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Global X schedules liquidation of eight funds for end of February
By Susanna Moon
Chicago, Dec. 19 - Global X Funds announced the scheduled liquidation of eight exchange-traded funds on Feb. 27.
The funds to be liquidated are Global X Russell Emerging Markets Growth ETF, Global X Russell Emerging Markets Value ETF, Global X Mexico Small-Cap ETF, Global X Oil Equities ETF, Global X Farming ETF, Global X Fishing Industry ETF, Global X Food ETF and Global X Waste Management ETF, according to a press release by the New-York based provider of ETFs.
The funds are listed for trading on NYSE Arca and will close to new investors and cease trading at the end of the trading day on Feb. 16. The funds represent less than 2% of the assets of the Global X funds, the release noted.
Global X Funds' board of trustees unanimously determined that it was in the best interests of the funds and their shareholders to liquidate the funds.
From Feb. 17 through Feb. 27, the funds will be in the process of closing down and liquidating their portfolios. During this time, the funds will not be pursuing their stated objectives and strategies and tracking their underlying indexes and their cash holdings will increase, the release noted.
During this time, shareholders may be able to sell their shares to certain broker-dealers, but there can be no assurance that there will be a market for the funds.
Any person holding shares as of the liquidation date will receive a cash distribution equal to the net asset value of their shares with no transaction fees related to the distribution or liquidation. A portion of the distribution may represent an ordinary income dividend or a capital gain distribution, the release noted.
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