HANetf is set to close its online retail ETF in partnership with EQM Indexes after two years due to low asset gathering.
The Global Online Retail UCITS ETF (IBUY) launched in March 2021 with a total expense ratio (TER) of 0.69%.
IBUY’s underlying EQM Global Online Retail Growth index offered revenue-weighted exposure to trending eCommerce names.
However, the ETF failed to find traction in Europe, amassing just under $4m assets under management (AUM) in 24 months.
Terminating on 8 May, the ETF’s last day of trading will be 26 April with investors able to redeem shares until 3 May.
HANetf said the settlement date would be 10 days after the termination of the ETF.
The firm 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.”
IBUY becomes HANetf’s nineth white-label ETF to close since August last year.
The other closures are:
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)
As of the closure announcement, IBUY has greater AUM than five ETFs still trading on the HANetf platform.
The product becomes the fifth ETF launched to be closed by the firm that was launched in 2021 as the issuer built out its white-label ETF platform.
EQM’s index is also tracked by an Amplify ETF product in the US with $189m AUM.