Actively-managed exchange traded fund (ETF) provider AdvisorShares is to close the the AdvisorShares Global Echo ETF (GIVE) and the AdvisorShares Morgan Creek Global Tactical ETF (GTAA).
The AdvisorShares board of trustees approved the closing and subsequent liquidation of GIVE and GTAA.
The last day of trading for both funds will be 12 May 2017, which will also be the final day for creations or redemptions by authorised participants. The funds will cease operations, withdraw their assets, and distribute the remaining proceeds to shareholders on or after 19 May.
“We appreciate the support of Morgan Creek in managing GTAA, along with the challenge of assuming its prior track record,” says Noah Hamman, chief executive officer of AdvisorShares. “GIVE became the first impact investment actively managed ETF and represented an important part of the culture of our firm. However, even with its closing, we will continue to make charitable and impactful donations on behalf of AdvisorShares.”