As investors fled actively managed UK property funds in June’s post-Brexit turmoil, forcing many to suspend redemptions, exchange-traded funds based on real estate continued to trade. But this does not mean ETFs are immune to illiquidity or closure.

Because they were unable to sell underlying holdings fast enough to meet investor demand for withdrawals, Standard Life Investments, Aviva Investors and Aberdeen Asset Management's active property funds were among those to shut their doors or set sky-high exit charges for investors hoping to make redemptions.