Exchange Traded Concepts is to terminate and liquidate the ETF Industry Exposure & Financial Services ETF. The fund is expected to cease operations and liquidate on or about 20 June, 2019.
The Fund will be closed to orders for new creation units on 12 June, 2019, and the last day of trading the Fund’s shares on the NYSE Arca Exchange, will be 18 June, 2019. From 12 June, 2019 through 18 June, 2019, shareholders may only be able to sell their shares to certain broker-dealers, and there is no assurance that there will be a market for Fund shares during that time period. Customary brokerage charges may apply to such transactions. For the liquidation distribution, the ex-dividend date will be 17 June, 2019, the record date will be 18 June, 2019, and the pay date will be 20 June, 2019.
In anticipation of the liquidation of the Fund, the Fund will be managed in a manner intended to facilitate its orderly liquidation, such as by raising cash or making investments in other highly liquid assets. As a result, starting on 12 June, 2019, all or a portion of the Fund may not be invested in a manner consistent with the Fund’s stated investment strategies, which may prevent the Fund from achieving its investment objective.
On or about the Liquidation Date, the Fund will liquidate its assets and distribute cash pro rata to all remaining shareholders. These distributions are taxable events. In addition, these payments to shareholders will 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.
