Quincy Jones gives name to music & entertainment ETF
Famous American musician and producer Quincy Jones has given its name to a new ETF, according to a document filed with the US Securities and Exchange Commission on 22 June 2017.
The Quincy Jones Streaming Music, Media & Entertainment ETF, which may further be traded on NYSE Arca once approved by the SEC, will track the Quincy Jones Streaming Music, Media & Entertainment Index.
The index, provided by Beans Market, consists of companies whose businesses relate to streaming music, media, and entertainment and select supporting sectors, including among others media and entertainment companies, telecommunications companies, wireless communication service providers, amusement and recreation companies, technology manufacturers, and internet-based companies.
Requirements for stocks to be eligible for inclusion in the index include trading on a US exchange, a market cap of minimum $1.5bn and a six month average daily trading value of at leadt $5m. Index constituents will be reviewed semi-annually.
The ETF may invest up to 20% of its total assets in investments that are not included in the Quincy Jones Streaming Music, Media & Entertainment index.
Exchange Traded Concepts serves as the investment adviser to the ETF while Vident Investment Advisory is the sub-adviser. Denise Krisko, president of Vident Investment Advisory will manage the ETF.
However, the fund literature sounds clear on Jones’ role regarding the ETF: “Quincy Jones is not the issuer or a sponsor or promoter of the fund and does not offer, sell, or recommend any investment in shares of the fund.”
The ETF space in the United States has recently welcomed other products focusing on marijuana and whiskey & spirits.