The board of directors of HealthShares, the flagship exchange traded funds family of XShares Advisors has approved a reorganization of the 19 HealthShares ETFs.

XShares has also announced changes to a number of its proprietary HealthShares indexes that will affect the portfolios of HealthShares exchange traded funds (ETFs).

The redesigned HealthShares suite of ETFs will include four of the current HealthShares ETFs-each of which is expected to carry a significantly lower expense ratio-the closing of 15 HealthShares ETFs now trading, and the expected introduction of new HealthShares ETFs in the coming months. Changes in the composition of the proprietary HealthShares indexes will result in the remaining HealthShares ETFs holding a number of constituent companies and generally higher minimum capitalization requirements.

Joseph Schocken, chairman and interim CEO of XShares Group, the parent company of XShares Advisors, said: Healthcare and life sciences remain the most exciting sectors for investment in the global economy. We believe that significant, untapped demand exists for specialized healthcare investment vehicles that focus on the innovation taking place outside the sector’s large-cap and mega-cap companies.