The team at a boutique within a $716-billion-AUM (as of December 31, 2023) asset manager is preparing to wind down an active bond ETF that is less than five years old.

Yesterday, the folks at New York Life Investments' IndexIQ [profile] revealed that, per the fund's board's decision, they plan to liquidate the IQ Ultra Short Duration ETF (ULTR on the NYSE Arca) on April 29. Trading of the fund is scheduled to cease on April 22.

ULTR's inception was on July 31, 2019. As of February 29, 2024 (yesterday), the fund had $14.4 million in AUM. It is a series of IndexIQ Active ETF Trust, and it has an expense ratio of 25 basis points (which includes a 22bps fee waiver).

IndexIQ Advisors LLC serves as investment advisor to ULTR, and NYL Investors LLC serves as subadvisor. The ETF's PM team (unchanged since inception) includes: Matthew Downs, senior director of NYL Investors; and Kenneth Sommer, managing director and head of the investment grade portfolio management team at NYL Investors.

The liquidating fund's other service providers include: SS&C's Alps Distributors, Inc. as distributor; Bank of New York Mellon (BNY Mellon) as administrator, custodian, securities lending agent, and transfer agent; Chapman and Cutler LLP as counsel; and PricewaterhouseCoopers LLP as independent accounting firm. 

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