Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to a Change to the Secondary Benchmark Index Applicable to Shares of the PIMCO Global Advantage® Inflation-Linked Bond Active Exchange-Traded Fund, 58797-58799 [2015-24716]
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Federal Register / Vol. 80, No. 189 / Wednesday, September 30, 2015 / Notices
‘‘Bidding Participant’’ 10).11 The same
recusal provision exists in the second—
but not the first—round of a two-round
voting process by the Selection
Committee 12 to select the Plan
Processor from among the Shortlisted
Bidders.13 The SROs state that they
included the recusal provision to
address potential conflicts of interest in
selecting the Plan Processor.
In Amendment No. 2, the SROs
propose to modify the Selection Plan to
require that an SRO that is a Bidding
Participant be recused from voting in
any round to select the Plan Processor
in which a Bid from or including such
Bidding Participant or its Affiliate is
being considered.14 Amendment No. 2
therefore would extend to the first
selection round the recusal requirement
that is currently only in place for the
second selection round and the vote, if
any, that narrows the list of Shortlisted
Bidders.
The SROs reiterate that the Selection
Plan balances the competing goals of
ensuring all SROs participate
meaningfully in the process of
developing the CAT NMS Plan and
mitigating potential conflicts of interest
related to the involvement of a bidding
SRO through information barriers and
the voting limitations.15 The SROs state
that, based on their experience with
these existing measures, the Selection
Plan adequately addresses the potential
conflicts of interest related to bidding
SROs.16 Nonetheless, the SROs explain
that requiring recusal in all rounds of
the selection process will further the
SROs’ goal of ensuring the fair and
impartial consideration and selection of
the CAT Plan Processor.17
III. Discussion
After careful review, the Commission
finds that Amendment No. 2 is
appropriate in the public interest, for
the protection of investors and the
mstockstill on DSK4VPTVN1PROD with NOTICES
10 The
Selection Plan defines ‘‘Bidding
Participant’’ as a Participant that: (1) Submits a Bid;
(2) is an Affiliate of an entity that submits a Bid;
or (3) is included, or is an Affiliate of an entity that
is included, as a Material Subcontractor as part of
a Bid. See Notice of Selection Plan, supra note 3,
Exhibit A, at 2.
11 See Order Approving Amendment No. 1, supra
note 8.
12 The Selection Committee is composed of one
senior officer from each Participant. See Section
V.A of the Selection Plan.
13 This two-round voting process would take
place after any further narrowing of the Shortlisted
Bids, if such narrowing were to occur pursuant to
Amendment No. 1. See Order Approving
Amendment No. 1, supra note 8, at 36029 & n.21.
14 Notice of Amendment No. 2, supra note 4, at
36007.
15 Id.
16 Id.
17 Id.
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maintenance of fair and orderly markets,
and to remove impediments to, and
perfect the mechanisms of, a national
market system. By extending the
aforementioned recusal requirement to
both selection rounds, Amendment No.
2 adds an additional procedural
safeguard that is designed to further the
fairness and impartiality of the Plan
Processor selection.
IV. Conclusion
For the reasons discussed above, the
Commission finds that Amendment No.
2 is appropriate in the public interest,
for the protection of investors and the
maintenance of fair and orderly markets,
and to remove impediments to, and
perfect the mechanisms of, a national
market system, or otherwise in
furtherance of the purposes of the Act.
It is therefore ordered, pursuant to
Section 11A of the Act,18 and the rules
thereunder, that Amendment No. 2 to
the Selection Plan be, and it hereby is,
approved.
By the Commission.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–24717 Filed 9–29–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–75979; File No. SR–
NYSEArca–2015–80]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to a Change to
the Secondary Benchmark Index
Applicable to Shares of the PIMCO
Global Advantage® Inflation-Linked
Bond Active Exchange-Traded Fund
September 24, 2015.
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
September 11, 2015, 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.
18 15
U.S.C. 78k–1.
U.S.C.78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00096
Fmt 4703
58797
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to reflect a
change to the secondary benchmark
index applicable to shares of the PIMCO
Global Advantage® Inflation-Linked
Bond Active Exchange-Traded Fund.
The Fund is 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 the
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Commission has approved a
proposed rule change relating to listing
and trading on the Exchange of shares
(‘‘Shares’’) of the PIMCO Global
Advantage® Inflation-Linked Bond
Active Exchange-Traded Fund (‘‘Fund’’)
under NYSE Arca Equities Rule 8.600,4
which governs the listing and trading of
Managed Fund Shares.5 The Shares are
4 See Securities Exchange Act Release No. 66381
(February 10, 2012), 77 FR 9281 (February 16, 2012)
(SR–NYSEArca–2012–09) (notice of filing of
proposed rule change relating to listing and trading
of Shares of the Fund on the Exchange) (‘‘Prior
Notice’’); Securities Exchange Act Release No.
66670 (March 28, 2012), 77 FR 20087 (April 3,
2012) (SR–NYSEArca–2012–09) (order approving
listing and trading of Shares of the Fund on the
Exchange) (‘‘Prior Order’’ and, together with the
Prior Notice, the ‘‘Prior Release’’).
5 A 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 Equities Rule
Continued
Sfmt 4703
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58798
Federal Register / Vol. 80, No. 189 / Wednesday, September 30, 2015 / Notices
mstockstill on DSK4VPTVN1PROD with NOTICES
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.6 The investment manager to
the Fund is Pacific Investment
Management Company LLC (‘‘PIMCO’’
or the ‘‘Adviser’’). The Fund’s Shares
are currently listed and traded on the
Exchange under NYSE Arca Equities
Rule 8.600.
According to the Registration
Statement and the Prior Release, the
Fund utilizes the PIMCO Global
Advantage Inflation-Linked Bond
Index® as a secondary benchmark.
Going forward, the Fund proposes to
utilize the PIMCO Global Advantage
Inflation-Linked Bond Index® (USD
Partially Hedged) as the Fund’s
secondary benchmark. The proposal
would change the secondary benchmark
used by the Fund from an unhedged
version of the index to one that is
partially-hedged.
The Adviser represents that the
proposed change to the secondary
benchmark index is consistent with the
Fund’s investment objective, and will
further assist the Adviser to achieve
such investment objective. The Adviser
further represents that the change to the
secondary benchmark index may better
optimize the risk/return profile of the
Fund as compared to the prior
secondary benchmark index. Except for
the change noted above, all other
representations made in the Prior
Release remain unchanged.7 The Fund
will continue to comply with all initial
and continued listing requirements
under NYSE Arca Equities Rule 8.600.
Although the investment objective of
the Fund is not changing, it will be
5.2(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.
6 The Trust is registered under the Investment
Company Act of 1940 (‘‘1940 Act’’). On October 27,
2014, 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 Fund (File Nos. 333–155395 and
811–22250) (the ‘‘Registration Statement’’). The
description of the operation of the Trust and the
Fund herein is based, in part, on the Registration
Statement. A change to the name of the Fund from
PIMCO Global Advantage® Inflation-Linked Bond
Exchange-Traded Fund to PIMCO Global
Advantage® Inflation-Linked Bond Active
Exchange-Traded Fund was reflected in such
amendment to 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 (November 10, 2009) (File No. 812–
13571) (‘‘Exemptive Order’’).
7 See note 4, supra. All terms referenced but not
defined herein are defined in the Prior Release.
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18:27 Sep 29, 2015
Jkt 235001
indirectly affected by the proposed
change because the Fund’s investment
objective is to seek ‘‘total return which
exceeds that of its benchmark indexes,
consistent with prudent investment
management.’’
2. Statutory Basis
The basis under the Act for this
proposed rule change is the requirement
under Section 6(b)(5) 8 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 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. The
proposed change to the Fund’s
secondary benchmark index will not
adversely impact investors or Exchange
trading. The proposal would change the
secondary benchmark used by the Fund
from an unhedged version of the index
to one that is partially-hedged. The
Adviser represents that the proposed
change to the secondary benchmark
index is consistent with the Fund’s
investment objective and will further
assist the Adviser to achieve such
investment objective. The Adviser
further represents that the change to the
secondary benchmark index may better
optimize the risk/return profile of the
Fund as compared to the prior
secondary benchmark index. Except for
the change noted above, all other
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 purpose 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.
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.
8 15
PO 00000
U.S.C. 78f(b)(5).
Frm 00097
Fmt 4703
Sfmt 4703
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, if
consistent with the protection of
investors and the public interest, the
proposed rule change has become
effective pursuant to Section 19(b)(3)(A)
of the Act 9 and Rule 19b–4(f)(6)
thereunder.10
At any time within 60 days of the
filing of such 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
under Section 19(b)(2)(B) of the Act 11 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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
NYSEArca–2015–80 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–2015–80. This
file number should be included on the
subject line if email is used. To help the
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). As required under Rule
19b–4(f)(6)(iii), the Exchange provided the
Commission with written notice of its intent to file
the proposed rule change, along with a brief
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.
11 15 U.S.C. 78s(b)(2)(B).
10 17
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Federal Register / Vol. 80, No. 189 / Wednesday, September 30, 2015 / Notices
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 (https://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 Section, 100 F Street NE.,
Washington, DC 20549 on official
business days between 10 a.m. and 3
p.m. Copies of the filing will also be
available for inspection and copying at
the NYSE’s principal office and on its
Internet Web site at www.nyse.com. 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–2015–80 and
should be submitted on or before
October 21, 2015.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015–24716 Filed 9–29–15; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–75975; File No. SR–
NASDAQ–2015–089]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Order
Granting Approval of Proposed Rule
Change Relating to the Listing and
Trading of the 1–3 Month Enhanced
Short Duration ETF, a Series of Plus
Trust
mstockstill on DSK4VPTVN1PROD with NOTICES
September 24, 2015.
I. Introduction
On July 29, 2015, The NASDAQ Stock
Market LLC (‘‘Exchange’’ or
‘‘NASDAQ’’), filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to section
19(b)(1) of the Securities Exchange Act
12 17
CFR 200.30–3(a)(12).
VerDate Sep<11>2014
18:27 Sep 29, 2015
Jkt 235001
of 1934 (‘‘Act’’) 1 and Rule 19b–4
thereunder,2 a proposed rule change to
list and trade shares (‘‘Shares’’) of the 1–
3 Month Enhanced Short Duration ETF
(‘‘Fund’’), a series of Plus Trust
(‘‘Trust’’). The proposed rule change
was published for comment in the
Federal Register on August 19, 2015.3
The Commission received no comments
on the proposed rule change. This order
grants approval of the proposed rule
change.
II. Description of the Proposed Rule
Change
The Exchange proposes to list and
trade Shares of the Fund, an actively
managed exchange-traded fund (‘‘ETF’’),
under NASDAQ Rule 5735, which
governs the listing and trading of
‘‘Managed Fund Shares’’ on the
Exchange. The Shares will be offered by
the Trust, which was established as a
Delaware statutory trust on December
10, 2014.4 The Exchange states that the
Trust is registered with the Commission
as an investment company and has filed
a registration statement on Form N–1A
(‘‘Registration Statement’’) with the
Commission.5 New York Alaska ETF
Management, LLC will be the
investment adviser (‘‘Adviser’’) to the
Fund.6 Foreside Fund Services, LLC
will be the principal underwriter and
distributor of the Fund’s Shares. The
Bank of New York Mellon (‘‘BNY
Mellon’’) will act as the administrator,
accounting agent, custodian, and
transfer agent to the Fund. The
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 75694
(August 13, 2015), 80 FR 50358 (‘‘Notice’’).
4 The Exchange represents that the Trust has
obtained certain exemptive relief under the
Investment Company Act of 1940 (‘‘1940 Act’’). See
Investment Company Act Release No. 31709 (July
8, 2015). The Exchange further represents that the
Trust’s application for exemptive relief under the
1940 Act states that the Fund will comply with the
federal securities laws in accepting securities for
deposits and satisfying redemptions with
redemption securities, including that the securities
accepted for deposits and the securities used to
satisfy redemption requests are sold in transactions
that would be exempt from registration under the
Securities Act of 1933.
5 See Registration Statement on Form N–1A for
the Trust filed on January 23, 2015 (File Nos. 333–
201658 and 811–23019).
6 The Exchange represents that the Adviser is not
registered as a broker-dealer and is not affiliated
with a broker-dealer. In the event (a) the Adviser
becomes newly affiliated with a broker-dealer or
registers as a broker-dealer, or (b) any new adviser
or sub-adviser is a registered broker-dealer or
becomes affiliated with a broker-dealer, it will
implement a fire wall with respect to its relevant
personnel and/or such broker-dealer affiliate, if
applicable, regarding access to information
concerning the composition and/or changes to the
portfolio and will be subject to procedures designed
to prevent the use and dissemination of material
non-public information regarding such portfolio.
58799
Exchange has made the following
representations and statements in
describing the Fund and its investment
strategy, including the Fund’s portfolio
holdings and investment restrictions.7
A. Exchange’s Description of the Fund’s
Principal Investments
The Fund’s investment objective is to
seek current income consistent with
preservation of capital and daily
liquidity. Under normal market
conditions,8 the Fund will invest
substantially all of its net assets
(exclusive of collateral with respect to
securities lending, repurchase, and
reverse repurchase agreement
transactions) in U.S. Treasury securities,
which include bills, notes, and bonds
issued by the U.S. Treasury, that have
remaining maturities of greater than or
equal to one month and less than three
months.9 U.S. Treasury bills, notes, and
bonds are direct obligations of the U.S.
Treasury. U.S. Treasury bills have initial
maturities of one year or less, U.S.
Treasury notes have initial maturities
from two to 10 years, and U.S. Treasury
bonds have initial maturities of more
than 10 years. While U.S. Treasury
securities are supported by the full faith
and credit of the U.S. government, such
securities are nonetheless subject to
credit risk, albeit minimal (i.e., the risk
that the U.S. government may be, or
may be perceived to be, unable to make
interest and principal payments).
In order to enhance income, the Fund
intends to enter into securities lending,
repurchase agreement, and/or reverse
1 15
2 17
PO 00000
Frm 00098
Fmt 4703
Sfmt 4703
7 The Commission notes that additional
information regarding the Fund, the Trust, and the
Shares, including investment strategies, risks,
creation and redemption procedures, fees, portfolio
holdings disclosure policies, calculation of net asset
value (‘‘NAV’’), distributions, and taxes, among
other things, can be found in the Notice and the
Registration Statement, as applicable. See Notice
and Registration Statement, supra notes 3 and 5,
respectively.
8 The term ‘‘under normal market conditions’’
includes, but is not limited to, the absence of
extreme volatility or trading halts in the fixed
income markets or the financial markets generally;
operational issues causing dissemination of
inaccurate market information; or force majeure
type events such as systems failure, natural or manmade disaster, act of God, armed conflict, act of
terrorism, riot or labor disruption, or any similar
intervening circumstance. In response to adverse
market, economic, political, or other conditions, the
Fund reserves the right to invest in cash, without
limitation, as determined by the Adviser. In the
event the Fund engages in these temporary
defensive strategies that are inconsistent with its
investment strategies, the Fund’s ability to achieve
its investment objectives may be limited.
9 The U.S. Treasury securities in which the Fund
may invest will include variable rate U.S. Treasury
securities, whose rates are adjusted daily (or at such
other increment as may later be determined by the
Department of the U.S. Treasury) to correspond
with the rate paid on one-month or three-month
U.S. Treasury securities, as applicable.
E:\FR\FM\30SEN1.SGM
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]]>Agencies
[Federal Register Volume 80, Number 189 (Wednesday, September 30, 2015)]
[Notices]
[Pages 58797-58799]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-24716]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-75979; File No. SR-NYSEArca-2015-80]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Relating to a
Change to the Secondary Benchmark Index Applicable to Shares of the
PIMCO Global Advantage[supreg] Inflation-Linked Bond Active Exchange-
Traded Fund
September 24, 2015.
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 September 11, 2015, 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.
---------------------------------------------------------------------------
\1\ 15 U.S.C.78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to reflect a change to the secondary
benchmark index applicable to shares of the PIMCO Global
Advantage[supreg] Inflation-Linked Bond Active Exchange-Traded Fund.
The Fund is 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 the
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Commission has approved a proposed rule change relating to
listing and trading on the Exchange of shares (``Shares'') of the PIMCO
Global Advantage[supreg] Inflation-Linked Bond Active Exchange-Traded
Fund (``Fund'') under NYSE Arca Equities Rule 8.600,\4\ which governs
the listing and trading of Managed Fund Shares.\5\ The Shares are
[[Page 58798]]
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.\6\ The
investment manager to the Fund is Pacific Investment Management Company
LLC (``PIMCO'' or the ``Adviser''). The Fund's Shares are currently
listed and traded on the Exchange under NYSE Arca Equities Rule 8.600.
---------------------------------------------------------------------------
\4\ See Securities Exchange Act Release No. 66381 (February 10,
2012), 77 FR 9281 (February 16, 2012) (SR-NYSEArca-2012-09) (notice
of filing of proposed rule change relating to listing and trading of
Shares of the Fund on the Exchange) (``Prior Notice''); Securities
Exchange Act Release No. 66670 (March 28, 2012), 77 FR 20087 (April
3, 2012) (SR-NYSEArca-2012-09) (order approving listing and trading
of Shares of the Fund on the Exchange) (``Prior Order'' and,
together with the Prior Notice, the ``Prior Release'').
\5\ A 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 Equities Rule
5.2(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.
\6\ The Trust is registered under the Investment Company Act of
1940 (``1940 Act''). On October 27, 2014, 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 Fund
(File Nos. 333-155395 and 811-22250) (the ``Registration
Statement''). The description of the operation of the Trust and the
Fund herein is based, in part, on the Registration Statement. A
change to the name of the Fund from PIMCO Global Advantage[supreg]
Inflation-Linked Bond Exchange-Traded Fund to PIMCO Global
Advantage[supreg] Inflation-Linked Bond Active Exchange-Traded Fund
was reflected in such amendment to 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 (November 10, 2009) (File No. 812-
13571) (``Exemptive Order'').
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According to the Registration Statement and the Prior Release, the
Fund utilizes the PIMCO Global Advantage Inflation-Linked Bond
Index[supreg] as a secondary benchmark. Going forward, the Fund
proposes to utilize the PIMCO Global Advantage Inflation-Linked Bond
Index[supreg] (USD Partially Hedged) as the Fund's secondary benchmark.
The proposal would change the secondary benchmark used by the Fund from
an unhedged version of the index to one that is partially-hedged.
The Adviser represents that the proposed change to the secondary
benchmark index is consistent with the Fund's investment objective, and
will further assist the Adviser to achieve such investment objective.
The Adviser further represents that the change to the secondary
benchmark index may better optimize the risk/return profile of the Fund
as compared to the prior secondary benchmark index. Except for the
change noted above, all other representations made in the Prior Release
remain unchanged.\7\ The Fund will continue to comply with all initial
and continued listing requirements under NYSE Arca Equities Rule 8.600.
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\7\ See note 4, supra. All terms referenced but not defined
herein are defined in the Prior Release.
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Although the investment objective of the Fund is not changing, it
will be indirectly affected by the proposed change because the Fund's
investment objective is to seek ``total return which exceeds that of
its benchmark indexes, consistent with prudent investment management.''
2. Statutory Basis
The basis under the Act for this proposed rule change is the
requirement under Section 6(b)(5) \8\ 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.
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\8\ 15 U.S.C. 78f(b)(5).
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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. The proposed change to the Fund's secondary benchmark
index will not adversely impact investors or Exchange trading. The
proposal would change the secondary benchmark used by the Fund from an
unhedged version of the index to one that is partially-hedged. The
Adviser represents that the proposed change to the secondary benchmark
index is consistent with the Fund's investment objective and will
further assist the Adviser to achieve such investment objective. The
Adviser further represents that the change to the secondary benchmark
index may better optimize the risk/return profile of the Fund as
compared to the prior secondary benchmark index. Except for the change
noted above, all other 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 purpose 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.
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, if consistent with the protection of
investors and the public interest, the proposed rule change has become
effective pursuant to Section 19(b)(3)(A) of the Act \9\ and Rule 19b-
4(f)(6) thereunder.\10\
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\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6). As required under Rule 19b-
4(f)(6)(iii), the Exchange provided the Commission with written
notice of its intent to file the proposed rule change, along with a
brief 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.
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At any time within 60 days of the filing of such 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 under
Section 19(b)(2)(B) of the Act \11\ to determine whether the proposed
rule change should be approved or disapproved.
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\11\ 15 U.S.C. 78s(b)(2)(B).
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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 (https://www.sec.gov/rules/sro.shtml); or
Send an email to rule-comments@sec.gov. Please include
File Number SR-NYSEArca-2015-80 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-2015-80. This
file number should be included on the subject line if email is used. To
help the
[[Page 58799]]
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 (https://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 Section, 100 F Street NE.,
Washington, DC 20549 on official business days between 10 a.m. and 3
p.m. Copies of the filing will also be available for inspection and
copying at the NYSE's principal office and on its Internet Web site at
www.nyse.com. 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-2015-80 and should be submitted on or before October 21, 2015.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
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\12\ 17 CFR 200.30-3(a)(12).
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Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-24716 Filed 9-29-15; 8:45 am]
BILLING CODE 8011-01-P
