Emerging Global Advisors (EGA), the asset manager to the EGShares exchange-traded funds (Funds), has confirmed to close 12 Funds representing 4% of assets under management.
"EGA provides investors with tools that address developing markets allocation needs," said Robert Holderith, founder of EGA. "As part of this ongoing commitment and our regular product line review, we identified an opportunity to streamline our existing offering. These changes are consistent with our dedication to delivering tools that fulfill unmet investor needs."
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Demonstrating this commitment, EGA recently launched two additions to their dividend suite, the EGShares Emerging Markets Dividend Growth ETF, the first emerging markets dividend growth exchange-traded fund, and the EGShares EM Dividend High Income ETF.
EGA’s market share has continued to grow this year as EGShares Funds have gathered over $408 million in net new assets while emerging market equity exchange-traded fund assets in general have suffered more than $12.5 billion in net outflows as of 4 September 2013.
Trading on the NYSE Arca for the shares of the Funds listed below will be suspended prior to the open of business on Monday, 7 October 2013. Shareholders may sell their holdings on or before Friday, 4 October 2013 and may incur customary brokerage charges.
Shareholders who do not sell their holdings on or before 4 October 2013 will receive cash equal to the amount of the net asset value of their shares. Each Fund’s net asset value will reflect the costs of closing the Fund as calculated on the liquidation date. In addition, each Fund may also pay a final clean-up distribution of any accrued capital gains and income to shareholders of record as of the close of trading on NYSE Arca on October 4, 2013. The Board of Trustees of the EGA Emerging Global Shares Trust has authorized these Fund liquidations.
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