KUALA LUMPUR (May 17): i-VCAP Management Sdn Bhd is terminating the MyETF Thomson Reuters Asia Pacific ex-Japan Islamic Agribusiness fund and delisting it from the Main Market of Bursa Malaysia due to its small size.
"The manager proposes to terminate the fund as the small fund size limits the fund's ability to meet its investment objective," i-VCAP said in a stock exchange filing today.
The syariah-compliant investment management services provider said the fund has been recording an increasingly high total expense ratio leading to a high tracking error of the fund against its benchmark index.
In December 2018, it recorded an annual RM18.42 million in assets under management and an annual total expense ratio of 1.21 times.
"Barring any unforeseen circumstances and subject to the relevant approvals being obtained, the proposal is expected to be completed by the first quarter of 2020," i-VCAP said.
The fund, which was listed on Bursa on Dec 3, 2015, can be terminated at any time via a special resolution of its unit holders.
MyETF Thomson Reuters Asia Pacific ex-Japan Islamic Agribusiness was last traded at 97.5 sen.