On Jan. 12, New York-based AuthEx announced it would be shutting down its sole ETF, the Nashville Area ETF (NASH) in February. The fund, which launched in 2013, has less than $9 million in assets under management.
The move is interesting because AuthEx acquired NASH’s issuer, LocalShares, last year as part of an overarching plan to create an expansive brand focused on local innovation in multiple U.S. cities.
AuthEx’s LocalShares unit also calculates a family of 30 indexes that, as with NASH’s underlying index, comprised publicly traded companies that were located in or strongly associated with various U.S. cities. The firm has said it plans to expand the lineup of such offerings.
NASH’s last day of trading is set for Feb. 9, with liquidation expected to occur on or around Feb. 16, the press release said.
Although Barclays has announced it is closing 50 of its ETNs, NASH is set to be the first ETF closure of 2018.
Contact Heather Bell at [email protected]