Schwab Strategic Trust, et al., 32287-32288 [2021-12746]

Download as PDF Federal Register / Vol. 86, No. 115 / Thursday, June 17, 2021 / Notices For the Nuclear Regulatory Commission. Jessie M. Quintero, Chief, Environmental Review Materials Branch, Division of Rulemaking, Environmental, and Financial Support, Office of Nuclear Material Safety and Safeguards. [FR Doc. 2021–12881 Filed 6–16–21; 8:45 am] Week of July 12, 2021—Tentative ACTION: There are no meetings scheduled for the week of July 12, 2021. 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, and 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. Applicants: Schwab Strategic Trust (the ‘‘Trust’’), Charles Schwab Investment Management, Inc. (the ‘‘Initial Adviser’’) and SEI Investments Distribution Co. (the ‘‘Distributor’’). Summary of Application: Applicants request an order (‘‘Order’’) that permits: (a) The Funds (defined below) to issue shares (‘‘Shares’’) redeemable in large aggregations only (‘‘creation units’’); (b) secondary market transactions in Shares to occur at negotiated market prices rather than at net asset value; (c) certain Funds to pay redemption proceeds, under certain circumstances, more than seven days after the tender of Shares for redemption; and (d) certain affiliated persons of a Fund to deposit securities into, and receive securities from, the Fund in connection with the purchase and redemption of creation units. The relief in the Order would incorporate by reference terms and conditions of the same relief of a previous order granting the same relief sought by applicants, as that order may be amended from time to time (‘‘Reference Order’’).1 Filing Date: The application was filed on April 5, 2021 and amended on May 20, 2021. 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 emailing the Commission’s Secretary at SecretarysOffice@sec.gov 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 July 6, 2021, 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 Week of July 19, 2021—Tentative There are no meetings scheduled for the week of July 19, 2021. BILLING CODE 7590–01–P Week of July 26, 2021—Tentative There are no meetings scheduled for the week of July 26, 2021. NUCLEAR REGULATORY COMMISSION CONTACT PERSON FOR MORE INFORMATION: [NRC–2021–0001] Sunshine Act Meetings Weeks of June 21, 28, July 5, 12, 19, 26, 2021. PLACE: Commissioners’ Conference Room, 11555 Rockville Pike, Rockville, Maryland. STATUS: Public. MATTERS TO BE CONSIDERED: TIME AND DATE: Week of June 21, 2021 Tuesday, June 22, 2021 lotter on DSK11XQN23PROD with NOTICES1 8:55 a.m. Affirmation Session (Public Meeting) (Tentative) a. FirstEnergy Companies and TMI–2 Solutions, LLC (Three Mile Island Nuclear Station, Units 1 and 2), Motion to Hold the Proceeding in Abeyance (Tentative) b. Interim Storage Partners, LLC (WCS Consolidated Interim Storage Facility), Fasken Petition for Review of LBP–21–2 (Denying Motions to Reopen and Admit a New Contention) (Tentative); (Contact: Wesley Held: 301–287– 3591) Additional Information: Due to COVID–19, there will be no physical public attendance. The public is invited to attend the Commission’s meeting live by webcast at the Web address—https:// video.nrc.gov/. 9:00 a.m. Briefing on Transformation at the NRC—Midyear Review (Public Meeting); (Contact: Maria Arribas-Colon: 301–415–6026) Additional Information: Due to COVID–19, there will be no physical public attendance. The public is invited to attend the Commission’s meeting live by webcast at the web address—https:// video.nrc.gov/. Week of June 28, 2021—Tentative There are no meetings scheduled for the week of June 28, 2021. Week of July 5, 2021—Tentative VerDate Sep<11>2014 18:41 Jun 16, 2021 Jkt 253001 For more information or to verify the status of meetings, contact Wesley Held at 301–287–3591 or via email at Wesley.Held@nrc.gov. The schedule for Commission meetings is subject to change on short notice. The NRC Commission Meeting Schedule can be found on the internet at: https://www.nrc.gov/public-involve/ public-meetings/schedule.html. The NRC provides reasonable accommodation to individuals with disabilities where appropriate. If you need a reasonable accommodation to participate in these public meetings or need this meeting notice or the transcript or other information from the public meetings in another format (e.g., braille, large print), please notify Anne Silk, NRC Disability Program Specialist, at 301–287–0745, by videophone at 240–428–3217, or by email at Anne.Silk@nrc.gov. Determinations on requests for reasonable accommodation will be made on a case-by-case basis. Members of the public may request to receive this information electronically. If you would like to be added to the distribution, please contact the Nuclear Regulatory Commission, Office of the Secretary, Washington, DC 20555, at 301–415–1969, or by email at Wendy.Moore@nrc.gov or Tyesha.Bush@ nrc.gov. The NRC is holding the meetings under the authority of the Government in the Sunshine Act, 5 U.S.C. 552b. Dated: June 15, 2021. For the Nuclear Regulatory Commission. Wesley W. Held, Policy Coordinator, Office of the Secretary. [FR Doc. 2021–12990 Filed 6–15–21; 4:15 pm] BILLING CODE 7590–01–P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 34298; File No. 812–15216] Schwab Strategic Trust, et al. June 11, 2021. There are no meetings scheduled for the week of July 5, 2021. 32287 Securities and Exchange Commission (‘‘Commission’’). AGENCY: PO 00000 Frm 00044 Fmt 4703 Sfmt 4703 Notice. 1 Natixis ETF Trust II, et al., Investment Company Act Rel. Nos. 33684 (November 14, 2019) (notice) and 33711 (December 10, 2019) (order). Applicants are not seeking relief under section 12(d)(1)(J) of the Act for an exemption from sections 12(d)(1)(A) and 12(d)(1)(B) of the Act (the ‘‘Section 12(d)(1) Relief’’), and relief 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 relating to the Section 12(d)(1) Relief, as granted in the Reference Order. Accordingly, to the extent the terms and conditions of the Reference Order relate to such relief, they are not incorporated by reference into the Order. E:\FR\FM\17JNN1.SGM 17JNN1 32288 Federal Register / Vol. 86, No. 115 / Thursday, June 17, 2021 / Notices 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 emailing the Commission’s Secretary at SecretarysOffice@sec.gov. ADDRESSES: The Commission: Secretarys-Office@sec.gov. Applicants: David J. Lekich, Esq., Charles Schwab Investment Management, Inc., 211 Main Street, San Francisco, CA 94105; Adam T. Teufel, Esq., Dechert LLP, 1900 K Street NW, Washington, DC 20006– 1110; John Munch, SEI Investments Distribution Co., 1 Freedom Valley Drive, Oaks, PA 19456. FOR FURTHER INFORMATION CONTACT: Deepak T. Pai, Senior Counsel, at (202) 551–6876 or Trace W. Rakestraw, Branch Chief, at (202) 551–6825 (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 website 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. lotter on DSK11XQN23PROD with NOTICES1 Applicants 1. The Trust is a business trust organized under the laws of the State of Delaware and will consist of one or more series operating as a Fund. The Trust is registered as an open-end management investment company under the Act. Applicants seek relief with respect to Funds (as defined below), including an initial Fund (the ‘‘Initial Fund’’). The Funds will offer exchange-traded shares utilizing active management investment strategies as contemplated by the Reference Order.2 2. The Initial Adviser, a Delaware corporation, will be the investment adviser to the Initial Fund. Subject to approval by the Funds’ board of trustees, an Adviser (as defined below) will serve as investment adviser to each Fund. The Initial Adviser is, and any other Adviser will be, registered as an investment adviser under the Investment Advisers Act of 1940 (‘‘Advisers Act’’). The Adviser may enter into sub-advisory agreements with other investment advisers to act as subadvisers with respect to the Funds (each a ‘‘Sub-Adviser’’). Any Sub-Adviser to a 2 To facilitate arbitrage, among other things, each day a Fund will publish a basket of securities and cash that, while different from the Fund’s portfolio, is designed to closely track its daily performance. VerDate Sep<11>2014 18:41 Jun 16, 2021 Jkt 253001 Fund will be registered under the Advisers Act. 3. The Distributor, a Pennsylvania corporation, is a broker-dealer registered under the Securities Exchange Act of 1934, as amended, and will act as the distributor and 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 and/or Sub-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, and 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. The requested Order would permit applicants to offer Funds that utilize the NYSE Proxy Portfolio Methodology. Because the relief requested is the same as certain of the relief granted by the Commission under the Reference Order and because the Initial Adviser has entered into a licensing agreement with NYSE Group, Inc. in order to offer Funds that utilize the NYSE Proxy Portfolio Methodology,3 the Order would incorporate by reference the terms and conditions of the same relief of the Reference Order. 5. Applicants request that the Order apply to the Initial Fund and to any other existing or future registered openend management investment company or series thereof that: (a) Is advised by the Initial Adviser or any entity controlling, controlled by, or under common control with the Initial Adviser (any such entity, along with the Initial Adviser, included in the term ‘‘Adviser’’); (b) offers exchange-traded shares utilizing active management investment strategies as contemplated by the Reference Order; and (c) complies with the terms and conditions of the Order and the terms and conditions of the Reference Order that are incorporated by reference into the Order (each such company or series and the Initial Fund, a ‘‘Fund’’).4 3 The NYSE Proxy Portfolio Methodology (as defined in the Reference Order) is the intellectual property of the NYSE Group, Inc. 4 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 the terms and conditions of the Reference Order that are incorporated by reference into the Order. PO 00000 Frm 00045 Fmt 4703 Sfmt 4703 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 transaction is consistent with the policies of the registered investment company and the general purposes of the Act. Applicants submit that for the reasons stated in the Reference Order the requested relief meets the exemptive standards under sections 6(c) and 17(b) of the Act. For the Commission, by the Division of Investment Management, pursuant to delegated authority. Jill M. Peterson, Assistant Secretary. [FR Doc. 2021–12746 Filed 6–16–21; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–92153; File No. SR– NYSEAMER–2021–29] Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change Amending the NYSE American Equities Price List and Fee Schedule To Establish Pricing for Orders Designated as Retail Orders June 11, 2021. Pursuant to Section 19(b)(1) 1 of the Securities Exchange Act of 1934 (‘‘Act’’) 2 and Rule 19b–4 thereunder,3 notice is hereby given that, on June 1, 2021, NYSE American LLC (‘‘NYSE American’’ or ‘‘Exchange’’) 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 selfregulatory organization. The Commission is publishing this notice to 1 15 U.S.C. 78s(b)(1). U.S.C. 78a. 3 17 CFR 240.19b–4. 2 15 E:\FR\FM\17JNN1.SGM 17JNN1

Agencies

[Federal Register Volume 86, Number 115 (Thursday, June 17, 2021)]
[Notices]
[Pages 32287-32288]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-12746]


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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 34298; File No. 812-15216]


Schwab Strategic Trust, et al.

June 11, 2021.
AGENCY: Securities and Exchange Commission (``Commission'').

ACTION: Notice.

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    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, and 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.
    Applicants: Schwab Strategic Trust (the ``Trust''), Charles Schwab 
Investment Management, Inc. (the ``Initial Adviser'') and SEI 
Investments Distribution Co. (the ``Distributor'').
    Summary of Application: Applicants request an order (``Order'') 
that permits: (a) The Funds (defined below) to issue shares 
(``Shares'') redeemable in large aggregations only (``creation 
units''); (b) secondary market transactions in Shares to occur at 
negotiated market prices rather than at net asset value; (c) certain 
Funds to pay redemption proceeds, under certain circumstances, more 
than seven days after the tender of Shares for redemption; and (d) 
certain affiliated persons of a Fund to deposit securities into, and 
receive securities from, the Fund in connection with the purchase and 
redemption of creation units. The relief in the Order would incorporate 
by reference terms and conditions of the same relief of a previous 
order granting the same relief sought by applicants, as that order may 
be amended from time to time (``Reference Order'').\1\
---------------------------------------------------------------------------

    \1\ Natixis ETF Trust II, et al., Investment Company Act Rel. 
Nos. 33684 (November 14, 2019) (notice) and 33711 (December 10, 
2019) (order). Applicants are not seeking relief under section 
12(d)(1)(J) of the Act for an exemption from sections 12(d)(1)(A) 
and 12(d)(1)(B) of the Act (the ``Section 12(d)(1) Relief''), and 
relief 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 relating to the 
Section 12(d)(1) Relief, as granted in the Reference Order. 
Accordingly, to the extent the terms and conditions of the Reference 
Order relate to such relief, they are not incorporated by reference 
into the Order.
---------------------------------------------------------------------------

    Filing Date: The application was filed on April 5, 2021 and amended 
on May 20, 2021.
    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 emailing the Commission's 
Secretary at [email protected] 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 July 6, 2021, 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

[[Page 32288]]

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 emailing the Commission's Secretary at [email protected].

ADDRESSES: The Commission: [email protected]. Applicants: David 
J. Lekich, Esq., Charles Schwab Investment Management, Inc., 211 Main 
Street, San Francisco, CA 94105; Adam T. Teufel, Esq., Dechert LLP, 
1900 K Street NW, Washington, DC 20006-1110; John Munch, SEI 
Investments Distribution Co., 1 Freedom Valley Drive, Oaks, PA 19456.

FOR FURTHER INFORMATION CONTACT: Deepak T. Pai, Senior Counsel, at 
(202) 551-6876 or Trace W. Rakestraw, Branch Chief, at (202) 551-6825 
(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 website 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 is a business trust organized under the laws of the 
State of Delaware and will consist of one or more series operating as a 
Fund. The Trust is registered as an open-end management investment 
company under the Act. Applicants seek relief with respect to Funds (as 
defined below), including an initial Fund (the ``Initial Fund''). The 
Funds will offer exchange-traded shares utilizing active management 
investment strategies as contemplated by the Reference Order.\2\
---------------------------------------------------------------------------

    \2\ To facilitate arbitrage, among other things, each day a Fund 
will publish a basket of securities and cash that, while different 
from the Fund's portfolio, is designed to closely track its daily 
performance.
---------------------------------------------------------------------------

    2. The Initial Adviser, a Delaware corporation, will be the 
investment adviser to the Initial Fund. Subject to approval by the 
Funds' board of trustees, an Adviser (as defined below) will serve as 
investment adviser to each Fund. The Initial Adviser is, and any other 
Adviser will be, registered as an investment adviser under the 
Investment Advisers Act of 1940 (``Advisers Act''). The Adviser may 
enter into sub-advisory agreements with other investment advisers to 
act as sub-advisers with respect to the Funds (each a ``Sub-Adviser''). 
Any Sub-Adviser to a Fund will be registered under the Advisers Act.
    3. The Distributor, a Pennsylvania corporation, is a broker-dealer 
registered under the Securities Exchange Act of 1934, as amended, and 
will act as the distributor and 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 and/or Sub-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, and 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. The requested Order would permit applicants to offer Funds 
that utilize the NYSE Proxy Portfolio Methodology. Because the relief 
requested is the same as certain of the relief granted by the 
Commission under the Reference Order and because the Initial Adviser 
has entered into a licensing agreement with NYSE Group, Inc. in order 
to offer Funds that utilize the NYSE Proxy Portfolio Methodology,\3\ 
the Order would incorporate by reference the terms and conditions of 
the same relief of the Reference Order.
---------------------------------------------------------------------------

    \3\ The NYSE Proxy Portfolio Methodology (as defined in the 
Reference Order) is the intellectual property of the NYSE Group, 
Inc.
---------------------------------------------------------------------------

    5. Applicants request that the Order apply to the Initial Fund and 
to any other existing or future registered open-end management 
investment company or series thereof that: (a) Is advised by the 
Initial Adviser or any entity controlling, controlled by, or under 
common control with the Initial Adviser (any such entity, along with 
the Initial Adviser, included in the term ``Adviser''); (b) offers 
exchange-traded shares utilizing active management investment 
strategies as contemplated by the Reference Order; and (c) complies 
with the terms and conditions of the Order and the terms and conditions 
of the Reference Order that are incorporated by reference into the 
Order (each such company or series and the Initial Fund, a 
``Fund'').\4\
---------------------------------------------------------------------------

    \4\ 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 the terms and conditions of the Reference Order that are 
incorporated by reference into the Order.
---------------------------------------------------------------------------

    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 transaction is consistent 
with the policies of the registered investment company and the general 
purposes of the Act. Applicants submit that for the reasons stated in 
the Reference Order the requested relief meets the exemptive standards 
under sections 6(c) and 17(b) of the Act.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2021-12746 Filed 6-16-21; 8:45 am]
BILLING CODE 8011-01-P