Bringing you live news and features since 2006 

Grail Advisors and RiverPark Capital to close two ETFs

RELATED TOPICS​

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.

Latest News

ETP provider GraniteShares has announced it has surpassed USD5 billion in assets under management (AUM), reaching USD5.199 billion...
News came last night from the US that the SEC has approved CBOE’s proposal to list and trade VanEck’s spot..
Irish domiciled funds surpassed EUR4.3 trillion AuM (Assets under Management) at end-March 2024, a 15 per cent increase in net..
European white label ETF platform, HANetf, has announced its total assets under management (AUM) has now exceeded USD4.31 billion...

Related Articles

Timothy Rotolo, Range Funds
In 2023, Timothy Rotolo launched his business, Range Fund Holdings, the parent company for Range Indices and Range ETFs, followed...
Dan Miller, IQ-EQ
With just over a week to go till T+1 settlement begins in North America, Canada and Mexico, time is of...
Emily Spurling, Nasdaq
Last October’s ETF Express US Awards 2023 found Nasdaq winning Best Index Provider – ESG ETFs and Best Index Provider...
Vinit Srivistava, MerQube
Index provider, MerQube, launched in 2019, with the aim of providing a “technology-driven answer to the most complex, rules-based investment...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by