[Federal Register Volume 74, Number 64 (Monday, April 6, 2009)]
[Notices]
[Pages 15548-15551]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E9-7585]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59651; File No. SR-NYSEArca-2009-22]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
of Proposed Rule Change To List and Trade Shares of the Grail American 
Beacon Large Cap Value ETF

March 30, 2009.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'' or ``Exchange Act'') \1\ and Rule 19b-4 thereunder,\2\ notice 
is hereby given that, on March 13, 2009, NYSE Arca, Inc. (``NYSE Arca'' 
or ``Exchange''), through its wholly owned subsidiary, NYSE Arca 
Equities, Inc. (``NYSE Arca Equities'' or ``Corporation''), filed with 
the Securities and Exchange Commission (``Commission'') the proposed 
rule change as described in Items I, II, and III 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.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to list and trade the following under NYSE 
Arca Equities Rule 8.600 (``Managed Fund Shares''): The Grail American 
Beacon Large Cap Value ETF. The text of the proposed rule change is 
available on the Exchange's Web site at http://www.nyx.com, at the 
Exchange's principal office 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 Exchange proposes to list and trade the following Managed Fund 
Shares \3\ (``Shares'') under NYSE Arca Equities Rule 8.600: The Grail 
American Beacon Large Cap Value ETF (``Fund'').\4\ The Shares will be 
offered by Grail Advisors ETF Trust (the ``Trust''), a statutory trust 
organized under the laws of the State of Delaware and registered with 
the Commission as an open-end management investment company.\5\ Grail 
Advisors, LLC (the ``Manager''), a majority owned subsidiary of Grail 
Partners, LLC, acts as the Fund's investment manager. The Fund is 
subadvised by American Beacon Advisors, Inc. (``ABA''). The Bank of New 
York Mellon Corporation is the administrator, Fund accountant, transfer 
agent and custodian for the Fund. ALPS Distributors, Inc. (the 
``Distributor'') serves as the distributor for the Fund.
---------------------------------------------------------------------------

    \3\ 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) (``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.
    \4\ The Commission previously approved listing and trading on 
the Exchange of the following actively managed funds under Rule 
8.600. See Securities Exchange Act Release No. 57619 (April 4, 
2008), 73 FR 19544 (April 10, 2008) (SR-NYSEArca-2008-25) (order 
approving Rule 8.600 and Exchange listing and trading of PowerShares 
Active AlphaQ Fund, PowerShares Active Alpha Multi-Cap Fund, 
PowerShares Active Mega-Cap Portfolio and PowerShares Active Low 
Duration Portfolio); Securities Exchange Act Release No. 57801 (May 
8, 2008), 73 FR 27878 (May 14, 2008) (SR-NYSEArca-2008-31) (order 
approving Exchange listing and trading of twelve actively managed 
funds of the WisdomTree Trust).
    \5\ The Trust is registered under the 1940 Act. On January 14, 
2009, the Trust filed with the Commission pre-effective amendment 1 
to its registration statement on Form N-1A under the Securities Act 
of 1933 (15 U.S.C. 77a), and under the 1940 Act relating to the Fund 
(File Nos. 333-148082 and 811-22154) (``Registration Statement''). 
The description of the operation of the Trust herein is based on the 
Registration Statement.
---------------------------------------------------------------------------

    The Shares will conform to the initial and continued listing 
criteria under NYSE Arca Equities Rule 8.600. The Exchange represents 
that, for initial and/or continued listing, the Fund will be in 
compliance with Rule 10A-3 \6\ under the Exchange Act, as provided by 
NYSE Arca Equities Rule 5.3. A minimum of 100,000 Shares will be 
outstanding at the commencement of trading on the Exchange. The 
Exchange will obtain a representation from the issuer of the Shares 
that the net asset value and the Disclosed Portfolio will be made 
available to all market participants at the same time.
---------------------------------------------------------------------------

    \6\ 17 CFR 240.10A-3.
---------------------------------------------------------------------------

    Commentary .07 to Rule 8.600 provides that, if the investment 
adviser to the Investment Company issuing Managed Fund Shares is 
affiliated with a broker-dealer, such investment adviser shall erect a 
``fire wall'' between the investment adviser and the broker-dealer with 
respect to access to information concerning the composition and/or 
changes to such Investment Company portfolio.\7\ In addition, 
Commentary .07 further requires that personnel who make decisions on 
the open-end fund's portfolio composition must be subject to procedures 
designed to prevent the use and dissemination of material nonpublic 
information regarding the open-end fund's portfolio. Commentary .07 to 
Rule 8.600 is similar to Commentary .03(a)(i) and (iii) to NYSE Arca 
Equities Rule 5.2(j)(3); however, Commentary .07 in connection with the 
establishment of a ``fire wall'' between the investment adviser and the 
broker-dealer reflects the applicable open-end fund's portfolio, not an 
underlying benchmark index, as is the case with index-based funds. 
Grail Advisors, LLC is affiliated with a broker-dealer, Grail 
Securities, LLC, and has implemented a fire wall with respect to such 
broker-dealer regarding access to information concerning the 
composition and/or changes to the portfolio.\8\
---------------------------------------------------------------------------

    \7\ An investment adviser to an open-end fund is required to be 
registered under the Investment Advisers Act of 1940 (the ``Advisers 
Act''). As a result, the investment adviser is subject to the 
provisions of Rule 204A-1 under the Advisers Act relating to codes 
of ethics. This Rule requires investment advisers to adopt a code of 
ethics that reflects the fiduciary nature of the relationship to 
clients as well as compliance with other applicable securities laws. 
Accordingly, ``fire wall'' procedures as well as procedures designed 
to prevent the misuse of non-public information by an investment 
adviser must be consistent with Rule 204A-1 under the Advisers Act.
    \8\ The Exchange represents that Grail Advisors, LLC, as the 
investment adviser of the Fund, and its related personnel, are 
subject to Investment Advisers Act Rule 204A-1. This Rule 
specifically requires the adoption of a code of ethics by an 
investment adviser to include, at a minimum: (i) Standards of 
business conduct that reflect the firm's/personnel fiduciary 
obligations; (ii) provisions requiring supervised persons to comply 
with applicable Federal securities laws; (iii) provisions that 
require all access persons to report, and the firm to review, their 
personal securities transactions and holdings periodically as 
specifically set forth in Rule 204A-1; (iv) provisions requiring 
supervised persons to report any violations of the code of ethics 
promptly to the chief compliance officer (``CCO'') or, provided the 
CCO also receives reports of all violations, to other persons 
designated in the code of ethics; and (v) provisions requiring the 
investment adviser to provide each of the supervised persons with a 
copy of the code of ethics with an acknowledgement by said 
supervised persons. In addition, Rule 206(4)-7 under the Advisers 
Act makes it unlawful for an investment adviser to provide 
investment advice to clients unless such investment adviser has (i) 
adopted and implemented written policies and procedures reasonably 
designed to prevent violation, by the investment adviser and its 
supervised persons, of the Advisers Act and the Commission rules 
adopted thereunder; (ii) implemented, at a minimum, an annual review 
regarding the adequacy of the policies and procedures established 
pursuant to subparagraph (i) above and the effectiveness of their 
implementation; and (iii) designated an individual (who is a 
supervised person) responsible for administering the policies and 
procedures adopted under subparagraph (i) above. Telephone 
conversation between Michael Cavalier, Chief Counsel, NYSE Euronext, 
and Edward Cho, Special Counsel, Division of Trading and Markets, 
Commission, dated March 26, 2009.

---------------------------------------------------------------------------

[[Page 15549]]

    ABA, the Fund's primary sub-adviser, is not affiliated with a 
broker-dealer. Any additional Fund sub-advisers that are affiliated 
with a broker-dealer will be required to implement a fire wall with 
respect to such broker-dealer regarding access to information 
concerning the composition and/or changes to the portfolio.\9\
---------------------------------------------------------------------------

    \9\ Telephone conversation between Michael Cavalier, Chief 
Counsel, NYSE Euronext, and Edward Cho, Special Counsel, Division of 
Trading and Markets, Commission, dated March 26, 2009.
---------------------------------------------------------------------------

Description of the Fund
    According to the Registration Statement, the Fund's investment 
objective is long-term capital appreciation and current income. 
Ordinarily, at least 80% of the Fund's net assets (plus the amount of 
any borrowings for investment purposes) are primarily invested in 
equity securities of large market capitalization U.S. companies. These 
companies generally have market capitalizations similar to the market 
capitalizations of the companies in the Russell 1000 [supreg] Index at 
the time of investment. The Russell 1000 Index measures the performance 
of the 1,000 largest U.S. companies based on total market 
capitalization. The Fund's investments may include common stocks, 
preferred stocks, securities convertible into U.S. common stocks, U.S. 
dollar-denominated American Depositary Receipts, and U.S. dollar-
denominated foreign stocks traded on U.S. exchanges. The Fund will not 
purchase or sell securities in markets outside the U.S.
    According to the Registration Statement, the Fund's investment sub-
advisers will select stocks that, in their opinion, have most or all of 
the following characteristics (relative to the Russell 1000 [supreg] 
Index): Above-average earnings growth potential; below-average price to 
earnings ratio; below-average price to book value ratio; and above-
average dividend yields.
    The Fund's investment sub-advisers will determine the earnings 
growth prospects of companies based upon a combination of internal and 
external research using fundamental analysis and considering changing 
economic trends. The decision to sell a stock is typically based on the 
belief that the company is no longer considered undervalued or shows 
deteriorating fundamentals, or that better investment opportunities 
exist in other stocks.
    The Fund's assets are allocated among one or more investment sub-
advisers by the Manager and/or ABA. With respect to any assets 
allocated to it, each investment sub-adviser has discretion to purchase 
and sell securities in accordance with the Fund's objectives, policies, 
restrictions, and more specific policies provided by the Manager and 
ABA.
    According to the Registration Statement, in addition to the 
investment strategies described in the prospectus for the Fund, the 
Fund may invest up to 20% of its total assets in debt securities that 
are investment grade at the time of purchase, including obligations of 
the U.S. Government, its agencies and instrumentalities, corporate debt 
securities, mortgage-backed securities, asset-backed securities, 
master-demand notes, Yankee dollar and Eurodollar bank certificates of 
deposit, time deposits, bankers' acceptances, commercial paper and 
other notes, inflation-indexed securities, and other debt securities. 
Additionally, the Fund may use options and futures for various 
purposes, including for hedging and investment purposes. The Fund may 
also purchase or otherwise receive warrants or rights, or convertible 
and non-convertible preferred and preference stocks. Further the Fund 
may also invest in over-the-counter options. To the extent consistent 
with applicable law, the Fund may invest in futures contracts on, among 
other things, financial instruments (such as a U.S. government security 
or other fixed income security), individual equity securities (``single 
stock futures''), securities indices, interest rates, currencies, 
inflation indices, and commodities or commodities indices. The Fund's 
purchase and sale of index futures is limited to contracts and 
exchanges approved by the U.S. Commodity Futures Trading Commission. 
The Fund may also engage in transactions involving the use of interest 
rate futures; use options on futures contracts, interest rate caps, 
floors, and collars; and directly or indirectly use various different 
types of swaps, such as swaps on securities and securities indices, 
interest rate swaps, currency swaps, credit default swaps, commodity 
swaps, inflation swaps, and other types of available swap agreements. 
Further, the Fund may enter into repurchase agreements with banks and 
broker-dealers. The Fund may temporarily invest a portion of its assets 
in cash or cash items pending other investments or to maintain liquid 
assets required in connection with some of the Fund's investments. The 
Fund may also invest in pooled real estate investment vehicles. 
Furthermore, the Fund may invest up to 15% of its net assets in 
illiquid securities. For this purpose, ``illiquid securities'' are 
securities that a Fund may not sell or dispose of within seven days in 
the ordinary course of business at approximately the amount at which 
the Fund has valued the securities. Finally, the Fund may invest in the 
securities of other investment companies to the extent permitted by 
law.\10\
---------------------------------------------------------------------------

    \10\ Telephone conversation between Michael Cavalier, Chief 
Counsel, NYSE Euronext, and Edward Cho, Special Counsel, Division of 
Trading and Markets, Commission, dated March 27, 2009. See also e-
mail from Michael Cavalier, Chief Counsel, NYSE Euronext, to Edward 
Cho, Special Counsel, Division of Trading and Markets, Commission, 
dated March 26, 2009 (confirming that all of the types of 
investments and financial instruments referenced in the foregoing 
paragraph would be included in the 20% portion of the Fund's net 
assets).
---------------------------------------------------------------------------

    Under adverse market conditions, the Fund may, for temporary 
defensive purposes, invest up to 100% of its assets in cash or cash 
equivalents, including investment grade short-term obligations. 
Investment grade obligations include securities issued or guaranteed by 
the U.S. Government, its agencies and instrumentalities, as well as 
securities rated in one of the four highest rating categories by at 
least two nationally recognized statistical rating organizations rating 
that security (such as Standard & Poor's Ratings Services or Moody's 
Investors Service, Inc.) or rated in one of the four highest rating 
categories by one rating organization if

[[Page 15550]]

it is the only organization rating that security.
    Creations and redemptions of Shares occur in large specified blocks 
of Shares referred to as ``Creation Units''. The Creation Unit size for 
the Fund is 50,000 Shares.
Availability of Information.
    The Fund's Web site (http://www.grailadvisors.com), which will be 
publicly available prior to the public offering of Shares, will include 
a form of the Prospectus for the Fund that may be downloaded. The 
Fund's Web site will include additional quantitative information 
updated on a daily basis, including, for the Fund, (1) daily trading 
volume, the prior business day's reported closing price, NAV and mid-
point of the bid/ask spread at the time of calculation of such NAV (the 
``Bid/Ask Price''),\11\ and a calculation of the premium and discount 
of the Bid/Ask Price against the NAV, and (2) data in chart format 
displaying the frequency distribution of discounts and premiums of the 
daily Bid/Ask Price against the NAV, within appropriate ranges, for 
each of the four previous calendar quarters. On each business day, 
before commencement of trading in Shares in the Core Trading Session on 
the Exchange, the Fund will disclose on its Web site the Disclosed 
Portfolio as defined in proposed Rule 8.600(c)(2) that will form the 
basis for the Fund's calculation of NAV at the end of the business 
day.\12\ The Registration Statement provides that ``the Fund's 
portfolio holdings are publicly disseminated each day the Fund is open 
for business through their Internet Web site. In addition, a basket 
composition file, which includes the security names and share 
quantities required to be delivered in exchange for Fund shares, 
together with estimates and actual cash components, is publicly 
disseminated daily prior to the opening of the NYSE via the National 
Securities Clearing Corporation (``NSCC''). The basket represents one 
Creation Unit of the Fund.'' The Web site information will be publicly 
available at no charge.
---------------------------------------------------------------------------

    \11\ The Bid/Ask Price of the Fund is determined using the 
highest bid and the lowest offer on the Exchange as of the time of 
calculation of the Fund's NAV. The records relating to Bid/Ask 
Prices will be retained by the Fund and its service providers.
    \12\ Under accounting procedures followed by the Fund, trades 
made on the prior business day (``T'') will be booked and reflected 
in NAV on the current business day (``T + 1''). Accordingly, the 
Fund will be able to disclose at the beginning of the business day 
the portfolio that will form the basis for the NAV calculation at 
the end of the business day.
---------------------------------------------------------------------------

    The NAV of the Fund will normally be determined as of the close of 
the regular trading session on the New York Stock Exchange (ordinarily 
4:00 p.m. Eastern time) on each business day.
    Investors can also obtain the Trust's Statement of Additional 
Information (``SAI''), the Fund's Shareholder Reports, and its Form N-
CSR and Form N-SAR, filed twice a year. The Trust's SAI and Shareholder 
Reports are available free upon request from the Trust, and those 
documents and the Form N-CSR and Form N-SAR may be viewed on-screen or 
downloaded from the Commission's Web site at http://www.sec.gov. 
Information regarding market price and trading volume of the Shares is 
and will be continually available on a real-time basis throughout the 
day on brokers' computer screens and other electronic services. 
Information regarding the previous day's closing price and trading 
volume information will be published daily in the financial section of 
newspapers. Quotation and last sale information for the Shares will be 
available via the Consolidated Tape Association (``CTA'') high-speed 
line. In addition, the Portfolio Indicative Value, as defined in NYSE 
Arca Equities Rule 8.600 (c)(3), will be disseminated by the Exchange 
at least every 15 seconds during the Core Trading Session through the 
facilities of CTA. The dissemination of the Portfolio Indicative Value, 
together with the Disclosed Portfolio, will allow investors to 
determine the value of the underlying portfolio of a Fund on a daily 
basis and to provide a close estimate of that value throughout the 
trading day.
    Additional information regarding the Shares and the Fund, including 
investment strategies, risks, creation and redemption procedures, fees, 
portfolio holdings disclosure policies, distributions and taxes is 
included in the Registration Statement. All terms relating to the Fund 
that are referred to, but not defined in, this proposed rule change are 
defined in the Registration Statement.
Trading Halts
    With respect to trading halts, the Exchange may consider all 
relevant factors in exercising its discretion to halt or suspend 
trading in the Shares of the Fund.\13\ Trading in Shares of the Fund 
will be halted if the circuit breaker parameters in NYSE Arca Equities 
Rule 7.12 have been reached. Trading also may be halted because of 
market conditions or for reasons that, in the view of the Exchange, 
make trading in the Shares inadvisable. These may include: (1) The 
extent to which trading is not occurring in the securities comprising 
the Disclosed Portfolio and/or the financial instruments of the Fund; 
or (2) whether other unusual conditions or circumstances detrimental to 
the maintenance of a fair and orderly market are present. Trading in 
the Shares will be subject to Rule 8.600(d)(2)(D), which sets forth 
circumstances under which Shares of the Fund may be halted.
---------------------------------------------------------------------------

    \13\ See NYSE Arca Equities Rule 7.12, Commentary .04.
---------------------------------------------------------------------------

Trading Rules
    The Exchange deems the Shares to be equity securities, thus 
rendering trading in the Shares subject to the Exchange's existing 
rules governing the trading of equity securities. Shares will trade on 
the NYSE Arca Marketplace from 4 a.m. to 8 p.m. Eastern Time in 
accordance with NYSE Arca Equities Rule 7.34 (Opening, Core, and Late 
Trading Sessions). The Exchange has appropriate rules to facilitate 
transactions in the Shares during all trading sessions. The minimum 
trading increment for Shares on the Exchange will be $0.01.
Surveillance
    The Exchange intends to utilize its existing surveillance 
procedures applicable to derivative products (which include Managed 
Fund Shares) to monitor trading in the Shares. The Exchange represents 
that these procedures are adequate to properly monitor Exchange trading 
of the Shares in all trading sessions and to deter and detect 
violations of Exchange rules and applicable Federal securities laws.
    The Exchange's current trading surveillance focuses on detecting 
securities trading outside their normal patterns. When such situations 
are detected, surveillance analysis follows and investigations are 
opened, where appropriate, to review the behavior of all relevant 
parties for all relevant trading violations.
    The Exchange may obtain information via the Intermarket 
Surveillance Group (``ISG'') from other exchanges that are members of 
ISG.\14\ In addition, the Exchange also has a general policy 
prohibiting the distribution of material, non-public information by its 
employees.
---------------------------------------------------------------------------

    \14\ For a list of the current members of ISG, see http://www.isgportal.org. The Exchange notes that not all components of the 
Disclosed Portfolio for the Fund may trade on markets that are 
members of ISG.
---------------------------------------------------------------------------

Information Bulletin
    Prior to the commencement of trading, the Exchange will inform its 
ETP Holders in an Information Bulletin (``Bulletin'') of the special 
characteristics and risks associated with

[[Page 15551]]

trading the Shares. Specifically, the Bulletin will discuss the 
following: (1) The procedures for purchases and redemptions of Shares 
in Creation Unit aggregations (and that Shares are not individually 
redeemable); (2) NYSE Arca Equities Rule 9.2(a), which imposes a duty 
of due diligence on its ETP Holders to learn the essential facts 
relating to every customer prior to trading the Shares; (3) the risks 
involved in trading the Shares during the Opening and Late Trading 
Sessions when an updated Portfolio Indicative Value will not be 
calculated or publicly disseminated; (4) how information regarding the 
Portfolio Indicative Value is disseminated; (5) the requirement that 
ETP Holders deliver a prospectus to investors purchasing newly issued 
Shares prior to or concurrently with the confirmation of a transaction; 
and (6) trading information.
    In addition, the Bulletin will reference that the Fund is subject 
to various fees and expenses described in the Registration Statement. 
The Bulletin will discuss any exemptive, no-action, and interpretive 
relief granted by the Commission from any rules under the Exchange Act. 
The Bulletin will also disclose that the NAV for the Shares will be 
calculated after 4 p.m. Eastern Time each trading day.
2. Statutory Basis
    The basis under the Exchange Act for this proposed rule change is 
the requirement under Section 6(b)(5) \15\ that an exchange have rules 
that are designed to prevent fraudulent and manipulative acts and 
practices, to promote just and equitable principles of trade, to remove 
impediments to, and perfect the mechanism of a free and open market 
and, in general, to protect investors and the public interest. The 
Exchange believes that the proposed rule change will facilitate the 
listing and trading of an additional type of actively managed exchange-
traded product that will enhance competition among market participants, 
to the benefit of investors and the marketplace.
---------------------------------------------------------------------------

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

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

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition that is not necessary or appropriate 
in furtherance of the purposes of the Act.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants or Others

    No written comments were solicited or received with respect to the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    Within 35 days of the date of publication of this notice in the 
Federal Register or within such longer period (i) as the Commission may 
designate up to 90 days of such date if it finds such longer period to 
be appropriate and publishes its reasons for so finding or (ii) as to 
which the self-regulatory organization consents, the Commission will:
    (A) By order approve the proposed rule change, or
    (B) Institute proceedings to determine whether the proposed rule 
change should be disapproved.

The Exchange has requested accelerated approval of this proposed rule 
change prior to the 30th day after the date of publication of notice in 
the Federal Register. The Commission is considering granting 
accelerated approval of the proposed rule change at the end of a 15-day 
comment period.

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 e-mail to [email protected]. Please include 
File Number SR-NYSEArca-2009-22 on the subject line.

Paper Comments

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

All submissions should refer to File Number SR-NYSEArca-2009-22. This 
file number should be included on the subject line if e-mail is used. 
To help the Commission process and review your comments more 
efficiently, please use only one method. The Commission will post all 
comments on the Commission's Internet Web site (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 inspection 
and copying in the Commission's Public Reference Room, 100 F Street, 
NE., Washington, DC 20549, on official business days between the hours 
of 10 a.m. and 3 p.m. Copies of the filing will also be available for 
inspection and copying at NYSE Arca's principal office and on its 
Internet Web site at http://www.nyse.com. All comments received will be 
posted without change; the Commission does not edit personal 
identifying information from submissions. You should submit only 
information that you wish to make available publicly. All submissions 
should refer to File Number SR-NYSEArca-2009-22 and should be submitted 
on or before April 27, 2009.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\16\
---------------------------------------------------------------------------

    \16\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-7585 Filed 4-3-09; 8:45 am]
BILLING CODE 8011-01-P