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Yorkville High Income MLP ETF plans Solactive High Income MLP Index
By Toni Weeks
San Diego, Dec. 16 - Exchange Traded Concepts Trust is planinng to launch the Yorkville High Income MLP ETF, according to an N-1A filing with the Securities and Exchange Commission.
The new exchange-traded trust will be listed on the NYSE Arca under the symbol "YMLP."
The fund seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Solactive High Income MLP Index, a rules-based index designed to provide investors a means of tracking the performance of selected Master Limited Partnerships and royalty trusts that are publicly traded on a U.S. securities exchange.
The index consists of MLPs involved in oil exploration and production; natural gas exploration and production; the sale, distribution and retail marketing of propane and other natural gas liquids; crude oil shipping; dry bulk shipping; refined products transportation; liquefied natural gas shipping; other marine transportation; the direct mining, production and marketing of natural resources, including timber, fertilizers, coal and other minerals; and royalty trusts with the rights to royalties on the production and sales of a natural resource.
The fund will normally invest at least 80% of its total assets in securities of the index.
Management fees associated with the fund have not yet been determined. No distribution and service (12b-1) fees will be assessed during the first year; after that, 12b-1 fees of up to 0.25% of average daily net assets may be imposed with the approval of the board of trustees.
The fund's investment adviser will be Oklahoma City-based Exchange Traded Concepts, LLC. Yorkville ETF Advisors, LLC and Index Management Solutions, LLC will serve as subadvisers. The portfolio managers have not yet been selected.
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