Jones-ing for ETF
Music legend lends name to new fund
Quincy Jones is a genius when it comes to picking hits, but will his name play on Wall Street?
In a bizarre disclosure, the producer of Michael Jackson’s “Beat It” revealed he has agreed to slap his name on an exchange-traded fund, or ETF, that will focus on buying shares of companies in the music and entertainment sector.
Aside from lending his name to a fund, Quincy Jones will have nothing to do with the Quincy Jones Streaming Music, Media & Entertainment ETF.
The ETF, expected to trade as “Q J” after its September launch, will track an index covering companies in a sector that has found profits hard to come by of late.
Companies eligible for inclusion must trade on a US exchange, have a market cap greater than $1.5 billion and an average daily trading value in excess of $5 million.
Q J will select the largest 100 companies that meet its criteria or, if there are fewer than 100, at least 20 companies that do.
“Quincy Jones did not and does not participate in developing, composing, calculating or making any other determination with regard to the index,” according to the prospectus.
“Quincy Jones is not the issuer or a sponsor or promoter of the fund; has not passed upon the merits of the fund or the suitability of the fund shares as an investment by any person.”
Those responsibilities were said to lie with fund investment adviser Exchange Traded Concepts and subadviser Vident Investment Advisory.
Q J’s portfolio manager was identified as Vident President Denise M. Krisko, whose 20-plus years in investment management leaves no hint of a Quincy Jones connection.
But that didn’t stop one savvy music veteran from “wanna be startin’ somethin’.”
“Quincy Jones is the gold standard of the music business,” music manager Eric Sherman told The Post. “He sees things most people don’t. I’d bet with him any day.”