ETF issuers face dilemma with frozen Russian funds

To liquidate or not to liquidate? BlackRock, VanEck and Lyxor risk lawsuits if they wind down ETFs

Moscow Exchange locked
Photo: Eddie Gerald/Alamy Stock Photo

Issuers of exchange-traded funds (ETFs) invested in Russian stocks and bonds are in a dilemma. They can leave the ETFs, which were suspended in the first week of March, in hibernation and continue to pay out hefty fixed costs. Or they can liquidate the funds, returning the net asset value of the investments to their clients, and run the risk of being sued.

BlackRock, VanEck and Lyxor Asset Management run the three largest ETFs that invest in Russian securities. All three have been in a state of

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