The team at a fund firm with nearly $60 billion in AUM is switching on a new thematic ETF.
| Michael Lynn Sapir
ProShare Advisors, ProFund Advisors
Today, Michael Sapir
, founder and CEO of ProShares
of the ProShares S&P Global Core Battery Metals ETF
(ION on the NYSE Arca
). The new fund is a series of the ProShares Trust
, and its inception date was Tuesday.
According to the ProShares folks, ION is the first ETF to invest only in companies that mine raw metals needed to make batteries. The new fund is designed to track the S&P Global Core Battery Metals Index
. S&P Dow Jones Indices LLC
is the index provider, ProShares Advisors is the fund's investment advisor, and Alexander Ilyasov
(senior portfolio manager at ProShares) and Scott Hanson
(PM at ProShares) are the fund's PMs.
Sapir puts the launch of ION in the context of what he describes as an ongoing "energy revolution ... that is transforming the way we power our lives."
"There is now an ETF that offers investors an effective way to access companies meeting the soaring demand for batteries and the metals needed to make them," Sapir states.
The new fund's other service providers include: Citi Fund Services Ohio, Inc.
as regulatory administration services provider; JPMorgan Chase Bank, N.A.
as administrator, custodian, index receipt agent, and securities lending agent; PricewaterhouseCoopers LLP (PwC
) as independent accounting firm; Ropes & Gray LLP
as counsel; and SEI Investments Distribution Co.
as distributor and principal underwriter.
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