82_FR_45516 82 FR 45329 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Reflect Certain Changes Applicable to IQ Municipal Insured ETF, IQ Municipal Intermediate ETF, and IQ Municipal Short Duration ETF

82 FR 45329 - Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Reflect Certain Changes Applicable to IQ Municipal Insured ETF, IQ Municipal Intermediate ETF, and IQ Municipal Short Duration ETF

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 187 (September 28, 2017)

Page Range45329-45330
FR Document2017-20752

Federal Register, Volume 82 Issue 187 (Thursday, September 28, 2017)
[Federal Register Volume 82, Number 187 (Thursday, September 28, 2017)]
[Notices]
[Pages 45329-45330]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2017-20752]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81682; File No. SR-NYSEArca-2017-103]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change To Reflect Certain 
Changes Applicable to IQ Municipal Insured ETF, IQ Municipal 
Intermediate ETF, and IQ Municipal Short Duration ETF

September 22, 2017.

    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given 
that, on September 13, 2017, NYSE Arca, Inc. (``Exchange'' or ``NYSE 
Arca'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I and 
II below, which Items have been prepared by the Exchange. 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\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes (1) to reflect a change in the name of the IQ 
Municipal Insured ETF, IQ Municipal Intermediate ETF, and IQ Municipal 
Short Duration ETF (each a ``Fund'' and, collectively, the ``Funds''), 
and (2) to reflect a change in the dollar-weighted average duration to 
be maintained by the IQ Municipal Insured ETF and IQ Municipal 
Intermediate ETF. Shares of the Funds have been approved by the 
Securities and Exchange Commission (the ``Commission'') for listing and 
trading on the Exchange under NYSE Arca Rule 8.600-E. The proposed rule 
change is available on the Exchange's Web site at www.nyse.com, at the 
principal office of the Exchange, and at the Commission's Public 
Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the self-regulatory organization 
included statements concerning the purpose of, and basis for, the 
proposed rule change and discussed any comments it received on the 
proposed rule change. The text of those statements may be examined at 
the places specified in Item IV below. The Exchange has prepared 
summaries, set forth in sections A, B, and C below, of the most 
significant parts of such statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and the 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The Commission has approved a proposed rule change relating to 
listing and trading on the Exchange of shares (``Shares'') of the Funds 
under NYSE Arca Rule 8.600-E,\3\ which governs the listing and trading 
of Managed Fund Shares.\4\ The Shares will be offered by the IndexIQ 
Active ETF Trust (the ``Trust''), which is registered with the 
Commission as an open-end management investment company. Each Fund is a 
series of the Trust. Shares of the Funds have been approved by the 
Commission for listing and trading on the Exchange under NYSE Arca Rule 
8.600-E. The Funds' Shares have not commenced trading on the Exchange.
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    \3\ See Securities Exchange Act Release Nos. 80584 (May 3, 
2017), 82 FR 21573 (May 9, 2017) (SR-NYSEArca-2017-44) (notice of 
filing of proposed rule change to list and trade shares of the IQ 
Municipal Insured ETF; IQ Municipal Short Duration ETF; and IQ 
Municipal Intermediate ETF under NYSE Arca Equities Rule 8.600) 
(``Prior Notice''); 80885 (June 8, 2017), 82 FR 27302 (June 14, 
2017) (SR-NYSEArca-2017-44) (order approving proposed rule change to 
list and trade shares of the IQ Municipal Insured ETF, IQ Municipal 
Short Duration ETF, and IQ Municipal Intermediate ETF under NYSE 
Arca Equities Rule 8.600) (Prior Order, and, together with the Prior 
Notice, the ``Prior Release''). All terms referenced but not defined 
herein are defined in the Prior Release.
    \4\ 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-
E(j)(3), seeks to provide investment results that correspond 
generally to the price and yield performance of a specific foreign 
or domestic stock index, fixed income securities index or 
combination thereof.
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    On June 27, 2017, the name of the IQ Municipal Insured ETF was 
changed to IQ MacKay Shields Municipal Insured ETF, the name of the IQ 
Municipal Intermediate ETF was changed to IQ MacKay Shields Municipal 
Intermediate ETF, and the name of the IQ Municipal Short Duration ETF 
was changed to IQ MacKay Shields Municipal Short Duration ETF. This 
proposed rule change proposes to reflect these changes.
    The Prior Release stated that the IQ Municipal Insured ETF 
generally will maintain a dollar-weighted average duration within plus 
or minus two years of the dollar-weighted average duration of the S&P 
Municipal Bond Insured Index. The Fund proposes to change this 
representation to state that the Fund generally will maintain a dollar-
weighted average modified duration of 3 to15 years.
    In addition, the Prior Release stated that the IQ Municipal 
Intermediate ETF generally will maintain a dollar-weighted average 
duration within plus or minus two years of the dollar-weighted average 
duration of the S&P Municipal Bond Intermediate Index. The Fund 
proposes to change this representation to state that the Fund generally 
will maintain a dollar-weighted average modified duration of three to 
ten years.\5\
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    \5\ The Exchange notes that the Commission has approved the 
listing and trading of other issues of Managed Fund Shares that have 
a duration range comparable to those proposed for the Funds. See, 
e.g., Securities Exchange Act Release Nos. 79293 (November 10, 
2016), 81 FR 81189 (November 17, 2016)(SR-NYSEArca-2016-107) (order 
approving listing and trading of shares of Cumberland Municipal Bond 
ETF under NYSE Arca Equities Rule 8.600, which states that ``At 
least 80% of the weight of the Fund's assets will be in Municipal 
Bonds with a modified duration of 15 years or less''); 71617 
(February 26, 2014), 79 FR 12257 (March 4, 2014) (SR-NYSEArca-2013-
135) (Order Granting Approval of Proposed Rule Change to List and 
Trade Shares of db-X Ultra-Short Duration Fund and db-X Managed 
Municipal Bond Fund under NYSE Arca Equities Rule 8.600, which 
states that ``[a]lthough the [db-X Managed Municipal Bond Fund] may 
adjust duration of its holdings over a wider range, it generally 
intends to keep it between five and nine years''); 77522 (April 5, 
2016), 81 FR 21420 (April 11, 2016) (SR-NYSEArca-2015-125) (order 
approving proposed rule change to list and trade shares of the 
Riverfront Dynamic Unconstrained Income ETF and Riverfront Dynamic 
Core Income ETF under NYSE Arca Equities Rule 8.600, which states 
that ``the Sub-Adviser intends to manage the [Riverfront Dynamic 
Unconstrained Income ETF's] portfolio so that it has an average 
duration of between two and ten years, under normal 
circumstances'').

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[[Page 45330]]

    The Adviser represents that the proposal to change representations 
regarding duration, as described above, is consistent with each 
applicable Fund's respective investment objective, and will further 
assist the Adviser and Subadviser to achieve such investment objective. 
Except for the changes noted above, all other representations made in 
the Prior Release remain unchanged.\6\ The Funds will comply with all 
initial and continued listing requirements under NYSE Arca Equities 
Rule 8.600-E.
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    \6\ See note 3, supra.
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    The Adviser represents that the investment objective of the Funds 
is not changing.
2. Statutory Basis
    The basis under the Act for this proposed rule change is the 
requirement under Section 6(b)(5) \7\ 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.
---------------------------------------------------------------------------

    \7\ 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 names of the Funds have been changed to include 
the name of the Subadviser (MacKay Shields LLC). The Exchange believes 
that the change to the representations regarding the dollar-weighted 
average modified duration of the applicable Funds will not adversely 
impact investors or Exchange trading and will provide such Funds with 
additional flexibility in managing the Funds' investments based on the 
Adviser's and Subadviser's assessment of market conditions impacting 
the Funds' investments.

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purpose of the Act. The Exchange believes the 
proposed rule change will provide the Adviser and Subadviser with 
additional flexibility in managing the applicable Funds' investments 
based on the Adviser's and Subadviser's assessment of market conditions 
impacting the Funds' investments and will not impose a burden on 
competition. In addition, the Funds' name changes as described above 
raise no competitive issues.

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 \8\ and Rule 19b-
4(f)(6) thereunder.\9\
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    \8\ 15 U.S.C. 78s(b)(3)(A).
    \9\ 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.

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-2017-103 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-NYSEArca-2017-103. This 
file number should be included on the subject line if email is used. To 
help the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for Web site viewing and 
printing in the Commission's Public Reference Room, 100 F Street NE., 
Washington, DC 20549 on official business days between the hours of 
10:00 a.m. and 3:00 p.m. Copies of the filing also will be available 
for inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change; the Commission does 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly. All 
submissions should refer to File Number SR-NYSEArca-2017-103 and should 
be submitted on or before October 19, 2017.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(12).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-20752 Filed 9-27-17; 8:45 am]
BILLING CODE 8011-01-P



                              Federal Register / Vol. 82, No. 187 / Thursday, September 28, 2017 / Notices                                                    45329

        Lastly, the Commission believes that                 proposed rule change as described in                  listing and trading of Managed Fund
     the Exchange’s additional proposed                      Items I and II below, which Items have                Shares.4 The Shares will be offered by
     amendments to clarify its rules                         been prepared by the Exchange. The                    the IndexIQ Active ETF Trust (the
     regarding IB recordkeeping accounts                     Commission is publishing this notice to               ‘‘Trust’’), which is registered with the
     (Article 17, Rule 3(c)), the                            solicit comments on the proposed rule                 Commission as an open-end
     recordkeeping requirements for certain                  change from interested persons.                       management investment company. Each
     Exchange participants (Article 11, Rule                 I. Self-Regulatory Organization’s                     Fund is a series of the Trust. Shares of
     3), and the operation of the cross order                Statement of the Terms of Substance of                the Funds have been approved by the
     type and Cross With Size handling                       the Proposed Rule Change                              Commission for listing and trading on
     (Article 1, Rule 2(a)(2), Article 1, Rule                                                                     the Exchange under NYSE Arca Rule
     2(g)(1) and Article 20, Rule 8(e)) add                     The Exchange proposes (1) to reflect               8.600–E. The Funds’ Shares have not
     transparency and remove any potential                   a change in the name of the IQ                        commenced trading on the Exchange.
     ambiguity in those rules and reduce the                 Municipal Insured ETF, IQ Municipal                      On June 27, 2017, the name of the IQ
     potential for confusion as to their                     Intermediate ETF, and IQ Municipal                    Municipal Insured ETF was changed to
     meaning and intended application,                       Short Duration ETF (each a ‘‘Fund’’ and,              IQ MacKay Shields Municipal Insured
     which should help protect investors                     collectively, the ‘‘Funds’’), and (2) to              ETF, the name of the IQ Municipal
     consistent with Section 6(b)(5) of the                  reflect a change in the dollar-weighted               Intermediate ETF was changed to IQ
     Act. In addition, the Commission                        average duration to be maintained by                  MacKay Shields Municipal Intermediate
     believes that these proposed changes are                the IQ Municipal Insured ETF and IQ                   ETF, and the name of the IQ Municipal
     reasonably designed to clarify the scope                Municipal Intermediate ETF. Shares of                 Short Duration ETF was changed to IQ
     and meaning of those rules, which                       the Funds have been approved by the                   MacKay Shields Municipal Short
     should help the Exchange assure                         Securities and Exchange Commission                    Duration ETF. This proposed rule
     compliance by Exchange participants                     (the ‘‘Commission’’) for listing and                  change proposes to reflect these
     with the Exchange’s rules, consistent                   trading on the Exchange under NYSE                    changes.
     with Section 6(b)(1) of the Act.                        Arca Rule 8.600–E. The proposed rule                     The Prior Release stated that the IQ
                                                             change is available on the Exchange’s                 Municipal Insured ETF generally will
     IV. Conclusion                                          Web site at www.nyse.com, at the                      maintain a dollar-weighted average
       It is therefore ordered, pursuant to                  principal office of the Exchange, and at              duration within plus or minus two years
     Section 19(b)(2) of the Act 57 that the                 the Commission’s Public Reference                     of the dollar-weighted average duration
     proposed rule change (SR–CHX–2017–                      Room.                                                 of the S&P Municipal Bond Insured
     12), be, and hereby is, approved.                       II. Self-Regulatory Organization’s                    Index. The Fund proposes to change
       For the Commission, by the Division of                Statement of the Purpose of, and                      this representation to state that the Fund
     Trading and Markets, pursuant to delegated              Statutory Basis for, the Proposed Rule                generally will maintain a dollar-
     authority.58                                            Change                                                weighted average modified duration of 3
     Eduardo A. Aleman,                                         In its filing with the Commission, the             to15 years.
     Assistant Secretary.                                    self-regulatory organization included                    In addition, the Prior Release stated
     [FR Doc. 2017–20754 Filed 9–27–17; 8:45 am]             statements concerning the purpose of,                 that the IQ Municipal Intermediate ETF
                                                             and basis for, the proposed rule change               generally will maintain a dollar-
     BILLING CODE 8011–01–P
                                                             and discussed any comments it received                weighted average duration within plus
                                                             on the proposed rule change. The text                 or minus two years of the dollar-
     SECURITIES AND EXCHANGE                                 of those statements may be examined at                weighted average duration of the S&P
     COMMISSION                                              the places specified in Item IV below.                Municipal Bond Intermediate Index.
                                                             The Exchange has prepared summaries,                  The Fund proposes to change this
     [Release No. 34–81682; File No. SR–                                                                           representation to state that the Fund
     NYSEArca–2017–103]
                                                             set forth in sections A, B, and C below,
                                                             of the most significant parts of such                 generally will maintain a dollar-
                                                             statements.                                           weighted average modified duration of
     Self-Regulatory Organizations; NYSE                                                                           three to ten years.5
     Arca, Inc.; Notice of Filing and                        A. Self-Regulatory Organization’s
     Immediate Effectiveness of Proposed                     Statement of the Purpose of, and the                  Intermediate ETF under NYSE Arca Equities Rule
     Rule Change To Reflect Certain                          Statutory Basis for, the Proposed Rule                8.600) (Prior Order, and, together with the Prior
     Changes Applicable to IQ Municipal                      Change                                                Notice, the ‘‘Prior Release’’). All terms referenced
     Insured ETF, IQ Municipal Intermediate                                                                        but not defined herein are defined in the Prior
                                                             1. Purpose                                            Release.
     ETF, and IQ Municipal Short Duration                                                                             4 A Managed Fund Share is a security that
     ETF                                                        The Commission has approved a                      represents an interest in an investment company
                                                             proposed rule change relating to listing              registered under the Investment Company Act of
     September 22, 2017.                                                                                           1940 (15 U.S.C. 80a–1) (‘‘1940 Act’’) organized as
                                                             and trading on the Exchange of shares
                                                                                                                   an open-end investment company or similar entity
        Pursuant to Section 19(b)(1) of the                  (‘‘Shares’’) of the Funds under NYSE                  that invests in a portfolio of securities selected by
     Securities Exchange Act of 1934                         Arca Rule 8.600–E,3 which governs the                 its investment adviser consistent with its
     (‘‘Act’’) 1 and Rule 19b–4 thereunder,2                                                                       investment objectives and policies. In contrast, an
     notice is hereby given that, on                           3 See Securities Exchange Act Release Nos. 80584    open-end investment company that issues
                                                             (May 3, 2017), 82 FR 21573 (May 9, 2017) (SR–         Investment Company Units, listed and traded on
     September 13, 2017, NYSE Arca, Inc.                     NYSEArca–2017–44) (notice of filing of proposed       the Exchange under NYSE Arca Equities Rule 5.2–
     (‘‘Exchange’’ or ‘‘NYSE Arca’’) filed                   rule change to list and trade shares of the IQ        E(j)(3), seeks to provide investment results that
     with the Securities and Exchange                        Municipal Insured ETF; IQ Municipal Short             correspond generally to the price and yield
     Commission (‘‘Commission’’) the                         Duration ETF; and IQ Municipal Intermediate ETF       performance of a specific foreign or domestic stock
                                                             under NYSE Arca Equities Rule 8.600) (‘‘Prior         index, fixed income securities index or combination
                                                             Notice’’); 80885 (June 8, 2017), 82 FR 27302 (June    thereof.
       57 15 U.S.C. 78s(b)(2).                               14, 2017) (SR–NYSEArca–2017–44) (order                   5 The Exchange notes that the Commission has
       58 17 CFR 200.30–3(a)(12).                            approving proposed rule change to list and trade      approved the listing and trading of other issues of
       1 15 U.S.C. 78s(b)(1).
                                                             shares of the IQ Municipal Insured ETF, IQ            Managed Fund Shares that have a duration range
       2 17 CFR 240.19b–4.                                   Municipal Short Duration ETF, and IQ Municipal                                                   Continued




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     45330                     Federal Register / Vol. 82, No. 187 / Thursday, September 28, 2017 / Notices

        The Adviser represents that the                       additional flexibility in managing the                  including whether the proposed rule
     proposal to change representations                       Funds’ investments based on the                         change is consistent with the Act.
     regarding duration, as described above,                  Adviser’s and Subadviser’s assessment                   Comments may be submitted by any of
     is consistent with each applicable                       of market conditions impacting the                      the following methods:
     Fund’s respective investment objective,                  Funds’ investments.
                                                                                                                      Electronic Comments
     and will further assist the Adviser and
                                                              B. Self-Regulatory Organization’s                          • Use the Commission’s Internet
     Subadviser to achieve such investment
                                                              Statement on Burden on Competition                      comment form (http://www.sec.gov/
     objective. Except for the changes noted
     above, all other representations made in                   The Exchange does not believe that                    rules/sro.shtml); or
     the Prior Release remain unchanged.6                     the proposed rule change will impose                       • Send an email to rule-comments@
     The Funds will comply with all initial                   any burden on competition that is not                   sec.gov. Please include File Number SR–
     and continued listing requirements                       necessary or appropriate in furtherance                 NYSEArca–2017–103 on the subject
     under NYSE Arca Equities Rule 8.600–                     of the purpose of the Act. The Exchange                 line.
     E.                                                       believes the proposed rule change will
                                                              provide the Adviser and Subadviser                      Paper Comments
        The Adviser represents that the
     investment objective of the Funds is not                 with additional flexibility in managing                    • Send paper comments in triplicate
     changing.                                                the applicable Funds’ investments based                 to Secretary, Securities and Exchange
                                                              on the Adviser’s and Subadviser’s                       Commission, 100 F Street NE.,
     2. Statutory Basis                                       assessment of market conditions                         Washington, DC 20549–1090.
        The basis under the Act for this                      impacting the Funds’ investments and                    All submissions should refer to File
     proposed rule change is the requirement                  will not impose a burden on                             Number SR–NYSEArca–2017–103. This
     under Section 6(b)(5) 7 that an exchange                 competition. In addition, the Funds’                    file number should be included on the
     have rules that are designed to prevent                  name changes as described above raise                   subject line if email is used. To help the
     fraudulent and manipulative acts and                     no competitive issues.                                  Commission process and review your
     practices, to promote just and equitable                                                                         comments more efficiently, please use
     principles of trade, to remove                           C. Self-Regulatory Organization’s
                                                              Statement on Comments on the                            only one method. The Commission will
     impediments to, and perfect the                                                                                  post all comments on the Commission’s
     mechanism of a free and open market                      Proposed Rule Change Received From
                                                              Members, Participants, or Others                        Internet Web site (http://www.sec.gov/
     and, in general, to protect investors and                                                                        rules/sro.shtml). Copies of the
     the public interest.                                       No written comments were solicited                    submission, all subsequent
        The proposed rule change is designed                  or received with respect to the proposed                amendments, all written statements
     to perfect the mechanism of a free and                   rule change.                                            with respect to the proposed rule
     open market and, in general, to protect                                                                          change that are filed with the
                                                              III. Date of Effectiveness of the
     investors and the public interest. The                                                                           Commission, and all written
                                                              Proposed Rule Change and Timing for
     names of the Funds have been changed                                                                             communications relating to the
                                                              Commission Action
     to include the name of the Subadviser                                                                            proposed rule change between the
     (MacKay Shields LLC). The Exchange                          Because the foregoing proposed rule
                                                              change does not: (i) Significantly affect               Commission and any person, other than
     believes that the change to the                                                                                  those that may be withheld from the
     representations regarding the dollar-                    the protection of investors or the public
                                                              interest; (ii) impose any significant                   public in accordance with the
     weighted average modified duration of                                                                            provisions of 5 U.S.C. 552, will be
     the applicable Funds will not adversely                  burden on competition; and (iii) become
                                                              operative for 30 days from the date on                  available for Web site viewing and
     impact investors or Exchange trading
                                                              which it was filed, or such shorter time                printing in the Commission’s Public
     and will provide such Funds with
                                                              as the Commission may designate, it has                 Reference Room, 100 F Street NE.,
                                                              become effective pursuant to Section                    Washington, DC 20549 on official
     comparable to those proposed for the Funds. See,
     e.g., Securities Exchange Act Release Nos. 79293         19(b)(3)(A) of the Act 8 and Rule 19b–                  business days between the hours of
     (November 10, 2016), 81 FR 81189 (November 17,           4(f)(6) thereunder.9                                    10:00 a.m. and 3:00 p.m. Copies of the
     2016)(SR–NYSEArca–2016–107) (order approving                                                                     filing also will be available for
     listing and trading of shares of Cumberland
                                                                 At any time within 60 days of the
     Municipal Bond ETF under NYSE Arca Equities              filing of the proposed rule change, the                 inspection and copying at the principal
     Rule 8.600, which states that ‘‘At least 80% of the      Commission summarily may                                office of the Exchange. All comments
     weight of the Fund’s assets will be in Municipal         temporarily suspend such rule change if                 received will be posted without change;
     Bonds with a modified duration of 15 years or                                                                    the Commission does not edit personal
     less’’); 71617 (February 26, 2014), 79 FR 12257
                                                              it appears to the Commission that such
     (March 4, 2014) (SR–NYSEArca–2013–135) (Order            action is necessary or appropriate in the               identifying information from
     Granting Approval of Proposed Rule Change to List        public interest, for the protection of                  submissions. You should submit only
     and Trade Shares of db-X Ultra-Short Duration            investors, or otherwise in furtherance of               information that you wish to make
     Fund and db-X Managed Municipal Bond Fund                                                                        available publicly. All submissions
     under NYSE Arca Equities Rule 8.600, which states        the purposes of the Act.
     that ‘‘[a]lthough the [db-X Managed Municipal                                                                    should refer to File Number SR–
     Bond Fund] may adjust duration of its holdings
                                                              IV. Solicitation of Comments                            NYSEArca–2017–103 and should be
     over a wider range, it generally intends to keep it        Interested persons are invited to                     submitted on or before October 19,
     between five and nine years’’); 77522 (April 5,          submit written data, views, and                         2017.
     2016), 81 FR 21420 (April 11, 2016) (SR–
     NYSEArca–2015–125) (order approving proposed             arguments concerning the foregoing,                       For the Commission, by the Division of
     rule change to list and trade shares of the Riverfront                                                           Trading and Markets, pursuant to delegated
     Dynamic Unconstrained Income ETF and Riverfront            8 15  U.S.C. 78s(b)(3)(A).                            authority.10
     Dynamic Core Income ETF under NYSE Arca                    9 17  CFR 240.19b–4(f)(6). As required under Rule
     Equities Rule 8.600, which states that ‘‘the Sub-                                                                Eduardo A. Aleman,
                                                              19b–4(f)(6)(iii), the Exchange provided the
     Adviser intends to manage the [Riverfront Dynamic        Commission with written notice of its intent to file    Assistant Secretary.
     Unconstrained Income ETF’s] portfolio so that it         the proposed rule change, along with a brief            [FR Doc. 2017–20752 Filed 9–27–17; 8:45 am]
     has an average duration of between two and ten           description and the text of the proposed rule
     years, under normal circumstances’’).                                                                            BILLING CODE 8011–01–P
                                                              change, at least five business days prior to the date
        6 See note 3, supra.
                                                              of filing of the proposed rule change, or such
        7 15 U.S.C. 78f(b)(5).                                shorter time as designated by the Commission.             10 17   CFR 200.30–3(a)(12).



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Document Created: 2017-09-28 01:32:52
Document Modified: 2017-09-28 01:32:52
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 45329 

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