NEW YORK--(BUSINESS WIRE)--Van Eck Global has entered into an agreement with Yorkville ETF Advisers, LLC and Exchange Traded Concepts LLC relating to the Yorkville High Income MLP ETF (NYSE Arca: YMLP) and the Yorkville High Income Infrastructure MLP ETF (NYSE Arca: YMLI). Pending approvals from shareholders of the existing ETFs and the boards of trustees of each of the Market Vectors ETF Trust and Exchange Traded Concepts Trust, YMLP and YMLI will be reorganized as the Market Vectors High Income MLP ETF and the Market Vectors High Income Infrastructure MLP ETF, respectively.
“Van Eck Global is highly regarded as both a seasoned sponsor of exchange-traded products and an industry leader in natural resources and commodities-related investing. We believe shareholders will be well served by Van Eck Global’s insight and accessibility,” said Rich Hogan, Managing Partner of Yorkville ETF Advisers, LLC.
Jan van Eck, CEO of Van Eck Global, said of the ETFs: “MLPs are an important segment of the energy market. The attractive yield characteristics of MLPs make these ETFs a natural extension of our focus on income-oriented investing and we’re excited to make this asset class available to investors.”
The reorganization of the funds as Van Eck ETFs is expected to allow investors to maintain exposure to MLP investments while benefiting from Van Eck’s extensive natural resources and commodities investing experience. While there have previously been acquisitions of ETF sponsors, this transaction marks the first U.S.-listed exchange-traded fund reorganization of its kind. Upon completion of the reorganization process, the ETFs are expected to retain their current ticker symbols and underlying indices.
Van Eck Global expects the reorganization process to begin late in the third quarter of 2015 and the transaction to be finalized in the fourth quarter of this year. A proxy statement, which is expected to be filed with the Securities Exchange Commission (“SEC”) in September 2015, will contain information about the transaction including its mechanics and timing.
Van Eck Global was advised by Right Wall Capital Management on this transaction.
About Van Eck Global
Founded in 1955, Van Eck Global was among the first U.S. money managers to help investors achieve greater diversification through global investing. Today, the firm continues this tradition by offering innovative investment choices in specialized asset classes such as hard assets, emerging markets, and precious metals including gold. Van Eck offers a broad array of Market Vectors ETFs spanning broad-based and specialized asset classes, and is one of the largest providers of ETPs in the U.S and worldwide. The Firm has offices around the world and managed approximately $31.1 billion in investor assets as of June 30, 2015.
The information contained in the registration statements for the new ETFs referred to herein is not complete and may be changed. Van Eck may not sell these securities until the registration statements filed with the Securities and Exchange Commission become effective. The prospectus (or Statement of Additional Information) contained in each registration statement is not an offer to sell the securities referenced therein and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
This press release is neither an offer to buy nor a solicitation of an offer to sell any of the Yorkville ETFs or new ETF shares. The reorganizations will happen only pursuant to the proxy documents, which have not yet been filed with the Securities and Exchange Commission. INVESTORS ARE URGED TO READ THE PROXY DOCUMENTS AND OTHER RELEVANT MATERIALS, WHEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, CAREFULLY IN THEIR ENTIRETY AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE REORGANIZATIONS.
Investing involves risk, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of an ETF carefully before investing. Please read the prospectus and summary prospectus carefully before investing.
Investors may obtain free copies of the prospectus and summary prospectus, proxy documents, and other documents (when they become available) filed with the SEC at the SEC’s web site at www.sec.gov. In addition, free copies of the prospectus and summary prospectus, proxy documents and other documents filed with the SEC may also be obtained after the registration statements become effective by directing a request to: Van Eck Securities Corporation, Distributor, 335 Madison Avenue, New York, NY 10017 or by calling: 800.826.2333 or visiting vaneck.com.
Van Eck Securities Corporation, Distributor
335 Madison Avenue, New York, NY 10017