ProShares, the largest issuer of inverse and leveraged exchange traded funds, said it will liquidate 17 of its geared funds, all of which trade on the New York Stock Exchange.
Maryland-based ProShares made the announcement after the close of U.S. markets Tuesday.
“We continually review our lineup of ETFs to ensure our products meet the changing needs of investors,” said Steve Cohen, managing director and head of strategy for ProShare Advisors, LLC, in a statement. “Investor preferences and client feedback indicate these funds have little long-term demand.”
Among the 17 closures are three fixed income ETFs – the ProShares Short 30 Year TIPS/TSY Spread (FINF) , ProShares UltraPro 10 Year TIPS/TSY Spread ETF (UINF) and the ProShares UltraPro Short 10 Year TIPS/TSY Spread (SINF) .
The other ProShares closures include a batch of inverse and leveraged ETFs that track indexes from Russell Investments, including the Ultra Russell 1000 Growth ProShares (SKF) , ProShares UltraShort Russell Mid Cap Growth ETF (SDK) , ProShares Ultra Russell MidCap Value ETF(UVU) , ProShares UltraShort Russell MidCap Value ETF(SJL) , ProShares Ultra Russell 1000 Growth (UKF), ProShares UltraShort Russell1000 Growth ETF (SFK) and the ProShares Ultra Russell1000 Value (UVG) .
The other ETFs being closed by ProShares are the ProShares UltraShort Russell1000 Value (SJF) , ProShares Ultra Russell2000 Growth (UKK), ProShares UltraShort Russell 2000 Growth ETF (SKK) , ProShares Ultra Russell 2000 Value (UVT) , ProShares UltraShort Russell 2000 Value ETF (SJH) , ProShares Russell Ultra3000 ETF (UWC) and the ProShares UltraShort Russell 3000 ETF (TWQ) .
“ After the close of business on January 8, 2015, the funds will no longer accept creation orders. Trading in the funds will be halted prior to market open on January 9, 2015,” according to the ProShares statement.
With the news from ProShares, the number of announced ETF closures in 2014 is close to 100, but more than 200 new ETFs have come to market.
Additionally, ProShares has been expanding its lineup of non-leveraged fare with funds such as the ProShares MSCI EAFE Dividend Growers ETF (EFAD) , ProShares S&P 500 Aristocrats ETF (NOBL) and the ProShares Morningstar Alternatives Solution ETF (ALTS) among others.
ETF Trends editorial team contributed to this post.
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