Xtrackers
Investment Company with Variable Capital
Registered office: 49, avenue J.F. Kennedy, L-1855
Luxembourg
R.C.S. Luxembourg B-119.899
(the "Company")
IMPORTANT NOTICE TO SHAREHOLDERS OF:
Xtrackers MSCI Europe Energy ESG Screened UCITS ETF
ISIN: LU0292101796
(the "Terminating Sub-Fund")
24 February 2023
Dear Shareholder,
This notice is to inform you on behalf of the board of directors
of the Company (the "Board of Directors") about recent developments
in respect of the Terminating Sub-Fund in which you hold
Shares.
Capitalised terms used in this notice shall have the same
meaning ascribed to them in the latest version of the prospectus of
the Company (the "Prospectus"), unless the context otherwise
requires.
We refer to the Terminating Sub-Fund which aims to reflect the
performance of the MSCI Europe Energy ESG Screened 20-35 Select
Index (the "Reference Index") which is based on the MSCI Europe
Energy Index (the "Parent Index") and comprises securities from
developed European markets that are classified as members of the
Global Industry Classification Standard (GICS(R)) energy sector and
which meet certain minimum Environmental, Social and Governance
("ESG") standards.
The Board of Directors deems it appropriate to terminate the
Terminating Sub-Fund in-light of a recent announcement by, and
subsequent interaction with, MSCI Limited, in its capacity as Index
Administrator of the Reference Index. The interaction concerns
certain upcoming changes to the features of MSCI ESG Screened
indices, including the Reference Index. MSCI has confirmed that on
01 March 2023 (the "Index Rebalancing Date"), the Reference Index
shall undergo methodology changes which will result in the
additional exclusion of certain eligible constituents from the
selection universe. This is due to the addition of the following,
amongst others, (i) new environmental, social, and governance
("ESG") driven revenue screens, (ii) additional exclusion criteria
on environmental controversies, and (iii) the addition of an
overall Greenhouse Gas intensity reduction target of the Reference
Index compared to the Parent Index (the "Reference Index
Changes").
While the Board of Directors are supportive of changes which
enhance the sustainability features of ESG indices in general, in
this situation the implementation at the level of the Reference
Index would result in the majority of current constituents, which
are closely associated with the European energy market, being
removed, thereby leaving the Reference Index with an extremely
small number of constituents. As of the Index Rebalancing Date, the
Board of Directors consider that the benchmark will no longer
represent an adequate benchmark for the market to which it refers
as required under UCITS requirements and would not consider it to
be in the best interests of Shareholders to continue to reflect its
composition.
In consideration of the aforementioned, and as there is no
suitable alternative reference index, the Board of Directors deems
it appropriate to terminate the Terminating Sub-Fund as soon as
possible.
Consequently, the Board of Directors has resolved to terminate
the Terminating Sub-Fund as further described below with effect
from 14 March 2023 (the "Termination Date") and to proceed with the
compulsory redemption of all outstanding Shares of the Terminating
Sub-Fund in accordance with article 21 of the Articles of
Incorporation and paragraph "II.d: Termination of Sub-Funds" of the
Prospectus (the "Termination"). The last Net Asset Value of the
Terminating Sub-Fund will be calculated as of the Termination Date
(the "NAV Date").
In order for Shareholders to not be exposed to an inadequate
benchmark and to avoid Shareholders incurring the transaction costs
associated with rebalancing the portfolio of the Terminating
Sub-Fund to align with the new composition of the Reference Index,
the Board deems it in the best interests of Shareholders to
temporarily deviate from the Investment Objective of the
Terminating Sub-Fund for the period between the Index Rebalancing
Date and the Termination Date. For the avoidance of doubt, this
will involve maintaining, as far as possible, the portfolio
composition of the Terminating Sub-Fund in line with the portfolio
composition of the Terminating Sub-Fund prior to the Index
Rebalancing Date, thereby not reflecting the Reference Index
Changes at the portfolio level.
Trading on all relevant stock exchanges will cease with effect
from close of trading on 10 March 2023 (the "Last Trading Day").
Therefore, sale or purchase of Shares in the Terminating Sub-Fund
in the secondary market may only be made until close of trading on
the relevant stock exchange on the Last Trading Day. For the
avoidance of doubt, the secondary market includes both trades on
the relevant stock exchanges and any over-the-counter trades. The
Terminating Sub-Fund is listed on the United Kingdom Financial
Conduct Authority's Official List and as a result of the
Termination, the Terminating Sub-Fund will be removed from the
Official List with effect from 8.00am on 15 March 2023.
Requests for redemption or subscription for Shares in the
Terminating Sub-Fund in the primary market, where applicable, may
be made in the usual manner for processing in accordance with the
Prospectus until the applicable Cut-off Time as set out in the
table below. However, the liquidation costs, if any, will be taken
into account in the Redemption Price and will be provisioned as
from the date of the Board of Directors' decision to terminate the
Terminating Sub-Fund. After the applicable Cut-off Time set out
below, no further redemptions or subscriptions will be
accepted.
Please see below for a summary of the information above:
Name of Stock Last Applicable Last Termination
Terminating ISIN exchange(s) Trading Day Cut-off Transaction Date and
Sub-Fund from which on stock Time and Day for NAV Date
the exchange(s) Date for primary
Terminating from which primary market
Sub-Fund is the market orders
to be Terminating orders
de-listed Sub-Fund is
to be
de-listed
Xtrackers LU0292101796 London 10 March 3:30 p.m. 13 March 14 March
MSCI Europe Stock 2023 Luxembourg 2023 2023
Energy ESG Exchange, time on 13
Screened XETRA, March
UCITS ETF Stuttgart 2023
Stock
Exchange
The following terms and conditions of the compulsory redemption
have been determined in accordance with article 21 of the Articles
of Incorporation and shall apply as of the Termination Date:
1. The Terminating Sub-Fund shall be liquidated and the
Redemption Price for the Terminating Sub-Fund will be determined by
reference to the Net Asset Value of the Class of Shares of the
Terminating Sub-Fund as of the Termination Date (the "Reference
NAV"). The Reference NAV will take into account, amongst other
expenses, all costs resulting from the realisation and liquidation
of the remaining investments of the Terminating Sub-Fund (as
applicable);
2. No Redemption Charge will be applied;
3. The Redemption Proceeds will be paid in the relevant
Reference Currency to the International Central Securities
Depositaries ("ICSDs");
4. The payment of the Redemption Proceeds to the ICSDs,
resulting from the compulsory redemption, will take place at the
latest 10 Luxembourg Business Days after the Termination Date (the
"Payment Date"). It should be noted that payment of the Redemption
Proceeds to Shareholders who hold Shares via intermediaries may
take longer than 10 Luxembourg Business Days; and
5. The Redemption Proceeds relating to Shares for which payment
to Shareholders could not be made, will be deposited with the
Caisse de Consignation in Luxembourg on behalf of the persons
entitled thereto as soon as possible after the Payment Date and in
any event before the closure of the liquidation procedure.
Shareholders who subscribe for Shares in the Terminating
Sub-Fund on the primary market, where applicable, are entitled to
redeem their Shares in the Terminating Sub-Fund in accordance with
the Prospectus. Such redemptions shall be free of any Redemption
Charge from the date of this notice until the applicable Cut-off
Time and Date (as set out in the table above). Please note that the
Company does not charge any redemption fee for the sale of Shares
in the secondary market. Orders to sell Shares through a stock
exchange can be placed via an authorised intermediary or
stockbroker. Shareholders should note that orders in the secondary
market may incur costs over which the Company has no control and to
which the above exemption on redemption charges does not apply.
Further information in relation to the Termination may be
obtained from the legal entities mentioned under Contact
information below, the offices of foreign representatives or by
sending an email to Xtrackers@dws.com.
Shareholders who have any queries or to whom any of the above is
not clear should seek advice from their stockbroker, bank manager,
legal advisor, accountant or other independent financial
advisor.
All Shareholders are strongly advised to: consult their tax
advisor to assess the impact of the Termination and any potential
tax consequences thereof under the laws of the countries of their
nationality, residence, domicile or incorporation.
Neither the contents of the Company's website nor the contents
of any other website accessible from hyperlinks on the Company's
website is incorporated into, or forms part of, this
announcement.
Xtrackers
The Board of Directors
Contact information
Xtrackers
49, avenue J.F. Kennedy, L-1855 Luxembourg, Grand Duchy of
Luxembourg
DWS Investment S.A.
2, boulevard Konrad Adenauer, L-1115 Luxembourg, Grand Duchy of
Luxembourg
View source version on businesswire.com:
https://www.businesswire.com/news/home/20230224005172/en/
CONTACT:
Xtrackers
SOURCE: Xtrackers
Copyright Business Wire 2023
(END) Dow Jones Newswires
February 24, 2023 04:34 ET (09:34 GMT)
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