Recon Capital closes its FTSE 100 ETF

Feb 29th, 2016 | By | Category: Equities

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Recon Capital Series Trust (Recon Capital), a Connecticut-based investment advisor, has announced that its Recon Capital FTSE 100 ETF (Nasdaq: UK) will close to new investors on 8 March 2016 and begin liquidation around 11 March 2016. Trading of the fund’s shares will be suspended from this point. Between 8 – 10 March 2016, shareholders may be able to sell their shares to certain broker-dealers.

Recon Capital FTSE 100 ETF to close

The Recon Capital FTSE 100 ETF will close to new investors on 8 March 2016 and begin liquidation on or about 11 March 2016.

Recon Capital’s Board of Trustees have stated that current market conditions, as well as prospects for future growth in fund assets, were integral in their decision to close the fund.

The liquidation process will result in deviations from the underlying index and an accumulation of cash holdings, which may be inconsistent with the fund’s investment objective and strategy.

Shareholders holding shares in the fund as of the liquidation date will receive a cash distribution equal to the net asset value of their shares. Shareholders receiving this cash distribution will not incur transaction fees in connection with this distribution or the liquidation of their shares in the fund. A portion of the distribution may represent an ordinary income dividend or a capital gain distribution.

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