Thu, 02/05/2013 - 06:10
Exchange Traded Concepts 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 Income Index. The High Income Index seeks to measure the performance of the top 30 US 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 (pictured), a key figure in more than 50 US ETF launches to date. As chief executive of Magoon Capital, Magoon 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 capitalisation, 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, chief executive 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," says Magoon. "We expect the YieldShares High Income ETF 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.
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