Company Press Release

SAN FRANCISCO, CA -- 10/08/09 -- Grail Advisors, an innovator in the development and distribution of active-managed exchange traded funds (ETFs), today announced the registration of a new actively-managed fixed-income ETF -- RP Short Duration Bond ETF.

New York City-based RiverPark Advisors, LLC (RiverPark) and Cohanzick Management, LLC (Cohanzick) of Pleasantville, NY will serve as the sub-advisers for the new fund. Grail Advisors will serve as the fund's manager. Similar to traditional actively-managed bond funds, the new RP Short Duration Bond ETF will allow portfolio managers unrestricted trading.

Grail Advisors announced on Monday the registration of Grail McDonnell Intermediate Municipal Bond ETF and Grail McDonnell Core Taxable Bond ETF, both actively-managed fixed-income ETFs.

"A robust fixed-income array is central to our goal, which is to bring a full lineup of traditional, active fund managers and strategies to the ETF marketplace," said William M. Thomas, CEO of Grail Advisors LLC. "This strategy is particularly important to that end, and we are delighted to have RiverPark Advisors and Cohanzick Management at the helm."

RiverPark was founded in 2006 by Morty Schaja, CFA, who serves as the firm's Chief Executive Officer, and Mitchell Rubin, CFA, who is the Chief Investment Officer. All of RiverPark's principals came to the firm from Baron Funds. RiverPark has assembled a prestigious group of outside advisors to support its senior team.

Cohanzick will provide day-to-day portfolio management services to RP Short Duration Bond ETF, with David K. Sherman, the majority owner of Cohanzick, serving as the fund's portfolio manager. Mr. Sherman has managed accounts for various Cohanzick clients utilizing investment programs substantially similar to those intended for RP Short Duration Bond ETF since 1997. He will have the discretion on a daily basis to choose securities for the ETF's portfolio consistent with its investment objective.

The fund's holdings will be disclosed daily after the close of trading.

Grail Advisors rolled out the market's first true, actively-managed equity ETF in May -- the Grail American Beacon Large Cap Value ETF (NYSE: GVT). That fund was designed to incorporate a traditional investment management approach and a multi-manager format into an active ETF structure. The firm followed last week with the launch of the industry's first single-manager ETFs using traditional active management -- RP Growth ETF, RP Focused Large Cap Growth ETF, RP Technology ETF, and RP Financials ETF. Like the other Grail Advisors offerings, the RP Short Duration Bond offering will combine all the benefits of an ETF structure -- lower costs(1), tax efficiency(2), transparency of holdings(3), and intra-day trading -- with actively-managed strategies from a veteran fixed-income manager.

San Francisco-based Grail Advisors intends to increasingly make the benefits of ETFs available to the large pool of investors who currently select traditional mutual funds or other vehicles to access active portfolio management. Mr. Thomas says Grail Advisors is currently in discussions with several leading financial institutions and asset managers, and expects to launch a number of customized, actively-managed ETFs.

About Grail Advisors LLC -- Grail Advisors LLC, an innovator in the creation and distribution of actively managed Exchange Traded Funds, partners with established asset managers, distributors, and related financial institutions to design and deliver actively managed ETFs. Grail Advisors was created to deliver ETFs using fully disclosed active portfolio management to the global investment community. More information is available at www.grailadvisors.com.

About RiverPark Advisors LLC -- RiverPark Advisors, LLC is a New York-based investment advisory company. The firm offers its advisory services in separate accounts and alternative vehicles, and actively-managed ETFs. For more information please call 212-484-2100, or visit www.riverparkllc.com.

About Cohanzick Management, LLC -- Cohanzick Management. LLC is a New York-based investment advisory company. The firm offers its advisory services in separate accounts and alternative vehicles, and actively-managed ETFs. For more information please call (914) 741-9600, or e-mail Jon@Cohanzick.com

(1) Ordinary brokerage fees apply.

(2) Exchange trading of ETFs further enhances their tax efficiency. Investors who want to liquidate shares in an ETF simply sell them to other investors through exchange trading. Because of this unique structure, ETFs are not required to sell securities to meet investor cash redemptions, potentially generating capital gains tax liability for remaining investors. Keep in mind that the sale of an ETF will generate capital gains/losses for investors liquidating shares.

(3) ETFs are considered transparent because their portfolio holdings are disclosed daily.

William M. Thomas is a registered representative of ALPS Distributors, Inc.

Shares are not individually redeemable. Investors buy and sell shares on a secondary market. Only market makers and "authorized participants" may trade directly with the Fund(s), typically in blocks of 50,000 shares.

There are risks involved with investing including possible loss of principal. The ETFs will be actively managed and the Shares may trade above or below their net asset value. The trading price of Shares may deviate significantly from net asset value during periods of market volatility. Shares will not be FDIC insured, may lose value, and will have no bank guarantee.

An investor should consider investment objectives, risks, charges, and expenses carefully before investing. The Prospectus contains this and other information. For more complete information about the ETFs or to obtain a Prospectus, call 415-677-5870. Please read the Prospectus carefully before investing.

The information in the Prospectus is not complete and may be changed. The RP Short Duration Bond ETF and the Grail McDonnell ETFs may not sell their Shares until the registration statement filed with the Securities and Exchange Commission is effective. The Prospectus is not an offer to sell the ETF's Shares, and the ETF is not soliciting an offer to buy its Shares in any jurisdiction where the offer or sale is not permitted.

The RP Short Duration Bond ETF and the Grail McDonnell ETFs are new and have no operating history.

The Grail American Beacon Large Cap Value ETF, RP Growth ETF, RP Focused Large Cap Growth ETF, RP Technology ETF, and the RP Financials ETF are new and have limited operating history.

ALPS Distributors, Inc. is not affiliated with the mentioned entities -- RiverPark Advisors, LLC, Cohanzick Management, LLC or Baron Funds.

The ETFs are distributed by ALPS Distributors, Inc.


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