Just got an email from wisdom tree:22 Apr 2020 15:50
Due to an extreme adverse move in oil futures relative to the futures’ closing price for Tuesday April 21st 2020, the swap underlying the WisdomTree WTI Crude Oil 3x Daily Short (“3OIS”) exchange-traded product (the “ETP”) was terminated early Wednesday morning 22nd of April 2020, before the open of European **************s.
This termination is in accordance with “Severe Overnight Gap Event” provisions set out in the prospectus for the products (page 182). In a “Severe Overnight Gap Event” the swap provider may terminate the swap agreement by issuing an official termination notice.
The purpose of these provisions is to allow the swap provider to terminate the swap before it reaches or breaches a floor of $0, where the product bears no value for investors.
Consequently, the product mentioned above, which relied on the swap will be terminated as per the timelines referred to above and below through a process of compulsory redemption. Payment is expected to be made on or around Tuesday 28th April 2020.
The final NAV which will be paid, and the relevant returns for the product from the previous day are provided below:
Product Name
Termination Value
Final NAV per Share in US Dollars (USD)
Return
from the NAV of Tuesday 21st April
to the Final NAV per Share
WisdomTree WTI Crude Oil 3x Daily Short (“3OIS”)
8.1854041
-59.29%
Trading of the ETP on European exchanges is suspended and will remain suspended until the ETP is closed.