Industry Updates

HANetf shuts enterprise software ETF in latest casualty of closure spree

SOFT becomes HANetf’s seventh closure in recent months

Jamie Gordon

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HANetf has terminated its enterprise software ETF in partnership with Purpose Investments after low asset gathering made it “impracticable and inadvisable” to operate.

The Purpose Enterprise Software ESG-S UCITS ETF (SOFT) amassed $4m assets under management (AUM) since launching 18 months ago.

Terminating on 20 January, SOFT’s last day of trading on exchanges was Monday 9 January with investors given until Friday to redeem their shares, the firm said in a notice.

Proceeds from assets yet to be realised by the termination date will be returned to investors between 20 January and 3 February.

HANetf said in a statement: “The board has considered the viability of the fund and, taking into account the current levels of AUM and the best interests of the shareholders, has determined that it is impracticable and inadvisable for the fund to continue to operate.”

SOFT becomes the seventh ETF on HANetf’s white-label platform to shut since August 2022. The other equity and crypto closures are: 

  • iClima Smart Energy UCITS ETF (DGEN) 

  • Cleaner Living ESG-S UCITS ETF (DTOX)  

  • ETC Group Physical Bitcoin Cash ETP (BTCH) 

  • ETC Group Physical Stellar ETP (STLR) 

  • ETC Group Physical Tezos ETP (EXTZ) 

  • ETC Group Physical Uniswap ETP (USWA)

Including products that have been or are set to close, SOFT houses more assets than 18 other products on the HANetf platform.

This includes other 2021 launches such as the $4m Global Online Retail UCITS ETF (IBUY), $3m Saturna Sustainable ESG Equity HANzero UCITS ETF (SESG) and the $2m ETC Group Digital Assets and Blockchain Equity UCITS ETF (KOIN), which all remain open.

At the time of writing, SOFT’s AUM was only $200k short of Europe’s first carbon offset ETF, the HANetf S&P Global Clean Energy Select HANzero UCITS ETF (ZERO), which also launched in 2021 in partnership with Purpose Investments.

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