SPA ETF has delisted six ETFs from the Borsa Italiana's ETF PLUS market. The funds include M...
SPA ETF has delisted six ETFs from the Borsa Italiana's ETF PLUS market.
The funds include Market Grader 40, Market Grader 100, Market Grader 200, Market Grader Large Cap, Market Grader Mid Cap and Market Grader Small Cap.
SPA ETF also plans to delist the ETFs from the London Stock Exchange from 1 May 2009.
James Oates, head of marketing at SPA ETF, says market conditions have made it difficult for the funds to attract the level of investment they require.
The provider will now focus on using its Dublin platform to white label ETFs on behalf of other financial institutions, and discussions are at an advanced staged with several providers, says Oates.
He adds that the Dublin UCITS platform also offers SPA ETF the opportunity to cross-list into Far-Eastern markets.
Daniel Freedman, managing director of SPA ETF, says: "In light of the current market environment, keeping the SPA MarketGrader Funds open would compromise investors and increase costs. However, SPA remains open and we plan to partner with other institutions to bring new ETFs to market in Europe and the US in 2009. Additionally, when market conditions improve we may reintroduce the MarketGrader strategy."
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