Source Exchange Traded Investments, in conjunction with Exchange Traded Concepts (ETC), has launched the Source EURO STOXX 50 ETF on the NYSE Arca under the ticker symbol ESTX.
The fund offers highly liquid exposure to the EURO STOXX 50 Index, which is comprised of 50 of the largest companies domiciled in the Eurozone.
Source joined forces with ETC for the creation and implementation of the Source ETF Trust, a Delaware statutory trust, using ETC's existing exemptive relief.
The Source EURO STOXX 50 ETF is its premiere launch in the US, with subsequent funds anticipated in the coming months.
"Entering the US is the next step in the growth of our global business," says Source president Peter Thompson. "We see a tremendous opportunity to deliver market-driven, value-added products to American investors, and are excited about the opportunity ahead to serve the US market."
"We consider it a privilege to have collaborated with Source on such an exciting venture," says J Garrett Stevens, CEO of Exchange Traded Concepts. "ETC expanded our service offering by creating a dedicated trust exclusively for Source, using existing resources and operational expertise to effectively operate their Trust in a cost-efficient manner."
ETC, together with Source, will serve as co-advisers for the fund with Mellon Capital Management Corporation serving as sub-advisor for the fund.
“As a leading ETF sub-advisor, we are pleased to utilise our investment expertise and operational infrastructure to help Source launch its initial ETF in the US,” says Gabby Parcella, chief executive officer of Mellon Capital. “With Mellon Capital’s expertise in sub-advising more than USD120 billion in assets across a wide range of asset classes and Source’s track record of delivering market-driven, value-added products to investors, we are confident that this new offering will be attractive to US investors.”