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ALPS To Shut Down LGBT-Friendly ETF
MARCH 6, 2019 • JEFF SCHLEGEL
The ALPS ETF Trust this week announced it will shut down the Workplace Equality Portfolio (EQLT) in April.
The ESG-focused exchange-traded fund, which tracks an index composed of companies that support lesbian, gay, bisexual and transgender employees, celebrated its fifth-year anniversary in late February, an occurrence which prompted a story in ETFA last Friday.
The mainly U.S. large-cap fund has attracted $23.7 million in assets, which as mentioned in last week’s article isn’t a lot for a product that has been trading for five years. And its performance track record wasn’t very good, either, as it trailed the broad S&P 500 Index on an average annual basis during the one-, three- and five-year periods.
As detailed in a filing with the Securities and Exchange Commission, the board of trustees of the ALPS ETF Trust decided that closing and liquidating the fund was in the best interests of the fund and its shareholders. EQLT will close to new investors on April 25, and the NYSE ARCA will halt trading in the fund before the markets open on April 29.
Investors who still have their shares on April 29 will receive cash at the net asset value of their shares as of that date, which will include any capital gains and dividends.
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