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Gavekal Knowledge Leaders Emerging Markets ETF to close

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Gavekal Capital is planning to close the Gavekal Knowledge Leaders Emerging Markets ETF (NYSE Arca: KLEM), a decision based on low investor demand for exposure to the emerging markets.

Effective 3 February 2017, the fund will be closed to orders for new creation units, and the last day of trading of the fund’s shares will be 10 February 2017.
 
Customary brokerage charges may apply to such transactions. The fund will liquidate on or around 13 February. On or about 7 February, the fund will liquidate its portfolio assets. This will cause the fund to increase its cash holdings and deviate from the investment objective and strategies stated in the fund’s prospectus.
 
The fund will distribute cash pro rata to all remaining shareholders, and these distributions are taxable events and may include accrued capital gains and dividends, if any. As calculated on the liquidation date, the fund's net asset value will reflect the costs of closing the fund. Once the distributions are complete, the fund will terminate.
 
Exchange Traded Concepts serves as the investment adviser and Penserra Capital Management serves as the sub-adviser to the fund. 

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