Grail To Close Two Active ETFs (RPQ, RFF)

Grail Advisors has announced that it will close two actively-managed ETFs the firm currently offers through a partnership with RiverPark Capital. Trading in the RP Technology ETF (RPQ) and RP Financials ETF (RFF) will be suspended prior to the market open on August 30, and shareholders will have their shares redeemed for cash the following day. Grail and RiverPark will be covering all costs related to the shuttering of the funds. “By all appearances, the marketplace is not ready for these sector funds. We’ve been pleased with the performance of the RP Technology ETF but flows have still been disappointing,” said Morty Schaja, CFA, CEO, and Managing Partner at RiverPark Capital. “I believe investors will be better served by incorporating the best ideas of these two sector funds into our RP Growth ETF (RPX) offering.” Both RPQ and RFF were launched in October 2009. Since its inception RPQ has gained about [...] Click here to read the original article on ETFdb.com. Related Stories: Grail Advisors to Launch Four Active Single-Manager Funds Grail Launches Two Active Bond ETFs Grail Plans Actively Managed Bond ETFs