53472 Federal Register / Vol. 73, No. 180 / Tuesday, September 16, 2008 / Notices 

8 15 U.S.C. 78s(b)(2). 

9 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3E-mail from Tim Malinowski, Director, NYSE 

Euronext, to Edward Cho, Special Counsel, Division 

of Trading and Markets, Commission, dated 

September 3, 2008. 

4Fund Shares differ from traditional exchangetraded fund (‘‘ETF’’) shares in that they do not 

merely correspond to the performance of a given 

securities index, but rather attempt to match a 

multiple or inverse of such underlying index 

performance. Multiple Fund Shares seek to provide 

investment results, before fees and expenses, that 

correspond to a specified multiple of the percentage 

performance on a given day of a particular foreign 

or domestic equities index or Fixed Income 

Securities (as described below) index or a 

combination thereof. Inverse Fund Shares seek to 

provide investment results, before fees and 

expenses, that correspond to the inverse (opposite) 

of the percentage performance on a given day of a 

particular foreign or domestic equities index or 

Fixed Income Securities index or a combination 

thereof, by a specified multiple. Fixed Income 

Securities are described in NYSE Arca Equities Rule 

5.2(j)(3) as debt securities that are notes, bonds, 

debentures or evidence of indebtedness that 

include, but are not limited to, U.S. Department of 

Treasury securities, government-sponsored entity 

securities, municipal securities, trust preferred 

securities, supranational debt and debt of a foreign 

country or a subdivision thereof. 

5See Securities Exchange Act Release Nos. 56713 

(October 29, 2007), 72 FR 61915 (November 1, 2007) 

(SR–Amex–2007–74) (approving the listing and 

trading of Rydex Leveraged Funds, Inverse Funds 

and Leveraged Inverse Funds); 52553 (October 3, 

2005), 70 FR 59100 (October 11, 2005) (SR–Amex– 

2004–62) (approving the listing and trading of the 

ProShares Ultra Funds and Short Funds); 54040 

(June 23, 2006), 71 FR 37629 (June 30, 2006) (SR– 

Amex–2006–41) (approving the listing and trading 

of the ProShares UltraShort Funds); 55117 (January 

17, 2007), 72 FR 3442 (January 25, 2007) (SR– 

Amex–2006–101) (approving the listing and trading 

of Ultra, Short and UltraShort Funds based on 

various indexes); 56592 (October 1, 2007), 72 FR 

57364 (October 9, 2007) (SR–Amex–2007–60) 

(approving the listing and trading of ProShares 

Ultra, Short and UltraShort Funds based on various 

international indexes); and 56998 (December 19, 

2007), 72 FR 73404 (December 27, 2007) (SR– 

Amex–2007–104) (approving the listing and trading 

of ProShares Ultra, Short and UltraShort Funds 

based on several fixed income indexes, among 

others). 

6The Short Funds and Inverse Funds seek daily 

investment results, before fees and expenses, that 

correspond to the inverse or opposite of the daily 

performance (¥100%) of the underlying indexes, 

and the Ultra Short Funds and Leveraged Inverse 

Funds seek daily investment results, before fees and 

expenses, that correspond to twice the inverse or 

opposite of the daily performance (¥200%) of the 

underlying indexes. See Securities Exchange Act 

Release Nos. 56763 (November 7, 2007), 72 FR 

64103 (November 14, 2007) (SR–NYSEArca–2007– 

81) (approving UTP trading of shares of funds of 

Rydex ETF Trust); 56601 (October 2, 2007), 72 FR 

57625 (October 10, 2007) (SR–NYSEArca–2007–79) 

(approving UTP trading of shares of eight funds of 

the ProShares Trust); 55125 (January 18, 2007), 72 

FR 3462 (January 25, 2007) (SR–NYSEArca–2006– 

87) (approving UTP trading of shares of 81 funds 

of the ProShares Trust); 54026 (June 21, 2006), 71 

FR 36850 (June 28, 2006) (SR–PCX–2005–115) 

(approving UTP trading of shares of funds of the 

ProShares Trust). 

7See Securities Exchange Act Release No. 57660 

(April 14, 2008), 73 FR 21391 (April 21, 2008) (SR– 

Amex–2007–131) (order approving generic listing 

standards for Multiple Fund Shares and Inverse 

Fund Shares) (‘‘Amex Proposal’’). 

comply with the Exchange’s continued 

listing standards. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,8 that the 

proposed rule change (SR–NYSE–2008– 

57) be, and hereby is, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.9

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–21544 Filed 9–15–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58484; File No. SR– 

NYSEAcra–2008–89] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing of Proposed 

Rule Change Amending NYSE Arca 

Equities Rule 5.2(j)(3) in Connection 

With Generic Listing Standards for 

Multiple Fund Shares and Inverse Fund 

Shares 

September 8, 2008. 

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 August 

25, 2008, NYSE Arca, Inc. (‘‘NYSE 

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

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III 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, through its whollyowned subsidiary NYSE Arca Equities, 

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

to amend its rules governing NYSE 

Arca, LLC (also referred to as the ‘‘NYSE 

Arca Marketplace’’), the equities trading 

facility of NYSE Arca Equities. The 

Exchange is proposing to amend NYSE 

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

Exchange’s initial listing standards for 

Investment Company Units (‘‘ICUs’’), to 

include generic listing standards for 

series of ICUs that seek to provide 

investment results that either exceed the 

performance of a specified index by a 

specified multiple (‘‘Multiple Fund 

Shares’’) or that correspond to the 

inverse (opposite) of the performance of 

a specified index by a specified multiple 

(‘‘Inverse Fund Shares’’) (collectively, 

‘‘Fund Shares’’). The text of the 

proposed rule change is available on the 

Exchange’s Web site at http:// 

www.nyse.com, at the Exchange’s 

principal office, and at the 

Commission’s Public Reference Room.3

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

NYSE Arca 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 IV below. NYSE 

Arca 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 amend 

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

Exchange’s initial listing standards for 

ICUs, to include generic listing 

standards for series of Multiple Fund 

Shares and Inverse Fund Shares.4 The 

Exchange notes that the Commission 

has previously approved the listing and 

trading of various Multiple Fund Shares 

and Inverse Fund Shares.5 Multiple 

Fund Shares and Inverse Fund Shares 

currently trading on the Exchange 

include the Short Funds and UltraShort 

Funds of the ProShares Trust and the 

Inverse Funds and Leveraged Inverse 

Funds of the Rydex ETF Trust, which 

trade on the Exchange pursuant to 

unlisted trading privileges (‘‘UTP’’) 

under NYSE Arca Equities Rule 

5.2(j)(3).6

This rule proposal is similar to a 

proposed rule change by American 

Stock Exchange LLC (‘‘Amex’’) in which 

the Commission approved generic 

listing standards for Multiple Fund 

Shares and Inverse Fund Shares.7 In 

addition, the Exchange notes that the 

Commission has approved generic 

listing standards in NYSE Arca Equities 

Rule 5.2(j)(6), the Exchange’s initial 

listing standards for Equity IndexLinked Securities, Commodity-Linked 

Securities, Currency-Linked Securities, 

Fixed Income Index-Linked Securities, 

Futures-Linked Securities and 

MultiFactor Index-Linked Securities, 


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Federal Register / Vol. 73, No. 180 / Tuesday, September 16, 2008 / Notices 53473 

8See NYSE Arca Equities Rule 5.2(j)(6)(A)(d); see 

also Securities Exchange Act Release No. 56907 

(December 5, 2007), 72 FR 70640 (December 12, 

2007) (SR–NYSEArca–2007–122) (order approving 

generic listing standards under NYSE Arca Equities 

Rule 5.2(j)(6)). 

9 17 CFR 240.19b–4(e). 

10 15 U.S.C. 78s(b)(2). 

11 17 CFR 240.19b–4(e). 

12See notes 5 and 6, supra. 

13Because the National Securities Clearing 

Corporation’s (‘‘NSCC’’) system for the receipt and 

dissemination to its participants of the portfolio 

composition file (‘‘PCF File’’) is not currently 

capable of processing information with respect to 

Financial Instruments, an ‘‘IIV File’’ has been 

developed which is used to disclose a fund’s 

holdings of Financial Instruments. The IIV File is 

posted to a password-protected Web site before the 

opening of business on each business day, and all 

NSCC participants and the Exchange have access to 

a password and the Web site containing the IIV File. 

14The PCF File for a fund includes the list of 

names and the required number of shares of each 

deposit security, as well as any cash information to 

be included in the next trading day’s Creation Unit 

(the minimum aggregation size of shares required to 

effect a creation or redemption of shares). The 

information in the PCF File will be available to all 

participating in the NSCC system. 

15Authorized Participants are the only persons 

that may place orders to create and redeem Creation 

Units. Authorized Participants must be registered 

broker-dealers or other securities market 

participants, such as banks and other financial 

institutions, that are exempt from registration as 

broker-dealers to engage in securities transactions, 

who are Depository Trust Company participants. 

permitting the loss or negative payment 

at maturity with respect to such 

securities to be accelerated by up to 

twice the performance of the underlying 

Reference Asset (as defined in Rule 

5.2(j)(6)).8

The Exchange proposes to amend 

Commentaries .01, .02 and .03 and add 

new Commentary .04 to Rule 5.2(j)(3) to 

permit the listing and trading of 

Multiple Fund Shares and certain 

Inverse Fund Shares pursuant to the 

Exchange’s generic listing standards for 

ICUs. Specifically, the investment 

objective associated with the Fund 

Shares must be expected to achieve 

investment results, before fees and 

expenses, that correspond to a specific 

multiple of the percentage performance 

on a given day (Multiple Fund Shares) 

or inversely up to minus or negative 

300% (¥300%) (Inverse Fund Shares) 

of the percentage performance of the 

underlying benchmark domestic, 

international or global equity and/or 

Fixed Income Securities index or a 

combination thereof, as applicable. 

Specifically, the Exchange is proposing 

to remove the current limitation to 

listing Multiple Fund Shares and 

Inverse Fund Shares. The Exchange 

proposes to add to Commentary .01, .02. 

and .03 of NYSE Arca Equities Rule 

5.2(j)(3) to provide initial listing 

standards for ICUs to prohibit listing on 

the Exchange of a series of ICUs issued 

by an open-end management investment 

company that seeks to provide 

investment results, before fees and 

expenses, in an amount that exceeds 

¥300% of the percentage performance 

on a given day of a particular domestic, 

international or global equity, or Fixed 

Income Securities index or combination 

thereof. 

Accordingly, the proposed rule 

change will enable the Exchange to list 

and trade Multiple Fund Shares and 

Inverse Fund Shares pursuant to Rule 

19b–4(e) 9 of the Act if each of the 

conditions set forth in Commentaries 

.01 or .02, or .03, as applicable, and 

Commentary .04 are satisfied. 

In addition, the Exchange proposes to 

amend NYSE Arca Equities Rule 

5.2(j)(3), Commentary .02(ii) to make a 

grammatical correction, replacing the 

words ‘‘are satisfied’’ with ‘‘satisfy’’. 

Limitation on Leverage 

In connection with Inverse Fund 

Shares that seek to provide investment 

results, before fees and expenses, in an 

amount that exceeds ¥300% of the 

percentage performance of the 

underlying benchmark index, the 

Exchange’s proposal would continue to 

require specific Commission approval 

pursuant to Section 19(b)(2) of the 

Act.10 In particular, Commentary .01, 

.02 and .03 of NYSE Arca Equities Rule 

5.2(j)(3) would expressly prohibit 

Inverse Fund Shares that seek to 

provide investment results, before fees 

and expenses, in an amount that 

exceeds ¥300% of the percentage 

performance of the underlying 

benchmark index, from being approved 

by the Exchange for listing and trading 

pursuant to Rule 19b–4(e) under the 

Act.11

In connection with Multiple Fund 

Shares, proposed Commentary .01, .02 

and .03 of NYSE Arca Equities Rule 

5.2(j)(3) does not provide a similar 

limitation on leverage. Instead, the 

proposal would permit the fund to seek 

to provide investment results, before 

fees and expenses, that correspond to 

any multiple, without limitation, of the 

percentage performance on a given day 

of a particular domestic, international or 

global equity, or Fixed Income 

Securities index or a combination 

thereof. 

The Exchange believes that a ¥300% 

limitation is appropriate for funds listed 

pursuant to the proposed criteria. Daily 

public Web site disclosure of portfolio 

holdings as required by proposed new 

Commentary .04 to Rule 5.2(j)(3), as 

discussed below, will ensure that 

investors are aware of the equity 

securities, Fixed Income Securities, 

Financial Instruments (as described 

below) and any cash and cash 

equivalents in a fund’s portfolio that a 

fund utilizes to seek to provide 

investment results corresponding to up 

to ¥300% of the underlying benchmark 

index. As noted above, the Commission 

has previously approved the listing of 

Inverse Fund Shares with a ¥200% 

limitation, as well as generic listing 

standards to accommodate such 

listings.12 The Exchange believes that a 

¥300% limitation will permit funds to 

provide investors with an incremental 

additional degree of leverage similar to 

instruments available to professional 

investors to manage risk, but with the 

additional transparency associated with 

portfolio disclosure, last sale reporting, 

and Intraday Indicative Value (‘‘IIV’’) 

dissemination, as discussed below. In 

addition, recommendations to investors 

of transactions in Fund Shares are 

subject to the customer suitability 

requirements of NYSE Arca Equities 

Rule 9.2, as discussed below. 

Availability of Information About Fund 

Shares and Underlying Indexes 

Proposed new Commentary .04 to 

Rule 5.2(j)(3) provides that the portfolio 

composition of a fund will be disclosed 

on its Web site. Web site disclosure of 

portfolio holdings will be made daily 

and will include, as applicable: (1) The 

identity and number of shares held of 

each specific equity security; (2) the 

identity and amount held of each 

specific fixed income security; (3) the 

specific types of financial instruments, 

which include, but are not limited to: 

Stock index futures contracts; options 

on futures contracts; options on 

securities and indices; equity caps, 

collars, and floors; swap agreements; 

forward contracts; and repurchase 

agreements (‘‘Financial Instruments’’), 

as well as the characteristics of such 

Financial Instruments; and (4) the cash 

equivalents and amount of cash held in 

the portfolio of a fund. This public Web 

site disclosure of the portfolio 

composition of a fund will coincide 

with the disclosure of the ‘‘IIV File’’ 13

and the ‘‘PCF File’’.14 Therefore, the 

same portfolio information (including 

accrued expenses and dividends) will 

be provided on the public Web site as 

well as in the IIV File and PCF File 

provided to ‘‘Authorized 

Participants’’.15 The format of the public 

Web site disclosure and the IIV File and 

PCF File may differ because the public 

Web site will list all portfolio holdings 

while the IIV File and PCF File will 

similarly provide the portfolio holdings 

but in a format appropriate for 

Authorized Participants, i.e., the exact 


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53474 Federal Register / Vol. 73, No. 180 / Tuesday, September 16, 2008 / Notices 

16 If an ICU is traded on the Exchange pursuant 

to unlisted trading privileges, the Exchange will 

halt trading if the primary listing market halts 

trading in such ICU. See NYSE Arca Equities Rule 

7.34(a). 

17 17 CFR 240.19b–4(e). 

18 Id. 

19 15 U.S.C. 78s(b)(2). 

components of a Creation Unit. 

Accordingly, investors will have access 

to the current portfolio composition of 

a fund through the fund’s Web site. 

Specifically, proposed new 

Commentary .04 to NYSE Arca Equities 

Rule 5.2(j)(3) would provide that the 

provisions of Commentary .04 would 

apply only to series of ICUs that are 

issued by an open-end management 

investment company that (i) seeks to 

provide investment results, before fees 

and expenses, that correspond to a 

specific multiple of the percentage 

performance on a given day of a 

particular domestic equity, international 

or global equity securities index, or 

Fixed Income Securities index, or a 

combination thereof (‘‘Multiple Fund 

Shares’’), or (ii) seeks to provide 

investment results, before fees and 

expenses, that correspond inversely up 

to ¥300% of the percentage 

performance on a given day of a 

particular domestic equity, international 

or global equity securities index, or 

Fixed Income Securities index, or a 

combination thereof (‘‘Inverse Fund 

Shares’’). For the initial and continued 

listing of Multiple Fund Shares and/or 

Inverse Fund Shares, the following 

requirements must be adhered to: Daily 

public Web site disclosure of portfolio 

holdings that will form the basis for the 

calculation of the net asset value by the 

issuer of a series of Multiple Fund 

Shares or Inverse Fund Shares, 

including, as applicable, the following 

instruments: (i) The identity and 

number of shares held of each specific 

equity security; (ii) the identity and 

amount held of each specific Fixed 

Income Security; (iii) the specific types 

of Financial Instruments and 

characteristics of such Financial 

Instruments; and (iv) cash equivalents 

and the amount of cash held in the 

portfolio. 

Trading Halts 

Existing trading halt requirements for 

ICUs will apply to Multiple Fund 

Shares and Inverse Fund Shares. In 

particular, Commentary .01(c) and .02(c) 

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

provides that, if the IIV or the index 

value applicable to that series of ICUs is 

not being disseminated as required, the 

Exchange may halt trading during the 

day in which the interruption to the 

dissemination of the IIV or the index 

value occurs. If the interruption to the 

dissemination of the IIV or the index 

value persists past the trading day in 

which it occurred, the Exchange will 

halt trading no later than the beginning 

of the trading day following the 

interruption.16

In addition, proposed Commentary 

.04(b) to NYSE Arca Equities Rule 

5.2(j)(3) requires the Exchange to halt 

trading of Fund Shares if the Exchange 

becomes aware that the open-end 

management investment company fails 

to properly disseminate the appropriate 

net asset value (‘‘NAV’’) to market 

participants at the same time and/or 

fails to provide daily public Web site 

disclosure of its portfolio holdings. 

Commentary .04(b) to NYSE Arca 

Equities Rule 5.2(j)(3) further provides 

that the Exchange may resume trading 

in such Fund Shares only when the 

NAV is disseminated to all market 

participants at the same time or the 

daily public Web site disclosure of 

portfolio holdings occurs, as 

appropriate. 

In addition to other factors that may 

be relevant, the Exchange may consider 

factors in exercising its discretion to 

halt or suspend trading in Multiple and/ 

or Inverse Fund Shares. These factors 

would include, but are not limited to, 

(1) the extent to which trading is not 

occurring in securities comprising an 

Underlying Index and/or the Financial 

Instruments relating to Fund Shares, or 

(2) whether other unusual conditions or 

circumstances detrimental to the 

maintenance of a fair and orderly 

market are present. In the case of the 

Financial Instruments held by a 

Multiple or Inverse Fund, the Exchange 

represents that a notification procedure 

will be implemented so that timely 

notice from the investment adviser of 

such Multiple or Inverse Fund is 

received by the Exchange when a 

particular Financial Instrument is in 

default or shortly to be in default. 

Notification from the investment adviser 

will be made by phone, facsimile or email. The Exchange will then determine 

on a case-by-case basis whether a 

default of a particular Financial 

Instrument justifies a trading halt of the 

Multiple and/or Inverse Fund Shares. 

Trading in Multiple and/or Inverse 

Fund Shares will also be halted if the 

circuit breaker parameters pursuant to 

NYSE Arca Equities 7.12 are reached. 

The Exchange believes that adopting 

generic listing standards for Multiple 

Fund Shares and Inverse Fund Shares 

based on domestic equity, international 

equity, and Fixed Income Securities 

indexes, or a combination thereof, and 

applying Rule 19b–4(e) 17 should fulfill 

the intended objective of that Rule by 

allowing those ETFs that satisfy the 

proposed generic listing standards to 

commence trading, without the need for 

separate Commission approval. The 

proposed rules have the potential to 

reduce the timeframe for bringing 

Multiple Fund Shares and Inverse Fund 

Shares to market, thereby reducing the 

burdens on issuers and other market 

participants. The Exchange submits that 

the failure of a particular Multiple Fund 

Share or Inverse Fund Share portfolio to 

comply with the proposed generic 

listing standards under Rule 19b–4(e) 18

would not, however, preclude the 

Exchange from submitting a separate 

filing pursuant to Section 19(b)(2) of the 

Act 19 requesting Commission approval 

to list and trade a particular series of 

Multiple Fund Shares or Inverse Fund 

Shares. 

Continued Listing and Trading Criteria 

The continued listing and trading 

requirements for existing ICUs included 

in NYSE Arca Equities Rule 5.5(g)(2) 

will similarly apply to Multiple Fund 

Shares and Inverse Fund Shares. 

Suitability 

Currently, NYSE Arca Equities Rule 

9.2(a) (Diligence As to Accounts) 

provides that an ETP Holder, before 

recommending a transaction in ICUs, 

must have reasonable grounds to believe 

that the recommendation is suitable for 

their customer based on any facts 

disclosed by the customer as to its other 

security holdings and as to its financial 

situation and needs. Further, the rule 

provides, with a limited exception, that 

prior to the execution of a transaction 

recommended to a non-institutional 

customer, the ETP Holder shall make 

reasonable efforts to obtain information 

concerning the customer’s financial 

status, tax status, investment objectives, 

and any other information that such 

ETP Holder believes would be useful to 

make a recommendation. 

Prior to the commencement of 

trading, the Exchange will inform its 

ETP Holders in an Information Bulletin 

of the suitability requirement of NYSE 

Arca Equities Rule 9.2(a) (Diligence As 

to Accounts). Specifically, ETP Holders 

will be reminded in the Information 

Bulletin that, in recommending 

transactions in these securities, they 

must have a reasonable basis to believe 

that the customer can evaluate the 

special characteristics of Multiple Fund 

Shares and Inverse Fund Shares and is 

able to bear the financial risks of such 

investment. 


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20 15 U.S.C. 78f(b). 

21 15 U.S.C. 78f(b)(5). 22 17 CFR 200.30–3(a)(12). 

This Information Bulletin will set 

forth the requirements relating to NYSE 

Arca Equities Rule 9.2(a)(2). 

Specifically, the Information Bulletin 

will remind ETP Holders of their 

obligations in recommending 

transactions in the Fund Shares so that 

members have a reasonable basis to 

believe that (1) the recommendation is 

suitable for a customer given reasonable 

inquiry concerning the customer’s 

investment objectives, financial 

situation, needs, and any other 

information known by such member, 

and (2) the customer can evaluate the 

special characteristics, and is able to 

bear the financial risks, of such 

investment. In connection with the 

suitability obligation, the Information 

Circular will also provide that members 

make reasonable efforts to obtain the 

following information: (1) The 

customer’s financial status; (2) the 

customer’s tax status; (3) the customer’s 

investment objectives; and (4) such 

other information used or considered to 

be reasonable by such member or 

registered representative in making 

recommendations to the customer. 

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) 20 of the Act, in general, and 

furthers the objectives of Section 

6(b)(5),21 in particular, in that it is 

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 

mechanisms of a free and open market 

and a national market system, 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 

additional types of exchange-traded 

products 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 Rule 5.2(j)(3) as 

proposed to be amended 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 35 days of the date of 

publication of this notice in the Federal 

Register or within such longer period (i) 

as the Commission may designate up to 

90 days of such date if it finds such 

longer period to be appropriate and 

publishes its reasons for so finding or 

(ii) as to which the Exchange consents, 

the Commission will: 

(A) By order approve 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 

No. SR–NYSEArca–2008–89 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, Station Place, 100 F Street, 

NE., Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NYSEArca–2008–89. 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, on official business days between 

the hours of 10 a.m. and 3 p.m. 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–2008–89 and should be 

submitted on or before October 7, 2008. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–21526 Filed 9–15–08; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[File No. 500–1] 

American Environmental Corp.; (n/k/a 

TrackBets International, Inc.), BAM! 

Entertainment, Inc., Entertainment 

Technologies & Programs, Inc., Inter 

Con PC, Inc., Rudy Nutrition, Trans 

Global Services, Inc., XCL Ltd., and 

ZymeTx, Inc.; Order of Suspension of 

Trading 

September 12, 2008. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of American 

Environmental Corp. (n/k/a TrackBets 

International, Inc.) because it has not 

filed any periodic reports since it filed 

a Form 10–SB–12G with the 

Commission on June 24, 1999. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of BAM! 

Entertainment, Inc. because it has not 

filed any periodic reports since the 

period ended March 31, 2004. 

It appears to the Securities and 

Exchange Commission that there is a 

lack of current and accurate information 

concerning the securities of 

Entertainment Technologies & 

Programs, Inc. because it has not filed 

any periodic reports since the period 

ended June 30, 2003. 

It appears to the Securities and 

Exchange Commission that there is a 


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