Let's assume, that I have purchased shares of some ETF. A few months later, this ETF decides to close its operation. How does this situation look like from an investor's point of view?
Are shares being forcefully sold? Who determines the price?
Does the market price of ETF that said, that is going to close lowers (it won't operate) or raises (someone will be forced to buy them from me) or does not change significantly?
Is the situation treated differently depending on a country/stock exchange? Is closing it coordinated between stock exchanges (for example, we stop trading it at the end of day X)?
To return money to owners first this money has to be acquired. Money is acquired by selling whatever ETF was holding. Selling incurs commission (nominally big with this size of assets). Does it mean that the last owners of ETF's shares are losing most?
The question has been created after spotting that FRL ( https://etfdb.com/etf/FRL ) has been closed, but question regards ETF overall. FRL may be just an example to precise answers.