Global X to shut ‘iconic US brands’ ETF

Sep 17th, 2018 | By | Category: Equities

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.

Global X to shut iconic US brands ETF

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.

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