Federal Register / Vol. 76, No. 4 / Thursday, January 6, 2011 / Notices 805 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3The Commission has previously approved 

listing and trading of Units based on certain fixed 

income indexes. See, e.g., Securities Exchange Act 

Release No. 48662 (October 20, 2003), 68 FR 61535 

(October 28, 2003) (SR–PCX–2003–41) (approving 

listing and trading pursuant to unlisted trading 

privileges (‘‘UTP’’) of fixed income funds and the 

UTP trading of certain iShares® fixed income 

funds). In addition, the Commission has approved 

NYSE Arca generic listing rules for Units based on 

a fixed income index in Securities Exchange Act 

Release No. 55783 (May 17, 2007), 72 FR 29194 

(May 24, 2007) (SR–NYSEArca–2007–36). The 

Commission has approved pursuant to Section 

19(b)(2) of the Exchange Act the listing on the 

American Stock Exchange (‘‘Amex’’) of exchange 

traded funds based on fixed income indexes. See, 

e.g., Securities Exchange Act Release No. 48534 

(September 24, 2003), 68 FR 56353 (September 30, 

2003) (SR–Amex–2003–75) (order approving listing 

on Amex of eight series of iShares Lehman Bond 

Funds). In addition, the Commission has approved 

two actively managed funds of the PIMCO ETF 

Trust that hold municipal bonds. See Securities 

Exchange Act Release No. 60981 (August 27, 2009) 

(SR–NYSEArca–2009–79) (order approving PIMCO 

Short-Term Municipal Bond Strategy Fund and 

PIMCO Intermediate Municipal Bond Strategy 

Fund, among others). 

4Standard & Poor’s Financial Services LLC is the 

Index Sponsor with respect to the Index. The Index 

Sponsor is not affiliated with a broker-dealer and 

has implemented procedures designed to prevent 

the use and dissemination of material, non-public 

information regarding the Index. 

5See the Trust’s registration statement on Form 

N–1A under the Securities Act of 1933 (15 U.S.C. 

77a) and the Investment Company Act of 1940 (15 

U.S.C. 80a), dated February 22, 2010 (File No. 333– 

57793 and 811–08839) (‘‘Registration Statement’’). 

The description of the operation of the Trust and 

the Fund herein is based on the Registration 

Statement. 

6Commentary .02(a)(2) to NYSE Arca Equities 

Rule 5.2(j)(3) provides that components that in the 

aggregate account for at least 75% of the weight of 

the index or portfolio each shall have a minimum 

principal amount outstanding of $100 million or 

more. 

Pursuant to 10 CFR 51.32, the 

Commission has determined that the 

granting of this exemption will not have 

a significant effect on the quality of the 

human environment (75FR 34776; June 

18, 2010). This exemption is effective 

upon issuance. 

Dated at Rockville, Maryland, this 27th day 

of December 2010. 

For the Nuclear Regulatory Commission. 

Allen G. Howe, 

Acting Director, Division of Operating Reactor 

Licensing, Office of Nuclear Reactor 

Regulation. 

[FR Doc. 2011–10 Filed 1–5–11; 8:45 am] 

BILLING CODE 7590–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63624; File No. SR– 

NYSEArca–2010–120] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing of Proposed 

Rule Change Relating to Listing and 

Trading Shares of the SPDR Nuveen 

S&P High Yield Municipal Bond ETF 

December 30, 2010. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that, on December 

21, 2010, NYSE Arca, Inc. (‘‘Exchange’’ 

or ‘‘NYSE Arca’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to list and 

trade shares of the SPDR Nuveen S&P 

High Yield Municipal Bond ETF under 

NYSE Arca Equities Rule 5.2(j)(3), 

Commentary .02. The text of the 

proposed rule change is available at the 

Exchange, the Commission’s Public 

Reference Room, and http:// 

www.nyse.com. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

self-regulatory organization included 

statements concerning the purpose of, 

and basis for, the proposed rule change 

and discussed any comments it received 

on the proposed rule change. The text 

of those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

set forth in sections A, B, and C below, 

of the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange proposes to list and 

trade shares (‘‘Shares’’) of the following 

series of the SPDR Series Trust (‘‘Trust’’) 

under NYSE Arca Equities Rule 5.2(j)(3), 

Commentary .02, which governs the 

listing and trading of Investment 

Company Units (‘‘Units’’), based on the 

S&P Municipal Yield Index (‘‘Index’’): 

SPDR Nuveen S&P HighYield Municipal 

Bond ETF (‘‘Fund’’ or ‘‘ETF’’).3

The SPDR Nuveen S&P High Yield 

Municipal Bond ETF 4 seeks to provide 

investment results that, before fees and 

expenses, correspond generally to the 

price and yield performance of the 

Index, which tracks the U.S. municipal 

bond market, and to provide income 

that is exempt from regular federal 

income taxes.5

The Exchange is submitting this 

proposed rule change because the Index 

for the Fund does not meet all of the 

‘‘generic’’ listing requirements of 

Commentary .02(a)(2) to NYSE Arca 

Equities Rule 5.2(j)(3) applicable to 

listing of Units based on U.S. indexes. 

The Index meets all such requirements 

except for those set forth in 

Commentary .02(a)(2).6 Specifically, as 

of December 20, 2010, 26.47% of the 

weight of the Index components have a 

minimum principal amount outstanding 

of $100 million or more. 

According to the Registration 

Statement, the Index is designed to 

measure the performance of high yield 

municipal bonds issued by U.S. states 

and territories or local governments or 

agencies, such that interest on the 

securities is exempt from U.S. federal 

income tax, but may be subject to the 

alternative minimum tax and to state 

and local income taxes. High yield 

securities are generally rated below 

investment grade and are commonly 

referred to as ‘‘junk bonds.’’ The Index 

is a sub-set of the Standard & Poor’s/ 

Investortools Municipal Bond Index and 

the Standard & Poor’s/Investortools 

High Yield Bond Index and includes 

publicly issued U.S. dollar 

denominated, fixed rate, municipal 

bonds that have a remaining maturity of 

at least one year. 

The Index consists of categories of 

bonds in the following proportions: (i) 

70% of the Index constituents are 

components of the Standard & Poor’s/ 

Investortools High Yield Bond Index, 

which are non-rated or are rated below 

investment grade; (ii) 20% of the Index 

constituents are components of the 

Standard & Poor’s/Investortools Bond 

Index that are rated Baa3, Baa2, or Baa1 

by Moody’s Investors Service, or BBB-, 

BBB, or BBB+ by Standard and Poor’s or 

Fitch; and (iii) 10% of the Index 

constituents are components of the 

Standard & Poor’s/Investortools Bond 

Index that are rated A3, A2, or A1 by 

Moody’s Investor Services, or A-, A, or 

A+ by Standard & Poor’s or Fitch. Bonds 

that have been escrowed will not be 

included in the Index. Prerefunded 

bonds will not be included in the Index. 

Where the ratings assigned by the 

agencies are not consistent, the Index 

will use the middle rating if three 

ratings are available, and the lower of 


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806 Federal Register / Vol. 76, No. 4 / Thursday, January 6, 2011 / Notices 

7The Standard & Poor’s/Investortools Municipal 

Bond Index is composed of bonds held by managed 

municipal bond fund customers of Standard & 

Poor’s Securities Pricing, Inc. that are priced daily. 

Index calculations are provided by Investortools, 

Inc. Only bonds with total outstanding amounts of 

$2,000,000 or more qualify for inclusion. The 

Standard and Poor’s/Investortools Municipal Bond 

High Yield Index is comprised of all bonds in the 

Standard and Poor’s/Investortools Municipal Bond 

Index that are non-rated or whose ratings are BB+ 

S&P and/or BA–1 Moody’s or lower. This index 

does not contain bonds that are prerefunded or are 

escrowed to maturity. 

8 17 CFR 240.10A–3. 

9See, e.g., Securities Exchange Act Release Nos. 

55783 (May 17, 2007), 72 FR 29194 (May 24, 2007) 

(SR–NYSEArca–2007–36) (order approving NYSE 

Arca generic listing standards for Units based on a 

fixed income index); 44551 (July 12, 2001), 66 FR 

37716 (July 19, 2001) (SR–PCX–2001–14) (order 

approving generic listing standards for Units and 

Portfolio Depositary Receipts); 41983 (October 6, 

1999), 64 FR 56008 (October 15, 1999) (SR–PCX– 

98–29) (order approving rules for listing and trading 

of Units). 

10Commentary .02(a)(4) to NYSE Arca Equities 

Rule 5.2(j)(3) provides that no component fixedincome security (excluding Treasury Securities and 

GSE Securities) shall represent more than 30% of 

the weight of the index or portfolio, and the five 

most heavily weighted component fixed-income 

securities in the index or portfolio shall not in the 

aggregate account for more than 65% of the weight 

of the index or portfolio. 

11 15 U.S.C. 78f(b)(5). 

two ratings if only two ratings are 

available.7

As of December 20, 2010, there were 

approximately 21,141 issues included in 

the Index. 

The Exchange represents that: (1) 

Except for Commentary .02(a)(2) to 

NYSE Arca Equities Rule 5.2(j)(3), the 

Shares of the Fund currently satisfy all 

of the generic listing standards under 

NYSE Arca Equities Rule 5.2(j)(3); (2) 

the continued listing standards under 

NYSE Arca Equities Rules 5.2(j)(3) and 

5.5(g)(2) applicable to Units shall apply 

to the Shares; and (3) the Trust is 

required to comply with Rule 10A–3 8

under the Exchange Act for the initial 

and continued listing of the Shares. In 

addition, the Exchange represents that 

the Shares will comply with all other 

requirements applicable to Units 

including, but not limited to, 

requirements relating to the 

dissemination of key information such 

as the value of the Index and Intraday 

Indicative Value, rules governing the 

trading of equity securities, trading 

hours, trading halts, surveillance, and 

the Information Bulletin to ETP Holders, 

as set forth in Exchange rules applicable 

to Units and prior Commission orders 

approving the generic listing rules 

applicable to the listing and trading of 

Units.9

As of December 20, 2010, there were 

approximately 21,141 issues included in 

the Index and 46.47% of the weight of 

the Index components was comprised of 

individual maturities that were part of 

an entire municipal bond offering with 

a minimum original principal amount 

outstanding of $100 million or more for 

all maturities of the offering. In 

addition, the total dollar amount 

outstanding of issues in the Index was 

approximately $532.82 billion and the 

average dollar amount outstanding of 

issues in the Index was approximately 

$25.22 million. Further, the most 

heavily weighted component represents 

0.86% of the weight of the Index and 

the five most heavily weighted 

components represent 2.52% of the 

weight of the Index.10 Therefore, the 

Exchange believes that, notwithstanding 

that the Index does not satisfy the 

criterion in NYSE Arca Equities Rule 

5.2(j)(3), Commentary .02(a)(2), the 

Index is sufficiently broad-based to 

deter potential manipulation, given that 

the Index is comprised of approximately 

21,141 issues. In addition, the Index 

securities are sufficiently liquid to deter 

potential manipulation in that a 

substantial portion (46.47%) of the 

Index weight is comprised of maturities 

that are part of a minimum original 

principal amount outstanding of $100 

million or more; and in view of the 

substantial total dollar amount 

outstanding and the average dollar 

amount outstanding of Index issues, as 

referenced above. 

Detailed descriptions of the Fund, the 

Index, procedures for creating and 

redeeming Shares, transaction fees and 

expenses, dividends, distributions, 

taxes, risks, and reports to be distributed 

to beneficial owners of the Shares can 

be found in the Registration Statement 

or on the Web site for the Fund (http:// 

www.spdr.com), as applicable. 

2. Statutory Basis 

The basis under the Exchange Act for 

this proposed rule change is the 

requirement under Section 6(b)(5) 11

that an exchange have rules that are 

designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, to remove impediments to, and 

perfect the mechanism of a free and 

open market and, in general, to protect 

investors and the public interest. The 

Exchange believes that the proposed 

rule change will facilitate the listing and 

trading of an additional type of 

exchange-traded product that will 

enhance competition among market 

participants, to the benefit of investors 

and the marketplace. In addition, the 

listing and trading criteria set forth in 

NYSE Arca Equities Rule 5.2(j)(3) and 

Commentary .02 thereto are intended to 

protect investors and the public interest. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 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 e-mail to rulecomments@sec.gov. Please include File 

Number SR–NYSEArca–2010–120 on 

the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Elizabeth M. Murphy, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–NYSEArca–2010–120. This 

file number should be included on the 

subject line if e-mail is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 


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Federal Register / Vol. 76, No. 4 / Thursday, January 6, 2011 / Notices 807 

12 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3Commentary .02 to NYSE Arca Equities Rule 

8.200 applies to TIRs that invest in ‘‘Financial 

Instruments.’’ The term ‘‘Financial Instruments,’’ as 

defined in Commentary .02(b)(4) to NYSE Arca 

Equities Rule 8.200, means any combination of 

investments, including cash; securities; options on 

securities and indices; futures contracts; options on 

futures contracts; forward contracts; equity caps, 

collars and floors; and swap agreements. 

4See, e.g., Securities Exchange Act Release No. 

58161 (July 15, 2008), 73 FR 42380 (July 21, 2008) 

(SR–Amex–2008–39). 

5See, e.g., Securities Exchange Act Release No. 

58163 (July 15, 2008), 73 FR 42391 (July 21, 2008) 

(SR–NYSEArca–2008–73). 

6See, e.g., Securities Exchange Act Release No. 

58457 (September 3, 2008), 73 FR 52711 (September 

10, 2008) (SR–NYSEArca–2008–91). 

7See Securities Exchange Act Release No. 62213 

(June 3, 2010), 75 FR 32828 (June 9, 2010) (SR– 

NYSEArca–2010–22) (order approving listing on the 

Exchange of Teucrium Corn Fund). 

8See, e.g., Securities Exchange Act Release Nos. 

57456 (March 7, 2008), 73 FR 13599 (March 13, 

2008) (SR–NYSEArca–2007–91) (order granting 

accelerated approval for NYSE Arca listing the 

iShares GS Commodity Trusts); 59781 (April 17, 

2009), 74 FR 18771 (April 24, 2009) (SR– 

NYSEArca–2009–28) (order granting accelerated 

approval for NYSE Arca listing the ETFS Silver 

Trust); 59895 (May 8, 2009), 74 FR 22993 (May 15, 

2009) (SR–NYSEArca–2009–40) (order granting 

accelerated approval for NYSE Arca listing the 

ETFS Gold Trust); 61219 (December 22, 2009), 74 

FR 68886 (December 29, 2009) (order approving 

listing on NYSE Arca of the ETFS Platinum Trust). 

9See registration statement on Amendment No. 1 

to Form S–1 for Teucrium Commodity Trust, dated 

September 7, 2010 (File No. 333–167594) 

(‘‘Registration Statement’’). The discussion herein 

relating to the Trust and the Shares is based on the 

Registration Statement. 

10See e-mail from Michael Cavalier, Chief 

Counsel, NYSE Euronext, to Christopher W. Chow, 

Special Counsel, Commission, dated December 22, 

2010. 

Internet Web site (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for Web site viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street, NE., 

Washington, DC 20549–1090 on official 

business days between 10 a.m. and 3 

p.m. Copies of the filing will also be 

available for inspection and copying at 

the Exchange’s principal office. All 

comments received will be posted 

without change; the Commission does 

not edit personal identifying 

information from submissions. You 

should submit only information that 

you wish to make available publicly. All 

submissions should refer to File 

Number SR–NYSEArca–2010–120 and 

should be submitted on or before 

January 27, 2011. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. 2010–33362 Filed 1–5–11; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–63625; File No. SR– 

NYSEArca–2010–119] 

Self-Regulatory Organizations; NYSE 

Arca Inc.; Notice of Filing of Proposed 

Rule Change To List and Trade Shares 

of the Teucrium WTI Crude Oil Fund 

Under NYSE Arca Equities Rule 8.200 

December 30, 2010. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that, on December 

20, 2010, 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. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to list and 

trade shares of the Teucrium WTI Crude 

Oil Fund under NYSE Arca Equities 

Rule 8.200. The text of the proposed 

rule change is available at the Exchange, 

the Commission’s Public Reference 

Room, and http://www.nyse.com. 

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 

NYSE Arca Equities Rule 8.200, 

Commentary .02 permits the trading of 

Trust Issued Receipts (‘‘TIRs’’) either by 

listing or pursuant to unlisted trading 

privileges (‘‘UTP’’).3 The Exchange 

proposes to list and trade shares 

(‘‘Shares’’) of the Teucrium WTI Crude 

Oil Fund (the ‘‘Fund’’) pursuant to NYSE 

Arca Equities Rule 8.200. 

The Exchange notes that the 

Commission has previously approved 

the listing and trading of other issues of 

Trust Issued Receipts on the American 

Stock Exchange LLC,4 trading on NYSE 

Arca pursuant to unlisted trading 

privileges (‘‘UTP’’),5 and listing on NYSE 

Arca.6 Among these is the Teucrium 

Corn Fund, a series of the Teucrium 

Commodity Trust (‘‘Trust’’).7 In addition, 

the Commission has approved other 

exchange-traded fund-like products 

linked to the performance of underlying 

commodities.8

The Shares represent beneficial 

ownership interests in the Fund, as 

described in the Registration Statement 

for the Fund.9 The Fund is a commodity 

pool that is a series of the Trust, a 

Delaware statutory trust. The Fund is 

managed and controlled by Teucrium 

Trading, LLC (‘‘Sponsor’’). The Sponsor 

is a Delaware limited liability company 

that is registered as a commodity pool 

operator (‘‘CPO’’) with the Commodity 

Futures Trading Commission (‘‘CFTC’’) 

and is a member of the National Futures 

Association. 

Teucrium WTI Crude Oil Fund 

According to the Registration 

Statement, the investment objective of 

the Fund is to have the daily changes in 

percentage terms of the Shares’ net asset 

value (‘‘NAV’’) reflect the daily changes 

in percentage terms of a weighted 

average of the closing settlement prices 

for futures contracts for Western Texas 

Intermediate (‘‘WTI’’) crude oil, also 

known as Texas Light Sweet crude oil 

(‘‘Oil Futures Contracts’’) traded on the 

New York Mercantile Exchange 

(‘‘NYMEX’’), specifically (1) the nearest 

to spot June or December Oil Futures 

Contract, weighted 35%; (2) the June or 

December Oil Futures Contract 

following the aforementioned (1), 

weighted 30%; and (3) the December Oil 

Futures Contract following the 

aforementioned (2),10 weighted 35%; 

before taking Fund expenses and 

interest income into account. This 

weighted average of the three referenced 


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