BlackRock’s (NYSE: BLK) iShares unit, the world’s largest issuer of exchange traded funds, will close 18 of its ETFs.
The iShares FTSE China Index Fund (NYSEArca: FCHI) is the largest and oldest of the ETFs iShares is closing. That seven year old fund had $37.3 million in assets under management at the end of May, according to the issuer.
Combined the ETFs iShares is closing had less than $220 million in assets under management at the end of May, representing a scant percentage of the $825.7 billion in U.S. ETF assets iShares. Fourteen of the ETFs iShares is closing are international or single-country funds, including some sector ETFs. Three of the closures are corporate bond ETFs.
Last year, iShares shuttered 10 of its ex-U.S. sector ETFs due to limited investor interest in those products. [iShares to Close 10 ex-U.S. ETFs]
“After the close of business on August 21, 2015, the funds will no longer accept creation orders. Trading in the funds will be suspended prior to market open on August 24, 2015. Proceeds of the liquidation are currently scheduled to be sent to shareholders on or about August 28, 2015,” said the issuer in a statement.