82_FR_35162 82 FR 35019 - Self-Regulatory Organizations; NYSE Arca, Inc.; 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 PIMCO Low Duration Active Exchange-Traded Fund

82 FR 35019 - Self-Regulatory Organizations; NYSE Arca, Inc.; 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 PIMCO Low Duration Active Exchange-Traded Fund

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 143 (July 27, 2017)

Page Range35019-35021
FR Document2017-15773

Federal Register, Volume 82 Issue 143 (Thursday, July 27, 2017)
[Federal Register Volume 82, Number 143 (Thursday, July 27, 2017)]
[Notices]
[Pages 35019-35021]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-15773]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81185; File No. SR-NYSEArca-2017-78]


Self-Regulatory Organizations; NYSE Arca, Inc.; 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 PIMCO 
Low Duration Active Exchange-Traded Fund

July 21, 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 July 14, 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.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    The Exchange proposes to reflect a change in the size of a Creation 
Unit applicable to shares of the PIMCO Low Duration Active Exchange-
Traded Fund from 50,000 Shares to at least 20,000 Shares. The Fund is 
currently listed and traded on the Exchange under NYSE Arca Equities 
Rule 8.600. 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 
Low Duration 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 35020]]

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.\7\
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    \4\ See Securities Exchange Act Release No. 70774 (October 30, 
2013), 78 FR 66396 (November 5, 2013) (SR-NYSEArca-2013-106) (notice 
of filing of proposed rule change relating to listing and trading of 
Shares of the Fund on the Exchange) (``Prior Notice''); 71125 
(December 18, 2013), 78 FR 77743 (December 24, 2013) (SR-NYSEArca-
2013-106) (order approving listing and trading of Shares of the Fund 
on the Exchange) (``Prior Order''). See also Securities Exchange Act 
Release No. 73331 (October 9, 2014), 79 FR 62213 (October 16, 2014) 
(SR-NYSEArca-2014-104) (order approving proposed rule change 
relating to use of derivatives by the Fund) (together with the Prior 
Order, ``Prior Releases'').
    \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 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 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 Low Duration Exchange-
Traded Fund to PIMCO Low Duration 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\ The Trust implemented a change in the name of the Fund from 
PIMCO Low Duration Exchange-Traded Fund to PIMCO Low Duration Active 
Exchange-Traded Fund on October 31, 2014.
---------------------------------------------------------------------------

    According to the Registration Statement and the Prior Releases, 
Shares of the Fund that trade in the secondary market are created at 
net asset value (``NAV'') by Authorized Participants only in block-size 
Creation Units of 50,000 Shares or multiples thereof.
    The Exchange proposes to reflect a change in the size of a Creation 
Unit from 50,000 Shares to at least 20,000 Shares.\8\ The size of a 
Creation Unit will be subject to change. The Exchange believes that the 
change to the size of a Creation Unit will not adversely impact 
investors or Exchange trading. A reduction in the size of a Creation 
Unit may provide potential benefits to investors by facilitating 
additional creation and redemption activity in the Shares, thereby 
potentially resulting in increased secondary market trading activity, 
tighter bid/ask spreads and narrower premiums or discounts to NAV.\9\
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    \8\ The change to size of a Creation Unit will be effective upon 
filing with the Commission of an amendment to the Trust's 
Registration Statement on Form N-1A, and shareholders will be 
notified of such change by means of such amendment.
    \9\ The Exchange notes that the Commission has approved the 
listing and trading of other issues of Managed Fund Shares that have 
applied a minimum Creation Unit size of 25,000 shares or greater. 
See, e.g., Securities Exchange Act Release No. 74595 (March 27, 
2015), 80 FR 17795 (April 2, 2015) (SR-NYSEArca-2015-04) order 
approving listing and trading of shares of the Innovator IBD 50 Fund 
under NYSE Arca Equities Rule 8.600).
---------------------------------------------------------------------------

    The Adviser represents that the proposed change to reduce the size 
of a Creation Unit, as described above, is consistent with the Fund's 
investment objective, and will further assist the Adviser to achieve 
such investment objective. Except for the change noted above, all other 
representations made in the Prior Releases remain unchanged.\10\ The 
Fund will continue to comply with all initial and continued listing 
requirements under NYSE Arca Equities Rule 8.600.
---------------------------------------------------------------------------

    \10\ See note 4, supra. All terms referenced but not defined 
herein are defined in the Prior Releases.
---------------------------------------------------------------------------

    The Adviser represents that the investment objective of the Fund is 
not changing.
2. Statutory Basis
    The basis under the Act for this proposed rule change is the 
requirement under Section 6(b)(5) \11\ 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.
---------------------------------------------------------------------------

    \11\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    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 Exchange believes that the change to the size of a 
Creation Unit to at least 20,000 Shares will not adversely impact 
investors or Exchange trading. In addition, a reduction in the size of 
a Creation Unit may provide potential benefits to investors by 
facilitating additional creation and redemption activity in the Shares, 
thereby potentially resulting in increased secondary market trading 
activity, tighter bid/ask spreads and narrower premiums or discounts to 
NAV.

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, because of the potential increase in secondary 
market trading activity that may result from a decrease in the Creation 
Unit size for Shares of the Fund, 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 foregoing 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 \12\ and Rule 19b-
4(f)(6) thereunder.\13\
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    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 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.
---------------------------------------------------------------------------

    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 [email protected]. Please include 
File Number SR-NYSEArca-2017-78 on the subject line.

[[Page 35021]]

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-2017-78. 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 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-2017-78, and should 
be submitted on or before August 17, 2017.
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    \14\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-15773 Filed 7-26-17; 8:45 am]
 BILLING CODE 8011-01-P



                                                                                 Federal Register / Vol. 82, No. 143 / Thursday, July 27, 2017 / Notices                                                      35019

                                                  the close. The Exchange believes that                    amendments, all written statements                      solicit comments on the proposed rule
                                                  proposed functionality will enhance the                  with respect to the proposed rule                       change from interested persons.
                                                  experience for members that trade in the                 change that are filed with the
                                                                                                                                                                   I. Self-Regulatory Organization’s
                                                  Nasdaq Closing Cross and the various                     Commission, and all written
                                                                                                                                                                   Statement of the Terms of the Substance
                                                  market participants that use the prices                  communications relating to the
                                                                                                                                                                   of the Proposed Rule Change
                                                  discovered by the cross, and is evidence                 proposed rule change between the
                                                  of the strong competition in the equities                Commission and any person, other than                      The Exchange proposes to reflect a
                                                  industry, where exchanges must                           those that may be withheld from the                     change in the size of a Creation Unit
                                                  continually improve their offerings to                   public in accordance with the                           applicable to shares of the PIMCO Low
                                                  stay competitive.                                        provisions of 5 U.S.C. 552, will be                     Duration Active Exchange-Traded Fund
                                                                                                           available for Web site viewing and                      from 50,000 Shares to at least 20,000
                                                  C. Self-Regulatory Organization’s                                                                                Shares. The Fund is currently listed and
                                                                                                           printing in the Commission’s Public
                                                  Statement on Comments on the                                                                                     traded on the Exchange under NYSE
                                                                                                           Reference Room, 100 F Street NE.,
                                                  Proposed Rule Change Received From                                                                               Arca Equities Rule 8.600. The proposed
                                                                                                           Washington, DC 20549, on official
                                                  Members, Participants, or Others                                                                                 rule change is available on the
                                                                                                           business days between the hours of
                                                    No written comments were either                        10:00 a.m. and 3:00 p.m. Copies of the                  Exchange’s Web site at www.nyse.com,
                                                  solicited or received.                                   filing also will be available for                       at the principal office of the Exchange,
                                                  III. Date of Effectiveness of the                        inspection and copying at the principal                 and at the Commission’s Public
                                                  Proposed Rule Change and Timing for                      office of the Exchange. All comments                    Reference Room.
                                                  Commission Action                                        received will be posted without change;                 II. Self-Regulatory Organization’s
                                                                                                           the Commission does not edit personal                   Statement of the Purpose of, and
                                                     Within 45 days of the date of                         identifying information from
                                                  publication of this notice in the Federal                                                                        Statutory Basis for, the Proposed Rule
                                                                                                           submissions. You should submit only                     Change
                                                  Register or within such longer period                    information that you wish to make
                                                  up to 90 days (i) as the Commission may                  available publicly. All submissions                       In its filing with the Commission, the
                                                  designate if it finds such longer period                 should refer to File Number SR–                         self-regulatory organization included
                                                  to be appropriate and publishes its                      NASDAQ–2017–061 and should be                           statements concerning the purpose of,
                                                  reasons for so finding or (ii) as to which               submitted on or before August 17, 2017.                 and basis for, the proposed rule change
                                                  the self-regulatory organization                                                                                 and discussed any comments it received
                                                  consents, the Commission will:                             For the Commission, by the Division of
                                                                                                           Trading and Markets, pursuant to delegated
                                                                                                                                                                   on the proposed rule change. The text
                                                     (A) By order approve or disapprove                                                                            of those statements may be examined at
                                                                                                           authority.26
                                                  such proposed rule change, or                                                                                    the places specified in Item IV below.
                                                     (B) institute proceedings to determine                Eduardo A. Aleman,
                                                                                                                                                                   The Exchange has prepared summaries,
                                                  whether the proposed rule change                         Assistant Secretary.
                                                                                                                                                                   set forth in sections A, B, and C below,
                                                  should be disapproved.                                   [FR Doc. 2017–15775 Filed 7–26–17; 8:45 am]
                                                                                                                                                                   of the most significant parts of such
                                                                                                           BILLING CODE 8011–01–P                                  statements.
                                                  IV. Solicitation of Comments
                                                    Interested persons are invited to                                                                              A. Self-Regulatory Organization’s
                                                  submit written data, views, and                          SECURITIES AND EXCHANGE                                 Statement of the Purpose of, and the
                                                  arguments concerning the foregoing,                      COMMISSION                                              Statutory Basis for, the Proposed Rule
                                                  including whether the proposed rule                                                                              Change
                                                  change is consistent with the Act.                       [Release No. 34–81185; File No. SR–
                                                                                                           NYSEArca–2017–78]                                       1. Purpose
                                                  Comments may be submitted by any of
                                                  the following methods:                                                                                              The Commission has approved a
                                                                                                           Self-Regulatory Organizations; NYSE
                                                                                                                                                                   proposed rule change relating to listing
                                                  Electronic Comments                                      Arca, Inc.; Notice of Filing and
                                                                                                                                                                   and trading on the Exchange of shares
                                                                                                           Immediate Effectiveness of Proposed
                                                    • Use the Commission’s Internet                                                                                (‘‘Shares’’) of the PIMCO Low Duration
                                                                                                           Rule Change Relating to a Change in
                                                  comment form (http://www.sec.gov/                                                                                Active Exchange-Traded Fund (‘‘Fund’’)
                                                                                                           the Size of a Creation Unit Applicable
                                                  rules/sro.shtml); or                                                                                             under NYSE Arca Equities Rule 8.600,4
                                                                                                           to Shares of the PIMCO Low Duration
                                                    • Send an email to rule-comments@                                                                              which governs the listing and trading of
                                                                                                           Active Exchange-Traded Fund
                                                  sec.gov. Please include File Number SR–                                                                          Managed Fund Shares.5 The Shares are
                                                  NASDAQ–2017–061 on the subject line.                     July 21, 2017.
                                                                                                                                                                      4 See Securities Exchange Act Release No. 70774
                                                  Paper Comments                                              Pursuant to Section 19(b)(1) 1 of the
                                                                                                                                                                   (October 30, 2013), 78 FR 66396 (November 5, 2013)
                                                                                                           Securities Exchange Act of 1934 (the
                                                     • Send paper comments in triplicate                   ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
                                                                                                                                                                   (SR–NYSEArca–2013–106) (notice of filing of
                                                                                                                                                                   proposed rule change relating to listing and trading
                                                  to Secretary, Securities and Exchange                    notice is hereby given that, on July 14,                of Shares of the Fund on the Exchange) (‘‘Prior
                                                  Commission, 100 F Street NE.,                            2017, NYSE Arca, Inc. (the ‘‘Exchange’’                 Notice’’); 71125 (December 18, 2013), 78 FR 77743
                                                  Washington, DC 20549–1090.                                                                                       (December 24, 2013) (SR–NYSEArca–2013–106)
                                                                                                           or ‘‘NYSE Arca’’) filed with the                        (order approving listing and trading of Shares of the
                                                  All submissions should refer to File                     Securities and Exchange Commission                      Fund on the Exchange) (‘‘Prior Order’’). See also
                                                  Number SR–NASDAQ–2017–061. This                          (the ‘‘Commission’’) the proposed rule                  Securities Exchange Act Release No. 73331 (October
                                                  file number should be included on the                    change as described in Items I and II                   9, 2014), 79 FR 62213 (October 16, 2014) (SR–
                                                  subject line if email is used. To help the                                                                       NYSEArca–2014–104) (order approving proposed
                                                                                                           below, which Items have been prepared
mstockstill on DSK30JT082PROD with NOTICES




                                                                                                                                                                   rule change relating to use of derivatives by the
                                                  Commission process and review your                       by the self-regulatory organization. The                Fund) (together with the Prior Order, ‘‘Prior
                                                  comments more efficiently, please use                    Commission is publishing this notice to                 Releases’’).
                                                  only one method. The Commission will                                                                                5 A Managed Fund Share is a security that

                                                  post all comments on the Commission’s                         26 17
                                                                                                                                                                   represents an interest in an investment company
                                                                                                                      CFR 200.30–3(a)(12).                         registered under the Investment Company Act of
                                                  Internet Web site (http://www.sec.gov/                        1 15 U.S.C. 78s(b)(1).                             1940 (15 U.S.C. 80a–1) (‘‘1940 Act’’) organized as
                                                  rules/sro.shtml). Copies of the                               2 15 U.S.C. 78a.
                                                                                                                                                                   an open-end investment company or similar entity
                                                  submission, all subsequent                                    3 17 CFR 240.19b–4.                                                                           Continued




                                             VerDate Sep<11>2014   19:17 Jul 26, 2017   Jkt 241001   PO 00000     Frm 00097   Fmt 4703   Sfmt 4703   E:\FR\FM\27JYN1.SGM   27JYN1


                                                  35020                          Federal Register / Vol. 82, No. 143 / Thursday, July 27, 2017 / Notices

                                                  offered by PIMCO ETF Trust (the                          narrower premiums or discounts to                       secondary market trading activity that
                                                  ‘‘Trust’’), a statutory trust organized                  NAV.9                                                   may result from a decrease in the
                                                  under the laws of the State of Delaware                     The Adviser represents that the                      Creation Unit size for Shares of the
                                                  and registered with the Commission as                    proposed change to reduce the size of a                 Fund, will enhance competition among
                                                  an open-end management investment                        Creation Unit, as described above, is                   issues of exchange-traded funds that
                                                  company.6 The investment manager to                      consistent with the Fund’s investment                   invest in fixed income securities.
                                                  the Fund is Pacific Investment                           objective, and will further assist the
                                                                                                           Adviser to achieve such investment                      C. Self-Regulatory Organization’s
                                                  Management Company LLC (‘‘PIMCO’’
                                                                                                           objective. Except for the change noted                  Statement on Comments on the
                                                  or the ‘‘Adviser’’). The Fund’s Shares
                                                                                                           above, all other representations made in                Proposed Rule Change Received From
                                                  are currently listed and traded on the
                                                                                                           the Prior Releases remain unchanged.10                  Members, Participants, or Others
                                                  Exchange under NYSE Arca Equities
                                                  Rule 8.600.7                                             The Fund will continue to comply with                     No written comments were solicited
                                                                                                           all initial and continued listing                       or received with respect to the proposed
                                                     According to the Registration
                                                                                                           requirements under NYSE Arca Equities                   rule change.
                                                  Statement and the Prior Releases, Shares
                                                                                                           Rule 8.600.
                                                  of the Fund that trade in the secondary                     The Adviser represents that the                      III. Date of Effectiveness of the
                                                  market are created at net asset value                    investment objective of the Fund is not                 Proposed Rule Change and Timing for
                                                  (‘‘NAV’’) by Authorized Participants                     changing.                                               Commission Action
                                                  only in block-size Creation Units of
                                                                                                           2. Statutory Basis                                         Because the foregoing proposed rule
                                                  50,000 Shares or multiples thereof.
                                                                                                                                                                   change does not: (i) Significantly affect
                                                     The Exchange proposes to reflect a                       The basis under the Act for this                     the protection of investors or the public
                                                  change in the size of a Creation Unit                    proposed rule change is the requirement                 interest; (ii) impose any significant
                                                  from 50,000 Shares to at least 20,000                    under Section 6(b)(5) 11 that an                        burden on competition; and (iii) become
                                                  Shares.8 The size of a Creation Unit will                exchange have rules that are designed to                operative for 30 days from the date on
                                                  be subject to change. The Exchange                       prevent fraudulent and manipulative                     which it was filed, or such shorter time
                                                  believes that the change to the size of a                acts and practices, to promote just and                 as the Commission may designate, it has
                                                  Creation Unit will not adversely impact                  equitable principles of trade, to remove                become effective pursuant to Section
                                                  investors or Exchange trading. A                         impediments to, and perfect the                         19(b)(3)(A) of the Act 12 and Rule 19b–
                                                  reduction in the size of a Creation Unit                 mechanism of a free and open market                     4(f)(6) thereunder.13
                                                  may provide potential benefits to                        and, in general, to protect investors and                  At any time within 60 days of the
                                                  investors by facilitating additional                     the public interest.                                    filing of the proposed rule change, the
                                                  creation and redemption activity in the                     The proposed rule change is designed                 Commission summarily may
                                                  Shares, thereby potentially resulting in                 to perfect the mechanism of a free and                  temporarily suspend such rule change if
                                                  increased secondary market trading                       open market and, in general, to protect                 it appears to the Commission that such
                                                  activity, tighter bid/ask spreads and                    investors and the public interest. The                  action is necessary or appropriate in the
                                                                                                           Exchange believes that the change to the                public interest, for the protection of
                                                  that invests in a portfolio of securities selected by    size of a Creation Unit to at least 20,000              investors, or otherwise in furtherance of
                                                  its investment adviser consistent with its               Shares will not adversely impact                        the purposes of the Act. If the
                                                  investment objectives and policies. In contrast, an      investors or Exchange trading. In
                                                  open-end investment company that issues                                                                          Commission takes such action, the
                                                  Investment Company Units, listed and traded on
                                                                                                           addition, a reduction in the size of a                  Commission shall institute proceedings
                                                  the Exchange under NYSE Arca Equities Rule               Creation Unit may provide potential                     to determine whether the proposed rule
                                                  5.2(j)(3), seeks to provide investment results that      benefits to investors by facilitating                   change should be approved or
                                                  correspond generally to the price and yield              additional creation and redemption
                                                  performance of a specific foreign or domestic stock                                                              disapproved.
                                                  index, fixed income securities index or combination
                                                                                                           activity in the Shares, thereby
                                                  thereof.                                                 potentially resulting in increased                      IV. Solicitation of Comments
                                                     6 The Trust is registered under the Investment        secondary market trading activity,                        Interested persons are invited to
                                                  Company Act of 1940 (‘‘1940 Act’’). On October 28,       tighter bid/ask spreads and narrower                    submit written data, views, and
                                                  2016, the Trust filed with the Commission the most       premiums or discounts to NAV.
                                                  recent post-effective amendment to its registration                                                              arguments concerning the foregoing,
                                                  statement under the Securities Act of 1933 (15           B. Self-Regulatory Organization’s                       including whether the proposed rule
                                                  U.S.C. 77a) (‘‘1933 Act’’) and under the 1940 Act        Statement on Burden on Competition                      change is consistent with the Act.
                                                  relating to the Fund (File Nos. 333–155395 and                                                                   Comments may be submitted by any of
                                                  811–22250) (the ‘‘Registration Statement’’). The           The Exchange does not believe that
                                                  description of the operation of the Trust and the                                                                the following methods:
                                                                                                           the proposed rule change will impose
                                                  Fund herein is based, in part, on the Registration
                                                  Statement. A change to the name of the Fund from         any burden on competition that is not                   Electronic Comments
                                                  PIMCO Low Duration Exchange-Traded Fund to               necessary or appropriate in furtherance                   • Use the Commission’s Internet
                                                  PIMCO Low Duration Active Exchange-Traded                of the purpose of the Act. The Exchange                 comment form (http://www.sec.gov/
                                                  Fund was reflected in such amendment to the              believes the proposed rule change,
                                                  Registration Statement. In addition, the                                                                         rules/sro.shtml); or
                                                  Commission has issued an order granting certain          because of the potential increase in                      • Send an email to rule-comments@
                                                  exemptive relief to the Trust under the 1940 Act.                                                                sec.gov. Please include File Number SR–
                                                  See Investment Company Act Release No. 28993                9 The Exchange notes that the Commission has

                                                  (November 10, 2009) (File No. 812–13571)                 approved the listing and trading of other issues of
                                                                                                                                                                   NYSEArca–2017–78 on the subject line.
                                                  (‘‘Exemptive Order’’).                                   Managed Fund Shares that have applied a
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                                                     7 The Trust implemented a change in the name of       minimum Creation Unit size of 25,000 shares or            12 15  U.S.C. 78s(b)(3)(A).
                                                  the Fund from PIMCO Low Duration Exchange-               greater. See, e.g., Securities Exchange Act Release       13 17  CFR 240.19b–4(f)(6). As required under Rule
                                                  Traded Fund to PIMCO Low Duration Active                 No. 74595 (March 27, 2015), 80 FR 17795 (April 2,       19b–4(f)(6)(iii), the Exchange provided the
                                                  Exchange-Traded Fund on October 31, 2014.                2015) (SR–NYSEArca–2015–04) order approving             Commission with written notice of its intent to file
                                                     8 The change to size of a Creation Unit will be       listing and trading of shares of the Innovator IBD      the proposed rule change, along with a brief
                                                  effective upon filing with the Commission of an          50 Fund under NYSE Arca Equities Rule 8.600).           description and the text of the proposed rule
                                                                                                              10 See note 4, supra. All terms referenced but not
                                                  amendment to the Trust’s Registration Statement on                                                               change, at least five business days prior to the date
                                                  Form N–1A, and shareholders will be notified of          defined herein are defined in the Prior Releases.       of filing of the proposed rule change, or such
                                                  such change by means of such amendment.                     11 15 U.S.C. 78f(b)(5).                              shorter time as designated by the Commission.



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                                                                                   Federal Register / Vol. 82, No. 143 / Thursday, July 27, 2017 / Notices                                            35021

                                                  Paper Comments                                             below. The Paperwork Reduction Act                    SMALL BUSINESS ADMINISTRATION
                                                     • Send paper comments in triplicate                     (PRA) of 1995, requires federal agencies
                                                  to Secretary, Securities and Exchange                      to publish a notice in the Federal                    Data Collection Available for Public
                                                  Commission, 100 F Street NE.,                              Register concerning each proposed                     Comments
                                                  Washington, DC 20549–1090.                                 collection of information before
                                                                                                             submission to OMB, and to allow 60                          60-Day notice and request for
                                                                                                                                                                   ACTION:
                                                  All submissions should refer to File                                                                             comments.
                                                  Number SR–NYSEArca–2017–78. This                           days for public comment in response to
                                                  file number should be included on the                      the notice. This notice complies with                 SUMMARY:   The Small Business
                                                  subject line if email is used. To help the                 that requirement.                                     Administration (SBA) intends to request
                                                  Commission process and review your                         DATES:Submit comments on or before                    approval, from the Office of
                                                  comments more efficiently, please use                      September 25, 2017.                                   Management and Budget (OMB) for the
                                                  only one method. The Commission will                                                                             collection of information described
                                                  post all comments on the Commission’s                      ADDRESSES:   Send all comments to Gina                below. The Paperwork Reduction Act
                                                  Internet Web site (http://www.sec.gov/                     Beyer, Supervisory Administrative                     (PRA) of 1995, requires federal agencies
                                                  rules/sro.shtml). Copies of the                            Specialist, Office of Disaster Assistance,            to publish a notice in the Federal
                                                  submission, all subsequent                                 Small Business Administration, 409 3rd                Register concerning each proposed
                                                  amendments, all written statements                         Street, 6th Floor, Washington, DC                     collection of information before
                                                  with respect to the proposed rule                          20416.                                                submission to OMB, and to allow 60
                                                  change that are filed with the                                                                                   days for public comment in response to
                                                  Commission, and all written                                FOR FURTHER INFORMATION CONTACT:   Gina               the notice. This notice complies with
                                                  communications relating to the                             Beyer, Supervisory Administrative                     that requirement.
                                                  proposed rule change between the                           Specialist, Disaster Assistance,
                                                                                                                                                                   DATES: Submit comments on or before
                                                  Commission and any person, other than                      gina.beyer@sba.gov, 202–205–6458, or
                                                                                                                                                                   September 25, 2017.
                                                  those that may be withheld from the                        Curtis B. Rich, Management Analyst,
                                                  public in accordance with the                              202–205–7030, curtis.rich@sba.gov.                    ADDRESSES: Send all comments to Gina
                                                  provisions of 5 U.S.C. 552, will be                                                                              Beyer, Supervisory Administrative
                                                  available for Web site viewing and                         SUPPLEMENTARY INFORMATION:      The                   Specialist, Office of Disaster Assistance,
                                                  printing in the Commission’s Public                        requested information is submitted by                 Small Business Administration, 409 3rd
                                                  Reference Room, 100 F Street NE.,                          small businesses or not-for-profit                    Street, 8th Floor, Washington, DC
                                                  Washington, DC 20549 on official                           organizations who seek federal financial              20416.
                                                  business days between the hours of                         assistance (loans) to help in their
                                                                                                                                                                   FOR FURTHER INFORMATION CONTACT:      Gina
                                                  10:00 a.m. and 3:00 p.m. Copies of such                    recovery from declared disaster. SBA                  Beyer, Supervisory Administrative
                                                  filing also will be available for                          uses the information to determine the                 Specialist, Disaster Assistance,
                                                  inspection and copying at the principal                    eligibility and creditworthiness of these             gina.beyer@sba.gov 202–205–6458, or
                                                  office of the Exchange. All comments                       loan applicants.                                      Curtis B. Rich, Management Analyst,
                                                  received will be posted without change;                                                                          202–205–7030, curtis.rich@sba.gov.
                                                                                                             Solicitation of Public Comments
                                                  the Commission does not edit personal
                                                                                                                                                                   SUPPLEMENTARY INFORMATION: The
                                                  identifying information from                                 SBA is requesting comments on (a)                   requested information is submitted by
                                                  submissions. You should submit only                        Whether the collection of information is              homeowners or renters when applying
                                                  information that you wish to make                          necessary for the agency to properly                  for federal financial assistance (loans) to
                                                  available publicly. All submissions                        perform its functions; (b) whether the                help in their recovery from a declared
                                                  should refer to File Number SR–                            burden estimates are accurate; (c)                    disaster. SBA uses the information to
                                                  NYSEArca–2017–78, and should be                            whether there are ways to minimize the                determine the creditworthiness of these
                                                  submitted on or before August 17, 2017.                    burden, including through the use of                  loan applicants, as well as their
                                                    For the Commission, by the Division of                   automated techniques or other forms of                eligibility for financial assistance.
                                                  Trading and Markets, pursuant to delegated                 information technology; and (d) whether
                                                  authority.14                                                                                                     Solicitation of Public Comments
                                                                                                             there are ways to enhance the quality,
                                                  Eduardo A. Aleman,                                                                                                 SBA is requesting comments on (a)
                                                                                                             utility, and clarity of the information.
                                                  Assistant Secretary.                                                                                             Whether the collection of information is
                                                  [FR Doc. 2017–15773 Filed 7–26–17; 8:45 am]                Summary of Information Collection                     necessary for the agency to properly
                                                  BILLING CODE 8011–01–P
                                                                                                               (1) Title: Disaster Business                        perform its functions; (b) whether the
                                                                                                             Application.                                          burden estimates are accurate; (c)
                                                                                                                                                                   whether there are ways to minimize the
                                                  SMALL BUSINESS ADMINISTRATION                                Description of Respondents: Disaster                burden, including through the use of
                                                                                                             Recovery Victims.                                     automated techniques or other forms of
                                                  Data Collection Available for Public                         Form Number: SBA Forms 5 and                        information technology; and (d) whether
                                                  Comments                                                   1368.                                                 there are ways to enhance the quality,
                                                                                                                                                                   utility, and clarity of the information.
                                                        60-Day notice and request for
                                                  ACTION:                                                      Total Estimated Annual Responses:
                                                  comments.                                                  4,570.                                                Summary of Information Collection
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                                                  SUMMARY:   The Small Business                                Total Estimated Annual Hour Burden:                   (1) Title: Disaster Home Loan
                                                  Administration (SBA) intends to request                    10,688.                                               Application.
                                                  approval, from the Office of                               Curtis B. Rich,                                         Description of Respondents: Disaster
                                                  Management and Budget (OMB) for the                                                                              Recovery Victims.
                                                                                                             Management Analyst.
                                                  collection of information described                                                                                Form Number: SBA Form 5C.
                                                                                                             [FR Doc. 2017–15787 Filed 7–26–17; 8:45 am]
                                                                                                                                                                     Total Estimated Annual Responses:
                                                                                                             BILLING CODE 8025–01–P
                                                    14 17   CFR 200.30–3(a)(12).                                                                                   34,273.


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Document Created: 2017-07-27 02:07:27
Document Modified: 2017-07-27 02:07:27
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation82 FR 35019 

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