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Rating:Nasdaq Helps an ETF Shop Celebrate Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, March 4, 2015

Nasdaq Helps an ETF Shop Celebrate

Reported by Lande Asiru

Ring Ring Ring.... I think that's the sound of the opening bell!

This morning, CEO Andrew McDonald and co-founder Paul Yook of the BioShares ETFs by LifeSci Index Partners gathered at the Nasdaq in Times Square to commemorate their listing of their two newly launched ETFs.

McDonald tells MFWire that the BioSharesTM Biotechnology Clinical Trials Fund (Nasdaq:BBC) along with the BioSharesTMBiotechnology Products Fund (Nasdaq:BBP), started trading on The Nasdaq Stock Market two and a half months ago, on December 17.

"We created these two products with BBC and the BBP to give investors the first 100 percent biotech ETFs," McDonald tells MFWire.

To revel in the excitement, approximately 40 guests were greeted in the lobby by Nasdaq's relationship manager to partake in conversations amongst the attendees, accompanied by delicious bagels, coffee, and donut-like sweets. Soon following, attendees were directed to the exhibition space on the first floor. Jeff Mccarthy, senior executive host, welcomed McDonald and Yook to the podium to present opening remarks, leading to the anticipating opening cheer as the Nasdaq opening bell rang.

The BBC fund aims to track an index of biotechnology companies that focuses on running human clinical trials. The BBP fund works towards an index of biotechnology companies with one or more drugs approved by the FDA and in commercial production. According to the announcement, "Both funds employ an equal weighting approach that allows each security's performance to affect the ETF equally, regardless of the size of the company."  

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