ETF Managers Group (ETFMG) Announces Closure of ETF

Rhea-AI Summary

ETF Managers Group, LLC announced the closure of the ETFMG Prime 2x Daily Alternative Harvest ETF (MJXL) due to low market demand. Effective immediately, MJXL will begin liquidating its holdings, stop accepting new creation orders, and halt its principal investment strategy. Trading will cease on the NYSE Arca at market close on December 28, 2022, with liquidation proceeds expected to reach shareholders on or around December 30, 2022.

Positive

• Immediate liquidation process allows for a quick return of assets to shareholders.

Negative

• Closure of MJXL indicates a failure to meet market demand.
• Halting principal investment strategy may lead to dissatisfaction among current investors.

SUMMIT, N.J.--(BUSINESS WIRE)-- ETF Managers Group, LLC (ETFMG) announced today that the Board of Trustees of the ETF Managers Trust has decided to close the ETFMG Prime 2x Daily Alternative Harvest ETF (MJXL) based on an ongoing review of market demand. Effective immediately, MJXL will increase its cash holdings in contemplation of liquidation, will no longer accept creation orders, and will no longer seek to implement the Fund’s principal investment strategy.

Trading will be suspended on the NYSE Arca at the closing of the market on December 28, 2022. Proceeds of the liquidation are scheduled to be sent to shareholders on or about December 30, 2022. For additional information, shareholders can visit www.etfmg.com/funds/mjxl.

About ETFMG

ETFMG is a provider of exchange-traded funds (ETFs), founded in 2014 with a vision of developing innovative thematic ETFs that provide investors unique exposure to new markets. Today, the ETFMG fund line up provides access to a diverse collection of global themes and is comprised of 75% first to market products. We turn portfolio management strategies into successful ETFs by partnering with market segment experts to bring long-term growth opportunities to investors. ETFMG funds are proof as to the power of the ETF wrapper and that thematic products can have a place in investors’ portfolios. To learn more about ETFMG and our portfolio of exchange traded funds please visit www.etfmg.com or follow us on LinkedIn, Twitter @ETFMG, or YouTube.

Carefully consider a Fund’s investment objectives, risks, and charges and expenses before investing. This and other information can be found in the Fund’s summary or statutory prospectuses, available on www.etfmg.com. Please read the prospectus carefully before investing.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221213005099/en/

Deborah Kostroun

Zito Partners

(201) 403-8185

deborah@zitopartners.com

Source: ETF Managers Group, LLC

FAQ

What is the reason for the closure of MJXL?

The closure of MJXL is due to an ongoing review of low market demand.

When will trading for MJXL be suspended?

Trading for MJXL will be suspended at the market close on December 28, 2022.

When will shareholders receive liquidation proceeds for MJXL?

Shareholders are expected to receive liquidation proceeds on or around December 30, 2022.

Will MJXL accept new creation orders during the liquidation process?

No, MJXL will no longer accept creation orders during the liquidation process.

What will happen to MJXL's investment strategy after the closure?

MJXL will no longer seek to implement its principal investment strategy after the closure.