Sport Sponsors ETF To Close

Unique fund failed to gather assets.
Reviewed by: Staff
Edited by: Staff

A recent filing indicates the ProSports Sponsors ETF (FANZ), which launched in July 2017, will be shutting down in a few days, making it the first closure of 2019. 

The fund, which targets companies sponsoring major U.S. sports leagues or broadcasting their events, never really gathered any assets, ending up with about $6 million at the time of its announced shutdown. The fund halted creations today and will cease trading entirely on Jan. 15.

Last year was the second-consecutive record-breaking year for ETF closures, with 151 shutdowns in all. However, that number was boosted significantly in April by the unprecedented closure of 50 iPath ETNs, as Barclays revamped and weeded out its offering.

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