Wisdom Tree oil etf closure?

dwayne3

my first post guys, I just joined. I have an oil etf BRNT LN. I heard wisdom tree was closing all of them but I don’t see anything pointing to that on this etf. Hargreaves Lansdown haven’t been that helpful in giving information on the issue. Any advice appreciated

Thrugelmir

Perhaps your question is best directed at Wisdom Tree themselves. As only they'll know the full facts. 

Ceme3000

 As I understand it there is Wisdom Tree Oil Securities Limited and Wisdom Tree Commodity Securities Limited and it is the former that are closing 8 oil securities. The LSE tickers are OILB, OSB1,OSB2,OSB3,OSW1,OSW2,OSW3 and OILW.
I have CRUD which is why I have been reading up on it.
The FAQ is here.
https://www.wisdomtree.eu/en-gb/about-wisdomtree/important-notices
According to the FAQ they are suggesting BRNT as an alternative to the closed OILB.

dwayne3

Thx for the replies, very helpful. And yes I will check with wisdom tree also. Out of interest, which platform did you use to buy CRUD? I find the ongoing charge and flat fee that Hargreaves L charge quite steep. Thank you.

Ceme3000

I use HL as well. They don't charge for ETF's in the fund and share account but they do in the SIPP and ISA. I'm sure there are better options available elsewhere. That's something I need to investigate too.

I was wondering whether a platform like Trading212 might be better for ETF's as they say it is free to trade?

dwayne3

Thank you. Yes, I think these prices will come down, I will check out some of the newer players.

Ceme3000

Update: After reading up on Trading212, personally speaking they aren't for me! I think I would prefer to pay a more mainstream platform the trading fee to be honest. 

dwayne3

Oh really? I had a quick look and they appear to be regulated by the fca, fund’s segregated and protected under the fscs. What has put you off if you don’t mind me asking?

Ceme3000

Perhaps I'm being hasty, but yes the headline attraction is zero fees and you can set up an ISA, also they are FCA regulated and reviews and media coverage seem largely positive.  

I think what put me off was the handful of negative reviews regarding customer service and the fact that there seems to be a lack of information on their website explaining how they actually do make a profit (you don't get anything for free!).   Are the spreads punitive? Are the ETF trades live or delayed? Are currency exchange rates commission free? Etc. I think if they were a bit more transparent I wouldn't be so suspicious. 

Maybe someone here who actually uses them could convince me that I am judging them unfairly! 

dwayne3

Fair point!

EdGasketTheSecond

There's a complete thread on Trading212 on here, just search for it.