PORTSMOUTH, N.H.///February 19, 2013/// Pax World Management LLC, investment adviser to the Pax MSCI North America ESG Index ETF (NASI), announced today that it will be closing and liquidating the fund effective March 13, 2013.
“We haven’t been able to achieve satisfactory trading volume or asset growth, so we have decided to close the fund,” said Pax World President and CEO Joe Keefe, of the ETF, which employs a passive management strategy seeking to track the performance of the MSCI North America ESG Index.
Pax World will continue offering a second ETF, the Pax MSCI EAFE ESG Index ETF (EAPS), which seeks to track the performance of the MSCI EAFE ESG Index, which consists of companies operating in developed markets around the world, excluding the U.S. and Canada, that have superior ESG performance as rated by MSCI ESG Research.
“We are very pleased with the performance, trading volume and asset growth of this second ETF, which is the only international ETF available for investors who wish to pursue a sustainable investment approach integrating environmental, social and governance (ESG) factors,” said Keefe. “We are confident about the continued growth of EAPS and we remain committed to the ETF market despite the closure of NASI.”
Pax announced that the last date for authorized participants to create units in NASI will be March 6, 2013 and the last date to redeem shares will be on or before 1:00 PM EST on March 13, 2013.
The last day of trading for NASI on the NYSE Arca (the cessation date) is expected to be March 13, 2013, after which the fund shall cease its business as an investment company and shall not engage in any business activities except for the purpose of winding up its business affairs, preserving the value of its assets, discharging or making reasonable provision for the payment of all the fund’s liabilities and liquidating and distributing its remaining assets to the shareholders of the fund.
The proportionate interests of the shareholders in the net assets of the fund will be fixed on the basis of their respective share holdings at the close of business on March 13, 2013.
On or about March 22, 2013, the fund shall make to each shareholder of record as of the cessation date a liquidating distribution equal to the shareholder’s proportionate interest in the net assets of the fund, in the form of either the cash or cash equivalents into which the portfolio securities of the fund were converted.
Pax World Management LLC, is a recognized leader in Sustainable Investing, the full integration of environmental, social and governance (ESG) factors into investment analysis and decision making. Pax World launched the financial industry’s first socially responsible mutual fund in 1971. Today, Pax World offers a comprehensive platform of Sustainable Investing solutions including Pax World Funds, a family of no-load mutual funds; ESG Managers® Portfolios, multi-manager asset allocation funds powered by Morningstar Associates; and the Pax MSCI EAFE ESG Index ETF (EAPS). For more information, visit www.paxworld.wpengine.com.
Solomon McCown & Company
Investment return and principal value will fluctuate so that you may have a gain or a loss when you sell your shares. You should consider a fund’s investment objectives, risks and charges and expenses carefully before investing. For this and other important information, please obtain a fund prospectus by calling 800.767.1729 or visiting www.paxworld.wpengine.com. Please read it carefully before investing. Past performance is no guarantee of future results. Distributor: ALPS Distributors, Inc., Member: FINRA.
Past performance does not guarantee future results. Index returns do not represent fund returns. One cannot invest directly in an index.