IndexIQ to Shutter South Korea Small-Cap ETF (SKOR)

IndexIQ, the New York-based ETF issuer known primarily for its hedge fund replication and small-cap funds, said it will close the IndexIQ South Korea Small Cap ETF SKOR. The closure was approved on July 3 and SKOR's final trading day will be Friday August 17. Shareholders who do not sell their fund shares by this date will have their shares automatically redeemed on August 22, 2012, the fund's last day of operations, according to statement issued today by IndexIQ. SKOR, which debuted in April 2010, represents only approximately 1% of IndexIQ's ETF assets, according to the statement. The ETF has been plagued by a low assets under management figure and weak average daily volume. SKOR has $7.87 million in AUM and its average daily turnover for the past three months is about 1,570 shares, according to Yahoo Finance data. In December 2011, IndexIQ closed three ETFs. Those funds included a mid-cap play on Japan and small-cap plays on Hong Kong and Taiwan.