49046 Federal Register / Vol. 82, No. 203 / Monday, October 23, 2017 / Notices 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

4A Managed Fund Share is a security that 

represents an interest in an investment company 

registered under the Investment Company Act of 

1940 (15 U.S.C. 80a–1) (‘‘1940 Act’’) organized as 

an open-end investment company or similar entity 

that invests in a portfolio of securities selected by 

its investment adviser consistent with its 

investment objectives and policies. In contrast, an 

open-end investment company that issues 

Investment Company Units, listed and traded on 

the Exchange under NYSE Arca Rule 5.2–E(j)(3), 

seeks to provide investment results that correspond 

generally to the price and yield performance of a 

specific foreign or domestic stock index, fixed 

income securities index or combination thereof. 

5The Trust is registered under the 1940 Act. On 

October 28, 2016 the Trust filed with the 

Commission the most recent post-effective 

amendment to its registration statement under the 

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

and under the 1940 Act relating to the Funds (File 

Nos. 333–155395 and 811–22250) (the ‘‘Registration 

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

Trust and the Funds 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. 28993 

cruise operations. The maximum 

number of camping participants would 

be 12. Camping would be away from 

vegetated sites and >150m from wildlife 

concentrations or lakes, protected areas, 

historical sites, and scientific stations. 

Tents would be pitched on snow, ice, or 

bare smooth rock, at least 15m from the 

high-water line. No food, other than 

emergency rations, would be brought 

onshore and all wastes, including 

human waste, would be collected and 

returned to the ship for proper disposal. 

The permit holder is seeking a waste 

permit modification to cover any 

accidental releases that may result from 

camping and other activities. 

Location: Antarctic Peninsula; For 

camping, possible locations include 

Dorian Cove, Enterprize Isand, 

Cuverville are/Errera Channel, Damoy 

Point/Dorian Bay, Danco Island, Ronge ́

Island, Paradise Bay, Argentine Islands, 

Andvord Bay, Pleneau Island, Hovgaard 

Island, Orne Harbour, Leith Cove, 

Prospect Point, Portal Point. 

Dates: December 1, 2017–February 6, 

2021. 

Nadene G. Kennedy, 

Polar Coordination Specialist, Office of Polar 

Programs. 

[FR Doc. 2017–22944 Filed 10–20–17; 8:45 am] 

BILLING CODE 7555–01–P 

NATIONAL TRANSPORTATION 

SAFETY BOARD 

Sunshine Act Meeting 

TIME AND DATE: 9:30 a.m., Tuesday, 

November 14, 2017. 

PLACE: NTSB Conference Center, 429 

L’Enfant Plaza SW., Washington, DC 

20594. 

STATUS: The one item is open to the 

public. 

MATTER TO BE CONSIDERED: 

57150 Railroad Accident Report: 

Amtrak Train Collision with 

Maintenance-of-Way Equipment, 

Chester, Pennsylvania, April 3, 2016 

NEWS MEDIA CONTACT: Telephone: (202) 

314–6100. 

The press and public may enter the 

NTSB Conference Center one hour prior 

to the meeting for set up and seating. 

Individuals requesting specific 

accommodations should contact 

Rochelle McCallister at (202) 314–6305 

or by email at Rochelle.McCallister@

ntsb.gov by Wednesday, November 7, 

2017. 

The public may view the meeting via 

a live or archived webcast by accessing 

a link under ‘‘News & Events’’ on the 

NTSB home page at www.ntsb.gov. 

Schedule updates, including weatherrelated cancellations, are also available 

at www.ntsb.gov. 

FOR MORE INFORMATION CONTACT: Candi 

Bing at (202) 314–6403 or by email at 

bingc@ntsb.gov. 

FOR MEDIA INFORMATION CONTACT: Terry 

Williams at (202) 314–6100 or by email 

at terry.williams@ntsb.gov. 

Thursday, October 19, 2017. 

Candi R. Bing, 

Federal Register Liaison Officer. 

[FR Doc. 2017–23005 Filed 10–19–17; 11:15 am] 

BILLING CODE 7533–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81890; File No. SR– 

NYSEArca–2017–120] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change Relating to Changes to 

Certain Representations Relating to 

Five PIMCO Exchange-Traded Funds 

Currently Listed Under NYSE Arca 

Rule 8.600–E 

October 17, 2017. 

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

Securities Exchange Act of 1934 

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

notice is hereby given that, on October 

5, 2017, NYSE Arca, Inc. (the 

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

the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the self-regulatory 

organization. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to reflect 

changes to certain representations made 

in the respective proposed rule changes 

previously filed with the Commission 

pursuant to Rule 19b–4 relating to the 

PIMCO Active Bond Exchange-Traded 

Fund, PIMCO Enhanced Low Duration 

Active Exchange-Traded Fund, PIMCO 

Short Term Municipal Bond Active 

Exchange-Traded Fund, PIMCO 

Intermediate Municipal Bond Active 

Exchange-Traded Fund, and PIMCO 

Enhanced Short Maturity Active 

Exchange-Traded Fund (each a ‘‘Fund’’ 

and, collectively, the ‘‘Funds’’). Shares 

of the Funds are currently listed and 

traded on the Exchange under NYSE 

Arca Rule 8.600–E. 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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Commission has approved the 

listing and trading on the Exchange of 

shares (‘‘Shares’’) of the Funds, under 

NYSE Arca Rule 8.600–E (formerly 

NYSE Arca Equities Rule 8.600), which 

governs the listing and trading of 

Managed Fund Shares.4 The Shares are 

offered by PIMCO ETF Trust (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.5 The investment manager to 


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Federal Register / Vol. 82, No. 203 / Monday, October 23, 2017 / Notices 49047 

(November 10, 2009) (File No. 812–13571) 

(‘‘Exemptive Order’’). 

6The Adviser represents that it will manage the 

Funds in the manner described in the applicable 

proposed rule changes for the Funds referenced 

below, and will not implement the changes 

described herein until the proposed rule change is 

operative. 

7See Securities Exchange Act Release Nos. 65988 

(December 16, 2011), 76 FR 79741 (December 22, 

2011) (SR–NYSEArca–2011–95) (notice of filing of 

proposed rule change relating to Exchange listing 

and trading of shares of the PIMCO Total Return 

Exchange Traded Fund (now the PIMCO Active 

Bond Exchange Traded Fund)) (‘‘First Prior Bond 

Notice’’); 66321 (February 3, 2012), 77 FR 6850 

(February 9, 2012) (SR–NYSEArca–2011–95) (order 

approving listing and trading of Shares of the Fund 

on the Exchange). See also Securities Exchange Act 

Release Nos. 70905 (November 20, 2013), 78 FR 

70610 (November 26, 2013) (SR–NYSEArca–2013– 

122) (notice of filing of proposed rule change 

relating to use of derivative instruments by the 

Fund); 72666 (July 24, 2014), 79 FR 44224 (July 30, 

2014) (SR–NYSEArca–2013–122) (order approving 

proposed rule change relating to use of derivative 

instruments by the Fund; 73331 (October 9, 2014), 

79 FR 62213 (October 16, 2014) (SR–NYSEArca– 

2014–104) (notice of filing and immediate 

effectiveness of proposed rule change relating to use 

of derivatives by certain PIMCO exchange traded 

funds); 75475 (July 16, 2015), 80 FR 43507 (July 22, 

2015) (SR–NYSEArca–2015–63) (notice of filing and 

immediate effectiveness of proposed rule change 

relating to a change in the size of a Creation Unit 

applicable to Shares of the Fund); 80534 (April 26, 

2017), 82 FR 20525 (May 2, 2017) (SR–NYSEArca– 

2017–41) (notice of filing and immediate 

effectiveness of proposed rule change to reflect 

changes in the name of, the investment objective 

for, and the means of achieving the investment 

objective applicable to the PIMCO Total Return 

Active Exchange-Traded Fund) (‘‘2017 Bond 

Release’’ and, together with the other releases 

referenced in this footnote, the ‘‘Prior Bond 

Releases’’). 

8The Exchange notes that the Commission 

previously has approved the listing and trading of 

issues of Managed Fund Shares where there is not 

a specified limit to a fund’s holdings that may be 

in high yield bonds or a specified credit quality. 

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

75540 (July 28, 2015), 80 FR 46359 (August 4, 2015) 

(SR–NYSEArca–2015–50) (order approving listing 

and trading on the Exchange of shares of the 

Cambria Sovereign High Yield Bond ETF and 

Cambria Value and Momentum ETF under NYSE 

Arca Equities Rule 8.600); 77904 (May 25, 2016), 81 

FR 35101 (June 1, 2016) (SR–NYSEArca–2016–17) 

(order approving proposed rule change to list and 

trade shares of the JPMorgan Diversified Alternative 

ETF under NYSE Arca Equities Rule 8.600). 

9The Exchange notes that the Commission has 

approved the listing and trading of other issues of 

Managed Fund Shares that have a duration range 

comparable to those proposed for the Fund. See, 

e.g., Securities Exchange Act Release Nos. 79293 

(November 10, 2016), 81 FR 81189 (November 17, 

2016) (SR–NYSEArca–2016–107) (order approving 

listing and trading of shares of Cumberland 

Municipal Bond ETF under NYSE Arca Equities 

Rule 8.600, which states that ‘‘At least 80% of the 

weight of the Fund’s assets will be in Municipal 

Bonds with a modified duration of 15 years or 

less’’); 71617 (February 26, 2014), 79 FR 12257 

(March 4, 2014) (SR–NYSEArca–2013–135) (Order 

Granting Approval of Proposed Rule Change to List 

and Trade Shares of db-X Ultra-Short Duration 

Fund and db-X Managed Municipal Bond Fund 

under NYSE Arca Equities Rule 8.600, which states 

that ‘‘[a]lthough the [db-X Managed Municipal 

Bond Fund] may adjust duration of its holdings 

over a wider range, it generally intends to keep it 

between five and nine years’’); 77522 (April 5, 

2016), 81 FR 21420 (April 11, 2016) (SR– 

NYSEArca–2015–125) (order approving proposed 

rule change to list and trade shares of the Riverfront 

Dynamic Unconstrained Income ETF and Riverfront 

Dynamic Core Income ETF under NYSE Arca 

Equities Rule 8.600, which states that ‘‘the SubAdviser intends to manage the [Riverfront Dynamic 

Unconstrained Income ETF’s] portfolio so that it 

has an average duration of between two and ten 

years, under normal circumstances’’). 

10The First Prior Bond Notice stated that ‘‘[w]hile 

corporate debt securities and debt securities 

economically tied to an emerging market country 

generally must have $200 million or more par 

amount outstanding and significant par value 

traded to be considered as an eligible investment for 

the Fund, at least 80% of issues of such securities 

held by the Fund must have $200 million or more 

par amount outstanding.’’ This condition will 

continue to apply. 

11The Exchange notes that the Commission has 

approved the listing and trading of other issues of 

Managed Fund Shares for which there was not a 

specified limit in investments in foreign fixed 

income securities, which would include emerging 

markets securities. See, e.g., Securities Exchange 

Act Release Nos. 79683 (December 23, 2016) 81 FR 

96539 (December 30, 2016) (SR–NYSEArca–2016– 

82) (order approving proposed rule change to list 

and trade shares of the JPMorgan Diversified Event 

Driven ETF under NYSE Arca Equities Rule 8.600); 

80657 (May 11, 2017) (SR–NYSEArca–2017–09) 

(order approving proposed rule change to list and 

trade shares of the Janus Short Duration Fund under 

NYSE Arca Equities Rule 8.600). 

12See Securities Exchange Act Release Nos. 

70774 (October 30, 2013), 78 FR 66396 (November 

5, 2013) (SR–NYSEArca–2013–106) (notice of filing 

of proposal relating to PIMCO Diversified Income 

Exchange-Traded Fund, PIMCO Low Duration 

Exchange-Traded Fund and PIMCO Real Return 

Exchange-Traded Fund) (‘‘Prior Low Duration 

Notice’’); 71125 (December 18, 2013), 78 FR 77743 

(December 24, 2013) (SR–NYSEArca–2013–106) 

(order approving listing and trading of PIMCO 

Diversified Income Exchange-Traded Fund, PIMCO 

Low Duration Exchange-Traded Fund and PIMCO 

Real Return Exchange-Traded Fund); 73331 

(October 9, 2014), 79 FR 62213 (October 16, 2014) 

(SR–NYSEArca–2014–104) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change 

Relating to Use of Derivative Instruments by Certain 

PIMCO Exchange-Traded Funds) (collectively, 

‘‘Prior Bond Low Duration Releases’’). 

the Funds is Pacific Investment 

Management Company LLC (‘‘PIMCO’’ 

or the ‘‘Adviser’’). The Funds’ Shares 

are currently listed and traded on the 

Exchange under NYSE Arca Rule 8.600– 

E. 

In this proposed rule change, the 

Exchange proposes to reflect changes to 

certain representations made in the 

respective proposed rule changes 

previously filed with the Commission 

pursuant to Rule 19b–4(e) relating to the 

Funds, as described below.6

PIMCO Active Bond Exchange-Traded 

Fund 7

The 2017 Bond Release stated that the 

Fund will primarily (under normal 

market circumstances, at least 65% of 

its total assets) invest in a diversified 

portfolio of Fixed Income Instruments of 

varying maturities, which may be 

represented by derivatives related to 

Fixed Income Instruments, but may 

invest up to 30% of its total assets in 

high yield Fixed Income Instruments 

(which may be represented by 

derivatives related to Fixed Income 

Instruments) rated B3 through Ba1 by 

Moody’s, or equivalently rated by S&P 

or Fitch, or, if unrated, determined by 

PIMCO to be of comparable credit 

quality. The Adviser proposes to revise 

this representation to state that the Fund 

will primarily (under normal market 

circumstances, at least 65% of its total 

assets) invest in a diversified portfolio 

of Fixed Income Instruments of varying 

maturities, which may be represented 

by derivatives related to Fixed Income 

Instruments, and may invest in high 

yield Fixed Income Instruments (which 

may be represented by derivatives 

related to Fixed Income Instruments) of 

any credit quality.8

The 2017 Bond Release stated that the 

average portfolio duration of PIMCO 

Active Bond Exchange-Traded Fund 

normally will vary from zero to eight 

years based on PIMCO’s market 

forecasts. The Adviser proposes to 

revise this representation to state that 

the average portfolio duration of this 

Fund normally will vary from zero to 

nine years based on PIMCO’s market 

forecasts.9

The First Prior Bond Notice stated 

that the Fund may invest up to 15% of 

its total assets in securities and 

instruments that are economically tied 

to emerging market countries.10 The 

Adviser proposes to revise this 

representation to state that the Fund 

may invest in securities and instruments 

that are economically tied to emerging 

market countries. Thus, going forward, 

there would not be a specified limit in 

the Fund’s investments in emerging 

markets securities.11

The Adviser represents that the 

proposed changes to the Fund’s 

investments referenced above are 

consistent with the Fund’s investment 

objective, and will further assist the 

Adviser to achieve such investment 

objective. 

PIMCO Enhanced Low Duration Active 

Exchange-Traded Fund 12

The Prior Low Duration Notice stated 

that the Fund will invest primarily in 

investment grade debt securities, but 

may invest up to 10% of its total assets 

in high yield debt securities rated B to 

Ba by Moody’s, or equivalently rated by 

S&P or Fitch, or, if unrated, determined 

by PIMCO to be of comparable credit 

quality. The Adviser proposes to revise 

this representation to state that the Fund 

will invest primarily in investment 

grade debt securities, and may invest in 


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49048 Federal Register / Vol. 82, No. 203 / Monday, October 23, 2017 / Notices 

13See note 8, supra. 14See note 9, supra. 15The Prior Low Duration Notice stated that 

‘‘[w]hile emerging markets corporate debt securities 

(excluding commercial paper) generally must have 

$200 million or more par amount outstanding and 

significant par value traded to be considered as an 

eligible investment for the Fund, at least 80% of 

issues of such securities held by the Fund must 

have $200 million or more par amount outstanding 

at the time of investment. This condition will 

continue to apply. 

16See note 11, supra. 

17Securities Exchange Act Release No. 60619, 

(September 3, 2009), 74 FR 46820 (September 11, 

2009) (SR–NYSEArca–2009–79) (notice of filing of 

proposal relating to PIMCO Intermediate Municipal 

Bond Strategy Exchange-Traded Fund and PIMCO 

Short-Term Municipal Bond Strategy ExchangeTraded Fund) (‘‘Prior Short Term Notice’’); 60981 

(November 10, 2009) 74 FR 59594 (November 18, 

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

proposed rule change relating to listing of five fixed 

income funds of the PIMCO ETF Trust) (‘‘Prior 

Short Term Order’’); 73331 (October 9, 2014), 79 FR 

62213 (October 16, 2014) (SR–NYSEArca–2014– 

104) (Notice of Filing and Immediate Effectiveness 

of Proposed Rule Change Relating to Use of 

Derivative Instruments by Certain PIMCO 

Exchange-Traded Funds) (collectively, ‘‘Prior Short 

Term Releases’’). 

18See note 8, supra. 

19See note 9, supra. 

20The Exchange notes that the Commission 

previously has approved listing and trading of 

issues of Managed Fund Shares for which there was 

no limitation on portfolio maturity for debt 

instruments. See, e.g., Securities Exchange Act 

Release Nos. 76126 (October 9, 2015) (SR–Nasdaq– 

2015–095) (Order Granting Approval of Proposed 

Rule Change Relating to the Listing and Trading of 

the Shares of the AltShares Long/Short High Yield 

Fund of ETFis Series Trust I); 68972 (February 22, 

2013) (SR–Nasdaq–2012–147) (Order Granting 

Approval of Proposed Rule Change Relating to the 

Listing and Trading of the Shares of the First Trust 

High Yield Long/Short ETF of First Trust ExchangeTraded Fund IV). 

21Securities Exchange Act Release No. 60619, 

(September 3, 2009), 74 FR 46820 (September 11, 

2009) (SR–NYSEArca–2009–79) (notice of filing of 

proposal relating to PIMCO Intermediate Municipal 

Bond Strategy Exchange-Traded Fund and PIMCO 

Short-Term Municipal Bond Strategy ExchangeTraded Fund) (‘‘First Prior Intermediate Municipal 

Bond Notice’’); 60981 (November 10, 2009) 74 FR 

59594 (November 18, 2009) (SR–NYSEArca–2009– 

79) (order approving proposed rule change relating 

to listing of five fixed income funds of the PIMCO 

ETF Trust); 75978 (September 24, 2015) (SR– 

NYSEArca–2015–79) (Notice of Filing and 

Immediate Effectiveness of Proposed Rule Change 

Regarding the PIMCO Intermediate Municipal Bond 

Active Exchange-Traded Fund) (‘‘Second Prior 

Intermediate Municipal Bond Notice’’); 73331 

(October 9, 2014) (SR–NYSEArca–2014–104) 

(Notice of Filing and Immediate Effectiveness of 

Proposed Rule Change Relating to Use of Derivative 

Instruments by Certain PIMCO Exchange-Traded 

Funds) (collectively, ‘‘Prior Intermediate Municipal 

Bond Releases’’). 

22See note 8, supra. 

23See note 9, supra. 

24Securities Exchange Act Release No. 60619 

(September 3, 2009), 74 FR 46820 (September 11, 

2009) (SR–NYSEArca–2009–79) (notice of filing of 

proposed rule change relating to listing of five fixed 

income funds of the PIMCO ETF Trust, including 

the PIMCO Enhanced Short Maturity Strategy Fund) 

(‘‘Prior Short Maturity Notice’’); 60981 (November 

10, 2009), 74 FR 59594 (November 18, 2009) (SR– 

NYSEArca–2009–79) (order approving proposed 

rule change relating to listing of five fixed income 

funds of the PIMCO ETF Trust) (collectively, ‘‘Prior 

Short Maturity Releases’’). 

high yield debt securities of any credit 

quality.13

The Prior Low Duration Notice stated 

that the average portfolio duration of the 

Fund normally will vary from one to 

three years based on PIMCO’s forecast 

for interest rates. The Adviser proposes 

to revise this representation to state that 

the average portfolio duration of the 

Fund normally will vary from zero to 

four years based on PIMCO’s forecast for 

interest rates.14

The Prior Low Duration Notice stated 

that the Fund may invest up to 10% of 

its total assets in securities and 

instruments that are economically tied 

to emerging market countries, subject to 

the Fund’s investment limitations 

relating to particular asset classes.15 The 

Adviser proposes to revise this 

representation to state that the Fund 

may invest in securities and instruments 

that are economically tied to emerging 

market countries, subject to the Fund’s 

investment limitations relating to 

particular asset classes. Thus, going 

forward, there would not be a specified 

limit in investments in the Fund’s 

investments in emerging markets 

securities.16

The Adviser represents that the 

proposed changes to the Fund’s 

investments referenced above are 

consistent with the Fund’s investment 

objective, and will further assist the 

Adviser to achieve such investment 

objective. 

PIMCO Short Term Municipal Bond 

Active Exchange-Traded Fund 17

The Prior Short Term Municipal Bond 

Notice [sic] stated that the Fund may 

only invest in U.S. dollar-denominated 

investment grade debt securities. The 

Adviser proposes to revise this 

representation to state that the Fund 

may only invest in U.S. dollardenominated debt securities, which may 

be of any credit quality.18

The Prior Short Term Municipal Bond 

Notice [sic] stated that the average 

portfolio duration of this Fund varies 

based on PIMCO’s forecast for interest 

rates and under normal market 

conditions is not expected to exceed 

three years. The Adviser proposes to 

revise this representation to state that 

the average portfolio duration of this 

Fund varies based on PIMCO’s forecast 

for interest rates and under normal 

market conditions is not expected to 

exceed four years.19

The Prior Short Term Municipal Bond 

Notice [sic] stated that the dollarweighted average portfolio maturity of 

the Fund is normally not expected to 

exceed three years. The Adviser 

proposes to revise this representation to 

state that the Fund will not have any 

portfolio maturity limitation and may 

invest its assets in instruments with 

short-term, medium-term, or long-term 

maturities.20

The Adviser represents that the 

proposed changes to the Fund’s 

investments referenced above are 

consistent with the Fund’s investment 

objective, and will further assist the 

Adviser to achieve such investment 

objective. 

PIMCO Intermediate Municipal Bond 

Active Exchange-Traded Fund 21

The First Prior Intermediate 

Municipal Bond Notice stated that the 

Fund may only invest in U.S. dollardenominated investment grade debt 

securities. The Adviser proposes to 

revise this representation to state the 

Fund may only invest in U.S. dollardenominated debt securities, which may 

be of any credit quality.22

The Second Prior Intermediate 

Municipal Bond Notice stated that the 

average portfolio duration of the Fund 

normally would vary within (negative) 2 

years to positive 4 years of the portfolio 

duration of the securities comprising the 

Barclays 1–15 Year Municipal Bond 

Index, as calculated by PIMCO (the 

‘‘Index’’). The Adviser proposes to 

revise this representation to state the 

average portfolio duration of the Fund 

normally would vary within (negative) 3 

years to positive 5 years of the portfolio 

duration of the securities comprising the 

Index.23 As of August 31, 2017, the 

average portfolio duration of the Index 

was 4.91 years. Thus, as of August 31, 

2017, the average portfolio duration of 

the Fund normally would vary within 

approximately 1.9 years and 9.9 years if 

the proposed revised representation 

were operative on that date. 

The Adviser represents that the 

proposed changes to the Fund’s 

investments referenced above are 

consistent with the Fund’s investment 

objective, and will further assist the 

Adviser to achieve such investment 

objective. 

PIMCO Enhanced Short Maturity Active 

Exchange-Traded Fund 24

The Prior Short Maturity Notice stated 

that the Fund primarily invests in U.S. 

dollar-denominated investment grade 

debt securities, rated Baa or higher by 

Moody’s, or equivalently rated by S&P 

or Fitch, or, if unrated, determined by 

PIMCO to be of comparable credit 

quality. The Adviser proposes to revise 

this representation to state the Fund 

primarily will invest in U.S. dollarVerDate Sep<11>2014 20:08 Oct 20, 2017 Jkt 244001 PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 E:\FR\FM\23OCN1.SGM 23OCN1

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25See note 8, supra. 

26See note 9, supra. 

27See note 20, supra. 

28See note 11, supra. 

29 15 U.S.C. 78f(b)(5). 30See note 8, supra. 

31See notes 9 and 20, supra. 

32See note 11, supra. 

33 15 U.S.C. 78s(b)(3)(A). 

34 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires a self-regulatory organization to 

give the Commission written notice of its intent to 

file the proposed rule change, along with a brief 

Continued 

denominated debt securities, which may 

be of any credit quality.25

The Prior Short Maturity Notice stated 

that the average portfolio duration of 

this Fund will vary based on PIMCO’s 

forecast for interest rates and will 

normally not exceed one year. The 

Adviser proposes to revise this 

representation to state the average 

portfolio duration of this Fund will vary 

based on PIMCO’s forecast for interest 

rates and will normally not exceed one 

and one half years.26

The Prior Short Maturity Notice stated 

that the dollar-weighted average 

portfolio maturity of the Fund is 

normally not expected to exceed three 

years. The Adviser proposes to revise 

this representation to state the Fund 

will not have any portfolio maturity 

limitation and may invest its assets in 

instruments with short-term, mediumterm, or long-term maturities.27

The Prior Short Maturity Notice stated 

that the Fund may invest up to 5% of 

its total assets in U.S. dollardenominated fixed-income securities 

and instruments that are economically 

tied to emerging market countries. The 

Adviser proposes to revise this 

representation to state the Fund may 

invest up to 10% of its total assets in 

U.S. dollar-denominated fixed-income 

securities and instruments that are 

economically tied to emerging market 

countries.28

The Adviser represents that the 

proposed changes to the Fund’s 

investments referenced above are 

consistent with the Fund’s investment 

objective, and will further assist the 

Adviser to achieve such investment 

objective. 

Except for the changes noted above, 

all other representations made in the 

Prior Bond Releases, the Prior Bond 

Low Duration Releases, the Prior Short 

Term Releases, the Prior Intermediate 

Municipal Bond Releases, and the Prior 

Short Maturity Releases, respectively, 

remain unchanged. 

All terms referenced but not defined 

herein are defined in the Prior Bond 

Releases, the Prior Low Duration 

Releases [sic], the Prior Short Term 

Releases, the Prior Intermediate 

Municipal Bond Releases, and the Prior 

Short Maturity Releases, respectively. 

2. Statutory Basis 

The basis under the Act for this 

proposed rule change is the requirement 

under Section 6(b)(5) 29 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, and is designed to 

promote just and equitable principles of 

trade and to protect investors and the 

public interest. 

With respect to changes in the 

representations regarding investments 

in investment grade and high yield debt 

securities for each of the Funds’ 

portfolios, such changes will provide 

each Fund with additional flexibility in 

selecting fixed income securities 

investments in view of changing market 

conditions and consistent with a Fund’s 

investment objectives. The Exchange 

believes that the changes to 

representations regarding investments 

in investment grade or high yield fixed 

income securities in the applicable 

Funds’ portfolios are consistent with 

prior Commission approvals of 

proposed rule changes for other issues 

of Managed Fund Shares and will not 

adversely impact investors or Exchange 

trading.30

With respect to the proposed changes 

to the representations regarding the 

average portfolio duration regarding the 

portfolios of each of the Funds, and the 

change to the representation regarding 

the dollar-weighted average portfolio 

maturity regarding the portfolio of the 

PIMCO Enhanced Short Maturity Active 

Exchange-Traded Fund and the PIMCO 

Short Term Municipal Bond Active 

Exchange-Traded Fund, the Exchange 

believes such changes will not adversely 

impact investors or Exchange trading 

and will provide such Funds with 

additional flexibility in managing the 

Funds’ investments based on the 

Adviser’s assessment of market 

conditions impacting the Funds’ 

investments. Further, a more flexible 

bandwidth for the average portfolio 

duration and dollar-weighted average 

portfolio maturity will allow the Funds 

to respond more effectively to changing 

market conditions. The Exchange 

believes that the change to the average 

portfolio duration and dollar-weighted 

average portfolio maturity of the 

applicable Funds’ portfolios are 

consistent with prior Commission 

approvals of proposed rule changes for 

other issues of Managed Fund Shares 

and will not adversely impact investors 

or Exchange trading.31

With respect to proposed changes in 

the representations regarding 

investments in securities and 

instruments that are economically tied 

to emerging market countries for the 

PIMCO Active Bond Exchange-Traded 

Fund, PIMCO Enhanced Short Maturity 

Active Exchange-Traded Fund and 

PIMCO Enhanced Low Duration Active 

Exchange-Traded Fund, such changes 

will provide each Fund with additional 

flexibility in selecting fixed income 

securities investments of emerging 

market issuers, which may be 

appropriate in view of changing market 

conditions and consistent with a Fund’s 

investment objectives. The Exchange 

believes that the changes to such 

representations are consistent with prior 

Commission approvals of proposed rule 

changes for other issues of Managed 

Fund Shares and will not adversely 

impact investors or Exchange trading.32

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 

Exchange believes the proposed rule 

change will enhance competition among 

issues of exchange-traded funds that 

invest in fixed income securities to the 

benefit of investors and the marketplace. 

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 

Because the proposed rule change 

does not: (i) Significantly affect the 

protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A) of the Act 33 and Rule 19b– 

4(f)(6) thereunder.34


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49050 Federal Register / Vol. 82, No. 203 / Monday, October 23, 2017 / Notices 

description and the text of the proposed rule 

change, at least five business days prior to the date 

of filing of the proposed rule change, or such 

shorter time as designated by the Commission. The 

Exchange has satisfied this requirement. 

35 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. 

4Self-Trade Prevention is only applicable to 

electronic trading on the Exchange. 

5See Securities Exchange Act Release No. 66386 

(February 13, 2012), 77 FR 9721 (February 17, 2012) 

(SR–NYSEArca–2012–08). 

6Self-Trade Prevention currently is applicable to 

the following order types used by Market Makers: 

‘‘PNP Orders,’’ ‘‘PNP–Blind Orders,’’ and ‘‘PNP– 

Light Orders.’’ PNP Orders, PNP–Blind Orders, and 

PNP–Light Orders are defined in NYSE Arca Rule 

6.62–O, and each is a type of non-routable Limit 

Order that is only executed on the Exchange. The 

Exchange notes that Market Makers primarily use 

these order types, as opposed to other order types 

offered by the Exchange, because they are similar 

to quotes (i.e., they are non-routable Limit Orders). 

See Regulatory Information Bulletin RBO–12–04 at 

https://www.nyse.com/publicdocs/nyse/markets/ 

arca-options/rule-interpretations/2012/ 

NYSEArca%20RBO-12-04.pdf. 

7The Exchange uses a Market Maker’s TPID to 

monitor for self-trades. TPIDs are assigned to 

Market Makers, as well as other OTP Firms and 

OTP Holders, to identify them in the Exchange’s 

systems. Market Makers on the Exchange are not 

able to submit orders on an agency basis. Thus, a 

Market Maker within a firm that conducts both an 

agency and market making business has a unique 

TPID that could only be used for that Market 

Maker’s quotes and orders. 

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. If the 

Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

change should be approved or 

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–2017–120 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–NYSEArca–2017–120. 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–2017–120 and should be 

submitted on or before November 13, 

2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.35

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2017–22885 Filed 10–20–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81888; File No. SR– 

NYSEArca–2017–118] 

Self-Regulatory Organizations; NYSE 

Arca, Inc.; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Amend Rule 6.76A–O 

To Adopt Additional Self-Trade 

Prevention Modifiers 

October 17, 2017. 

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 

3, 2017, NYSE Arca, Inc. (the 

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

the Securities and Exchange 

Commission (the ‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been prepared by the self-regulatory 

organization. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of the Substance 

of the Proposed Rule Change 

The Exchange proposes to amend 

Rule 6.76A–O (Order Execution—OX). 

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 purpose of the filing is to amend 

Commentary .01 to NYSE Arca Rule 

6.76A–O (Order Execution—OX) 

regarding the Exchange’s Self-Trade 

Prevention (‘‘STP’’) functionality.4 The 

Exchange currently offers a basic form 

of self-trade prevention 5 pursuant to 

which the Exchange cancels any resting 

Market Maker quote(s) and order(s) 6 to 

buy (sell) that are priced equal to or 

higher (lower) than an incoming Market 

Maker quote, order or both to sell (buy) 

entered under the same trading permit 

identification (‘‘TPID’’).7

The Exchange proposes to expand the 

self-trade functionality by adopting 

three STP modifiers. The proposed STP 

modifiers are designed to prevent 

incoming Market Maker order(s) or 

quote(s) designated with an STP 


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