[Federal Register Volume 81, Number 156 (Friday, August 12, 2016)]
[Rules and Regulations]
[Pages 53309-53311]
[FR Doc No: 2016-19025]

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ENVIRONMENTAL PROTECTION AGENCY

40 CFR Part 52

[EPA-R05-OAR-2014-0704; FRL-9950-54-Region 5]

Wisconsin; Approval/Disapproval of Interstate Transport
Requirements for the 2008 Ozone NAAQS

AGENCY: Environmental Protection Agency (EPA).

ACTION: Final rule.

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SUMMARY: The Environmental Protection Agency (EPA) is partially
approving and partially disapproving elements of State Implementation
Plan (SIP) submission from Wisconsin regarding the infrastructure
requirements of section 110 of the Clean Air Act (CAA) for the 2008
ozone National Ambient Air Quality Standards (NAAQS). The
infrastructure requirements are designed to ensure that the structural
components of each state's air quality management program are adequate
to meet the state's responsibilities under the CAA. This action
pertains specifically to infrastructure requirements concerning
interstate transport provisions for which Wisconsin made a SIP
submission that, among other things, certified that the existing SIP
was sufficient to meet the interstate transport requirements for the
2008 ozone NAAQS.

DATES: This final rule is effective on September 12, 2016.

ADDRESSES: EPA has established a docket for this action under Docket ID
No. EPA-R05-OAR-2014-0704. All documents in the docket are listed on
the www.regulations.gov Web site. Although listed in the index, some
information is not publicly available, i.e., Confidential Business
Information (CBI) or other information whose disclosure is restricted
by statute. Certain other material, such as copyrighted material, is
not placed on the Internet and will be publicly available only in hard
copy form. Publicly available docket materials are available either
through www.regulations.gov or please contact the person identified in
the ``For Further Information Contact'' section for additional
availability information.

FOR FURTHER INFORMATION CONTACT: Sarah Arra, Environmental Scientist,
Attainment Planning and Maintenance Section, Air Programs Branch (AR-
18J), Environmental Protection Agency, Region 5, 77 West Jackson
Boulevard, Chicago, Illinois 60604,<PHONE_NUMBER><EMAIL_ADDRESS>
SUPPLEMENTARY INFORMATION: Throughout this document whenever

``we,'' ``us,'' or ``our'' is used, we mean EPA. This supplementary
information section is arranged as follows:

    I. What is the background of this SIP submission?
    II. What action did EPA propose on the SIP submission?
    III. What is our response to comments received on the proposed
rulemaking?
    IV. What action is EPA taking?
    V. Statutory and Executive Order Reviews.

I. What is the background of this SIP submission?

    This rulemaking addresses CAA section 110(a)(2)(D)(i) requirements
in an infrastructure SIP submission addressing the applicable
infrastructure requirements with respect to the 2008 ozone NAAQS,
submitted by the Wisconsin Department of Natural Resources (WDNR) on
June 20, 2013, and clarified in a letter dated January 28, 2015.
    The requirement for states to make a SIP submission of this type
arises out of CAA section 110(a)(1). Pursuant to section 110(a)(1),
states must make SIP submissions ``within 3 years (or such shorter
period as the Administrator may prescribe) after the promulgation of a
national primary ambient air quality standard (or any revision
thereof),'' and these SIP submissions are to provide for the
``implementation, maintenance, and enforcement'' of such NAAQS. The
statute directly imposes on states the duty to make these SIP
submissions, and the requirement to make the submissions is not
conditioned upon EPA's taking any action other than promulgating a new
or revised NAAQS.
    Section 110(a)(2) includes a list of specific elements that
``[e]ach such plan'' submission must address. EPA commonly refers to
such state plans as ``infrastructure SIPs.''
    This rulemaking takes action on two CAA section 110(a)(2)(D)(i)
requirements which apply to these submissions. In particular, section
110(a)(2)(D)(i)(I) requires SIPs to include provisions prohibiting any
source or other type of emissions activity in one state from
contributing significantly to nonattainment of the NAAQS (``prong
one''), or interfering with maintenance of the NAAQS (``prong two''),
by any another state. Section 110(a)(2)(D)(i)(II) requires that
infrastructure SIPs include provisions prohibiting any source or other
type of emissions activity in one state from interfering with measures
required to prevent significant deterioration (PSD) of air quality
(``prong three'') and to protect visibility (``prong four'') in another
state. This rulemaking addresses prongs one and two of this CAA
section. The majority of the other infrastructure elements were
approved in rulemakings on September 11, 2015 (80 FR 54725).

II. What action did EPA propose on the SIP submission?

    The proposed rulemaking associated with today's final action was
published on March 16, 2016 (81 FR 14025). In that action, EPA proposed
to disapprove the Wisconsin SIP for the prong two requirement because
the WDNR SIP submission did not provide an adequate technical analysis
demonstrating that the state's SIP contained adequate provisions
prohibiting emissions that will significantly contribute to
nonattainment or interfere with the 2008 ozone NAAQS in any other state
and because EPA's most recent modeling indicated that emissions from
Wisconsin were projected to contribute to projected downwind
maintenance receptors in another state. EPA also proposed to approve
the Wisconsin SIP for the prong one requirement because, although WDNR
did not provide information or analyses explaining why existing SIP
provisions are adequate to prevent significant contribution to
nonattainment in downwind states, EPA's independent modeling presented
in the Notice of Data Availability and the Cross-State Air Pollution
Update Rule indicated that Wisconsin emissions were not linked to any
projected downwind nonattainment receptors. Therefore, EPA proposed to
find that the Wisconsin SIP had adequate provisions to prevent such
significant contribution to nonattainment for the 2008 ozone standard.

III. What is our response to comments received on the proposed
rulemaking?

    During the comment period, which ended on April 15, 2016, EPA did
not receive any comments on the Wisconsin portion of the proposed
notice. Comments pertaining to Ohio and Indiana are addressed in a June
15, 2016 rulemaking (81 FR 38957).

IV. What action is EPA taking?

    EPA, as proposed, is approving prong one and disapproving prong two
of a required infrastructure element with respect to CAA section
110(a)(2)(D)(i), interstate transport, for the 2008 ozone NAAQS. The
approval is based on the June 20, 2013 SIP submission in which
Wisconsin certified that the current SIP is sufficient to meet the CAA
requirements. The disapproval portion of this action triggers an
obligation under CAA section 110(c) for EPA to promulgate a Federal
Implementation Plan (FIP) no later than two years from the effective
date of this disapproval, if EPA has not approved a SIP revision or
revisions addressing the deficiencies identified in this action. The
disapproval in this action is not tied to attainment planning
requirements and therefore does not start any sanction clocks.

V. Statutory and Executive Order Reviews.

A. Executive Order 12866: Regulatory Planning and Review and Executive
Order 13563: Improving Regulation and Regulatory Review

    This action is not a significant regulatory action and was
therefore not submitted to the Office of Management and Budget (OMB)
for review.

B. Paperwork Reduction Act (PRA)

    This rule does not impose an information collection burden under
the provisions of the PRA.

C. Regulatory Flexibility Act (RFA)

    The Administrator certifies that this rule will not have a
significant economic impact on a substantial number of small entities
under the RFA. In making this determination, the impact of concern is
any significant adverse economic impact on small entities. An agency
may certify that a rule will not have a significant economic impact on
a substantial number of small entities if the rule relieves regulatory
burden, has no net burden or otherwise has a positive economic effect
on the small entities subject to the rule. This action merely proposes
to disapprove state law as not meeting Federal requirements and imposes
no additional requirements beyond those imposed by state law.

D. Unfunded Mandates Reform Act (UMRA)

    This action does not contain any unfunded mandate as described in
UMRA, 2 U.S.C. 1531-1538, and does not significantly or uniquely affect
small governments. The action imposes no enforceable duty on any state,
local or tribal governments or the private sector.

E. Executive Order 13132: Federalism

    This action does not have federalism implications. It will not have
substantial direct effects 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.

F. Executive Order 13175: Consultation and Coordination With Indian
Tribal Governments

    This action does not have tribal implications as specified in
Executive Order 13175. It will not have substantial direct effects on
tribal governments. Thus, Executive Order 13175 does not apply to this
rule.

G. Executive Order 13045: Protection of Children From Environmental
Health Risks and Safety Risks

    This action is not subject to Executive Order 13045 because it is
not economically significant as defined in Executive Order 12866, and
because EPA does not believe the environmental health or safety risks
addressed by this action present a disproportionate risk to children
because it proposes to disapprove a state rule.

H. Executive Order 13211: Actions Concerning Regulations That
Significantly Affect Energy Supply, Distribution or Use

    This action is not subject to Executive Order 13211, because it is
not a significant regulatory action under Executive Order 12866.

I. National Technology Transfer and Advancement Act (NTTAA)

    This rulemaking does not involve technical standards.

J. Executive Order 12898: Federal Actions to Address Environmental
Justice in Minority Populations and Low-Income Populations

    EPA believes the human health or environmental risk addressed by
this action will not have potential disproportionately high and adverse
human health or environmental effects on minority, low-income or
indigenous populations.
Congressional Review Act
    The Congressional Review Act, 5 U.S.C. 801 et seq., as added by the
Small Business Regulatory Enforcement Fairness Act of 1996, generally
provides that before a rule may take effect, the agency promulgating
the rule must submit a rule report, which includes a copy of the rule,
to each House of the Congress and to the Comptroller General of the
United States. EPA will submit a report containing this rule and other
required information to the U.S. Senate, the U.S. House of
Representatives, and the Comptroller General of the United States prior
to publication of the rule in the Federal Register. A major rule cannot
take effect until 60 days after it is published in the Federal
Register. This action is not a ``major rule'' as defined by 5 U.S.C.
804(2).
    Under section 307(b)(1) of the CAA, petitions for judicial review
of this action must be filed in the United States Court of Appeals for
the appropriate circuit by October 11, 2016. Filing a petition for
reconsideration by the Administrator of this final rule does not affect
the finality of this rule for the purposes of judicial review nor does
it extend the time within which a petition for judicial review may be
filed, and shall not postpone the effectiveness of such rule or action.
This action may not be challenged later in proceedings to enforce its
requirements. (See section 307(b)(2).)

List of Subjects in 40 CFR Part 52

    Environmental protection, Air pollution control, Incorporation by
reference, Intergovernmental relations, Ozone.

    Dated: August 1, 2016.
Robert A. Kaplan,
Acting Regional Administrator, Region 5.

    40 CFR part 52 is amended as follows:

PART 52--APPROVAL AND PROMULGATION OF IMPLEMENTATION PLANS

0
1. The authority citation for part 52 continues to read as follows:

    Authority:  42 U.S.C. 7401 et seq.

0
2. Section 52.2591 is amended by revising paragraph (g) to read as
follows:

Sec.  52.2591  Section 110(a)(2) infrastructure requirements.

* * * * *
    (g) Approval--In a June 20, 2013, submission with a January 28,
2015, clarification, Wisconsin certified that the state has satisfied
the infrastructure SIP requirements of section 110(a)(2)(A) through
(H), and (J) through (M) for the 2008 ozone NAAQS. For
110(a)(2)(D)(i)(I), we are approving prong one and disapproving prong
two. We are not taking action on the prevention of significant
deterioration requirements related to section 110(a)(2)(C), (D)(i)(II),
and (J) and the state board requirements of (E)(ii). We will address
these requirements in a separate action.
* * * * *
[FR Doc. 2016-19025 Filed 8-11-16; 8:45 am]
 BILLING CODE 6560-50-P


Comment Info: =================

General Comment:In this deeming rule the FDA noted that they don't have proof that Ecigs help people quit smoking. I would like to know if the FDA just has there head in the sand on this. Cigarette sales in volume have gone down almost 5% in the last year while Ecig sales have gone up 200%-400% year over year. Plus due to the fact this deeming regulation is 241 pages long and difficult to grasp I do not believe that 75 day of public comment is enough and should be extend.

Plus this regulation would kill small Ecig business across the nation and hand over the market to big tobacco comapnys due the cost of FDA user fees. More detail of these user fees are needed just to see how these small business's (That help me quit smoking) are going to adapt.like on the definition of what a E-liquid product is. ie does each flavor, strength and bottle size of an E-liquid need to apply. This could cost millions and million just in users fees for just one small company.


[Federal Register Volume 83, Number 57 (Friday, March 23, 2018)]
[Notices]
[Pages 12824-12833]
[FR Doc No: 2018-05903]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82899; File No. SR-NYSEArca-2018-15]

Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
of Proposed Rule Change Regarding Investments of the PGIM Ultra Short
Bond ETF, a Series of PGIM ETF Trust Under NYSE Arca Rule 8.600-E

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

    The Exchange proposes certain changes regarding investments of the
PGIM Ultra Short Bond ETF (the ``Fund''), a series of PGIM ETF Trust
(the ``Trust''), under NYSE Arca Rule 8.600-E (``Managed Fund
Shares''). The proposed change is available on the Exchange's website
at www.nyse.com, at the principal office of the Exchange, and at the
Commission's Public Reference Room.

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

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

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

1. Purpose
    The Exchange proposes certain changes, described below under
``Application of Generic Listing Requirements'', regarding investments
of the Fund. The shares (``Shares'') of the Fund will be listed and
traded on the Exchange under Commentary .01 to NYSE Arca Rule 8.600-E,
which provides generic criteria applicable to the listing and trading
of Managed Fund Shares.\4\ PGIM Investments LLC (the ``Adviser'') will
be the investment adviser for the Fund. PGIM Fixed Income (the
``Subadviser''), a unit of PGIM, Inc., will be the subadviser to the
Fund. PIMS, the Adviser and the Subadviser are indirect wholly-owned
subsidiaries of Prudential Financial, Inc. Brown Brothers Harriman &
Co., which is unaffiliated with PIMS, the Adviser and the Subadviser,
will serve as the custodian, administrator, and transfer agent
(``Transfer Agent'') for the Fund.\5\ Prudential Investment Management
Services LLC (``PIMS''), a registered broker-dealer, will act as the
distributor (the ``Distributor'') for the Fund's Shares.
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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) (the ``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 Rule 5.2-E(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 8,
2018, the Trust filed with the Commission its 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. 333-222469 and 811-23324) (``Registration Statement'').
The Trust will file an amendment to the Registration Statement as
necessary to conform to the representations in this filing. 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.
31095 (June 24, 2014) (File No. 812-14267).
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    Commentary .06 to Rule 8.600-E 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 and maintain 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.
Commentary .06 to Rule 8.600-E is similar to Commentary .03(a)(i) and
(iii) to NYSE Arca Rule 5.2-E(j)(3); however, Commentary .06 in
connection with the establishment and maintenance 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 and the Subadviser are not registered as broker-dealers
but are affiliated with PIMS, a broker-dealer, and have implemented and
will maintain a ``fire wall'' with respect to such broker-dealer
regarding access to information concerning the composition and/or
changes to the Fund's portfolio. In the event (a) the Adviser or the
Subadviser 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 and maintain 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, each designed to prevent the use and
dissemination of material non-public information regarding such
portfolio.
PGIM Ultra Short Bond ETF
Principal Investments
    According to the Registration Statement, the investment objective
of the Fund will be to seek to provide total return through a
combination of current income and capital appreciation, consistent with
preservation of capital. The Fund will seek to achieve its investment
objective by investing primarily in a portfolio of U.S. dollar
denominated short-term fixed, variable and floating rate debt
instruments. Under normal market conditions,\6\ the Fund will invest at
least 80% of its net assets (plus any borrowings for investment
purposes) in a portfolio of financial instruments consisting of (i) the
Principal Investment Instruments (defined below) and (ii) derivatives
\7\ that (A) provide exposure to such Principal Investment Instruments,
or (B) are used to enhance returns, manage portfolio duration, or
manage the risk of securities price fluctuations, as further described
below (together, the ``Principal Investments'').
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    \6\ The term ``normal market conditions'' is defined in NYSE
Arca Rule 8.600-E(c)(5). In response to adverse market, economic or
political conditions, the Fund may take a temporary defensive
position and invest up to 100% of its assets in cash and money
market instruments, which include shares of Money Market Funds
(defined below), shares of the Affiliated Short Term Bond Fund
(defined below), short-term obligations of, or securities guaranteed
by, the U.S. Government, its agencies or instrumentalities, high-
quality obligations of U.S. or foreign banks and corporations, or
any other securities or instruments.
    \7\ The Fund's investments in derivatives will include
investments in both listed derivatives and over-the-counter
(``OTC'') derivatives, as those terms are defined in Commentary
.01(d) and (e) to NYSE Arca Rule 8.600-E.
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    The Fund may invest in ``Principal Investment Instruments''
consisting of the following instruments (each of which shall be
denominated in U.S. dollars):
     U.S. Government securities, including bills, notes, bonds
and other obligations issued or guaranteed by the U.S. Government, the
U.S. Treasury or other agencies and instrumentalities of the U.S.
Government, including inflation-indexed bonds issued by the U.S.
Government, Treasury Inflation-Protected Securities (``TIPS''), and
Separate Trading of Registered Interest and Principal of Securities
(``STRIPS'');
     U.S. and non-U.S. corporate debt securities, including
corporate bonds, debentures, notes, and other similar corporate debt
instruments;
     U.S. and non-U.S. bank obligations, including certificates
of deposit, bankers' acceptances, fixed time deposits and Eurodollar
obligations;
     bills, notes, bonds and other obligations of foreign
governments or supranational entities or their subdivisions, agencies,
and instrumentalities;
     Asset-backed securities (``ABS''), including mortgage-
backed securities (``MBS''); \8\
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    \8\ The ABS (including MBS) in which the Fund will invest
include both (i) ABS (including MBS) issued by the U.S. Government,
an agency of the U.S. Government, or a government sponsored entity
(``GSE'') and (ii) non-U.S. Government, non-agency, non-GSE and
other privately issued ABS (including MBS) (``Private ABS/MBS''),
provided that, as discussed below, the Fund will not invest more
than 20% of the Fund's total assets in Private ABS/MBS.
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     debt securities issued by states or local governments and
their agencies, authorities and other government-sponsored enterprises;
     loans (secured or unsecured) arranged through private
negotiations between a U.S. or non-U.S. company as the borrower and one
or more financial institutions as lenders, which investments can be in
the form of loan participations or assignments;
     funding agreements;
     shares of ``Money Market Funds''; \9\
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    \9\ ``Money Market Funds'' include money market funds registered
under the 1940 Act and money market funds that are not registered
under the 1940 Act but that comply with Rule 2a-7 under the 1940
Act.
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     shares of the Prudential Core Ultra Short Bond Fund \10\
or, if the Prudential Core Ultra Short Bond Fund is no longer offered
with the same investment objective, shares of any successor fund or
other affiliated open-end investment company registered under the 1940
Act with a substantially similar investment objective (the ``Affiliated
Short Term Bond Fund''); \11\
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    \10\ The Prudential Core Ultra Short Bond Fund is a series of
Prudential Investment Portfolios 2, which is an open-end investment
company registered under the 1940 Act. The Fund's Subadviser is also
the subadviser to the Affiliated Short Term Bond Fund. The
investment objective of the Prudential Core Ultra Short Bond Fund is
to seek current income consistent with the preservation of capital
and the maintenance of liquidity. Like Rule 2a-7 money market funds
that are defined as cash equivalents pursuant to Commentary .01(c)
to Rule 8.600-E, the Prudential Core Ultra Short Bond Fund invests
primarily in money market obligations as defined by Rule 2a-7. Rule
2a-7 defines money market obligations as obligations that mature in
397 days or less. Additionally, the Prudential Core Ultra Short Bond
Fund seeks investments that are expected to experience minimal
fluctuations in value.
    \11\ The Fund's investment in the Affiliated Short Term Bond
Fund is described further in ``Application of Generic Listing
Requirements,'' infra.
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     commercial paper issued by U.S. and non-U.S. companies;
and
     credit-linked securities and structured notes issued by
U.S. or non-U.S. issuers that reference debt or fixed income securities
or derivatives referencing debt or fixed income securities; and
     cash and cash equivalents.\12\
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    \12\ For purposes of this filing, the term ``cash equivalents''
includes the short-term instruments enumerated in Commentary .01(c)
to NYSE Arca Rule 8.600-E. Under normal market conditions, the Fund
may invest a significant portion of its assets in cash and cash
equivalents.
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    The Fund may, without limitation, enter into repurchase
arrangements, purchase and sale contracts and buybacks and dollar rolls
and short sales. The Fund may also purchase securities and other
instruments under when-issued, delayed delivery, to be announced or
forward commitment transactions, where the securities or instruments
will not be delivered or paid for immediately. To the extent required
under applicable federal

securities laws (including the 1940 Act), rules, and interpretations
thereof, the Fund will ``set aside'' liquid assets or engage in other
measures to ``cover'' open positions held in connection with the
foregoing types of transactions, as well as derivative transactions.
    The Fund may invest in derivatives to (i) provide exposure to the
Principal Investment Instruments and (ii) enhance returns, manage
portfolio duration, or (iii) manage the risk of securities price
fluctuations. Derivatives that the Fund may enter into include: Over-
the-counter deliverable and non-deliverable foreign exchange forward
contracts; listed futures contracts on securities (including Treasury
Securities and foreign government securities), indices, interest rates,
financial rates and currencies; listed or OTC options (including puts
or calls) or swaptions (i.e., options to enter into a swap) on
securities, indices, interest rates, financial rates, currencies and
futures contracts; and listed or OTC swaps (including total return
swaps) on securities, indices, interest rates, financial rates,
currencies and debt and credit default swaps on single names, baskets
and indices (both as protection seller and as protection buyer).
Other Investments
    While the Fund, under normal market conditions, invests at least
80% of its investable assets in the Principal Investments described
above, the Fund may invest its remaining assets in the following ``Non-
Principal Investments'':
     exchange-traded funds (``ETFs'') that provide exposure to
the Principal Investment Instruments; \13\
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    \13\ For purposes of this filing, ETFs include Investment
Company Units (as described in NYSE Arca Rule 5.2(j)(3)-E),
Portfolio Depositary Receipts (as described in NYSE Arca Rule 8.100-
E), and Managed Fund Shares (as described in NYSE Arca Rule 8.600-
E). All ETFs in which the Fund will invest will be listed and traded
on national securities exchanges.
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     convertible securities; \14\ and
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    \14\ Convertible securities entitle the holder to receive
interest payments paid on corporate debt securities or the dividend
preference on a preferred stock until such time as the convertible
security matures or is redeemed or until the holder elects to
exercise the conversion privilege.
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     securities and other instruments that would otherwise
qualify as Principal Investment Instruments but for being denominated
in non-U.S. currency.
Use of Derivatives by the Fund
    The Fund may invest in the types of derivatives described in the
``Principal Investments'' section above to (i) provide exposure to the
Principal Investment Instruments \15\ and (ii) enhance returns, manage
portfolio duration, or (iii) manage the risk of securities price
fluctuations. Investments in derivative instruments will be made in
accordance with the 1940 Act and consistent with the Fund's investment
objective and policies.
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    \15\ Because the markets for the Principal Investment
Instruments, or the Principal Investment Instruments themselves, may
be unavailable or cost prohibitive as compared to derivative
instruments, suitable derivative transactions may be an efficient
alternative for the Fund to obtain the desired asset exposure to
Principal Investment Instruments.
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    To limit the potential risk associated with such transactions, the
Fund will enter into offsetting transactions or segregate or
``earmark'' assets determined to be liquid by the Adviser in accordance
with procedures established by the Trust's Board of Trustees (the
``Board'') and in accordance with the 1940 Act or as permitted by
applicable Commission guidance. These procedures have been adopted
consistent with Section 18 of the 1940 Act and related Commission
guidance. In addition, the Fund has included 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 to be more volatile than if it had not been leveraged.
Net Asset Value and Derivatives Valuation Methodology for Purposes of
Determining Net Asset Value
    The net asset value (``NAV'') of the Shares of the Fund is
determined once each day the New York Stock Exchange (the ``NYSE'') is
open, as of the close of its regular trading session (normally 4:00
p.m., Eastern Time (``E.T.'')). The per Share NAV of the Fund will be
computed by dividing the net assets by the number of the Fund's Shares
outstanding.
Impact on Arbitrage Mechanism
    The Adviser and the Subadviser believe there will be minimal, if
any, impact to the arbitrage mechanism as a result of the Fund's use of
derivatives. The Adviser and the Subadviser understand that market
makers and participants should be able to value derivatives as long as
the positions are disclosed with relevant information. The Adviser and
the Subadviser believe that the price at which Shares of the Fund trade
will continue to be disciplined by arbitrage opportunities created by
the ability to purchase or redeem Shares of the Fund at their NAV,
which should ensure that Shares of the Fund will not trade at a
material discount or premium in relation to their NAV.
Creation and Redemption of Shares
    The Fund will issue and sell its Shares only in aggregations of at
least 25,000 Shares (each aggregation is called a ``Creation Unit'') on
a continuous basis through PIMS at the NAV next determined after
receipt of an order in proper form on any Business Day.\16\
---------------------------------------------------------------------------

    \16\ A ``Business Day'' with respect to the Fund is any day on
which the Exchange is open for business.
---------------------------------------------------------------------------

    The consideration for a purchase of Creation Units generally will
consist of a cash deposit but may include the in-kind deposit of a
portfolio of securities and other investments (the ``Deposit
Instruments'') included in the Fund and an amount of cash computed as
described below (the ``Cash Amount''). The Cash Amount together with
the Deposit Instruments, as applicable, are referred to as the
``Portfolio Deposit,'' which represents the minimum initial and
subsequent investment amount for a Creation Unit of the Fund.
    The Cash Amount would be an amount equal to the difference between
the NAV of the Shares (per Creation Unit) and the ``Deposit Amount,''
which is an amount equal to the aggregate market value of the Deposit
Instruments, and serves to compensate for any differences between the
NAV per Creation Unit and the Deposit Amount.
    The Transfer Agent, through the National Securities Clearing
Corporation (``NSCC''), makes available on each Business Day,
immediately prior to the opening of business on the Exchange (currently
9:30 a.m. E.T.), the list of the names and the required number of
securities for each Deposit Instrument to be included in the current
Portfolio Deposit (based on information at the end of the previous
Business Day), as well as information regarding the Cash Amount for the
Fund. Such Portfolio Deposit is applicable, subject to any adjustments
as described below, in order to effect creations of Creation Units of
the Fund until such time as the next-announced Portfolio Deposit
composition is made available.
    All orders to create Creation Units generally must be received by
the Distributor no later than the closing time of the regular trading
session on the Exchange (``Closing Time'') (ordinarily 4:00 p.m. E.T.)
on the date such order is placed in order for creation of Creation
Units to be effected based on the NAV of the Fund as determined on such
date.

    In addition, the Trust reserves the right to accept a basket of
securities or cash that differs from Deposit Instruments or to permit
the substitution of an amount of cash (i.e., a ``cash in lieu'' amount)
to be added to the Cash Amount to replace any Deposit Instrument which
may, among other reasons, not be available in sufficient quantity for
delivery, not be permitted to be re-registered in the name of the Trust
as a result of an in-kind creation order pursuant to local law or
market convention or which may not be eligible for transfer through the
Clearing Process (defined below), or which may not be eligible for
trading by a Participating Party (defined below).
    To be eligible to place orders with the Distributor to create
Creation Units of the Fund, an entity or person either must be (1) a
``Participating Party,'' i.e., a broker-dealer or other participant in
the clearing process through the Continuous Net Settlement System of
the NSCC (the ``Clearing Process''); or (2) a DTC Participant; which,
in either case, must have executed an agreement with the Distributor
(as it may be amended from time to time in accordance with its terms)
(``Participant Agreement''). A Participating Party and DTC Participant
are collectively referred to as an ``Authorized Participant.''
    A standard creation transaction fee is imposed to offset the
transfer and other transaction costs associated with the issuance of
Creation Units.
Redemption of Creation Units
    Shares may be redeemed only in Creation Units at their NAV next
determined after receipt of a redemption request in proper form by
PIMS, only on a Business Day and only through a Participating Party or
DTC Participant who has executed a Participant Agreement. The Trust
will not redeem Shares in amounts less than Creation Units. Beneficial
owners also may sell Shares in the secondary market, but must
accumulate enough Shares to constitute a Creation Unit in order to have
such Shares redeemed by the Trust.
    The Transfer Agent, through NSCC, makes available immediately prior
to the opening of business on the Exchange on each Business Day, the
identity of the Fund's securities and/or an amount of cash that will be
applicable (subject to possible amendment or correction) to redemption
requests received in proper form on that day. The Fund's securities
received on redemption (``Redemption Instruments'') may not be
identical to Deposit Instruments that are applicable to creations of
Creation Units. Unless cash redemptions are permitted or required for
the Fund, the redemption proceeds for a Creation Unit generally consist
of Redemption Instruments as announced by the Transfer Agent on the
Business Day of the request for redemption, plus cash in an amount
equal to the difference between the NAV of the Shares being redeemed,
as next determined after a receipt of a request in proper form, and the
value of the Redemption Instruments, less the fixed transaction fee and
any variable transaction fees.
    In order to redeem Creation Units of the Fund, an Authorized
Participant must submit an order to redeem for one or more Creation
Units. An order to redeem Creation Units of a Fund using the Clearing
Process generally must be submitted to the Distributor not later than
4:00 p.m. E.T. on the Business Day of the request for redemption in
order for such order to be effected based on the NAV of the Fund as
next determined. An order to redeem Creation Units of the Fund using
the NSCC Clearing Process made in proper form but received by the Fund
after 4:00 p.m. E.T. will be deemed received on the next Business Day
immediately following the day on which such order request is
transmitted.
Application of Generic Listing Requirements
    The Exchange is submitting this proposed rule change because the
changes described below would result in the portfolio for the Fund not
meeting all of the ``generic'' listing requirements of Commentary .01
to NYSE Arca Rule 8.600-E applicable to the listing of Managed Fund
Shares. The Fund's portfolio would meet all such requirements except
for those set forth in Commentary .01(b)(5) \17\ and Commentary
.01(c).\18\ Specifically, the Exchange proposes that:
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    \17\ Commentary .01(b)(5) to NYSE Arca Rule 8.600-E provides
that non-agency, non-government sponsored entity and privately
issued mortgage-related and other asset-backed securities components
of a portfolio may not account, in the aggregate, for more than 20%
of the weight of the fixed income portion of the portfolio.
    \18\ Commentary .01(c) to NYSE Arca Rule 8.600-E provides that a
fund may invest without limit in cash equivalents which include,
among other investments, money market funds. Non-money market mutual
funds are not included in the definition, and are not otherwise
permitted as investments under Commentary .01.
---------------------------------------------------------------------------

     The Fund will not comply with the requirement in
Commentary .01(b)(5) that investments in non-agency, non-government
sponsored entity and privately issued mortgage-related and other asset-
backed securities (i.e., Private ABS/MBS) not account, in the
aggregate, for more than 20% of the weight of the fixed income portion
of the portfolio. Instead, the Exchange proposes that Private ABS/MBS
will, in the aggregate, not exceed more than 20% of the total assets of
the Fund.
     The Fund will not comply with the requirement that
securities that in aggregate account for at least 90% of the fixed
income weight of the portfolio meet one of the criteria in Commentary
.01(b)(4).\19\ Instead, the Exchange proposes that fixed income
securities that do not meet any of the criteria in Commentary .01(b)(4)
will not exceed 10% of the total assets of the Fund.
---------------------------------------------------------------------------

    \19\ Commentary .01(b)(4) provides that component securities
that in the aggregate account for at least 90% of the fixed income
weight of the portfolio must be either: (a) From issuers that are
required to file reports pursuant to Sections 13 and 15(d) of the
Act; (b) from issuers that have a worldwide market value of its
outstanding common equity held by non-affiliates of $700 million or
more; (c) from issuers that have outstanding securities that are
notes, bonds debentures, or evidence of indebtedness having a total
remaining principal amount of at least $1 billion; (d) exempted
securities as defined in Section 3(a)(12) of the Act; or (e) from
issuers that are a government of a foreign country or a political
subdivision of a foreign country.
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     The Fund may invest in shares of the Affiliated Short Term
Bond Fund, which are equity securities. Therefore, to the extent the
Fund invests in the Affiliated Short Term Bond Fund or other non-
exchange-traded open-end management investment company securities, the
Fund will not comply with the requirements of Commentary .01(a)(1) to
NYSE Arca Rule 8.600-E (U.S. Component Stocks) with respect to its
equity securities holdings. Instead, the Exchange proposes that such
securities not be required to meet the requirements of Commentary
.01(a)(1)(A) through (E) to Rule 8.600-E.
    Deviations from the generic requirements are necessary for the Fund
to achieve its investment objective in a manner that is cost-effective
and that maximizes investors' returns. Further, the proposed
alternative requirements are narrowly tailored to allow the Fund to
achieve its investment objective in manner that is consistent with the
principles of Section 6(b)(5) of the Act. As a result, it is in the
public interest to approve listing and trading of Shares of the Fund on
the Exchange pursuant to the requirements set forth herein.
    As noted above, the Fund will not comply with the requirement in
Commentary .01(b)(5) that investments in non-agency, non-government
sponsored entity and privately issued mortgage-related and other asset-
backed securities (i.e., Private ABS/MBS) not account, in the
aggregate, for more than 20% of the weight of the fixed income portion
of the portfolio. Instead, the

Exchange proposes that Private ABS/MBS will, in the aggregate, not
exceed more than 20% of the total assets of the Fund.
    The Exchange believes that this alternative requirement is
appropriate because the Fund's investment in Private ABS/MBS is
expected to provide the Fund with benefits associated with increased
diversification, as Private ABS/MBS investments tend to be less
correlated to interest rates than many other fixed income securities.
The Fund's investment in Private ABS/MBS will be subject to the Fund's
liquidity procedures as adopted by the Board, and the Adviser does not
expect that investments in Private ABS/MBS of up to 20% of the total
assets of the Fund will have any material impact on the liquidity of
the Fund's investments. The Exchange notes that the Commission has
previously approved the listing of actively managed ETFs that can
invest 20% of their total assets in non-U.S. Government, non-agency,
non-GSE and other privately issued ABS and MBS (i.e., Private ABS/
MBS).\20\ Thus, the Exchange believes that it is appropriate to expand
the limit on the Fund's investments in Private ABS/MBS set forth in
Commentary .01(b)(5) of the generic listing standards.
---------------------------------------------------------------------------

    \20\ See, e.g., Securities Exchange Act Release Nos. 80946 (June
15, 2017) 82 FR 28126 (June 20, 2017) (SR-NASDAQ-2017-039)
(permitting the Guggenheim Limited Duration ETF to invest up to 20%
of its total assets in privately-issued, non-agency and non-GSE ABS
and MBS); 76412 (November 10, 2015), 80 FR 71880 (November 17, 2015)
(SR-NYSEArca-2015-111) (permitting the RiverFront Strategic Income
Fund to invest up to 20% of its assets in privately-issued, non-
agency and non-GSE ABS and MBS); 74814 (April 27, 2015), 80 FR 24986
(May 1, 2015) (SR-NYSEArca-2014-017) (permitting the Guggenheim
Enhanced Short Duration ETF to invest up to 20% of its assets in
privately-issued, non-agency and non-GSE ABS and MBS); 74109
(January 21, 2015), 80 FR 4327 (January 27, 2015) (SR-NYSEArca-2014-
134) (permitting the IQ Wilshire Alternative Strategies ETF to
invest up to 20% of its total assets in MSB and other ABS, without
any limit on the type of such MBS and ABS).
---------------------------------------------------------------------------

    The Fund will not comply with the requirement that securities that
in aggregate account for at least 90% of the fixed income weight of the
portfolio meet one of the criteria in Commentary .01(b)(4).\21\
Instead, the Exchange proposes that fixed income securities that do not
meet any of the criteria in Commentary .01(b)(4) will not exceed 10% of
the total assets of the Fund. The Exchange notes that the Commission
has previously approved the listing of Managed Fund Shares with similar
investment objectives and strategies without imposing requirements that
a certain percentage of such funds' securities meet one of the criteria
set forth in Commentary .01(b)(4).\22\ Thus, the Exchange believes that
it is appropriate to expand the limit on investments in fixed income
securities that do not satisfy the criteria in Commentary .01(b)(4) of
the generic listing standards, as described above.
---------------------------------------------------------------------------

    \21\ Commentary .01(b)(4) provides that component securities
that in the aggregate account for at least 90% of the fixed income
weight of the portfolio must be either: (a) From issuers that are
required to file reports pursuant to Sections 13 and 15(d) of the
Act; (b) from issuers that have a worldwide market value of its
outstanding common equity held by non-affiliates of $700 million or
more; (c) from issuers that have outstanding securities that are
notes, bonds debentures, or evidence of indebtedness having a total
remaining principal amount of at least $1 billion; (d) exempted
securities as defined in Section 3(a)(12) of the Act; or (e) from
issuers that are a government of a foreign country or a political
subdivision of a foreign country.
    \22\ See, e.g., Exchange Act Release Nos. 67894 (September 20,
2012) 77 FR 59227 (September 26, 2012) (SR-BATS-2012-033) (order
approving the listing and trading of shares of the iShares Short
Maturity Bond Fund); 70342 (September 6, 2013), 78 FR 56256
(September 12, 2013) (SR-NYSEArca-2013-71) (order approving the
listing and trading of shares of the SPDR SSgA Ultra Short Term Bond
ETF, SPDR SSgA Conservative Ultra Short Term Bond ETF and SPDR SSgA
Aggressive Ultra Short Term Bond ETF).
---------------------------------------------------------------------------

    The Fund may invest in shares of the Affiliated Short Term Bond
Fund, which are equity securities. Therefore, to the extent the Fund
invests in the Affiliated Short Term Bond Fund or other non-exchange-
traded open-end management investment company securities, the Fund will
not comply with the requirements of Commentary .01(a)(1) to NYSE Arca
Rule 8.600-E (U.S. Component Stocks) with respect to its equity
securities holdings. The Exchange believes, however, that it is
appropriate and in the public interest to approve listing and trading
of Shares of the Fund notwithstanding that the Fund's holdings in such
securities would not meet the requirements of Commentary .01(a)(1)(A)
through (E) to Rule 8.600-E.\23\ Investments in the Affiliated Short
Term Bond Fund and other non-exchange-traded open-end management
investment company securities will not exceed 25% of the total assets
of the Fund. The Fund's investment in the Affiliated Short Term Bond
Fund will be utilized in order to obtain income on short-term cash
balances while awaiting attractive investment opportunities, to provide
liquidity in preparation for anticipated redemptions or for defensive
purposes, which will allow the Fund to obtain the benefits of a more
diversified portfolio available in the Affiliated Short Term Bond Fund
than might otherwise be available through direct investments in Money
Market Funds.\24\
---------------------------------------------------------------------------

    \23\ Commentary .01(a) to Rule 8.600-E specifies the equity
securities accommodated by the generic criteria in Commentary
.01(a), namely, U.S. Component Stocks (as described in Rule 5.2-
E(j)(3)) and Non-U.S. Component Stocks (as described in Rule 5.2-
E(j)(3)). Commentary .01(a)(1) to Rule 8.600-E (U.S. Component
Stocks) provides that the component stocks of the equity portion of
a portfolio that are U.S. Component Stocks shall meet the following
criteria initially and on a continuing basis: (A) Component stocks
(excluding Derivative Securities Products and Index-Linked
Securities) that in the aggregate account for at least 90% of the
equity weight of the portfolio (excluding such Derivative Securities
Products and Index-Linked Securities) each shall have a minimum
market value of at least $75 million; (B) Component stocks
(excluding Derivative Securities Products and Index-Linked
Securities) that in the aggregate account for at least 70% of the
equity weight of the portfolio (excluding such Derivative Securities
Products and Index-Linked Securities) each shall have a minimum
monthly trading volume of 250,000 shares, or minimum notional volume
traded per month of $25,000,000, averaged over the last six months;
(C) The most heavily weighted component stock (excluding Derivative
Securities Products and Index-Linked Securities) shall not exceed
30% of the equity weight of the portfolio, and, to the extent
applicable, the five most heavily weighted component stocks
(excluding Derivative Securities Products and Index-Linked
Securities) shall not exceed 65% of the equity weight of the
portfolio; (D) Where the equity portion of the portfolio does not
include Non-U.S. Component Stocks, the equity portion of the
portfolio shall include a minimum of 13 component stocks; provided,
however, that there shall be no minimum number of component stocks
if (i) one or more series of Derivative Securities Products or
Index-Linked Securities constitute, at least in part, components
underlying a series of Managed Fund Shares, or (ii) one or more
series of Derivative Securities Products or Index-Linked Securities
account for 100% of the equity weight of the portfolio of a series
of Managed Fund Shares; and (E) Except as provided herein, equity
securities in the portfolio shall be U.S. Component Stocks listed on
a national securities exchange and shall be NMS Stocks as defined in
Rule 600 of Regulation NMS under the Securities Exchange Act of
1934.
    \24\ For purposes of this section of the filing, non-exchange-
traded securities of other registered investment companies do not
include money market funds, which are cash equivalents under
Commentary .01(c) to Rule 8.600-E and for which there is no
limitation in the percentage of the portfolio invested in such
securities. In addition, the Commission has issued orders granting
exemptive relief under the 1940 Act that apply to the Trust. See
Investment Company Act Release No. 24179 (December 1, 1999) (File
No. 812-11354) with respect to investments by a fund in money market
or ultra-short bond funds for cash management purposes) and
Investment Company Act Release No. 30200 (September 11, 2012) (File
No. 812-13993) with respect to investments by a fund in other
registered investment companies.
---------------------------------------------------------------------------

    Moreover, such investments, which may include mutual funds that
invest, for example, principally in fixed income securities, would be
utilized to help the Fund meet its investment objective and to equitize
cash in the short term. The Fund will invest in such securities only to
the extent that those investments would be consistent with the
requirements of Section 12(d)(1) of the 1940 Act and the rules
thereunder.\25\

Because such securities must satisfy applicable 1940 Act
diversification requirements, and have a net asset value based on the
value of securities and financial assets the investment company holds,
the Exchange believes it is both unnecessary and inappropriate to apply
to such investment company securities the criteria in Commentary
.01(a)(1).
---------------------------------------------------------------------------

    \25\ The Commission has previously approved proposed rule
changes under Section 19(b) of the Act for series of Managed Fund
Shares that may invest in non-exchange traded investment company
securities to the extent permitted by Section 12(d)(1) of the 1940
Act and the rules thereunder. See, e.g., Securities Exchange Act
Release No. 78414 (July 26, 2016), 81 FR 50576 (August 1, 2016) (SR-
NYSEArca-2016-79) (order approving listing and trading of shares of
the Virtus Japan Alpha ETF under NYSE Arca Rule 8.600-E).
---------------------------------------------------------------------------

    The Exchange notes that Commentary .01(a)(1)(A) through (D) to Rule
8.600-E exclude certain ``Derivative Securities Products'' that are
exchange-traded investment company securities, including Investment
Company Units (as described in NYSE Arca Rule 5.2-E(j)(3)), Portfolio
Depositary Receipts (as described in NYSE Arca Rule 8.100-E)) and
Managed Fund Shares (as described in NYSE Arca Rule 8.600-E)).\26\ In
its 2008 Approval Order approving amendments to Commentary .01(a) to
Rule 5.2(j)(3) to exclude Derivative Securities Products from certain
provisions of Commentary .01(a) (which exclusions are similar to those
in Commentary .01(a)(1) to Rule 8.600-E), the Commission stated that
``based on the trading characteristics of Derivative Securities
Products, it may be difficult for component Derivative Securities
Products to satisfy certain quantitative index criteria, such as the
minimum market value and trading volume limitations.'' The Exchange
notes that it would be difficult or impossible to apply to mutual fund
shares certain of the generic quantitative criteria (e.g., market
capitalization, trading volume, or portfolio criteria) in Commentary
.01 (A) through (D) applicable to U.S. Component Stocks. For example,
the requirements for U.S. Component Stocks in Commentary .01(a)(1)(B)
that there be minimum monthly trading volume of 250,000 shares, or
minimum notional volume traded per month of $25,000,000, averaged over
the last six months are tailored to exchange-traded securities (i.e.,
U.S. Component Stocks) and not to mutual fund shares, which do not
trade in the secondary market and for which no such volume information
is reported. In addition, Commentary .01(a)(1)(A) relating to minimum
market value of portfolio component stocks, Commentary .01(a)(1)(C)
relating to weighting of portfolio component stocks, and Commentary
.01(a)(1)(D) relating to minimum number of portfolio components are not
appropriately applied to open-end management investment company
securities; open-end investment companies hold multiple individual
securities as disclosed publicly in accordance with the 1940 Act, and
application of Commentary .01(A) through (D) would not serve the
purposes served with respect to U.S. Component Stocks, namely, to
establish minimum liquidity and diversification criteria for U.S.
Component Stocks held by series of Managed Fund Shares.
---------------------------------------------------------------------------

    \26\ The Commission initially approved the Exchange's proposed
rule change to exclude ``Derivative Securities Products'' (i.e.,
Investment Company Units and securities described in Section 2 of
Rule 8) and ``Index-Linked Securities (as described in Rule 5.2-
E(j)(6)) from Commentary .01(a)(A)(1) through (4) to Rule 5.2-
E(j)(3) in Securities Exchange Act Release No. 57751 (May 1, 2008),
73 FR 25818 (May 7, 2008) (SR-NYSEArca-2008-29) (Order Granting
Approval of a Proposed Rule Change, as Modified by Amendment No. 1
Thereto, to Amend the Eligibility Criteria for Components of an
Index Underlying Investment Company Units) (``2008 Approval
Order''). See also Securities Exchange Act Release No. 57561 (March
26, 2008), 73 FR 17390 (April 1, 2008) (Notice of Filing of Proposed
Rule Change and Amendment No. 1 Thereto to Amend the Eligibility
Criteria for Components of an Index Underlying Investment Company
Units). The Commission subsequently approved generic criteria
applicable to listing and trading of Managed Fund Shares, including
exclusions for Derivative Securities Products and Index-Linked
Securities in Commentary .01(a)(1)(A) through (D), in Securities
Exchange Act Release No. 78397 (July 22, 2016), 81 FR 49320 (July
27, 2016) (Order Granting Approval of Proposed Rule Change, as
Modified by Amendment No. 7 Thereto, Amending NYSE Arca Rule 8.600-E
To Adopt Generic Listing Standards for Managed Fund Shares). See
also Amendment No. 7 to SR-NYSEArca-2015-110, available at https://www.sec.gov/comments/sr-nysearca-2015-110/nysearca2015110-9.pdf.
---------------------------------------------------------------------------

    The Exchange notes that the Commission has previously approved the
listing of Managed Fund Shares with similar investment objectives and
strategies where such funds were permitted to invest in the shares of
other registered investment companies that are not ETFs or money market
funds.\27\ Thus, the Exchange believes that it is appropriate to permit
the Fund to invest up to 25% of its total assets in the Affiliated
Short Term Bond Fund or other non-exchange-traded open-end management
investment company securities.
---------------------------------------------------------------------------

    \27\ See, e.g., Exchange Act Release Nos. 79053 (October 5,
2016), 81 FR 70468 (October 12, 2016) (SR-BatsBZX-2016-35)
(permitting the JPMorgan Global Bond Opportunities ETF to invest in
``investment company securities that are not ETFs''); 74297
(February 18, 2015), 80 FR 9788 (February 24, 2015) (SR-BATS-2014-
056) (permitting the U.S. Fixed Income Balanced Risk ETF to invest
in ``exchange traded and non-exchange traded investment companies
(including investment companies advised by the Adviser or its
affiliates) that invest in such Fixed Income Securities'').
---------------------------------------------------------------------------

    The Exchange accordingly believes that it is appropriate and in the
public interest to approve listing and trading of Shares of the Fund on
the Exchange notwithstanding that the Fund would not meet the
requirements of Commentary .01(a)(1), (b)(4) and (b)(5) to Rule 8.600-
E. The Exchange notes that, other than Commentary .01(b)(4) and (b)(5)
to Rule 8.600-E, the Fund's portfolio will meet all other requirements
of Rule 8.600.
Availability of Information
    The Fund's website (www.pgiminvestments.com) will include the
prospectus for the Fund that may be downloaded. The Fund's website 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 midpoint of the bid/ask spread at
the time of calculation of such NAV (the ``Bid/Ask Price''),\28\ and a
calculation of the premium and discount of the Bid/Ask Price against
the NAV, and (2) data in chart format displaying the frequency
distribution of discounts and premiums of the daily Bid/Ask Price
against the NAV, within appropriate ranges, for each of the four
previous calendar quarters. On each Business Day, before commencement
of trading in Shares in the Core Trading Session on the Exchange, the
Fund will disclose on its website the Disclosed Portfolio as defined in
NYSE Arca Rule 8.600-E(c)(2) that forms the basis for the Fund's
calculation of NAV at the end of the Business Day.\29\
---------------------------------------------------------------------------

    \28\ 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.
    \29\ 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.
---------------------------------------------------------------------------

    On a daily basis, the Fund will disclose the information required
under NYSE Arca Rule 8.600-E(c)(2) to the extent applicable. The
website information will be publicly available at no charge.
    In addition, a basket composition file, which includes the security
names and share quantities, if applicable, required to be delivered in
exchange for the Fund's Shares, together with estimates and actual cash
components, will be publicly disseminated daily prior to the opening of
the Exchange via the NSCC. The basket represents one Creation Unit of
the Fund. Authorized Participants may refer to the basket composition
file

for information regarding Fixed Income Instruments, and any other
instrument that may comprise the Fund's basket on a given day.
    Investors can also obtain the Trust's Statement of Additional
Information (``SAI''), the Fund's Shareholder Reports, and the Fund's
Forms N-CSR and Forms N-SAR, filed twice a year. The Fund's SAI and
Shareholder Reports will be available free upon request from the Trust,
and those documents and the Form N-CSR, Form N-PX and Form N-SAR may be
viewed on-screen or downloaded from the Commission's website at
www.sec.gov.
    Intra-day and closing price information regarding exchange-traded
options will be available from the exchange on which such instruments
are traded. Intra-day and closing price information regarding the
Principal Investment Instruments also will be available from major
market data vendors. Price information relating to OTC options and
swaps will be available from major market data vendors. Intra-day price
information for exchange-traded derivative instruments will be
available from the applicable exchange and from major market data
vendors. For exchange-listed securities (including ETFs), intraday
price quotations will generally be available from broker-dealers and
trading platforms (as applicable). Intraday and other price information
for the fixed income securities in which the Fund will invest will be
available through subscription services, such as Bloomberg, Markit and
Thomson Reuters, which can be accessed by Authorized Participants and
other market participants. Additionally, the Trade Reporting and
Compliance Engine (``TRACE'') of the Financial Industry Regulatory
Authority (``FINRA'') will be a source of price information for
corporate bonds, privately-issued securities, MBS and ABS, to the
extent transactions in such securities are reported to TRACE.\30\
Money market funds and the Affiliated Short Term Bond Fund are
typically priced once each Business Day and their prices will be
available through the applicable fund's website or from major market
data vendors. Electronic Municipal Market Access (``EMMA'') will be a
source of price information for municipal bonds. Price information
regarding U.S. government securities, repurchase agreements, reverse
repurchase agreements and cash equivalents generally may be obtained
from brokers and dealers who make markets in such securities or through
nationally recognized pricing services through subscription agreements.
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    \30\ Broker-dealers that are FINRA member firms have an
obligation to report transactions in specified debt securities to
TRACE to the extent required under applicable FINRA rules.
Generally, such debt securities will have at issuance a maturity
that exceeds one calendar year. For fixed income securities that are
not reported to TRACE, (i) intraday price quotations will generally
be available from broker-dealers and trading platforms (as
applicable) and (ii) price information will be available from feeds
from market data vendors, published or other public sources, or
online information services, as described above.
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    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 will be
available via the Consolidated Tape Association (``CTA'') high-speed
line. Exchange-traded options quotation and last sale information for
options cleared via the Options Clearing Corporation (``OCC'') are
available via the Options Price Reporting Authority (``OPRA''). In
addition, the Portfolio Indicative Value (`` PIV''), as defined in NYSE
Arca Rule 8.600-E(c)(3), will be widely disseminated by one or more
major market data vendors at least every 15 seconds during the Core
Trading Session.
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. Trading in Shares of the Fund will
be halted if the circuit breaker parameters in NYSE Arca Rule 7.12-E
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 Rule 8.600-E(d)(2)(D), which sets
forth circumstances under which Shares of the Fund may be halted.
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 4:00 a.m. to 8:00 p.m. E.T. in
accordance with NYSE Arca Rule 7.34-E (Trading Sessions). The Exchange
has appropriate rules to facilitate transactions in the Shares during
all trading sessions. As provided in NYSE Arca Rule 7.6-E, the minimum
price variation (``MPV'') for quoting and entry of orders in equity
securities traded on the NYSE Arca Marketplace is $0.01, with the
exception of securities that are priced less than $1.00 for which the
MPV for order entry is $0.0001.
    With the exception of the requirements of Commentary .01(b)(5) and
Commentary .01(c) as described above under ``Application of Generic
Listing Requirements'', the Shares of the Fund will conform to the
initial and continued listing criteria under NYSE Arca Rule 8.600-E.
The Exchange represents that for initial and/or continued listing, the
Fund will be in compliance with Rule 10A-3 under the Act, as provided
by NYSE Arca Rule 5.3-E. A minimum of 100,000 Shares will be
outstanding at the commencement of trading on the Exchange. The
Exchange has obtained 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 will be made available to all market
participants at the same time.
Surveillance
    The Exchange represents that trading in the Shares will be subject
to the existing trading surveillances administered by the Exchange, as
well as cross-market surveillances administered by FINRA on behalf of
the Exchange, which are designed to detect violations of Exchange rules
and applicable federal securities laws. The Exchange represents that
these procedures are adequate to properly monitor Exchange trading of
the Shares in all trading sessions and to deter and detect violations
of Exchange rules and federal securities laws applicable to trading on
the Exchange.
    The surveillances referred to above generally focus on detecting
securities trading outside their normal patterns, which could be
indicative of manipulative or other violative activity. When such
situations are detected, surveillance analysis follows and
investigations are opened, where appropriate, to review the behavior of
all relevant parties for all relevant trading violations.
    The Exchange or FINRA, on behalf of the Exchange, or both, will

communicate as needed regarding trading in the Shares, certain
exchange-traded options and certain futures with other markets and
other entities that are members of the ISG, and the Exchange or FINRA,
on behalf of the Exchange, or both, may obtain trading information
regarding trading in the Shares, certain exchange-traded options and
certain futures from such markets and other entities. In addition, the
Exchange may obtain information regarding trading in the Shares,
certain exchange-traded options and certain futures from markets and
other entities that are members of ISG or with which the Exchange has
in place a comprehensive surveillance sharing agreement (``CSSA''). The
Exchange is able to access from FINRA, as needed, trade information for
certain fixed income securities held by the Fund reported to TRACE.
FINRA also can access data obtained from the Municipal Securities
Rulemaking Board (``MSRB'') relating to certain municipal bond trading
activity for surveillance purposes in connection with trading in the
Shares.
    In addition, the Exchange also has a general policy prohibiting the
distribution of material, non-public information by its employees.
    All statements and representations made in this filing regarding
(a) the description of the portfolio, (b) limitations on portfolio
holdings or reference assets, or (c) the applicability of Exchange
listing rules specified in this rule filing shall constitute continued
listing requirements for listing the Shares on the Exchange.
    The issuer has represented to the Exchange that it will advise the
Exchange of any failure by the Fund to comply with the continued
listing requirements, and, pursuant to its obligations under Section
19(g)(1) of the Act, the Exchange will monitor for compliance with the
continued listing requirements. If the Fund is not in compliance with
the applicable listing requirements, the Exchange will commence
delisting procedures under NYSE Arca Rule 5.5(m)-E.
2. Statutory Basis
    The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) of the Act that an exchange have
rules that are designed to prevent fraudulent and manipulative acts and
practices, to promote just and equitable principles of trade, to remove
impediments to, and perfect the mechanism of a free and open market
and, in general, to protect investors and the public interest.
    The Exchange believes that the proposed rule change is designed to
prevent fraudulent and manipulative acts and practices in that the
Shares will be listed and traded on the Exchange pursuant to the
initial and continued listing criteria in NYSE Arca Rule 8.600-E. The
Exchange has in place surveillance procedures that are adequate to
properly monitor trading in 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. The Adviser and Subadviser
are not registered as broker-dealers, but the Adviser and Subadviser
are affiliated with a broker-dealer and have implemented and will
maintain 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 Exchange or FINRA, on behalf of the Exchange, or
both, will communicate as needed regarding trading in the Shares,
certain exchange-traded options and certain futures with other markets
and other entities that are members of the ISG, and the Exchange or
FINRA, on behalf of the Exchange, or both, may obtain trading
information regarding trading in the Shares, certain exchange-traded
options and certain futures from such markets and other entities. In
addition, the Exchange may obtain information regarding trading in the
Shares, certain exchange-traded options and certain futures with other
markets and other entities that are members of the ISG, or with which
the Exchange has in place a comprehensive surveillance sharing
agreement. The Exchange is able to access from FINRA, as needed, trade
information for certain fixed income securities held by the Fund
reported to FINRA's TRACE. FINRA also can access data obtained from the
MSRB relating to certain municipal bond trading activity for
surveillance purposes in connection with trading in the Shares.
    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 and that the NAV
and the Disclosed Portfolio will be made available to all market
participants at the same time. In addition, a large amount of
information is publicly available regarding the Fund and the Shares,
thereby promoting market transparency. The website for the Fund
includes a form of the prospectus for the Fund and additional data
relating to NAV and other applicable quantitative information. Trading
in Shares of the Fund will be halted if the circuit breaker parameters
in NYSE Arca Rule 7.12-E have been reached or because of market
conditions or for reasons that, in the view of the Exchange, make
trading in the Shares inadvisable, and trading in the Shares will be
subject to NYSE Arca Rule 8.600-E(d)(2)(D), which sets forth
circumstances under which trading in the Shares of the Fund may be
halted. In addition, as noted above, investors have ready access to
information regarding the Fund's holdings, the PIV, the Disclosed
Portfolio, and quotation and last sale information for the Shares. In
the aggregate, at least 90% of the weight of the Fund's holdings
invested in futures, exchange-traded options, and listed swaps shall,
on both an initial and continuing basis, consist of futures, options,
and swaps for which the Exchange may obtain information from other
members or affiliates of the ISG or for which the principal market is a
market with which the Exchange has a CSSA. For purposes of calculating
this limitation, a portfolio's investment in listed derivatives will be
calculated as the aggregate gross notional value of the listed
derivatives.
    As described above, deviations from the generic requirements of
Commentary .01(a) are necessary for the Fund to achieve its investment
objective in a manner that is cost-effective and that maximizes
investors' returns. Further, the proposed alternative requirements are
narrowly tailored to allow the Fund to achieve its investment objective
in manner that is consistent with the principles of Section 6(b)(5) of
the Act. As a result, it is in the public interest to approve listing
and trading of Shares of the Fund on the Exchange pursuant to the
requirements set forth herein.
    As discussed above, the Fund will not comply with the requirement
in Commentary .01(b)(5) that investments in non-agency, non-government
sponsored entity and privately issued mortgage-related and other asset-
backed securities (i.e., Private ABS/MBS) not account, in the
aggregate, for more than 20% of the weight of the fixed income portion
of the portfolio. Instead, the Exchange proposes that Private ABS/MBS
will, in the aggregate, not exceed more than 20% of the total assets of
the Fund.
    The Exchange believes that this alternative requirement is
appropriate because the Fund's investment in Private ABS/MBS is
expected to provide the Fund with benefits associated with increased
diversification, as Private ABS/MBS investments tend to be less
correlated to interest rates than many other fixed income securities.
The

Fund's investment in Private ABS/MBS will be subject to the Fund's
liquidity procedures as adopted by the Board, and the Adviser does not
expect that investments in Private ABS/MBS of up to 20% of the total
assets of the Fund will have any material impact on the liquidity of
the Fund's investments. The Exchange notes that the Commission has
previously approved the listing of actively managed ETFs that can
invest 20% of their total assets in non-U.S. Government, non-agency,
non-GSE and other privately issued ABS and MBS (i.e., Private ABS/
MBS).\31\ Thus, the Exchange believes that it is appropriate to expand
the limit on the Fund's investments in Private ABS/MBS set forth in
Commentary .01(b)(5) of the generic listing standards.
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    \31\ See note 18, supra.
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    The Fund will not comply with the requirement that securities that
in aggregate account for at least 90% of the fixed income weight of the
portfolio meet one of the criteria in Commentary .01(b)(4). Instead,
the Exchange proposes that fixed income securities that do not meet any
of the criteria in Commentary .01(b)(4) will not exceed 10% of the
total assets of the Fund. The Exchange notes that the Commission has
previously approved the listing of Managed Fund Shares with similar
investment objectives and strategies without imposing requirements that
a certain percentage of such funds' securities meet one of the criteria
set forth in Commentary .01(b)(4). Thus, the Exchange believes that it
is appropriate to expand the limit on investments in fixed income
securities that do not satisfy the criteria in Commentary .01(b)(4) of
the generic listing standards, as described above.
    The Fund may invest in shares of the Affiliated Short Term Bond
Fund, which are equity securities. Therefore, to the extent the Fund
invests in the Affiliated Short Term Bond Fund or other non-exchange-
traded open-end management investment company securities, the Fund will
not comply with the requirements of Commentary .01(a)(1) to NYSE Arca
Rule 8.600-E (U.S. Component Stocks) with respect to its equity
securities holdings. The Exchange believes, however, that it is
appropriate and in the public interest to approve listing and trading
of Shares of the Fund notwithstanding that the Fund's holdings in such
securities would not meet the requirements of Commentary .01(a)(1)(A)
through (E) to Rule 8.600-E. The Fund's investment in the Affiliated
Short Term Bond Fund or other non-exchange-traded open-end management
investment company securities will not exceed 25% of the total assets
of the Fund. The Fund's investment in the Affiliated Short Term Bond
Fund will be utilized in order to obtain income on short-term cash
balances while awaiting attractive investment opportunities, to provide
liquidity in preparation for anticipated redemptions or for defensive
purposes, which will allow the Fund to obtain the benefits of a more
diversified portfolio available in the Affiliated Short Term Bond Fund
than might otherwise be available through direct investments in Money
Market Funds. Moreover, such investments, which may include mutual
funds that invest, for example, principally in fixed income securities,
would be utilized to help the Fund meet its investment objective and to
equitize cash in the short term. The Fund will invest in such
securities only to the extent that those investments would be
consistent with the requirements of Section 12(d)(1) of the 1940 Act
and the rules thereunder. Because such securities must satisfy
applicable 1940 Act diversification requirements, and have a net asset
value based on the value of securities and financial assets the
investment company holds, the Exchange believes it is both unnecessary
and inappropriate to apply to such investment company securities the
criteria in Commentary .01(a)(1).
    The Exchange notes that it would be difficult or impossible to
apply to mutual fund shares certain of the generic quantitative
criteria (e.g., market capitalization, trading volume, or portfolio
criteria) in Commentary .01 (A) through (D) applicable to U.S.
Component Stocks. For example, the requirements for U.S. Component
Stocks in Commentary .01(a)(1)(B) that there be minimum monthly trading
volume of 250,000 shares, or minimum notional volume traded per month
of $25,000,000, averaged over the last six months are tailored to
exchange-traded securities (i.e., U.S. Component Stocks) and not to
mutual fund shares, which do not trade in the secondary market and for
which no such volume information is reported. In addition, Commentary
.01(a)(1)(A) relating to minimum market value of portfolio component
stocks, Commentary .01(a)(1)(C) relating to weighting of portfolio
component stocks, and Commentary .01(a)(1)(D) relating to minimum
number of portfolio components are not appropriately applied to open-
end management investment company securities; open-end investment
companies hold multiple individual securities as disclosed publicly in
accordance with the 1940 Act, and application of Commentary .01(A)
through (D) would not serve the purposes served with respect to U.S.
Component Stocks, namely, to establish minimum liquidity and
diversification criteria for U.S. Component Stocks held by series of
Managed Fund 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 actively managed ETF that will enhance
competition among market participants, to the benefit of investors and
the marketplace. As noted above, the Exchange has in place surveillance
procedures relating to trading in the Shares and may obtain information
via ISG from other exchanges that are members of ISG or with which the
Exchange has entered into a CSSA. In addition, as noted above,
investors have ready access to information regarding the Fund's
holdings, the PIV, the Disclosed Portfolio, 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 principally holds fixed
income securities and that will enhance competition among market
participants, to the benefit of investors and the marketplace.

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

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

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

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

    (B) institute proceedings to determine whether the proposed rule
change should be disapproved.

IV. Solicitation of Comments

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

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include
File Number SR-NYSEArca-2018-15 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2018-15. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed rule change that are filed with
the Commission, and all written communications relating to the proposed
rule change between the Commission and any person, other than those
that may be withheld from the public in accordance with the provisions
of 5 U.S.C. 552, will be available for website viewing and printing in
the Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of the filing also will be available for inspection
and copying at the principal office of the Exchange. All comments
received will be posted without change. Persons submitting comments are
cautioned that we do not redact or edit personal identifying
information from comment submissions. You should submit only
information that you wish to make available publicly. All submissions
should refer to File Number SR-NYSEArca-2018-15, and should be
submitted on or before April 13, 2018.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\32\
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    \32\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-05903 Filed 3-22-18; 8:45 am]
 BILLING CODE 8011-01-P