Exchange Traded Concepts plans municipal fund with Puerto Rico focus

By Toni Weeks

San Luis Obispo, Calif., Jan. 21 – Exchange Traded Concepts Trust announced in an N-1A filing with the Securities and Exchange Commission its plans for a new municipal exchange-traded fund, the EVE/S&P Municipal Bond Puerto Rico ETF.

The new ETF will seek to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the S&P Municipal Bond Puerto Rico index, which aims to measure the performance of bonds issued within Puerto Rico. The index is sponsored by S&P Dow Jones Indices, and Eve Capital, LLC is the fund’s sponsor.

Under normal circumstances, the fund will invest at least 80% of its assets in component securities of the index. Bonds eligible for inclusion in the index may be of any credit quality and are exempt from U.S. federal income taxes or subject to the alternative minimum tax.

The portfolio manager has not been disclosed yet.

The ticker symbol has not yet been determined.

Management fees and total annual fund operating expenses have not yet been set.

Edmond, Okla.-based Exchange Traded Concepts, LLC will serve as the investment adviser.

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