Exchange traded fund provider Global X will be liquidating eight of its offerings in February 2012.
According to a press release, the funds are currently closed to new investors and will stop trading at the end of February 16, 2012, and will be liquidated on February 27, 2012.
Between February 17, 2012, and February 27, 2012, the funds will stop following their target strategies and begin taking on larger cash positions. Investors may also be able to sell their shares between this period to certain broker-dealers. However, there is no guaranteed market for the funds during the period.
Investors who have held onto their ETF investments upon the final liquidation date will be given a cash distribution equal to the net asset value of the shares as of February 27.
The Board of Trustees of Global X Funds unanimously found that it was in the best interest to liquidate the funds, which represented less than 2% of total Global X Funds’ assets.
Over the course of 2011, 27 exchange traded products have been closed.
The Global X funds liquidating are:
- Global X Russell Emerging Markets Growth ETF (EMGX)
- Global X Russell Emerging Markets Value ETF (EMVX)
- Global X Mexico Small-Cap ETF (MEXS)
- Global X Oil Equities ETF (XOIL)
- Global X Farming ETF (BARN)
- Global X Fishing Industry ETF (FISN)
- Global X Food ETF (EATX)
- Global X Waste Management ETF (WSTE)
Max Chen contributed tot his article.