The AARP Financial mutual funds will cease to exist as of Oct. 1, less than three years after they launched to much fanfare.

An AARP filing with the Securities and Exchange Commission cites competitive pressures.

AARP launched the four risk-profile, index-tracking funds in 2007 after ending its longtime relationship with Scudder Kemper Investments. At that time, AARP cited poor performance as the reason for terminating its partnership with Scudder.

In the SEC filing of July 20, AARP Funds President Richard "Mac" Hisey said: "The development of the AARP Funds was intended to lead change in the marketplace by providing investors with investment options that delivered against all of our investing principles [being] simple to understand, low cost, low investment minimum, coupled with complimentary investment guidance … and low $100 investment minimums."

The funds never gained enough assets under management, the SEC filing said. "Their small size has resulted in relatively high total expense ratios," Hisey said in the filing.

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