Donner & Reuschel and Hansainvest launch German ETF share class with Ultumus

Donner & Reuschel, Hansainvest and infrastructure provider Ultumus have launched what Ultumus calls Germany's first domestically structured ETF share class. The announcement, published on 5 May, covers one equity ETF to start, with further ETF share classes planned across the remainder of 2026.

Ultumus calculates and distributes the portfolio composition file for Hansainvest and handles creations and redemptions for Donner & Reuschel through its COSMOS platform. Donner & Reuschel, the Hamburg- and Munich-based private bank, acts as custodian; Hansainvest is the fund administrator. Ultumus is owned by SIX Group, which operates the SIX Swiss Exchange and the BME Exchange in Spain.

The firms present the arrangement as part of a broader pattern Ultumus describes: established German asset managers and fund administrators using the ETF wrapper as a distribution and liquidity vehicle for existing fund strategies without having to build entirely new fund structures. The strategies already exist as funds; the new part is the wrapper and the operational plumbing behind it.

Horst H. Schmidt, chief executive of Donner & Reuschel, framed the move as "strategically broadening our Asset Servicing capabilities," adding that as a depositary focused on boutique fund structures the bank sees "particular potential in the growing market for active ETFs." Such funds, he said, aim to generate outperformance through active management while keeping ETF features including liquidity, transparency and market access.

Jörg W. Stotz, chief executive of Hansainvest, said the administrator aims "to be pioneers in active ETFs in Germany" and works with partners who share that ambition. Bernie Thurston, Ultumus's chief executive, said more ETF issuers across Europe are choosing COSMOS as the platform they build on.

The announcement gives no fee, no index, no ticker and no asset target for the fund. It does not define "domestically structured" beyond the split of roles between a German custodian and a German administrator. Further share classes are planned across the remainder of 2026 without dates; both firms will keep using Ultumus infrastructure independently on other ETF mandates.