[Federal Register Volume 80, Number 86 (Tuesday, May 5, 2015)]
[Notices]
[Pages 25729-25738]
[FR Doc No: 2015-10406]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-74839; File No. SR-NYSEArca-2015-23]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change Relating to Listing and Trading of Shares of
ALPS Enhanced Put Write Strategy ETF under NYSE Arca Equities Rule
8.600

April 29, 2015.
    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 April 15, 2015, 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 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\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.

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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change

    The Exchange proposes to list and trade the shares of the following
under NYSE Arca Equities Rule 8.600: ALPS Enhanced Put Write Strategy
ETF. The text of the proposed rule change is available on the
Exchange's Web site 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 proposes to list and trade the shares (``Shares'') of
the following under NYSE Arca Equities Rule 8.600, which governs the
listing and trading of Managed Fund Shares on the Exchange: \4\ ALPS
Enhanced Put Write Strategy ETF (``Fund''). The Shares will be offered
by ALPS ETF Trust (``Trust''). The Trust is registered with the
Commission as an investment company and has filed a registration
statement on Form N-1A with the Commission on behalf of the Fund.\5\
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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-1) (``1940 Act'') organized as an
open-end investment company or similar entity that invests in a
portfolio of securities selected by its investment adviser
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 Trust is registered under the 1940 Act. On January 6,
2015, the Trust filed with the Commission a registration statement
on Form N-1A under the Securities Act of 1933 (15 U.S.C. 77a)
(``Securities Act''), and under the 1940 Act relating to the Fund
(File Nos. 333-148826 and 811-22175) (``Registration Statement'').
The description of the operation of the Trust and the Fund herein is
based, in part, on the Registration Statement. In addition, the
Commission has issued an order granting certain exemptive relief to
the Trust under the1940 Act. See Investment Company Act Release No.
30553 (June 11, 2013) (File No. 812-13884) (``Exemptive Order'').
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    ALPS Advisors, Inc. is the investment adviser (``Adviser'') to the
Fund. Rich Investment Solutions, LLC is the investment sub-adviser
(``Sub-Adviser'') to the Fund. ALPS Fund Services, Inc. (``ALPS Fund
Services'') serves as the Trust's administrator. The Bank of New York
Mellon also serves as custodian (``Custodian'') and transfer agent
(``Transfer Agent'') for the Fund. ALPS Portfolio Solutions
Distributor, Inc. is the distributor (``Distributor'') of the Fund's
Shares.
    Commentary .06 to Rule 8.600 provides that, if the investment
adviser to the investment company issuing Managed Fund Shares is
affiliated with a broker-dealer, such investment adviser shall erect a
``fire wall'' between the investment adviser and the broker-dealer with
respect to access to information concerning the composition and/or
changes to such investment company portfolio. In addition, Commentary
.06 further requires that personnel who make decisions on the open-end
fund's portfolio composition must be subject to procedures designed to
prevent the use and dissemination of material nonpublic information
regarding the open-end fund's portfolio.\6\ Commentary .06 to Rule
8.600 is similar to Commentary .03(a)(i) and (iii) to NYSE Arca
Equities Rule 5.2(j)(3); however, Commentary .06 in connection with the
establishment of a ``fire wall'' between the investment adviser and the
broker-dealer reflects the applicable open-end fund's portfolio, not an
underlying benchmark index, as is the case with index-based funds. The
Adviser is not a registered broker-dealer but is affiliated with a
broker-dealer and has implemented a ``fire wall'' with respect to such
broker-dealer regarding access to information concerning the
composition and/or changes to the Fund's portfolio. The Sub-Adviser is
not registered as a broker-dealer and is not affiliated with a broker-
dealer. In the event (a) the Adviser or Sub-adviser becomes registered
as a broker-dealer or newly affiliated with a broker-dealer, or (b) any
new adviser or sub-adviser is a registered broker-dealer or becomes
affiliated with a broker-dealer, it will implement a fire wall with
respect to its relevant personnel or broker-dealer affiliate regarding
access to information concerning the composition and/or changes to the
portfolio, and will be subject to procedures designed to prevent the
use and dissemination of material non-public information regarding such
portfolio.
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    \6\ 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 Sub-Adviser and their 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.
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ALPS Enhanced Put Write Strategy ETF
    According to the Registration Statement, the investment objective
of the Fund is to seek total return, with an emphasis on income as the
source of that total return. The Fund will seek to achieve its
investment objective by selling listed one-month put options on the
SPDR[supreg] S&P 500[supreg] ETF Trust (``SPY''). SPY is an exchange-
traded fund (``ETF'') that seeks to provide investment results that,
before expenses, correspond generally to the price and yield
performance of the S&P 500[supreg] Index (``SPX'' or ``Index''). SPY
holds a portfolio of the common stocks that are included in the SPX,
with the weight of each stock in its portfolio substantially
corresponding to the weight of such stock in the SPX. The Fund may also
sell listed one-month put options directly on the SPX under certain
circumstances (such as if such options have more liquidity and narrower
spreads than options on SPY). SPY shares are listed on the Exchange and
traded on national securities exchanges. SPX options are traded on the
Chicago Board Options Exchange (``CBOE''). Options on SPY are traded on
national securities exchanges.
    Each listed put option sold by the Fund will be an ``American-
style'' option (i.e., an option which can be exercised at the strike
price at any time prior to its expiration). As the seller of a listed
put option, the Fund will incur an obligation to buy SPY underlying the
option from the purchaser of the option at the option's strike price,
upon

exercise by the option purchaser. If a listed put option sold by the
Fund is exercised prior to expiration, the Fund will buy the SPY
underlying the option at the time of exercise and at the strike price,
and will hold SPY until the market close on expiration.\7\
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    \7\ The Fund may also sell put options on the SPX directly under
certain circumstances (such as if such options have more liquidity
and narrower spreads than options on SPY) resulting in lower
transaction costs than options on SPY. The puts are struck at-the-
money (i.e., with a strike price that is equal to the market price
of the underlying SPY) and are typically sold on a monthly basis,
usually on the 3rd Friday of the month (the ``roll date'').
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    The option premiums and cash (in respect of orders to create Shares
in large aggregations known as ``Creation Units,'' as further described
below) received by the Fund will be invested in an actively-managed
portfolio of investment grade debt securities (the ``Collateral
Portfolio'') at least equal in value to the Fund's maximum liability
under its written options (i.e., the strike price of each option).
Investment grade debt securities are those rated ``Baa'' equivalent or
higher by a nationally recognized statistical rating organization
(``NRSROs''), or are unrated securities that the Sub-Adviser believes
are of comparable quality. Such investment grade debt securities will
include Treasury bills (short-term U.S. government debt securities),
corporate bonds, commercial paper, mortgage-backed securities
(securities backed by a group of mortgages) (``MBS''), asset-backed
securities (securities backed by loans, leases or other receivables
other than mortgages) (``ABS'') and notes issued or guaranteed by
federal agencies and/or U.S. government sponsored instrumentalities,
such as the Government National Mortgage Administration (``Ginnie
Mae''), the Federal Housing Administration (``FHA''), the Federal
National Mortgage Association (``Fannie Mae'') and the Federal Home
Loan Mortgage Corporation (``Freddie Mac''). It is expected that the
average duration of such securities will not exceed six months and the
maximum maturity of any single security will not exceed one year.
    Under normal market conditions,\8\ substantially all of the Fund's
net assets will be invested in options on SPY or SPX, or in the
Collateral Portfolio.
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    \8\ The term ``under normal market conditions'' includes, but is
not limited to, the absence of extreme volatility or trading halts
in the equity or options markets or the financial markets generally;
events or circumstances causing a disruption in market liquidity or
orderly markets; operational issues causing dissemination of
inaccurate market information; or force majeure type events such as
systems failure, natural or man-made disaster, act of God, armed
conflict, act of terrorism, riot or labor disruption or any similar
intervening circumstance.
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    The Fund may invest up to 20% of its net assets in non-agency MBS
and ABS in the aggregate.
    The Fund may seek to obtain exposure to U.S. agency mortgage pass-
through securities primarily through the use of ``to-be-announced'' or
``TBA transactions.'' ``TBA'' refers to a commonly used mechanism for
the forward settlement of U.S. agency mortgage pass-through securities,
and not to a separate type of mortgage-backed security. Most
transactions in mortgage pass-through securities occur through the use
of TBA transactions. TBA transactions generally are conducted in
accordance with widely-accepted guidelines which establish commonly
observed terms and conditions for execution, settlement and delivery.
In a TBA transaction, the buyer and seller decide on general trade
parameters, such as agency, settlement date, par amount, and price. The
actual pools delivered generally are determined two days prior to
settlement date. The Fund will enter into TBA transactions only with
established counterparties (such as major broker-dealers) and the Sub-
Adviser will monitor the creditworthiness of such counterparties.\9\
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    \9\ The Fund intends to invest cash pending settlement of any
TBA transactions in money market instruments, repurchase agreements,
commercial paper (including asset-backed commercial paper) or other
high-quality, liquid short-term instruments, which may include money
market funds affiliated with the Adviser or Sub-Adviser.
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    According to the Registration Statement, every month, the options
sold by the Fund will be settled by delivery at expiration or expire
with no value and new option positions will be established while the
Fund sells any units of SPY it owns as a result of such settlements or
of the Fund's prior option positions having been exercised.\10\ This
monthly cycle likely will cause the Fund to have frequent and
substantial turnover in its option positions. If the Fund receives
additional inflows (and issues more Shares in ``Creation Unit'' size
during a one-month period \11\), the Fund will sell additional listed
put options, which will be exercised or expire at the end of such one-
month period. Conversely, if the Fund redeems Shares in Creation Unit
size during a monthly period, the Fund will terminate the appropriate
portion of the options it has sold accordingly.
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    \10\ The Fund may hold U.S. exchange-listed equity securities,
generally shares of SPY, for temporary periods upon settlement or
exercise of the options sold by the Fund.
    \11\ See ``Creation and Redemption of Shares'', infra.
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    With respect to no more than 20% of the Fund's assets, the Fund may
engage in certain opportunistic ``put spread'' and ``call spread''
strategies. Specifically, when the Sub-Adviser believes the SPX (and
thus SPY) will rise or not decline in value, the Fund may engage in
``put spreads'' whereby the Fund will buy back certain of the written
put options which are out of the money (i.e., the strike price of the
put option is lower than the market price of the underlying SPY) prior
to expiration in order to sell new put options which are less out of
the money. Similarly, the Fund may buy back certain of its written put
options prior to expiration in order to sell new longer-dated options
that will remain open past the one-month period of the original option.
Conversely, when the Sub-Adviser believes the SPX will decline in
value, the Fund may engage in ``call spreads'' whereby the Fund will
sell call options which are in-the-money (i.e., the strike price of the
call option is lower than the market price of the underlying SPY) and
buy back less in-the-money call options. The Sub-Adviser may employ a
variant of this call spread strategy whereby the Fund buys more calls
than it sells (as long as the Fund receives a net premium on such
transactions). This may enable the Fund to perform better when the SPX
(and thus SPY) experiences gains well above the strike price of the
calls bought by the Fund. However, even if the Fund engages in such
call spreads, a declining SPX (and thus SPY) will significantly detract
from Fund performance (given the Fund's principal strategy of selling
put options on SPY) as illustrated in the example below, which is
included in the Registration Statement.
    Roll Date Transactions--At each roll date, any settlement loss from
the expiring puts will be financed by the Fund's portfolio of
investment grade debt securities (the ``Collateral Portfolio'') and a
new batch of at-the-money puts will be sold. The revenue from their
sale will be added to the Fund's Collateral Portfolio. The Fund's total
cash available will be reinvested daily in the Fund's Collateral
Portfolio.
    Number of Puts Sold--The number of puts sold will be chosen to
ensure full collateralization. This means that at the expiration of the
puts, the total value of the Collateral Portfolio must be equal to the
maximum possible loss from final settlement of the put options.
    Example: SPY trades at $50 per share at the start of the one month
period, and a listed put ``American style'' option with a term of one
month was sold by

the Fund with a strike price of $50.00 per Share for a premium of $0.50
per Share:
    Trading at or above the strike price: If at all times during the
one month period prior to expiration, SPY trades at or above the strike
price of $50.00, then the option would expire worthless and the Fund's
value would reflect the retention of the $0.50 per share premium. The
Fund's value thus would be increased by $0.50 per share on the SPY
option position.
    Trading below the strike price: If at any time during the one month
period prior to expiration, SPY trades at or below $49.99, then the
option buyer would have the right, but not the obligation, to exercise
the option. The Fund's value would change as if the Fund had been put
(i.e., would buy) SPY at the strike price of $50.00 and sell SPY
immediately at the closing price of $49.99 (or whatever lower price at
which the option is exercised). As a result, the Fund's value would be
reduced by $2.00 per Share if, for example, the exercise price was $48
per Share. However, the Fund's value would also reflect the retention
of the $0.50 per Share premium, so the net loss to the Fund's value
would be $1.50 per Share on the SPY option position.
Non-Principal Investments
    While, under normal market conditions, substantially all of the
Fund's net assets will be invested in options on SPY or SPX, or in the
Collateral Portfolio, the Fund may invest its remaining assets in other
securities and financial instruments, as described below. The Fund may
invest its remaining assets in any one or more of the following
instruments: Money market instruments (as described below), in addition
to those in which the Fund invests as part of the Collateral Portfolio,
and including repurchase agreements or other funds which invest
exclusively in money market instruments; convertible securities;
structured notes (notes on which the amount of principal repayment and
interest payments are based on the movement of one or more specified
factors, such as the movement of a particular stock or stock index);
forward foreign currency exchange contracts; swaps; over-the-counter
(``OTC'') options on SPY or on the S&P 500 Index; and futures contracts
and options on futures contracts, as described further below. Swaps,
options and futures contracts may be used by the Fund in seeking to
achieve its investment objective, and in managing cash flows. The Fund
may also invest in money market instruments or other short-term fixed
income instruments as part of a temporary defensive strategy to protect
against temporary market declines.
    The Fund may invest in high-quality money market instruments on an
ongoing basis to provide liquidity. The instruments in which the Fund
may invest include: (i) Short-term obligations issued by the U.S.
Government; \12\ (ii) negotiable certificates of deposit (``CDs''),
fixed time deposits and bankers' acceptances of U.S. and foreign banks
and similar institutions; \13\ (iii) commercial paper rated at the date
of purchase ``Prime-1'' by Moody's Investors Service, Inc. or ``A-1+''
or ``A-1'' by Standard & Poor's or, if unrated, of comparable quality
as determined by the Adviser; (iv) repurchase agreements; \14\ and (v)
money market mutual funds.
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    \12\ Obligations issued or guaranteed by the U.S. Government,
its agencies and instrumentalities include bills, notes and bonds
issued by the U.S. Treasury, as well as ``stripped'' or ``zero
coupon'' U.S. Treasury obligations representing future interest or
principal payments on U.S. Treasury notes or bonds.
    \13\ CDs are short-term negotiable obligations of commercial
banks. Time deposits are non-negotiable deposits maintained in
banking institutions for specified periods of time at stated
interest rates. Banker's acceptances are time drafts drawn on
commercial banks by borrowers, usually in connection with
international transactions.
    \14\ Repurchase agreements may be characterized as loans secured
by the underlying securities. The Fund may enter into repurchase
agreements with (i) member banks of the Federal Reserve System
having total assets in excess of $500 million and (i) securities
dealers (``Qualified Institutions''). The Adviser will monitor the
continued creditworthiness of Qualified Institutions.
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    The Fund may enter into reverse repurchase agreements, which
involve the sale of securities with an agreement to repurchase the
securities at an agreed-upon price, date and interest payment and have
the characteristics of borrowing. The securities purchased with the
funds obtained from the agreement and securities collateralizing the
agreement will have maturity dates no later than the repayment date.
    The Fund may invest in the securities of other investment companies
(including money market funds), subject to applicable restrictions
under the 1940 Act.
    The Fund may utilize U.S. exchange-traded futures contracts on the
S&P 500 Index and U.S. exchange-traded options on futures contracts on
the S&P 500 Index.
    The Fund may utilize such options on futures contracts as a hedge
against changes in value of its portfolio securities, or in
anticipation of the purchase of securities, and may enter into closing
transactions with respect to such options to terminate existing
positions.
    The Fund may enter into swap agreements based on the S&P 500 Index.
    The Fund may invest in investment grade debt obligations traded in
the U.S. Such debt obligations include, among others, bonds, notes,
debentures and variable rate demand notes. In choosing corporate debt
securities on behalf of the Fund, the Sub-Adviser may consider (i)
general economic and financial conditions; and (ii) the specific
issuer's (a) business and management, (b) cash flow, (c) earnings
coverage of interest and dividends, (d) ability to operate under
adverse economic conditions, (e) fair market value of assets, and (f)
other considerations deemed appropriate.
    The Fund may invest up to 100% of its total assets in debt
securities that are rated investment grade by an NRSROs [sic], or are
unrated securities that the Sub-Adviser believes are of comparable
quality.
    The Fund may invest in securities that have variable or floating
interest rates which are readjusted on set dates (such as the last day
of the month or calendar quarter) in the case of variable rates or
whenever a specified interest rate change occurs in the case of a
floating rate instrument.
    The Fund may use delayed delivery transactions as an investment
technique. Delayed delivery transactions, also referred to as forward
commitments, involve commitments by the Fund to dealers or issuers to
acquire or sell securities at a specified future date beyond the
customary settlement for such securities. These commitments may fix the
payment price and interest rate to be received or paid on the
investment. The Fund may purchase securities on a delayed delivery
basis to the extent that it can anticipate having available cash on the
settlement date. Delayed delivery agreements will not be used as a
speculative or leverage technique.
    The Fund may purchase when-issued securities.
    The Fund may invest in zero-coupon or pay-in-kind securities. These
securities are debt securities that do not make regular cash interest
payments. Zero-coupon securities are sold at a deep discount to their
face value. Pay-in-kind securities pay interest through the issuance of
additional securities.
Investment Restrictions
    The Fund may hold up to an aggregate of 15% of its net assets in
illiquid assets (calculated at the time of investment), including Rule
144A securities deemed illiquid by the Adviser or Sub-

Adviser.\15\ The Fund will monitor its portfolio liquidity on an
ongoing basis to determine whether, in light of current circumstances,
an adequate level of liquidity is being maintained, and will consider
taking appropriate steps in order to maintain adequate liquidity if
through a change in values, net assets, or other circumstances, more
than 15% of the Fund's net assets are held in illiquid assets. Illiquid
assets include securities subject to contractual or other restrictions
on resale and other instruments that lack readily available markets as
determined in accordance with Commission staff guidance.\16\
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    \15\ Rule 144A securities are securities which, while privately
placed, are eligible for purchase and resale pursuant to Rule 144A
under the Securities Act. This rule permits certain qualified
institutional buyers, such as the Fund, to trade in privately placed
securities even though such securities are not registered under the
Securities Act. The Sub-Adviser, under supervision of the Board,
will consider whether securities purchased under Rule 144A are
illiquid and thus subject to the Fund's restriction on illiquid
assets. Determination of whether a Rule 144A security is liquid or
not is a question of fact. In making this determination, the Sub-
Adviser will consider the trading markets for the specific security
taking into account the unregistered nature of a Rule 144A security.
In addition, the Sub-Adviser could consider the (i) frequency of
trades and quotes; (ii) number of dealers and potential purchasers;
(iii) dealer undertakings to make a market; and (iv) nature of the
security and of market place trades (for example, the time needed to
dispose of the security, the method of soliciting offers and the
mechanics of transfer). The Sub-Adviser will also monitor the
liquidity of Rule 144A securities, and if, as a result of changed
conditions, the Sub-Adviser determines that a Rule 144A security is
no longer liquid, the Sub-Adviser will review the Fund's holdings of
illiquid securities to determine what, if any, action is required to
assure that the Fund complies with its restriction on investment of
illiquid securities.
    \16\ The Commission has stated that long-standing Commission
guidelines have required open-end funds to hold no more than 15% of
their net assets in illiquid securities and other illiquid assets.
See Investment Company Act Release No. 28193 (March 11, 2008), 73 FR
14618 (March 18, 2008), footnote 34. See also, Investment Company
Act Release No. 5847 (October 21, 1969), 35 FR 19989 (December 31,
1970) (Statement Regarding ``Restricted Securities''); Investment
Company Act Release No. 18612 (March 12, 1992), 57 FR 9828 (March
20, 1992) (Revisions of Guidelines to Form N-1A). A fund's portfolio
security is illiquid if it cannot be disposed of in the ordinary
course of business within seven days at approximately the value
ascribed to it by the fund. See Investment Company Act Release No.
14983 (March 12, 1986), 51 FR 9773 (March 21, 1986) (adopting
amendments to Rule 2a-7 under the 1940 Act); Investment Company Act
Release No. 17452 (April 23, 1990), 55 FR 17933 (April 30, 1990)
(adopting Rule 144A under the Securities Act of 1933 (15 U.S.C.
77a).
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    The Fund intends to qualify for and to elect to be treated as a
separate regulated investment company (a ``RIC'') under Subchapter M of
the Internal Revenue Code.\17\
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    \17\ 26 U.S.C. 851 et seq.
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    The Fund's investments will be consistent with its investment
objective and will not be used to enhance leverage.\18\
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    \18\ Investments in derivative instruments by the Fund will be
made in accordance with the 1940 Act and consistent with the Fund's
investment objective and policies. To limit the potential risk
associated with transactions in derivatives, the Fund will segregate
or ``earmark'' assets determined to be liquid by the Adviser in
accordance with procedures that will established by the Trust's
Board of Trustees (``Board'') and in accordance with the 1940 Act
(or, as permitted by applicable regulation, enter into certain
offsetting positions) to cover its obligations under derivative
instruments. These procedures will be adopted consistent with
Section 18 of the 1940 Act and related Commission guidance. In
addition, the Fund will include appropriate risk disclosure in its
offering documents, including leveraging risk. Leveraging risk is
the risk that certain transactions of the Fund, including the Fund's
use of derivatives, may give rise to leverage, causing the Fund's
Shares to be more volatile than if they had not been leveraged.
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Net Asset Value
    The net asset value (``NAV'') per Share of the Fund will be
computed by dividing the value of the net assets of the Fund (i.e., the
value of its total assets less total liabilities) by the total number
of Shares of the Fund outstanding, rounded to the nearest cent.
Expenses and fees, including without limitation, the management and
administration fees, will be accrued daily and taken into account for
purposes of determining NAV. The NAV per Share will be calculated by
the Custodian and determined as of the close of the regular trading
session on the New York Stock Exchange (``NYSE'') (ordinarily 4:00
p.m., Eastern time) (``NYSE Close'') on each day that such exchange is
open.
    In computing the Fund's NAV, the Fund's securities holdings traded
on a national securities exchange (including listed put options sold by
the Fund and any exchange-traded equity securities held by the Fund)
will be valued based on their last sale price. Price information on
listed securities will be taken from the exchange where the security is
primarily traded. Other portfolio securities and assets for which
market quotations are not readily available will be valued based on
fair value as determined in good faith in accordance with procedures
adopted by the Trust's Board.
    Non-exchange traded investment company securities will be priced at
NAV.
    The Fund's debt securities will be valued at market value. Market
value generally means a valuation (i) obtained from an exchange, a
pricing service or a major market maker (or dealer), (ii) based on a
price quotation or other equivalent indication of value supplied by an
exchange, a pricing service or a major market maker (or dealer), or
(iii) based on amortized cost. The Fund's debt securities will be thus
valued by reference to a combination of transactions and quotations for
the same or other securities believed to be comparable in quality,
coupon, maturity, type of issue, call provisions, trading
characteristics and other features deemed to be relevant. To the extent
the Fund's debt securities are valued based on price quotations or
other equivalent indications of value provided by a third-party pricing
service, any such third-party pricing service may use a variety of
methodologies to value some or all of the Fund's debt securities to
determine the market price. For example, the prices of securities with
characteristics similar to those held by the Fund may be used to assist
with the pricing process. In addition, the pricing service may use
proprietary pricing models. Short-term fixed income securities having a
remaining maturity of 60 days or less will generally be valued at
amortized cost. The Fund's listed put options, as well as exchange-
traded equity securities held by the Fund, will be valued at the last
reported sale price on the principal exchange on which such securities
are traded, as of the close of regular trading on NYSE Arca on the day
the securities are being valued or, if there are no sales, at the mean
of the most recent bid and asked prices. Other derivatives will
generally be valued on the basis of quotes obtained from brokers and
dealers or pricing services using data reflecting the earlier closing
of the principal markets for those assets. Local closing prices will be
used for all instrument valuation purposes. Foreign currency-
denominated derivatives will generally be valued as of the respective
local region's market close. With respect to specific derivatives, and
[sic] forward rates from major market data vendors will generally be
determined as of the NYSE Close; futures will generally be valued at
the settlement price of the relevant exchange; index swaps will be
valued at the publicly available index price; index options, and
options on futures will generally be valued at the official settlement
price determined by the relevant exchange, if available; OTC and
exchange-traded equity options will generally be valued on the basis of
quotes of quotes received from a quotation reporting system,
established market makers, or pricing services or'for [sic] exchange-
traded options, at the settlement price of the applicable exchange.
Money market instruments (other than debt securities noted above),
structured notes, repurchase

agreements, reverse repurchase agreements and variable or floating rate
securities will generally be valued on the basis of independent pricing
services or quotes obtained from brokers and dealers. Securities for
which market quotations are not readily available, including Rule 144A
securities, will be valued by a method that the Trust's Board believes
accurately reflects fair value. Securities will be valued at fair value
when market quotations are not readily available or are deemed
unreliable, such as when a security's value or meaningful portion of
the Fund's portfolio is believed to have been materially affected by a
significant event.
Creation and Redemption of Shares
    The Trust will issue and sell Shares of the Fund only in ``Creation
Unit Aggregations'' of 50,000 Shares each on a continuous basis through
the Distributor, without a sales load, at its NAV next determined after
receipt, on any business day, of an order in proper form.
    Creation Units of the Fund generally will be sold for cash only,
calculated based on the NAV per Share multiplied by the number of
Shares representing a Creation Unit (``Deposit Cash''), plus a
transaction fee.
    The Custodian, through the National Securities Clearing Corporation
(``NSCC''), will make available on each business day, prior to the
opening of business on the NYSE Arca (currently 9:30 a.m., Eastern
time), the amount of the Deposit Cash to be deposited in exchange for a
Creation Unit Aggregation of the Fund.
    To be eligible to place orders with the Distributor and to create a
Creation Unit Aggregation of the Fund, an entity must be a Depositary
Trust Company (``DTC'') Participant that has executed an agreement with
the Distributor, with respect to creations and redemptions of Creation
Units (``Participant Agreement''). A DTC Participant that has executed
a Participant Agreement is referred to as an ``Authorized
Participant.''
    All orders to create Creation Unit Aggregations must be received by
the Distributor no later than the closing time of the regular trading
session on the NYSE (``Closing Time'') (ordinarily 4:00 p.m., Eastern
time) in each case on the date such order is placed in order for
creation of Creation Unit Aggregations to be effected based on the NAV
of Shares of the Fund as next determined on such date after receipt of
the order in proper form. The date on which an order to create Creation
Unit Aggregations is placed is referred to as the ``Transmittal Date.''
Orders must be transmitted by an Authorized Participant by telephone or
other transmission method acceptable to the Distributor pursuant to
procedures set forth in the ``Participant Agreement''.
    Authorized Participants will be required to pay a fixed creation
transaction fee payable regardless of the number of creations made each
day.
    Fund Shares may be redeemed only in Creation Unit size at the NAV
next determined after receipt of a redemption request in proper form by
the Fund through the Transfer Agent and only on a business day. The
Fund will not redeem Shares in amounts less than Creation Unit
Aggregations.
    With respect to the Fund, the Custodian, through the NSCC, will
make available prior to the opening of business on NYSE Arca on each
business day, the amount of cash that will be paid (subject to possible
amendment or correction) in respect of redemption requests received in
proper form on that day (the ``Redemption Cash'').
    The redemption proceeds for a Creation Unit generally consist of
the Redemption Cash--as announced on the business day of the request
for redemption received in proper form--less a redemption transaction
fee.
    The right of redemption may be suspended or the date of payment
postponed (i) for any period during which the NYSE is closed (other
than customary weekend and holiday closings); (ii) for any period
during which trading on the NYSE is suspended or restricted; (iii) for
any period during which an emergency exists as a result of which
disposal of the Shares of the Fund or determination of the Fund's NAV
is not reasonably practicable; or (iv) in such other circumstances as
is permitted by the Commission.
    Orders to redeem Creation Units must be delivered through a DTC
Participant that has executed the Participant Agreement. An order to
redeem Creation Units is deemed received by the Trust on the
Transmittal Date if (i) such order is received by the Transfer Agent
not later than 4:00 p.m., Eastern time on such Transmittal Date; (ii)
such order is accompanied or followed by the requisite number of Shares
of the Fund, which delivery must be made through DTC to the Custodian
no later than 11:00 a.m., Eastern time (for the Fund Shares), on the
next business day immediately following such Transmittal Date (the
``DTC Cut-Off-Time'') and 2:00 p.m., Eastern time for any cash
component, if any owed to the Fund; and (iii) all other procedures set
forth in the Participant Agreement are properly followed. After the
Trust has deemed an order for redemption received, the Trust will
initiate procedures to transfer the requisite Redemption Cash which is
expected to be delivered within three business days.
Intraday Indicative Value
    The approximate value of the Fund's investments on a per-Share
basis, the Indicative Intra-Day Value (``IIV''), which is the Portfolio
Indicative Value as defined in NYSE Arca Equities Rule 8.600(c)(3),
will be disseminated by one or more major market data vendors every 15
seconds during the Exchange's Core Trading Session. The IIV should not
be viewed as a ``real-time'' update of NAV because the IIV will be
calculated by an independent third party calculator and may not be
calculated in the exact same manner as NAV, which will be computed
daily.
    The IIV will be calculated during the Exchange's Core Trading
Session by dividing the ``Estimated Fund Value'' as of the time of the
calculation by the total number of outstanding Shares. ``Estimated Fund
Value'' is the sum of the estimated amount of cash held in the Fund's
portfolio, the estimated amount of accrued interest owing to the Fund
and the estimated value of the securities and other assets held in the
Fund's portfolio, minus the estimated amount of liabilities. The IIV
will be calculated based on the same portfolio holdings disclosed on
the Fund's Web site. In determining the estimated value for each of the
component securities and other assets, the IIV will use last sale,
market prices or other methods that would be considered appropriate for
pricing securities held by registered investment companies.
Availability of Information
    The Fund's Web site (www.alpsfunds.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''),\19\ 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 (9:30
a.m. to 4:00 p.m., Eastern time), the Fund's Web site will disclose the
Disclosed Portfolio that will form the basis for the Fund's calculation
of NAV at the end of the business day.\20\
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    \19\ The Bid/Ask Price of the Fund's Shares will be determined
using the mid-point of 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.
    \20\ 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.
---------------------------------------------------------------------------

    The Fund will disclose on the Fund's Web site the following
information regarding each portfolio holding, as applicable to the type
of holding: Ticker symbol, CUSIP number or other identifier, if any; a
description of the holding (including the type of holding, such as the
type of swap); the identity of the security, commodity, index or other
asset or instrument underlying the holding, if any; for options, the
option strike price; quantity held (as measured by, for example, par
value, notional value or number of shares, contracts or units);
maturity date, if any; coupon rate, if any; effective date, if any;
market value of the holding; and the percentage weighting of the
holding in the Fund's portfolio. The Web site information will be
publicly available at no charge.
    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 will be 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 www.sec.gov. 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. 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 and U.S.
exchange-listed equities (including SPY) will be available via the
Consolidated Tape Association (``CTA'') high-speed line, and from the
Exchange. Quotation and last sale information for exchange-listed
options cleared via the Options Clearing Corporation will be available
via the Options Price Reporting Authority. Intra-day and closing price
information regarding exchange-traded options (including options on
futures) and futures will be available from the exchange on which such
instruments are traded. Intra-day and closing price information
regarding debt securities; money market instruments; convertible
securities; structured notes; forward foreign currency exchange
contracts; swaps; repurchase agreements; reverse repurchase agreements;
US government securities; MBS and ABS; mortgage pass-throughs; variable
or floating interest rate securities; when-issued securities; delayed
delivery securities; and zero-coupon securities also will be available
from major market data vendors. Price information for non-exchange-
traded investment company securities will be available from major
market data vendors and from the Web site of the applicable investment
company.
    In addition, the IIV will be widely disseminated at least every 15
seconds during the Core Trading Session by one or more major market
data vendors.\21\ The dissemination of the IIV, together with the
Disclosed Portfolio, will allow investors to determine the value of the
underlying portfolio of the Fund on a daily basis and will provide a
close estimate of that value throughout the trading day.
---------------------------------------------------------------------------

    \21\ Currently, it is the Exchange's understanding that several
major market data vendors display and/or make widely available IIVs
taken from CTA or other data feeds.
---------------------------------------------------------------------------

    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. All terms relating
to the Fund that are referred to, but not defined in, this proposed
rule change are defined 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.\22\ 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 and/or the
financial instruments comprising the Disclosed Portfolio 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.
---------------------------------------------------------------------------

    \22\ See NYSE Arca Equities Rule 7.12, Commentary .04.
---------------------------------------------------------------------------

    If the IIV, Index value or the value of the Index components is not
being disseminated as required, the Exchange may halt trading during
the day in which the disruption occurs; if the interruption persists
past the day in which it occurred, the Exchange will halt trading no
later than the beginning of the trading day following the interruption.
Under NYSE Arca Equities Rule 7.34(a)(5), if the Exchange becomes aware
that the NAV for the Fund 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.
    The Shares will conform to the initial and continued listing
criteria under NYSE Arca Equities Rule 8.600. Consistent with NYSE Arca
Equities Rule 8.600(d)(2)(B)(ii), the Adviser will implement and
maintain, or be subject to, procedures designed to prevent the use and
dissemination of material non-public information regarding the actual
components of the Fund's portfolio. The Exchange represents that, for
initial and/or continued listing, the Fund will be in compliance with
Rule 10A-3 \23\ under the 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 NAV per Share
will be calculated daily and that the NAV and the Disclosed Portfolio
as defined in NYSE Arca Equities Rule 8.600(c)(2) will be made
available to all market participants at the same time.
---------------------------------------------------------------------------

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

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. ET 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. As provided in NYSE Arca Equities Rule
7.6, 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.
Surveillance
    The Exchange represents that the trading in the Shares will be
subject to the existing trading surveillances, administered by the
Financial Industry Regulatory Authority (``FINRA'') on behalf of the
Exchange, which are designed to detect violations of Exchange rules and
applicable federal securities laws.\24\ 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 federal securities laws applicable to trading on
the Exchange.
---------------------------------------------------------------------------

    \24\ FINRA surveils trading on the Exchange pursuant to a
regulatory services agreement. The Exchange is responsible for
FINRA's performance under this regulatory services agreement.
---------------------------------------------------------------------------

    The 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.
    FINRA, on behalf of the Exchange, will communicate as needed
regarding trading in the Shares, other exchange-traded equity
securities, exchange-traded investment company securities, futures
contracts, and exchange-traded options contracts with other markets and
other entities that are members of the Intermarket Surveillance Group
(``ISG''), and FINRA, on behalf of the Exchange, may obtain trading
information regarding trading in the Shares, other exchange-traded
equity securities, exchange-traded investment company securities,
futures contracts and exchange-traded options contracts from such
markets and other entities. In addition, the Exchange may obtain
information regarding trading in the Shares, other exchange-traded
equity securities, exchange-traded investment company securities,
futures contracts and exchange-traded options contracts from markets
and other entities that are members of ISG or with which the Exchange
has in place a comprehensive surveillance sharing agreement.\25\ All
futures contracts (and options on futures) and listed options held by
the Fund will be traded on U.S. exchanges, all of which are members of
ISG or are exchanges 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 the Fund reported to
FINRA's Trade Reporting and Compliance Engine (``TRACE'').
---------------------------------------------------------------------------

    \25\ For a list of the current members of ISG, see
www.isgportal.org. The Exchange notes that not all of the components
of the portfolio for the Fund may trade on exchanges that are
members of the ISG or with which the Exchange has in place a
comprehensive surveillance sharing agreement.
---------------------------------------------------------------------------

    In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
Information Bulletin
    Prior to the commencement of trading of Shares in the Fund, the
Exchange will inform its 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 IIV or Index value will not be calculated or
publicly disseminated; (4) how information regarding the IIV, the
Disclosed Portfolio and the Index value will be 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 Act. The
Bulletin will also disclose that the NAV for the Shares will be
calculated after 4:00 p.m., Eastern time each trading day.
2. Statutory Basis
    The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) \26\ 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.
---------------------------------------------------------------------------

    \26\ 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 on the Exchange pursuant to the initial and
continued listing criteria in NYSE Arca Equities Rule 8.600. The Shares
will be subject to the existing trading surveillances, administered by
FINRA on behalf of the Exchange, which are designed to deter and detect
violations of Exchange rules and federal securities laws applicable to
trading on the Exchange. FINRA and the Exchange, as applicable, may
each obtain information via ISG from other exchanges that are members
of ISG, and in the case of the Exchange, from other market or entities
with which the Exchange has entered into a comprehensive surveillance
sharing agreement. The Adviser is not a registered broker-dealer but is
affiliated with a broker-dealer and has implemented a ``fire wall''
with respect to such broker-dealer regarding access to information
concerning the composition and/or changes to the Fund's portfolio. The
Sub-Adviser is not registered as a broker-dealer and is not affiliated
with a broker-dealer. The Fund's investments will be consistent with
its investment objective and will not be used to enhance leverage.
    The Fund may hold up to an aggregate amount of 15% of its net
assets in illiquid assets (calculated at the time of investment),
including Rule 144A securities deemed illiquid by the Adviser or Sub-
Adviser, consistent with Commission guidance. The proposed rule change
is designed to promote just and equitable principles of trade and to
protect investors and the public interest in that the Exchange will
obtain a representation from the issuer of the Shares that the NAV per
Share will be calculated daily every day the NYSE is open, and that the
NAV will be made available to all market participants at the same time.
In addition, a large amount of publicly available information will be
publicly available

regarding the Fund and the Shares, thereby promoting market
transparency.
    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. On each business day, before commencement of
trading in the Shares in the Core Session on the Exchange, the Fund
will disclose on its Web site the portfolio that will form the basis
for the Fund's calculation of NAV at the end of the business 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
quotations and last sale information will be available via the CTA
high-speed line. Quotation and last sale information for the Shares
will be available via the CTA high-speed line, and from the Exchange.
Quotation and last sale information for exchange-listed options cleared
via the Options Clearing Corporation will be available via the Options
Price Reporting Authority. Intra-day and closing price information
regarding exchange-traded options (including options on futures) and
futures will be available from the exchange on which such instruments
are traded. Intra-day and closing price information regarding debt
securities; money market instruments; convertible securities;
structured notes; forward foreign currency exchange contracts; swaps;
US government securities; MBS and ABS; mortgage pass-throughs; variable
or floating interest rate securities; when-issued securities; delayed
delivery securities; zero-coupon securities; repurchase agreements;
reverse repurchase agreements; and pay-in-kind securities also will be
available from major market data vendors.
    In addition, the IIV will be widely disseminated at least every 15
seconds during the Core Trading Session by one or more major market
data. The Web site for the Fund will include the prospectus for the
Fund and additional data relating to NAV and other applicable
quantitative information. Moreover, prior to 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. Trading in Shares of the Fund will be halted if the circuit
breaker parameters in NYSE Arca Equities Rule 7.12 have been reached or
because of market conditions or for reasons that, in the view of the
Exchange, make trading the Shares inadvisable. In addition, as noted
above, investors will have ready access to information regarding the
Fund's holdings, the IIV, the Fund's portfolio, 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
an additional type of exchange-traded product that will enhance
competition among market participants, to the benefit of investors and
the marketplace. As noted above, 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
federal securities laws applicable to trading on the Exchange. FINRA,
on behalf of the Exchange, will communicate as needed regarding trading
in the Shares, other exchange-traded equity securities, exchange-traded
investment company securities, futures contracts, and exchange-traded
options contracts with other market and other entities that are members
of ISG, and FINRA, on behalf of the Exchange, may obtain trading
information in the Shares, other exchange-traded equity securities,
exchange-traded investment company securities, futures contracts, and
exchange-traded options contracts from such markets and other entities.
In addition, the Exchange may obtain information regarding trading in
the Shares, other exchange-traded equity securities, exchange-traded
investment company securities, futures contracts, and exchange-traded
options contracts from markets and other entities that are members of
ISG or with which the Exchange has in place a comprehensive
surveillance sharing agreement. FINRA, on behalf of the Exchange, is
able to access, as needed, trade information for certain fixed income
securities held by the Fund reported to FINRA's TRACE. In addition, as
noted above, investors will have ready access to information regarding
the Fund's holdings, the IIV, and quotation and last sale information
for the Shares.

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 listing and trading of an
additional type of actively managed ETF 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_ADDRESS>Please include
File Number SR-NYSEArca-2015-23 on the subject line.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields,
Secretary, Securities and Exchange Commission, 100 F Street NE.,
Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEArca-2015-23. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the

provisions of 5 U.S.C. 552, will be available for Web site viewing and
printing in the Commission's Public Reference Section, 100 F Street
NE., Washington, DC 20549 on official business days between 10:00 a.m.
and 3:00 p.m. Copies of the filing will also be available for
inspection and copying at the NYSE's principal office and on its
Internet Web site at www.nyse.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-2015-23 and should be submitted on or before
May 26, 2015.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\27\
---------------------------------------------------------------------------

    \27\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Brent J. Fields,
Secretary.
[FR Doc. 2015-10406 Filed 5-4-15; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 86, Number 57 (Friday, March 26, 2021)]
[Rules and Regulations]
[Pages 16043-16046]
[FR Doc No: 2021-06239]

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DEPARTMENT OF TRANSPORTATION

Federal Aviation Administration

14 CFR Part 39

[Docket No. FAA-2020-1136; Project Identifier MCAI-2020-01301-R;
Amendment 39-21468; AD 2021-06-02]
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 all
Airbus Helicopters Model AS332L, AS332L1, AS332C, and AS332C1
helicopters. This AD was prompted by the failure of a second stage
planet gear installed in the main gearbox (MGB). This AD requires
identifying the part number of each second stage planet gear

assembly installed in the MGB, replacing an MGB having certain second
stage planet gear assembly part numbers with a serviceable MGB,
modifying the helicopter by installing a full flow magnetic plug
(FFMP), repetitively inspecting the FFMP and the MGB bottom housing and
conical housing for metal particles, analyzing any metal particles that
are found, and applying corrective actions if necessary, as specified
in European Union Aviation Safety Agency (EASA) ADs, which are
incorporated by reference. The FAA is issuing this AD to address the
unsafe condition on these products.

DATES: This AD is effective April 30, 2021.
    The Director of the Federal Register approved the incorporation by
reference of certain publications listed in this AD as of April 30,
2021.

ADDRESSES: For material incorporated by reference (IBR) in this AD,
contact the EASA, Konrad-Adenauer-Ufer 3, 50668 Cologne, Germany;
telephone +49 221 8999 000; email<EMAIL_ADDRESS>internet
www.easa.europa.eu. You may find this material on the EASA website at
https://ad.easa.europa.eu. You may view this material at the FAA,
Office of the Regional Counsel, Southwest Region, 10101 Hillwood Pkwy.,
Room 6N-321, Fort Worth, TX 76177. For information on the availability
of this material at the FAA, call<PHONE_NUMBER>. It is also available in
the AD docket on the internet at https://www.regulations.gov by
searching for and locating Docket No. FAA-2020-1136.

Examining the AD Docket

    You may examine the AD docket on the internet at https://www.regulations.gov by searching for and locating Docket No. FAA-2020-
1136; or in person at Docket Operations between 9 a.m. and 5 p.m.,
Monday through Friday, except Federal holidays. The AD docket contains
this final rule, any comments received, and other information. The
address for Docket Operations is U.S. Department of Transportation,
Docket Operations, M-30, West Building Ground Floor, Room W12-140, 1200
New Jersey Avenue SE, Washington, DC 20590.

FOR FURTHER INFORMATION CONTACT: Mahmood Shah, Aviation Safety
Engineer, Fort Worth ACO Branch, FAA, 10101 Hillwood Pkwy., Fort Worth,
TX 76177; telephone<PHONE_NUMBER>; email<EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION:

Discussion

    The EASA, which is the Technical Agent for the Member States of the
European Union, has issued EASA AD 2020-0022R2, dated December 23, 2020
(EASA AD 2020-0022R2) (also referred to as the Mandatory Continuing
Airworthiness Information, or the MCAI), to correct an unsafe condition
for all Airbus Helicopters Model AS332L, AS332L1, AS332C, and AS332C1
helicopters.
    The FAA issued a notice of proposed rulemaking (NPRM) to amend 14
CFR part 39 by adding an AD that would apply to all Airbus Helicopters
Model AS332L, AS332L1, AS332C, and AS332C1 helicopters. The NPRM
published in the Federal Register on December 21, 2020 (85 FR 82977).
The NPRM was prompted by the failure of a second stage planet gear
installed in the MGB of an Airbus Helicopters Model EC225LP helicopter.
Airbus Helicopters Model AS332L, AS332L1, AS332C, and AS332C1
helicopters have a similar design to the affected Model EC225LP
helicopter, therefore, these models may be subject to the unsafe
condition revealed on the Model EC225LP helicopter. The NPRM proposed
to require identifying the part number of each second stage planet gear
assembly installed in the MGB, replacing an MGB having certain second
stage planet gear assembly part numbers with a serviceable MGB,
modifying the helicopter by installing an FFMP, repetitively inspecting
the FFMP and the MGB bottom housing and conical housing for metal
particles, analyzing any metal particles that are found, and applying
corrective actions if necessary as specified in an EASA AD.
    The FAA is issuing this AD to address failure of a second stage
planet gear installed in the MGB, which could result in failure of the
MGB and subsequent loss of control of the helicopter. See the MCAI for
additional background information.

Comments

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

New EASA AD

    In the NPRM, the FAA referred to EASA AD 2020-0022R1, dated
September 18, 2020 (EASA AD 2020-0022R1). Since the NPRM was issued,
EASA issued EASA AD 2020-0022R2, which extends the compliance time for
installation of the FFMP.
    The FAA determined that no additional work is required for
helicopters that have accomplished the actions as required by EASA AD
2020-0022R1. Therefore, the FAA has revised all applicable sections in
this final rule to also specify EASA AD 2020-0022R2.

Conclusion

    The FAA reviewed the relevant data and determined that air safety
and the public interest require adopting this final rule with the
changes described previously and minor editorial changes. The FAA has
determined that these minor changes:
     Are consistent with the intent that was proposed in the
NPRM for addressing the unsafe condition; and
     Do not add any additional burden upon the public than was
already proposed in the NPRM.
    The FAA also determined that these changes will not increase the
economic burden on any operator or increase the scope of this final
rule.

Related Service Information Under 1 CFR Part 51

    EASA ADs 2020-0022R1 and 2020-0022R2 describe procedures for
identifying the part number of each second stage planet gear assembly
installed in the MGB, replacing an MGB having certain second stage
planet gear assembly part numbers with a serviceable MGB, modifying the
helicopter by installing an FFMP, repetitively inspecting the FFMP and
the MGB bottom housing and conical housing for metal particles,
analyzing any metal particles that are found, and applicable corrective
actions. The corrective actions include replacing an affected MGB with
a serviceable MGB. These documents are distinct since EASA AD 2020-
0022R2 extends the compliance time for installation of the FFMP.
    This material is reasonably available because the interested
parties have access to it through their normal course of business or by
the means identified in the ADDRESSES section.

Costs of Compliance

    The FAA estimates that this AD affects 11 helicopters of U.S.
registry. The FAA estimates the following costs to comply with this AD:

                                      Estimated Costs for Required Actions
----------------------------------------------------------------------------------------------------------------
                                                                                Cost per       Cost on U.S.
                          Labor cost                              Parts cost        product         operators
----------------------------------------------------------------------------------------------------------------
8.50 work-hours x $85 per hour = $722.50.....................         $17,625       $18,347.50      $201,822.50
----------------------------------------------------------------------------------------------------------------

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

                 Estimated Costs of On-Condition Actions
------------------------------------------------------------------------
                                                             Cost per
           Labor cost                  Parts cost            product
------------------------------------------------------------------------
40.50 work-hour x $85 per hour   $275,000 (overhauled       $278,442.50
 = $3,442.50.                     part).
------------------------------------------------------------------------

    According to the manufacturer, some or all of the costs of this AD
may be covered under warranty, thereby reducing the cost impact on
affected operators. The FAA does not control warranty coverage for
affected operators. As a result, the FAA has included all known costs
in the cost estimate.

Authority for This Rulemaking

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

Regulatory Findings

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

List of Subjects in 14 CFR Part 39

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

Adoption of the Amendment

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

PART 39--AIRWORTHINESS DIRECTIVES

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

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

Sec.  39.13  [Amended]

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

2021-06-02 Airbus Helicopters: Amendment 39-21468; Docket No. FAA-
2020-1136; Project Identifier MCAI-2020-01301-R.

(a) Effective Date

    This airworthiness directive (AD) is effective April 30, 2021.

(b) Affected ADs

    None.

(c) Applicability

    This AD applies to all Airbus Helicopters Model AS332L, AS332L1,
AS332C, and AS332C1 helicopters, certificated in any category.

(d) Subject

    Joint Aircraft System Component (JASC) Code 6320, Main Rotor
Gear Box.

(e) Reason

    This AD was prompted by the failure of a second stage planet
gear installed in the main gearbox (MGB). The FAA is issuing this AD
to address failure of an MGB second stage planet gear, which could
result in failure of the MGB and subsequent loss of control of the
helicopter.

(f) Compliance

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

(g) Requirements

    Except as specified in paragraph (h) of this AD: Comply with all
required actions and compliance times specified in, and in
accordance with, European Union Aviation Safety Agency (EASA) AD
2020-0022R1, dated September 18, 2020 (EASA AD 2020-0022R1); or EASA
AD 2020-0022R2, dated December 23, 2020 (EASA AD 2020-0022R2).

(h) Exceptions to EASA ADs 2020-0022R1 and 2020-0022R2

    (1) Where EASA ADs 2020-0022R1 and 2020-0022R2 refer to March
30, 2018 (the effective date of EASA AD 2018-0066, dated March 23,
2018) or February 21, 2020 (the effective date of EASA AD 2020-0022,
dated February 7, 2020), this AD requires using the effective date
of this AD.
    (2) The ``Remarks'' sections of EASA ADs 2020-0022R1 and 2020-
0022R2 do not apply to this AD.
    (3) Where EASA ADs 2020-0022R1 and 2020-0022R2 refer to flight
hours (FH), this AD requires using hours time-in-service.
    (4) Where the service information referred to in paragraphs (5)
and (6) of EASA ADs 2020-0022R1 and 2020-0022R2 specifies to perform
a metallurgical analysis and contact the manufacturer if unsure
about the characterization of the particles collected, this AD does
not require contacting the manufacturer to determine the
characterization of the particles collected.
    (5) Although the service information referred to in paragraph
(6) of EASA ADs 2020-0022R1 and 2020-0022R2 specifies that if any
16NCD13 particles are found send a 1-liter sample of oil to the
manufacturer, this AD does not require that action.

    (6) Although the service information referenced in EASA ADs
2020-0022R1 and 2020-0022R2 specifies to discard certain parts, this
AD does not include that requirement.
    (7) Although the service information referenced in EASA ADs
2020-0022R1 and 2020-0022R2 specifies returning certain parts to the
manufacturer, this AD does not require that action.
    (8) Although the service information referenced in EASA ADs
2020-0022R1 and 2020-0022R2 specifies to contact the manufacturer if
certain specified criteria are exceeded, this AD does not include
that requirement.
    (9) Although the service information referenced in EASA ADs
2020-0022R1 and 2020-0022R2 specifies to submit certain information
to the manufacturer, this AD does not include that requirement.
    (10) Although the service information referenced in EASA ADs
2020-0022R1 and 2020-0022R2 specifies to watch a video for removing
the grease from the full flow magnetic plug (FFMP), using a cleaning
agent, and collecting particles, this AD does not include that
requirement.
    (11) Where EASA ADs 2020-0022R1 and 2020-0022R2 require actions
after the last flight of the day or ``ALF,'' this AD requires those
actions before the first flight of the day.

(i) Special Flight Permit

    Special flight permits may be issued in accordance with 14 CFR
21.197 and 21.199 to operate the helicopter to a location where the
helicopter can be modified (if the operator elects to do so),
provided no passengers are onboard.

(j) Alternative Methods of Compliance (AMOCs)

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

(k) Related Information

    For more information about this AD, contact Mahmood Shah,
Aviation Safety Engineer, Fort Worth ACO Branch, FAA, 10101 Hillwood
Pkwy., Fort Worth, TX 76177; telephone<PHONE_NUMBER>; email
<EMAIL_ADDRESS>
(l) Material Incorporated by Reference

    (1) The Director of the Federal Register approved the
incorporation by reference (IBR) of the service information listed
in this paragraph under 5 U.S.C. 552(a) and 1 CFR part 51.
    (2) You must use this service information as applicable to do
the actions required by this AD, unless this AD specifies otherwise.
    (i) European Union Aviation Safety Agency (EASA) AD 2020-0022R1,
dated September 18, 2020.
    (ii) European Union Aviation Safety Agency (EASA) AD 2020-
0022R2, dated December 23, 2020.
    (3) For EASA AD 2020-0022R1 and EASA AD 2020-0022R2, contact the
EASA, Konrad-Adenauer-Ufer 3, 50668 Cologne, Germany; telephone +49
221 8999 000; email<EMAIL_ADDRESS>Internet www.easa.europa.eu.
You may find this EASA AD on the EASA website at https://ad.easa.europa.eu.

    Note 1 to paragraph (l)(3):  EASA AD 2020-0022R1 can be accessed
in the zipped file at the bottom of the web page for EASA AD 2020-
0022R2. When EASA posts a revised AD on their website, they
watermark the previous AD as ``Revised,'' alter the file name by
adding ``_revised'' to the end, and move it into a zipped file
attached at the bottom of the AD web page.

    (4) 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>. This material may be
found in the AD docket on the internet at https://www.regulations.gov by searching for and locating Docket No. FAA-
2020-1136.
    (5) You may view this material that is incorporated by reference
at the National Archives and Records Administration (NARA). For
information on the availability of this material at NARA, email
<EMAIL_ADDRESS>or go to https://www.archives.gov/federal-register/cfr/ibr-locations.html.

    Issued on March 8, 2021.
Gaetano A. Sciortino,
Deputy Director for Strategic Initiatives, Compliance & Airworthiness
Division, Aircraft Certification Service.
[FR Doc. 2021-06239 Filed 3-25-21; 8:45 am]
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[Federal Register Volume 79, Number 60 (Friday, March 28, 2014)]
[Notices]
[Pages 17555-17556]
[FR Doc No: 2014-06708]

=======================================================================
-----------------------------------------------------------------------

DEPARTMENT OF HOMELAND SECURITY

Coast Guard

[USCG-2014-0093]

Information Collection Request to Office of Management and Budget

AGENCY: Coast Guard, DHS.

ACTION: Sixty-day notice requesting comments.

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

SUMMARY: In compliance with the Paperwork Reduction Act of 1995, the
U.S. Coast Guard intends to submit an Information Collection Request
(ICRs) to the Office of Management and Budget (OMB), Office of
Information and Regulatory Affairs (OIRA), requesting approval of a
revision to the following collection of information: 1625-0082,
Navigation Safety Information and Emergency Instructions for Certain
Towing Vessels. 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 May 27, 2014.

ADDRESSES: You may submit comments identified by Coast Guard docket
number [USCG-2014-0093] to the Docket Management Facility (DMF) at the
U.S. Department of Transportation (DOT). To avoid duplicate
submissions, please use only one of the following means:
    (1) Online: http://www.regulations.gov.
    (2) Mail: DMF (M-30), DOT, West Building Ground Floor, Room W12-
140, 1200 New Jersey Avenue SE., Washington, DC 20590-0001.
    (3) Hand delivery: Same as mail address above, between 9 a.m. and 5
p.m., Monday through Friday, except Federal holidays. The telephone
number is<PHONE_NUMBER>.
    (4) Fax:<PHONE_NUMBER>. To ensure your comments are received in a
timely manner, mark the fax, to attention Desk Officer for the Coast
Guard.
    The DMF maintains the public docket for this Notice. Comments and
material received from the public, as well as documents mentioned in
this Notice as being available in the docket, will become part of the
docket and will be available for inspection or copying at room W12-140
on the West Building Ground Floor, 1200 New Jersey Avenue SE.,
Washington, DC, between 9 a.m. and 5 p.m., Monday through Friday,
except Federal holidays. You may also find the docket on the Internet
at http://www.regulations.gov.
    Copies of the ICR(s) are available through the docket on the
Internet at http://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. Contact Ms. Cheryl Collins, Program
Manager, Docket Operations,<PHONE_NUMBER>, for questions on the docket.

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 these ICRs should be
granted based on the Collections being necessary for the proper
performance of Departmental functions. In particular, the Coast Guard
would appreciate comments addressing: (1) The practical utility of the
Collections; (2) the accuracy of the estimated burden of the
Collections; (3) ways to enhance the quality, utility, and clarity of
information subject to the Collections; and (4) ways to minimize the
burden of the Collections on respondents, including the use of
automated collection techniques or other forms of information
technology. In response to your comments, we may revise these ICRs or
decide not to seek approval of revisions of the Collections. 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-2014-0093], and
must be received by May 27, 2014. We will post all comments received,
without change, to http://www.regulations.gov. They will include any
personal information you provide. We have an agreement with DOT to use
their DMF. Please see the ``Privacy Act'' paragraph below.

Submitting comments

    If you submit a comment, please include the docket number [USCG-
2014-0093], indicate the specific section of the document to which each
comment applies, providing a reason for each comment. You may submit
your comments and material online (via http://www.regulations.gov), by
fax, mail, or hand delivery, but please use only one of these means. If
you submit a comment online via www.regulations.gov, it will be
considered received by the Coast Guard when you successfully transmit
the comment. If you fax, hand deliver, or mail your comment, it will be
considered as having been received by the Coast Guard when it is
received at the DMF. We recommend you include your name, mailing
address, an email address, or other contact information in the body of
your document so that we can contact you if we have questions regarding
your submission.
    You may submit your comments and material by electronic means,
mail, fax, or delivery to the DMF at the address under ADDRESSES; but
please submit them by only one means. To submit your comment online, go
to http://www.regulations.gov, and type ``USCG-2014-0093'' in the
``Search'' box. If you submit your comments by mail or hand delivery,
submit them in an unbound format, no larger than 8\1/2\ by 11 inches,
suitable for copying and electronic filing. If you submit comments by
mail and would like to know that they reached the Facility, please
enclose a stamped, self-addressed postcard or envelope. We will
consider all comments and material received during the comment period
and will address them accordingly.
    Viewing comments and documents: To view comments, as well as
documents mentioned in this Notice as being available in the docket, go
to http://www.regulations.gov, click on the ``read comments'' box,
which will then become highlighted in blue. In the ``Search'' box
insert ``USCG-2014-0093'' and click ``Search.'' Click the ``Open Docket
Folder'' in the ``Actions'' column. You may also visit the DMF in Room
W12-140 on the ground floor of the DOT West Building, 1200 New Jersey
Avenue SE., Washington, DC 20590, between 9 a.m. and 5 p.m., Monday
through Friday, except Federal holidays.

Privacy Act

    Anyone can search the electronic form of comments received in
dockets by the name of the individual submitting the comment (or
signing the comment, if submitted on behalf of an association,
business, labor union, etc.). You may review a Privacy Act statement
regarding Coast Guard public dockets in the January 17, 2008, issue of
the Federal Register (73 FR 3316).

Information Collection Request

    1.Title: Navigation Safety Information and Emergency Instructions
for Certain Towing Vessels.
    OMB Control Number: 1625-0082.
    Summary: Navigation safety regulations in 33 CFR part 164 help
assure that the mariner piloting a towing vessel has adequate
equipment, charts, maps, and other publications. For inspected towing
vessels, under 46 CFR part 199.80 a muster list and emergency
instructions provide effective plans and references for crew to follow
in an emergency situation.
    Need: The purpose of the regulations is to improve the safety of
towing vessels and the crews that operate them.
    Forms: N/A.
    Respondents: Owners, operators and masters of vessels.
    Frequency: On occasion.
    Burden Estimate: The estimated burden has decreased from 410,465
hours to 345,620 hours a year due to a decrease in the number of
respondents.
    Authority: The Paperwork Reduction Act of 1995; 44 U.S.C. Chapter
35, as amended.

    Dated: March 19, 2014.
R.E. Day,
Rear Admiral, U.S. Coast Guard, Assistant Commandant for Command,
Control, Communications, Computers and Information Technology.
[FR Doc. 2014-06708 Filed 3-27-14; 8:45 am]
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