Russell has announced a new closure date for the Russell Low P/E ETF and Russell Small Cap Contrarian ETF.
The Russell Low P/E ETF was closed to new investment on 4 October 2012, the last day the ETF was traded on the NYSE Arca.
The Russell Small Cap Contrarian ETF has also been closed to new investment with immediate effect.
The new closure dates are the result of the in-kind redemption of all outstanding shares of these funds.
The liquidation date for the remaining 23 funds remains unchanged.
Unless there is an earlier redemption of all of the outstanding shares of any of the remaining funds (which are listed below), those funds will be closed to new investment on 9 October 2012. The last day of trading for the remaining funds will be 16 October and full liquidation of those funds is intended to be completed by 24 October.
Shareholders may sell their holdings on the applicable exchange through 16 October, incurring any applicable transaction fees from their broker-dealer. All remaining shareholders will receive cash equal to the amount of the net asset value of their fund shares, which will include any capital gains and dividends, deposited into the cash portion of their brokerage accounts. Shareholders receiving the final liquidation cash distribution will not incur transaction fees from their broker-dealer in connection with this distribution or the cancellation of their fund shares. Moreover, shareholders will not bear any expenses associated with the liquidation of the funds other than bearing indirectly the portfolio transaction costs incurred in liquidating the funds’ assets in advance of the funds’ closure.
On 16 October, the funds will commence the process of liquidating their assets and, consequently, will not be pursuing their investment objectives. During the liquidation period between 16 October and 24 October, the passively managed ETFs will not carry on any business, except for the purposes of winding down their affairs and distributing investment income, capital gains and assets to shareholders.
The ETFs to be liquidated are:
Russell 1000 High Beta ETF (HBTA)
Russell 1000 Low Beta ETF (LBTA)
Russell 1000 High Volatility ETF (HVOL)
Russell 1000 Low Volatility ETF (LVOL)
Russell 1000 High Momentum ETF (HMTM)
Russell 2000 High Beta ETF (SHBT)
Russell 2000 Low Beta ETF (SLBT)
Russell 2000 High Volatility ETF (SHVY)
Russell 2000 Low Volatility ETF (SLVY)
Russell 2000 High Momentum ETF (SHMO)
Russell Developed ex-US Low Beta ETF (XLBT)
Russell Developed ex-US Low Volatility ETF (XLVO)
Russell Developed ex-US High Momentum ETF (XHMO)
Russell Aggressive Growth ETF (AGRG)
Russell Consistent Growth ETF (CONG)
Russell Contrarian ETF (CNTR)
Russell Equity Income ETF (EQIN)
Russell Growth at a Reasonable Price ETF (GRPC)
Russell Small Cap Aggressive Growth ETF (SGGG)
Russell Small Cap Consistent Growth ETF (SCOG)
Russell Small Cap Low P/E ETF (SCLP)
Russell High Dividend Yield ETF (HDIV)
Russell Small Cap High Dividend Yield ETF (DIVS)