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U.S. Bancorp Fund Services Launches Exchange Traded Fund Multiple Series Trust, ETF Series Solutions

Milwaukee-based service provider partners with Exchange Traded Concepts and adds AlphaClone, LLC and Zacks Investment Research, Inc. to trust

MILWAUKEE--(BUSINESS WIRE)--Feb. 21, 2012-- U.S. Bancorp Fund Services, LLC (USBFS) today announced the launch of its first exchange traded fund (ETF) multiple series trust (MST) and a partnership with Exchange Trade Concepts (ETC). This newest trust, called ETF Series Solutions (ESS), extends the benefits of a shared trust model to one of the industry’s fastest growing segments.

AlphaClone, LLC and Zacks Investment Research will be the first two funds for the trust. AlphaClone will be offering one fund and Zacks Investment Research will be offering two funds, all with unique strategies.

“This new MST and partnership with Exchange Traded Concepts help make entering the ETF market incredibly easy for investment managers,” said Joe Redwine, president of USBFS. “We continuously strive to find new ways to help our clients focus on investing while capitalizing on developments in the market. Our new MST continues that tradition.”

ETC, a private-label ETF advisor, serves as the investment manager. As an advantage to funds in the shared trust, existing investment advisers and trust-level exemptive relief eliminates the cost and time to file separately, and significantly decreases time to market. Although each fund will be responsible for fund-specific expenses, certain expenses are shared by all funds in the Trust, including general legal services, Board of Trustee costs, insurance, and the trust’s Chief Compliance Officer.

“Given their long-standing history in the mutual fund market and strong financial background, we are excited and fortunate to partner with U.S. Bancorp Fund Services to help launch this MST,” said Garrett Stevens, chief executive officer of ETC. “Both of our companies are committed to growing the Trust and, given the increase in awareness in the ETF market, this is an ideal product to launch now.”

ESS marks the fifth MST for U.S. Bancorp Fund Services. In December, USBFS introduced its ETF servicing solution called ETF-FusionTM, offering consultative support including product development and implementation, along with proprietary technology. ESS combines the benefits of ETF-FusionTM with the additional benefits of a shared trust model. Currently, USBFS shared trusts have $12.5 billion in mutual fund assets, 113 participating funds, 166 classes, and 58 different advisers.

“The ETF MST is a new concept in the industry that enables investment advisers to build awareness and recognition for their brand as a private-label ETF and launch an ETF in approximately 75 days for a minimal initial investment,” said Eric Falkeis, officer of ESS and chief financial officer of USBFS. “Our ETF professionals have the operational and regulatory experience, plus the industry contacts needed to navigate the complexities of launching and managing an ETF.”

About U.S. Bancorp Fund Services, LLC
Headquartered in Milwaukee since 1969, U.S. Bancorp Fund Services, LLC provides services to 320 fund families comprised of 2,087 portfolios, 2,372 fund classes, and 3.8 million shareholder accounts with $540 billion in client assets. U.S. Bancorp Fund Services combines industry-leading technology with high-quality customer service to provide clients with the best solutions available. For more information about their comprehensive suite of mutual fund and alternative investment product services, call 800-300-3863 or visit http://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.usbfs.com&esheet=50174718&lan=en-US&anchor=www.usbfs.com&index=1&md5=745e93215dc4a1bfe9a3f75d3623ad81.

Source: U.S. Bancorp Fund Services, LLC

U.S. Bancorp Fund Services, LLC
Amy Frantti, Public Relations, 612-303-0733
or
Mark Pawlyshyn, Vice President of Marketing, 414-765-5758

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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