Examples of New ETF in a sentence
In accordance with Section 18.6, the Additional Portfolios provision, of the Master Custodian Agreement dated as of July 29, 2011, (the “Custodian Agreement”) by and among each Fund party thereto and State Street Bank and Trust Company, the undersigned Fund hereby requests that your bank act as Custodian for the New ETF Portfolios under the terms of the Custodian Agreement.
In accordance with Section 18.6, the Additional Portfolios provision, of the Master Custodian Agreement dated as of July 29, 2011 (the “Custodian Agreement”) by and among each Fund party thereto and State Street Bank and Trust Company, the undersigned Fund hereby requests that your bank act as Custodian for the New ETF Portfolios under the terms of the Custodian Agreement.
Notwithstanding the foregoing, if the WisdomTree Parties want to launch a New ETF but the Steering Committee decides not to make such a fund a New ETF and part of the Venture, or the Mellon Parties are unable or unwilling to act as Subadviser to the potential New ETF, the WisdomTree Parties will be free to launch a Competing ETF outside the Venture.
For purposes of this Agreement, a “Competing ETF” means any ETF that is managed according to a fixed income, cash or currency investment strategy that is substantially similar to the investment strategy of any existing or potential New ETF.
Notwithstanding the foregoing, if the Mellon Parties want to launch a New ETF but the Steering Committee decides not to make such a fund a New ETF and part of the Venture, or the WisdomTree Parties are unable or unwilling to act as Adviser to the potential New ETF, the Mellon Parties will be free to act as an investment adviser or subadviser for, or otherwise sponsor, brand or co-brand, a Competing ETF outside the Venture.
The Steering Committee shall initially identify the New ETFs to be launched as part of the Venture, and the timeline for launching such New ETFs. The development, operation and offering of each New ETF shall be made in accordance with, and subject to, the provisions of the 1940 Act and all other applicable laws, rules and regulations, including SEC guidance and orders.
In addition, certain matters shall require the vote of a majority of the outstanding voting securities of each New ETF.
In the event that (i) the Steering Committee determines to remove an Underperforming ETF or any other New ETF from the Venture, and (ii) such New ETF utilizes a Proprietary Index, then each of WisdomTree and Mellon Capital shall have the option to make a Buy-Sell Offer for such Proprietary Index.
In addition, the restriction herein on Competing ETFs shall not apply with respect to any New ETF that (1) fails to reach a net asset level of at least $200 million within three (3) years after its launch or (2) fails to maintain daily average net assets of at least $200 million during any fiscal year of the New ETF that began after the end of the initial three-year period (an “Underperforming ETF”).
Subject to the approval of the Trust’s Board of Trustees, WTAM will act as the investment adviser for each New ETF pursuant to the terms of an investment advisory agreement substantially in the form of the existing advisory agreement between the Trust and WTAM on behalf of WisdomTree ETFs (except for the fees, expenses and charges payable thereunder, which shall be separately negotiated) (the “Advisory Agreement,” which shall be an Ancillary Agreement for purposes of this Agreement).