ETF Managers Group, PureFunds to close big data and fintech ETFs

Jul 24th, 2017 | By | Category: ETF and Index News

The PureFunds ISE Big Data ETF (NYSE Arca: BIGD) and the PureFunds Solactive FinTech ETF (Nasdaq: FINQ), a collaboration between PureFunds and white label ETF provider ETF Managers Group, are to close.

ETF Managers Group to close big data and fintech ETFs

BIGD and FINQ will have their last day of trading on 31 July 2017.

BIGD launched in July 2015, and tracks the ISE Big Data Index which is composed of companies that provide products and services that facilitate the creation, management and analysis of oversized data sets. It has not gained traction with investors however and currently has assets under management (AUM) of $4.1 million.

FINQ launched in September 2016 and tracks the Solactive FinTech Index which is composed of fintech companies (defined as those that use technology to deliver financial products and services, such as payments, financial data, exchanges, internet banks, speciality lenders and software) listed in the US. It currently has just over $1.4m in AUM.

Effective immediately, BIGD and FINQ will increase their cash holdings to prepare for liquidation and will no longer accept creation orders.

Trading will be suspended on the funds at the closing of the market on 31 July 2017. Proceeds of the liquidation are scheduled to be sent to shareholders on or about 1 August 2017.

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