from the perspective of the secondary market, it means delisting and liquidation.

why was the p>ETF closed? In fact, from the perspective of ETF business model, one of the factors that attract users is "cheap", and the low management fee is very attractive. For example, BlackRock's S&P 5 ETF: IVV has an annual rate of only .4%. Although managing ETF is not like being an actively managed fund, it costs more to hire fund managers with excellent stock selection and organize research teams, there are still costs to maintain ETF, ranging from normal transaction costs according to strategies to some custody, legal fees and marketing expenses. The low rate of ETF will also make the income of this product relatively low. Therefore, for ETF issuers, if they want to make money, they have to "take the volume" and make small profits but quick turnover. That's the problem. When you issue an ETF, you find that its scale has not risen, and it may be hovering around several million dollars, which is very uneconomical. Therefore, the closure of the ETF is mostly the initiative of the fund company.