Stiff competition in US ETF market forces closure of 40 funds

A closed sign
FocusShares and Russell Investments close funds

Exchange-traded fund (ETF) providers in the US are closing funds as dominant leaders increase their market share. Both Russell Investments and FocusShares have announced the closure of their ETF families this month, totalling 40 funds and about $410 million in assets under management (AUM) between them.

"This shows just how competitive the US market is, given the high concentration of assets," says a London-based ETF professional.

While ETF assets are still rising, the main providers continue to

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