Federal Register / Vol. 82, No. 194 / Tuesday, October 10, 2017 / Notices 47051 

35See supra note 30. 

36 15 U.S.C. 78s(b)(3)(A). 

37 17 CFR 240.19b–4. 

38 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

11.9 are also consistent with the Act in 

that they will provide additional 

specificity to the rules. In particular, the 

amendments to paragraph (e)(3) of Rule 

11.10 [sic] will ensure the rule uses 

terminology consistent with the 

description of Replace messages and 

their impact on an order’s priority under 

Exchange Rule 11.12(a)(4). Also, the 

Exchange notes that the proposed 

change would harmonize the 

description of Replace messages under 

Exchange Rule 11.9(e)(3) with EDGX 

Rule 11.10(e)(3). 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will result in 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act, as amended. 

On the contrary, the Exchange believes 

the proposed rule change promotes 

competition because it will enable the 

Exchange to offer functionality 

substantially similar to that offered by 

Nasdaq and IEX.35 In addition, the 

proposed amendments to paragraph 

(e)(3) of Rule 11.10 [sic] would not have 

any impact on competition as they 

simply provide additional details to the 

rule and do not alter current System 

functionality. Therefore, the Exchange 

does not believe the proposed rule 

change will result in any burden on 

intermarket competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No comments were solicited or 

received 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: (A) Significantly affect 

the protection of investors or the public 

interest; (B) impose any significant 

burden on competition; and (C) by its 

terms, 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) of the 

Act 36 and paragraph (f)(6) of Rule 19b– 

4 thereunder.37 As required by Rule 

19b–4(f)(6)(iii), the Exchange has given 

the Commission written notice of its 

intent to file the proposed rule change, 

along with a brief description and text 

of 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. 

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: (1) Necessary or appropriate in 

the public interest; (2) for the protection 

of investors; or (3) 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 proposed rule 

change 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– 

BatsBYX–2017–24 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–BatsBYX–2017–24. 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 Web site (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 Web site 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 also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR– 

BatsBYX–2017–24, and should be 

submitted on or before October 31, 

2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.38

Robert W. Errett, 

Deputy Secretary. 

[FR Doc. 2017–21673 Filed 10–6–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–81803; File No. SR–ISE– 

2017–85] 

Self-Regulatory Organizations; Nasdaq 

ISE, LLC; Notice of Filing and 

Immediate Effectiveness of Proposed 

Rule Change To Remove Obsolete Text 

From Options Regulatory Fee Rule 

October 3, 2017. 

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 

September 25, 2017, Nasdaq ISE, LLC 

(‘‘ISE’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘Commission’’) the proposed 

rule change as described in Items I, II, 

and III, 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 proposes to remove 

obsolete rule text from the Schedule of 

Fees at Chapter VII, Section C, entitled 

‘‘Options Regulatory Fee.’’ 

The text of the proposed rule change 

is set forth below. Proposed deletions 

are enclosed in [brackets]. 

* * * * * 

Nasdaq ISE 

Schedule of Fees 

* * * * * 


sradovich on DSK3GMQ082PROD with NOTICES
47052 Federal Register / Vol. 82, No. 194 / Tuesday, October 10, 2017 / Notices 

3See Securities Exchange Act Release No. 81345 

(August 8, 2017), 82 FR 37939 (August 14, 2017) 

(SR–ISE–2017–071). 

4 15 U.S.C. 78f(b). 

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

6 15 U.S.C. 78s(b)(3)(A)(iii). 

7 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. 

VII. Legal & Regulatory 

* * * * * 

C. Options Regulatory Fee 

[$0.0039 per contract side. Effective 

August 1, 2017, t]The ORF shall be 

$0.0016 per contract side. 

The Options Regulatory Fee (‘‘ORF’’) 

is assessed by ISE to each ISE Member 

for options transactions cleared by The 

Options Clearing Corporation (‘‘OCC’’) 

in the customer range where: (1) the 

execution occurs on ISE or (2) the 

execution occurs on another exchange 

and is cleared by an ISE Member. The 

ORF is collected by OCC on behalf of 

ISE from (1) ISE clearing members for 

all customer transactions they clear or 

(2) non-members for all customer 

transactions they clear that were 

executed on ISE. ISE uses reports from 

OCC when assessing and collecting 

ORF. The Exchange will notify Members 

via an Options Trader Alert of any 

change in the amount of the fee at least 

30 calendar days prior to the effective 

date of the change. 

* * * * * 

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 aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Exchange recently amended its 

Options Regulatory Fee or ‘‘ORF’’ 

located in the Schedule of Fees at 

Chapter VII, Section C.3 At that time the 

rule text reflected the current fee and 

the proposed amendment which took 

effect on August 1, 2017. For clarity and 

ease of reference, the Exchange proposes 

to remove the outdated reference to the 

prior ORF. 

This rule change is non-substantive 

and merely serves to update the rule 

text. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,4 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,5

in particular, in that it is designed 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, by 

removing obsolete rule text. 

The Exchange proposes to remove 

outdated references to ORF prior to 

August 1, 2017. The Exchange believes 

this rule change will provide clarity and 

ease of reference when Members review 

the ORF rule. 

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 not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed change is a non-substantive 

amendment to remove obsolete rule 

text. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

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 6 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.7

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 proposed rule 

change 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– 

ISE–2017–85 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Brent J. Fields, Secretary, Securities 

and Exchange Commission, 100 F Street 

NE., Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–ISE–2017–85. 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 Web site (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 Web site 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 also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change; 

the Commission does not edit personal 

identifying information from 

submissions. You should submit only 

information that you wish to make 

available publicly. All submissions 

should refer to File Number SR–ISE– 


sradovich on DSK3GMQ082PROD with NOTICES
Federal Register / Vol. 82, No. 194 / Tuesday, October 10, 2017 / Notices 47053 

8 17 CFR 200.30–3(a)(12). 

1Applicants request that the order apply to the 

initial fund and any additional series of the Trust, 

and any other existing or future open-end 

management investment company or existing or 

future series thereof (each, included in the term 

‘‘Fund’’), each of which will operate as an ETF, and 

their respective existing or future master funds, and 

will track a specified index comprised of domestic 

and/or foreign equity securities and/or domestic 

and/or foreign fixed income securities (each, an 

‘‘Underlying Index’’). Any Fund will (a) be advised 

by the Initial Adviser or an entity controlling, 

controlled by, or under common control with the 

Initial Adviser (each, an ‘‘Adviser’’) and (b) comply 

with the terms and conditions of the application. 

2Each Self-Indexing Fund will post on its Web 

site the identities and quantities of the investment 

positions that will form the basis for the Fund’s 

calculation of its NAV at the end of the day. 

Applicants believe that requiring Self-Indexing 

Funds to maintain full portfolio transparency will 

help address, together with other protections, 

conflicts of interest with respect to such Funds. 

2017–85 and should be submitted on or 

before October 31, 2017. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Robert W. Errett, 

Deputy Secretary. 

[FR Doc. 2017–21670 Filed 10–6–17; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

32847; 812–14803] 

EntrepreneurShares Series Trust, et al. 

October 3, 2017. 

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 (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) for an exemption from 

sections 12(d)(1)(A) and 12(d)(1)(B) of 

the Act. The requested order would 

permit (a) index-based series of certain 

open-end management investment 

companies (‘‘Funds’’) to issue shares 

redeemable in large aggregations 

(‘‘Creation Units’’); (b) secondary market 

transactions in Fund shares to occur at 

negotiated market prices rather than at 

net asset value (‘‘NAV’’); (c) certain 

Funds to pay redemption proceeds, 

under certain circumstances, more than 

seven days after the tender of shares for 

redemption; (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; (e) 

certain registered management 

investment companies and unit 

investment trusts outside of the same 

group of investment companies as the 

Funds (‘‘Funds of Funds’’) to acquire 

shares of the Funds; (f) certain Funds 

(‘‘Feeder Funds’’) to create and redeem 

Creation Units in-kind in a masterfeeder structure; and (g) certain Funds 

to issue Shares in less than Creation 

Unit size to investors participating in a 

distribution reinvestment program. 

APPLICANTS: EntrepreneurShares Series 

Trust (the ‘‘Trust’’), a Delaware statutory 

trust registered under the Act as an 

open-end management investment 

company with multiple series, Capital 

Impact Advisors, LLC (the ‘‘Initial 

Adviser’’), a Delaware limited liability 

company registered as an investment 

adviser under the Investment Advisers 

Act of 1940, and Rafferty Capital 

Markets, LLC (the ‘‘Distributor’’), a 

Delaware limited liability company and 

broker-dealer registered under the 

Securities Exchange Act of 1934 

(‘‘Exchange Act’’). 

FILING DATES: The application was filed 

on July 21, 2017. Applicants have 

agreed to file an amendment during the 

notice period, the substance of which is 

reflected in this notice. 

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 writing to the 

Commission’s Secretary 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 October 27, 2017, 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 

writing to the Commission’s Secretary. 

ADDRESSES: Applicants: Trust and 

Initial Adviser, 175 Federal Street, Suite 

875, Boston, MA 02110; Distributor, 

1010 Franklin Ave., Garden City, NY 

11530. 

FOR FURTHER INFORMATION CONTACT: 

Bruce R. MacNeil, Senior Counsel, at 

(202) 551–6817, or David J. Marcinkus, 

Branch Chief at (202) 551–6821 

(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 

Web site 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. 

Summary of the Application 

1. Applicants request an order that 

would allow Funds to operate as indexbased exchange traded funds (‘‘ETFs’’).1

Fund shares will be purchased and 

redeemed at their NAV in Creation 

Units (other than pursuant to a 

distribution reinvestment program), as 

described in the application. All orders 

to purchase Creation Units and all 

redemption requests will be placed by 

or through an ‘‘Authorized Participant,’’ 

which will have signed a participant 

agreement with the Distributor. Shares 

will be listed and traded individually on 

a national securities exchange, where 

share prices will be based on the current 

bid/offer market. Certain Funds may 

operate as Feeder Funds in a masterfeeder structure. Any order granting the 

requested relief would be subject to the 

terms and conditions stated in the 

application. 

2. Each Fund will hold investment 

positions selected to correspond closely 

to the performance of an Underlying 

Index. In the case of Self-Indexing 

Funds, an affiliated person, as defined 

in section 2(a)(3) of the Act (‘‘Affiliated 

Person’’), or an affiliated person of an 

Affiliated Person (‘‘Second-Tier 

Affiliate’’), of the Trust or a Fund, of the 

Adviser, of any sub-adviser to or 

promoter of a Fund, or of the Distributor 

will compile, create, sponsor or 

maintain the Underlying Index.2

3. Shares will be purchased and 

redeemed in Creation Units and 

generally on an in-kind basis, or issued 

in less than Creation Unit size to 

investors participating in a distribution 

reinvestment program. Except where the 

purchase or redemption will include 

cash under the limited circumstances 

specified in the application, purchasers 

will be required to purchase Creation 

Units by depositing specified 

instruments (‘‘Deposit Instruments’’), 

and shareholders redeeming their shares 

will receive specified instruments 

(‘‘Redemption Instruments’’). The 

Deposit Instruments and the 

Redemption Instruments will each 

correspond pro rata to the positions in 

the Fund’s portfolio (including cash 


sradovich on DSK3GMQ082PROD with NOTICES