BlackRock closes ESR

Article Excerpt

ISHARES MSCI EMERGING MARKETS EASTERN EUROPE INDEX FUND (formerly New York symbol ESR) has been closed by BlackRock, which manages the iShares funds. Investors were sent a final distribution of the fund’s net asset value, $16.17 per unit, on August 28, 2015. The iShares MSCI Emerging Markets Eastern Europe Index Fund had two-thirds of its assets invested in Russia, including stocks of major Russian firms, such as gas utility Gazprom, oil producer Lukoil and retailer Magnit PJSC. Investor interest in the fund waned after Russia’s currency, the ruble, dropped to nearrecord lows against the U.S. dollar. The ruble’s fall comes in the wake of falling prices for oil and other commodities and Western sanctions after Russia’s invasion of Ukraine. Russia has long-term recovery potential, but BlackRock felt that due to its small size, the fund no longer warranted its management resources. resources…