Soft shackles made of ultra-high molecular weight polyethylene (UHMWPE) or Dyneema fiber are one of the newest things in the rigging world. Great for applications where weight is a consideration and unlike steel shackles, there is no pin to keep track of. Popular for jerking or towing vehicles because if the rope or strap breaks, there is no flying metal hardware coming through the windshield. Also a favorite in the yachting world because of its light weight.
*These are not yet approved for overhead lifting*