Artificial Intelligence ETF Closing

ETF Managers Group shutting down its smallest fund.

ETF Managers Group announced last week it would be closing the Rogers AI Global Macro ETF (BIKR), with the last day of trading set for July 12. In a press release, the firm said its board of trustees reached the decision due to an ongoing review of market demand.

BIKR launched a little more than a year ago, and currently has less than $4 million in assets under management. The fund invests in country ETFs and short-term Treasurys via an optimized index.

There have been nearly 75 ETF closures in the first six months of 2019. That’s significantly less than the 100 that had shut down in the first half of 2018. However, last year’s closure list was distorted by 50 closures among Barclays’ iPath ETN lineup.

Contact Heather Bell at [email protected]