NEW YORK, April 10, 2013 (GLOBE NEWSWIRE) -- Horizons ETFs Management (USA) LLC ("Horizons USA"), a subsidiary of Seoul, Korea based Mirae Asset Global Investments Co., Ltd. ("MAGI") is pleased to announce the appointment of Joe Cunningham as Executive Vice President and Head of Capital Markets for Horizons USA.
Mr. Cunningham is an investment industry executive with nearly two decades of experience in product and business development, strategic relationships management and the implementation of trading models for global equities and derivatives markets. Previously, Mr. Cunningham served as Director of Institutional ETF Order Flow and National Account Manager at ProShares. Prior to that, he was Vice President of Louis Capital Markets, where he helped to successfully launch the firm's Algorithmic Trading platform.
Horizons USA, through Exchange Traded Concepts, LLC, has filed a registration statement with the Securities and Exchange Commission to issue three covered call ETFs on the New York Stock Exchange.
The Horizons-branded Covered Call ETFs seek investment results that, before fees and expenses, generally correspond to the performance of the underlying S&P Indices.*
Mr. Cunningham will oversee all market-making and capital-market trading relationships for Horizons USA, and assist with institutional distribution.
"We're really excited to bring Joe onto the team. His depth of experience in working closely with market makers and institutional investors will provide significant advantages in helping to bring these innovative, covered call ETFs to investors in the United States," said Howard Atkinson, Managing Director of Horizons ETFs Management (USA) LLC and the global head of Sales and Marketing for MAGI's ETF business.
"We are very pleased to welcome Joe as a member of Horizons USA, which marks the continued expansion of our global ETF franchise that now covers five markets around the world. MAGI continues to diversify its product offerings and geographies in our commitment to provide our investors and clients with tailored investment solutions to fit their needs for growth opportunities," said Taeyong Lee, President of the Global Business Unit of MAGI.
An investor should consider the ETF's investment objectives, risks, charges and expenses carefully before investing. This and other important information about the investment company can be found in the ETF's prospectus. To obtain a prospectus, please visit the EDGAR Database on the SEC's Internet site at http://www.sec.gov. Please read the prospectus carefully before investing.
*Information contained herein is subject to completion or amendment. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall not constitute an offer to buy or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under securities laws of any such state. An indication of interest in response to this press release will involve no obligation or commitment of any kind. It is not possible to invest directly in an index. S&P Indices does not sponsor, endorse, sell, or promote any S&P index-based investment product. This document does not constitute an offer of services in jurisdictions where S&P Indices or its affiliates do not have the necessary licenses. S&P Indices receives compensation in connection with licensing its indices to third parties.
There are risks involved with investing, including possible loss of principal. The Funds are non-diversified and may invest a greater portion of its assets in securities of a small number of issuers. This may have an adverse effect on a Fund's performance. Concentration in a particular industry or sector, will subject the Funds to loss due to adverse occurrences that may affect that industry or sector. The Funds risk benefiting from potential increases in the value of underlying securities above the exercise prices of the written covered call options, and is subject to the risk of declines in the value of such securities. Each sector fund is subject to its own specific risk factors. See prospectus for specific risks regarding each Fund and sector.
A covered call is an options strategy whereby an investor holds a long position in an asset and writes (sells) call options on that same asset in an attempt to generate increased income from the asset. An option is a financial derivative that represents a contract sold by one party (option writer) to another party (option holder). The contract offers the buyer the right, but not the obligation, to buy (call) or sell (put) a security or other financial asset at an agreed-upon price (the strike price) during a certain period of time or on a specific date (exercise date).
Distributor: Foreside Fund Services, LLC
About the Horizons ETFs Group (www.HorizonsETFs.com)
Horizons USA is a registered investment adviser and a member of the Horizons ETFs Group. The Horizons ETFs Group consists of innovative financial services companies offering regional families of ETFs in Canada, Korea, Hong Kong, Australia, and the United States. Currently, all of the ETFs offered by these companies use the Horizons ETFs' brand with the exception of the 'BetaShares' family of ETFs in Australia and the 'Mirae Asset Tiger ETFs' family in Korea. With approximately $7 billion in assets under management and 180 ETF listings worldwide, the Horizons ETFs Group makes up one of the largest collective families of ETFs in the world. All of the Horizons ETFs Group companies and affiliates are subsidiaries of Mirae Asset Global Investments Co., Ltd.
About Mirae Asset Global Investments (www.miraeasset.com)
Mirae Asset Global Investments is one of the world's largest investment managers in emerging market equities (Investments & Pensions Europe, January 2013). With approximately 550 employees, including 137 dedicated investment professionals, Mirae Asset offers a breadth of emerging markets expertise. Mirae Asset's offices are located in Australia, Brazil, Canada, China, Colombia, Hong Kong, India, Korea, Taiwan, the U.K., the United States and Vietnam. Headquartered in Seoul, South Korea, the firm manages over $58 billion in assets globally through a diversified platform to offer market-leading franchises in traditional equity and fixed income products, ETFs and alternative strategies, such as real estate, private equity and hedge funds. Mirae Asset Global Investments (USA) is focused on providing equity and fixed income investment advisory services to mutual funds, foreign investment trusts, and institutions.