September saw the announcement of several fund closures, with two of the announcing firms closing their ETF operations entirely.
Geary Advisors said it would be closing its two ETFs, the Texas Large Companies ETF (NYSE Arca: TXF) and the Oklahoma ETF (NYSE Arca: OOK), which had combined net outflows in August of $7 million—about 50 percent of total assets under management. NYSE Arca halted trading in TXF and OOK on Sept. 27.
Later in the month, Old Mutual announced it would be closing all five of its funds: the GlobalShares FTSE All-World Fund (NYSE Arca: GSW), GlobalShares FTSE Emerging Markets Fund (NYSE Arca: GSR), GlobalShares FTSE All-Cap Asia Pacific ex Japan Fund (NYSE Arca: GSZ), GlobalShares FTSE All-World ex US Fund (NYSE Arca: GSO) and GlobalShares FTSE Developed Countries ex US Fund (NYSE Arca: GSD). Trading in the ETFs was suspended prior to the market opening on Oct. 6, and shareholders were to receive the net asset value of their shares as of Oct. 8.
Meanwhile, Javelin Investment Management said during September that it would be closing one of its two funds. The JETS Dow Jones Islamic Market International Index Fund (NYSE Arca: JVS) shut down on Oct. 19; it was launched in July 2009. The firm’s JETS Contrarian Opportunities Index Fund (NYSE Arca: JCO) will continue to trade.
Finally, PowerShares announced it was closing 10 ETFs in early October, including funds tied to its Dynamic and FTSE RAFI families of ETFs. The funds’ final day of trading was Dec. 14.