66442 Federal Register / Vol. 79, No. 216 / Friday, November 7, 2014 / Notices 

6 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78s(b)(1). 

3 17 CFR 240.19b–4. 

4Amendment No. 1 clarified the last sentence in 

footnote 6 of the proposed rule change filing and 

footnote 7 of the Exchange’s Exhibit 1 by replacing 

the sentence with the following: ‘‘The asset-back 

securities in which the Fund may invest include 

collateralized debt obligations, as described in the 

Prior Release.’’ 

5See Securities Exchange Act Release No. 64550 

(May 26, 2011), 76 FR 32005 (June 2, 2011) (SR– 

NYSEArca–2011–11) (order approving listing and 

trading on the Exchange of the Guggenheim 

Enhanced Core Bond ETF and Guggenheim 

Enhanced Ultra-Short Bond ETF) (‘‘Prior Order’’). 

See also Securities Exchange Act Release No. 64224 

(April 7, 2011), 76 FR 20401 (April 12, 2011) (SR– 

NYSEArca–2011–11) (‘‘Prior Notice,’’ and together 

with the Prior Order, the ‘‘Prior Release’’). The 

name of the Guggenheim Enhanced Ultra-Short 

Bond ETF was changed to the Guggenheim 

Enhanced Short Duration Bond ETF in a 

supplement to the Registration Statement (as 

defined below) effective December 5, 2011, and was 

further changed to Guggenheim Enhanced Short 

Duration ETF in a supplement to the Registration 

Statement (as defined below) effective September 

27, 2013 (‘‘September 27, 2013 Amendment’’). The 

Fund and the Shares are currently in compliance 

with the listing standards and other rules of the 

Exchange and the requirements set forth in the Prior 

Release. 

the proposed rule change and none have 

been received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period 

up to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the self- regulatory organization 

consents, the Commission will: 

(A) by order approve or disapprove 

the proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s Internet 

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

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

OCC–2014–18 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–OCC–2014–18. 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 the 

filing also will be available for 

inspection and copying at the principal 

office of OCC and on OCC’s Web site 

http://www.theocc.com/components/

docs/legal/rules_and_bylaws/sr_occ_14_

18.pdf. 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–OCC–2014–18 and should 

be submitted on or before November 28, 

2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.6

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–26460 Filed 11–6–14; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–73512; File No. SR– 

NYSEArca–2014–107] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing of Proposed 

Rule Change, as Modified by 

Amendment No. 1 Thereto, To Reflect 

Changes to the Means of Achieving the 

Investment Objective Applicable to the 

Guggenheim Enhanced Short Duration 

ETF 

November 3, 2014. 

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

Securities Exchange Act of 1934 (the 

‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that, on October 

21, 2014, NYSE Arca, Inc. (the 

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

the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the self-regulatory 

organization. On October 29, 2014, the 

Exchange filed Amendment No. 1 to the 

proposal.4 The Commission is 

publishing this notice to solicit 

comments on the proposed rule change, 

as modified by Amendment No. 1 

thereto, from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of the Substance 

of the Proposed Rule Change 

The Exchange proposes to submit a 

rule change to reflect changes to the 

means of achieving the investment 

objective applicable to the Guggenheim 

Enhanced Short Duration ETF (the 

‘‘Fund’’). The shares of the Fund are 

currently listed and traded on the 

Exchange under NYSE Arca Equities 

Rule 8.600. The text of the proposed 

rule change is available on the 

Exchange’s Web site at www.nyse.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 

self-regulatory organization included 

statements concerning the purpose of, 

and basis for, the proposed rule change 

and discussed any comments it received 

on the proposed rule change. The text 

of those statements may be examined at 

the places specified in Item IV below. 

The Exchange has prepared summaries, 

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

of the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Commission has approved listing 

and trading on the Exchange of shares 

(‘‘Shares’’) of the Guggenheim Enhanced 

Short Duration ETF, a series of 

Claymore Exchange-Traded Fund Trust 

(the ‘‘Trust’’),5 under NYSE Arca 

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6The Trust is registered under the Investment 

Company Act of 1940 (15 U.S.C. 80a–1) (‘‘1940 

Act’’). On September 27, 2013, the Trust filed with 

the Commission an amendment to its registration 

statement on Form N–1A under the Securities Act 

of 1933 (15 U.S.C. 77a) (‘‘Securities Act’’), and 

under the 1940 Act relating to the Fund (File Nos. 

333–134551 and 811–21906) (‘‘Registration 

Statement’’). The description of the operation of the 

Trust and the Fund herein is based, in part, on 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. 29271, 

May 18, 2010 (File No. 812–13534) (‘‘Exemptive 

Order’’). 

7The Fund’s investment advisor was previously 

named Claymore Advisors, LLC. On September 10, 

2010, Claymore Advisors, LLC changed its name to 

Guggenheim Funds Investment Advisors, LLC. 

8As stated in the Prior Release, the Fund may 

invest in MBS or other asset-backed securities 

issued or guaranteed by private issuers. The MBS 

in which the Fund may invest may also include 

residential mortgage-backed securities, 

collateralized mortgage obligations and commercial 

mortgage-backed securities. The asset-backed 

securities in which the Fund may invest include 

collateralized debt obligations, as described in the 

Prior Release. 

9ABS are bonds backed by pools of loans or other 

receivables. ABS are securitized by a wide variety 

of assets and are generally broken into 3 categories: 

consumer, commercial, and corporate. The 

consumer category includes credit card, auto loan, 

student loan, and timeshare loan ABS. The 

commercial category includes trade receivables, 

equipment leases, oil receivables, film receivables, 

rental cars, aircraft securitizations, ship and 

container securitizations, whole business 

securitizations, and diversified payment right 

securitizations. Corporate ABS include cash flow 

collateralized loan obligations, collateralized by 

both middle market and broadly syndicated bank 

loans. ABS are issued through special purpose 

vehicles that are bankruptcy remote from the issuer 

of the collateral. The credit quality of an ABS 

tranche depends on the performance of the 

underlying assets and the structure. To protect ABS 

investors from the possibility that some borrowers 

could miss payments or even default on their loans, 

ABS include various forms of credit enhancement. 

10The Fund will target floating rate, shorter 

maturity, shorter spread duration and other 

amortizing securities. These securities’ maturity 

and spread duration are consistent with the Fund’s 

investment objective. 

11 In reaching liquidity decisions, the Adviser 

may consider the following factors: the frequency 

of trades and quotes for the security; the number of 

dealers wishing to purchase or sell the security and 

the number of other potential purchasers; dealer 

undertakings to make a market in the security; and 

the nature of the security and the nature of the 

marketplace trades (e.g., the time needed to dispose 

of the security, the method of soliciting offers, and 

the mechanics of transfer). 

12The Commission has stated that long-standing 

Commission guidelines have required open-end 

funds to hold no more than 15% of their net assets 

in illiquid securities and other illiquid assets. See 

Investment Company Act Release No. 28193 (March 

11, 2008), 73 FR 14618 (March 18, 2008), footnote 

34. See also, Investment Company Act Release No. 

5847 (October 21, 1969), 35 FR 19989 (December 

31, 1970) (Statement Regarding ‘‘Restricted 

Securities’’); Investment Company Act Release No. 

18612 (March 12, 1992), 57 FR 9828 (March 20, 

1992) (Revisions of Guidelines to Form N–1A). A 

fund’s portfolio security is illiquid if it cannot be 

disposed of in the ordinary course of business 

within seven days at approximately the value 

ascribed to it by the fund. See Investment Company 

Act Release No. 14983 (March 12, 1986), 51 FR 

9773 (March 21, 1986) (adopting amendments to 

Rule 2a–7 under the 1940 Act); Investment 

Company Act Release No. 17452 (April 23, 1990), 

55 FR 17933 (April 30, 1990) (adopting Rule 144A 

under the Securities Act). 

13See, e.g., Securities Exchange Act Release No. 

70282 (August 29, 2013), 78 FR 54700 (September 

5, 2013) (order approving listing and trading on the 

exchange of First Trust Inflation Managed Fund). 

Equities Rule 8.600, which governs the 

listing and trading of Managed Fund 

Shares. The Shares of the Fund are 

currently listed and traded on the 

Exchange under NYSE Arca Equities 

Rule 8.600. 

The Shares are offered by the Trust, 

a statutory trust organized under the 

laws of the State of Delaware and 

registered with the Commission as an 

open-end management investment 

company.6 The investment advisor to 

the Fund is Guggenheim Funds 

Investment Advisors, LLC (the 

‘‘Adviser’’).7

In this proposed rule change, the 

Exchange proposes to reflect changes to 

the description of the measures the 

Adviser will utilize to implement the 

Fund’s investment objective, as 

described below. 

First, the Prior Release stated that the 

Fund may invest up to 10% of its assets 

in mortgage-backed securities (‘‘MBS’’) 

or in other asset-backed securities 

(‘‘ABS’’)8; this limitation does not apply 

to securities issued or guaranteed by 

federal agencies and/or U.S. government 

sponsored instrumentalities, such as the 

Government National Mortgage 

Administration (‘‘GNMA’’), the Federal 

Housing Administration (‘‘FHA’’), the 

Federal National Mortgage Association 

(‘‘FNMA’’), and the Federal Home Loan 

Mortgage Corporation (‘‘FHLMC’’). 

Going forward, the Fund proposes to 

have this limit apply to such privately 

issued MBS; however, the Fund may 

invest up to 50% of its assets in ABS 9

that are not mortgage-related. This 50% 

limitation would not apply to securities 

issued or guaranteed by federal agencies 

and/or U.S. government sponsored 

instrumentalities, such as the GNMA, 

FHA, FNMA, and FHLMC. In addition, 

such holdings would be subject to the 

respective limitations on the Fund’s 

investments in illiquid assets and high 

yield securities, as described below. 

The Adviser represents that this 

change to the Fund’s investment 

limitations would allow the Adviser to 

better achieve the Fund’s investment 

objective to seek maximum current 

income, consistent with preservation of 

capital and daily liquidity. Moreover, 

the Fund’s increased investment in ABS 

that are not mortgage-related will 

continue to adhere to the Fund’s 

investment strategy of investing in short 

duration fixed income securities.10

Because the Fund may invest no more 

than 10% of its net assets in high yield 

securities (‘‘junk bonds’’), which are 

debt securities that are rated below 

investment grade by nationally 

recognized statistical rating 

organizations (‘‘NRSROs’’), or are 

unrated securities that the Adviser 

believes are of comparable quality, the 

preponderance of the Fund’s 

investments in ABS will be in 

investment grade instruments. Due to 

the quality of ABS in which the Fund 

will invest, the Adviser does not expect 

that the Fund’s additional investments 

in ABS that are not mortgage-related 

will expose the Fund to additional 

liquidity risk. 

Second, the Prior Release stated that 

the Fund may invest up to an aggregate 

amount of 15% of its net assets in: (1) 

Illiquid securities; and (2) Rule 144A 

securities. Going forward, the Fund 

proposes that the Fund may hold up to 

an aggregate amount of 15% of its net 

assets in illiquid assets (calculated at 

the time of investment),11 including 

Rule 144A securities deemed illiquid by 

the Adviser, consistent with 

Commission guidance.12 The Exchange 

notes that the Commission has approved 

proposals that have included similar 

representations relating to issues of 

Managed Fund Shares proposed to be 

listed and traded on the Exchange.13

The Adviser represents that the Adviser 

and the Trust’s Board of Trustees will 

continue to evaluate each Rule 144A 

security based on the Fund’s valuation 

procedures to oversee liquidity and 

valuation concerns. With respect to 

investment in illiquid assets, if changes 

in the values of the Fund’s assets cause 

the Fund’s holdings of illiquid assets to 

exceed the 15% limitation (as if liquid 

assets have become illiquid), the Fund 

will take such actions as it deems 

appropriate and practicable to attempt 

to reduce its holdings of illiquid assets. 

Third, the Prior Release stated that the 

Fund primarily will invest in U.S. 

dollar-denominated investment grade 

debt securities rated Baa or higher by 

Moody’s Investors Service, Inc. 

(‘‘Moody’s’’), or equivalently rated by 

Standard & Poor’s Rating Group (‘‘S&P’’) 

or Fitch Investor Services (‘‘Fitch’’), or, 

if unrated, determined by the Adviser to 

be of comparable quality. 

Going forward, the Exchange proposes 

to change the representation that the 

Fund primarily will invest in U.S. 

dollar-denominated investment grade 

debt securities rated Baa or higher, as 

described above, to a representation that 

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14Baa3 is the lowest tier within the Baa rating. 

15For purposes of this filing, ETFs include 

Investment Company Units (as described in NYSE 

Arca Equities Rule 5.2(j)(3)); Portfolio Depositary 

Receipts (as described in NYSE Arca Equities Rule 

8.100); and Managed Fund Shares (as described in 

NYSE Arca Equities Rule 8.600). The Fund will 

invest in the securities of ETFs registered under the 

1940 Act consistent with the requirements of 

Section 12(d)(1) of the 1940 Act, or any rule, 

regulation or order of the Commission or 

interpretation thereof. 

16The diversification standard is set forth in 

Section 5(b)(1) of the 1940 Act (15 U.S.C. 80a– 

5(b)(1)). The Fund intends to maintain the level of 

diversification necessary to qualify as a regulated 

investment company (‘‘RIC’’) under Subchapter M 

of the Internal Revenue Code of 1986, as amended 

(26 U.S.C. 851). 

17 15 U.S.C. 78f(b)(5). 18See note 12, supra [sic]. 

the Fund primarily will invest in U.S. 

dollar-denominated investment grade 

debt securities rated Baa3 or higher by 

Moody’s,14 or equivalently rated by 

S&P, Fitch, or by any other NRSRO, or, 

if unrated, determined by the Adviser to 

be of comparable quality. By being 

permitted to invest in U.S. dollardenominated investment grade debt 

securities rated Baa3 or higher, as 

described above, the Fund will be able 

to invest in a broader range of 

investment grade debt securities, which 

will assist the Fund in meeting its 

investment objective. In addition, by 

being permitted to consider ratings 

issued by all NRSROs, which are 

registered with the Commission, the 

Fund will be able to assess a broader 

range of available information regarding 

the characteristics and quality of 

securities that it may consider for 

investment. 

Fourth, the Prior Release stated that 

the Fund will invest at least 80% of its 

net assets in fixed income securities. 

Going forward, the Fund proposes that 

it will invest at least 80% of its net 

assets in fixed income securities, and in 

exchange-traded funds (‘‘ETFs’’) and 

closed-end funds that invest 

substantially all of their assets in fixed 

income securities.15 All such ETFs and 

closed-end funds would be listed on a 

U.S. national securities exchange. The 

Adviser represents that, by allowing the 

Fund to invest in ETFs and closed-end 

funds that invest substantially all of 

their assets in fixed-income securities 

and have such investments count 

towards the Fund’s 80% threshold (thus 

allowing the Fund to invest in excess of 

20% of its assets in such ETFs and 

closed-end funds), the Fund may be able 

to realize its investment objective in a 

more diversified and efficient manner 

than is currently available under the 

Fund’s current 20% limitation on nonfixed income securities investments. 

Possible increased investments in such 

ETFs and closed-end funds would give 

the Fund access to a diverse set of fixedincome securities in an efficient fashion, 

with the liquidity and transparency of a 

U.S. exchange-traded security. 

The Exchange notes that the Prior 

Release stated that the Fund is 

considered non-diversified under the 

1940 Act and can invest a greater 

portion of assets in securities of 

individual issuers than a diversified 

fund.16 In the September 27, 2013 

Amendment, the Trust amended this 

representation to state that the Fund is 

considered a diversified fund. This 

change was made because, in view of 

the Fund’s investments, the Fund has 

been operating in a manner consistent 

with a diversified fund for three years 

and, pursuant to Commission guidance, 

the Fund has amended its disclosure in 

that regard. The revised representation 

in the September 27, 2013 Amendment 

reflects this fact. 

The Adviser represents that there is 

no change to the Fund’s investment 

objective. The Fund will continue to 

comply with all initial and continued 

listing requirements under NYSE Arca 

Equities Rule 8.600. 

Except for the changes noted above, 

all other facts presented and 

representations made in the Prior 

Release remain unchanged. 

All terms referenced but not defined 

herein are defined in the Prior Release. 

2. Statutory Basis 

The basis under the Act for this 

proposed rule change is the requirement 

under Section 6(b)(5) 17 that an 

exchange have rules that are designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, to remove 

impediments to, and perfect the 

mechanism of a free and open market 

and, in general, to protect investors and 

the public interest. 

The Exchange believes that the 

proposed rule change is designed to 

prevent fraudulent and manipulative 

acts and practices in that the Shares will 

continue to be listed and traded on the 

Exchange pursuant to the initial and 

continued listing criteria in NYSE Arca 

Equities Rule 8.600. The Adviser 

represents that increasing the Fund’s 

flexibility to invest in ABS that are not 

mortgage-related would allow the 

Adviser to better achieve the Fund’s 

investment objective to seek maximum 

current income, consistent with 

preservation of capital and daily 

liquidity. Moreover, the Fund’s 

increased investment in ABS that are 

not mortgage-related will continue to 

adhere to the Fund’s investment strategy 

of investing in short duration fixed 

income securities. In addition, such 

holdings would be subject to the 

limitation of the Fund’s investments in 

illiquid assets, as described above. 

Because the Fund may invest no more 

than 10% of its net assets in junk bonds, 

which are debt securities that are rated 

below investment grade by nationally 

recognized statistical rating 

organizations, or are unrated securities 

that the Adviser believes are of 

comparable quality, the preponderance 

of the Fund’s investments in ABS will 

be in investment grade instruments. 

With respect to the 15% limitation on 

investments in illiquid assets, including 

Rule 144A securities deemed illiquid by 

the Adviser, consistent with 

Commission guidance, the Exchange 

notes that the Commission has approved 

proposals that have included similar 

representations relating to issues of 

Managed Fund Shares proposed to be 

listed and traded on the Exchange.18

The Adviser represents that the Adviser 

and the Trust’s Board of Trustees will 

continue to evaluate each Rule 144A 

security based on the Fund’s valuation 

procedures to oversee liquidity and 

valuation concerns. 

With respect to the representation 

above that the Fund primarily will 

invest in U.S. dollar-denominated 

investment grade debt securities rated 

Baa3 or higher (instead of Baa or higher) 

by Moody’s, or equivalently rated by 

S&P, Fitch, or by any other NRSRO, or, 

if unrated, determined by the Adviser to 

be of comparable quality, by being 

permitted to invest in U.S. dollardenominated investment grade debt 

securities rated Baa3 or higher, as 

described above, the Fund will be able 

to invest in a broader range of 

investment grade debt securities, which 

will assist the Fund in meeting its 

investment objective. In addition, with 

respect to the Fund utilizing ratings of 

any NRSRO, rather than only 

enumerated NRSROs, in connection 

with its fixed income investments, by 

being permitted to consider ratings 

issued by all NRSROs, which are 

registered with the Commission, the 

Fund will be able to assess a broader 

range of available information regarding 

the characteristics and quality of 

securities that it may consider for 

investment. 

With respect to the proposal for the 

Fund to invest at least 80% of its net 

assets in fixed income securities, and in 

ETFs and closed-end funds that invest 

substantially all of their assets in fixed 

income securities, the Exchange notes 

that all such ETFs and closed-end funds 

would be listed on a U.S. national 

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19 17 CFR 200.30–3(a)(12). 1 78 FR 67210, November 8, 2013. 

securities exchange. The Adviser 

represents that, by allowing the Fund to 

invest in ETFs and closed-end funds 

that invest substantially all of their 

assets in fixed-income securities and 

have such investments count towards 

the Fund’s 80% threshold, the Fund 

may be able to realize its investment 

objective in a more diversified and 

efficient manner than is currently 

available under the Fund’s current 20% 

limitation on non-fixed income 

securities investments. Possible 

increased investments in such ETFs and 

closed-end funds would give the Fund 

access to a diverse set of fixed-income 

securities in an efficient fashion, with 

the liquidity and transparency of a U.S. 

exchange-traded security. 

With respect to the Fund’s operation 

as a diversified Fund, this change was 

made because, in view of the Fund’s 

investments, the Fund has been 

operating in a manner consistent with a 

diversified fund for three years and, 

pursuant to Commission guidance, the 

Fund has amended its disclosure in that 

regard. The revised representation in the 

September 27, 2013 Amendment reflects 

this fact. 

The proposed rule change is designed 

to promote just and equitable principles 

of trade and to protect investors and the 

public interest in that the Adviser 

represents that there is no change to the 

Fund’s investment objective. The Fund 

will continue to comply with all initial 

and continued listing requirements 

under NYSE Arca Equities Rule 8.600. 

The Adviser represents that the purpose 

of the proposed changes is to provide 

additional flexibility to the Adviser to 

meet the Fund’s investment objective, as 

discussed above. 

The proposed rule change is designed 

to perfect the mechanism of a free and 

open market and, in general, to protect 

investors and the public interest in that 

the Fund will continue to comply with 

all initial and continued listing 

requirements under NYSE Arca Equities 

Rule 8.600. The Adviser represents that 

the purpose of the proposed changes is 

to provide additional flexibility to the 

Adviser to meet the Fund’s investment 

objective, as discussed above. The 

Adviser represents that there is no 

change to the Fund’s investment 

objective. Except for the changes noted 

above, all other facts presented and 

representations made in the Prior 

Release remain unchanged. 

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. The 

proposed changes to the Fund’s means 

of achieving the investment objective 

will permit the Fund to adjust its 

portfolio to allow the Fund to continue 

to meet its investment objectives in the 

most efficient manner possible and will 

enhance competition among issues of 

Managed Fund Shares that invest in 

fixed income securities. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period 

up to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the self-regulatory organization 

consents, the Commission will: (a) By 

order approve or disapprove such 

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 Email to rule-comments@

sec.gov. Please include File Number SR– 

NYSEArca–2014–107 on the subject 

line. 

Paper Comments 

• Send paper comments in triplicate 

to Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NYSEArca–2014–107. 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 the 

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–2014–107 and should be 

submitted on or before November 28, 

2014. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.19

Kevin M. O’Neill, 

Deputy Secretary. 

[FR Doc. 2014–26461 Filed 11–6–14; 8:45 am] 

BILLING CODE 8011–01–P 

SOCIAL SECURITY ADMINISTRATION 

[Docket No. SSA–2014–0055] 

Charging Standard Administrative 

Fees for Nonprogram-Related 

Information Requests for Detailed 

Social Security Earnings 

AGENCY: Social Security Administration. 

ACTION: Notice of updated schedule of 

standardized administrative fees. 

SUMMARY: On November 8, 2013,1 we 

announced in the Federal Register a 

new administrative fee we charge to the 

public for detailed yearly Social 

Security earnings information. We 

charge administrative fees to recover our 

full costs when we provide information 

and related services for nonprogram 

purposes. We are announcing an update 

to the previously published fee for 

detailed yearly Social Security earning 

information. 

The updated standard fee is part of 

our continuing effort to standardize fees 

mstockstill on DSK4VPTVN1PROD with NOTICES