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Deutsche X-trackers to close target-date ETFs


Deutsche Asset & Wealth Management (Deutsche AWM) US ETF platform, Deutsche X-trackerr, is to close and liquidate the following five target-date exchange traded funds (ETFs), representing less than 1 per cent of the platform’s assets.

The funds to be closed are: 

• Deutsche X-trackers In-Target Date ETF (TDX)
• Deutsche X-trackers 2010 Target Date ETF (TDD)
• Deutsche X-trackers 2020 Target Date ETF (TDH)
• Deutsche X-trackers 2030 Target Date ETF (TDN)
• Deutsche X-trackers 2040 Target Date ETF (TDV)

Commencing on Friday, 15 May, 2015, the ETFs will no longer be accepting creation orders and the final day of trading on the NYSE Arca exchange will be Monday, 18 May, 2015. The ETFs will be accepting redemption requests until 18 May, 2015. Proceeds of the liquidation are currently scheduled to be sent to shareholders on or about Wednesday, 27 May , 2015.

When each ETF commences liquidation of its portfolio securities, each ETF may hold cash and securities that may not be consistent with the ETF’s investment objective and strategy. During this period, each ETF is likely to incur higher tracking error than is typical for the ETF.

Shareholders may sell their holdings of a ETF on the NYSE until the market close on 18 May, 2015, and may incur typical transaction fees from their broker-dealer. At the time the liquidation of the ETFs is complete, shares of the ETFs will be individually redeemed. For investors that still hold shares as of May 19, 2015, each ETF will automatically redeem its shares for cash at the ETF’s current net asset value as of close of business. Shareholders generally will recognise a capital gain or loss on the redemptions. The ETFs may or may not, depending upon each ETFs circumstances, pay one or more dividends or other distributions prior to or along with the redemption payments.

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