Products February 7, 2019

Legg Mason to Close Three ETFs in March

It is expected that the funds will cease trading on NASDAQ on or about March 15, and subsequently will be delisted.

Reported by

Legg Mason, Inc. has decided to close and liquidate a series of exchange-traded funds (ETFs) based on an ongoing review of its product lineup. Proceeds of the liquidation are currently expected to be sent to shareholders of the funds on or about March 22.

Effective as of March 6, the Legg Mason Developed ex-US Diversified Core ETF, Legg Mason Emerging Markets Diversified Core ETF and Legg Mason US Diversified Core ETF will no longer accept orders for the purchase of creation units. It is expected that the funds will cease trading on NASDAQ on or about March 15, and subsequently will be delisted, according to Legg Mason.

Get more!  Sign up for PLANSPONSOR newsletters.

“As with all of our investment solutions, we are always seeking to deliver on investor needs,” says Rick Genoni, Legg Mason’s head of ETF product management. “We are always evaluating our product lineup to ensure it is relevant to investor demand. In this case, we have determined a timely liquidation is the best option. We are pleased with the performance and the investor reception to other ETFs we offer.”

In connection with the liquidations, any shares of a fund outstanding on the liquidation date will be automatically redeemed. After payment (or setting aside for later payment) of the fund’s obligations, shareholders who remain in the fund until the liquidation date will receive liquidation distribution(s) based on the current aggregate net asset value of the shares of the fund that such shareholder then holds. The funds may or may not, depending upon each fund’s circumstances, pay one or more dividends or other distributions prior to or along with the redemption payments.

Shareholders may sell their shares of a fund on NASDAQ until the market close on the date a fund ceases trading and may incur customary transaction fees from their broker-dealer in connection with such sales.

Break from the Grind February 7, 2019

A Little Friday File Fun

And now it's time for FRIDAY FILES!
Reported by

In Hong Kong, workers at a potato chip factory made a scary finding among a shipment of imported potatoes—a German-made World War I grenade. South China Morning Post reported a military historian said the grenade had likely been dug up by accident by potato harvesters in France. Police said they used a “high-pressure water firing technique” to safely detonate the weapon.

 

For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter.

In Lee County, Florida, a Papa John’s delivery driver went to the door of a house where he was delivering pizzas when a 14-year-old girl allegedly popped out of some nearby bushes and stole his unlocked 2006 Ford Taurus. The girl first drove to Lehigh Acres Middle School, but when a policeman approached the car, she drove off quickly. Her wild ride was tracked by a police helicopter, according to the Orlando Sentinel, and she was eventually apprehended. Her father told TV station WBBH that his daughter’s plan was to meet her boyfriend.

 

In Fall River, Massachusetts, a woman walked into a credit union and approached a teller. She hesitated, then told the teller, “give me a minute,” and went to a counter and wrote on a piece of paper. However, according to the Associated Press, she ripped up the note, dropped the pieces in the trash and walked out. Bank employees pieced the note together and it said: “Give me the money.” Police are looking for the woman.

 

In Hilgermissen, Germany, there are no street names, and there won’t be any time soon. Hilgermissen was formed in the 1970s out of several villages. Addresses currently consist of a house number and the name of a former village, a system that has become more unwieldy as new buildings are added, according to the Associated Press. Official results from a referendum held on Sunday showed 60% of voters in the municipality rejected the local council’s plan to name the streets, while 40% supported the proposal. The vote is binding for two years.

 

In New Orleans, Louisiana, a man entered a Popeyes fast food chicken restaurant and tried to steal money from the register, NOLA.com/The Times-Picayune reports. But police say the register wouldn’t budge so he did what he thought was the next best thing. He took some fried chicken and left. He was arrested and charged with simple robbery and simple battery.In Minnesota, a man used the polar vortex to demonstrate the saying, “freezing your pants off.”

If you can't view the below video, try https://youtu.be/iD56shg1puU.
Getting a phone call can be very exciting—for babies.

If you can't view the below video, try https://youtu.be/f9rM-z8Gdd0.
Bowling fails, but with a couple of “successes.”

If you can't view the below video, try https://youtu.be/opfWHLi34Ug.
Reported by
Reprints
To place your order, please e-mail Reprints.

«