VanEck™UCITS ETFs: Fund Closure FAQs
|Share Class Name||ISIN|
|VanEck Morningstar North America Equal Weight UCITS ETF (EUR) Class A
The fund was liquidated on the 25 January 2022 at the NAV of €48.4038 per share. For more information please refer to the official announcement.
After careful consideration following a review of the current product range, taking into account the assets under management and the long-term interests of investors, the Directors have resolved that it is in the best interest of the Fund and their investors to close the VanEck™Morningstar North America Equal Weight UCITS ETF. There has been very little market interest in the Fund since its inception in 2015 and its assets under management have not exceeded €15mn at any point in time.
The last day of trading of the Shares in the Fund on each of the Relevant Exchanges is 17thJanuary 2022, (the "Final Exchange Trading Date").
Furthermore, the final applications for subscriptions and redemptions from Authorised Participants in respect of the Final Dealing Date (18thJanuary 2022) must be received no later than the cut-off times outlined in the Supplement for the Fund on 18thJanuary 2022.
Yes, investors can sell their shares before or on the Final Exchange Trading Date (17thJanuary 2022).
Investors who have not sold their Shares on or before the Final Exchange Trading Date, or have not validly applied for redemption of their Shares in accordance with the terms of the Prospectus, on or before the Final Dealing Date, and, in each case, who are investors in the Fund as at 25thJanuary 2022 (the “Record Date”), shall have their Shares compulsorily redeemed on 25thJanuary 2022 (the "Compulsory Redemption Date") which will be the day the final net asset value (the “Final NAV”) is calculated.
The proceeds of the Compulsory Redemption shall be distributed on or around 1stFebruary 2022 (the "Settlement Date") to such person listed in the Company's register of Shareholders as the holder of the Shares of the Fund as at the Record Date.
Please note that investors buying and selling Shares through a broker or market maker/Authorised Participant and/or investors who hold Shares through a nominee and/or clearing agent, may not appear in the Company's register of Shareholders. Such investors should deal directly with the relevant broker, market maker/Authorised Participant, nominee or clearing agent (as relevant) in respect of their investment.
If you do not wish to be automatically redeemed on the Compulsory Redemption Date, you can (if you are an Authorised Participant) redeem your Shares in the Fund at any time up to and including the Final Dealing Date in accordance with the Fund's normal redemption procedures as set out in the Prospectus.
However, if a redemption request does not settle by the Record Date, such Shares will be compulsorily redeemed against the Final NAV Value as of the Compulsory Redemption Date as part of the Fund’s closure process as outlined above.
VanEck offers an ETF with similar geographic exposure, the VanEckTMMorningstar US Wide Moat UCITS ETF. It invests into US equities with long-term competitive advantages and attractive valuations based on Morningstar estimates. Starting from the 20thDecember, the fund will change its underlying index to incorporate Sustainability selection criteria and will be called VanEckTMMorningstar US Sustainable Wide Moat UCITS ETF. If you would like to receive further information, please contact VanEck using the details set out below. Please note that the VanEckTMMorningstar US Wide Moat UCITS ETF has a higher management fee of 0.49%, compared to 0.2% for the discontinued Fund. It is recommended that Investors seek their own advice with regards to suitability of an investment into the VanEckTMMorningstar US Wide Moat UCITS ETF.
Investors are advised to consult their own professional advisers as to the tax implications of the Compulsory Redemption and closure of the Fund under the laws of the countries of their nationality, residence, domicile or incorporation.
The additional costs incurred in respect of closing the Fund will be paid by VanEck Asset Management B.V. The Fund's normal operating costs and transaction costs together with any Cash Redemption Fees will continue to be borne by the Fund and its respective Shareholders in accordance with the terms of the Supplement for the Fund.
If you have any queries concerning the matters outlined in this FAQs page, please contact your local agent, or (if none) VanEck at EMEAsales@vaneck.com.
VanEck is headquartered in New York City and has offices in Frankfurt (Germany), Pfaeffikon/SZ (Switzerland), Amsterdam (Netherlands), Sydney (Australia) and Shanghai (China).
For informational and advertising purposes only.
This information originates from VanEck (Europe) GmbH which has been appointed as distributor of VanEck products in Europe by the Management Company VanEck Asset Management B.V., incorporated under Dutch law and registered with the Dutch Authority for the Financial Markets (AFM). VanEck (Europe) GmbH with registered address at Kreuznacher Str. 30, 60486 Frankfurt, Germany, is a financial services provider regulated by the Federal Financial Supervisory Authority in Germany (BaFin). The information is intended only to provide general and preliminary information to investors and shall not be construed as investment, legal or tax advice. VanEck (Europe) GmbH and its associated and affiliated companies (together “VanEck”) assume no liability with regards to any investment, divestment or retention decision taken by the investor on the basis of this information. The views and opinions expressed are those of the author(s) but not necessarily those of VanEck. Opinions are current as of the publication date and are subject to change with market conditions. Certain statements contained herein may constitute projections, forecasts and other forward looking statements, which do not reflect actual results. Information provided by third party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. All indices mentioned are measures of common market sectors and performance. It is not possible to invest directly in an index.
Investors must read the sales prospectus and key investor information before investing in a fund. These are available in English and the KIDs in certain other languages as applicable and can be obtained free of charge at www.vaneck.com, from the Management Company or from the local information agent details to be found on the website.
No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of VanEck.
© VanEck (Europe) GmbH