Global X Funds has announced that it will close and liquidate the Global X Iconic US Brands ETF (LOGO US). The fund’s last day of will be 28 September 2018.

LOGO’s last day of trading will be 28 September 2018.

Launched in October 2017 on Bats Exchange (now Cboe BZX), LOGO invests in US-listed companies that possess strong brand equity and have built long-term loyalty among American customers.

The fund tracks the Accuvest Iconic US Brands Index which consists of US-listed companies that Accuvest deems to possess an iconic brand.

The methodology focuses on companies from defined sub-industries that have exposure to consumer spending or to the consumption supply chain.

Firms in these sub-industries are ranked based on market capitalisation, three-year total sales, and three-year sales growth rate. The 100 stocks with the highest composite rating are included in the index.

The fund has failed to gain traction with investors and currently has just $3m in assets under management. It has an expense ratio of 0.48%.

The fund will liquidate on or around 5 October 2018. Any person holding shares in the fund as of the liquidation date will receive a cash distribution equal to the net asset value of their shares as of that date.