Notice2022-07077
Principal Exchange-Traded Funds, et al.
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
April 5, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 65 (Tuesday, April 5, 2022)</title>
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[Federal Register Volume 87, Number 65 (Tuesday, April 5, 2022)]
[Notices]
[Pages 19721-19722]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-07077]
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SECURITIES AND EXCHANGE COMMISSION
[Investment Company Act Release No. 34550; File No. 812-15308]
Principal Exchange-Traded Funds, et al.
AGENCY: Securities and Exchange Commission (``Commission'' or ``SEC'').
ACTION: Notice.
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Notice of an application for an order pursuant to section 6(c) of
the Investment Company Act of 1940 (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, and 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.
Summary of Application: Applicants request an order (``Order'')
that permits: (a) The Funds (as defined in the Applicants' application)
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\
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\1\ Fidelity Beach Street Trust, et al., Investment Company Act
Rel. Nos. 33683 (November 14, 2019) (notice) and 33712 (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, except as necessary to allow a Fund's
receipt of Representative ETFs included in its Tracking Basket
solely for purposes of effecting transactions in Creation Units (as
these terms are defined in the Reference Order), notwithstanding the
limits of Rule 12d1-4(b)(3). Accordingly, to the extent the terms
and conditions of the Reference Order relate to such relief, they
are not incorporated by reference herein other than with respect to
such limited exception.
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Applicants: Principal Exchange-Traded Funds, ALPS Distributors
Inc., and Principal Global Investors, LLC.
Filing Date: The application was filed on February 9, 2022.
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 on any application by emailing
the SEC's Secretary at <a href="/cdn-cgi/l/email-protection#84d7e1e7f6e1f0e5f6fdf7a9cbe2e2ede7e1c4f7e1e7aae3ebf2"><span class="__cf_email__" data-cfemail="96c5f3f5e4f3e2f7e4efe5bbd9f0f0fff5f3d6e5f3f5b8f1f9e0">[email protected]</span></a> and serving the
Applicants with a copy of the request by email, if an email address is
listed for the relevant Applicant below, or personally or by mail, if a
physical address is listed for the relevant Applicant below. Hearing
requests should be received by the Commission by 5:30 p.m. on, April
25, 2022, 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
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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 <a href="/cdn-cgi/l/email-protection#f3a0969081968792818a80debc95959a9096b3809690dd949c85"><span class="__cf_email__" data-cfemail="01526462736475607378722c4e6767686264417264622f666e77">[email protected]</span></a>.
ADDRESSES: The Commission: <a href="/cdn-cgi/l/email-protection#ca99afa9b8afbeabb8b3b9e785acaca3a9af8ab9afa9e4ada5bc"><span class="__cf_email__" data-cfemail="4211272130273623303b316f0d24242b2127023127216c252d34">[email protected]</span></a>. Applicants: John
Sullivan, <a href="/cdn-cgi/l/email-protection#55262039393c23343b7b3f3a3d3b7b1c1525273c3b363c2534397b363a38"><span class="__cf_email__" data-cfemail="f281879e9e9b84939cdc989d9a9cdcbbb282809b9c919b82939edc919d9f">[email protected]</span></a>.
FOR FURTHER INFORMATION CONTACT: Terri Jordan, Branch Chief, at (202)
551-6825 (Division of Investment Management, Chief Counsel's Office).
SUPPLEMENTARY INFORMATION: For Applicants' representations, legal
analysis, and conditions, please refer to Applicants' application,
dated February 9, 2022, which may be obtained via the Commission's
website by searching for the file number at the top of this document,
or for an Applicant using the Company name search field, on the SEC's
EDGAR system. The SEC's EDGAR system may be searched at, at <a href="http://www.sec.gov/edgar/searchedgar/legacy/companysearch.html">http://www.sec.gov/edgar/searchedgar/legacy/companysearch.html</a>. You may also
call the SEC's Public Reference Room at (202) 551-8090.
For the Commission, by the Division of Investment Management,
under delegated authority.
Dated: March 30, 2022.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-07077 Filed 4-4-22; 8:45 am]
BILLING CODE 8011-01-P
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