Nasdaq Lists Two AccuShares Spot CBOE VIX ETFs
(Thomson Reuters ONE) -
First ETFs Based on CBOE Volatility Index
Designed to Provide Spot Exposure to Key Alternative Asset Classes
NEW YORK, May 18, 2015 (GLOBE NEWSWIRE) -- Nasdaq today announced that
AccuShares Investment Management LLC (AccuShares) will list two new exchange-
traded funds (ETFs), AccuShares Spot CBOE VIX ETF Up Class Shares (Symbol: VXUP)
and Down Class Shares (Symbol: VXDN), which will begin trading on The Nasdaq
Stock Market on Tuesday, May 19, 2015. The funds will track the CBOE Volatility
Index (VIX).
"We are delighted to partner with Nasdaq as we launch our first funds for the
ETF market," said Jack Fonss, Chief Executive Officer and Co-Founder of
AccuShares. "The reach and technology capabilities that Nasdaq offers will help
us deliver on our goal of democratizing 'spot' exposure for ETF investors."
With VXUP, investors can seek to capitalize on increases in the VIX, and with
VXDN, can seek to capitalize on decreases in the VIX. Unlike other exchange-
traded VIX funds, the AccuShares Spot CBOE VIX ETF provides straightforward tax
reporting through Form 1099s. Its transparent pricing and product architecture
provide predictable cost of ownership, eliminating the asset complexities and
term structure associated with other exchange-traded offerings.
"We are thrilled to list the first AccuShares ETFs and we appreciate AccuShares'
confidence in choosing the Nasdaq marketplace to list and trade ETFs," said Jeff
McCarthy, Vice President, Head of U.S. ETP Listings at Nasdaq. "Nasdaq generates
opportunities for issuers to access new markets and deliver new concepts that
change the way the industry develops, manages and applies ETFs. The new
innovative funds, VXUP and VXDN, offer investors unique capabilities to access
spot indices."
Nasdaq operates an efficient platform for successfully introducing a product
suite into one of the single largest pools of liquidity, including market
participants that represent a full spectrum of investors. ETF issuers benefit
from an end-to-end solution that provides ongoing product support at every level
including index licensing, listings opportunities, data offerings and trading
services. As the home to some of the world's most innovative ventures, Nasdaq
generates opportunities for issuers to access new markets and deliver new
concepts that change the way the industry develops, manages and applies ETFs.
About AccuShares:
Founded in 2011, AccuShares Investment Management, LLC, (www.accushares.com)
seeks to be an innovative, financial services firm offering exchange traded
products (ETP) shares that provide direct access to "spot" indices in key
alternative asset classes. AccuShares ETFs offer investors the ability to trade
both Up and Down shares, enabling them to potentially take advantage of
opportunity in any market. Its patent-pending technology and "direct-to-index"
quantitative design seeks to reduce overall expenses while also attempting to
both simplify tax reporting and provide investors with transparent cost of
ownership and transparency in returns.
About CBOE Volatility Index:
The CBOE Volatility Index (VIX) is a key measure of market expectations of near-
term volatility conveyed by S&P 500® stock index option prices. Since its
introduction in 1993, the VIX has been considered by many to be the world's
premier barometer of investor sentiment and market volatility. For more
information, please visit: http://www.cboe.com/micro/VIX/vixintro.aspx
About Nasdaq:
Nasdaq (Nasdaq:NDAQ) is a leading provider of trading, clearing, exchange
technology, listing, information and public company services across six
continents. Through its diverse portfolio of solutions, Nasdaq enables customers
to plan, optimize and execute their business vision with confidence, using
proven technologies that provide transparency and insight for navigating today's
global capital markets. As the creator of the world's first electronic stock
market, its technology powers more than 70 marketplaces in 50 countries, and 1
in 10 of the world's securities transactions. Nasdaq is home to more than 3,500
listed companies with a market value of approximately $9.5 trillion and more
than 10,000 corporate clients. To learn more, visit: nasdaq.com/ambition or
business.nasdaq.com.
Cautionary Note Regarding Forward-Looking Statements
The matters described herein contain forward-looking statements that are made
under the Safe Harbor provisions of the Private Securities Litigation Reform Act
of 1995. These statements include, but are not limited to, statements about
Nasdaq and its products and offerings. We caution that these statements are not
guarantees of future performance. Actual results may differ materially from
those expressed or implied in the forward-looking statements. Forward-looking
statements involve a number of risks, uncertainties or other factors beyond
Nasdaq's control. These factors include, but are not limited to factors detailed
in Nasdaq's annual report on Form 10-K, and periodic reports filed with the U.S.
Securities and Exchange Commission. We undertake no obligation to release any
revisions to any forward-looking statements.
Nothing contained herein should be construed as investment advice from Nasdaq,
either on behalf of a particular financial product or an overall investment
strategy. Nasdaq makes no recommendation to buy or sell any financial product or
any representation about the financial condition of any company or fund.
Investors should undertake their own due diligence and carefully evaluate
financial products before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS
STRONGLY ADVISED.
Exposure to the expected price volatility of the S&P 500 Index involves a
significant degree of risk and may not be appropriate for all investors.
Moreover, shares of the fund are intended for sophisticated, professional and
institutional investors.
Unlike other exchange traded products, the fund will engage principally in cash
distributions and potentially paired share distributions to deliver to the
shareholders the economic exposure to the fund's underlying index, the CBOE
Volatility Index. Such distributions may not represent any income or gains on
the fund's eligible assets and may represent a return of shareholder's
capital. Each fund will issue its shares in offsetting pairs, where one
constituent of the pair is positively linked to the fund's underlying index ("Up
Shares") and the other constituent is negatively linked to the fund's underlying
index ("Down Shares"). Therefore, the fund will only issue, distribute, maintain
and redeem equal quantities of Up and Down shares at all times.
Key Risk Factors:
The Funds are not intended to be used as long-term passive investment vehicles
and should be used by investors who understand the risks of the volatility
market. By purchasing the Down Shares, investors should have an expectation that
the Underlying Index will decrease during the Measurement Period. If the
Underlying Index increases during the Measurement Period, investors in the Down
Shares will experience a significant loss and could lose their entire
investment. The Funds are not appropriate for you if you do not intend to
actively monitor and manage your holdings in the Funds before and immediately
following each Fund distribution date.
Investing in the Fund involves substantial risk and high volatility, including
possible loss of entire principal. Receipt of distributions of cash or shares
will reduce an investor's opportunity for gains in subsequent periods. Special
Distributions will alter the timing of distributions to investors and reduce an
investor's opportunity for gains in subsequent periods. A Corrective
Distribution will eliminate an investor's opportunity for gains relating to the
Underlying Index if an investor fails to rebalance his/her investments. Net
income distributions may not occur. Decreases in Class Values per Share from
distributions and/or net losses may reduce Class Values per Share leading to an
adverse effect on the liquidity of the market for the Fund's Shares and may
deplete the Fund's assets. Additionally, a less liquid market for the fund's
shares would increase the difficulty for investors seeking to acquire or sell
fund shares at any price. Moreover, a significant decline in the fund's class
values may cause the sponsor to terminate the fund if its continued operation
would be uneconomical.
Disclosures:
AccuShares Commodities Trust I is a Delaware statutory trust organized by
AccuShares Management LLC, the trust's sponsor, into separate Fund series.
Neither the Fund nor the Trust is an investment company under the Investment
Company Act of 1940 or is subject to regulation under the Commodities Exchange
Act or by the Commodity Futures Trading Commission and investors in the Fund are
not afforded protection under such laws and regulations. Each Fund's shares
represent fractional undivided interests in and ownership of that Fund only.
Each Fund will offer its shares on a continuous basis and be listed on the
Nasdaq Stock Market.
Distributions and Exposure to Underlying Index:
Exposure to changes in an Underlying Index will be achieved through the
allocation of the Fund's liquidation value to each of its share classes and the
resulting distribution to Fund shareholders of cash or cash and paired Up and
Down Shares on prescribed distribution dates. A Fund's Up Shares will be
entitled to a distribution when the Fund's Underlying Index has increased as of
specified dates ("Regular Distributions") or by 75% ("Special Distributions").
Similarly, a Fund's Down Shares will be entitled to a distribution when the
Fund's Underlying Index has decreased as of specified dates ("Regular
Distributions") or by 75% ("Special Distributions"). Any Regular or Special
Distribution will not take into account any index change of more than 90%, in
either direction since the previous distribution date. Regular and Special
Distributions are expected to be made principally in cash, though the sponsor
reserves the right to make all or any part of any such distribution in paired
shares, especially where further cash distributions would have an adverse effect
on the liquidity of the market for the Fund's shares. After the first six months
of Fund share trading, such distributions will be made in paired shares if Fund
assets are $25 million or less. Investors who receive distributions in the form
of paired shares should determine whether the distributed shares have altered
the intended exposure. In the event of a paired share distribution, shares will
be received that provide the opposite exposure, and as a result, an investor
might consider selling the unwanted shares and purchasing the desired share
class. Sales and purchases of shares to maintain a desired exposure are subject
to regular commissions and transaction costs.
The share class having an adverse experience from Underlying Index changes will
receive no Regular or Special Distribution and will experience dilution in value
caused by the distribution to the opposing share class. Corrective distributions
of shares ("Corrective Distributions") may occur if the Fund's share classes'
exchange trading prices deviate persistently from the value per share
representing their share class' relative portion of the Fund's liquidation value
("Class Value per Share"). See "Investment Objectives," "Distributions and
Distribution Dates," and "Description of the Shares & Certain Terms of the Trust
Agreement."
Eligible Investments:
Each Fund will hold only cash, short-dated U.S. Treasuries or eligible
repurchases agreements collateralized by U.S. Treasuries. The Fund will not
invest in commodities, futures, swaps, or other derivatives. The Fund does not
directly invest in the index, or in the securities it tracks.
Investor Reassessment:
The Funds have been designed to be utilized by investors who are prepared to
reassess their holding of the shares at least as frequently as each Distribution
Date. Investors in a Fund who wish to maintain a maximum exposure, a targeted
absolute exposure, or a targeted relative exposure to such Fund's Underlying
Index over multiple Distribution Dates should reassess their positions following
all cash, share and Net Income Distributions, and all Fund resets relating to
the Share Index Factors. The Funds will not compound investor gains or otherwise
rebalance investor positions to maximize investor exposure. The Funds are
designed to make Regular Distributions of cash and in some cases shares to
facilitate regular distribution of investor gains and to promote a deliberate
and regular reassessment by investors of their investment in the Funds.
Investors who hold shares over one or more consecutive Distribution Dates
without reassessment of their Fund share portfolio may experience decreased
exposure to the Fund's Underlying Index as well as a reduced opportunity for
gain and loss.
Material should be preceded or accompanied by a prospectus, downloaded here.
Disclaimers
The Underlying Index is a product of The Chicago Board Options Exchange
Incorporated ("CBOE") which is licensed by S&P Dow Jones Indices LLC ("SPDJI")
to AccuShares Management LLC in connection with the AccuShares Spot CBOE VIX
Fund. Standard & Poor's(®), S&P® and S&P 500(®) are registered trademarks of
Standard & Poor's Financial Services LLC ("S&P"); Dow Jones(®) is a registered
trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); CBOE®, Chicago
Board Options Exchange(®), CBOE Volatility Index® and VIX(®) are registered
trademarks of the Chicago Board Options Exchange, Incorporated ("CBOE"); and,
these trademarks have been licensed for use by SPDJI and sublicensed for certain
purposes by AccuShares Management LLC. AccuShares Spot CBOE VIX Fund is not
sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, any of their
respective affiliates or their third party licensors (including CBOE) and none
of such parties make any representation regarding the advisability of investing
in such product(s) nor do they have any liability for any errors, omissions, or
interruptions of the CBOE Volatility Index.
Standard & Poor's and S&P are registered trademarks of Standard & Poor's
Financial Services LLC, a part of McGraw Hill Financial. Dow Jones is a
registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). These
trademarks have been licensed to S&P Dow Jones Indices LLC. It is not possible
to invest directly in an index. S&P Dow Jones Indices LLC, Dow Jones, S&P and
their respective affiliates (collectively "S&P Dow Jones Indices") do not
sponsor, endorse, sell, or promote any investment fund or other investment
vehicle that is offered by third parties and that seeks to provide an investment
return based on the performance of any index. This document does not constitute
an offer of services in jurisdictions where S&P Dow Jones Indices does not have
the necessary licenses. S&P Dow Jones Indices receives compensation in
connection with licensing its indices to third parties.
Foreside Fund Services, LLC marketing agent
NDAQG
CONTACT: AccuShares Media Contact:
Morrison Shafroth
+1 (720) 239-1263 (office)
+1 (720) 470-3653 (mobile)
mshafroth(at)peppercomm.com
Nasdaq Media Contact:
Alexa Sugrue
+1 (212) 231-5552 (office)
+1 (646) 577-3157 (mobile)
Alexa.Sugrue(at)nasdaq.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: The NASDAQ OMX Group, Inc. via GlobeNewswire
[HUG#1921943]
Unternehmensinformation / Kurzprofil:
Datum: 18.05.2015 - 15:00 Uhr
Sprache: Deutsch
News-ID 393990
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contact information:
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Kategorie:
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