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Grail Advisors and RiverPark Capital to close two ETFs


Grail Advisors, a developer and distributor of actively-managed exchange traded funds, and RiverPark Capital, a money manager, will close two funds: RP Technology ETF and RP Financials ETF.

The board of directors of the Grail Advisors ETF Trust approved the closures at its 20 August 2010 meeting.

"By all appearances, the marketplace is not ready for these sector funds. We’ve been pleased with the performance of the RP Technology ETF but flows have still been disappointing," says Morty Schaja (pictured), chief executive and managing partner at RiverPark Capital. "I believe investors will be better served by incorporating the best ideas of these two sector funds into our RP Growth ETF offering."

"Our goal is to bring investors a full complement of traditional, active fund managers and strategies to the ETF marketplace," says William M. Thomas, chief executive of Grail Advisors. "With this move, we are dedicating our resources to the areas of most interest to investors, including the introduction of several exciting new funds in the coming months that will have broad appeal in the marketplace."

Trading in both funds will be suspended prior to market-open on 30 August 2010. Shareholders who do not sell their fund shares by this date will have their shares automatically redeemed for cash on 31 August, the funds’ last day of operations.

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