Legg Mason is to close and liquidate three ETFs – the Legg Mason Developed ex-US Diversified Core ETF (DDBI), the Legg Mason Emerging Markets Diversified Core ETF (EDBI), and the Legg Mason US Diversified Core ETF (UDBI).
The closures are based on an ongoing review of the firm’s product lineup and are aimed to ensure it meets the evolving needs of its clients. Proceeds of the liquidation are currently expected to be sent to shareholders of the funds on or about 22 March 2019.
Effective as of the close of business on 6 March 2019, the funds will no longer accept orders for the purchase of creation units. It is expected that the funds will cease trading on NASDAQ on or about 15 March 2019, and subsequently will be delisted.
“As with all of our investment solutions, we are always seeking to deliver on investor needs,” says Rick Genoni, Legg Mason’s Head of ETF Product Management. “We are always evaluating our product lineup to ensure it is relevant to investor demand. In this case, we have determined a timely liquidation is the best option. We are pleased with the performance and the investor reception to other ETFs we offer.”