Two smaller issuers are looking to close a total of three funds between them. QuantX will close its two smallest ETFs, while Virtus has scheduled the shutdown of its smallest fund.
QuantX burst onto the ETF scene in January 2017 with the launch of five ETFs tracking quantitative indexes. Four of its funds are based on risk management strategies designed to maximize upside and minimize downside risk. Some of the ETFs in the family, however, have struggled to gain assets, and the firm will be shutting two of them later this month.
The QuantX Risk Managed Real Return ETF (QXRR) and the QuantX Risk Managed Multi-Asset Income ETF (QXMI) will both shut down on Nov. 21. The two funds have assets under management falling just shy of $7 million and $10 million, respectively, and are the two smallest ETFs in the five-fund family.
Virtus has scheduled the shutdown of the $1 million Virtus Enhanced Short U.S. Equity ETF (VESH) to occur on Nov. 27. The fund’s strategy is to take short positions in U.S. equities as part of an actively managed approach. VESH is the smallest of Virtus’ dozen ETFs.
As of the end of October, there had been 142 ETF closures for 2018, more than took place in all of 2017, which was a record-breaking year. The count for 2018, however, was somewhat unnaturally boosted by the shutdown of 50 iPath ETNs back in April.
Contact Heather Bell at [email protected]