Rapid closure for ETFs that track sector indices

offshore

Several of the primary promoters of exchange traded funds (ETFs) are closing products that track sec...

Several of the primary promoters of exchange traded funds (ETFs) are closing products that track sector indices because of a lack of interest from European investors. Over the past few months, Barclays Global Investors closed nine iShares FTSE Europe Sectors, for example, while Merrill Lynch International shut 13 FTSE Global Sector LDRS and UBS Global Asset Management four Fresco Dow Jones Stoxx Europe Sector ETFs. Earlier this year, Unico closed its five-strong family of i-tracker MSCI sector ETFs. There have also been closures of sector ETFs in the US and Canada. Lee Kranefuss, direc...