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Rating:A $6.7B-AUM Value Boutique Will Shutter Its ETF Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, April 30, 2024

A $6.7B-AUM Value Boutique Will Shutter Its ETF

Reported by Neil Anderson, Managing Editor

The team at a $6.6819-billion-AUM (as of February 29) value asset manager are preparing to shut down their sole ETF after less than three years.

Daniel DeSerio
Lyrical Asset Management LP
Director of Operations and Trading
Earlier this month, the folks at Lyrical Asset Management LP (LAM) [profile] confirmed that they plan to liquidate the Lyrical U.S. Value ETF (USVT on the NYSE Arca) on May 24. The fund will first close to new investments and cease trading on May 14.

USVT is a series of the Ultimus Managers Trust. In a filing, the LAM team reveals that the trust's board, per LAM's recommendation, has determined that liquidating the ETF "is in the best interests of the [fund] and its shareholders."

The LAM team launched USVT on September 14, 2021, and as of yesterday USVT had $5.2 million in AUM. The ETF comes with an expense ratio of 49 basis points (which bakes in a 206bps fee waiver).

LAM serves as investment advisor to USVT, and GKD Index Partners LLC (dba Alerian) serves as index provider. The fund is designed to track the Lyrical U.S. Value Index. Daniel DeSerio, director of operations and trading at LAM, has PMed the fund since its inception.

USVT's other service providers include: Brown Brothers Harriman & Co. (BBH) as custodian and transfer agent; Cohen & Company, Ltd. as independent accounting firm; Northern Lights Compliance Services, LLC (NLCS) as chief compliance officer provider; Northern Lights Distributors as distributor; and Sullivan and Worcester, LLP as counsel. 

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