Mon, 15/04/2019 - 13:57
Causeway Capital Management is to liquidate the Causeway International Value NextShares (USD4.5 million in net assets) and Causeway Global Value NextShares (USD4.8 million in net assets), each a series of Causeway ETMF Trust, on or about 13 May, 2019.
Effective the close of business on 15 April, 2019, the funds will no longer accept creation unit purchase orders. The last day of secondary market trading on NASDAQ in the funds’ shares is expected to be after markets close on 6 May, 2019.
Beginning when the funds’ commence liquidation of their portfolios, the funds may not pursue their investment objectives or engage in normal business activities, except for the purposes of winding up business and affairs, preserving the value of assets, paying liabilities, and distributing remaining assets to shareholders. During the time between market close on 6 May, 2019 and the liquidation date, because the funds’ shares will not be traded on NASDAQ, there can be no assurance that there will be a market for the purchase or sale of the funds’ shares.
In connection with the liquidation, any shares of a fund outstanding on the liquidation date will be automatically redeemed as of the close of business by Causeway ETMF Trust on that date without the imposition of any customary redemption fees. The proceeds of such redemption will be the net asset value of shares after all charges, taxes, expenses and liabilities of each fund has been paid or provided for. It is expected that the distribution to the funds’ shareholders of the proceeds will be paid in cash to all shareholders of record on the liquidation date.
Prior to the halt of secondary market trading on NASDAQ, shareholders of the funds may sell their shares through a broker in the standard manner. Customary brokerage charges may apply to such transactions. Prior to the liquidation date, firms that are authorised participants may continue to submit orders to each fund for the redemption of creation units.
For shares held in taxable accounts, whether a shareholder sells his or her shares or is automatically redeemed, the shareholder will generally recognise a capital gain (or loss) equal to the amount received for the shares above (or below) the adjusted cost basis in such shares.