Deutsche Asset & Wealth Management (Deutsche AWM), the exchange traded funds arm of German banking giant Deutsche Bank (NYSE: DB), plans to shutter its five target-date ETFs. Combined, the five target-date funds represent less than 1% of Deutsche AWM’s $16.7 billion in U.S. ETF assets.
The ETFs being close are as follows: The Deutsche X-trackers In-Target Date ETF (NYSEArca: TDX), Deutsche X-trackers 2010 Target Date ETF (NYSEArca: TDD), Deutsche X-trackers 2020 Target Date ETF (NYSEArca: TDH), Deutsche X-trackers 2030 Target Date ETF (NYSEArca: TDN) and the Deutsche X-trackers 2040 Target Date ETF (NYSEArca: TDV).
On May 15, the ETF’s will cease accepting creation orders. Redemption requests will be taken until May 18, the funds’ final day of trading, according to a statement from Deutsche AWM.
In 2014, approximately 80 ETFs closed while issuers brought nearly 205 new products to market. This year, nearly 30 U.S. ETFs have been closed.
On the back of currency hedged ETFs, such as the Deutsche X-trackers MSCI EAFE Hedged Equity ETF (NYSEArca: DBEF) and the Deutsche X-Trackers MSCI Europe Hedged Equity ETF (NYSEArca: DBEU), as well as the Deutsche X-trackers Harvest CSI 300 China A-Shares ETF (NYSEArca: ASHR), Deutsche AWM has become one of the fastest-growing ETF issuers in the U.S.
DBEF is the second-best asset-gathering ETF this year and now has $11.6 billion in assets under management after being home to $800 million in assets in October. [Big Growth for This Currency Hedged ETF]
ETF Trends editorial team contributed to this post.