WisdomTree Commodity Services LLC Temporarily Suspends Ability of Authorized Participants to Purchase New Creation Baskets in...
October 04 2016 - 6:15PM
WisdomTree Commodity Services LLC (“WCS”), in its capacity as the
managing owner and commodity pool operator of WisdomTree Continuous
Commodity Index Fund (ticker: GCC), has temporarily suspended the
ability of Authorized Participants to purchase new Creation Baskets
in shares of GCC pending the effectiveness of a filing with the
Securities and Exchange Commission associated with registration of
GCC’s shares issuable in connection with Creation Baskets, as well
as approval by the National Futures Association. The ability
of Authorized Participants to redeem Creation Baskets is not
affected. A Form 8-K will be filed to announce when such
suspension has been lifted. WCS is seeking to cause the GCC
Creation Basket suspension to be lifted as promptly as practicable,
which is due to an inadvertent expiration in the registration of
new GCC shares issuable in connection with Creation Baskets in
relation to the particular filing requirements of GCC. All
other WisdomTree ETFs are subject to different filing requirements
and no other WisdomTree ETF is affected by this matter.
The temporary suspension of the sale of GCC
Creation Baskets to Authorized Participants is not expected to
affect the ability of retail and institutional investors to trade
in shares of GCC on stock exchanges. During the suspension,
WCS believes that Authorized Participants and other groups that
make a market in shares of GCC will continue to trade the
shares. However, there may be increases in the spread they
quote between offers to buy and sell shares to allow them to adjust
to the potential uncertainty as to when they might be able to
purchase additional Creation Baskets. In addition, there could be a
significant variation between the market price at which shares are
traded and the shares' net asset value, which is also the price at
which shares can be redeemed by Authorized Participants in Creation
Baskets. The potential impact of either wider spreads between bid
and offer prices, or reduced number of shares on which quotes may
be available, could increase trading costs to investors. WCS
believes that any potential impact to the market in shares of GCC
will not extend beyond the time when additional shares are
available for issuance in connection with the sale of Creation
Baskets.
Any forward-looking statements herein are based on
the expectations of WCS and GCC at this time. Whether or not actual
results and developments will conform to WCS's or GCC’s
expectations and predictions, however, is subject to a number of
risks and uncertainties, including the general economic, market and
business conditions, changes in laws or regulations or other
actions made by governmental authorities or regulatory bodies, and
other world economic and political developments. WCS and GCC
undertake no duty to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
About WisdomTree WisdomTree
Investments, Inc., through its subsidiaries in the U.S., Europe,
Japan and Canada (collectively, “WisdomTree”), is an
exchange-traded fund (“ETF”) and exchange-traded product (“ETP”)
sponsor and asset manager headquartered in New York.
WisdomTree offers products covering equities, fixed income,
currencies, commodities and alternative strategies.
WisdomTree currently has approximately $39 billion in assets under
management globally.
WisdomTree® is the marketing name for WisdomTree
Investments, Inc. and its subsidiaries worldwide.
Contact:
Media Relations
WisdomTree Investments, Inc.Jessica Zaloom / Melissa
Chiles+1.917.267.3735 /
+1.917.267.3797jzaloom@wisdomtree.com /
mchiles@wisdomtree.com
Investor Relations
WisdomTree Investments, Inc.Jason Weyeneth,
CFA+1.917.267.3858jweyeneth@wisdomtree.com
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