Elias Azrak, the Managing Partner of ETFx IP previously created a company called ETFx Indexes, LLC which was an independent stock index developer for the ETF industry. He created and licensed a total of 4 indices to PowerShares, and one of them was used as the underlying index to form the PowerShares Water Resource Portfolio (PHO), a fund composed of water‐related companies. The funds tracking these indices accumulated assets that represented almost $4 billion under management by 2008 (a three-year timeframe). Elias is a Swiss national, has over 25 years of experience in international investment banking, investment management, private equity transactions, corporate finance and in the management and administration of diversified financial services. Previously Elias worked with the Sustainable Asset Management in Zurich, Switzerland (today known as RobecoSAM) where he was involved in the structuring of the first derivative product based on the Dow Jones Sustainability Group Index (a worldwide index representing 240 companies in 23 countries): The Sustainable Performance Indexed Notes (SPINs). Elias is the founding member of Hydrogen Ventures, LLC in Los Angeles (where he currently resides). Hydrogen Ventures is a consulting company focused on venture capital and private equity advisory services providing interim management, strategic partnership, corporate finance, technology assessment and other consulting services for entrepreneurs and investors who are interested in building world-class companies supporting a cleaner environment and reduced reliance on fossil energy resources.