Hi all, received an email that SelfWealth leaders ETF is being terminated on 5th May and will no longer be trading.
Any idea what needs to done?
Their email is so confusing
They asking to sell it now or wait till end date when they sell and settle
Is it like going bankrupt so all investors gather whatever they can ?
Any suggestions ?
My guess is there is not enough assets under management to continue running the fund: $ 4,460,465.37
can you repost the generic text part of the email.
It's not going bankrupt, but selling down it's holdings and returning the cash, so closing.
I'd expect that selling on market would be the simplest option - less chance of having to do any documents.
SelfWealth ETF rug pull. 😆
The ETF pain 🚂 is just getting started.
Appears to be https://www2.asx.com.au/markets/etp/self ?
Whether you sell it yourself, or wait for them to sell off all the holdings, either way it says it is happening this financial year. So you might want financial advice especially if
- you are expecting a significant profit or loss so it may impact other decisions you make this financial year
- you bought any of it around 11 months ago and want to figure out if you can/should hold on a few weeks for a 12 month CGT discount
Assuming it bought what it was suppose to do you get the value back (sum of all underlying securities less management fee).
You can also sell now if you think the market is going to fall. There should be a mechanism (market maker) that will buy it for close to asset value (or issue new shares).
Nothing to worry about.
ETF are created and some die because not big enough size (not enough demand).
Apparently there may also be capital gains tax (at the fund level) to also consider if you wait until the fund liquidates.
I'm in the same boat, would love to know what people think!