NEW YORK, NY--(Marketwire - August 20, 2010) - Grail Advisors, an innovator in the development and distribution of actively-managed exchange traded funds (ETFs), and RiverPark Capital, a leading money manager, today announced that they will close two funds, RP Technology ETF (RPQ) and RP Financials ETF (RFF).
The Board of Directors of the Grail Advisors ETF Trust approved the closures at its August 20, 2010 meeting.
"By all appearances, the marketplace is not ready for these sector funds. We've been pleased with the performance of the RP Technology ETF but flows have still been disappointing," said Morty Schaja, CFA, CEO, and Managing Partner at RiverPark Capital. "I believe investors will be better served by incorporating the best ideas of these two sector funds into our RP Growth ETF (RPX) offering."
"Our goal is to bring investors a full complement of traditional, active fund managers and strategies to the ETF marketplace," said William M. Thomas, CEO of Grail Advisors LLC. "With this move, we are dedicating our resources to the areas of most interest to investors, including the introduction of several exciting new funds in the coming months that will have broad appeal in the marketplace."
Trading in both funds will be suspended prior to market-open on Monday August 30, 2010. Shareholders who do not sell their fund shares by this date will have their shares automatically redeemed for cash on Tuesday August 31, 2010, the funds' last day of operations.
About RiverPark Advisors LLC
RiverPark Advisors, LLC is a New York-based investment advisory company. The firm offers its advisory services in separate accounts and alternative vehicles, and actively managed ETFs. For more information please call 212-484-2100, or visit www.riverparkllc.com.
About Grail Advisors LLC
Grail Advisors LLC, an innovator in the creation and distribution of actively managed Exchange Traded Funds, partners with established asset managers, distributors, and related financial institutions to design and deliver actively managed ETFs. Grail Advisors was created to deliver ETFs using fully disclosed active portfolio management to the global investment community.
William M. Thomas is a registered representative of ALPS Distributors, Inc.
Shares are not individually redeemable. Investors buy and sell shares on a secondary market. Only market makers and "authorized participants" may trade directly with the Fund(s), typically in blocks of 50,000 shares.
There are risks involved with investing including possible loss of principal. The ETFs will be actively managed and the Shares may trade above or below their net asset value. The trading price of Shares may deviate significantly from net asset value during periods of market volatility. Shares will not be FDIC insured, may lose value, and will have no bank guarantee.
An investor should consider investment objectives, risks, charges, and expenses carefully before investing. The Prospectus contains this and other information. For more complete information about the Grail RiverPark ETFs or to obtain a Prospectus, call 415-677-5870. Please read the Prospectus carefully before investing.
ALPS Distributors, Inc. is not affiliated with RiverPark Advisors.
The ETFs are distributed by ALPS Distributors, Inc.
GRL000221|EXP 8/18/2011
Contact Information:
Contact:
Morrison Shafroth
CSG|PR
(720) 470-3653