Credit Suisse Asset Management (CSAM) has shut its DAX 50 ESG ETF after failing to attract enough assets.
In a shareholder notice, the firm said the CSIF DAX 50 ESG Blue UCITS ETF (DXESG) will delist from the Six Swiss Exchange and the Deutsch Boerse, effective 9 June.
According to its latest available factsheet, the ETF had €6.8m assets under management at the end of April, a little under two years after it launched.
“The directors of the ICAV…have agreed to terminate the fund as they have determined that the NAV is below the minimum fund size and that it is impracticable or inadvisable for the fund to continue to operate having regard to prevailing market conditions and the best interests of the shareholders,” the Swiss asset manager said.
DXESG is one of 10 ETFs in CSAM’s passive range which currently houses roughly $6.7bn AUM.
UBS, which agreed to acquire Credit Suisse in a deal worth $3.25bn in March, will likely take on its rival’s ETFs on completion of the acquisition earmarked for early June.
The move is expected to increase the competition within the European ETF industry with UBS Asset Management set to become the fourth-largest issuer on the market.