PureFunds to Abandon Diamond/Gemstone and Mining Service ETFs

Zacks.com reported that the PureFunds ISE Diamond/Gemstone ETF (ARCA:GEMS) and the PureFunds ISE Mining Service ETF (ARCA:MSXX) will trade for the last time on January 23, 2014. Both came onto the market in November 2012.

As quoted in the market news:

Notably, GEMS and MSXX had the smallest share of assets of the commodity producers’ equities ETFs space. While the space bellwether Market Vectors Gold Miners ETF (GDX) boasts $4.3 billion in assets, GEMS and MSXX accumulated only $1.1 million and $0.8 million of assets, respectively. Such poor asset bases even after a year of launch suggests that the funds never took off in that sense.

This clearly explains why PureFunds chose to abandon these funds. With these closures, PureFunds will have only one ETF - PureFunds ISE Junior Silver (Small Cap Miners/Explorers) ETF ( SILJ ) – trading in the mining space, that too with low assets under management.

Click here to read the full Zacks.com article.

Click here to read Diamond Investing News’ April 2013 interview with PureFunds’ Paul Zimnisky.