Daily ETF Watch: Gem, Mining ETFs Shutter
FactorShares is closing down two ETFs.
FactorShares is closing down two ETFs.
FactorShares is closing down two ETFs.
FactorShares, purveyor of the PureFunds ISE Diamond/Gemstone ETF (GEMS | F-14) and the PureFunds ISE Mining Service ETF (MSXX | F-8), is closing the funds after an unsuccessful run in the ETF market.
According to a regulatory filing, the funds will close on or about Jan. 24. Both GEMS and MSXX launched on Nov. 29, 2012, and are currently managing $1 million and $775,000, respectively. The firm currently manages the PureFunds ISE Junior Silver ETF (SILJ | F-37), which also launched in November 2012 and is currently managing $1.5 million.
Last year was a tough year for commodities, especially gold, which fell 29 percent in 2013 in part on expectations of the Federal Reserve's tapering of its bond-buying program. The SPDR Gold Trust (GLD | A-100) lost more than $25 billion in assets last year, making it the least popular ETF in 2013.
There are no other filings or launches this morning.
