The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
Tuesday, June 27, 2017|
Music Royalty Enters the ETF Biz, But At Arm's Length
Music royalty is dipping its toe into the ETF business but staying out of the pool, at least for now.
On Thursday Oklahoma City, Oklahoma-based Exchange Traded Concepts (an ETF-in-a-box shop) filed with the SEC to create an ETF, the Quincy Jones Streaming Music, Media & Entertainment ETF, subadvised by Roswell, Georgia-based Vident Investment Advisory and PMed by Vident president Denise Krisko. The ETF will track the Quincy Jones Streaming Music, Media & Entertainment Index developed by BEANS Markets. The target launch date is 75 days from filing, which translates to September 5.
Perhaps other celebrities will want in on ETF action next.
Quincy Jones — the Rock & Roll Hall of Fame member, producer, and Oscar-nominated songwriter also known as "Q" — is licensing his name to BEANS, who in turn is sub-licensing it to Exchange Traded Concepts. Yet Jones and his eponymous production company are otherwise keeping the planned fund at arm's length, according to the filing.
... Quincy Jones did not and does not participate in developing, composing, calculating, or making any other determination with regard to the Index; makes no representation or warranty as to the suitability of the Index for use by the Fund or any other person for any purpose; and incurs no obligation or liability to the Fund, any investor, or any other third party on account of the license.
BNY Mellon and UMB will be administrators to the planned ETF, and BNY will also serve as transfer agent and custodian. Foreside will be the distributor and handle compliance, and Morgan Lewis & Bockius will provide legal counsel. An accounting firm has not yet been named, and the fund's expense ratio has not been revealed.
Printed from: MFWire.com/story.asp?s=56534
Copyright 2017, InvestmentWires, Inc.
All Rights Reserved