The International Securities Exchange (ISE) today announced a partnership with YieldShares, a new firm created by Christian Magoon , a well-recognized entrepreneur in the ETF industry. ISE and YieldShares will jointly develop and launch the ISE High Income IndexTM, an index that allows investors to efficiently track a portfolio of high income and high discount Closed-End Funds.
"Partnering with YieldShares to create the ISE High Income Index is a demonstration of ISE's growing presence in the indexing space," said Kris Monaco, Head of ISE ETF Ventures. "This agreement provides YieldShares with the global experience and network of ISE ETF Ventures while leveraging ISE's business development, marketing support and capital to effectively bring products to market. We look forward to growing this partnership with YieldShares and Christian Magoon."
CEO and Founder of YieldShares, Christian Magoon, said, "To partner with the International Securities Exchange is a foundational step in the advancement of YieldShares. ISE's capabilities and talent have been a great asset to YieldShares already. Together we have produced a compelling index focused on high current income. This is a promising partnership that I believe will deliver benefits to the entire investment marketplace, not just the two firms."
The partnership will serve as a platform to promote the ISE High Income Index, as well as license the index to a third party as the basis for an ETF expected to launch in June 2013, pending regulatory approval.
The ISE High Income Index will provide exposure to a portfolio of closed-end funds that are selected based on proprietary measures, including fund yield and discount. The index is a benchmark for investors interested in tracking the returns and income of the top 30 U.S listed Closed-End Funds as selected by ISE. Learn more about ISE ETF Ventures and its proprietary indexes at www.ise.com/etfventures.