State Street to Close Three ETFs

State Street’s (NYSE: STT) State Street Global Advisors unit, one of the world’s largest issuers of exchange traded funds, said it will close three ETFs later this month.

SSgA said it will close the SPDR S&P Mortgage Finance ETF (NYSEArca: KME), SPDR S&P Small Cap Emerging Asia Pacific ETF (NYSEArca: GMFS) and the SPDR S&P VRDO Municipal Bond ETF (NYSEArca: VRD).

The final day for creations in the liquidating ETFs will be March 18, 2015. Trading of these three funds will be suspended on the NYSE Arca as of the open on March 19 and proceeds of the liquidation are scheduled to be sent to shareholders on or about March 31, according to a statement issued by SSgA.

KME, GMFS and VRD combine for $15.7 million in assets under management, a scant percentage of the nearly $430 billion in ETF assets held by SSgA.

In 2014, approximately 80 ETFs closed while issuers brought nearly 205 new products to market. This year, about 20 U.S. ETFs have been closed.

On a global basis, nearly 40 exchange traded products were closed in January.

ETF Trends editorial team contributed to this post.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.