In an SEC filing, FaithShares said the last trading day for the four funds will be July 15, and liquidation of fund assets will occur between July 20 and 27. Investors who still have fund assets on July 27 will have their shares automatically redeemed and will receive cash in an amount equal to the net asset value of their shares at the close of business on that day.
FaithShares was started by Stevens and Thompson Phillips, Jr., the founder of T.S. Phillips Investment Inc., a Oklahoma City-based broker-dealer. Prior to becoming CEO of FaithShares, Stevens was a vice president at T.S. Phillips.
Despite the recent setback, FaithShares evidently is primed for bigger things. Stevens says the company will make a big announcement this week. "It'll be totally unique and different from anything else out there," he says. "We're changing a lot of stuff around."