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TFMS launches Master Income ETF on NYSE


Trust & Fiduciary Management Services (TFMS) has launched The Master Income Exchange Traded Fund – consisting of a diversified portfolio of exchange traded pass-through securities – on the New York Stock Exchange (NYSE). 

TFMS is the provider of the High Income Pass-Through Securities (HIPS) 300 index upon which the ETF is based. HIPS will be the trading symbol of the ETF.

Pass-Through Securities include an array of corporate organisations which have the common feature that they are exempt from US corporate income tax on the condition that they distribute substantially all of their profits to shareholders. The best known of these include: Real Estate Investment Trusts (which operate buildings or own mortgages), Master Limited Partnerships (which operate infrastructure facilities, most commonly energy-related), Business Development Companies (which provide financing to middle market companies), Closed-End Funds (fixed portfolios of securities in a wide range of markets), and Royalty Trusts (which capture a revenue stream from commodity production). 

The HIPS 300 Index, calculated for TFMS by S&P Dow Jones, seeks to provide a broad representation of high yielding securities in this category, while maintaining diversification characteristics which allow the Master Income ETF qualify as a Registered Investment Company under the Investment Company Act of 1940. The Index has been published since September 2013 and is available through professional data services under the symbol, TFMSHIPS.

The Investment Advisor to the Master Income ETF is Exchange Traded Concepts of New York. The lead market maker is Cantor Fitzgerald.

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