NEW YORK, April 15, 2019 /PRNewswire/ -- Reaves
Utilities ETF, the first actively managed exchange-traded fund
focused on the utilities sector, today announced that it has been
renamed the Virtus Reaves Utilities ETF (UTES), better reflecting
the relationship between fund manager Reaves Asset Management and
Virtus ETF Solutions, and has lowered its management fee.
"Reaves Asset Management has demonstrated its pedigree in
utility sector investing over the last four decades, further
showcased by UTES' stellar track record of consistently
outperforming its peers since its inception in 2015 as Reaves
Utilities ETF," said William
Smalley, executive managing director of Virtus ETF
Solutions. "In addition, the meaningful reduction in the management
fee to 49 basis points reflects our continued commitment to helping
investors achieve better outcomes."
"UTES is now a 4-star Morningstar-rated ETF and the co-branding
allows us to extend the awareness of our partnership with Reaves
and better distinguish this strategy with investors and our
distribution partners," Smalley
said.
"Reaves is pleased to work further with Virtus in a way that
will directly benefit our shareholders," said Joseph 'Jay' Rhame
III, CEO of Reaves Asset Management and co-portfolio manager of
UTES. "Reducing the fees to our clients will help support their
continued investment success. The timing could not be any better as
market volatility has increased and signs of a potential recession
have emerged. Our 42 years of experience investing in utilities
with consistent earnings growth and growing dividends gives us the
confidence to navigate a tough market environment."
About Reaves Asset Management
Founded in 1961 as an
investment research boutique, Reaves Asset Management has a long
performance record of managing institutional equity portfolios.
Utilities, telecom, and energy infrastructure securities are the
focus of the firm's research and investment activities. Reaves'
extensive industry expertise, combined with a team consensus
approach, has been the foundation of its investment discipline,
focusing on preserving capital, generating current income, and
delivering long-term growth to investors. For more information,
visit reavesassetmanagement.com.
About Virtus ETF Solutions
Virtus ETF
Solutions (VES) is a multi-manager ETF sponsor and affiliate
of Virtus Investment Partners. With actively managed and
index-based investment capabilities across multiple asset classes,
VES offers a family of complementary exchange-traded funds,
subadvised by select investment managers, for investors to build a
core foundation or add diversification to a portfolio.
Risk Considerations
Exchange-Traded Funds
(ETF): The value of an ETF may be more volatile than the
underlying portfolio of securities it is designed to track. The
costs of owning the ETF may exceed the cost of investing directly
in the underlying securities. Equity Securities: The market
price of equity securities may be adversely affected by financial
market, industry, or issuer-specific events. Focus on a particular
style or on small or medium-sized companies may enhance that risk.
Industry/Sector Concentration: A fund that focuses its
investments in a particular industry or sector will be more
sensitive to conditions that affect that industry or sector than a
non-concentrated fund. Utilities Sector Concentration: The
fund's investments are concentrated in the utilities sector and may
present more risks than if the fund were broadly diversified over
numerous sectors of the economy.
Please consider the investment objectives, risks, charges,
and expenses of the fund carefully before investing. The prospectus
contains this and other information about the fund. Contact us at
1-888-383-0553 or visit www.virtus.com for a
copy of the fund's prospectus. Read the prospectus carefully before
you invest or send money.
Distributed by ETF Distributors LLC
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SOURCE Reaves Utilities ETF