The Globe and Mail reports in its Tuesday edition that Emerge Canada has missed a deadline to pay back the $4.7-million it owes to several exchange-traded funds it manages, leaving investors as unsecured creditors without their money. The Globe's Clare O'Hara and David Milstead write that in a memo posted on-line Sunday night, the asset manager confirmed that all of the company's ETFs had been closed as of Dec. 29. However, it was unable to pay fundholders the money it owed them, including accrued interest, before termination of the funds. Emerge Canada borrowed the money from five of the ETFs it manages, starting in 2019. In April last year, the company said it borrowed the money to cover operating expenses for the fund. The five ETFs are branded as Emerge ARK funds, owing to a partnership with U.S.-based ARK Investment Management LLC, which is run by ARK's Cathie Wood, a prominent U.S. investor. Emerge Canada managed 11 ETFs. On April 14, the Ontario Securities Commission imposed a cease-trade order on the company's 11 ETFs. At the same time, Emerge Canada, which manages about $118-million in assets, owed a total of $2.53-million to its six Emerge ARK funds, which the OSC later said was actually $5.5-million.