State Street Global Advisors (SSGA), the asset manager behind the SPDR range of ETFs, is closing seven of its Europe-listed funds, including five equity and two fixed income ETFs.

The final day of trading for the seven SPDR ETFs will be 13 November 2017.

The five equity funds scheduled for closure include a broad Netherlands fund, a US total market fund, and three emerging market funds targeting Europe, Latin America, and global emerging markets excluding the BRIC members.

The two fixed income funds include a local currency Asian government bond fund and a European corporate bond fund targeting maturities greater than seven years.

In a notice to shareholders on 25 August, the firm announced the decision to close the funds was made because “the Net Asset Value of each Fund is currently less than the minimum amount specified in the Prospectus” and SSGA does “not believe that it will increase materially in the near future and the Funds are uneconomic to operate.”

The funds will be closed from 13 November.

SSGA warns that the funds will hold an increasing amount of cash and liquid instruments in advance of their liquidation date. Once this liquidation commences the funds may no longer be able to meet their respective investment objectives.

Investors who do not redeem their shares in the funds by the funds’ last trading day will have their shares redeemed at the applicable net asset value per share.

The funds being closed are listed below:

SPDR AEX UCITS ETF
SPDR MSCI EM Beyond BRIC UCITS ETF
SPDR Russell 3000 US Total Market UCITS ETF
SPDR MSCI EM Europe UCITS ETF
SPDR MSCI EM Latin America UCITS ETF
SPDR Citi Asia Local Government Bond UCITS ETF
SPDR Barclays 7+ Year Euro Corporate Bond UCITS ETF