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AlphaClone ETFs to change indices

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Exchange Traded Concepts, investment adviser to the AlphaClone Alternative Alpha ETF (ALFA), and AlphaClone, investment adviser to the AlphaClone International ETF (ALFI), have both announced several changes to exchange traded funds.

Effective 27 December, 2017, the AlphaClone ETFs will change the underlying indexes that they track – the AlphaClone Alternative Alpha ETF will begin tracking the AlphaClone Hedge Fund Masters Index and the AlphaClone International ETF will begin tracking the AlphaClone International Index. 
 
The AlphaClone Hedge Fund Masters Index is designed to track the performance of up to 50 US-listed equity securities selected based on a proprietary hedge fund position replication methodology developed by AlphaClone, Inc. The methodology ranks hedge funds and institutional investors based on the efficacy of replicating their publicly disclosed positions and selects equities from those managers with the highest ranking. Unlike the index it is replacing, the new index is long only and equal weighted.  
 
The AlphaClone International Index is designed to track the performance of international companies for which hedge funds and institutional investors have disclosed significant exposure through American Depositary Receipts (ADRs). The proprietary index methodology developed by AlphaClone Inc. ranks hedge funds and institutional investors based on the efficacy of replicating their publicity disclosed positions. ADRs are selected from those managers with the highest ranking, or “Clone Score”.  Unlike the index it is replacing, the new index is long only and equal weighted. 
 
In addition, the AlphaClone ETFs have filed an application to list their shares on the Cboe BZX Exchange, Inc. Upon approval of its application, the AlphaClone Alternative Alpha ETF and AlphaClone International ETF expect that their shares will begin trading on the Cboe BZX on December 27th under the symbols “ALFA” and “ALFI”, respectively. Until that time, shares of the funds will continue to trade on the NYSE Arca under the same symbols.  
 
Also effective 27 December, 2017, the funds’ annual management fees will be reduced from 0.95 per cent to 0.65 per cent for the AlphaClone Alternative Alpha ETF and from 0.95 per cent to 0.75 per cent for the AlphaClone International ETF. 

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