SS&C ALPS ADVISORS TO CLOSE AN EXCHANGE-TRADED FUND
Rhea-AI Summary
SS&C ALPS Advisors, a subsidiary of SS&C Technologies Holdings (Nasdaq: SSNC), has announced the closure of the ALPS Global Travel Beneficiaries ETF (NYSE ARCA: JRNY). The fund will close to new investors on October 16, 2024 and liquidate on October 18, 2024. This decision was made by the ALPS ETF Trust's Board of Trustees due to the fund's inability to attract significant market interest since its inception.
The last trading day for the fund is scheduled for October 17, 2024. Shareholders may be able to sell their shares until this date, but there's no guarantee of a market for the fund's shares. On the liquidation date, remaining shareholders will receive a cash distribution equal to the net asset value of their shares, without incurring transaction fees.
Positive
- No transaction fees for shareholders during the liquidation process
Negative
- Closure of ALPS Global Travel Beneficiaries ETF (JRNY) due to lack of market interest
- Potential difficulty for shareholders to sell shares before liquidation
- Fund's departure from its investment objective during liquidation process
News Market Reaction
On the day this news was published, SSNC declined 0.82%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
The decision to close the Fund was made by the ALPS ETF Trust's Board of Trustees upon the recommendation of ALPS Advisors, Inc., the investment adviser to the Fund. Following consideration of the Fund's inability to attract significant market interest since the Fund's inception, its future viability as well as prospects for growth of the Fund's assets in the foreseeable future, the Board determined that it was in the best interests of the Fund and its shareholders to liquidate the Fund's shares, which are listed on the NYSE ARCA. The last day of trading for the Fund is scheduled to be Thursday, October 17, 2024.
The Fund will immediately begin the process of closing down and liquidating its portfolio, which will increase the Fund's cash holdings and cause the Fund to depart from seeking to achieve its investment objective. From September 11, 2024 to October 17, 2024, shareholders may be able to sell their shares of the Fund, but there can be no assurance there will be a market for the Fund's shares.
Any person holding shares in the Fund as of the liquidation date will receive a cash distribution equal to the net asset value of their shares. Shareholders receiving this cash distribution will not incur transaction fees in connection with this distribution or the liquidation of their shares in the Fund. A portion of the distribution may represent an ordinary income dividend or a capital gain distribution.
Important Disclosures
An investor should consider the investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus containing this and other information, call 1-866-759-5679 or visit www.alpsfunds.com. Read the prospectus carefully before investing.
Shares of ETFs are bought and sold at market price (not NAV) and are not individually redeemable.
All investments are subject to risks, including the loss of money and the possible loss of the entire principal amount invested. Additional information regarding the risks of this investment is available in the prospectus.
ALPS Advisors, Inc., registered investment adviser with the SEC, is the investment adviser to the Fund. ALPS Advisors, Inc. is affiliated with ALPS Portfolio Solutions Distributor, Inc.
ALPS Portfolio Solutions Distributor, Inc. is the distributor for the Fund.
Not FDIC Insured • No Bank Guarantee • May Lose Value
About SS&C Technologies
SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in
About SS&C ALPS Advisors
SS&C ALPS Advisors, a wholly-owned subsidiary of SS&C Technologies, is a leading provider of investment products for advisors and institutions. With over
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SOURCE ALPS Global Travel Beneficiaries ETF
FAQ
When will the ALPS Global Travel Beneficiaries ETF (JRNY) stop accepting new investors?
What is the liquidation date for the ALPS Global Travel Beneficiaries ETF (JRNY)?
What will happen to shareholders of JRNY on the liquidation date?
What is the last trading day for the ALPS Global Travel Beneficiaries ETF (JRNY)?
Why is SS&C ALPS Advisors closing the ALPS Global Travel Beneficiaries ETF (JRNY)?
