EMER Becomes 96th ETP Closure of 2012
As reported in November ETF Stats, December 18 was the last day of trading for the IQ Emerging Markets Mid Cap ETF (EMER). Anyone still owning EMER will have their shares automatically redeemed on December 28, 2012. According to the press release, IndexIQ will absorb all costs of closing the fund. Assets in the fund were below $2 million at the end of November.
IQ Emerging Markets Mid Cap ETF (EMER) was launched July 13, 2011, becoming the first ETF targeting mid cap stocks of developing countries. At the time of its launch, I had high hopes for this ETF, predicting I would one day own shares. That prediction never came true as EMER joined ETF Deathwatch in February of this year.
The closure of EMER places the quantity of ETP closures at 96 for calendar year 2012. The count consists of 80 ETFs and 16 ETNs. Additionally, Guggenheim plans to close two ETFs December 30, pushing the annual count to 98.
Disclosure covering writer, editor, and publisher: No positions in any of the securities mentioned. No positions in any of the companies or ETF sponsors mentioned. No income, revenue, or other compensation (either directly or indirectly) received from, or on behalf of, any of the companies or ETF sponsors mentioned.