January 27, 2009 at 12:10 pm by Tom Lydon
Northern Trust, which entered the exchange traded fund (ETF) business last year, is closing its funds.
The company, based in Chicago, had $33 million in assets at the end of last year. The board of trustees decided to close all 17 of the NETS funds, citing current market conditions, the inability of the funds to attract significant market interest and their future viability.
Their final day of trading will be Feb. 9, and any investor holding shares after that date will receive a cash distribution equal to the net asset value (NAV) of their shares as determined on Feb. 20.
If funds aren’t grabbing market share, closing them is the responsible thing to do.
The ETF provider was the first to launch a line of funds that tracked the major foreign market indexes. Some of their funds included:
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