Industry Updates

ARK Invest Europe shuts first Rize ETFs

Four thematic ETFs to close

Theo Andrew

Locked shutters closed business

ARK Invest Europe is to close four Rize ETF products, in a first sign of its intent on the continent following its acquisition by Cathie Wood’s ARK in September.

In shareholder notice, the group said the closure of the four thematic ETFs was in the “best interests of the investors”.

The four ETFs are:

  • $1.1m Rize Emerging Market Internet and Ecommerce UCITS ETF (EMRJ)

  • $7.5m Rize Education Tech and Digital Learning UCITS ETF (LERN)

  • $13.9m Rize Medical Cannabis and Life Sciences UCITS ETF (FLWR)

  • $2.5m Rize Pet Care UCITS ETF (PETZ)

LERN was launched in September 2020 while FLWR was launched in February the same year. The remaining two ETFs were unveiled in March last year.

It said the group is using its ability to close the ETF after its first anniversary if its assets remained below $50m for 30 consecutive days.

“The directors have determined to redeem all the shares and close the fund,” it said.

It added all four ETFs have a final trading date of 12 December on the London Stock Exchange while investors will be required to redeem all of their shares by 20 December which will be distributed eight days later.

The ETFs are the first Rize ETF products to be closed following the acquisition by Wood’s ARK.

It leaves the European arm of ARK Invest with seven ETFs with roughly $427m assets under management (AUM).

The group’s sustainable ETFs have not been closed and it had previously stated it would be looking to develop its ESG ETF range in Europe following the deal.

It is also expected to bring the flagship $6.9bn ARK Innovation ETF (ARKK) to Europe early next year.

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