Global X to Shutter 8 New ETFs

Global X, the New York-based ETF issuer that has been one of the most prolific issuers of new ETFs this year, will close eight of its new ETFs in February 2012. The eight ETFs, which represent less than 2% of Global X's total assets under management, will close to new investors and cease trading on the New York Stock Exchange at the end of the trading day on February 16, 2012 and will liquidate on February 27, 2012. Among the ETFs being closed by Global X are three emerging markets ETFs. That brings the total of announced closures for emerging markets ETFs to five in just the past week. All of the Global X funds slated for closure were introduced this year. The EM ETFs being shuttered by Global X are the Global X Russell Emerging Markets Growth ETF EMGX, the Global X Russell Emerging Markets Value ETF EMVX and the Global X Mexico Small-Cap ETF MEXS. Including MEXS, ETF issuers have now announced closures of three country-specific small-cap EM funds recently. IndexIQ said just a few days ago it will close its IndexIQ Taiwan Small-Cap ETF TWON and the IndexIQ Hong Kong Small-Cap ETF HKK. The other ETFs being closed by Global X are the Global X Oil Equities ETF XOIL, Global X Farming ETF (NYSE :BARN), the Global X Fishing Industry ETF FISN , the Global X Food ETF EATX and the Global X Waste Management ETF WSTE. FISN and WSTE were first-to-market funds in their respective niches. Assuming Global X makes no new product introductions, the firm would be left with 29 ETFs following the closures. That probably won't be the case as the firm has a robust product pipeline and a history of introducing unique ETFs. Global X had $1.3 billion in assets under management at the end of November.