After nearly two and a half years in the ETF business, FaithShares [see profile] is pulling the plug on most of its products. Oklahoma-based FaithShares, which launched five ETFs aimed at the Christian demographic in December 2009, plans to liquidate the ETFs, except for one. [SEC filing]

Headed for liquidation this July are FaithShares Baptist Values Fund, Catholic Values Fund, Lutheran Values Fund and Methodist Values Fund. The four have a combined $7.8 million of AUM, according to Morningstar.

"They weren't just gaining enough traction," FaithShares CEO J. Garrett Stevens told The MFWire.com. "We've tried marketing, but the funds have not been able to get enough assets. It's expensive to keep them open."

Dodging liquidation is the $3.1 million FaithShares Christian Values Fund, which will remain open.

"We're keeping the fund open," Stevens said. "We will be making a positive announcement about that fund in the next couple of weeks." 

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