Investment management company Emerge, whose exchange-traded funds were abruptly slapped with a trading halt by regulators last week,
The amounts owed to the funds are money that was “pre-paid” to Emerge for managing the ETFs, according to a note in the funds’ 2019 annual financial statements. Emerge said the money was used to cover operating expenses for the funds, a cost that is typically paid directly by a fund manager when first launching an ETF or mutual fund, in order to keep management fees low for investors.
Emerge said that over the life of the Ark funds it agreed to cover just under $1-million in fund expenses, an arrangement called “cost absorption.”
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