Exchange Traded Concepts, the investment adviser to the InsightShares LGBT Employment Equality ETF and the InsightShares Patriotic Employers ETF ( together, the “Funds”), in consultation with UBS Securities LLC, the Funds’ Index Provider, has recommended the termination and liquidation of the Funds pursuant to the terms of a Plan of Liquidation.
Accordingly, the Funds are expected to cease operations and liquidate on or about 22 November, 2019.
The Funds will be closed to orders for new creation units on 13 November, 2019, and the last day of trading the Funds’ shares on the NYSE Arca Exchange, Inc. will be 20 November, 2019.
Currently, the Funds’ investment objectives are to track the price and yield performance of their respective indexes. The Funds will continue to pursue their respective investment objectives until 13 November, 2019. On that date, in anticipation of the liquidation of the Funds, the Funds will be managed in a manner intended to facilitate their orderly liquidation, such as by raising cash or making investments in other highly liquid assets. As a result, starting on 13 November, 2019, all or a portion of the Funds may not be invested in a manner consistent with the Funds’ stated investment strategies, which may prevent the Funds from achieving their investment objective.
On or about the Liquidation Date, the Funds will liquidate their assets and distribute cash pro rata to all remaining shareholders. These distributions are taxable events. In addition, these payments to shareholders will include accrued capital gains and dividends, if any. As calculated on the Liquidation Date, the Funds’ net asset value will reflect the costs of closing the Funds. For the funds’ ordinary income and capital gains distributions, shareholders of record as of 20 November, 2019 will be paid on 22 November, 2019. The liquidation distribution will be paid 22 November. Once the distributions are complete, the Funds will terminate.
