Daily ETF Watch: New Closures And Splits

Horizons, Direxion and First Trust all have ETFs undergoing corporate actions.

As April wound to a close, a number of corporate actions were completed or announced:

In early April, Horizons ETF Trust announced that it was delisting the Horizons Korea KOSPI ETF (HKOR). The fund’s last day of trading was April 29. HKOR originally launched in March 2014.

Direxion recently announced the impending closure of its two currency-hedged leveraged ETFs, the Direxion Daily MSCI Europe Currency Hedged Bull 2X Shares (HEGE) and the Direxion Daily MSCI Japan Currency Hedged Bull 2X Shares (HEGJ). The two funds are set to have their last day of trading on May 20. Both funds have less than $2 million in assets under management.

The First Trust Indxx Global Agriculture ETF (FTAG) will undergo a 1-for-5 reverse stock split today. Once completed, the fund will have one-fifth of the total number of shares outstanding that it previously had, which theoretically should bump the fund’s price by a factor of five, even if the market capitalization will remain stable. FTAG’s share price has declined by approximately 50% of its value over the last 12 months. The fund, which launched in 2010, currently has less than $5 million in assets under management.

Contact Heather Bell at [email protected].