NYSE toasts success of WSKY spirits fund
“First of its kind” Spirited Funds celebrated its 2016 launch at the New York Stock Exchange (NYSE) yesterday, when the Distilled Spirits Council CEO rang the closing bell to toast the tracker.
The Distilled Spirits Council’s Naasz at the New York Stock ExchangeSpirited Funds/ETFMG Whiskey & Spirits exchange traded fund (ETF), trading as WSKY, launched in October 2016 to provide stock exchange investors access to the industry as it enters “a new period of demand growth”.
Companies included in the fund include Brown-Forman, Campari, Constellation Brands, Diageo, MGP Ingredients, Moët Hennessy, Pernod Ricard and Rémy Cointreau.
The NYSE recognised the success of the ETF yesterday, inviting Distilled Spirits Council president and CEO Kraig R. Naasz to ring the closing bell alongside WKSY.
Naasz rang the bell the day the Dow inched closer to 20,000 points, after hitting a historic high on Tuesday 20 December.
“With spirits sales booming in both the United States and around the world, it seems fitting that we celebrate a new whiskey themed exchange-traded fund (ETF) as the stock market reaches toward historic heights,” said Naasz.
New data from Kentucky Cabinet for Economic Development has shown that in 2016 alone spirits companies invested almost US$200 million in expansion projects to keep up with soaring demand for American whiskey.
