[Federal Register Volume 88, Number 40 (Wednesday, March 1, 2023)] [Notices] [Pages 13003-13004] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 2023-04134] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 34841; File No. 812-15411] Tidal Trust II, et al. February 23, 2023. AGENCY: Securities and Exchange Commission (``Commission'' or ``SEC''). ACTION: Notice. ----------------------------------------------------------------------- Notice of an application under section 6(c) of the Investment Company Act of 1940 (the ``Act'') for an exemption from sections 2(a)(32), 5(a)(1) and 22(d) 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. Summary of Application: Applicants request an order (``Order'') that permits: (a) ActiveShares ETFs (as described in the Reference Order (as 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; and (c) certain affiliated persons of an ActiveShares ETF to deposit securities into, and receive securities from, the ActiveShares 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 [[Page 13004]] that order may be amended from time to time (``Reference Order'').\1\ --------------------------------------------------------------------------- \1\ Precidian ETFs Trust, et al., Investment Company Act Rel. Nos. 33440 (April 8, 2019) (notice) and 33477 (May 20, 2019) (order). Applicants: Tidal Trust II, Toroso Investments, LLC, Foreside Fund --------------------------------------------------------------------------- Services, LLC. Filing Dates: The application was filed on November 28, 2022, and amended on January 26, 2023. 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 Commission's Secretary at [email protected] and serving 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 March 20, 2023, 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. ADDRESSES: The Commission: [email protected]. Applicants: Eric W. Falkeis, Tidal Trust II, [email protected]; Michael Pellegrino, Toroso Investments, LLC, [email protected]; Teresa Cowan, Foreside Fund Services, LLC, [email protected]; Domenick Pugliese, Sullivan & Worcester LLP, [email protected]. FOR FURTHER INFORMATION CONTACT: Deepak T. Pai, Senior Counsel, or Daniele Marchesani, Assistant Chief Counsel, 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' amended application, dated January 26, 2023, 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 https://www.sec.gov/edgar/searchedgar/legacy/companysearch.html. 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. Sherry R. Haywood, Assistant Secretary. [FR Doc. 2023-04134 Filed 2-28-23; 8:45 am] BILLING CODE 8011-01-P