NEW YORK ( TheStreet) -- This week, fund sponsor IndexIQ announced that it was closing the doors on three of its funds: the IndexIQ Japan Mid Cap ETF (RSUN); the IndexIQ Hong Kong Small Cap ETF (HKK) and the IndexIQ Taiwan Small Cap ETF (TWON). According to the company's press release, the funds' final day of trading will be Friday, Dec. 23. Those who opt not to sell by this date will have their shares redeemed on Dec. 30.
IndexIQ is an example of a company that has taken a traditional route to gaining entrance into the ETF realm. Rather than following Vanguard's lead and taking part in the ongoing ETF price wars, this firm has opted to launch funds that provide investors with exposure to previously untapped market corners. Thanks to products such as the IndexIQ Hedge Multi-Strategy Tracker ETF (QAI), and RSUN, the company has become known in the ETF realm as a pioneer for both hedge-fund mimicking and style-focused international exchange-traded products.
Unfortunately, as we see from this recent closure announcement, it takes more than a good idea to get a new ETF off the ground.