Two insurers' giant asset management arms are preparing to shutter ETFs next month.

On Friday, the PGIM Investments, LLC team (part of the Prudential Financial family) revealed plans to close and liquidate the PGIM Quant Solutions Alpha International Equity ETF (PQIN). Also on Friday, the team at New York Life Investments' IndexIQ revealed plans to close and liquidate five funds: the IQ Hedge Event-Driven Tracker ETF (QED), the IQ Hedge Long/Short Tracker ETF (QLS), the IQ Hedge Macro Tracker ETF (MCRO), the IQ Hedge Market Meutral Tracker ETF (QMN), and the IQ S&P High Yield Low Volatility Bond ETF. All six shuttering ETFs trade on the NYSE Arca, and they're each between four and 13 years old.

PQIN had $33.7 million in AUM as of Friday, and it comes with an expense ratio of 29 basis points. The actively managed ETF is advised by PGIM Investments and subadvised by PGIM Quantitative Solutions LLC, with Edward Lithgow (vice president of PGIM Quantitative Solutions) and Stephen Courtney (managing director) serving as its PM team. Its inception date was December 4, 2018. The PGIM team expects January 9 to be PQIN's last trading day and expects shareholders to receive liquidation proceeds on January 13.

HYLV had $18.5 million in AUM as of Friday, and it comes with an expense ratio of 40 bps. S&P Opco LLC is the fund's index provider, and MacKay Shields is the subadvisor, with Eric Gold (head of MacKay Shields' global credit team) serving as PM. The fund's inception date was February 15, 2017.

QLS had $23.8 million in AUM as of Friday, and it comes with an expense ratio of 57 bps. Its inception date was March 24, 2015.

QMN had $7.6 million in AUM as of Friday, and it comes with an expense ratio of 70 bps. Its inception date was October 4, 2012.

QED had $6.2 million in AUM as of Friday, and it comes with an expense ratio of 70 bps. Its inception date was March 24, 2015.

MCRO had $2.5 million in AUM as of Friday, and it comes with an expense ratio of 67 bps. Its inception date was June 9, 2009.

All five shuttering IndexIQ ETFs are passively managed, with IndexIQ Advisors LLC serving as investment advisor. The IndexIQ expects January 31 to be the last day of trading for these ETFs, and they expect shareholders to receive liquidation proceeds by February 7.

Excepting HYLV, all of the shuttering IndexIQ ETFs are funds of funds, with IndexIQ LLC serving as index provider and IndexIQ's own Greg Barrato (senior vice president) and James Harrison (VP) serving as PMs. 

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE