Amundi is closing its Eastern Europe ex Russia ETF after a significant drop in net assets.
Ina shareholder notice, the French asset manager said it was closing the Amundi MSCI Eastern Europe Ex Russia UCITS ETF (CE9) on 12 May.
The ETF, which currently houses €21.2m assets under management (AUM), will stop trading on the London Stock Exchange after 5 May.
CE9 has recorded outflows of €4.9m over the past 12 months, according to data from ETFLogic.
Amundi said: “The board considers that the value of the net assets in the Amundi MSCI Eastern Europe Ex Russia ETF has decreased to an amount determined by the board to be below the minimum level for the ETF to be operated in an economically efficient manner.
“Considering the ETF’s low level of assets and the fact that the board does not expect any increase of investors’ interest and no commercial perspective in a near future.”
Over three years, the ETF has returned 23.4% versus 24.3% for the benchmark index.
In February, Amundi closed its Russia equity ETF after MSCI said it would discontinue the index calculation on 1 March.
Last month, Europe’s largest asset manager also shut three more ETFs tracking European stocks including multi-factor and scientific beta strategies, all suffering from low AUM.