
[Federal Register Volume 77, Number 27 (Thursday, February 9, 2012)]
[Notices]
[Pages 6850-6853]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-2944]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-66321; File No. SR-NYSEArca-2011-95]


Self-Regulatory Organizations; NYSE Arca, Inc.; Order Granting 
Approval of Proposed Rule Change Relating to Listing and Trading of the 
PIMCO Total Return Exchange Traded Fund Under NYSE Arca Equities Rule 
8.600

February 3, 2012.

I. Introduction

    On December 13, 2011, NYSE Arca, Inc. (``Exchange'' or ``NYSE 
Arca'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to list and trade shares (``Shares'') of the PIMCO 
Total Return Exchange Traded Fund (``Fund'') under NYSE Arca Equities 
Rule 8.600. The proposed rule change was published for comment in the 
Federal Register on December 22, 2011.\3\ The Commission received no 
comments on the proposal. This order grants approval of the proposed 
rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 65988 (December 16, 
2011), 76 FR 79741 (``Notice'').
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II. Description of the Proposed Rule Change

    The Exchange proposes to list and trade the Shares of the Fund 
pursuant to NYSE Arca Equities Rule 8.600, which governs the listing 
and trading of Managed Fund Shares on the Exchange. The Shares will be 
offered by PIMCO ETF Trust (``Trust''), a statutory trust organized 
under the laws of the State of Delaware and registered with the 
Commission as an open-end management investment company.\4\ The 
investment manager to the Fund is Pacific Investment Management Company 
LLC (``PIMCO'' or ``Adviser''). PIMCO Investments LLC serves as the 
distributor for the Fund, and State Street Bank & Trust Co. serves as 
the custodian and transfer agent for the Fund.
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    \4\ The Trust is registered under the Investment Company Act of 
1940 (15 U.S.C. 80a-1) (``1940 Act''). On July 7, 2011, the Trust 
filed with the Commission Post-Effective Amendment No. 30 to Form N-
1A relating to the Fund (File Nos. 333-155395 and 811-22250) 
(``Registration Statement''). In addition, the Commission has issued 
an order granting certain exemptive relief to the Trust under the 
1940 Act. See Investment Company Act Release No. 28993 (November 10, 
2009) (File No. 812-13571) (``Exemptive Order'').
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    The Adviser 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. If PIMCO elects to hire a sub-adviser for the Fund that is 
also affiliated with a broker-dealer, such sub-adviser will implement a 
fire wall with respect to such broker-dealer regarding access to 
information concerning the composition and/or changes to the 
portfolio.\5\
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    \5\ See Commentary .06 to NYSE Arca Equities Rule 8.600. In the 
event (a) the Adviser or any sub-adviser becomes newly affiliated 
with a broker-dealer, or (b) any new manager, adviser, or sub-
adviser becomes affiliated with a broker-dealer, it will implement a 
fire wall with respect to such broker-dealer 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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Description of the Fund

    The Fund will seek maximum total return, consistent with 
preservation of capital and prudent investment management. The Fund 
will invest under normal market circumstances \6\ at least 65% of its 
total assets in a diversified portfolio of Fixed Income Instruments \7\ 
of varying maturities. The Fund will invest primarily (under normal 
market circumstances, at least 65% of its total assets) in investment-
grade Fixed Income Instruments, but may invest up to 10% of its total 
assets in high-yield Fixed Income Instruments

[[Page 6851]]

(``junk bonds'') rated B3 through Ba1 by Moody's Investors Service, 
Inc., or equivalently rated by Standard & Poor's Ratings Services or 
Fitch, Inc., or, if unrated, determined by PIMCO to be of comparable 
quality. The average portfolio duration of the Fund normally will vary 
within two years of the duration of the Barclays Capital U.S. Aggregate 
Index, which as of May 31, 2011, was 5.19 years.
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    \6\ The term ``under normal market circumstances'' includes, but 
is not limited to, the absence of extreme volatility or trading 
halts in the fixed income markets or the financial markets 
generally; 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.
    \7\ ``Fixed Income Instruments'' on which the Fund will focus 
will be: Debt securities issued or guaranteed by the U.S. 
Government, its agencies or government-sponsored enterprises (``U.S. 
Government Securities''); corporate debt securities of U.S. and non-
U.S. issuers, including convertible securities and corporate 
commercial paper; mortgage-backed and other asset-backed securities; 
inflation-indexed bonds issued both by governments and corporations; 
structured notes, including hybrid or ``indexed'' securities and 
event-linked bonds; bank capital and trust preferred securities; 
loan participations and assignments; delayed funding loans and 
revolving credit facilities; bank certificates of deposit, fixed 
time deposits and bankers' acceptances; repurchase agreements on 
Fixed Income Instruments and reverse repurchase agreements on Fixed 
Income Instruments; debt securities issued by states or local 
governments and their agencies, authorities and other government-
sponsored enterprises; obligations of non-U.S. governments or their 
subdivisions, agencies and government-sponsored enterprises; and 
obligations of international agencies or supranational entities.
    Securities issued by U.S. Government agencies or government-
sponsored enterprises may not be guaranteed by the U.S. Treasury.
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    In selecting Fixed Income Instruments for the Fund, PIMCO will 
develop an outlook for interest rates, currency exchange rates, and the 
economy, analyze credit and call risks, and use other security 
selection techniques. The proportion of the Fund's assets committed to 
investments in Fixed Income Instruments with particular characteristics 
(such as quality, sector, interest rate, or maturity) will vary based 
on PIMCO's outlook for the U.S. economy and the economies of other 
countries in the world, the financial markets, and other factors.
    PIMCO will attempt to identify areas of the bond market that are 
undervalued relative to the rest of the market. PIMCO will identify 
these areas by grouping Fixed Income Instruments into sectors, such as 
money markets, governments, corporates, mortgages, asset-backed and 
international. Once investment opportunities are identified, PIMCO will 
shift assets among sectors depending upon changes in relative 
valuations and credit spreads.
    The Fund may invest in debt securities and instruments that are 
economically tied to foreign countries. PIMCO generally considers an 
instrument to be economically tied to a non-U.S. country if the issuer 
is a foreign government (or any political subdivision, agency, 
authority or instrumentality of such government), or if the issuer is 
organized under the laws of a non-U.S. country. In the case of certain 
money market instruments, such instruments will be considered 
economically tied to a non-U.S. country if either the issuer or the 
guarantor of such money market instrument is organized under the laws 
of a non-U.S. country.
    The Fund may invest up to 30% of its total assets in securities 
denominated in foreign currencies and may invest beyond this limit in 
U.S. dollar-denominated securities of foreign issuers, subject to the 
Fund's 10% of total assets limit on investments in preferred stock, 
convertible securities, and other equity related securities.\8\ The 
Fund will normally limit its foreign currency exposure (from non-U.S. 
dollar-denominated securities or currencies) to 20% of its total 
assets.
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    \8\ The Fund will not invest in any non-U.S registered equity 
securities, except if such securities are traded on exchanges that 
are members of the Intermarket Surveillance Group (``ISG'').
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    The Fund may invest up to 15% of its total assets in securities and 
instruments that are economically tied to emerging market countries. 
PIMCO has broad discretion to identify countries that it considers to 
qualify as emerging markets but generally considers an instrument to be 
economically tied to an emerging market country if the issuer or 
guarantor is a government of an emerging market country (or any 
political subdivision, agency, authority or instrumentality of such 
government), if the issuer or guarantor is organized under the laws of 
an emerging market country, or if the currency of settlement of the 
security is a currency of an emerging market country. While corporate 
debt securities and debt securities economically tied to an emerging 
market country generally must have $200 million or more par amount 
outstanding and significant par value traded to be considered as an 
eligible investment for the Fund, at least 80% of issues of such 
securities held by the Fund must have $200 million or more par amount 
outstanding.
    The Fund may invest, without limitation, in mortgage- or asset-
backed securities. The Fund may purchase or sell debt and equity 
securities on a when-issued, delayed delivery, or forward commitment 
basis. In addition, the Fund may, without limitation, seek to obtain 
market exposure to the securities in which it primarily invests by 
entering into a series of purchase and sale contracts or by using other 
investment techniques (such as buy backs or dollar rolls). The ``total 
return'' sought by the Fund will consist of income earned on the Fund's 
investments, plus capital appreciation, if any, which generally arises 
from decreases in interest rates, foreign currency appreciation, or 
improving credit fundamentals for a particular sector or security.
    The Fund may invest in Brady Bonds, which are debt securities 
created through the exchange of existing commercial bank loans to 
sovereign entities for new obligations in connection with a debt 
restructuring, as well as in municipal bonds. The types of municipal 
bonds in which the Fund may invest include municipal lease obligations, 
municipal general obligation bonds, municipal cash equivalents, and 
pre-refunded and escrowed to maturity municipal bonds. The Fund may 
also invest in industrial development bonds, which are municipal bonds 
issued by a government agency on behalf of a private sector company and 
which, in most cases, are not backed by the credit of the issuing 
municipality. The Fund may invest in pre-refunded municipal bonds, 
which are tax-exempt bonds that have been refunded to a call date on or 
before the final maturity of principal and remain outstanding in the 
municipal market. Furthermore, the Fund may invest in securities issued 
by entities whose underlying assets are municipal bonds.
    The Fund may invest in Lower Tier II, Upper Tier II, and Tier I 
bank capital securities, which are issued by banks to help fulfill 
their regulatory capital requirements. Bank capital is generally, but 
not always, investment grade. The Fund may invest in variable and 
floating rate debt securities, floating rate debt instruments, and 
engage in credit spread trades. The Fund may make short sales as part 
of its overall portfolio management strategies or to offset a potential 
decline in value of a security.

Other Portfolio Holdings

    The Fund may engage in foreign currency transactions on a spot 
(cash) basis and enter into forward foreign currency exchange 
contracts. The Fund may enter into these contracts to hedge against 
foreign exchange risk, to increase exposure to a foreign currency, or 
to shift exposure to foreign currency fluctuations from one currency to 
another. The Fund may use one currency (or a basket of currencies) to 
hedge against adverse changes in the value of another currency (or a 
basket of currencies) when exchange rates between the two currencies 
are positively correlated. The Fund will segregate or ``earmark'' 
assets determined to be liquid by PIMCO in accordance with the 
procedures established by the Fund's Board of Trustees (or, as 
permitted by applicable law, enter into certain offsetting positions) 
to cover its obligations under forward foreign currency exchange 
contracts entered into for non-hedging purposes.
    If PIMCO believes that economic or market conditions are 
unfavorable to investors, PIMCO may temporarily invest up to 100% of 
the Fund's assets in certain defensive strategies, including holding a 
substantial portion of the Fund's assets in cash, cash equivalents, or 
other highly rated, short-term debt securities, including debt 
securities issued or guaranteed by the U.S. government, its agencies or 
instrumentalities, and affiliated money market and/or short-term bond 
funds.

[[Page 6852]]

    The Fund may invest in, to the extent permitted by Section 
12(d)(1)(A) of the 1940 Act, other affiliated and unaffiliated funds, 
such as open-end or closed-end management investment companies, 
including other exchange traded funds, provided that the Fund's 
investment in units or shares of investment companies and other open-
end collective investment vehicles will not exceed 10% of the Fund's 
net assets. The Fund may invest securities lending collateral in one or 
more money market funds to the extent permitted by Rule 12d1-1 under 
the 1940 Act, including series of PIMCO Funds, an affiliated open-end 
management investment company managed by PIMCO.
    The Fund may invest up to 10% of its total assets in preferred 
stock, convertible securities and other equity related securities. 
Consistent with the Exemptive Order, the Fund will not invest in 
options contracts, futures contracts, or swap agreements.
    The Fund may not concentrate its investments in a particular 
industry, as that term is used in the 1940 Act, and as interpreted, 
modified, or otherwise permitted by regulatory authority having 
jurisdiction from time to time. The Fund may not, with respect to 75% 
of the Fund's total assets, purchase the securities of any issuer, 
except securities issued or guaranteed by the U.S. government or any of 
its agencies or instrumentalities, if, as a result (i) more than 5% of 
the Fund's total assets would be invested in the securities of that 
issuer, or (ii) the Fund would hold more than 10% of the outstanding 
voting securities of that issuer. For the purpose of this restriction, 
each state and each separate political subdivision, agency, authority, 
or instrumentality of such state, each multi-state agency or authority, 
and each guarantor are treated as separate issuers of municipal bonds.
    The Fund may hold up to 15% of its net assets in illiquid 
securities. Certain financial instruments, including, but not limited 
to, Rule 144A securities, loan participations and assignments, delayed 
funding loans, revolving credit facilities, and fixed- and floating-
rate loans will be included in the 15% limitation on illiquid 
securities.
    The Fund intends to qualify annually and elect to be treated as a 
regulated investment company under Subchapter M of the Internal Revenue 
Code. The Fund will not invest in any non-U.S registered equity 
securities, except if such securities are traded on exchanges that are 
ISG members. The Fund's investments will be consistent with the Fund's 
investment objective and will not be used to enhance leverage. That is, 
while the Fund will be permitted to borrow as permitted under the 1940 
Act, the Fund's investments will not be used to seek performance that 
is the multiple or inverse multiple of the Fund's broad-based 
securities market index.
    Additional information regarding the Trust, Fund, Shares, Fund's 
investment strategies, risks, creation and redemption procedures, fees, 
portfolio holdings and disclosure policies, distributions and taxes, 
and information relating to the daily disclosure of the Fund's 
holdings, Portfolio Indicative Value (``PIV''), and net asset value 
(``NAV''), among others, can be found in the Notice and the 
Registration Statement, as applicable.\9\
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    \9\ See Notice and Registration Statement, supra notes 3 and 4, 
respectively.
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III. Discussion and Commission's Findings

    The Commission has carefully reviewed the proposed rule change and 
finds that it is consistent with the requirements of Section 6 of the 
Act \10\ and the rules and regulations thereunder applicable to a 
national securities exchange.\11\ In particular, the Commission finds 
that the proposal is consistent with Section 6(b)(5) of the Act,\12\ 
which requires, among other things, that the Exchange's rules be 
designed to prevent fraudulent and manipulative acts and practices, to 
promote just and equitable principles of trade, to foster cooperation 
and coordination with persons engaged in facilitating transactions in 
securities, to remove impediments to and perfect the mechanism of a 
free and open market and a national market system, and, in general, to 
protect investors and the public interest. The Commission notes that 
the Fund and the Shares must comply with the requirements of NYSE Arca 
Equities Rule 8.600 to be listed and traded on the Exchange.
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    \10\ 15 U.S.C. 78f.
    \11\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. See 15 U.S.C. 78c(f).
    \12\ 15 U.S.C. 78f(b)(5).
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    The Commission finds that the proposal to list and trade the Shares 
on the Exchange is consistent with Section 11A(a)(1)(C)(iii) of the 
Act,\13\ which sets forth Congress' finding that it is in the public 
interest and appropriate for the protection of investors and the 
maintenance of fair and orderly markets to assure the availability to 
brokers, dealers, and investors of information with respect to 
quotations for, and transactions in, securities. Quotation and last-
sale information for the Shares will be available via the Consolidated 
Tape Association (``CTA'') high-speed line. In addition, the PIV, as 
defined in NYSE Arca Equities Rule 8.600(c)(3), will be widely 
disseminated by one or more major market data vendors at least every 15 
seconds during the Exchange's Core Trading Session.\14\ On each 
business day, before commencement of trading in Shares in the Core 
Trading Session on the Exchange, the Trust's Web site will disclose the 
Disclosed Portfolio, as defined in NYSE Arca Equities Rule 8.600(c)(2), 
that will form the basis for the Fund's calculation of the NAV at the 
end of the business day.\15\ The NAV of the Fund's Shares will be 
calculated once daily Monday through Friday as of the close of regular 
trading on the New York Stock Exchange (``NYSE''), generally 4 p.m. 
Eastern time (``E.T.'') on any business day. In addition, 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 the 
previous day's closing price and trading volume information for the 
Shares will be published daily in the financial section of newspapers. 
The Trust's Web site will also include a form of the prospectus for the 
Fund, information relating to NAV, and other quantitative and trading 
information. Moreover, a basket composition file, which includes the 
security names and share quantities required to be delivered in 
exchange for the Shares, together with estimates and actual cash 
components, will be publicly disseminated daily prior to the opening of 
the NYSE via the National Securities Clearing Corporation.
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    \13\ 15 U.S.C. 78k-1(a)(1)(C)(iii).
    \14\ According to the Exchange, several major market data 
vendors display and/or make widely available PIVs published on the 
CTA or other data feeds.
    \15\ On a daily basis, the Adviser will disclose for each 
portfolio security or other financial instrument of the Fund the 
following information: Ticker symbol (if applicable), name of 
security or financial instrument, number of shares or dollar value 
of financial instruments held in the portfolio, and percentage 
weighting of the security or financial instrument in the portfolio. 
The Web site information will be publicly available at no charge.
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    The Commission further believes that the proposal to list and trade 
the Shares is reasonably designed to promote fair disclosure of 
information that may be necessary to price the Shares appropriately and 
to prevent trading when a reasonable degree of transparency cannot be 
assured. The Commission notes that the Exchange will obtain a 
representation from the issuer of the Shares that the NAV per Share 
will be calculated daily and that the NAV and the Disclosed Portfolio 
will be made available to all market

[[Page 6853]]

participants at the same time.\16\ In addition, the Exchange will halt 
trading in the Shares under the specific circumstances set forth in 
NYSE Arca Equities Rule 8.600(d)(2)(D), and may halt trading in the 
Shares if trading is not occurring in the securities and/or the 
financial instruments comprising the Disclosed Portfolio of the Fund, 
or if other unusual conditions or circumstances detrimental to the 
maintenance of a fair and orderly market are present.\17\ The Exchange 
will consider the suspension of trading in or removal from listing of 
the Shares if the PIV is no longer calculated or available or the 
Disclosed Portfolio is not made available to all market participants at 
the same time.\18\ The Exchange represents that the Adviser is 
affiliated with a broker-dealer, and such Adviser has implemented a 
``fire wall'' with respect to the broker-dealer regarding access to 
information concerning the composition and/or changes to the Fund's 
portfolio.\19\ Further, the Commission notes that the Reporting 
Authority that provides the Disclosed Portfolio must implement and 
maintain, or be subject to, procedures designed to prevent the use and 
dissemination of material non-public information regarding the actual 
components of the portfolio.\20\ The Exchange states that it has a 
general policy prohibiting the distribution of material, non-public 
information by its employees. The Commission also notes that the 
Exchange may obtain information via the ISG from other exchanges that 
are members of ISG or with which the Exchange has in place a 
comprehensive surveillance sharing agreement.
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    \16\ See NYSE Arca Equities Rule 8.600(d)(1)(B).
    \17\ 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 
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.
    \18\ See NYSE Arca Equities Rule 8.600(d)(2)(C)(ii).
    \19\ See supra note 5 and accompanying text. The Commission 
notes that an investment adviser to an open-end fund is required to 
be registered under the Investment Advisers Act of 1940 (``Advisers 
Act''). As a result, the Adviser and its related personnel are 
subject to the provisions of Rule 204A-1 under the Advisers Act 
relating to codes of ethics. This Rule requires investment advisers 
to adopt a code of ethics that reflects the fiduciary nature of the 
relationship to clients as well as compliance with other applicable 
securities laws. Accordingly, procedures designed to prevent the 
communication and misuse of non-public information by an investment 
adviser must be consistent with Rule 204A-1 under the Advisers Act. 
In addition, Rule 206(4)-7 under the Advisers Act makes it unlawful 
for an investment adviser to provide investment advice to clients 
unless such investment adviser has (i) adopted and implemented 
written policies and procedures reasonably designed to prevent 
violation, by the investment adviser and its supervised persons, of 
the Advisers Act and the Commission rules adopted thereunder; (ii) 
implemented, at a minimum, an annual review regarding the adequacy 
of the policies and procedures established pursuant to subparagraph 
(i) above and the effectiveness of their implementation; and (iii) 
designated an individual (who is a supervised person) responsible 
for administering the policies and procedures adopted under 
subparagraph (i) above.
    \20\ See NYSE Arca Equities Rule 8.600(d)(2)(B)(ii).
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    The Exchange further represents that the Shares are deemed to be 
equity securities, thus rendering trading in the Shares subject to the 
Exchange's existing rules governing the trading of equity securities. 
In support of this proposal, the Exchange has made representations, 
including:
    (1) The Shares will conform to the initial and continued listing 
criteria under NYSE Arca Equities Rule 8.600.
    (2) The Exchange has appropriate rules to facilitate transactions 
in the Shares during all trading sessions.
    (3) The Exchange's surveillance procedures applicable to derivative 
products, which include Managed Fund Shares, are adequate to properly 
monitor Exchange trading of the Shares in all trading sessions and to 
deter and detect violations of Exchange rules and applicable federal 
securities laws.
    (4) Prior to the commencement of trading, the Exchange will inform 
its Equity Trading Permit Holders in an Information Bulletin of the 
special characteristics and risks associated with trading the Shares. 
Specifically, the Information Bulletin will discuss the following: (a) 
The procedures for purchases and redemptions of Shares in Creation Unit 
aggregations (and that Shares are not individually redeemable); (b) 
NYSE Arca Equities Rule 9.2(a), which imposes a duty of due diligence 
on its Equity Trading Permit Holders to learn the essential facts 
relating to every customer prior to trading the Shares; (c) the risks 
involved in trading the Shares during the Opening and Late Trading 
Sessions when an updated PIV will not be calculated or publicly 
disseminated; (d) how information regarding the PIV is disseminated; 
(e) the requirement that Equity Trading Permit Holders deliver a 
prospectus to investors purchasing newly issued Shares prior to or 
concurrently with the confirmation of a transaction; and (f) trading 
information.
    (5) For initial and/or continued listing, the Fund will be in 
compliance with Rule 10A-3 under the Act,\21\ as provided by NYSE Arca 
Equities Rule 5.3.
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    \21\ See 17 CFR 240.10A-3.
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    (6) The Fund will not: (a) Hold more than 15% of its net assets in 
illiquid securities, including, but not limited to, Rule 144A 
securities, loan participations and assignments, delayed funding loans, 
revolving credit facilities, and fixed- and floating-rate loans; (b) 
pursuant to the terms of the Exemptive Order, invest in options 
contracts, futures contracts, or swap agreements; or (c) invest in any 
non-U.S. registered equity securities, except if such securities are 
traded on exchanges that are ISG members.
    (7) The Fund's investments will be consistent with the Fund's 
investment objective and will not be used to enhance leverage.
    (8) A minimum of 100,000 Shares of the Fund will be outstanding at 
the commencement of trading on the Exchange.
    This approval order is based on the Exchange's representations.
    For the foregoing reasons, the Commission finds that the proposed 
rule change is consistent with Section 6(b)(5) of the Act \22\ and the 
rules and regulations thereunder applicable to a national securities 
exchange.
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    \22\ 15 U.S.C. 78f(b)(5).
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IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\23\ that the proposed rule change (SR-NYSEArca-2011-95) be, and it 
hereby is, approved.
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    \23\ 15 U.S.C. 78s(b)(2).
    \24\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\24\
Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-2944 Filed 2-8-12; 8:45 am]
BILLING CODE 8011-01-P


