82 FR 46546 - Order Granting Limited Exemptions From Exchange Act Rule 10b-17 and Rules 101 and 102 of Regulation M to VanEck Vectors NDR CMG Long/Flat Allocation ETF Pursuant to Exchange Act Rule 10b-17(b)(2) and Rules 101(d) and 102(e) of Regulation M
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 82, Issue 192 (October 5, 2017)
Federal Register Volume 82, Issue 192 (October 5, 2017)
| Page Range | 46546-46548 | |
| FR Document | 2017-21400 |
[Federal Register Volume 82, Number 192 (Thursday, October 5, 2017)] [Notices] [Pages 46546-46548] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2017-21400] ======================================================================= ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-81771; File No. TP 17-11] Order Granting Limited Exemptions From Exchange Act Rule 10b-17 and Rules 101 and 102 of Regulation M to VanEck Vectors NDR CMG Long/ Flat Allocation ETF Pursuant to Exchange Act Rule 10b-17(b)(2) and Rules 101(d) and 102(e) of Regulation M September 29, 2017. By letter dated September 29, 2017 (the ``Letter''), counsel for VanEck Vectors ETF Trust (the ``Trust''), on behalf of the Trust, VanEck Vectors NDR CMG Long/Flat Allocation ETF (the ``Fund''), any national securities exchange on or through which shares issued by the Fund (``Shares'') may subsequently trade, Van Eck Securities Corporation (the ``Distributor''), and persons or entities engaging in transactions in Shares (collectively, the ``Applicants''), requested exemptions, or interpretive or no-action relief, from Rule 10b-17 of the Securities Exchange Act of 1934, as amended (the ``Exchange Act''), and Rules 101 and 102 of Regulation M, in connection with secondary market transactions in Shares and the creation or redemption of aggregations of Shares of at least 50,000 shares (``Creation Units''). The Trust is registered with the Securities and Exchange Commission (``Commission'') under the Investment Company Act of 1940, as amended (``1940 Act''), as an open-end management investment company. The Fund is an exchange-traded fund (``ETF'') organized as a series of the Trust. The Fund will seek to provide investment results that closely correspond, before fees and expenses, to the performance of the Ned Davis Research CMG US Large Cap Long/Flat Index (the ``Index'').\1\ The Fund intends, at least initially, to operate as an ``ETF of ETFs'' by seeking to track the performance of its underlying Index by holding shares of one or more ETFs (each, an ``Underlying ETF'') whose investment objective is to track the performance of the S&P 500.\2\ --------------------------------------------------------------------------- \1\ The Index is a rules-based index that follows a proprietary model developed by Ned Davis Research, Inc. in conjunction with Capital Management Group, Inc. To help limit loss associated with adverse market conditions, the model produces trade signals that dictate the Index's equity allocation ranging from 100% fully invested (i.e., ``long'') to 100% in cash (i.e., ``flat''). The Index 100% replicates the S&P 500 Index (the ``S&P 500'') when the Index is long and holds U.S. Treasury Bills when the Index is flat (i.e., it will be allocated to the Solactive 13-week U.S. T-bill Index). When the Index is not completely long or flat, either 80% or 40% of it will be allocated to the S&P 500, with the remaining portion (20% or 60% respectively) allocated to U.S. Treasury Bills. \2\ The Fund will operate as an ETF of ETFs until the Fund reaches, in the opinion of the Investment Adviser, an adequate asset size. When the Fund reaches an adequate size and the Index has an equity allocation, the Fund will then seek to track the Index by investing directly in the shares of the 500 companies comprising the S&P 500. In the rare event the Fund does not operate as an ETF of ETFs for that day, the Fund will operate to meet the conditions of the ETF Class Relief, including the Equity ETF Class Letter. Applicants do not believe that either option will have an effect on the efficacy of the arbitrage process for the Fund. --------------------------------------------------------------------------- In order to track the Index, the Fund will invest at least 80% of its total assets (but typically far more) in component securities of the Index (directly or by indirect investments through one or more Underlying ETFs). The Fund may invest the remaining 20% of its total assets in securities not included in the Index, money market instruments, including repurchase agreements or other funds which invest exclusively in money market instruments, convertible securities, structured notes, and certain derivatives, which the Investment Advisor believes will help the Fund track the Index. Depositary receipts not included in the Index may also be used by the Fund in seeking performance that [[Page 46547]] corresponds to the Index.\3\ Except for the fact that the Fund will operate as an ETF of ETFs, the Fund will operate in a manner similar to the Underlying ETFs. --------------------------------------------------------------------------- \3\ American depositary receipts not included in the Index may be used by the Fund in seeking performance that corresponds to the Index, and in managing cash flows, and may count towards compliance with the Fund's 80% policy. --------------------------------------------------------------------------- The Applicants represent, among other things, the following:Shares of the Fund will be issued by the Trust, an open- end management investment company that is registered with the Commission; Creation Units will be continuously redeemable at the net asset value (the ``NAV'') next determined after receipt of a request for redemption by the Fund,\4\ and the secondary market price of the Shares should not vary substantially from the NAV of such Shares; --------------------------------------------------------------------------- \4\ The NAV of the Fund generally is determined each business day as of the close of trading (ordinarily 4:00 p.m., Eastern Time) on the New York Stock Exchange. --------------------------------------------------------------------------- Shares of the Fund will be listed and traded on NYSE Arca, Inc. or another exchange in accordance with exchange listing standards that are, or will become, effective pursuant to Section 19(b) of the Exchange Act (the ``Listing Exchange''); All Underlying ETFs in which the Fund invests will either meet all conditions set forth in relevant class relief, will have received individual relief from the Commission, or will be able to rely upon individual relief even though they are not named parties; All of the components of the Index will have publicly available last sale trade information; The intra-day indicative value of the Fund per share and the intra-day value of the Index will be publicly disseminated every 15 seconds throughout the trading day through the facilities of the Consolidated Tape Association; On each business day before the opening of business on the Listing Exchange, the Fund's custodian, through the National Securities Clearing Corporation, will make publicly available the list of the names and the numbers of securities of the Fund's portfolio that will be applicable that day to creation and redemption requests; The Listing Exchange will disseminate continuously every 15 seconds throughout the trading day, through the facilities of the Consolidated Tape Association, the market value of a Share, and the Listing Exchange, market data vendors, or other information providers will disseminate, every 15 seconds throughout the trading day, a calculation of the intra-day indicative value of a Share; The arbitrage mechanism will be facilitated by the transparency of the Fund's portfolio and the availability of the intra- day indicative value, the liquidity of securities and other assets held by the Fund, the ability to acquire such securities, as well as the arbitrageurs' ability to create workable hedges; The Fund will invest solely in liquid securities and financial instruments; The Fund will invest in securities that will facilitate an effective and efficient arbitrage mechanism and the ability to create workable hedges; The Applicants believe that arbitrageurs are expected to take advantage of price variations between the Fund's market price and its NAV; and A close alignment between the market price of Shares and the Fund's NAV is expected. Regulation M While redeemable securities issued by an open-end management investment company are excepted from the provisions of Rule 101 and 102 of Regulation M, the Applicants may not rely upon that exception for the Shares.\5\ However, we find that it is appropriate in the public interest and is consistent with the protection of investors to grant a conditional exemption from Rules 101 and 102 to persons who may be deemed to be participating in a distribution of Shares of the Fund as described in more detail below. --------------------------------------------------------------------------- \5\ While ETFs operate under exemptions from the definitions of ``open-end company'' under Section 5(a)(1) of the 1940 Act and ``redeemable security'' under Section 2(a)(32) of the 1940 Act, the Fund and its securities do not meet those definitions. --------------------------------------------------------------------------- Rule 101 of Regulation M Generally, Rule 101 of Regulation M is an anti-manipulation rule that, subject to certain exceptions, prohibits any ``distribution participant'' and its ``affiliated purchasers'' from bidding for, purchasing, or attempting to induce any person to bid for or purchase any security which is the subject of a distribution until after the applicable restricted period, except as specifically permitted in the rule. Rule 100 of Regulation M defines ``distribution'' to mean any offering of securities that is distinguished from ordinary trading transactions by the magnitude of the offering and the presence of special selling efforts and selling methods. The provisions of Rule 101 of Regulation M apply to underwriters, prospective underwriters, brokers, dealers, or other persons who have agreed to participate or are participating in a distribution of securities. The-Shares are in a continuous distribution and, as such, the restricted period in which distribution participants and their affiliated purchasers are prohibited from bidding for, purchasing, or attempting to induce others to bid for or purchase extends indefinitely. Based on the representations and facts presented in the Letter, particularly that the Trust is a registered open-end management investment company, that Creation Unit size aggregations of the Shares of the Fund will be continuously redeemable at the NAV next determined after receipt of a request for redemption by the Fund, and that a close alignment between the market price of Shares and the Fund's NAV is expected, the Commission finds that it is appropriate in the public interest and consistent with the protection of investors to grant the Trust an exemption under paragraph (d) of Rule 101 of Regulation M with respect to the Fund, thus permitting persons participating in a distribution of Shares of the Fund to bid for or purchase such Shares during their participation in such distribution.\6\ --------------------------------------------------------------------------- \6\ Additionally, we confirm the interpretation that a redemption of Creation Unit size aggregations of Shares of the Fund and the receipt of securities in exchange by a participant in a distribution of Shares of the Fund would not constitute an ``attempt to induce any person to bid for or purchase, a covered security during the applicable restricted period'' within the meaning of Rule 101 of Regulation M and, therefore, would not violate that rule. --------------------------------------------------------------------------- Rule 102 of Regulation M Rule 102 of Regulation M prohibits issuers, selling security holders, and any affiliated purchaser of such person from bidding for, purchasing, or attempting to induce any person to bid for or purchase a covered security during the applicable restricted period in connection with a distribution of securities effected by or on behalf of an issuer or selling security holder. Based on the representations and facts presented in the Letter, particularly that the Trust is a registered open-end management investment company, that Creation Unit size aggregations of the Shares of the Fund will be continuously redeemable at the NAV next determined after receipt of a request for redemption by the Fund, and that a close alignment between the market price of Shares and the Fund's NAV is expected, the Commission finds that it is appropriate in the public interest and consistent with the protection of investors to grant the Trust an exemption under paragraph (e) of Rule 102 of Regulation M with respect to the Fund, thus permitting the [[Page 46548]] Fund to redeem Shares of the Fund during the continuous offering of such Shares. Rule 10b-17 Rule 10b-17, with certain exceptions, requires an issuer of a class of publicly traded securities to give notice of certain specified actions (for example, a dividend distribution) relating to such class of securities in accordance with Rule 10b-17(b). Based on the representations and facts in the Letter, and subject to the conditions below, we find that it is appropriate in the public interest, and consistent with the protection of investors to grant the Trust a conditional exemption from Rule 10b-17 because market participants will receive timely notification of the existence and timing of a pending distribution, and thus the concerns that the Commission raised in adopting Rule 10b-17 will not be implicated.\7\ --------------------------------------------------------------------------- \7\ We also note that timely compliance with Rule 10b- 17(b)(1)(v)(a) and (b) would be impractical in light of the nature of the Fund. This is because it is not possible for the Fund to accurately project ten days in advance what dividend, if any, would be paid on a particular record date. Further, the Commission finds, based on the Applicants' representations in the Letter, that the provision of notices as described in the Letter would not constitute a manipulative or deceptive device or contrivance comprehended within the purpose of Rule 10b-17. --------------------------------------------------------------------------- Conclusion It is hereby ordered, pursuant to Rule 101(d) of Regulation M, that the Trust, based on the representations and facts presented in the Letter, is exempt from the requirements of Rule 101 with respect to the Fund, thus permitting persons who may be deemed to be participating in a distribution of Shares of the Fund to bid for or purchase such Shares during their participation in such distribution. It is further ordered, pursuant to Rule 102(e) of Regulation M, that the Trust, based on the representations and the facts presented in the Letter, is exempt from the requirements of Rule 102 with respect to the Fund, thus permitting the Fund to redeem Shares of the Fund during the continuous offering of such Shares. It is further ordered, pursuant to Rule 10b-17(b)(2), that the Trust, based on the representations and the facts presented in the Letter and subject to the conditions below, is exempt from the requirements of Rule 10b-17 with respect to transactions in the shares of the Fund. This exemptive relief is subject to the following conditions: The Trust will comply with Rule 10b-17 except for Rule 10b-17(b)(1)(v)(a) and (b); and The Trust will provide the information required by Rule 10b-17(b)(1)(v)(a) and (b) to the Exchange as soon as practicable before trading begins on the ex-dividend date, but in no event later than the time when the Exchange last accepts information relating to distributions on the day before the ex-dividend date. This exemptive relief is subject to modification or revocation at any time the Commission determines that such action is necessary or appropriate in furtherance of the purposes of the Exchange Act. Persons relying upon this exemptive relief shall discontinue transactions involving the Shares of the Fund, pending presentation of the facts for the Commission's consideration, in the event that any material change occurs with respect to any of the facts or representations made by the Applicants and, consistent with all preceding letters, particularly with respect to the close alignment between the market price of Shares and the Fund's NAV. In addition, persons relying on this exemption are directed to the anti-fraud and anti-manipulation provisions of the Exchange Act, particularly Sections 9(a) and 10(b), and Rule 10b-5 thereunder. Responsibility for compliance with these and any other applicable provisions of the federal securities laws must rest with the persons relying on this exemption. This order should not be considered a view with respect to any other question that the proposed transactions may raise, including, but not limited to the adequacy of the disclosure concerning, and the applicability of other federal or state laws to, the proposed transactions. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\8\ --------------------------------------------------------------------------- \8\ 17 CFR 200.30-3(a)(6) and (9). --------------------------------------------------------------------------- Eduardo A. Aleman, Assistant Secretary. [FR Doc. 2017-21400 Filed 10-4-17; 8:45 am] BILLING CODE 8011-01-P
![46546 Federal Register / Vol. 82, No. 192 / Thursday, October 5, 2017 / Notices
comments electronically should contact II. Docketed Proceeding(s) secondary market transactions in Shares
the person identified in the FOR FURTHER 1. Docket No(s).: MC2017–213 and and the creation or redemption of
INFORMATION CONTACT section by
CP2017–321; Filing Title: Request of the aggregations of Shares of at least 50,000
telephone for advice on filing United States Postal Service to Add shares (‘‘Creation Units’’).
alternatives. Priority Mail Contract 365 to The Trust is registered with the
FOR FURTHER INFORMATION CONTACT: Competitive Product List and Notice of Securities and Exchange Commission
David A. Trissell, General Counsel, at Filing (Under Seal) of Unredacted (‘‘Commission’’) under the Investment
202–789–6820. Governors’ Decision, Contract, and Company Act of 1940, as amended
Supporting Data; Filing Acceptance (‘‘1940 Act’’), as an open-end
SUPPLEMENTARY INFORMATION: Date: September 29, 2017; Filing management investment company. The
Table of Contents Authority: 39 U.S.C. 3642 and 39 CFR Fund is an exchange-traded fund
3020.30 et seq.; Public Representative: (‘‘ETF’’) organized as a series of the
I. Introduction Michael L. Leibert; Comments Due: Trust. The Fund will seek to provide
II. Docketed Proceeding(s) October 10, 2017. investment results that closely
I. Introduction 2. Docket No(s).: MC2017–214 and correspond, before fees and expenses, to
CP2017–322; Filing Title: Request of the the performance of the Ned Davis
The Commission gives notice that the United States Postal Service to Add Research CMG US Large Cap Long/Flat
Postal Service filed request(s) for the Priority Mail & First-Class Package Index (the ‘‘Index’’).1 The Fund intends,
Commission to consider matters related Service Contract 58 to Competitive at least initially, to operate as an ‘‘ETF
to negotiated service agreement(s). The Product List and Notice of Filing (Under of ETFs’’ by seeking to track the
request(s) may propose the addition or Seal) of Unredacted Governors’ performance of its underlying Index by
removal of a negotiated service Decision, Contract, and Supporting holding shares of one or more ETFs
agreement from the market dominant or Data; Filing Acceptance Date: (each, an ‘‘Underlying ETF’’) whose
the competitive product list, or the September 29, 2017; Filing Authority: 39 investment objective is to track the
modification of an existing product U.S.C. 3642 and 39 CFR 3020.30 et seq.; performance of the S&P 500.2
currently appearing on the market Public Representative: Michael L. In order to track the Index, the Fund
dominant or the competitive product Leibert; Comments Due: October 10, will invest at least 80% of its total assets
list. 2017. (but typically far more) in component
Section II identifies the docket This notice will be published in the securities of the Index (directly or by
number(s) associated with each Postal Federal Register. indirect investments through one or
Service request, the title of each Postal Stacy L. Ruble, more Underlying ETFs). The Fund may
Service request, the request’s acceptance Secretary. invest the remaining 20% of its total
date, and the authority cited by the assets in securities not included in the
[FR Doc. 2017–21457 Filed 10–4–17; 8:45 am]
Postal Service for each request. For each Index, money market instruments,
BILLING CODE 7710–FW–P
request, the Commission appoints an including repurchase agreements or
officer of the Commission to represent other funds which invest exclusively in
the interests of the general public in the money market instruments, convertible
proceeding, pursuant to 39 U.S.C. 505 SECURITIES AND EXCHANGE securities, structured notes, and certain
(Public Representative). Section II also COMMISSION derivatives, which the Investment
establishes comment deadline(s) [Release No. 34–81771; File No. TP 17–11] Advisor believes will help the Fund
pertaining to each request. track the Index. Depositary receipts not
The public portions of the Postal Order Granting Limited Exemptions included in the Index may also be used
Service’s request(s) can be accessed via From Exchange Act Rule 10b–17 and by the Fund in seeking performance that
the Commission’s Web site (http:// Rules 101 and 102 of Regulation M to
www.prc.gov). Non-public portions of VanEck Vectors NDR CMG Long/Flat 1 The Index is a rules-based index that follows a
the Postal Service’s request(s), if any, Allocation ETF Pursuant to Exchange proprietary model developed by Ned Davis
Act Rule 10b–17(b)(2) and Rules 101(d) Research, Inc. in conjunction with Capital
can be accessed through compliance Management Group, Inc. To help limit loss
with the requirements of 39 CFR and 102(e) of Regulation M associated with adverse market conditions, the
3007.40. model produces trade signals that dictate the
September 29, 2017. Index’s equity allocation ranging from 100% fully
The Commission invites comments on By letter dated September 29, 2017 invested (i.e., ‘‘long’’) to 100% in cash (i.e., ‘‘flat’’).
whether the Postal Service’s request(s) (the ‘‘Letter’’), counsel for VanEck The Index 100% replicates the S&P 500 Index (the
in the captioned docket(s) are consistent Vectors ETF Trust (the ‘‘Trust’’), on ‘‘S&P 500’’) when the Index is long and holds U.S.
Treasury Bills when the Index is flat (i.e., it will be
with the policies of title 39. For behalf of the Trust, VanEck Vectors NDR allocated to the Solactive 13-week U.S. T-bill
request(s) that the Postal Service states CMG Long/Flat Allocation ETF (the Index). When the Index is not completely long or
concern market dominant product(s), ‘‘Fund’’), any national securities flat, either 80% or 40% of it will be allocated to
applicable statutory and regulatory exchange on or through which shares the S&P 500, with the remaining portion (20% or
60% respectively) allocated to U.S. Treasury Bills.
requirements include 39 U.S.C. 3622, 39 issued by the Fund (‘‘Shares’’) may 2 The Fund will operate as an ETF of ETFs until
U.S.C. 3642, 39 CFR part 3010, and 39 subsequently trade, Van Eck Securities the Fund reaches, in the opinion of the Investment
CFR part 3020, subpart B. For request(s) Corporation (the ‘‘Distributor’’), and Adviser, an adequate asset size. When the Fund
that the Postal Service states concern persons or entities engaging in reaches an adequate size and the Index has an
ethrower on DSK3G9T082PROD with NOTICES
equity allocation, the Fund will then seek to track
competitive product(s), applicable transactions in Shares (collectively, the the Index by investing directly in the shares of the
statutory and regulatory requirements ‘‘Applicants’’), requested exemptions, or 500 companies comprising the S&P 500. In the rare
include 39 U.S.C. 3632, 39 U.S.C. 3633, interpretive or no-action relief, from event the Fund does not operate as an ETF of ETFs
39 U.S.C. 3642, 39 CFR part 3015, and Rule 10b–17 of the Securities Exchange for that day, the Fund will operate to meet the
conditions of the ETF Class Relief, including the
39 CFR part 3020, subpart B. Comment Act of 1934, as amended (the ‘‘Exchange Equity ETF Class Letter. Applicants do not believe
deadline(s) for each request appear in Act’’), and Rules 101 and 102 of that either option will have an effect on the efficacy
section II. Regulation M, in connection with of the arbitrage process for the Fund.
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![46548 Federal Register / Vol. 82, No. 192 / Thursday, October 5, 2017 / Notices
Fund to redeem Shares of the Fund • The Trust will comply with Rule SECURITIES AND EXCHANGE
during the continuous offering of such 10b–17 except for Rule 10b– COMMISSION
Shares. 17(b)(1)(v)(a) and (b); and
Rule 10b–17 • The Trust will provide the [Release No. 34–81776; File No. SR–NYSE–
information required by Rule 10b– 2017–49]
Rule 10b–17, with certain exceptions, 17(b)(1)(v)(a) and (b) to the Exchange as
requires an issuer of a class of publicly soon as practicable before trading begins Self-Regulatory Organizations; New
traded securities to give notice of certain on the ex-dividend date, but in no event York Stock Exchange LLC; Notice of
specified actions (for example, a later than the time when the Exchange Filing and Immediate Effectiveness of
dividend distribution) relating to such last accepts information relating to Proposed Rule Change To Make
class of securities in accordance with Technical and Conforming Changes to
distributions on the day before the ex-
Rule 10b–17(b). Based on the Section 703.02 of the NYSE Listed
dividend date.
representations and facts in the Letter, Company Manual
and subject to the conditions below, we This exemptive relief is subject to
find that it is appropriate in the public modification or revocation at any time September 29, 2017.
interest, and consistent with the the Commission determines that such Pursuant to Section 19(b)(1) 1 of the
protection of investors to grant the Trust action is necessary or appropriate in Securities Exchange Act of 1934 (the
a conditional exemption from Rule 10b– furtherance of the purposes of the ‘‘Act’’) 2 and Rule 19b–4 thereunder,3
17 because market participants will Exchange Act. Persons relying upon this notice is hereby given that on
receive timely notification of the exemptive relief shall discontinue September 20, 2017, New York Stock
existence and timing of a pending transactions involving the Shares of the Exchange LLC (‘‘NYSE’’ or the
distribution, and thus the concerns that Fund, pending presentation of the facts ‘‘Exchange’’) filed with the Securities
the Commission raised in adopting Rule for the Commission’s consideration, in and Exchange Commission (the
10b–17 will not be implicated.7 the event that any material change ‘‘Commission’’) the proposed rule
Conclusion occurs with respect to any of the facts change as described in Items I and II
or representations made by the below, which Items have been prepared
It is hereby ordered, pursuant to Rule Applicants and, consistent with all by the self-regulatory organization. The
101(d) of Regulation M, that the Trust, preceding letters, particularly with Commission is publishing this notice to
based on the representations and facts respect to the close alignment between solicit comments on the proposed rule
presented in the Letter, is exempt from the market price of Shares and the change from interested persons.
the requirements of Rule 101 with Fund’s NAV. In addition, persons
respect to the Fund, thus permitting I. Self-Regulatory Organization’s
relying on this exemption are directed Statement of the Terms of Substance of
persons who may be deemed to be to the anti-fraud and anti-manipulation
participating in a distribution of Shares the Proposed Rule Change
provisions of the Exchange Act,
of the Fund to bid for or purchase such The Exchange proposes to make
particularly Sections 9(a) and 10(b), and
Shares during their participation in technical and conforming changes to
Rule 10b–5 thereunder.
such distribution. Section 703.02 (part2) (Stock Split/
Responsibility for compliance with
It is further ordered, pursuant to Rule Stock Rights/Stock Dividend Listing
102(e) of Regulation M, that the Trust, these and any other applicable
provisions of the federal securities laws Process) (‘‘Section 703.02 (part2)’’) of
based on the representations and the the NYSE Listed Company Manual
facts presented in the Letter, is exempt must rest with the persons relying on
(‘‘Listed Company Manual’’). The
from the requirements of Rule 102 with this exemption. This order should not
proposed rule change is available on the
respect to the Fund, thus permitting the be considered a view with respect to
Exchange’s Web site at www.nyse.com,
Fund to redeem Shares of the Fund any other question that the proposed at the principal office of the Exchange,
during the continuous offering of such transactions may raise, including, but and at the Commission’s Public
Shares. not limited to the adequacy of the Reference Room.
It is further ordered, pursuant to Rule disclosure concerning, and the
applicability of other federal or state II. Self-Regulatory Organization’s
10b–17(b)(2), that the Trust, based on
laws to, the proposed transactions. Statement of the Purpose of, and
the representations and the facts
Statutory Basis for, the Proposed Rule
presented in the Letter and subject to For the Commission, by the Division of
Change
the conditions below, is exempt from Trading and Markets, pursuant to delegated
the requirements of Rule 10b–17 with authority.8 In its filing with the Commission, the
respect to transactions in the shares of Eduardo A. Aleman, self-regulatory organization included
the Fund. Assistant Secretary. statements concerning the purpose of,
This exemptive relief is subject to the [FR Doc. 2017–21400 Filed 10–4–17; 8:45 am] and basis for, the proposed rule change
following conditions: BILLING CODE 8011–01–P
and discussed any comments it received
on the proposed rule change. The text
7 We also note that timely compliance with Rule of those statements may be examined at
10b–17(b)(1)(v)(a) and (b) would be impractical in the places specified in Item IV below.
light of the nature of the Fund. This is because it The Exchange has prepared summaries,
ethrower on DSK3G9T082PROD with NOTICES
is not possible for the Fund to accurately project ten
days in advance what dividend, if any, would be set forth in sections A, B, and C below,
paid on a particular record date. Further, the of the most significant parts of such
Commission finds, based on the Applicants’ statements.
representations in the Letter, that the provision of
notices as described in the Letter would not
1 15 U.S.C.78s(b)(1).
constitute a manipulative or deceptive device or
2 15 U.S.C. 78a.
contrivance comprehended within the purpose of
Rule 10b–17. 8 17 CFR 200.30–3(a)(6) and (9). 3 17 CFR 240.19b–4.
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Document Created: 2017-10-05 00:53:22
Document Modified: 2017-10-05 00:53:22
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
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| Section | Notices | |
| FR Citation | 82 FR 46546 |
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