Grail Advisors pulled the plug on the RP Technology ETF (RPQ) and RP Financials ETF (RFF) because of a lack of investor interest. Both funds were actively managed sector equity ETFs with a promising future, but weren’t able to attract enough assets to survive.
“By all appearances, the marketplace is not ready for these sector funds. We’ve been pleased with the performance of the RP Technology ETF but flows have still been disappointing,” says Morty Schaja, CFA, CEO and managing partner at RiverPark Capital.
Grail will continue to oversee the management of five other actively managed ETFs including one all-cap U.S. growth equity fund managed by RiverPark Capital.
The board of directors of the Grail Advisors ETF Trust approved the closures at its Aug. 20, 2010 meeting.