Nashville Area ETF to liquidate

The managers of the LocalShares Nashville Area ETF have begun liquidating the hyper-focused investment fund four and a half years after launching it with goals it never came close to reaching.

Directors of LocalShares, which was acquired last month by the New York-based parent company of the Worth brand, voted earlier this month to wind down the exchange-traded fund’s operation. The fund’s performance also lagged the broader market after a fast start: Its annualized return since launching in the summer of 2013 has been right at 5 percent, less than half the gains of the Standard & Poor’s 500 Index over that time.