Rize ETF Shutters Four Thematic Funds

According to notices on the London Stock Exchange, Rize will close: Rize Education Tech and Digital Learning UCITS ETF, Rize Medical Cannabis and Life Sciences UCITS ETF, Rize Pet Care UCITS ETF and Rize Emerging Market Internet and Ecommerce UCITS ETF.

The Education and Medical Cannabis portfolios were opened in 2020, while the others were only opened in March last year.

AssetCo sells loss-making Rize ETF to Cathie Wood's ARK Invest

In the notices, the management noted that after the first year anniversary of all of the funds, the directors is able to trigger a redemption of all the shares in a fund if its net asset value falls below $50m for 30 consecutive days, which has happened in all four funds.

The Medical Cannabis portfolio is the largest of the four, with net assets of almost $14m, with the Education portfolio holding around $7.5m. The Pet Care and EM Internet hold significantly fewer assets at $2.5m and $1.2m, respectively.

All four ETFs will be wound up by the end of the year with the final day of trading set for 12 December, and the final value of the funds will be as of the total 20 December 2023. The final figure will be made available to clients on the 28 December.

The management said it will cover all the costs associated with closing each of the funds, but noted that investors may be charged fees or costs separately by their respective broker, investment platform or nominee in relation to processing the payments.

The company was recently acquired by Cathie Wood's Ark Invest and is set to rebrand the firm as ARK Invest Europe.

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