Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to Listing of Wilshire 5000 Total Market ETF and the Wilshire 4500 Completion ETF, 11221-11223 [2010-5066]
Download as PDF
<![CDATA[
Federal Register / Vol. 75, No. 46 / Wednesday, March 10, 2010 / Notices
The Exchange proposes to eliminate
the minimum one-cent charge per trade.
The Exchange does not calculate the
ORF on a trade-by-trade basis.3 The
Exchange calculates the ORF by
multiplying the aggregate number of
contracts executed by each clearing firm
every month by the ORF rate and then
rounding to the nearest $.01 using pure
rounding (i.e., any digit 5 and above is
rounded up). Because the Exchange
does not calculate the ORF on a tradeby-trade basis, the Exchange proposes to
remove the minimum one-cent charge
per trade from its fees schedule.
2. Statutory Basis
By clarifying how the Exchange
calculates the ORF, the Exchange
believes the proposed rule change is
consistent with section 6(b) of the
Securities Exchange Act of 1934
(‘‘Act’’) 4, in general, and furthers the
objectives of section 6(b)(4) 5 of the Act
in particular, in that it is designed to
provide for the equitable allocation of
reasonable dues, fees, and other charges
among its members and other persons
using its facilities.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
CBOE does not believe that the
proposed rule change will impose any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants or Others
No written comments were solicited
or received with respect to the proposed
rule change.
erowe on DSK5CLS3C1PROD with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become
effective pursuant to section 19(b)(3)(A)
of the Act 6 and subparagraph (f)(2) of
Rule 19b–4 7 thereunder. At any time
within 60 days of the filing of the
proposed rule change, the Commission
Securities Exchange Act Release No. 59182
(December 30, 2008), 74 FR 730 (January 7, 2009),
and Securities Exchange Act Release No. 59355
(February 3, 2009), 74 FR 6677 (February 10, 2009).
The ORF was amended three additional times in
2009. See Securities Exchange Act Release No.
59427 (February 20, 2009), 74 FR 9013 (February
27, 2009); Securities Exchange Act Release No.
60093 (June 10, 2009), 74 FR 28749 (June 17, 2009);
and Securities Exchange Act Release No. 60513
(August 17, 2009), 74 FR 42719 (August 24, 2009).
3 See CBOE Regulatory Circular RG09–30.
4 15 U.S.C. 78f(b).
5 15 U.S.C. 78f(b)(4).
6 15 U.S.C. 78s(b)(3)(A).
7 17 CFR 240.19b–4(f)(2).
VerDate Nov<24>2008
15:07 Mar 09, 2010
Jkt 220001
may summarily abrogate 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.
11221
2010–020 and should be submitted on
or before March 31, 2010.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.8
Florence E. Harmon,
Deputy Secretary.
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:
[FR Doc. 2010–5067 Filed 3–9–10; 8:45 am]
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–CBOE–2010–020 on the
subject line.
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change Relating to Listing of
Wilshire 5000 Total Market ETF and the
Wilshire 4500 Completion ETF
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington DC
20549–1090.
All submissions should refer to File
Number SR–CBOE–2010–020. This file
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (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 Room, 100 F Street, NE.,
Washington, DC 20549, on official
business days between the hours of 10
a.m. and 3 p.m. Copies of such filing
also will be available for inspection and
copying at the principal office of the
Exchange. All comments received will
be posted without change; the
Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File No. SR–CBOE–
PO 00000
Frm 00118
Fmt 4703
Sfmt 4703
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–61639; File No. SR–
NYSEArca–2010–09]
March 3, 2010.
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 February
25, 2010, 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 Substance of
the Proposed Rule Change
The Exchange proposes to list and
trade the shares of the Wilshire 5000
Total Market ETF and the Wilshire 4500
Completion ETF under NYSE Arca
Equities Rule 5.2(j)(3). The text of the
proposed rule change is available at the
Exchange, the Commission’s Public
Reference Room, and https://
www.nyse.com.
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
8 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
E:\FR\FM\10MRN1.SGM
10MRN1
11222
Federal Register / Vol. 75, No. 46 / Wednesday, March 10, 2010 / Notices
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
erowe on DSK5CLS3C1PROD with NOTICES
1. Purpose
The Exchange proposes to list and
trade the shares (‘‘Shares’’) of the
Wilshire 5000 Total Market ETF and the
Wilshire 4500 Completion ETF (each, a
‘‘Fund’’, and, collectively, ‘‘Funds’’)
under NYSE Arca Equities Rule 5.2(j)(3),
the Exchange’s listing standards for
Investment Company Units (‘‘ICUs’’) 4.
Each of the Funds is a series of the
Claymore Exchange-Traded Fund Trust.
The Wilshire 5000 Total Market ETF
seeks investment results that correspond
generally to the performance, before the
Fund’s fees and expenses of the
Wilshire 5000 Total Market Index
(‘‘Wilshire 5000’’).5 The Wilshire 4500
Completion ETF seeks investment
results that correspond generally to the
performance, before the Fund’s fees and
expenses of the Wilshire 4500
Completion Index (‘‘Wilshire 4500’’,
and, together with the Wilshire 5000,
the ‘‘Underlying Indexes’’).6
The Exchange is submitting this
proposed rule change because the
Underlying Indexes for the Funds do
not meet all of the ‘‘generic’’ listing
requirements of Commentary .01(a)(A)
to NYSE Arca Equities Rule 5.2(j)(3)
applicable to listing of ICUs based on
US indexes. The Underlying Indexes
meets all such requirements except for
that set forth in Commentary
.01(a)(A)(5).7 Specifically, as of January
4 An Investment Company Unit is a security that
represents an interest in a registered investment
company that holds securities comprising, or
otherwise based on or representing an interest in,
an index or portfolio of securities (or holds
securities in another registered investment
company that holds securities comprising, or
otherwise based on or representing an interest in,
an index or portfolio of securities). See NYSE Arca
Equities Rule 5.2(j)(3)(A).
5 The Wilshire 5000 Index is designed to
represent the total U.S. equity market. The Wilshire
5000 Index includes all U.S. equity securities that
have readily available prices.
6 The Wilshire 4500 Index is a subset of the
Wilshire 5000 Total Market Index. Designed to
represent the extended market, the Wilshire 4500
Index is the Wilshire 5000 Index with the
components of the S&P 500 Index excluded.
7 Commentary .01(a)(A)(5) to NYSE Arca Equities
Rule 5.2(j)(3) provides that all securities in the
index or portfolio shall be U.S. Component Stocks
listed on a national securities exchange and shall
be NMS Stocks as defined in Rule 600 of Regulation
NMS under the Securities Exchange Act of 1934 (17
U.S.C. 78a) (‘‘Act’’). NYSE Arca Equities Rule
5.2(j)(3) defines the term ‘‘U.S. Component Stock’’
VerDate Nov<24>2008
15:07 Mar 09, 2010
Jkt 220001
21, 2010, stocks comprising 99.952% of
the weight of the Wilshire 5000 were
NMS stocks and stocks comprising
99.734% of the weight of the Wilshire
4500 were NMS stocks.8
The Exchange represents that: (1)
Except for Commentary .01(a)(A)(5) to
NYSE Arca Equities Rule 5.2(j)(3), the
Shares of the Fund currently satisfy all
of the generic listing standards under
NYSE Arca Equities Rule 5.2(j)(3); (2)
the continued listing standards under
NYSE Arca Equities Rules 5.2(j)(3) and
5.5(g)(2) applicable to ICUs shall apply
to the Shares; and (3) the Trust is
required to comply with Rule 10A–3 9
under the Act for the initial and
continued listing of the Shares. In
addition, the Exchange represents that
the Shares will comply with all other
requirements applicable to ICUs
including, but not limited to,
requirements relating to the
dissemination of key information such
as the value of the Underlying Indexes
and Intraday Indicative Value, rules
governing the trading of equity
securities, trading hours, trading halts,
surveillance, and Information Bulletin
to ETP Holders, as set forth in Exchange
rules applicable to ICUs and prior
Commission orders approving the
generic listing rules applicable to the
listing and trading of ICUs.10
Detailed descriptions of the Funds,
the Underlying Indexes, procedures for
creating and redeeming Shares,
transaction fees and expenses,
dividends, distributions, taxes, risks,
and reports to be distributed to
beneficial owners of the Shares can be
found in the Registration Statement 11 or
on the Web site for the Funds (https://
www.claymore.com), as applicable.
2. Statutory Basis
The proposed rule change is
consistent with section 6(b) 12 of the
Act, in general, and furthers the
as an equity security that is registered under
Sections 12(b) or 12(g) of the Act or an American
Depositary Receipt, the underlying equity security
of which is registered under Sections 12(b) or 12(g)
of the Act.
8 As of January 21, 2010, the Wilshire 5000 and
Wilshire 4500 each included 197 non-NMS stocks.
Such stocks are traded either on the OTC Bulletin
Board or the Pink OTC Markets.
9 17 CFR 240.10A–3.
10 See, e.g., Securities Exchange Act Release No.
44551 (July 12, 2001), 66 FR 37716 (July 19, 2001)
(SR–PCX–2001–14) (order approving generic listing
standards for ICUs and Portfolio Depositary
Receipts); Securities Exchange Act Release No.
41983 (October 6, 1999), 64 FR 56008 (October 15,
1999) (SR–PCX–98–29) (order approving rules for
listing and trading of ICUs).
11 See the Claymore Exchange-Traded Fund Trust
Registration Statement on Form N–1A, dated
December 18, 2009 (File Nos. 333–134551; 811–
21906) (‘‘Registration Statement’’).
12 15 U.S.C. 78f(b).
PO 00000
Frm 00119
Fmt 4703
Sfmt 4703
objectives of section 6(b)(5),13 in
particular, in that it is designed to
prevent fraudulent and manipulative
acts and practices, to promote just and
equitable principles of trade, to foster
cooperation and coordination with
persons engaged in facilitating
transactions in securities, and to remove
impediments to and perfect the
mechanisms of a free and open market
and a national market system. The
Exchange believes that the proposed
rule change will facilitate the listing and
trading of an additional type of
exchange-traded product that will
enhance competition among market
participants, to the benefit of investors
and the marketplace.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed
rule change pursuant to Section
19(b)(3)(A)(iii) of the Act 14 and Rule
19b–4(f)(6) thereunder.15 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
prior to 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 16 and Rule 19b–4(f)(6)(iii)
thereunder.17
13 15
U.S.C. 78f(b)(5).
U.S.C. 78s(b)(3)(A)(iii).
15 17 CFR 240.19b–4(f)(6).
16 15 U.S.C. 78s(b)(3)(A).
17 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the Exchange to give the
Commission written notice of the Exchange’s intent
to file the proposed rule change along with a brief
description and 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 the pre-filing requirement.
14 15
E:\FR\FM\10MRN1.SGM
10MRN1
erowe on DSK5CLS3C1PROD with NOTICES
Federal Register / Vol. 75, No. 46 / Wednesday, March 10, 2010 / Notices
A proposed rule change filed under
Rule 19b–4(f)(6) 18 normally does not
become operative prior to 30 days after
the date of the filing. However, pursuant
to Rule 19b4(f)(6)(iii),19 the Commission
may designate a shorter time if such
action is consistent with the protection
of investors and the public interest. The
Exchange has requested that the
Commission waive the 30-day operative
delay so that the proposal may become
operative immediately upon filing. The
Exchange states that the proposed rule
change does not significantly affect the
protection of investors or the public
interest and does not impose any
significant burden on competition. In
addition, the Exchange believes that it
has developed adequate trading rules,
procedures, surveillance programs, and
listing standards for the continued
listing and trading of the Shares.
The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest. The
Commission notes that the Underlying
Indexes for the Funds fail to meet the
requirements set forth in Commentary
.01(a)(A)(5) to NYSE Arca Equities Rule
5.2(j)(3) by only a small amount and that
Exchange has represented that the
Shares of the Funds currently satisfy all
of the other generic listing standards
under NYSE Arca Equities Rule 5.2(j)(3)
and all other requirements applicable to
ICUs, as set forth in Exchange rules and
prior Commission orders approving the
generic listing rules applicable to the
listing and trading of ICUs. Therefore,
the Commission believes that the listing
and trading of the Shares do not present
any novel or significant issues or
impose any significant burden on
competition, and that waiving the 30day operative delay will benefit the
market and investors by providing
market participants with additional
investing choices. For these reasons, the
Commission designates the proposed
rule change as operative under upon
filing.20
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
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.
18 17
CFR 240.19b–4(f)(6).
CFR 240.19b–4(f)(6)(iii).
20 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
19 17
VerDate Nov<24>2008
15:07 Mar 09, 2010
Jkt 220001
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
11223
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.21
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010–5066 Filed 3–9–10; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF STATE
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSEArca–2010–09 on the
subject line.
[Public Notice 6915]
Lifting of Nonproliferation Measures
Against One Russian Entity
AGENCY:
ACTION:
Department of State.
Notice.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–NYSEArca–2010–09. This
file number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (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 Room, 100 F Street, NE.,
Washington, DC 20549, on official
business days between the hours of 10
a.m. and 3 p.m. Copies of such filing
also will be available for inspection and
copying at the principal office of the
Exchange. All comments received will
be posted without change; the
Commission does not edit personal
identifying information from
submissions. You should submit only
information that you wish to make
available publicly. All submissions
should refer to File Number SR–
NYSEArca–2010–09 and should be
submitted on or before March 31, 2010.
PO 00000
SUMMARY: A determination has been
made, pursuant to Section 6 of
Executive Order 12938 of November 14,
1994, as amended, to remove
nonproliferation measures on one
Russian entity.
DATES:
FOR FURTHER INFORMATION CONTACT:
Pamela K. Durham, Office of Missile
Threat Reduction, Bureau of
International Security and
Nonproliferation, Department of State
(202–647–4930).
Pursuant
to the authorities vested in the President
by the Constitution and the laws of the
United States of America, including the
International Emergency Economic
Powers Act (50 U.S.C. 1701 et seq.)
(‘‘IEEPA’’), the National Emergencies Act
(50 U.S.C. 1601 et seq.), the Arms
Export Control Act (22 U.S.C. 2751 et
seq.), and section 301 of title 3, United
States Code, and Section 6 of Executive
Order 12938 of November 14, 1994, as
amended, a determination was made on
March 1, 2010, that it is in the foreign
policy or national security interests of
the United States to remove the
restrictions imposed pursuant to
sections 4(b), 4(c), and 4(d) of the
Executive Order on the following
Russian entity, its sub-units and
successors:
SUPPLEMENTARY INFORMATION:
1. Glavkosmos.
These restrictions were imposed on
July 30, 1998 (see 63 FR 42089).
Dated: March 4, 2010.
Vann H. Van Diepen,
Acting Assistant Secretary of State for
International Security and Nonproliferation.
[FR Doc. 2010–5135 Filed 3–9–10; 8:45 am]
BILLING CODE 4710–27–P
21 17
Frm 00120
Fmt 4703
Sfmt 9990
Effective Date: March 10, 2010.
E:\FR\FM\10MRN1.SGM
CFR 200.30–3(a)(12).
10MRN1
]]>Agencies
[Federal Register Volume 75, Number 46 (Wednesday, March 10, 2010)]
[Notices]
[Pages 11221-11223]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-5066]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-61639; File No. SR-NYSEArca-2010-09]
Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change Relating to Listing
of Wilshire 5000 Total Market ETF and the Wilshire 4500 Completion ETF
March 3, 2010.
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 February 25, 2010, 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 list and trade the shares of the Wilshire
5000 Total Market ETF and the Wilshire 4500 Completion ETF under NYSE
Arca Equities Rule 5.2(j)(3). The text of the proposed rule change is
available at the Exchange, the Commission's Public Reference Room, and
https://www.nyse.com.
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
[[Page 11222]]
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 Exchange proposes to list and trade the shares (``Shares'') of
the Wilshire 5000 Total Market ETF and the Wilshire 4500 Completion ETF
(each, a ``Fund'', and, collectively, ``Funds'') under NYSE Arca
Equities Rule 5.2(j)(3), the Exchange's listing standards for
Investment Company Units (``ICUs'') \4\. Each of the Funds is a series
of the Claymore Exchange-Traded Fund Trust.
---------------------------------------------------------------------------
\4\ An Investment Company Unit is a security that represents an
interest in a registered investment company that holds securities
comprising, or otherwise based on or representing an interest in, an
index or portfolio of securities (or holds securities in another
registered investment company that holds securities comprising, or
otherwise based on or representing an interest in, an index or
portfolio of securities). See NYSE Arca Equities Rule 5.2(j)(3)(A).
---------------------------------------------------------------------------
The Wilshire 5000 Total Market ETF seeks investment results that
correspond generally to the performance, before the Fund's fees and
expenses of the Wilshire 5000 Total Market Index (``Wilshire
5000'').\5\ The Wilshire 4500 Completion ETF seeks investment results
that correspond generally to the performance, before the Fund's fees
and expenses of the Wilshire 4500 Completion Index (``Wilshire 4500'',
and, together with the Wilshire 5000, the ``Underlying Indexes'').\6\
---------------------------------------------------------------------------
\5\ The Wilshire 5000 Index is designed to represent the total
U.S. equity market. The Wilshire 5000 Index includes all U.S. equity
securities that have readily available prices.
\6\ The Wilshire 4500 Index is a subset of the Wilshire 5000
Total Market Index. Designed to represent the extended market, the
Wilshire 4500 Index is the Wilshire 5000 Index with the components
of the S&P 500 Index excluded.
---------------------------------------------------------------------------
The Exchange is submitting this proposed rule change because the
Underlying Indexes for the Funds do not meet all of the ``generic''
listing requirements of Commentary .01(a)(A) to NYSE Arca Equities Rule
5.2(j)(3) applicable to listing of ICUs based on US indexes. The
Underlying Indexes meets all such requirements except for that set
forth in Commentary .01(a)(A)(5).\7\ Specifically, as of January 21,
2010, stocks comprising 99.952% of the weight of the Wilshire 5000 were
NMS stocks and stocks comprising 99.734% of the weight of the Wilshire
4500 were NMS stocks.\8\
---------------------------------------------------------------------------
\7\ Commentary .01(a)(A)(5) to NYSE Arca Equities Rule 5.2(j)(3)
provides that all securities in the index or portfolio shall be U.S.
Component Stocks listed on a national securities exchange and shall
be NMS Stocks as defined in Rule 600 of Regulation NMS under the
Securities Exchange Act of 1934 (17 U.S.C. 78a) (``Act''). NYSE Arca
Equities Rule 5.2(j)(3) defines the term ``U.S. Component Stock'' as
an equity security that is registered under Sections 12(b) or 12(g)
of the Act or an American Depositary Receipt, the underlying equity
security of which is registered under Sections 12(b) or 12(g) of the
Act.
\8\ As of January 21, 2010, the Wilshire 5000 and Wilshire 4500
each included 197 non-NMS stocks. Such stocks are traded either on
the OTC Bulletin Board or the Pink OTC Markets.
---------------------------------------------------------------------------
The Exchange represents that: (1) Except for Commentary
.01(a)(A)(5) to NYSE Arca Equities Rule 5.2(j)(3), the Shares of the
Fund currently satisfy all of the generic listing standards under NYSE
Arca Equities Rule 5.2(j)(3); (2) the continued listing standards under
NYSE Arca Equities Rules 5.2(j)(3) and 5.5(g)(2) applicable to ICUs
shall apply to the Shares; and (3) the Trust is required to comply with
Rule 10A-3 \9\ under the Act for the initial and continued listing of
the Shares. In addition, the Exchange represents that the Shares will
comply with all other requirements applicable to ICUs including, but
not limited to, requirements relating to the dissemination of key
information such as the value of the Underlying Indexes and Intraday
Indicative Value, rules governing the trading of equity securities,
trading hours, trading halts, surveillance, and Information Bulletin to
ETP Holders, as set forth in Exchange rules applicable to ICUs and
prior Commission orders approving the generic listing rules applicable
to the listing and trading of ICUs.\10\
---------------------------------------------------------------------------
\9\ 17 CFR 240.10A-3.
\10\ See, e.g., Securities Exchange Act Release No. 44551 (July
12, 2001), 66 FR 37716 (July 19, 2001) (SR-PCX-2001-14) (order
approving generic listing standards for ICUs and Portfolio
Depositary Receipts); Securities Exchange Act Release No. 41983
(October 6, 1999), 64 FR 56008 (October 15, 1999) (SR-PCX-98-29)
(order approving rules for listing and trading of ICUs).
---------------------------------------------------------------------------
Detailed descriptions of the Funds, the Underlying Indexes,
procedures for creating and redeeming Shares, transaction fees and
expenses, dividends, distributions, taxes, risks, and reports to be
distributed to beneficial owners of the Shares can be found in the
Registration Statement \11\ or on the Web site for the Funds (https://www.claymore.com), as applicable.
---------------------------------------------------------------------------
\11\ See the Claymore Exchange-Traded Fund Trust Registration
Statement on Form N-1A, dated December 18, 2009 (File Nos. 333-
134551; 811-21906) (``Registration Statement'').
---------------------------------------------------------------------------
2. Statutory Basis
The proposed rule change is consistent with section 6(b) \12\ of
the Act, in general, and furthers the objectives of section
6(b)(5),\13\ in particular, in that it is designed to prevent
fraudulent and manipulative acts and practices, to promote just and
equitable principles of trade, to foster cooperation and coordination
with persons engaged in facilitating transactions in securities, and to
remove impediments to and perfect the mechanisms of a free and open
market and a national market system. The Exchange believes that the
proposed rule change will facilitate the listing and trading of an
additional type of exchange-traded product that will enhance
competition among market participants, to the benefit of investors and
the marketplace.
---------------------------------------------------------------------------
\12\ 15 U.S.C. 78f(b).
\13\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The Exchange has filed the proposed rule change pursuant to Section
19(b)(3)(A)(iii) of the Act \14\ and Rule 19b-4(f)(6) thereunder.\15\
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 prior to
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 \16\ and Rule 19b-
4(f)(6)(iii) thereunder.\17\
---------------------------------------------------------------------------
\14\ 15 U.S.C. 78s(b)(3)(A)(iii).
\15\ 17 CFR 240.19b-4(f)(6).
\16\ 15 U.S.C. 78s(b)(3)(A).
\17\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the Exchange to give the Commission written notice of the
Exchange's intent to file the proposed rule change along with a
brief description and 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 the pre-filing requirement.
---------------------------------------------------------------------------
[[Page 11223]]
A proposed rule change filed under Rule 19b-4(f)(6) \18\ normally
does not become operative prior to 30 days after the date of the
filing. However, pursuant to Rule 19b4(f)(6)(iii),\19\ the Commission
may designate a shorter time if such action is consistent with the
protection of investors and the public interest. The Exchange has
requested that the Commission waive the 30-day operative delay so that
the proposal may become operative immediately upon filing. The Exchange
states that the proposed rule change does not significantly affect the
protection of investors or the public interest and does not impose any
significant burden on competition. In addition, the Exchange believes
that it has developed adequate trading rules, procedures, surveillance
programs, and listing standards for the continued listing and trading
of the Shares.
---------------------------------------------------------------------------
\18\ 17 CFR 240.19b-4(f)(6).
\19\ 17 CFR 240.19b-4(f)(6)(iii).
---------------------------------------------------------------------------
The Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest.
The Commission notes that the Underlying Indexes for the Funds fail to
meet the requirements set forth in Commentary .01(a)(A)(5) to NYSE Arca
Equities Rule 5.2(j)(3) by only a small amount and that Exchange has
represented that the Shares of the Funds currently satisfy all of the
other generic listing standards under NYSE Arca Equities Rule 5.2(j)(3)
and all other requirements applicable to ICUs, as set forth in Exchange
rules and prior Commission orders approving the generic listing rules
applicable to the listing and trading of ICUs. Therefore, the
Commission believes that the listing and trading of the Shares do not
present any novel or significant issues or impose any significant
burden on competition, and that waiving the 30-day operative delay will
benefit the market and investors by providing market participants with
additional investing choices. For these reasons, the Commission
designates the proposed rule change as operative under upon filing.\20\
---------------------------------------------------------------------------
\20\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's Internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NYSEArca-2010-09 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSEArca-2010-09. This
file number should be included on the subject line if e-mail is used.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's Internet Web site (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 Room, 100 F
Street, NE., Washington, DC 20549, on official business days between
the hours of 10 a.m. and 3 p.m. Copies of such filing also will be
available for inspection and copying at the principal office of the
Exchange. All comments received will be posted without change; the
Commission does not edit personal identifying information from
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number SR-
NYSEArca-2010-09 and should be submitted on or before March 31, 2010.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\21\
---------------------------------------------------------------------------
\21\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. 2010-5066 Filed 3-9-10; 8:45 am]
BILLING CODE 8011-01-P
