WisdomTree has unveiled changes to four of its ETFs. Three funds changed their names and investment objectives, and another fund started operating as a fund-of-funds, according to a recent SEC filing.

The WisdomTree Low P/E Fund has been redubbed the WisdomTree Large Cap Value Fund and will now seek to track the performance of the LargeCap Value Index. The new index will no longer screen for value stock based on P/E ratios but will instead determine earnings based on each company's net income. The index will then assign value ratings based on P/E ratio, price to sales ratio, price to book value and 1-year change in stock price, which are then used to determine which companies are included in the index.

The Japan Equity Income Fund has been renamed the World ex-US Growth Fund and will now track the performance of the World ex-US Growth Index. The change was made due to a lack of distinction between the Japan Equity Income Fund and the Japan Total Dividend Fund, which hold similar securities. The new World ex-US Fund will track a growth index with exposure to both developed and emerging international market stocks.

The Europe Equity Income Fund is now called the Global Equity Income Fund and will broaden its focus from European securities and now track the Global High-Yielding Equity Index. The fund will now operate under a fund of funds structure and invest in other WisdomTree ETFs. The global income strategy will invest US, developed and emerging markets, and will invest primarily in the WisdomTree Equity Income Fund, DEFA Equity Income Fund and Emerging Markets Equity Income Fund in order to gain exposure to the securities in the index.

Meanwhile, the DEFA Fund has assumed a fund-of-funds structure in order to provide exposure to the DEFA Index. The fund will invest primarily in the Europe Total Dividend, Japan Total Dividend and Pacific ex-Japan Total Dividend Funds. The fund, however, retains its original name and underlying index.  

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