[Federal Register Volume 88, Number 12 (Thursday, January 19, 2023)]
[Notices]
[Pages 3448-3449]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-00893]


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SECURITIES AND EXCHANGE COMMISSION

[Investment Company Act Release No. 34804; 812-15402]


RBB Fund Trust and Element ETFs, LLC

AGENCY: Securities and Exchange Commission (``Commission'' or ``SEC'').

ACTION: Notice.

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    Notice of an application under section 6(c) of the Investment 
Company Act of 1940 (``Act'') for an exemption from section 15(a) of 
the Act and Rule 18f-2 thereunder, as well as from certain disclosure 
requirements in rule 20a-1 under the Act, Item 19(a)(3) of Form N-1A, 
Items 22(c)(1)(ii), 22(c)(1)(iii), 22(c)(8) and 22(c)(9) of Schedule 
14A under the Securities Exchange Act of 1934, and sections 6-07(2)(a), 
(b), and (c) of Regulation S-X (``Disclosure Requirements'').

Summary of Application:  The requested exemption would permit 
Applicants to enter into and materially amend subadvisory agreements 
with subadvisers without shareholder approval and would grant relief 
from the Disclosure Requirements as they relate to fees paid to the 
subadvisers.

Applicants:  RBB Fund Trust, and Element ETFs, LLC.

Filing Dates:  The application was filed on November 2, 2022, and 
amended on December 16, 2022.

Hearing or Notification of Hearing:  An order granting the requested 
relief

[[Page 3449]]

will be issued unless the Commission orders a hearing. Interested 
persons may request a hearing on any application by emailing the SEC's 
Secretary at [email protected] and serving the 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 February 6, 2023, 
and should be accompanied by proof of service on the 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: 
Steven Plump, [email protected]; and Aisha Hunt, 
[email protected].

FOR FURTHER INFORMATION CONTACT: Lisa Ragen, Branch Chief, 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 December 16, 2022, 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.

    Dated: January 12, 2023.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2023-00893 Filed 1-18-23; 8:45 am]
BILLING CODE 8011-01-P