80 FR 43809 - Pioneer ETMF Series Trust I, et al.; Notice of Application

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 80, Issue 141 (July 23, 2015)

Page Range		43809-43810
FR Document		2015-18029
Federal Register, Volume 80 Issue 141 (Thursday, July 23, 2015)
[Federal Register Volume 80, Number 141 (Thursday, July 23, 2015)]
[Notices]
[Pages 43809-43810]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-18029]


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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 31718; 812-14504]


Pioneer ETMF Series Trust I, et al.; Notice of Application

July 16, 2015.
AGENCY:  Securities and Exchange Commission (``Commission'').

ACTION:  Notice of an application for an order under section 6(c) of 
the Investment Company Act of 1940 (``Act'') for an exemption from 
sections 2(a)(32), 5(a)(1), 22(d) and 22(e) of the Act and rule 22c-1 
under the Act, under sections 6(c) and 17(b) of the Act for an 
exemption from sections 17(a)(1) and (a)(2) of the Act, and under 
section 12(d)(1)(J) of the Act for an exemption from sections 
12(d)(1)(A) and (B) of the Act.

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    Applicants: Pioneer ETMF Series Trust I (the ``Trust''), Pioneer 
Investment Management, Inc. (the ``Adviser'') and Pioneer Funds 
Distributor, Inc. (the ``Distributor'').
    Summary of Application: Applicants request an order (``Order'') 
that permits: (a) Actively managed series of certain open-end 
management investment companies to issue shares (``Shares'') redeemable 
in large aggregations only (``Creation Units''); (b) secondary market 
transactions in Shares to occur at the next-determined net asset value 
plus or minus a market-determined premium or discount that may vary 
during the trading day; (c) certain series to pay redemption proceeds, 
under certain circumstances, more than seven days from the tender of 
Shares for redemption; (d) certain affiliated persons of the series to 
deposit securities into, and receive securities from, the series in 
connection with the purchase and redemption of Creation Units; (e) 
certain registered management investment companies and unit investment 
trusts outside of the same group of investment companies as the series 
to acquire Shares; and (f) certain series to create and redeem Shares 
in kind in a master-feeder structure. The Order would incorporate by 
reference terms and conditions of a previous order granting the same 
relief sought by applicants, as that order may be amended from time to 
time (``Reference Order'').\1\
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    \1\ Eaton Vance Management, et al., Investment Company Act Rel. 
Nos. 31333 (Nov. 6, 2014) (notice) and 31361 (Dec. 2, 2014) (order).

DATES:  Filing Dates: The application was filed on June 30, 2015.
    Hearing or Notification of Hearing: An order granting the requested 
relief will be issued unless the Commission orders a hearing. 
Interested persons may request a hearing by writing to the Commission's 
Secretary and serving applicants with a copy of the request, personally 
or by mail. Hearing requests should be received by the Commission by 
5:30 p.m. on August 12, and should be accompanied by proof of service 
on applicants, in the form of an affidavit or, for lawyers, a 
certificate of service. Pursuant to rule 0-5 under the Act, hearing 
requests should state the nature of the writer's interest, any facts 
bearing upon the desirability of a hearing on the matter, the reason 
for the request, and the issues contested. Persons who wish to be 
notified of a hearing may request notification by writing to the 
Commission's Secretary.

ADDRESSES:  The Commission: Brent J. Fields, Secretary, U.S. Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090. 
Applicants: Pioneer ETMF Series Trust I, Pioneer Investment Management, 
Inc. and Pioneer Funds Distributor, Inc., 60 State Street, Boston, 
Massachusetts 02109.

FOR FURTHER INFORMATION CONTACT:  Jean E. Minarick, Senior Counsel, or 
Dalia Osman Blass, Assistant Chief Counsel, at (202) 551-6821 (Division 
of Investment Management, Chief Counsel's Office).

SUPPLEMENTARY INFORMATION:  The following is a summary of the 
application. The complete application may be obtained via the 
Commission's Web site by searching for the file number, or for an 
applicant using the Company name box, at http://www.sec.gov/search/search.htm or by calling (202) 551-8090.

Applicants

    1. The Trust will be registered as an open-end management 
investment company under the Act and is a business trust organized 
under the laws of the State of Delaware. Applicants seek relief with 
respect to sixteen Funds (as defined below, and those Funds, the 
``Initial Funds''). The portfolio positions of each Fund will consist 
of securities and other assets selected and managed by its Adviser or 
Subadviser (as defined below) to pursue the Fund's investment 
objective.
    2. The Adviser, a Delaware corporation, will be the investment 
adviser to the Initial Funds. An Adviser (as defined below) will serve 
as investment adviser to each Fund. The Adviser is, and any other 
Adviser will be, registered as an investment adviser under the 
Investment Advisers Act of 1940 (``Advisers Act''). The Adviser and the 
Trust may retain one or more subadvisers (each a ``Subadviser'') to 
manage the portfolios of the Funds. Any Subadviser will be registered, 
or not subject to registration, under the Advisers Act.
    3. The Distributor is a Massachusetts corporation and a broker-
dealer registered under the Securities Exchange Act of 1934 and will 
act as the principal underwriter of Shares of the Funds. Applicants 
request that the requested relief apply to any distributor of Shares, 
whether affiliated or unaffiliated with the Adviser (included in the 
term ``Distributor''). Any Distributor will comply with the terms and 
conditions of the Order.

Applicants' Requested Exemptive Relief

    4. Applicants seek the requested Order under section 6(c) of the 
Act for an exemption from sections 2(a)(32), 5(a)(1), 22(d) and 22(e) 
of the Act and rule 22c-1 under the Act, under sections 6(c) and 17(b) 
of the Act for an exemption from sections 17(a)(1) and 17(a)(2) of the 
Act, and under section 12(d)(1)(J) of the Act for an exemption from 
sections 12(d)(1)(A) and (B) of the Act. The requested Order would 
permit applicants to offer exchange-traded managed funds. Because the 
relief requested is the same as the relief granted by the Commission 
under the Reference Order and because the Adviser has entered into, or 
anticipates entering into, a licensing agreement with Eaton Vance 
Management, or an affiliate thereof in order to offer exchange-traded 
managed funds,\2\ the Order would incorporate by reference the terms 
and conditions of the Reference Order.
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    \2\ Eaton Vance Management has obtained patents with respect to 
certain aspects of the Funds' method of operation as exchange-traded 
managed funds.
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    5. Applicants request that the Order apply to the Initial Funds and 
to any

[[Page 43810]]

other existing or future open-end management investment company or 
series thereof that: (a) Is advised by the Adviser or any entity 
controlling, controlled by, or under common control with the Adviser 
(any such entity included in the term ``Adviser''); and (b) operates as 
an exchange-traded managed fund as described in the Reference Order; 
and (c) complies with the terms and conditions of the Order and of the 
Reference Order, which is incorporated by reference herein (each such 
company or series and Initial Fund, a ``Fund'').\3\
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    \3\ All entities that currently intend to rely on the Order are 
named as applicants. Any other entity that relies on the Order in 
the future will comply with the terms and conditions of the Order 
and of the Reference Order, which is incorporated by reference 
herein.
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    6. Section 6(c) of the Act provides that the Commission may exempt 
any person, security or transaction, or any class of persons, 
securities or transactions, from any provisions of the Act, if and to 
the extent that such exemption is necessary or appropriate in the 
public interest and consistent with the protection of investors and the 
purposes fairly intended by the policy and provisions of the Act. 
Section 17(b) of the Act authorizes the Commission to exempt a proposed 
transaction from section 17(a) of the Act if evidence establishes that 
the terms of the transaction, including the consideration to be paid or 
received, are reasonable and fair and do not involve overreaching on 
the part of any person concerned, and the proposed transaction is 
consistent with the policies of the registered investment company and 
the general purposes of the Act. Section 12(d)(1)(J) of the Act 
provides that the Commission may exempt any person, security, or 
transaction, or any class or classes of persons, securities or 
transactions, from any provision of section 12(d)(1) if the exemption 
is consistent with the public interest and the protection of investors.
    7. Applicants submit that for the reasons stated in the Reference 
Order: (1) With respect to the relief requested pursuant to section 
6(c) of the Act, the relief is appropriate, in the public interest and 
consistent with the protection of investors and the purposes fairly 
intended by the policy and provisions of the Act; (2) with respect to 
the relief request pursuant to section 17(b) of the Act, the proposed 
transactions are reasonable and fair and do not involve overreaching on 
the part of any person concerned, are consistent with the policies of 
each registered investment company concerned and consistent with the 
general purposes of the Act; and (3) with respect to the relief 
requested pursuant to section 12(d)(1)(J) of the Act, the relief is 
consistent with the public interest and the protection of investors.

    By the Division of Investment Management, pursuant to delegated 
authority.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2015-18029 Filed 7-22-15; 8:45 am]
 BILLING CODE 8011-01-P
43810 Federal Register / Vol. 80, No. 141 / Thursday, July 23, 2015 / Notices

other existing or future open-end requested pursuant to section 12(d)(1)(J) Rule 11.11, Routing to Away Trading
management investment company or of the Act, the relief is consistent with Centers. The Exchange does not propose
series thereof that: (a) Is advised by the the public interest and the protection of to implement new or unique
Adviser or any entity controlling, investors. functionality that has not been
controlled by, or under common control By the Division of Investment previously filed with the Commission or
with the Adviser (any such entity Management, pursuant to delegated is not available on BZX. The Exchange
included in the term ‘‘Adviser’’); and (b) authority. notes that the proposed rule text is
operates as an exchange-traded managed Robert W. Errett, based on BZX rules and is different only
fund as described in the Reference Deputy Secretary. to the extent necessary to conform to the
Order; and (c) complies with the terms [FR Doc. 2015–18029 Filed 7–22–15; 8:45 am]
Exchange’s current rules.
and conditions of the Order and of the The text of the proposed rule change
BILLING CODE 8011–01–P
Reference Order, which is incorporated is available at the Exchange’s Web site
by reference herein (each such company at www.batstrading.com, at the
or series and Initial Fund, a ‘‘Fund’’).3 SECURITIES AND EXCHANGE principal office of the Exchange, and at
6. Section 6(c) of the Act provides that COMMISSION the Commission’s Public Reference
the Commission may exempt any Room.
person, security or transaction, or any [Release No. 34–75479; File No. SR–EDGX–
2015–33] II. Self-Regulatory Organization’s
class of persons, securities or
Statement of the Purpose of, and
transactions, from any provisions of the
Self-Regulatory Organizations; EDGX Statutory Basis for, the Proposed Rule
Act, if and to the extent that such
Exchange, Inc.; Notice of Filing and Change
exemption is necessary or appropriate
Immediate Effectiveness of a Proposed In its filing with the Commission, the
in the public interest and consistent
Rule Change to Rules 11.6, 11.8, 11.9, Exchange included statements
with the protection of investors and the
11.10 and 11.11 to Align With Similar concerning the purpose of and basis for
purposes fairly intended by the policy
Rules of the BATS Exchange, Inc. the proposed rule change and discussed
and provisions of the Act. Section 17(b)
of the Act authorizes the Commission to July 17, 2015. any comments it received on the
exempt a proposed transaction from Pursuant to Section 19(b)(1) of the proposed rule change. The text of these
section 17(a) of the Act if evidence Securities Exchange Act of 1934 (the statements may be examined at the
establishes that the terms of the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 places specified in Item IV below. The
transaction, including the consideration notice is hereby given that on July 8, Exchange has prepared summaries, set
to be paid or received, are reasonable 2015, EDGX Exchange, Inc. (the forth in Sections A, B, and C below, of
and fair and do not involve ‘‘Exchange’’ or ‘‘EDGX’’) filed with the the most significant parts of such
overreaching on the part of any person Securities and Exchange Commission statements.
concerned, and the proposed (‘‘Commission’’) the proposed rule (A) Self-Regulatory Organization’s
transaction is consistent with the change as described in Items I and II Statement of the Purpose of, and
policies of the registered investment below, which Items have been prepared Statutory Basis for, the Proposed Rule
company and the general purposes of by the Exchange. The Exchange has Change
the Act. Section 12(d)(1)(J) of the Act designated this proposal as a ‘‘non-
provides that the Commission may controversial’’ proposed rule change 1. Purpose
exempt any person, security, or pursuant to Section 19(b)(3)(A) of the In early 2014, the Exchange and its
transaction, or any class or classes of Act 3 and Rule 19b–4(f)(6)(iii) affiliate, EDGA Exchange, Inc.
persons, securities or transactions, from thereunder,4 which renders it effective (‘‘EDGA’’) received approval to effect a
any provision of section 12(d)(1) if the upon filing with the Commission. The merger (the ‘‘Merger’’) of the Exchange’s
exemption is consistent with the public Commission is publishing this notice to parent company, Direct Edge Holdings
interest and the protection of investors. solicit comments on the proposed rule LLC, with BATS Global Markets, Inc.,
7. Applicants submit that for the change from interested persons. the parent of BZX and the BATS Y-
reasons stated in the Reference Order: Exchange, Inc. (‘‘BYX’’, together with
(1) With respect to the relief requested I. Self-Regulatory Organization’s
BZX, EDGA and EDGX, the ‘‘BGM
pursuant to section 6(c) of the Act, the Statement of the Terms of Substance of
Affiliated Exchanges’’).5 In order to
relief is appropriate, in the public the Proposed Rule Change
provide consistent rules and system
interest and consistent with the The Exchange filed a proposal to functionality amongst the Exchange and
protection of investors and the purposes amend certain rules to better align BZX, the Exchange proposes to amend:
fairly intended by the policy and Exchange rules and system functionality (i) Rule 11.6, Definitions; (ii) Rule 11.8,
provisions of the Act; (2) with respect to with that currently offered by BATS Order Types; (iii) Rule 11.9, Priority of
the relief request pursuant to section Exchange, Inc. (‘‘BZX’’). These changes Orders; (iv) Rule 11.10, Order
17(b) of the Act, the proposed are described in detail below and Execution; and (v) Rule 11.11, Routing
transactions are reasonable and fair and include amending: (i) Rule 11.6, to Away Trading Centers.
do not involve overreaching on the part Definitions; (ii) Rule 11.8, Order Types; The proposed amendments are
of any person concerned, are consistent (iii) Rule 11.9, Priority of Orders; (iv) intended to better align certain
with the policies of each registered Rule 11.10, Order Execution; and (v) Exchange rules and system functionality
investment company concerned and with that currently offered by BZX in
mstockstill on DSK4VPTVN1PROD with NOTICES

consistent with the general purposes of 1 15
U.S.C. 78s(b)(1). order to provide a consistent
the Act; and (3) with respect to the relief 2 17
CFR 240.19b–4. functionality across the Exchange and
3 15 U.S.C. 78s(b)(3)(A).
3 All entities that currently intend to rely on the 4 17 CFR 240.19b–4(f)(6)(iii). The Exchange notes
BZX. Consistent functionality between
Order are named as applicants. Any other entity that it originally filed the proposed rule change on the Exchange and BZX is designed to
that relies on the Order in the future will comply July 2, 2015, under File Number SR–EDGX–2015–
with the terms and conditions of the Order and of 30. On July 8, 2015, the Exchange withdrew SR– 5 See Securities Exchange Act Release No. 71449

the Reference Order, which is incorporated by EDGX–2015–30 and re-filed the proposed rule (January 30, 2014), 79 FR 6961 (February 5, 2014)
reference herein. change under File Number SR–EDGX–2015–33. (SR–EDGX–2013–43; SR–EDGA–2013–34).

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Document Created: 2015-12-15 12:53:30
Document Modified: 2015-12-15 12:53:30
Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
Action		Notice of an application for an order under section 6(c) of the Investment Company Act of 1940 (``Act'') for an exemption from sections 2(a)(32), 5(a)(1), 22(d) and 22(e) of the Act and rule 22c-1 under the Act, under sections 6(c) and 17(b) of the Act for an exemption from sections 17(a)(1) and (a)(2) of the Act, and under section 12(d)(1)(J) of the Act for an exemption from sections 12(d)(1)(A) and (B) of the Act.
Contact		Jean E. Minarick, Senior Counsel, or Dalia Osman Blass, Assistant Chief Counsel, at (202) 551-6821 (Division of Investment Management, Chief Counsel's Office).
FR Citation		80 FR 43809