OKLAHOMA CITY, Okla.,
May 1, 2013 /PRNewswire/
-- Exchange Traded Concepts, LLC (ETC), in conjunction with
YieldShares LLC (YieldShares), announces that Exchange Traded
Concepts Trust (Trust) has filed a registration statement,
including a preliminary prospectus, with the Securities and
Exchange Commission for the YieldShares High Income ETF (YYY). YYY
will seek to provide investment results that, before fees and
expenses, correspond generally to the price and yield performance
of the ISE High IncomeTM Index (High Income
Index). The High Income Index seeks to measure the
performance of the top 30 U.S. exchange-listed closed-end funds
(CEFs), as selected and ranked according to factors designed to
result in a portfolio that produces high current income.
YieldShares is a newly created ETF Sponsor that will focus on
income ETFs. The firm was founded by ETF veteran Christian Magoon, a key figure in more than 50
U.S. ETF launches to date. As CEO of Magoon Capital, Christian has
provided strategic counsel to ETF related firms on product
development, marketing and distribution. Magoon is also a noted ETF
author, contributing insight to a variety of publications.
Previously, he served as President of ETF issuer Claymore
Securities, now Guggenheim Investments.
The High Income Index was developed in a partnership between
YieldShares and the International Securities Exchange (ISE), the
provider of the Index. The selection process assesses CEF variables
including market capitalization, distribution rate and premiums and
discounts to net asset value.
"YieldShares' choice to work with us reinforces the value of
leveraging our counsel and operational expertise to introduce
compelling solutions to the ETF marketplace," says J. Garrett Stevens, CEO of ETC. "Christian Magoon has a strong track record of
designing and marketing ETFs and our platform will enable him to
leverage that expertise."
"YieldShares seeks to develop and make available investment
vehicles that produce attractive monthly income for shareholders,"
said Christian Magoon. "We expect
the YieldShares High Income ETF (YYY) will set itself apart within
the current income ETF space."
The High Income Index will replace the securities index
currently being tracked by the Sustainable North American Oil Sands
ETF (SNDS), an existing series of the Trust. This change,
along with related changes to the investment objective, investment
policies and name of the fund, are designed to accommodate the
offering of the YieldShares High Income ETF.
About Exchange Traded Concepts
ETC has carved out a
niche as a portal to launch new, custom exchange-traded funds
efficiently and cost-effectively through a complete turnkey
solution. ETC is a private-label ETF advisor with passive and
active exemptive relief from the SEC to launch both domestic and
international equity exchange traded funds under the Investment
Company Act of 1940.
Investment managers, independent advisors, foreign managers and
others seeking to launch an ETF for their strategy have the
opportunity to build awareness and recognition for their brand as a
private label ETF and, for a relatively low initial investment,
launch an ETF in approximately one-third of the time it would take
to launch an ETF from scratch.
ETC's ETF-in-a-Box™ Solution is a turnkey platform that provides
time-sensitive and cost-effective methods to bring an
exchange-traded fund to market. Seasoned ETF professionals have the
operational and regulatory experience plus the industry contacts
needed to navigate the complexities of launching and managing an
ETF.ETC has developed strategic relationships with other ETF
service providers to assist ETC's sub-advisors in navigating the
exchange-traded fund launch process with the guidance necessary to
maintain regulatory compliance.
ETC can assist your firm to successfully launch an ETF strategy.
For more information, please go to
www.ExchangeTradedConcepts.com
About YieldShares
YieldShares is an ETF Sponsor
focused on analysis and product design within the income ETF
segment. Founded by investment industry veteran Christian Magoon, YieldShares' mission is to
expand access to income investment strategies. For more
information, please visit www.MagoonCapital.com.
About ISE
The International Securities Exchange (ISE)
operates a leading U.S. options exchange and offers options trading
on over 2,000 underlying equity, ETF, index, and FX products. As
the first all-electronic options exchange in the U.S., ISE
transformed the options industry by creating efficient markets
through innovative market structure and technology. Regulated by
the Securities and Exchange Commission (SEC) and a member-owner of
OCC, ISE provides investors with a transparent marketplace for
price and liquidity discovery on centrally cleared options
products. ISE continues to expand its marketplace through the
ongoing development of enhanced trading functionality, new
products, and market data services. As a complement to its options
business, ISE has expanded its reach into multiple asset classes
through strategic investments in financial marketplaces and
services that foster technology innovation and market efficiency.
Through minority investments, ISE participates in the securities
lending and equities markets. ISE also licenses its proprietary
Longitude technology for trading in event-driven markets.
As a member of Eurex Group, ISE is combined with Eurex Exchange
to form one of the largest transatlantic derivatives marketplaces,
with daily trading volumes exceeding 9 million contracts across a
growing range of asset classes. Eurex Group is comprised of Eurex
Exchange, the International Securities Exchange, the European
Energy Exchange, Eurex Clearing, Eurex Bonds and Eurex Repo. Eurex
Group is owned by Deutsche Börse AG (Xetra: DB1).
For more information, visit www.ise.com.
The information in the Fund's preliminary prospectus (and
preliminary Statement of Additional Information) is not complete
and may be changed. The Fund may not sell its securities until the
registration statement filed with the Securities and Exchange
Commission is effective. This notice and the Fund's preliminary
prospectus (and preliminary Statement of Additional Information)
are not an offer to sell the Fund's securities and are not
soliciting an offer to buy the Fund's securities in any state where
the offer or sale is not permitted.
SOURCE Exchange Traded Concepts