Federal Register / Vol. 80, No. 17 / Tuesday, January 27, 2015 / Notices 4327 

8 15 U.S.C. 78s(b)(3)(A). 

9 17 CFR 240.19b–4(f). 

10 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4See Securities Exchange Act Release No. 73716 

(December 2, 2014), 79 FR 72723 (‘‘Notice’’). 

5The Trust is registered under the 1940 Act. On 

April 25, 2014, the Trust filed with the Commission 

an amendment to its registration statement on Form 

N–1A relating to the Fund (File Nos. 333–193560 

and 811–22739) (the ‘‘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. 30198 (September 10, 2012) (File No. 812– 

13956). 

6An investment adviser to an open-end fund is 

required to be registered under the Investment 

Advisers Act of 1940 (the ‘‘Advisers Act’’). The 

Adviser, Wilshire Associates Incorporated 

(‘‘Wilshire’’) and the underlying managers that are 

sub-advisers to the Fund (the ‘‘Underlying 

Managers’’) are each registered as an investment 

adviser under the Advisers Act. Wilshire will be a 

sub-adviser to the Fund and, in that role, will 

evaluate and recommend strategies and Underlying 

Managers to the Adviser for use by the Fund. 

Additionally, according to the Exchange, Wilshire 

will provide recommendations to the Adviser for 

allocating and reallocating Fund assets among the 

Underlying Managers. Wilshire will not directly 

manage any assets of the Fund, although it may 

provide the Adviser or an Underlying Manager with 

non-discretionary advice on investment decisions 

and underlying positions. 

7See Notice, supra note 4, 79 FR at 72729. 

8See Notice, supra note 4, 79 FR at 72724. 

burden on competition, but rather may 

promote competition among order 

execution venues for orders of retail 

customers. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act 8 and paragraph (f) of Rule 

19b–4 thereunder.9 At any time within 

60 days of the filing of the proposed rule 

change, the Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. 

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 rule-comments@

sec.gov. Please include File Number SR– 

BX–2015–005 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–BX–2015–005. This file 

number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

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

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

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

available for Web site viewing and 

printing in the Commission’s Public 

Reference 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 such 

filing also will be available for 

inspection and copying at the principal 

offices 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–BX– 

2015–005, and should be submitted on 

or before February 17, 2015. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.10

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–01375 Filed 1–26–15; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–74109; File No. SR–NYSE– 

Arca–2014–134] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Order Approving a 

Proposed Rule Change To List and 

Trade Shares of the IQ Wilshire 

Alternative Strategies ETF Under NYSE 

Arca Equities Rule 8.600 

January 21, 2015. 

I. Introduction 

On November 18, 2014, NYSE Arca, 

Inc. (the ‘‘Exchange’’ or ‘‘NYSE Arca’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’), pursuant 

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

Exchange Act of 1934 (‘‘Act’’ or 

‘‘Exchange Act’’) 2 and Rule 19b–4 

thereunder,3 a proposed rule change to 

list and trade shares (‘‘Shares’’) of the IQ 

Wilshire Alternative Strategies ETF (the 

‘‘Fund’’) under NYSE Arca Equities 

Rule 8.600. The proposed rule change 

was published for comment in the 

Federal Register on December 8, 2014.4

The Commission received no comments 

on the proposed rule change. This order 

approves the proposed rule change. 

II. Description of the Proposal 

The Exchange proposes to list and 

trade the Shares under NYSE Arca 

Equities Rule 8.600, which governs the 

listing and trading of Managed Fund 

Shares on the Exchange. The Fund is a 

series of the IndexIQ Active ETF Trust 

(the ‘‘Trust’’).5 The Fund is an activelymanaged exchange-traded fund (‘‘ETF’’) 

and does not seek to replicate the 

performance of a specified index. 

IndexIQ Advisors LLC (the ‘‘Adviser’’) 

is the investment adviser for the Fund.6

The Exchange states that the Adviser is 

a not a registered broker-dealer and is 

not affiliated with a broker-dealer.7 The 

Exchange represents that in the event (a) 

any of the Adviser, Wilshire or the 

Underlying Managers is or becomes 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 brokerdealer, then, to the extent the brokerdealer or affiliated broker-dealer is not 

a limited purpose broker-dealer used for 

marketing and not trading purposes, it 

will implement a firewall with respect 

to its relevant personnel or its brokerdealer affiliate regarding access to 

information concerning the composition 

and/or changes to a portfolio, and will 

be subject to procedures designed to 

prevent the use and dissemination of 

material non-public information 

regarding such portfolio.8

The Bank of New York Mellon 

(‘‘Administrator’’) is the administrator, 

custodian, transfer agent and securities 

lending agent for the Fund. ALPS 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
4328 Federal Register / Vol. 80, No. 17 / Tuesday, January 27, 2015 / Notices 

9The Commission notes that additional 

information regarding the IQ Wilshire Alternative 

Strategies ETF and its shares; investment objectives; 

strategies; methodology and restrictions; risks; fees 

and expenses; creations and redemptions of Shares; 

availability of information; trading rules and halts; 

and surveillance procedures, among other things, 

can be found in the Registration Statement and in 

the Notice. See Notice, supra note 4, and 

Registration Statement, supra note 5, respectively. 

10The term ‘‘under normal circumstances’’ 

includes, but is not limited to, the absence of 

adverse market, economic, political or other 

conditions, including 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. 

11According to the Exchange, the investment of 

Fund assets not allocated to the Underlying 

Managers may be directly managed by the Advisor, 

although the Advisor does not currently intend to 

manage a significant portion of the Fund’s assets 

directly, and to the extent the Advisor does manage 

a portion of the Fund’s assets it would invest such 

assets in the same manner as the Underlying 

Managers. 

12See Notice, supra note 4, 79 FR at 72724. 

13These strategies are discussed in greater detail 

in the Notice and the Registration Statement. See 

Notice, supra note 4, and Registration Statement, 

supra note 5, respectively. 

14According to the Exchange, under normal 

market circumstances, the Fund generally will seek 

to invest in corporate bond issuances in developed 

countries that have at least $100,000,000 par 

amount outstanding and at least $200,000,000 par 

amount outstanding with respect to corporate bond 

issuances in emerging market countries. See Notice, 

supra note 4, 79 FR at 72725, n. 19. 

15The Fund will seek to gain exposure to U.S. 

agency mortgage pass-through securities primarily 

through the use of ‘‘to-be-announced securities.’’ 

16As a result of the Fund’s ability to invest in 

Financial Instruments, it may also hold U.S. 

Treasury Bills or short-term investments as 

collateral for the Financial Instruments, including 

money market funds, repurchase agreements, cash 

and time deposits. 

17The Fund may gain exposure to commodities 

through investments in other investment 

companies, ETFs or ETVs. 

18See Notice, supra note 4, 79 FR at 72726. 

19See id. 

20See id. 

21See id. 

22See id. 

Distributors Inc. is the distributor for the 

Fund. 

The Exchange has made the following 

representations and statements in 

describing the Fund and its strategy and 

characteristics, investments, and 

investment restrictions.9

Fund Strategies and Characteristics 

According to the Exchange, the Fund 

will seek long-term capital appreciation. 

Under normal circumstances,10 100% of 

the Fund’s assets will be allocated 

among the Underlying Managers that 

will employ a variety of alternative 

investment strategies.11 The Exchange 

states that in making these allocations, 

the Advisor will seek to combine the 

strategies of the Underlying Managers 

efficiently and systematically so that the 

Fund will generate a positive total 

return with relatively low volatility and 

low sensitivity or correlation to market 

indices.12

The Exchange states that the Fund 

and each of its Underlying Managers 

may use all or some of the following 

strategies in managing the assets of the 

Fund: equity hedge (long/short) 

strategies, relative value strategies, 

global macro strategies, event driven 

strategies, opportunistic credit 

strategies, tactical trading strategies, and 

liquid alternative beta strategies.13 The 

Fund and each of its Underlying 

Managers may also add additional 

strategies in the future. According to the 

Exchange, the Advisor may allocate 0 to 

100 percent of the Fund’s assets to any 

of these strategies or any of the 

Underlying Managers at any time. 

Investments of the Fund 

The Exchange states that in 

implementing the strategies discussed 

above, the Fund will invest in a 

portfolio consisting of some or all of the 

following instruments: 

• Exchange-traded equity securities, 

which will consist of common stocks, 

preferred stocks, convertible securities, 

rights and warrants, depositary receipts, 

ETFs, non-ETF exchange-traded 

vehicles (‘‘ETVs’’), and partnership 

interests, including master limited 

partnerships; 

• Fixed income securities, which will 

consist of debt issued by corporations,14

debt issued by governments, their 

agencies, instrumentalities, sponsored 

entities, and political subdivisions, 

covered bonds, debt participations, 

convertible bonds, non-investment 

grade securities, senior bank loans, 

exchange-traded notes, mortgage-backed 

and other asset-backed securities, and 

to-be-announced securities;15

• Currencies; 

• The following derivative 

instruments: futures contracts 

(consisting of futures contracts based on 

equity or fixed income securities and/or 

equity or fixed income indices, 

commodities, interest rates and 

currencies), swap agreements on any of 

the following asset classes: equity, fixed 

income, currency and interest rates 

(such swaps may be based on the price 

return or total return of the referenced 

asset), credit default swaps (consisting 

of credit default swaps in which the 

referenced asset is a single fixed income 

security or a group of fixed income 

securities), options (consisting of long 

and short positions in call options and 

put options on indices based on 

equities, fixed income securities, 

interest rates, currencies or 

commodities, individual securities or 

currencies, swaptions and options on 

futures contracts), forward contracts 

(consisting of forward contracts based 

on equity or fixed income securities 

and/or equity or fixed income indices, 

currencies, interest rates, swap forwards 

and non-deliverable forwards), and 

structured securities (such derivative 

instruments, collectively ‘‘Financial 

Instruments’’).16

The Exchange states that the Fund 

may use leverage (e.g., through the use 

of Financial Instruments) to obtain 

exposure in excess of 100% in an 

investment. The Fund may employ 

leverage to increase exposure to the 

Fund’s portfolio holdings by up to 

100% of the net assets of the Fund to 

gain additional exposure to the Fund’s 

portfolio holdings, such that the Fund 

will have up to 200% net exposure to 

its investments. 

According to the Exchange, the Fund 

may take long and/or short positions in 

equity securities, fixed income 

securities, commodities 17 and 

currencies, among others. 

Investment Restrictions 

All equity securities will be listed on 

a U.S. national securities exchange or a 

non-U.S. securities exchange that is a 

member of the Intermarket Surveillance 

Group (‘‘ISG’’) or a party to a 

comprehensive surveillance sharing 

agreement with the Exchange; provided, 

however, that up to 10% of the assets 

of the Fund may be invested in non-U.S. 

listed equity securities that do not meet 

these requirements.18

All options contracts will be listed on 

a U.S. national securities exchange or a 

non-U.S. securities exchange that is a 

member of ISG or a party to a 

comprehensive surveillance sharing 

agreement with the Exchange.19

Not more than 20% of the Fund’s 

assets will be invested, in the aggregate, 

in non-investment grade securities and 

structured securities.20

Up to 10% of the weight of the futures 

contracts held by the Fund may consist 

of futures contracts whose principal 

trading market is not a member of ISG 

or a party to a comprehensive 

surveillance sharing agreement with the 

Exchange.21

The Fund may invest up to 20% of its 

total assets in mortgage-backed 

securities or in other asset-backed 

securities, although this 20% limitation 

will not apply to U.S. government 

securities.22


asabaliauskas on DSK5VPTVN1PROD with NOTICES
Federal Register / Vol. 80, No. 17 / Tuesday, January 27, 2015 / Notices 4329 

23See id. 

24See id. 

25 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). 

26 15 U.S.C. 78f(b)(5). 

27 15 U.S.C. 78k–1(a)(1)(C)(iii). 

28Under 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, each 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. 

29See Notice, supra note 4, 79 FR at 72728. 

30According to the Exchange, several major 

market data vendors display and/or make widely 

available Portfolio Indicative Values taken from 

Consolidated Tape Association or other data feeds. 

See Notice, supra note 4, 79 FR at 72728, n. 26. 

31See Notice, supra note 4, 79 FR at 72729. 

32See Notice, supra note 4, 79 FR at 72728. 

33These may include: (1) The extent to which 

trading is not occurring in the securities and/or the 

financial instruments comprising the Disclosed 

Portfolio of a Fund; or (2) whether other unusual 

conditions or circumstances detrimental to the 

maintenance of a fair and orderly market are 

present. See Notice, supra note 4, 79 FR at 72728. 

34See Notice, supra note 4, 79 FR at 72728. 

The Fund may hold up to an aggregate 

amount of 15% of its net assets in 

illiquid assets (calculated at the time of 

investment), including Rule 144A 

securities.23 The Fund will monitor its 

portfolio liquidity on an ongoing basis 

to determine whether, in the light of 

current circumstances, an adequate 

level of liquidity is being maintained, 

and will consider taking appropriate 

steps in order to maintain adequate 

liquidity if, through a change in values, 

net assets, or other circumstances, more 

than 15% of the Fund’s net assets are 

held in illiquid assets. 

The Fund will not invest more than 

10% of its net assets in unsponsored 

depositary receipts.24

III. Discussion and Commission 

Findings 

After careful review, the Commission 

finds that the Exchange’s proposal to list 

and trade the Shares is consistent with 

the Exchange Act and the rules and 

regulations thereunder applicable to a 

national securities exchange.25 In 

particular, the Commission finds that 

the proposed rule change is consistent 

with Section 6(b)(5) of the Exchange 

Act,26 which requires, among other 

things, that the Exchange’s rules be 

designed 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 finds that the 

proposal to list and trade the Shares on 

the Exchange is consistent with Section 

11A(a)(1)(C)(iii) of the Exchange Act,27

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 and 

underlying securities that are listed on 

a U.S. exchange will be available via the 

Consolidated Tape Association highspeed line. Quotation and last-sale 

information for such U.S. exchangelisted securities as well as futures will 

be available from the exchange on 

which they are listed. Quotation and 

last sale information for options 

contracts will be available via the 

Options Price Reporting Authority. 

Quotation information for OTC-traded 

securities and OTC-traded Financial 

Instruments (such as forwards, swaps 

and currency-related derivatives), and 

investment company securities 

(excluding ETFs), may be obtained from 

brokers and dealers who make markets 

in such securities or through nationally 

recognized pricing services through 

subscription agreements. Quotation 

information from brokers and dealers or 

pricing services will be available for 

spot and forward currency transactions 

held by the Fund. 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. 

The Commission also 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. On 

each business day, before 

commencement of trading in Shares in 

the Core Trading Session (9:30 a.m. to 

4:00 p.m., Eastern Time) on the 

Exchange, each Fund will disclose on 

its Web site the Disclosed Portfolio that 

will form the basis for a Fund’s 

calculation of NAV at the end of the 

business day.28 The Web site 

information will be publicly available at 

no charge. The NAV will be calculated 

by the Administrator and determined 

each business day as of the close of 

regular trading on the Exchange 

(ordinarily 4:00 p.m., Eastern Time). 

The Exchange will obtain a 

representation from the issuer of the 

Shares that the NAV per Share will be 

calculated daily and that the NAV and 

the Disclosed Portfolio as defined in 

NYSE Arca Equities Rule 8.600(c)(2) 

will be made available to all market 

participants at the same time.29 The 

Portfolio Indicative Value of the Fund, 

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 Core Trading Session.30 The Web 

site for the Fund will include a form of 

the prospectus for the Fund and 

additional data relating to the Fund’s 

NAV and other applicable quantitative 

information.31

The Exchange represents that trading 

in Shares of a Fund will be halted if the 

circuit breaker parameters in NYSE Arca 

Equities Rule 7.12 have been reached.32

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.33 Trading in 

the Shares will be subject to NYSE Arca 

Equities Rule 8.600(d)(2)(D), which sets 

forth circumstances under which Shares 

may be halted. 

The Exchange states that it has a 

general policy prohibiting the 

distribution of material, non-public 

information by its employees.34 The 

Exchange states that the Adviser is a not 

a registered broker-dealer and is not 

affiliated with a broker-dealer. The 

Exchange represents that, in the event 

(a) the Adviser becomes newly affiliated 

with a broker-dealer, or (b) any new 

adviser or sub-adviser is a registered 

broker-dealer or becomes affiliated with 

a broker-dealer, it will implement a 

firewall with respect to its relevant 

personnel or its broker-dealer affiliate 

regarding access to information 

concerning the composition and/or 

changes to a portfolio, and will be 

subject to procedures designed to 

prevent the use and dissemination of 

material non-public information 

regarding such portfolio. 

The Financial Industry Regulatory 

Authority (‘‘FINRA’’), on behalf of the 

Exchange, will communicate as needed 

regarding trading in the Shares, equity 

securities, exchange-traded options, 

futures contracts and options on futures 

contracts with other markets that are 

members of the ISG and FINRA, on 

behalf of the Exchange, may obtain 

trading information regarding trading in 

the Shares, exchange-traded equities, 

exchange-traded options, futures 

contracts and options on futures 

contracts from such markets. In 


asabaliauskas on DSK5VPTVN1PROD with NOTICES
4330 Federal Register / Vol. 80, No. 17 / Tuesday, January 27, 2015 / Notices 

35For a list of the current members of ISG, see 

www.isgportal.org. 36 17 CFR 240.10A–3. 

37 15 U.S.C. 78f(b)(5). 

38 15 U.S.C. 78s(b)(2). 

39 17 CFR 200.30–3(a)(12). 

addition, the Exchange may obtain 

information regarding trading in the 

Shares, exchange-traded equities, 

exchange-traded options, futures 

contracts and options on futures 

contracts from markets and other 

entities that are members of ISG or with 

which the Exchange has in place a 

comprehensive surveillance sharing 

agreement.35 FINRA, on behalf of the 

Exchange, is able to access, as needed, 

trade information for certain fixed 

income securities held by the Fund 

reported to FINRA’s Trade Reporting 

and Compliance Engine. 

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. 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. In support of this proposal, 

the Exchange represented that: 

(1) The Shares will be subject to 

NYSE Arca Equities Rule 8.600, which 

sets forth the initial and continued 

listing criteria applicable to Managed 

Fund Shares. 

(2) Trading in the Shares will be 

subject to the existing trading 

surveillances administered by FINRA on 

behalf of the Exchange, which are 

designed to detect violations of 

Exchange rules and applicable federal 

securities laws, and these procedures 

are adequate to properly monitor 

Exchange trading of the Shares in all 

trading sessions and to detect and help 

deter violations of Exchange rules and 

applicable federal securities laws. 

(3) The Exchange has appropriate 

rules to facilitate transactions in the 

Shares during all trading sessions. 

(4) Prior to the commencement of 

trading, the Exchange will inform its 

Equity Trading Permit (‘‘ETP’’) Holders 

in an Information Bulletin (‘‘Bulletin’’) 

of the special characteristics and risks 

associated with trading the Shares. 

Specifically, the Bulletin will discuss 

the following: (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 ETP 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 Portfolio Indicative 

Value will not be calculated or publicly 

disseminated; (d) how information 

regarding the Portfolio Indicative Value 

is disseminated; (e) the requirement that 

ETP Holders deliver a prospectus to 

investors purchasing newly issued 

Shares prior to or concurrently with the 

confirmation of a transaction; and (f) 

trading information. 

(5) For initial and/or continued 

listing, the Trust will be in compliance 

with Rule 10A–3 36 under the Act, as 

provided by NYSE Arca Equities Rule 

5.3. 

(6) All equity securities will be listed 

on a U.S. national securities exchange or 

a non-U.S. securities exchange that is a 

member of the ISG or a party to a 

comprehensive surveillance sharing 

agreement with the Exchange; provided, 

however, that up to 10% of the assets 

of the Fund may be invested in non-U.S. 

listed equity securities that do not meet 

these requirements. 

(7) All options contracts will be listed 

on a U.S. national securities exchange or 

a non-U.S. securities exchange that is a 

member of ISG or a party to a 

comprehensive surveillance sharing 

agreement with the Exchange. 

(8) Not more than 20% of the Fund’s 

assets will be invested, in the aggregate, 

in non-investment grade securities and 

structured securities. 

(9) Not more than 10% of the weight 

of the futures contracts held by the 

Fund may consist of futures contracts 

whose principal trading market is not a 

member of ISG or a party to a 

comprehensive surveillance sharing 

agreement with the Exchange. 

(10) The Fund may invest no more 

than 20% of its total assets in mortgagebacked securities or in other assetbacked securities, although this 20% 

limitation will not apply to U.S. 

government securities. 

(11) The Fund may hold up to an 

aggregate amount of 15% of its net 

assets in illiquid securities, including 

Rule 144A securities. 

(12) The Fund will not invest more 

than 10% of its net assets in 

unsponsored depository receipts will 

not exceed 10% of a Fund’s net assets 

(13) A minimum of 100,000 Shares 

will be outstanding at the 

commencement of trading on the 

Exchange. 

This approval order is based on all of 

the Exchange’s representations, 

including those set forth above and in 

the Notice, and the Exchange’s 

descriptions of the Funds. For the 

foregoing reasons, the Commission finds 

that the proposed rule change is 

consistent with Section 6(b)(5) of the 

Act 37 and the rules and regulations 

thereunder applicable to a national 

securities exchange. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Exchange Act,38

that the proposed rule change (SR– 

NYSEArca-2014–134) is hereby 

approved.39

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority. 

Brent J. Fields, 

Secretary. 

[FR Doc. 2015–01376 Filed 1–26–15; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF STATE 

[Public Notice 9013] 

Culturally Significant Objects Imported 

for Exhibition Determinations: 

‘‘Coypel’s Don Quixote Tapestries: 

Illustrating a Spanish Novel in 18thCentury France’’ 

SUMMARY: Notice is hereby given of the 

following determinations: Pursuant to 

the authority vested in me by the Act of 

October 19, 1965 (79 Stat. 985; 22 U.S.C. 

2459), Executive Order 12047 of March 

27, 1978, the Foreign Affairs Reform and 

Restructuring Act of 1998 (112 Stat. 

2681, et seq.; 22 U.S.C. 6501 note, et 

seq.), Delegation of Authority No. 234 of 

October 1, 1999, and Delegation of 

Authority No. 236–3 of August 28, 2000 

(and, as appropriate, Delegation of 

Authority No. 257 of April 15, 2003), I 

hereby determine that the objects to be 

included in the exhibition ‘‘Coypel’s 

Don Quixote Tapestries: Illustrating a 

Spanish Novel in 18th-Century France,’’ 

imported from abroad for temporary 

exhibition within the United States, are 

of cultural significance. The objects are 

imported pursuant to loan agreements 

with the foreign owners or custodians. 

I also determine that the exhibition or 

display of the exhibit objects at The 

Frick Collection, New York, New York, 

from on or about February 25, 2015, 

until on or about May 17, 2015, and at 

possible additional exhibitions or 

venues yet to be determined, is in the 

national interest. I have ordered that 

Public Notice of these Determinations 

be published in the Federal Register. 

FOR FURTHER INFORMATION CONTACT: For 

further information, including a list of 

the imported objects, contact Paul W. 

Manning, Attorney-Adviser, Office of 


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