NEW YORK ( TheStreet) -- Russell Investments announced last Friday the mass closure of 25 exchange-traded funds with combined assets exceeding $300 million.
The only survivor will be Russell Equity ETF (ONEF), which also happens to be the only actively managed ETF on the menu. The decision looks to us like a strategic move to refocus the firm's ETF business and reduce conflicts with its indexing customers.
Some analysts quickly attributed the closures to insufficient assets. This may be true in some cases. Several family members had net assets below the $5 million mark as of mid-year, according to the
Yet, the closures also include the $70 million
Russell 1000 Low Volatility
(LVOL) and the $50 million
Russell Equity Income
(EQIN). These and a few others escaped
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