Federal Register / Vol. 83, No. 110 / Thursday, June 7, 2018 / Notices 26531 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 82591 

(January 26, 2018), 83 FR 4707 (February 1, 2018) 

(SR–BatsBZX–2017–54) (the ‘‘Approval Order’’). 

4See Registration Statement on Form N–1A for 

the Trust, dated April 6, 2018 (File Nos. 333– 

179904 and 811–22649). The descriptions of the 

Fund and the Shares contained herein are based, in 

part, on information in the Registration Statement. 

The Commission has issued an order granting 

certain exemptive relief to the Company under the 

Investment Company Act of 1940 (15 U.S.C. 80a– 

1) (‘‘1940 Act’’) (the ‘‘Exemptive Order’’). See 

Investment Company Act Release No. 29571 

(January 24, 2011) (File No. 812–13601). 

5As defined in the Approval Order, Inflation 

Hedging Instruments include only the following 

instruments: OTC or listed inflation swaps (i.e., 

contracts in which the Fund will make fixed-rate 

payments based on notional amount while 

receiving floating-rate payments determined from 

an inflation index), Treasury Inflation-Protected 

Securities, total return swaps, credit default swaps, 

interest rate swaps, and U.S. Treasury futures. 

6As defined in Rule 14.11(a), the term 

‘‘Continued Listing Representations’’ means any of 

the statements or representations regarding the 

index composition, the description of the portfolio 

or reference assets, limitations on portfolio holdings 

or reference assets, dissemination and availability 

of index, reference asset, and intraday indicative 

values (as applicable), or the applicability of 

Exchange listing rules specified in any filing to list 

a series of Other Securities. 

7 15 U.S.C. 78f. 

8 15 U.S.C. 78f(b)(5). 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83363; File No. SR– 

CboeBZX–2018–036] 

Self-Regulatory Organizations; Cboe 

BZX Exchange, Inc.; Notice of Filing 

and Immediate Effectiveness of a 

Proposed Rule Change to Amend a 

Representation Made in a Proposed 

Rule Change Previously Approved by 

the Commission Relating to the Listing 

and Trading of the iShares Inflation 

Hedged Corporate Bond ETF 

June 1, 2018. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on May 24, 

2018, Cboe BZX Exchange, Inc. (the 

‘‘Exchange’’ or ‘‘BZX’’) filed with the 

Securities and Exchange Commission 

(‘‘Commission’’) the proposed rule 

change as described in Items I and II 

below, which Items have been prepared 

by the Exchange. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change 

from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange filed a proposal to 

amend a representation made in a 

proposed rule change previously 

approved by the Commission relating to 

the listing and trading of the iShares 

Inflation Hedged Corporate Bond ETF 

(the ‘‘Fund’’). 

The text of the proposed rule change 

is available at the Exchange’s website at 

www.markets.cboe.com, at the principal 

office of the Exchange, and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in Sections A, B, and C below, of 

the most significant parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The shares of the Fund (the ‘‘Shares’’) 

were approved for listing and trading on 

the Exchange under Rule 14.11(i), 

which governs the listing and trading of 

Managed Fund Shares.3 The Shares 

have commenced trading on the 

Exchange. The Fund is a series of the 

iShares U.S. ETF Trust (the ‘‘Trust’’), 

which was established as a Delaware 

statutory trust on June 21, 2011. 

BlackRock Fund Advisors (the 

‘‘Adviser’’) is the investment adviser to 

the Fund. The Trust is registered with 

the Commission as an open-end 

management investment company and 

has filed a registration statement on 

behalf of the Fund on Form N–1A 

(‘‘Registration Statement’’) with the 

Commission.4

The Exchange proposes to amend a 

representation made in the Approval 

Order such that the representation that 

limits Fund holdings in Inflation 

Hedging Instruments 5 to 50% of the 

weight of its portfolio (including gross 

notional exposure) would instead limit 

the Fund’s holdings in Inflation 

Hedging Instruments to 60% of the 

weight of its portfolio (including gross 

notional exposure). While the Fund 

generally expects to have approximately 

50% of the weight of its portfolio 

(including gross notional exposure) in 

Inflation Hedging Instruments, the 

Adviser would prefer to allow the Fund 

the flexibility to increase to 60% in 

order to allow for potential market 

movement in the Fund’s holdings. 

Specifically, the Exchange is proposing 

to change the sentence that reads: 

The Exchange is proposing to allow the 

Fund to hold up to 50% of the weight of its 

portfolio (including gross notional exposure) 

in Inflation Hedging Instruments, 

collectively, in a manner that may not 

comply with Rules 14.11(i)(4)(C)(iv)(a), 

14.11(i)(4)(C)(iv)(b), and/or 14.11(i)(4)(C)(v), 

as discussed above. 

The Exchange is proposing to replace 

that sentence with the following: 

The Exchange is proposing to allow the 

Fund to hold up to 60% of the weight of its 

portfolio (including gross notional exposure) 

in Inflation Hedging Instruments, 

collectively, in a manner that may not 

comply with Rules 14.11(i)(4)(C)(iv)(a), 

14.11(i)(4)(C)(iv)(b), and/or 14.11(i)(4)(C)(v), 

as discussed above. 

The Exchange believes that this 

proposed change is a non-controversial 

change because it is intended only to 

provide the Adviser with additional 

flexibility within the Fund’s portfolio to 

hedge inflation risk associated with its 

exposure to corporate bonds. The 

Fund’s investment objective and 

investment strategy are not changing. 

Further to this point, all other 

representations in the Approval Order 

that constitute Continued Listing 

Representations 6 for the Fund remain 

true and will apply on a continuous 

basis, consistent with Rule 14.11 and 

the proposed change to the 

representation above will be a 

Continued Listing Representation for 

the Fund going forward. The Exchange 

also notes that the statements in the 

filing that formed the basis for the 

Commission approving the Fund for 

listing and trading remain true. As such, 

the Exchange believes that the proposal 

does not raise any substantive issues 

that were not previously addressed in 

the Approval Order. 

2. Statutory Basis 

The Exchange believes that the 

proposal is consistent with Section 6(b) 

of the Act 7 in general and Section 

6(b)(5) of the Act 8 in particular in that 

it is designed to prevent fraudulent and 

manipulative acts and practices, to 

promote just and equitable principles of 

trade, to remove impediments to, and 

perfect the mechanism of a free and 

open market and, in general, to protect 

investors and the public interest. 

Specifically, the Exchange believes that 

the proposal is designed to prevent 

fraudulent and manipulative acts and 


sradovich on DSK3GMQ082PROD with NOTICES
26532 Federal Register / Vol. 83, No. 110 / Thursday, June 7, 2018 / Notices 

9 15 U.S.C. 78s(b)(3)(A)(iii). 

10 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6) requires a self-regulatory organization to give 

the Commission written notice of its intent to file 

the proposed rule change at least five business days 

prior to the date of filing of the proposed rule 

change, or such shorter time as designated by the 

Commission. The Exchange has satisfied this 

requirement. 11 17 CFR 240.19b–4(f)(6). 12 17 CFR 240.19b–4(f)(6)(iii). 13For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

practices, to promote just and equitable 

principles of trade, to remove 

impediments to, and perfect the 

mechanism of a free and open market 

and, in general, to protect investors and 

the public interest. 

As described above, all of the 

Continued Listing Representations 

which formed the basis for the 

Commission approving the Approval 

Order remain true and will continue to 

constitute Continued Listing 

Representations for the Fund with the 

exception of the single representation 

that the Exchange is proposing to 

amend, which, as amended, will be a 

Continued Listing Representation for 

the Fund going forward. This proposed 

change will only provide the Adviser 

with additional flexibility within the 

Fund’s portfolio to hedge inflation risk 

associated with its exposure to 

corporate bonds. The Fund’s investment 

objective and investment strategy are 

not changing. As such, the Exchange 

believes that the proposal does not raise 

any substantive issues that were not 

previously addressed in the Approval 

Order. 

Based on the foregoing, the Exchange 

believes that the proposal is designed to 

prevent fraudulent and manipulative 

acts and practices, to promote just and 

equitable principles of trade, to remove 

impediments to and perfect the 

mechanism of a free and open market 

and a national market system, and, in 

general, to protect investors and the 

public interest because there are no 

substantive issues raised by this 

proposal that were not otherwise 

addressed by the Approval Order. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

Exchange believes that adding the 

flexibility to fully implement the Fund’s 

hedging strategy will have no impact on 

competition. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants or Others 

The Exchange has neither solicited 

nor received written comments on the 

proposed rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Because the foregoing proposed rule 

change does not: (i) Significantly affect 

the protection of investors or the public 

interest; (ii) impose any significant 

burden on competition; and (iii) become 

operative for 30 days from the date on 

which it was filed, or such shorter time 

as the Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A)(iii) of the Act 9 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.10

A proposed rule change filed 

pursuant to Rule 19b–4(f)(6) under the 

Act 11 normally does not become 

operative for 30 days after the date of its 

filing. However, Rule 19b–4(f)(6)(iii) 12

permits the Commission to designate a 

shorter time if such action is consistent 

with the protection of investors and the 

public interest. The Exchange has asked 

the Commission to waive the 30-day 

operative delay so that the proposed 

rule change may become effective and 

operative immediately upon filing. The 

Exchange states that waiver of the 

operative delay would permit the 

Adviser of the Fund to immediately 

employ the Adviser’s strategy for 

hedging against inflation risk. 

According to the Exchange, this hedging 

strategy will best allow the Fund to 

achieve its investment objective and 

employ its investment strategy. 

The Commission believes that 

waiving the 30-day operative delay is 

consistent with the protection of 

investors and the public interest. The 

proposal raises no new novel issues. 

Moreover, as the noted above, apart 

from increasing the Fund’s holdings in 

Inflation Hedging Instruments to 60% of 

the weight of its portfolio (including 

gross notional exposure), all other 

representations in the Approval Order 

that constitute Continued Listing 

Representations for the Fund would 

remain true and will apply on a 

continuous basis. Further, the proposed 

change to the representation above will 

be a Continued Listing Representation 

for the Fund going forward. 

Accordingly, the Commission hereby 

waives the operative delay and 

designates the proposal operative upon 

filing.13

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is: (i) Necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) otherwise in 

furtherance of the purposes of the Act. 

If the Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposal is 

consistent with the Act. Comments may 

be submitted by any of the following 

methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

CboeBZX–2018–036 on the subject line 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–CboeBZX–2018–036. This 

file number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of the 

filing will also be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 


sradovich on DSK3GMQ082PROD with NOTICES
Federal Register / Vol. 83, No. 110 / Thursday, June 7, 2018 / Notices 26533 

14 17 CFR 200.30–3(a)(12). 

1See Cassatt Management, LLC d/b/a Bay Coast 

R.R.—Lease & Operation Exemption—Canonie 

Atlantic Co. on behalf of ANTDC, FD 34818 (STB 

served Feb. 6, 2006). 

2The petition for waiver will be addressed in a 

separate decision. 

3 DCR certifies that on May 17, 2018, it posted 

notice of the transaction at the workplace of the 

then-current BCR employees on the Line as 

required under 49 CFR 1150.42(e). DCR states that 

BCR employees are not represented by any labor 

union. In addition to waiver of the 30-day effective 

date requirement, DCR’s petition seeks waiver of 

the full 60-day labor notice requirement, in order 

for the exemption to become effective immediately. 

As noted above, the petition for waiver will be 

addressed in a separate decision. 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–CboeBZX–2018–036 and 

should be submitted on or before June 

28, 2018. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.14

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–12196 Filed 6–6–18; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

[Disaster Declaration #15544 and #15545; 

VIRGINIA Disaster Number VA–00071] 

Administrative Declaration of a 

Disaster for the Commonwealth of 

VIRGINIA 

AGENCY: U.S. Small Business 

Administration. 

ACTION: Notice. 

SUMMARY: This is a notice of an 

Administrative declaration of a disaster 

for the Commonwealth of Virginia dated 

05/30/2018. 

Incident: Severe Storm and 

Tornadoes. 

Incident Period: 04/15/2018. 

DATES: Issued on 05/30/2018. 

Physical Loan Application Deadline 

Date: 07/30/2018. 

Economic Injury (EIDL) Loan 

Application Deadline Date: 03/04/2019. 

ADDRESSES: Submit completed loan 

applications to: U.S. Small Business 

Administration, Processing and 

Disbursement Center, 14925 Kingsport 

Road, Fort Worth, TX 76155. 

FOR FURTHER INFORMATION CONTACT: A. 

Escobar, Office of Disaster Assistance, 

U.S. Small Business Administration, 

409 3rd Street SW, Suite 6050, 

Washington, DC 20416, (202) 205–6734. 

SUPPLEMENTARY INFORMATION: Notice is 

hereby given that as a result of the 

Administrator’s disaster declaration, 

applications for disaster loans may be 

filed at the address listed above or other 

locally announced locations. 

The following areas have been 

determined to be adversely affected by 

the disaster: 

Primary Counties: Lynchburg City 

Contiguous Counties: 

Virginia: Amherst, Bedford, Campbell. 

The Interest Rates are: 

Percent 

For Physical Damage: 

Homeowners With Credit Available Elsewhere ...................... 3.625 

Homeowners Without Credit 

Available Elsewhere .............. 1.813 

Businesses With Credit Available Elsewhere ...................... 7.160 

Businesses Without Credit 

Available Elsewhere .............. 3.580 

Non-Profit Organizations With 

Credit Available Elsewhere ... 2.500 

Non-Profit Organizations Without Credit Available Elsewhere ..................................... 2.500 

For Economic Injury: 

Businesses & Small Agricultural 

Cooperatives Without Credit 

Available Elsewhere .............. 3.580 

Non-Profit Organizations Without Credit Available Elsewhere ..................................... 2.500 

The number assigned to this disaster 

for physical damage is 15544C and for 

economic injury is 155450. 

The State which received an EIDL 

Declaration # is Virginia. 

(Catalog of Federal Domestic Assistance 

Number 59008) 

Dated: May 30, 2018. 

Linda E. McMahon, 

Administrator. 

[FR Doc. 2018–12185 Filed 6–6–18; 8:45 am] 

BILLING CODE 8025–01–P 

SURFACE TRANSPORTATION BOARD 

[Docket No. FD 36196] 

Delmarva Central Railroad Company— 

Change in Operator Exemption— 

Cassatt Management, LLC d/b/a Bay 

Coast Railroad 

Delmarva Central Railroad Company 

(DCR), a Class III rail carrier, has filed 

a verified notice of exemption under 49 

CFR 1150.41 to assume operations over 

an approximately 14.8-mile rail line 

owned by Canonie Atlantic Co. (CAC) 

on behalf of the AccomackNorthampton Transportation District 

Commission (ANTDC) from milepost 

30.9 in Pocomoke City, Md., to milepost 

45.7 in Hallwood, Va. (the Line). 

DCR states that the Line has been 

operated by Cassatt Management, LLC 

d/b/a Bay Coast Railroad (BCR).1 DCR 

states that BCR has ceased operation of 

the Line and does not object to the 

proposed change in operators. DCR has 

concurrently filed a petition for waiver 

of the 30-day period specified under 49 

CFR 1150.42(b) to allow the exemption 

to become effective immediately.2

According to DCR, a lease and operation 

agreement providing for its common 

carrier service on the Line is being 

finalized and executed. 

DCR states that the proposed lease 

and operation of the Line does not 

involve any provision or agreement that 

would limit future interchange with a 

third-party connecting carrier. DCR 

certifies that its projected annual 

revenues from freight operations will 

not result in the creation of a Class II or 

Class I rail carrier. 

Under 49 CFR 1150.42(b), a change in 

operators requires that notice be given 

to shippers. DCR certifies that it has 

provided notice of the proposed change 

in operator to the shippers on the Line.3

If the verified notice contains false or 

misleading information, the exemption 

is void ab initio. Petitions to revoke the 

exemption under 49 U.S.C. 10502(d) 

may be filed at any time. The filing of 

a petition to revoke will not 

automatically stay the effectiveness of 

the exemption. 

An original and 10 copies of all 

pleadings, referring to Docket No. FD 

36196, must be filed with the Surface 

Transportation Board, 395 E Street SW, 

Washington, DC 20423–0001. In 

addition, a copy of each pleading must 

be served on DCR’s representative, 

Thomas J. Litwiler, Fletcher & Sippel 

LLC, 29 North Wacker Drive, Suite 920, 

Chicago, IL 60606–2832. 

According to DCR, this action is 

excluded from environmental review 

under 49 CFR 1105.6(c) and from 

historic preservation reporting 

requirements under 49 CFR 

1105.8(b)(1). 

Board decisions and notices are 

available on our website at 

WWW.STB.GOV. 

Decided: June 4, 2018. By the Board, Scott 

M. Zimmerman, Acting Director, Office of 

Proceedings. 

Jeffrey Herzig, 

Clearance Clerk. 

[FR Doc. 2018–12308 Filed 6–6–18; 8:45 am] 

BILLING CODE 4915–01–P 


sradovich on DSK3GMQ082PROD with NOTICES