New data provider wanted forward of its July rebalancing

DWS and Nasdaq are on the hunt for a new data provider for two thematic ETFs after their present accomplice Yewno Inc. was pressured to liquidate everything of it belongings.

In a shareholder discover, the group mentioned the £450m Xtrackers Synthetic Intelligence & Huge Data UCITS ETF (XAIX) and the £77m Xtrackers Future Mobility UCITS ETF (XMOV), which observe Nasdaq Yewno indices of the identical title, might want to discover a new data provider earlier than their subsequent rebalance on 21 July.  

“DWS is exploring the best options available to ensure that the funds will continue to reflect the performance of shares of companies from global developed and emerging markets that have material exposure to the respective themes which meet certain ESG criteria,” the asset supervisor mentioned.

“This includes consulting with Nasdaq to determine what options are available to find an alternative provider of the thematic data.”

Nasdaq, which is able to proceed as the index administrator for the two indices, partnered with Yewno Inc. to supply the proprietary theme and sub-theme classifications used for reviewing publicity to modern applied sciences.

The data was then used to assemble every reference index for the two ETFs which launched in January 2019.

Nonetheless, final September Yewno Inc. filed for a ‘general assignment’, a course of that allows it to liquidate all its belongings with out submitting for chapter, after it mentioned it was unable to pay its money owed in full.

Regardless of this, DWS mentioned Nasdaq was capable of work with the assignee of Yewno Inc.’s belongings, Yewno LLC, and former Yewno Inc. workers to make sure the semi-annual rebalance was capable of happen on 20 January.

The two indices observe shares from massive, mid and small-cap shares from throughout the funding universe with particular person securities capped at 4.5%.

Securities had been chosen utilizing Yewno’s pure and contribution rating technique, assigning corporations two scores primarily based on their patent submitting exercise to evaluate how “intensely a company engaged in a theme”.

The German asset supervisor added the liquidation of Yewno Inc. belongings “has no impact on the management or operation of the funds”.

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