[Federal Register Volume 86, Number 145 (Monday, August 2, 2021)]
[Notices]
[Pages 41526-41528]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-16373]


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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 34345; File No. 812-15239]


Columbia ETF Trust I, et al.

July 27, 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

[[Page 41527]]

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.

Applicants:  Columbia ETF Trust I (the ``Trust''), Columbia Management 
Investment Advisers, LLC (the ``Adviser''), and Columbia Management 
Investment Distributors, Inc. (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\
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    \1\ Fidelity Beach Street Trust, et al., Investment Company Act 
Rel. Nos. 33683 (Nov. 14, 2019) (notice) and 33712 (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''), or 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.

Filing Date:  The application was filed on June 16, 2021 and amended on 
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July 1, 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 <a href="/cdn-cgi/l/email-protection#9ccff9ffeef9e8fdeee5efb1d3fafaf5fff9dceff9ffb2fbf3ea"><span class="__cf_email__" data-cfemail="0f5c6a6c7d6a7b6e7d767c22406969666c6a4f7c6a6c21686079">[email protected]</span></a> 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 August 23, 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 <a href="/cdn-cgi/l/email-protection#3a695f59485f4e5b48434917755c5c53595f7a495f59145d554c"><span class="__cf_email__" data-cfemail="d586b0b6a7b0a1b4a7aca6f89ab3b3bcb6b095a6b0b6fbb2baa3">[email protected]</span></a>.

ADDRESSES: Secretary, U.S. Securities and Exchange Commission, 
<a href="/cdn-cgi/l/email-protection#f7a4929485928396858e84dab891919e9492b7849294d9909881"><span class="__cf_email__" data-cfemail="a1f2c4c2d3c4d5c0d3d8d28ceec7c7c8c2c4e1d2c4c28fc6ced7">[email protected]</span></a>. Applicants: Joseph D'Alessandro, Columbia 
Management Investment Distributors, Inc., 
<a href="/cdn-cgi/l/email-protection#660c091503160e480a4802070a031515070802140926070b16004805090b"><span class="__cf_email__" data-cfemail="e48e8b9781948cca88ca808588819797858a80968ba485899482ca878b89">[email protected]</span></a>.

FOR FURTHER INFORMATION CONTACT: Laura L. Solomon, Senior Counsel, at 
(202) 551-6915 or Lisa Reid Ragen, 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 Massachusetts business trust 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 the initial 
Fund (the ``Initial Fund''). The Funds will offer exchange-traded 
shares utilizing active management investment strategies as 
contemplated by the Reference Order.\2\
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    \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.
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    2. The Adviser, a Minnesota limited liability company, will be the 
investment adviser to the Initial Fund. Subject to approval by the 
Trust's board of trustees, an Adviser (as defined below) will serve as 
investment adviser to each Fund. The Adviser is, and any other Adviser 
will be, registered as an investment adviser under the Investment 
Advisers Act of 1940 (``Advisers Act''). An 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 is a Delaware corporation 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, 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. The requested Order 
would permit applicants to offer Funds that operate as contemplated by 
the Reference Order. Because the relief requested is the same as 
certain of the relief granted by the Commission under the Reference 
Order and because the Adviser has entered into a licensing agreement 
with Fidelity Management & Research Company, or an affiliate thereof, 
in order to offer Funds that operate as contemplated by the Reference 
Order,\3\ the Order would incorporate by reference the terms and 
conditions of the same relief of the Reference Order.
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    \3\ Certain aspects of how the Funds will operate (as described 
in the Reference Order) are the intellectual property of Fidelity 
Management & Research Company (or its affiliates).
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    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 
Adviser or any entity controlling, controlled by, or under common 
control with the Adviser (any such entity 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 each 
Initial Fund, a ``Fund'').\4\
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    \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.
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    6. Section 6(c) of the Act provides that the Commission may exempt 
any person, security or transaction, or any

[[Page 41528]]

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. 
Section 12(d)(1)(J) of the Act provides that the Commission may exempt 
any person, security, or transaction, or any class or classes of 
persons, securities or transactions, from any provision of section 
12(d)(1) if the exemption is consistent with the public interest and 
the protection of investors. Applicants submit that for the reasons 
stated in the Reference Order the requested relief meets the exemptive 
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standards under sections 6(c), 17(b) and 12(d)(1)(J) of the Act.

    For the Commission, by the Division of Investment Management, 
pursuant to delegated authority.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-16373 Filed 7-30-21; 8:45 am]
BILLING CODE 8011-01-P


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