I-VCAP said in a statement to Bursa Malaysia on Friday the fund was launched on Nov 12, 2015 and was listed in the Main Market on Dec 3,
The fund’s investment objective was to provide investment results that closely correspond to the performance of the Thomson Reuters Islamic Asia Pacific ex-Japan Agribusiness Index regardless of its performance.
However, due to the small size of the fund, its high and increasing total expense ratio consequently contributed to the high tracking error of the fund against its benchmark index.
It said the fund may be terminated at any time by a special resolution of the unit holders and the resolution, if passed, will allow the manager and the trustee of the fund to proceed with the termination of the fund.
I-VCAP said the fund would be de-listed and the trustee would sell all assets of the fund and later distribute to the unit holders pro rate to the number of units held by them.
The assets under management (AUM) in December 2015 was RM20.24mil and the annual total expense ratio (TER) of the fund was 0.21.
In December 2016, the AUM declined to RM18.97mil but the annual TER rose to 1.25 while in the following year, the AUM rose to RM19.81mil and annual TER was 1.37.
In December 2018, the AUM was RM18.42mil and annual TER 1.21.
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