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WisdomTree To Shut Down 10 ETFs

Mon, Feb 1, 9:46 AM ET, by Michael Johnston

WisdomTree, an ETF issuer specializing in international and fundamentally-weighted funds, announced the closure of ten of its funds, effective March 24th, 2010. The ETFs effected represent just 3% of WisdomTree’s $6 billion in assets under management and include several of the company’s international sector funds. The largest fund closing is WisdomTree International Communications Sector Fund (DGG) which had roughly $27 million in assets at the end of last year.

"We proposed the closure of 10 ETFs in order to create capacity for future growth initiatives, and because we believe it is in the best interest of our customers and shareholders to dedicate our resources to areas of greater client interest," said WisdomTree CEO Jonathan Steinberg. "We have no plans to make any further closures and are fully committed to maintaining and developing an innovative product line, including the introduction of new funds in the coming months."

The funds that will be closed are as follows:

  • International Technology Sector Fund (DBT)
  • International Financial Sector Fund (DRF)
  • International Health Care Sector Fund (DBR)
  • International Consumer Staples Sector Fund (DPN)
  • International Consumer Discretionary Sector Fund (DPC)
  • International Industrial Sector Fund (DDI)
  • International Communications Sector Fund (DGG)
  • Europe Total Dividend Fund (DEB)
  • Earnings Top 100 Fund (EEZ)
  • U.S. Short Term Government Income Fund (USY)

With the announcement of these closures, 2010 has already been a year of very high turnover in the ETF industry. Nearly two dozen new funds were launched in January, including the International Hedged Equity Fund (HEDJ) from WisdomTree (see a complete summary of new ETF launches for January here). With more than 150 ETFs maintaining assets of less than $20 million, the number of fund closures in 2010 could far exceed previous years.

For news on all ETF launches and product closures, sign up for our free ETF newsletter.

Disclosure: No positions at time of writing


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This Article's Word Cloud:   Care   Communications   Consumer   ETFs   Equity   Financial   Fund   Hedged   International   January   Sector   Staples   Steinberg   Term   WisdomTree   With   already   assets   closing   closure   closures   committed   fund   funds   have   including   innovative   interest   international   introduction   last   launches   less   maintaining   million   months   newsletter   previous   product   resources   said   several   than   these   time   weighted   were   which   will   year

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