State Street Global Advisors (SSGA) is set to close seven SPDR exchange-traded funds as assets fall to levels that make the vehicles "uneconomical" to run.
The firm wrote to investors on Friday to confirm the subfunds of the SSGA SPDR ETFS EUROPE I and EUROPE II umbrella funds are closing on 13 November due to a significant decrease in their net asset values (NAV). Central Bank of Ireland opens discussion on ETF risk and regulation Director of both umbrella funds Patrick Riley said in the investor letter, seen by Investment Week, that the board had taken the decision because the NAV of each fund is "currently less than the minimum amount specified in the prospectus". "The board do not believe that it will increase materially in the ne...
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