Nasdaq announced that Recon Capital Partners will list a new exchange-traded fund (ETF), The Recon Capital FTSE 100 ETF (Symbol: UK), which will begin trading on The Nasdaq Stock Market today, April 29, 2015.
"Nasdaq is a leading-edge and modern marketplace, making it the perfect place to list the Recon Capital FTSE 100 ETF," says Kevin Kelly, CIO of Recon Capital Partners. "It has demonstrated a commitment and a growing presence in the ETP market, which is why we once again turned to the Nasdaq when we decided to launch UK. We believe that Nasdaq's reputation, coupled with the innovative features of UK, will support a successful investor offering."
UK is designed to give U.S. investors direct access to the well-capitalized listed companies on the London Stock Exchange. Recon Capital partnered with FTSE and the London Stock Exchange to license its flagship index. The fund will have an initial expense ratio of 45 basis points. UK provides U.S. investors with exposure to the premier benchmarks in Europe and joins its sister product, the Recon Capital DAX Germany ETF (Symbol: DAX), listed on The Nasdaq Stock Market. By utilizing UK and DAX, investors can tap into the strongest economies in Europe and the underlying blue chip companies based in Britain and in Germany.
"Recon Capital launched their first ETF in 2013 and we appreciate their continued confidence in choosing Nasdaq as a primary market listing venue," said Jeff McCarthy, Vice President, Head of ETP Listings at Nasdaq. "As Nasdaq continues to focus on exchange-traded products, we look to provided continued support to Recon Capital's innovative product expansion."
Nasdaq operates an efficient platform for successfully introducing a product suite into one of the single largest pools of liquidity, including market participants which represent a full spectrum of investors. ETF issuers benefit from an end-to-end solution that provides ongoing product support including index licensing, listings opportunities, data offerings and trading services.As the home to some of the world's most innovative ventures, Nasdaq generates opportunities for issuers to access new markets and deliver new concepts that change the way the industry develops, manages and applies ETFs.
