JP Morgan Asset Management is to liquidate two exchange-traded funds – JPMorgan Diversified Return International Currency Hedged ETF (JPIH) and JPMorgan Diversified Return Europe Currency Hedged ETF (JPEH).
Shareholders of the Funds may sell their holdings of each Fund on NYSE Arca until market close on 28 March, 2019 (transaction fees from their broker-dealer may be incurred). The Funds’ shares will no longer trade on NYSE Arca after market close on 28 March 2019, and the shares will subsequently be delisted. Shareholders who continue to hold shares of any of the Funds on the Funds’ liquidation date, which is expected to be on or about 5 April 2019, will receive a liquidating distribution of cash in the cash portion of their brokerage accounts equal to the amount of the net asset value of their shares. Proceeds from the liquidation are currently scheduled to be sent to shareholders on or about 5 April 2019. Additionally, the Funds will stop accepting creation orders from authorised participants after the close of business on 28 March 2019.
Shareholders who receive a liquidating distribution generally will recognise a capital gain or loss equal to the amount received for their shares over their adjusted basis in such shares if shares are held in taxable account, and should consult their tax advisor about the potential tax consequences.
“We are constantly evaluating our product lineup to ensure we offer the best solutions for our clients,” says Ogden Hammond, Global Head of Beta Product & Business Development at JP Morgan Asset Management. “We want to make sure that our products align with investor demand and the evolving investment landscape.”
Following the liquidations, JP Morgan Asset Management’s ETF suite will feature 30 product offerings with over USD20 billion in assets under management.
