The new name for the ETF mirrors the change in the index name by ICE
New York City, New York Nov 1, 2023 (Issuewire.com) - DriveWealth, LLC, a global fintech and pioneer in fractional investing, today announced that the Board of Trustees of the DriveWealth ETF Trust has voted to change the name of the DriveWealth ICE 100 Index ETF to DriveWealth NYSE 100 Index ETF (Ticker: CETF), effective on or around November 3, 2023.
The change comes as ICE Data Indices, LLC recently announced that the name of the ICE DriveWealth 100 Index will be changed to the NYSE DriveWealth 100 Index. CETF is the first investment product built off the NYSE DriveWealth 100 Index which uses a unique, proprietary methodology to select the top 100 US-listed ETFs based on size, liquidity, and risk-adjusted return.
CETF tracks the NYSE DriveWealth 100 Index administered by ICE Data Indices, LLC, which licenses certain methodology from DriveWealth. CETF allows investors to continuously seek investment in the top 100 US-listed ETFs. The index rebalances quarterly.
The investment strategy and the ticker symbol, CETF, will not change, and the ETF will continue to be listed for trading on the New York Stock Exchange.
To learn more about the fund, including the Index Methodology, please visit the ETF page on our public website: https://www.drivewealth.com/advisory/etf.
Before investing, carefully consider the Fund's investment objective, risks, charges, and expenses. This information is contained in the prospectus or summary prospectus available at www.drivewealth.com/advisory/dwi-us100. Read carefully before investing.
Distributor: Foreside Fund Service, LLC. Foreside Fund Services is not affiliated with any entities mentioned.
Investing involves risks including possible loss of principal. There is no guarantee the fund will achieve its investment objective. The Fund will primarily invest in other ETFs and will be subject to the underlying risks of those respective funds. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. To the extent the Fund does not fully replicate the Index, it is subject to the risk that the investment strategy of the Fund's investment adviser may not produce the intended results.
There is no guarantee the Fund's investment strategy will be successful. In managing the Fund's portfolio, the investment adviser engages one or more sub-advisers to make investment decisions for a portion of or the entire portfolio. There is a risk that the investment adviser may be unable to identify and retain sub-advisers that achieve superior investment returns relative to other similar sub-advisers.
It is not possible to directly invest in an index. Diversification does not eliminate the risk of loss.
DriveWealth, a global fintech investment rail and pioneer of fractional equities trading, is a visionary technology company that empowers more than 100 partners around the world to engage their customers by placing the markets in the palm of their hands. We believe the future is fractional, transactional and mobile. Every mobile device should be a gateway to accessing investing and savings products, services, advice, and assistance for global citizens of all ages, wealth stages, and levels of financial expertise. DriveWealth's consultative support and cloud-based, modern technology platform allow partners to seamlessly offer branded investing experiences to drive customer acquisition, loyalty, retention, and revenue growth. For more information, please visit drivewealth.com or connect with us on Twitter @DriveWealth or on LinkedIn.
An SEC-registered RIA that launched in December 2021, DriveAdvisory will serve as the Advisor on DriveWealth ETF products, providing partners and their customers with access to the DriveWealth ICE 100 Index ETF to unlock greater flexibility and the potential for deeper customer relationships for DriveWealth's partners. Amid a constantly changing global regulatory landscape, this designation provides our partners with a secure way to leverage DriveWealth's APIs and ETF products to offer this unique investment capability to customers while ensuring they are fully protected.
"ICE®" is a registered trademark of ICE Data Indices, LLC or its affiliates. This trademark has been licensed, along with the ICE DriveWealth 100 Index ("Index") for use by DriveWealth in connection with the DriveWealth ICE 100 Index ETF (the "Product"). Neither DriveWealth, DriveWealth ETF Trust (the "Trust") nor the Product, as applicable, is sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its third party suppliers ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in securities generally, in the Product particularly, the Trust or the ability of the Index to track general market performance. The past performance of an Index is not an indicator of or a guarantee of future results.
ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM ("INDEX DATA"). ICE DATA AND ITS SUPPLIERS SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES AND THE INDEX DATA, WHICH ARE PROVIDED ON AN "AS IS" BASIS AND YOUR USE IS AT YOUR OWN RISK.
NYSE is a trademark of NYSE Group, Inc., and is used by IDI with permission under license by NYSE Group, Inc. NEITHER THE INDICATION THAT NYSE IS LICENSED FROM NYSE GROUP. INC. OR USED BY OR ITS AFFILIATES WITH PERMISSION FROM NYSE GROUP, INC. IN ANY WAY SUGGESTS OR IMPLIES A REPRESENTATION OR OPINION BY NYSE GROUP, INC. OR ANY SUCH AFFILIATES AS TO THE ATTRACTIVENESS OF INVESTMENT IN ANY SECURITIES, INVESTMENTS, OTHER FINANCIAL PRODUCTS, ENTERTAINMENT, MEDIA, ARTISTIC WORKS, ACADEMIC WORKS, EDUCATIONAL WORKS OR ANY OTHER PRODUCTS (COLLECTIVELY, "PRODUCTS"); AS TO THE POSSIBLE BENEFITS FROM ANY PRODUCTS; OR SPONSORSHIP, APPROVAL OR ENDORSEMENT OF IDI BY NYSE GROUP, INC. OR ANY OF IDI'S PRODUCTS (AS APPICABLE). NYSE GROUP, INC. IS NOT THE ISSUER OF ANY SUCH PRODUCTS AND MAKES NO EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE WITH RESPECT THERETO OR REFLECTED THEREIN, NOR AS TO RESULTS TO BE OBTAINED BY ANY PERSON OR ANY ENTITY.
Source :DriveWealth, LLC
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