NEW YORK, Aug. 30, 2017 /PRNewswire/ -- Virtus ETF Solutions, an affiliate of Virtus Investment Partners, Inc. (NASDAQ:VRTS) and multi-manager ETF sponsor, today announced that effective September 1, 2017, the BioShares Biotechnology Clinical Trials Fund (Ticker: BBC) and the BioShares Biotechnology Products Fund (Ticker: BBP) will change their names to the Virtus LifeSci Biotech Clinical Trials ETF and the Virtus LifeSci Biotech Products ETF, respectively, and will change their primary listing venue to NYSE Arca.
The funds, which are advised by Virtus ETF Advisers, will retain their current ticker symbols when they commence trading on the NYSE Arca exchange at market open on September 1, 2017. The funds will continue to trade on the NASDAQ exchange prior to the change in their primary listing venue.
Current BBC and BBP shareholders are not required to take any actions as a result of these changes.
About Virtus ETF Solutions
Virtus ETF Solutions (VES) is a New York-based, multi-manager ETF sponsor and affiliate of Virtus Investment Partners (NASDAQ: VRTS). With actively managed and index-based investment capabilities across multiple asset classes, VES offers a range of complementary exchange-traded-funds subadvised by select investment managers.
About Virtus Investment Partners
Virtus Investment Partners (NASDAQ: VRTS) is a distinctive partnership of boutique investment managers singularly committed to the long-term success of individual and institutional investors. The company provides investment management products and services through its affiliated managers and select subadvisers, each with a distinct investment style, autonomous investment process, and individual brand. Virtus Investment Partners offers access to a variety of investment styles across multiple disciplines to meet a wide array of investor needs. In addition to Virtus ETF Solutions, its affiliated managers include Ceredex Value Advisors, Duff & Phelps Investment Management, Kayne Anderson Rudnick Investment Management, Newfleet Asset Management, Rampart Investment Management, Seix Investment Advisors, and Silvant Capital Management. Additional information can be found at virtus.com
These funds are exchange-traded funds (ETFs). The net asset value (NAV) of the fund is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV of the fund is not necessarily the same as its intraday trading value. Fund investors should not expect to buy or sell shares at NAV because shares of ETFs, such as the fund, are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Thus, shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns.
Each of BioShares Biotechnology Clinical Trials Fund and BioShares Biotechnology Products Fund is managed with a passive investment strategy that seeks to track the performance of a specified index. As a result, each fund may hold constituent securities of its underlying index regardless of the current or projected performance of a specific security or the biotechnology industry as a whole. Shares of any exchange-traded fund are bought and sold at market price (not net asset value) and are not individually redeemed from the fund. Thus, shares may trade at a premium or discount to their net asset value in the secondary market. Brokerage commissions will reduce returns.
You should consider each fund's investment objectives, risks, and charges and expenses carefully before investing. Contact Virtus ETF Solutions at 1-888-383-0553 or visit www.virtusetfs.com to obtain a prospectus, which contains this and other information about each fund. The prospectus should be read carefully before investing.
Important Risk Considerations:
Exchange Traded Funds: The value of an ETF may be more volatile than the underlying portfolio of securities the ETF is designed to track. The costs of owning the ETF may exceed the cost of investing directly in the underlying securities.
Industry/Sector Concentration: A fund that focuses its investments in a particular industry or sector will be more sensitive to conditions that affect that industry or sector than a non-concentrated fund.
Market Price/NAV: At the time of purchase and/or sale, an investor's shares may have a market price that is above or below the fund's NAV, which may increase the investor's risk of loss.
Correlation to Index: The performance of the fund and its index may vary somewhat due to factors such as fund flows, transaction costs, and timing differences associated with additions to and deletions from its index.
Non-Diversified: The fund is non-diversified and may be more susceptible to factors negatively impacting its holdings to the extent that each security represents a larger portion of the fund's assets.
No Guarantee: There is no guarantee that the portfolio will meet its objective.
Prospectus: For additional information on risks, please see the fund's prospectus.
Virtus ETF Advisers LLC serves as the investment adviser to the Fund.
Distributed by ETF Distributors LLC, member FINRA and subsidiary of Virtus investment Partners, Inc.
