Van Eck's Market Vectors unit, the 11th-largest U.S. issuer of exchange traded funds, said Friday it plans to close four of its ETFs.
The ETFs being closed by Market Vectors are the Market Vectors MSCI Emerging Markets Quality Dividend ETF (NYSE:QDEM), Market Vectors MSCI Emerging Markets Quality ETF (NYSE:QEM), Market Vectors MSCI International Quality Dividend ETF (NYSE:QDXU) and the Market Vectors MSCI International Quality ETF (NYSE:QXUS).
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The four ETFs, which debuted in January 2014, combined for just $17 million in assets under management with the largest being the Market Vectors MSCI Emerging Markets Quality ETF. That ETF had $4.5 million in assets under management at the start of trading Friday.
The ETFs will no longer trade on NYSE Arca after market close on September 18, 2015, and the shares will subsequently be de-listed. Shareholders who continue to hold shares of any of the Funds on the Funds liquidation date, which is expected to be on or about October 28, 2015, will receive a liquidating distribution of cash in the cash portion of their brokerage accounts equal to the amount of the net asset value (NAV) of their shares, according to a statement issued by Market Vectors.
Market Vectors last announced closures in December when it decided to close five ETFs. The firm has introduced several new ETFs this year, including the Market Vectors Morningstar International Moat ETF (NYSE: MOTI), the Market Vectors Global Spin-Off ETF (NYSE:SPUN) and the recently launched Market Vectors Oil Refiners ETF (NYSE:CRAK).
Approximately 40 ETFs have closed this year, but issuers have introduced more than triple that number in new funds.
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