ICON Drops Two Funds Before Rollout, Changes Six Funds' Names

ICON Funds has decided to shutter two funds before they ever hit the market, and is changing the names of six of its sector funds to reflect changes in the way Standard & Poor's classifies sectors.

ICON Capital Goods and ICON Consumer Staples have been removed from the series of ICON Funds before they were ever offered to the general public.

Meanwhile, the following funds have changed names: (ICBMX Quote)ICON Basic Materials is now ICON Materials; (ICCCX Quote)ICON Consumer Cyclicals is ICON Consumer Discretionary; (ICFSX Quote)ICON Financial Services is ICON Financial; (ICTEX Quote)ICON Technology is ICON Information Technology; (ICTRX Quote)ICON Transportation is ICON Industrials; and (ICLEX Quote)ICON Leisure is ICON Leisure and Consumer Staples.

The changes come after S&P changed the way it classifies several industries and industry subsectors. The ICON Funds focus on industry rotation using industries and companies in the S&P SuperComposite 1500 Index. The fund company said it changed the fund names to avoid confusion.

Please see earlier Fund Moves, Manager Changes.