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Exchange Traded Concepts to close and liquidate Horizons S&P Financial Select Sector Covered Call ETF


Exchange Traded Concepts Trust II is to close and liquidate the Horizons S&P Financial Select Sector Covered Call ETF (HFIN), which is managed and marketed by Horizons ETFs Management.

The last day of trading of the Fund’s shares on the NYSE Arca will be March 20, 2015. 

Shareholders may sell Fund shares through a broker in the standard manner through this date. Customary brokerage charges may apply to such transactions. The Fund will be closed to new investors as of 20 March, 2015. Between 23 March, 2015 and 26 March, 2015, the Fund will be in the process of liquidating its portfolio assets. This will cause the Fund to increase its cash holdings and deviate from the investment objective and strategies stated in the prospectus.

Shareholders remaining in the Fund on March 23, 2015 will have their shares redeemed automatically and will receive cash in an amount equal to the net asset value of their shares as of the close of business on March 26, 2015. This amount includes any accrued capital gains and dividends. Shareholders remaining in the Fund on March 23, 2015 will not be charged any transaction fees by the Fund.

“The decision to close the Horizons S&P Financial Select Covered Call ETF comes after an extensive product lineup review, which included valuable feedback from our clients and industry partners,” says Taeyong Lee, Head of the Global ETF Business for Mirae Asset, the parent company of Horizons USA. “This closure is not a reflection of our commitment to the US ETF market.  We have recently undergone a strategic re- alignment of our North American ETF businesses which we believe enhances our commitment to growing our ETF business in the United States and includes plans to expand the current number of US-listed ETFs that we offer.”

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