NYSE rules of time constraints do not apply to ETF's:
Market-on-Close/ Limit-At-The-Close Policy/ Pre-Opening Price Indications Policy - Orders in ETFs are not subject to the Exchange's Market-On-Close ("MOC")/ Limit-at-the-close ("LOC") policy concerning order entry limitations, cancellation of orders during a regulatory halt, imbalance publications, and any other limitations or procedures with respect to MOC/LOC procedures. A MOC/LOC order in an ETF can be entered at any time without regard to the limitations of the Exchange's MOC/LOC policies. In addition, the closing price of an ETF will not be subject to publication of imbalances under the Exchange's MOC/LOC policy.
Similarly, the Exchange's policies regarding mandatory dissemination of pre-opening price indications (other than ITS pre-opening notifications) in the case of significant order imbalances and potentially large price dislocation from the prior close would not apply to ETFs. Both the MOC/LOC procedures and the mandatory pre-opening price indications policy are intended to solicit offsetting contra side interest to minimize price dislocation. This rationale does not apply in the case of ETFs, which are derivatively priced in relation to, among other things, the values of the underlying component securities, regardless of the extent of an order imbalance.
