Federal Register / Vol. 86, No. 27 / Thursday, February 11, 2021 / Notices 9117 

1Blue Tractor ETF Trust and Blue Tractor Group, 

LLC, Investment Company Act Rel. Nos. 33682 

(Nov. 14, 2019) (notice) and 33710 (Dec. 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. 

2To facilitate arbitrage, among other things, each 

day a Fund would publish a basket of securities and 

cash that, while different from the Fund’s portfolio, 

is designed to closely track its daily performance. 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

34189; File No. 812–15165] 

The RBB Fund, Inc., et al. 

February 5, 2021. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice. 

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: The RBB Fund, Inc. (the 

‘‘Company’’), Red Gate Advisers, LLC 

(the ‘‘Initial Adviser’’), and Herald 

Investment Marketing, LLC (the 

‘‘Distributor’’). 

SUMMARY OF APPLICATION: Applicants 

request an order (‘‘Order’’) that permits: 

(a) Shielded Alpha ETFs (as described 

in the Reference Order (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 Shielded 

Alpha ETFs 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 Shielded Alpha 

ETF to deposit securities into, and 

receive securities from, the Shielded 

Alpha ETF 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 September 28, 2020 and amended on 

December 10, 2020 and on January 15, 

2020. 

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 by email. 

Hearing requests should be received by 

the Commission by 5:30 p.m. on 

February 25, 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 

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: 

The RBB Fund, Inc.; Red Gate Advisers, 

LLC; and Herald Investment Marketing, 

LLC, c/o Craig A. Urciuoli, Red Gate 

Advisers, LLC, craig@

redgateadvisers.com. 

FOR FURTHER INFORMATION CONTACT: 

Harry Eisenstein, Senior Special 

Counsel, at (202) 551–6764, or Kaitlin 

Bottock, 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 Company is a corporation 

organized under the laws of Maryland 

and will consist of one or more series 

operating as Shielded Alpha ETFs. The 

Company 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 operate 

as Shielded Alpha ETFs as described in 

the Reference Order.2

2. The Initial Adviser is a limited 

liability company organized under the 

laws of Pennsylvania and will be the 

investment adviser to the Initial Fund. 

Subject to approval by the Fund’s board 

of directors, 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 will 

be registered under the Advisers Act. 

3. The Distributor is a limited liability 

company organized under the laws of 

Pennsylvania and a broker-dealer 

registered under the Securities 

Exchange Act of 1934, as amended, 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 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 operate as Shielded Alpha ETFs. 

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 

Blue Tractor Group, LLC, or an affiliate 

thereof, in order to offer Funds that 

operate as Shielded Alpha ETFs, 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) operates as a Shielded 

Alpha ETF as described in 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 


khammond on DSKJM1Z7X2PROD with NOTICES
9118 Federal Register / Vol. 86, No. 27 / Thursday, February 11, 2021 / Notices 

3All 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. 

into the Order (each such company or 

series and the Initial Fund, a ‘‘Fund’’).3

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. 

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–02775 Filed 2–10–21; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF VETERANS 

AFFAIRS 

[OMB Control No. 2900–0715] 

Agency Information Collection Activity 

Under OMB Review: Servicer’s Staff 

Appraisal Reviewer (SAR) Application 

AGENCY: Loan Guaranty Service, 

Department of Veterans Affairs. 

ACTION: Notice. 

SUMMARY: In compliance with the 

Paperwork Reduction Act (PRA) of 

1995, this notice announces that the 

Loan Guaranty Service, Department of 

Veterans Affairs, will submit the 

collection of information abstracted 

below to the Office of Management and 

Budget (OMB) for review and comment. 

The PRA submission describes the 

nature of the information collection and 

its expected cost and burden and it 

includes the actual data collection 

instrument. 

DATES: Written comments and 

recommendations for the proposed 

information collection should be sent 

within 30 days of publication of this 

notice to www.reginfo.gov/public/do/ 

PRAMain. Find this particular 

information collection by selecting 

‘‘Currently under 30-day Review—Open 

for Public Comments’’ or by using the 

search function. Refer to ‘‘OMB Control 

No. 2900–0715. 

FOR FURTHER INFORMATION CONTACT: 

Maribel Aponte, Office of Enterprise 

and Integration, Data Governance 

Analytics (008), 1717 H Street NW, 

Washington, DC 20006, (202) 266–4688 

or email maribel.aponte@va.gov. Please 

refer to ‘‘OMB Control No. 2900–0715’’ 

in any correspondence. 

SUPPLEMENTARY INFORMATION: Under the 

PRA of 1995, Federal agencies must 

obtain approval from the Office of 

Management and Budget (OMB) for each 

collection of information they conduct 

or sponsor. This request for comment is 

being made pursuant to Section 

3506(c)(2)(A) of the PRA. 

Authority: Public Law 104–13; 44 

U.S.C. 3501–3521. 

Title: VA FORM 26–0829, Lender’s 

Staff Appraisal Reviewer (SAR) 

Application. 

OMB Control Number: 2900–0715. 

Type of Review: Extension of a 

currently approved collection. 

Abstract: Title 38 U.S.C. 3702(d) 

authorizes the Department of Veterans 

Affairs (VA) to establish standards for 

Servicers making automatically 

guaranteed loans and 38 U.S.C. 3731(f) 

authorizes VA to establish, in 

regulation, standards and procedures to 

authorize a lender to determine the 

reasonable value of property. VA has 

implemented this authority through its 

Servicer Appraisal Processing Program 

(SAPP), codified in 38 CFR 36.4348. An 

agency may not conduct or sponsor, and 

a person is not required to respond to 

a collection of information unless it 

displays a currently valid OMB control 

number. The Federal Register Notice 

with a 60-day comment period soliciting 

comments on this collection of 

information was published at 85 FR 

80228, on December 11, 2020, page 

80228. 

Affected Public: Individuals 

(employees of lenders making 

applications). 

Estimated Annual Burden: 2 hours. 

Estimated Average Burden per 

Respondent: 5 minutes. 

Frequency of Response: On occasion. 

Estimated Number of Respondents: 20 

per year. 

By direction of the Secretary: 

Maribel Aponte, 

VA PRA Clearance Officer, Office of 

Enterprise and Integration, Data Governance 

Analytics, Department of Veterans Affairs. 

[FR Doc. 2021–02816 Filed 2–10–21; 8:45 am] 

BILLING CODE 8320–01–P 


khammond on DSKJM1Z7X2PROD with NOTICES