Van Eck Global is acquiring two exchange-traded funds from Yorkville ETF Advisors and Exchange Traded Concepts.
The Yorkville High Income Master Limited Partnership Exchange-Traded Fund and the Yorkville High Income Infrastructure MLP ETF will be reorganized as Van Eck ETFs, once the deal closes.
Terms of the deal were not disclosed.
The Yorkville High Income MLP and Yorkville High Income Infrastructure MLP ETFs will be renamed the Market Vectors High Income MLP ETF and the Market Vectors High Income Infrastructure MLP ETF, respectively.
Upon completion of the reorganization process, the ETFs are expected to retain their current ticker symbols and underlying indexes.
Exchange Traded Concepts spokesman Garrett Stevens said the ETFs will become wholly owned by Van Eck.
The transaction is expected to close in the fourth quarter. The deal is pending approvals from shareholders of the existing ETFs and the boards of trustees of each of the Market Vectors ETF Trust and Exchange Traded Concepts Trust.
Van Eck Global managed $31.1 billion in assets as of June 30.