Gabelli Funds Launches Gabelli Media Mogul NextShares
November 29 2016 - 10:00AM
Business Wire
Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc.
(NYSE:GBL), announced today that Gabelli Media Mogul NextShares
(the “Fund”) would list and commence trading on Nasdaq Stock Market
LLC on December 1, 2016 under the symbol “MOGLC.” The Fund is the
first member of the Gabelli NextShares Trust offered under an
agreement with NextShares Solutions LLC, a subsidiary of Eaton
Vance Corp. (NYSE:EV).
The primary objective of the Fund is capital appreciation. Under
normal market conditions, the Fund will invest primarily in
companies that were spun-off from Liberty Media Corporation
(“Liberty Media”) as constituted in 2001, including companies
formed through subsequent mergers of those spin-offs and companies
in which Liberty Media and its successors have invested.
Liberty Media separated from AT&T Corp. in August 2001, to
form a company that is an amalgamation of media and
telecommunications related assets. The company’s Chairman and
largest shareholder since inception has been Dr. John C. Malone.
Since 2001, Liberty Media has engaged in a series of spin-offs,
split-offs, mergers and tracking stock issuances. Tracking stocks
are generally common stocks issued by a parent company that track
performance of a particular division of a company without having
claim on the assets of the division or the parent company. Media
Mogul NextShares current investable universe includes U.S. and
non-U.S. listed companies in the telecommunications, media,
publishing, and entertainment industries.
Investors interested in purchasing the Fund should contact
1-800-GABELLI (1-800-422-3554).
NextShares, an innovative way to invest in actively managed
strategies, offer the potential for benchmark-beating returns by
applying their manager’s proprietary investment research. As
exchange-traded products, NextShares may offer cost and tax
efficiencies that can enhance shareholder returns. NextShares are
expected to be offered by a range of well-known asset managers and
across fund asset classes. The first NextShares funds began trading
on the Nasdaq Stock Market LLC earlier this year.
GAMCO Investors, Inc., through its subsidiaries, manages private
advisory accounts (GAMCO Asset Management Inc.), mutual funds and
closed-end funds (Gabelli Funds, LLC). As of September 30, 2016,
GAMCO had $39.6 billion in equity assets under management.
THIS PRESS RELEASE IS NOT AN OFFER TO SELL THESE SECURITIES
AND IS NOT SOLICITING AN OFFER TO BUY THESE SECURITIES IN ANY STATE
WHERE THE OFFER OF SALE IS NOT PERMITTED.
Commercial success also requires completion of enabling
implementation technology and acceptance by market participants,
which cannot be assured.
The information contained herein is provided for informational
purposes only, are not intended as investment or tax advice.
Shares of NextShares funds are normally bought and sold in the
secondary market through a broker, and may not be individually
purchased or redeemed from the fund. In the secondary market,
buyers and sellers transact with each other, rather than with the
fund. These transactions do not affect the fund or its investments.
When a NextShares fund does issue or redeem shares, the
transactions are made through designated authorized participants
and are normally in kind when practicable, meaning that the fund
receives or delivers securities rather than cash. By transacting in
kind, a NextShares fund can lower its trading costs and enhance
fund tax efficiency by avoiding forced sales of securities to meet
redemptions. As exchange-traded securities, NextShares can operate
with low transfer agency expenses by utilizing the same highly
efficient share processing system as used for exchange-listed
stocks.
Market trading prices of NextShares are linked to the fund’s
next-computed net asset value (NAV) and will vary from NAV by a
market-determined premium or discount, which may be zero. Buyers
and seller of NextShares will not know the value of their purchases
and sales until after the fund’s NAV is determined at the end of
the trading day. Market trading prices may vary significantly from
anticipated levels. NextShares do not offer investors the
opportunity to buy and sell intraday based on current (versus
end-of-day) determinations of fund value. NextShares trade
execution prices will fluctuate based on changes in NAV. Although
limit orders may be used to control trading costs, they cannot be
used to control or limit trade execution prices. As a new type of
fund, NextShares have a limited operating history and may initially
be available through a limited number of brokers. There can be no
guarantee that an active trading market for NextShares will develop
or be maintained, or that their listing will continue unchanged.
Buying and selling NextShares may require payment of brokerage
commissions and expose transacting shareholders to other trading
costs. Frequent trading may detract from realized investment
returns. The return on a shareholder’s NextShares investment will
be reduced if the shareholder sells shares at a greater discount or
narrower premium to NAV than he or she acquired the shares.
NextShares funds issue and redeem shares only in specified creation
unit quantities in transactions by or through authorized
participants. In such transactions, a fund issues and redeems
shares in exchange for the basket of securities, other instruments
and/or cash that the fund specifies each business day. The basket
is not intended to be representative of the fund’s current
portfolio positions and may vary significantly from current
positions.
NextShares™ is a trademark of NextShares Solutions LLC. All
rights reserved.
Creation units of Gabelli NextShares will be distributed by
G.distributors, LLC, an affiliate of Gabelli Funds, LLC, the
investment advisor to Gabelli NextShares.
All investments are subject to risks, including possible loss
of principal. Please consider the investment objectives,
risk, charges and expenses of Gabelli NextShares before
investing. Please carefully read a copy of the Gabelli
NextShares prospectus or summary prospectus before investing, which
contains this and other information about Gabelli NextShares; you
can obtain a copy of the prospectus or summary prospectus by
calling 800 422-3554.
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Gabelli Funds, LLCChris Marangi, 914-921- 5219Managing
DirectororFor further information, please visitwww.gabelli.com
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