An exchange-traded fund provider is liquidating three ETFs launched in June, one of which was considered by advisors as among those least likely to succeed.
Listed Funds Trust is liquidating Innovation Alpha United States ETF (INAU), Innovation Alpha Global ETF (INAG) and Innovation Alpha Trade War (TWAR) beginning today, with the funds’ last trading day on the New York Stock Exchange scheduled for December 16, according to a filing with the SEC from Listed Funds Trust.
The decision comes in part at the recommendation of MCAM International, the investment advisor to the funds, according to the filing. The funds’ proceeds will be liquidated, with the proceeds distributed to shareholders, on or about December 17, according to Listed Funds Trust.
All three funds were launched June 5 this year, according to MCAM.
TWAR was the third most common pick of Top Financial Times 400 Brokers and Top FT 300 RIAs as an ETF deemed too niche to succeed, according to FA-IQ sister publication Ignites Research. Advisors make it to the elite FT lists based on scores in six criteria: AUM, AUM growth rate, years in existence, advanced industry credentials, online accessibility and compliance records.
TWAR is an ETF that seeks to track the total return performance, before fees and expenses, of the Martin Global Innovation Equity Trade War Index.
The fund accumulated just $1.43 million in net assets as of Dec. 5, according to MCAM.
INAG and UNAU each accumulated just $1.42 million since their inception, according to MCAM.