Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc.
(NYSE:GBL) (“GAMCO”), announced today that the Gabelli RBITM
NextSharesTM (the “Fund”) will list and commence trading on Nasdaq
Stock Market LLC under the symbol GRBIC. The Fund is the third
member of the Gabelli NextShares Trust, a non-transparent, exchange
traded managed fund (“ETMF”), 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. The
Fund will invest primarily in equity securities, such as common
stock of domestic and foreign services and equipment companies
focused on physical asset development, including roads, bridges,
and infrastructure (RBI).
Portfolio Manager Brian C. Sponheimer states, “Vital to U.S.
prosperity, infrastructure investment provides the physical
backbone for the economy, and its neglect can no longer be
ignored.
The commitment to reinvest in American roads, bridges, and
inland waterways, among many other sectors, can act as a catalyst
for a significant and diverse universe of companies we believe are
set to benefit considerably from infrastructure investment over the
next decade and beyond.”
Gabelli believes the strategy should be a successful investment
option for clients as many companies should benefit from increased
investment in the country’s aging roads, bridges, and
infrastructure.
Investors interested in purchasing the Fund should contact
1-800-GABELLI (1-800-422-3554).
NextSharesTM, an innovative way to invest in actively managed
strategies, offer the potential for benchmark-beating returns by
applying their managers’ 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 on December 1, 2016.
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, 2017,
GAMCO had $43.1 billion in equity assets under management.
THE INFORMATION IN THIS PRESS RELEASE IS NOT COMPLETE AND MAY
BE CHANGED. 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.
The Fund invests a significant portion of its assets in
companies in the infrastructure industry. As a result, the value of
the Fund’s shares will be more susceptible to factors affecting
those particular types of companies, which may include, among
others, governmental regulation, greater price volatility for the
overall market, rapid obsolescence of products and services,
intense competition, and strong market reactions to consumer tastes
and demands.
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.
Gabelli RBITM is a trademark of GAMCO Investors, Inc. All rights
reserved.
NextSharesTM 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 adviser to Gabelli RBI NextShares Fund.
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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version on businesswire.com: http://www.businesswire.com/news/home/20180130006500/en/
Gabelli Funds, LLCBethany A. Uhlein, 914-921- 5070For further
information, please visit www.gabelli.com
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