Stock price when the opinion was issued
The ETF business is going to be over $3.5 trillion. Large major mutual fund companies are ceding flows to the ETF industry. This is 7th-9th largest but the accounts are very large with a lion’s share of new info. Their flagship, which is a 3rd of their assets, is the Wisdomtree Japan, hedged to the US because you don’t want to be part of a falling yen. Tomorrow they start trading in the hedged Korean ETF.
ETF provider. Likes the way management operates. The trend in the ETF space is going to be a trend for a long time. Majority of assets that are coming into the equity markets are going into ETFs. This one is essentially a third-party marketer for other people’s products, so they don’t take any liability in terms of how to rebalance portfolios or what to put in it. Recently changed one of their partners on the servicing side, which will increase operating margins by 400 basis points.