Exchange traded fund provider iShares is to merge its iShares MSCI USA UCITS ETF into the iShares MSCI USA - B UCITS ETF from the 18th August, according to a note on the provider's website.
The note, which is part of the results from its Extraordinary General Meeting and was held on 14th July, passed the proposed merger of the fund.
All net assets of the MSCI USA ETF will be merged into the receiving fund, the MSCI USA – B UCITS ETF, which is an ex-Credit Suisse fund and the larger of the two by assets.
According to iShares website, net assets (as of August 4th) in the iShares MSCI USA ETF portfolio are $171 million, while assets in the iShares MSCI USA – B UCITS Fund are $257 million.
Both funds have a total expense ratio of 0.33 percent and track the MSCI USA index. They are also both domiciled in Ireland and have a base currency in US dollars.
One difference between the funds is that the iShares MSCI USA – B UCITS ETF replicates the index holding all index securities at the same weight as the index. This compares to the iShares MSCI USA UCITS ETF, which uses an optimised subset of securities from the index.
Registered shareholders of the MSCI USA ETF will receive shares in the MSCI USA - B ETF and, if applicable, a residual cash payment.
Most recently iShares launched a core range of products, which aim to target long term institutional and retail investors’ core exposures.
The 14-strong, physically replicated ETF range is called the iShares Core Series and contains nine equity ETFs and five fixed income ETFs.