normally be determined as of the close of
the regular trading session on the NYSE (ordinarily 4 p.m. Eastern
Time) on each business day.
    Investors can also obtain the Trust's Statement of Additional
Information (``SAI''), the Fund's Shareholder Reports, and its 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 Web site at http://www.sec.gov.
Information regarding market price and trading volume of the Shares is
and will be continually available on a real-time basis throughout the
day on brokers' computer screens and other electronic services.
Information regarding the previous day's closing price and trading
volume information will be published daily in the financial section of
newspapers. Quotation and last sale information for the Shares will be
available via the Consolidated Tape Association (``CTA'') high-speed
line. In addition, the Portfolio Indicative Value, as defined in NYSE
Arca Equities Rule 8.600(c)(3), will be disseminated by the Exchange at
least every 15 seconds during the Core Trading Session through the
facilities of CTA. The dissemination of the Portfolio Indicative Value,
together with the Disclosed Portfolio, will allow investors to
determine the value of the underlying portfolio of the Fund on a daily
basis and to provide a close estimate of that value throughout the
trading day.

    Additional information regarding the Trust and the Shares,
including investment strategies, risks, creation and redemption
procedures, fees, portfolio holdings disclosure policies, distributions
and taxes is included in the Registration Statement.

Trading Halts

    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 Fund.\20\ Trading in Shares of the Fund
will be halted if the circuit breaker parameters in NYSE Arca Equities
Rule 7.12 have been reached. Trading also may be halted because of
market conditions or for reasons that, in the view of the Exchange,
make trading in the Shares inadvisable. These may include: (1) The
extent to which trading is not occurring in the securities comprising
the Disclosed Portfolio and/or the financial instruments of the Fund;
or (2) whether other unusual conditions or circumstances detrimental to
the maintenance of a fair and orderly market are present. Trading in
the Shares will be subject to NYSE Arca Equities Rule 8.600(d)(2)(D),
which sets forth circumstances under which Shares of the Fund may be
halted.
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    \20\ See NYSE Arca Equities Rule 7.12, Commentary .04.
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Trading Rules

    The Exchange deems the Shares to be equity securities, thus
rendering trading in the Shares subject to the Exchange's existing
rules governing the trading of equity securities. Shares will trade on
the NYSE Arca Marketplace from 4 a.m. to 8 p.m. Eastern Time in
accordance with NYSE Arca Equities Rule 7.34 (Opening, Core, and Late
Trading Sessions). The Exchange has appropriate rules to facilitate
transactions in the Shares during all trading sessions. The minimum
trading increment for Shares on the Exchange will be $0.01.

Surveillance

    The Exchange intends to utilize its existing surveillance
procedures applicable to derivative products (which include Managed
Fund Shares) to monitor trading in the Shares. 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.
    The Exchange's current trading surveillance focuses on detecting
securities trading outside their normal patterns. 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 may obtain information via the Intermarket
Surveillance Group (``ISG'') from other exchanges that are members of
ISG.\21\ In addition, the Exchange also has a general policy
prohibiting the distribution of material, non-public information by its
employees.
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    \21\ For a list of the current members of ISG, see http://
www.isgportal.org. The Exchange may obtain information from futures
exchanges with which the Exchange has entered into a surveillance
sharing agreement or that are ISG members. The Exchange notes that
not all components of the Disclosed Portfolio for the Fund may trade
on markets that are members of ISG or with which the Exchange has in
place a comprehensive surveillance sharing agreement.
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Information Bulletin

    Prior to the commencement of trading, the Exchange will inform its
Equity Trading Permit (``ETP'') Holders in an Information Bulletin
(``Bulletin'') of the special characteristics and risks associated with
trading the Shares. Specifically, the Bulletin will 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 Equities Rule 9.2(a), which imposes a duty
of due diligence on its ETP Holders to learn the essential facts
relating to every customer prior to trading the Shares; (3) the risks
involved in trading the Shares during the Opening and Late Trading
Sessions when an updated Portfolio Indicative Value will not be
calculated or publicly disseminated; (4) how information regarding the
Portfolio Indicative Value 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;
and (6) trading information.
    In addition, the Bulletin will reference that the Fund is subject
to various fees and expenses described in the Registration Statement.
The Bulletin will discuss any exemptive, no-action, and interpretive
relief granted by the Commission from any rules under the Exchange Act.
The Bulletin will also disclose that the NAV for the Shares will be
calculated after 4 p.m. Eastern Time each trading day.
2. Statutory Basis
    The basis under the Exchange Act for this proposed rule change is
the requirement under Section 6(b)(5) \22\ 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. The
Exchange believes that the proposed rule change will facilitate the
listing and trading of an additional type of actively-managed exchange-
traded product that will enhance competition among market participants,
to the benefit of investors and the marketplace.
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    \22\ 15 U.S.C. 78f(b)(5).
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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 purposes of the Act.

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 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date 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 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 e-mail to<EMAIL_ADDRESS>Please include
File

Number SR-NYSEArca-2009-55 on the subject line.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEArca-2009-55. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (http://www.sec.gov/
rules/sro.shtml). Copies of the submission, all subsequent amendments,
all written statements with respect to the proposed rule change that
are filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for inspection
and copying in the Commission's Public Reference Room, 100 F Street,
NE., Washington, DC 20549, on official business days between the hours
of 10 a.m. and 3 p.m. Copies of the filing will also be available for
inspection and copying at NYSE Arca's principal office and on its
Internet Web site at http://www.nyx.com. All comments received will be
posted without change; the Commission does not edit personal
identifying information from submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSEArca-2009-55 and should be submitted
on or before July 29, 2009.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\23\
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    \23\ 17 CFR 200.30-3(a)(12).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. E9-15995 Filed 7-7-09; 8:45 am]

BILLING CODE 8010-01-P