Full Press Release Details
SAN FRANCISCO, CA--(Marketwire - June 9, 2009) - Grail Advisors, a leader in the
development and distribution of active Exchange Traded Funds (ETFs), today
announced the registration of four new actively-managed ETFs -- RP Growth
ETF, RP Focused Large Cap Growth ETF, RP Technology ETF, and RP Financials
The new offerings represent the industry's first traditional
actively-managed ETFs using a single-manager approach. New York-based
RiverPark Advisors, LLC (RiverPark) will serve as the primary sub-adviser
for each of the funds. Wedgewood Partners, Inc., of St. Louis will also
sub-adviser to the RP Focused Large Cap Growth ETF.
"One of our goals from the outset was to bring traditional, active fund
managers to the ETF marketplace," said William M. Thomas, CEO of Grail
Advisors LLC. "With these four new RiverPark offerings, that day has come,
and it's come a lot sooner than even the most enthusiastic proponent of the
ETF structure could have imagined."
Grail unveiled the market's first true, actively-managed equity ETF last
month -- the Grail American Beacon Large Cap Value ETF -- and will follow
up this summer with the Grail American Beacon International Equity ETF, the
first international ETF of its kind. Those funds were designed to
incorporate the traditional investment management approach and a
multi-manager format into an active ETF structure.
The single-manager RiverPark funds will take active ETFs a step further.
The funds will be designed to combine all the benefits of an ETF structure
-- lower costs, tax efficiency, transparency of holdings, and intra-day
trading -- with actively-managed strategies from a veteran asset management
RiverPark will provide day-to-day portfolio management services to RP
Growth ETF, RP Technology ETF, and RP Financials ETF, and, in conjunction
with Grail, oversee the day-to-day portfolio management services provided
by Wedgewood to RP Focused Large Cap Growth.
RiverPark was founded in 2006 by Morty Schaja, CFA, who serves as the
firm's Chief Executive Officer, and Mitchell Rubin, CFA, who is the Chief
Investment Officer. All of RiverPark's principals, including Mr. Schaja,
Mr. Rubin, and portfolio manager Conrad van Tienhoven, came to the firm
from Baron Funds. RiverPark has assembled a prestigious group of outside
advisors to support the senior team in the management of the funds.
David A. Rolfe, CFA, will be the portfolio manager of RP Focused Large Cap
Growth ETF. Mr. Rolfe is the Chief Investment Officer of Wedgewood, and
together with Anthony L. Guerrerio, the firm's CEO and founder, has worked
on various large-cap growth strategies for the firm since its inception in
Each of the funds' managers will have the discretion on a daily basis to
choose securities for the ETF's portfolio consistent with the ETF's
investment objective. Unlike index-based ETFs that seek to replicate the
holdings of a specified index, each of the new Grail ETFs will use an
actively-managed investment strategy to meet its investment objective. All
four of the funds' holdings will be fully disclosed on a daily basis.
"We fully embrace the movement toward full transparency, continuous
liquidity, and a low-cost fee structure," said Mr. Schaja from RiverPark
Advisors. "In today's environment, investors are demanding a superior
vehicle in which to make their investments without having to sacrifice
access to world-class portfolio management. We're thrilled to be on the
cutting edge of this evolution with Grail."
Trading for shares the new ETFs is expected to begin September 1 on the
The new funds will represent the latest in what is anticipated to be a
series of offerings of the Grail Advisors ETF Trust. The San
Francisco-based firm intends to make the benefits of ETFs available to the
large pool of investors who currently select traditional mutual funds or
other vehicles to access active portfolio management. Mr. Thomas says Grail
Advisors is currently in discussions with a number of leading financial
institutions and asset managers and expects to launch more customized,
actively-managed ETFs this year.
About Grail Advisors LLC
Grail Advisors LLC is involved in the creation and distribution of actively
managed Exchange Traded Funds, partnering with established asset managers,
distributors, and related financial institutions to design and deliver
actively managed ETFs. Grail Advisors was created to deliver ETFs using
fully disclosed active portfolio management to the global investment
About RiverPark Advisors LLC
RiverPark Advisors, LLC is a New York-based investment advisory company.
The firm offers its advisory services in separate accounts and alternative
vehicles, and actively-managed ETFs. For more information please call
There are risks involved with investing including possible loss of
principal. The ETFs are actively managed and the Shares may trade above or
below their net asset value. The trading price of shares may deviate
significantly from net asset value during periods of market volatility.
Shares are not FDIC insured, may lose value, and will have no bank
In addition to the normal risks of investing, foreign investing involves
special risks, such as risk of loss from currency fluctuation or political
or economic uncertainty. The International Equity ETF may also invest in
certain derivatives, which will subject the fund to the risks associated
with derivatives. The value of derivatives may rise or fall more rapidly
than other investments.
An investor should consider investment objectives, risks, charges and
expenses carefully before investing. The Prospectus contains this and other
information. For more complete information about the Grail RiverPark ETFs
and Grail American Beacon ETFs or to obtain a Prospectus, call
415-677-5870. Please read the Prospectus carefully before investing.
The information in the RP Growth ETF, RP Focused Large Cap Growth ETF, RP
Technology ETF, and RP Financials ETF and the Grail American Beacon
International Equity ETF Prospectuses is not complete and may be changed.
The ETFs may not sell their Shares until the registration statement filed
with the Securities and Exchange Commission is effective. The Prospectus is
not an offer to sell the ETFs' Shares, and the ETFs are not soliciting an
offer to buy their Shares in any jurisdiction where the offer or sale is
ALPS Distributors, Inc. is not affiliated with the mentioned entities --
RiverPark Advisors and Wedgewood.
CFA is a trademark owned by the CFA Institute.
Ordinary brokerage fees apply.
RP Growth ETF, RP Focused Large Cap Growth ETF, RP Technology ETF, and RP
Financials ETF are distributed by ALPS Distributors, Inc.
Contact Information: Contact: