1044 Federal Register / Vol. 72, No. 5 / Tuesday, January 9, 2007 / Notices 

16 15 U.S.C. 78s(b)(2). 

17 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 36947 

(March 8, 1996), 61 FR 10606 (March 14, 1996) (SR–

Amex–95–43). The Funds were formerly known as 

World Equity Benchmark Shares or WEBS. 4See Securities Exchange Act Release No. 52816 

(November 21, 2005), 70 FR 71574 (November 29, 

2005) (SR–NYSE–2005–70). 

and last sale information regarding the 

Shares are disseminated through the 

Consolidated Quotation System. 

Furthermore, an IOPV calculator 

updates the applicable IOPV every 15 

seconds to reflect price changes in the 

principal foreign markets, and converts 

such prices into U.S. dollars based on 

the current currency exchange rate. 

When the foreign market or markets are 

closed but NYSE is open for trading, the 

IOPV is updated every 15 seconds to 

reflect changes in currency exchange 

rates. Furthermore, NYSE Arca Equities 

Rule 7.34 describes the situations when 

the Exchange would halt trading when 

the IOPV or the value of the Index 

underlying one of the Funds is not 

calculated or widely available. 

The Commission notes that, if the 

Shares should be delisted by NYSE, the 

original listing exchange, the Exchange 

would no longer have authority to trade 

the Shares pursuant to this order. 

In support of this proposal, the 

Exchange has made the following 

representations: 

1. The Exchange’s surveillance 

procedures are adequate to monitor the 

trading of the Shares. 

2. In connection with the trading of 

the Shares, the Exchange would inform 

ETP Holders in an Information Circular 

of the special characteristics and risks 

associated with trading the Shares. 

3. The Information Circular would 

inform participants of the prospectus or 

product delivery requirements 

applicable to the Shares. 

This approval order is conditioned on 

the Exchange’s adherence to these 

representations. 

The Commission finds good cause for 

approving this proposal before the 

thirtieth day after the publication of 

notice thereof in the Federal Register. 

As noted previously, the Commission 

previously found that the listing and 

trading of the Shares on NYSE is 

consistent with the Act. The 

Commission presently is not aware of 

any regulatory issue that should cause it 

to revisit that earlier finding or preclude 

the trading of Shares on the Exchange 

pursuant to UTP. Therefore, accelerating 

approval of this proposal should benefit 

investors by creating, without undue 

delay, additional competition in the 

market for the Shares. 

V. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,16 that the 

proposed rule change (SR–NYSEArca–

2006–36) is approved on an accelerated 

basis. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.17

Nancy M. Morris, 

Secretary. 

[FR Doc. E7–59 Filed 1–8–07; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55017; File No. SR–

NYSEArca–2006–34] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and Order 

Granting Accelerated Approval of 

Proposed Rule Change To Trade the 

iShares MSCI Index Funds Pursuant 

to Unlisted Trading Privileges 

December 28, 2006. 

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 October 

18, 2006, NYSE Arca, Inc. (‘‘NYSE 

Arca’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been 

substantially prepared by the Exchange. 

The Commission is publishing this 

notice and order to solicit comments on 

the proposal from interested persons 

and to approve the proposal on an 

accelerated basis. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange, through its wholly 

owned subsidiary NYSE Arca Equities, 

Inc. (‘‘NYSE Arca Equities’’) proposes to 

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

Index Funds (‘‘Funds’’) pursuant to 

unlisted trading privileges (‘‘UTP’’) 

based on NYSE Arca Equities Rule 

5.2(j)(3): 

• iShares MSCI Belgium (Symbol: 

EWK) 

• iShares MSCI France (EWQ) 

• iShares MSCI Hong Kong (EWH) 

• iShares MSCI Italy (EWI) 

• iShares MSCI Japan (EWJ) 

• iShares MSCI Malaysia (EWM) 

• iShares MSCI Netherlands (EWN) 

• iShares MSCI Singapore (EWS) 

• iShares MSCI Spain (EWP) 

• iShares MSCI Sweden (EWD) 

• iShares MSCI Switzerland (EWL) 

• iShares MSCI United Kingdom 

(EWU). 

The text of the proposed rule change 

is available on the Exchange’s Web site 

(http://www.nysearca.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 

Exchange 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 these 

statements may be examined at the 

places specified in Item III below. The 

Exchange has prepared summaries, set 

forth in Sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange is proposing to trade 

the Shares pursuant to UTP. Each Fund 

seeks investment results that correspond 

generally to the price and yield 

performance, before fees and expenses, 

of publicly traded securities in the 

aggregate in the respective country’s 

markets, as measured by the applicable 

MSCI Index (each, an ‘‘Index’’). Each 

MSCI Index is calculated by Morgan 

Stanley Capital Investment (‘‘MSCI’’) 

and consists of stocks traded primarily 

on the respective country’s stock 

exchange. Information regarding the 

largest stocks and industry categories in 

each Index can be found in the iShares 

MSCI Series prospectus, which is 

available via the iShares Web site 

(http://www.ishares.com). Each Fund 

uses a representative sampling strategy 

to track the applicable Index and 

normally will invest at least 95% of its 

total assets in stocks that are 

represented in the relevant Index and 

will at all times invest at least 90% of 

its total assets in such stocks. 

The Commission previously approved 

the original listing and trading of the 

Shares of the Funds on the American 

Stock Exchange, LLC (‘‘Amex’’).3 The 

Commission subsequently approved 

listing of the Shares on the New York 

Stock Exchange (‘‘NYSE’’).4 The 

Exchange deems the Shares to be equity 

securities, thus rendering trading in the 


ycherry on PROD1PC63 with NOTICES
Federal Register / Vol. 72, No. 5 / Tuesday, January 9, 2007 / Notices 1045 

5 15 U.S.C. 80a–24(d). 

6See In the Matter of iShares, Inc., et al., 

Investment Company Act Release No. 25623 (June 

25, 2002). 

7 15 U.S.C. 78f(b). 

8 15 U.S.C. 78f(b)(5). 

9 17 CFR 240.12f–5. 

Shares subject to the Exchange’s 

existing rules governing the trading of 

equity securities. The trading hours for 

the Shares on the Exchange are the same 

as those set forth in NYSE Arca Equities 

Rule 7.34, except that the iShares MSCI 

Belgium, France, Italy, Netherlands, 

Spain, Sweden, Switzerland, and 

United Kingdom Index Funds will not 

trade during the Opening Session (4 

a.m. to 9:30 a.m. Eastern Time) unless 

the Indicative Optimized Portfolio 

Value (‘‘IOPV’’) is calculated and 

disseminated during that time. The 

iShares MSCI Hong Kong, Japan, 

Malaysia, and Singapore Index Funds 

will trade during the Opening Session 

since there is no overlap in trading 

hours of the Opening Session and the 

foreign markets trading the applicable 

Index securities. The last calculated 

IOPV for each of these four Funds is 

available to investors during the 

Opening Session through facilities of 

the Consolidated Tape Association 

(‘‘CTA’’) or major market data vendors. 

These IOPVs are unchanged during the 

Opening Session from their last 

calculated value. 

Quotations for and last sale 

information regarding the Shares for 

each Fund are disseminated through the 

Consolidated Quotation System. The 

MSCI Index on which each Fund is 

based is calculated by MSCI for each 

trading day in the applicable foreign 

market based on official closing prices 

in such markets. The value of each 

underlying MSCI Index is updated intraday on a real-time basis as individual 

component securities of each 

underlying Index change in price. The 

intra-day values of these MSCI Indices 

are disseminated every 15 seconds 

throughout the trading day by 

organizations authorized by MSCI. The 

net asset value (‘‘NAV’’) of each Fund is 

calculated and disseminated each 

business day, normally at the close of 

regular trading of the NYSE. 

To provide updated information 

relating to each Fund for use by 

investors, professionals, and persons 

wishing to create or redeem the Shares, 

NYSE disseminates through the 

facilities of the CTA the IOPV for each 

Fund as calculated by Bloomberg, L.P. 

The IOPV is disseminated on a pershare basis every 15 seconds during 

regular NYSE trading hours of 9:30 a.m. 

to 4:15 p.m. Eastern Time. 

The IOPV may not reflect the value of 

all securities included in the applicable 

underlying Index. In addition, the IOPV 

does not necessarily reflect the precise 

composition of the current portfolio of 

securities held by each Fund at a 

particular point in time. Therefore, the 

IOPV on a per-share basis disseminated 

during NYSE’s regular trading hours 

should not be viewed as a real-time 

update of the NAV of a particular Fund, 

which is calculated only once a day. 

The IOPV is intended to closely 

approximate the value per share of the 

portfolio of securities for a Fund and 

provide for a close proxy of the NAV at 

a greater frequency for investors. 

For the iShares MSCI Hong Kong, 

Japan, Malaysia, and Singapore Index 

Funds, there is no overlap in trading 

hours between the foreign markets and 

NYSE. Therefore, for these Funds, the 

IOPV is calculated based on closing 

prices in the principal foreign market 

for securities in the Funds’ portfolios, 

which are then converted from the 

applicable foreign currency to U.S. 

dollars. This IOPV is updated every 15 

seconds during NYSE regular trading 

hours of 9:30 a.m. to 4:15 p.m. E.T. to 

reflect changes in currency exchange 

rates between the U.S. dollar and the 

applicable foreign currency. 

The iShares MSCI Belgium, France, 

Italy, Netherlands, Spain, Sweden, 

Switzerland, and United Kingdom Index 

Funds include companies trading in 

markets with trading hours overlapping 

regular NYSE trading hours. For these 

Funds, the IOPV calculator updates the 

IOPV during the overlap period every 15 

seconds to reflect price changes in the 

principal foreign market, and converts 

such prices into U.S. dollars based on 

the current currency exchange rate. 

When the foreign market or markets are 

closed but NYSE is open for trading, the 

IOPV is updated every 15 seconds to 

reflect changes in currency exchange 

rates. 

The Commission has granted each 

Fund an exemption from certain 

prospectus delivery requirements under 

Section 24(d) of the Investment 

Company Act of 1940 (‘‘1940 Act’’).5

Any product description used in 

reliance on the Section 24(d) exemptive 

order will comply with all 

representations made and all conditions 

contained in the Funds’ application for 

orders under the 1940 Act.6

In connection with the trading of the 

Shares, the Exchange would inform ETP 

Holders in an Information Circular of 

the special characteristics and risks 

associated with trading the Shares, 

including how Shares are created and 

redeemed, the prospectus or product 

description delivery requirements 

applicable to the Shares, applicable 

Exchange rules, how information about 

the value of each underlying Index is 

disseminated, and trading information. 

In addition, before an ETP Holder 

recommends a transaction in the Shares, 

the ETP Holder must determine the 

Shares are suitable for the customer, as 

required by NYSE Arca Equities Rule 

9.2(a)–(b). 

The Exchange intends to utilize its 

existing surveillance procedures 

applicable to derivative products to 

monitor trading in the Shares. The 

Exchange represents that these 

procedures are adequate to monitor 

Exchange trading of the Shares. 

2. Statutory Basis 

The Exchange believes that the 

proposal is consistent with Section 6(b) 

of the Act 7 in general and Section 

6(b)(5) of the Act 8 in particular in that 

it is designed to promote just and 

equitable principles of trade, to foster 

cooperation and coordination with 

persons engaged in facilitating 

transactions in securities, to remove 

impediments and perfect the 

mechanisms of a free and open market, 

and to protect investors and the public 

interest. In addition, the Exchange 

believes that the proposal is consistent 

with Rule 12f–5 under the Act 9 because 

it 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. 

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 

Written comments on the proposed 

rule change were neither solicited nor 

received. 

III. 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 Exchange 

Act. Comments may be submitted by 

any of the following methods: 


ycherry on PROD1PC63 with NOTICES
1046 Federal Register / Vol. 72, No. 5 / Tuesday, January 9, 2007 / Notices 

10 In approving this rule change, the Commission 

notes that it has considered the proposed rule’s 

impact on efficiency, competition, and capital 

formation. See 15 U.S.C. 78c(f). 

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

12 15 U.S.C. 78l(f). 

13Section 12(a) of the Act, 15 U.S.C. 78l(a), 

generally prohibits a broker-dealer from trading a 

security on a national securities exchange unless 

the security is registered on that exchange pursuant 

to Section 12 of the Act. Section 12(f) of the Act 

excludes from this restriction trading in any 

security to which an exchange ‘‘extends UTP.’’

When an exchange extends UTP to a security, it 

allows its members to trade the security as if it were 

listed and registered on the exchange even though 

it is not so listed and registered. 

14See supra notes 3 and 4. 

15 17 CFR 240.12f–5. 

16 15 U.S.C. 78k–1(a)(1)(C)(iii). 

17 15 U.S.C. 78s(b)(2). 

18 17 CFR 200.30–3(a)(12). 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

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

Number SR–NYSEArca–2006–34 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Nancy M. Morris, Secretary, 

Securities and Exchange Commission, 

100 F Street NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–NYSEArca–2006–34. This 

file number should be included on the 

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

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

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

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

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

available for inspection and copying in 

the Commission’s Public Reference 

Room. Copies of such filing also will be 

available for inspection and copying at 

the principal office of the Exchange. 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–2006–34 and 

should be submitted on or before 

January 30, 2007. 

IV. Commission’s Findings and Order 

Granting Accelerated Approval of the 

Proposed Rule Change 

After careful review, the Commission 

finds that the proposed rule change is 

consistent with the requirements of the 

Act and the rules and regulations 

thereunder applicable to a national 

securities exchange.10 In particular, the 

Commission finds that the proposed 

rule change is consistent with Section 

6(b)(5) of the Act 11 which requires that 

an exchange have rules designed, among 

other things, to promote just and 

equitable principles of trade, 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 

believes that this proposal should 

benefit investors by increasing 

competition among markets that trade 

the Shares. 

In addition, the Commission finds 

that the proposal is consistent with 

Section 12(f) of the Act,12 which permits 

an exchange to trade, pursuant to UTP, 

a security that is listed and registered on 

another exchange.13 The Commission 

notes that it previously approved the 

listing and trading of the Shares on 

Amex and subsequently on NYSE.14

The Commission also finds that the 

proposal is consistent with Rule 12f–5 

under the Act,15 which provides that an 

exchange shall not extend UTP to a 

security unless the exchange has in 

effect a rule or rules providing for 

transactions in the class or type of 

security to which the exchange extends 

UTP. The Exchange has represented that 

it meets this requirement because it 

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. 

The Commission further believes that 

the proposal is consistent with Section 

11A(a)(1)(C)(iii) of the Act,16 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. Quotations for 

and last sale information regarding the 

Shares are disseminated through the 

Consolidated Quotation System. 

Furthermore, an IOPV calculator 

updates the applicable IOPV every 15 

seconds to reflect price changes of the 

applicable Index components in the 

principal foreign markets, and converts 

such prices into U.S. dollars based on 

the current currency exchange rate. 

When the foreign market or markets are 

closed but NYSE is open for trading, the 

IOPV will be updated every 15 seconds 

to reflect changes in currency exchange 

rates. NYSE Arca Rule 7.34 describes 

the situations when the Exchange would 

halt trading when the IOPV or the value 

of the Index underlying one of the 

Funds is not calculated or widely 

available. 

The Commission notes that if the 

Shares should be delisted by the listing 

exchange, the Exchange would no 

longer have authority to trade the Shares 

pursuant to this order. 

In support of this proposal, the 

Exchange has made the following 

representations: 

1. The Exchange’s surveillance 

procedures are adequate to monitor the 

trading of the Shares. 

2. In connection with the trading of 

the Shares, the Exchange would inform 

ETP Holders in an Information Circular 

of the special characteristics and risks 

associated with trading the Shares. 

3. The Information Circular would 

inform participants of the prospectus or 

product delivery requirements 

applicable to the Shares. 

This approval order is conditioned on 

the Exchange’s adherence to these 

representations. 

The Commission finds good cause for 

approving this proposal before the 

thirtieth day after the publication of 

notice thereof in the Federal Register. 

As noted previously, the Commission 

previously found that the listing and 

trading of the Shares on Amex and 

subsequently NYSE is consistent with 

the Act. The Commission presently is 

not aware of any regulatory issue that 

should cause it to revisit that earlier 

finding or preclude the trading of Shares 

on the Exchange pursuant to UTP. 

Therefore, accelerating approval of this 

proposal should benefit investors by 

creating, without undue delay, 

additional competition in the market for 

the Shares. 

V. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,17 that the 

proposed rule change (SR–NYSEArca–

2006–34) is approved on an accelerated 

basis. 


ycherry on PROD1PC63 with NOTICES
Federal Register / Vol. 72, No. 5 / Tuesday, January 9, 2007 / Notices 1047 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 43658 

(December 1, 2000), 65 FR 77408 (December 11, 

2000) (SR–NYSE–2000–53). 4 15 U.S.C. 80a–24(d). 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.18

Jill M. Peterson, 

Assistant Secretary. 

[FR Doc. E7–63 Filed 1–8–07; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55019; File No. SR–

NYSEArca–2006–35] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and Order 

Granting Accelerated Approval of 

Proposed Rule Change To Trade the 

iShares S&P Global 100 Index Fund 

Pursuant to Unlisted Trading 

Privileges 

December 28, 2006. 

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 October 

18, 2006, NYSE Arca, Inc. (‘‘NYSE 

Arca’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been 

substantially prepared by the Exchange. 

The Commission is publishing this 

notice and order to solicit comments on 

the proposal from interested persons 

and to approve the proposed rule 

change on an accelerated basis. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange, through its wholly 

owned subsidiary NYSE Arca Equities, 

Inc. (‘‘NYSE Arca Equities’’) proposes to 

trade shares (‘‘Shares’’) of the iShares

S&P Global 100 Index Fund (‘‘Fund’’) 

(Symbol: IOO) pursuant to unlisted 

trading privileges (‘‘UTP’’) based on 

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

The text of the proposed rule change 

is available on the Exchange’s Web site 

(http://www.nysearca.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 

Exchange 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 these 

statements may be examined at the 

places specified in Item III below. The 

Exchange has prepared summaries, set 

forth in Sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange is proposing to trade 

the Shares pursuant to UTP. The Fund 

measures the performance of 100 

multinational companies that comprise 

the S&P Global 100 Index (‘‘Index’’) that 

are also part of the S&P Global 1200. 

Their businesses are global in nature 

and they derive a substantial portion of 

their operating income from multiple 

countries. The Fund represents an effort 

to meet the needs of investors wishing 

to track the performance of global 

companies. With 100 highly liquid 

components, the Index is designed to 

support low-cost, index-investment 

products, including exchange-traded 

funds. The Fund will use an ‘‘indexing’’

investment approach that attempts to 

replicate, before expenses, the 

performance of the Index. 

The Commission previously approved 

the original listing and trading of the 

Fund on the New York Stock Exchange 

(‘‘NYSE’’).3 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. The trading hours for the 

Shares on the Exchange would be the 

same as those set forth in NYSE Arca 

Equities Rule 7.34, except that the 

Shares will not trade during the 

Opening Session (4 a.m. to 9:30 a.m. 

Eastern Time) unless the Indicative 

Optimized Portfolio Value (‘‘IOPV’’) is 

calculated and disseminated during that 

time. 

Quotations for and last sale 

information regarding the Shares are 

disseminated through the Consolidated 

Quotation System. The value of the 

underlying Index is updated intra-day 

on a real-time basis as individual 

component securities of the underlying 

Index change in price. These intra-day 

values of the underlying Index are 

disseminated every 15 seconds 

throughout the trading day. In addition, 

a value for the underlying Index is 

disseminated once each trading day, 

based on closing prices of the Index 

components in the relevant foreign 

markets. The net asset value (‘‘NAV’’) of 

the Fund is calculated and disseminated 

each business day, normally at the close 

of regular trading of NYSE. 

To provide updated information 

relating to the Shares for use by 

investors, professionals, and persons 

wishing to create or redeem them, NYSE 

disseminates the IOPV for the Fund as 

calculated by a securities information 

provider. The IOPV is disseminated on 

a per-share basis every 15 seconds 

during regular NYSE trading hours of 

9:30 a.m. to 4:15 p.m. Eastern Time. 

The IOPV will be calculated utilizing 

closing prices in the principal foreign 

markets for securities in the Fund 

portfolio, converted to U.S. dollars. The 

IOPV is updated during NYSE’s trading 

hours to reflect changes in currency 

exchange rates between the U.S. dollar 

and the applicable foreign currency and 

includes the applicable cash component 

for the Fund. The Index includes 

companies trading in markets with 

trading hours overlapping NYSE’s. 

During the overlap period, the IOPV 

calculator updates the IOPV every 15 

seconds to reflect price changes of the 

Index components in the principal 

foreign markets, and converts such 

prices into U.S. dollars based on the 

currency exchange rate. When the 

foreign market or markets are closed but 

NYSE is open for trading, the IOPV is 

updated every 15 seconds to reflect 

changes in currency exchange rates. 

The IOPV may not reflect the value of 

all securities included in the applicable 

underlying Index. In addition, the IOPV 

does not necessarily reflect the precise 

composition of the current portfolio of 

securities held by the Fund at a 

particular point in time. Therefore, the 

IOPV on a per-share basis disseminated 

during NYSE’s regular trading hours 

should not be viewed as a real-time 

update of the NAV of the Fund, which 

is calculated only once a day. The IOPV 

is intended to closely approximate the 

value per-share of the portfolio of 

securities for the Fund and provide for 

a close proxy of the NAV at a greater 

frequency for investors. 

The Commission has granted the 

Fund an exemption from certain 

prospectus delivery requirements under 

Section 24(d) of the Investment 

Company Act of 1940 (‘‘1940 Act’’).4

Any product description used in 

reliance on the Section 24(d) exemptive 

order will comply with all 

representations made and all conditions 


ycherry on PROD1PC63 with NOTICES