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XShares Group sells its ETF manager

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XShares Group has sold its principal operating subsidiary, exchange-traded fund manager XShares Advisors.

XShares Group will change its name to BNDRE Holdings and will refocus its efforts on becoming a manager of distressed real estate in the US.

Under the terms of the sale, XShares Group will no longer have the responsibility of fund management oversight of the family of five TDX Independence target-date ETFs.

XShares Group has resolved its outstanding balance sheet issues by repaying substantially all of its creditors, and converting all outstanding long-term debt into equity.

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