TIDMMOAT
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF YOU ARE IN
ANY DOUBT AS TO THE ACTION YOU SHOULD TAKE, YOU SHOULD SEEK ADVICE FROM YOUR
INDEPENT LEGAL, TAX, FINANCIAL OR PROFESSIONAL ADVISOR IMMEDIATELY.
VanEck Vectors Morningstar US Wide Moat UCITS ETF
(THE "FUND")
A SUB-FUND OF
VanEck VectorsT UCITS ETFs plc
(an umbrella fund with segregated liability between sub-funds)
A company incorporated with limited liability as an open-ended investment
company with variable capital under the laws of Ireland with registered number
548554
NOTICE CONVENING AN EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS OF THE FUND
AT 33 Sir John Rogerson's Quay, Dublin 2, Ireland AT 10:00 a.m. (IRISH TIME) ON
3 December 2021 AS SET OUT IN APPIX 1.
If you have sold or transferred your Shares in the Fund, please forward this
document and the accompanying proxies to the purchaser, transferee or other
agent through whom the sale or transfer was effected.
The Directors of the Company accept responsibility for the accuracy of the
contents of this document.
VanEck VectorsT UCITS ETFs plc
(an umbrella fund with segregated liability between sub-funds)
A company incorporated with limited liability as an open-ended investment
company with variable capital under the laws of Ireland with registered number
548554
Registered Office: 33 Sir John Rogerson's Quay, Dublin 2, Ireland
Date: 15 November 2021
Re: Extraordinary General Meeting of the Fund
Dear Shareholder,
We are writing to you to notify you that the Directors of the Company wish to
convene an Extraordinary General Meeting of the Fund on 3 December 2021 at
10.00 a.m. (Irish Time) (the "EGM" / "Meeting"), at which shareholders will be
asked to approve the proposed amendment to the investment objective of the Fund
(the "Proposed Amendment"). The Fund will continue to follow the same
investment policy and strategy employed by the Manager since the inception of
the Fund. Furthermore, it is not expected that this proposal changes the risk
profile of the Fund.
As the Fund uses the International Central Securities Depository ("ICSD") model
of settlement and Citivic Nominees Limited is the sole registered shareholder
of Shares in the Fund under the ICSD settlement model, physical attendance of
investors who are not registered shareholders does not take place at general
meetings of the Fund or of the Company, investors in the Fund should send
voting instructions through the relevant ICSD or the relevant participant in an
ICSD (such as a local central securities depository). If any investor has
invested in the Fund through a broker/dealer/other intermediary, the investor
should contact this entity or its relevant proxy voting agent to provide voting
instructions.
1 PROPOSED AMMENT REQUIRING SHAREHOLDER APPROVAL
Subject to Shareholder approval and the requirements of the Central Bank, it is
proposed to amend the investment objective of the Fund as follows:
"The Fund's investment objective is to track, before fees and expenses, the
price and yield performance of the Morningstar® US Sustainability Wide Moat
Focus IndexSM (the Index). For a further description of the Index see the
section entitled Information on the Index below"
2 RATIONALE FOR THE PROPOSED AMMENT
The Directors, following engagement with the Manager, are proposing to change
the investment objective of the Fund by changing the relevant index which the
Fund seeks to replicate, before fees and expenses. It is proposed that the Fund
will, subject to the passing of necessary resolution, seek to replicate, before
fees and expenses, the price and yield of the Morningstar® US Sustainability
Moat Focus IndexSM (the "New Index"). A mark-up showing the Proposed Amendment
which Shareholders are being asked to approve and further information on the
New Index is set out in Appendix 3.
The Proposed Amendment is being proposed as part of the Company's continuous
review of its existing product range and due to increased demand for ESG
compliant investments. The Company believes that the New Index, which consists
of companies that meet certain minimum Environmental, Social and Governance ("
ESG") standards, will increase its sustainable footprint by focusing its
investment strategy on sustainable investment strategies. The differences
between the prior index and the New Index (which are both calculated by the
same issuer) include, but are not limited to, the following:
(a) ESG screening: the New Index applies an ESG screening approach which
excludes companies, amongst others, are associated with antipersonnel mines,
biological and chemical weapons, cluster weapons, depleted uranium, nuclear
weapons, and white phosphorus weapons; production of controversial weapons;
manufacturing of firearms sold to civilian customers; or Thermal Coal
(extraction or power generation); or which obtain more than 50% tobacco
products involvement by revenue or were involved in Controversies ranked
"severe" by Sustainalitics during the last 3 years. Additionally, the index
excludes companies that have Sustainalitics ESG Risk and Carbon Risk scores of
30 and higher (equivalent to "High" or "Severe"). The Index selection process
targets a Sustainalytics ESG Risk Score equivalent to top 32.5% of the
respective Morningstar Fund classification. The New Index promotes ESG
characteristics, therefore the Fund will qualify as a product subject to
Article 8 of SFDR as of the Effective Date.
(b) Momentum screening: the new Index screens out the worst 20% of
stocks by yearly performance in order to avoid "value trap" in the selection
process.
The anticipated tracking error and the risk profile of the Fund are expected to
remain the same, following the transition to the New Index. The Fund
composition is expected to change moderately to reflect the introduced ESG
constraints and targets. The Total Expense Ratio will not change as a result of
the proposed change to the New Index.
Subject to the passing of the ordinary resolution to amend the investment
objective of the Fund, it is proposed to change the name of the Fund to VanEck
Vectors Morningstar US Sustainable Wide Moat UCITS ETF.
3 SHAREHOLDERS' APPROVAL
For the sanctioning of the resolution to approve the Proposed Amendment, the
Shareholder of the Fund must pass the Ordinary Resolution. The required quorum
at the Meeting is one shareholder present in person or by proxy.
If such approval is obtained, the changes, including the change of name of the
Fund, will be effected on or around 17 December 2021 subject to the requisite
regulatory approvals being obtained, with the exact date to be announced via
the regulatory news service of Euronext Dublin and to be published in an
appropriate manner in each of the other jurisdictions in which the Fund's
shares are listed on a stock exchange.
The supplement for the Fund and the Key Investor Information Document (KIID)
will be updated at the Effective Date or as soon as possible thereafter,
subject to the approval by the Central Bank of Ireland and subject to any
changes as may be required by the Central Bank of Ireland.
4 RECOMMATION
The Directors believe that the proposed resolution is in the best interests of
the shareholders of the Fund as a whole and, accordingly, recommend that you
vote in favour of the proposed resolution.
5 PUBLICATION OF RESULTS
The result of the EGM will be announced through the regulatory news service on
Euronext Dublin website and will be published in an appropriate manner in each
of the other jurisdictions in which the Company is listed on a stock exchange.
Yours faithfully,
Director
VanEck Vectors UCITS ETFs plc
APPIX 1
NOTICE OF EXTRAORDINARY GENERAL MEETING
OF VanEck Vectors Morningstar US Wide Moat UCITS ETF (the "FUND")
a sub-fund of
VANECK VECTORS UCITS ETFs PLC (THE "COMPANY")
NOTICE IS HEREBY GIVEN that the Extraordinary General Meeting of the
shareholders of the Fund will be held at 33 Sir John Rogerson's Quay, Dublin 2,
Ireland on 3 December 2021 at 10:00 a.m. (Irish Time) for the following
purpose:
RESOLUTION
That the investment objective of the Fund, as detailed in section 1 of the
Circular dated 15 November 2021, be changed to reflect the change of the index
of the Fund, subject to any amendments required by the Central Bank of Ireland.
By order of the Directors.
Dated this 15th day of November 2021
Tudor Trust Limited Registered in Dublin, Ireland - No: 192532.
Notes
Quorum
1 The required quorum at the meeting is one shareholder present in
person or by proxy. If a quorum is not present within half an hour from the
appointed time for the meeting, or if during a meeting a quorum ceases to be
present, the meeting shall stand adjourned to the following week (11 December
2021) at the same time and place, or to such other day and at such other time
and place as the Directors may determine.
Entitlement to attend and vote
2 Only a registered shareholder is entitled to attend, speak, ask
questions and vote at the meeting (or any adjournment thereof). As sub-funds in
the Company use the International Central Securities Depositary (ICSD) model of
settlement and Citivic Nominees Limited is the sole registered shareholder of
shares in the sub-funds under the ICSD settlement model, investors in the
Sub-fund should submit their voting instructions through the relevant ICSD or
the relevant participant in an ICSD (such as a local central securities
depositary). If any investor has invested in the Sub-fund through a broker/
dealer/other intermediary, the investor should contact this entity or its
relevant proxy voting agent to provide voting instructions.
Appointment of proxies
3 A form of proxy is enclosed with this Notice of the EGM for use by
registered shareholders. As mentioned above, investors in the Sub-fund who are
not registered shareholders should submit their voting instructions through the
relevant ICSD or the relevant participant in an ICSD (such as a local central
securities depositary, broker or nominee), instead of using the form of proxy.
To be effective, the form of proxy duly completed and executed, together with a
copy of the power of attorney or other authority under which it is executed
must be deposited by registered shareholders at the offices of the office of
the Company Secretary, Tudor Trust Limited, 33 Sir John Rogerson's Quay, Dublin
2, Ireland, so as to be received no later than 24 hours before the time
appointed for the EGM or any adjournment thereof or (in the case of a poll
taken otherwise than at or on the same day as the EGM or adjourned EGM) at
least 24 hours before the taking of the poll at which it is to be used. Any
alteration to the form of proxy must be initialled by the person who signs it.
4 Subject to the Articles of Association of the Company and provided
it is received at least 24 hours before the time appointed for the holding of
the EGM or any adjournment thereof or (in the case of a poll taken otherwise
than at or on the same day as the EGM or adjourned EGM) at least 24 hours
before the taking of the poll at which it is to be used, the appointment of a
proxy may also be submitted electronically to tudortrust@dilloneustace.ie
entering the company name.
Voting rights and total number of issued shares in the Sub-fund
5 At the EGM, the resolutions put to the vote of the meeting shall be
decided on a poll. On a poll every shareholder shall have one vote for every
share of which he is the shareholder.
6 Where a poll is taken at an EGM any member, present or by proxy,
holding more than one share is not obliged to cast all his/her votes in the
same way.
7 Ordinary resolutions require to be passed by a simple majority of
members voting in person or by proxy. Special resolutions require a majority of
not less than 75% of votes cast by those who vote either in person or in proxy
to be passed.
APPIX 2
FORM OF PROXY
VanEck Vectors Morningstar US Wide Moat UCITS ETF (the "Fund")
a sub-fund of
VANECK VECTORS UCITS ETFs PLC (THE "COMPANY")
I/We* of
being a Shareholder in the Fund and entitled to vote, hereby appoint the
Chairman of the Meeting or failing him/her Laura Tully of 33 Sir John
Rogerson's Quay, Dublin 2, Ireland or failing her a representative of Tudor
Trust Limited as my/our* proxy to vote for me/us* on my/our* behalf at the
Extraordinary General Meeting of the Company to be held at 33 Sir John
Rogerson's Quay, Dublin 2, Ireland on 3 December 2021 at 10:00 a.m. (Irish
Time) or any reconvened meeting thereof.
(*delete as appropriate)
Signature:
Date: 2021
Please indicate with an "X" in the spaces below how you wish your vote to be
cast in respect of the resolution. If no specific direction as to voting is
given, the proxy will vote or abstain from voting at his/her discretion. If you
elect to abstain from voting with respect to the resolution, such election will
not count as a vote in law and will not be counted in the calculation of the
proportion of the votes for and against the resolution.
Resolution: For Against Abstain
1. That the investment objective of the Fund,
as detailed in section 1 of the Circular dated 15
November 2021, be changed to reflect the change of the
index of the Fund, subject to any amendments required
by the Central Bank of Ireland.
IF RELEVANT, PLEASE PRINT YOUR NAME OR THE NAME OF THE CORPORATION YOU ARE
EXECUTING THIS FORM ON BEHALF OF AND YOUR ADDRESS UNDERNEATH
Print Name:
_____________________________________________________________________
Print Address
____________________________________________________________________
____________________________________________________________________________
Notes
1 A shareholder must insert his/her full name and registered address
in type or block letters. In the case of joint accounts the names of all
holders must be stated. Please insert your name(s) and address in BOLD TYPE and
sign and date the form.
2 Only a registered shareholder is entitled to attend, speak, ask
questions and vote at the Meeting (or any adjournment thereof). As sub-funds in
the Company use the International Central Securities Depositary (ICSD) model of
settlement and Citivic Nominees Limited is the sole registered shareholder of
shares in the sub-funds under the ICSD settlement model, physical attendance of
investors who are not registered shareholders does not take place at general
meetings of the Fund or of the Company and investors in the Fund should send
voting instructions through the relevant ICSD or the relevant participant in an
ICSD (such as a local central securities depository). If any investor has
invested in the Fund through a broker/dealer/other intermediary, the investor
should contact this entity or its relevant proxy voting agent to provide voting
instructions.
3 The Form of Proxy must:
* in the case of an individual shareholder, be signed by the shareholder or
his attorney; and
* in the case of a corporate shareholder, be executed under its common seal
or under the hand of some officer, attorney or other person duly authorised
to act on its behalf.
4 Indicate by placing a cross in the appropriate box how you wish your
votes to be cast in respect of each resolution. If no mark is made, your proxy
may vote or abstain at his/her discretion. On any other business not specified
in the Notice of Meeting and arising at the Meeting, the proxy will act at his
or her discretion.
5 To be valid, this form (and, if applicable, any power of attorney or
other authority under which it is signed or a notarially certified copy
thereof) must be completed and deposited at the office of the Company
Secretary, Tudor Trust Limited, at 33 Sir John Rogerson's not less than 24
hours before the time appointed for the holding of the meeting by post or by
fax at +353 (0) 1 667 0042 for the attention of Laura Tully. Citivic Nominees
may send their signed Form of Proxy by e-mail to tudortrust@dilloneustace.ie.
Any proxy form deposited less than 24 hours before the time of the meeting may
only be treated as valid at the discretion of the Directors. Failure to return
the proxy form by the required time will (subject to the aforementioned
discretion of the Directors) result in the proxy form being void and your proxy
will not be entitled to vote on your behalf as directed.
APPIX 3
Proposed amendments to the Index and investment objective
Investment Objective
"The Fund's investment objective is to track, before fees and expenses, the
price and yield performance of the Morningstar® US Sustainability Wide Moat
Focus IndexSM (the Index). For a further description of the Index see the
section entitled Information on the Index below"
Information on the Index
The Index is designed to provide exposure to at least 40 of the top equity
securities in the Morningstar US Market Index (parent index) that are rated as
wide moat companies (being a company which it is believed will have
sustainability in its competitive advantage(s)) and have the lowest current
market price/ fair value price determined in an independent research process by
the Morningstar equity research team. Companies selected into the Index are
compliant with Environmental, Sustainability and Governance (ESG) criteria
based on the Morningstar Sustainability Rating which uses external data
provided by Sustainalytics (a leading independent ESG and corporate governance
research, ratings, and analytics firm) ESG research which aims to measure how
well issuers proactively manage ESG issues that are the most material to their
business.
To qualify for inclusion in the Morningstar® US Sustainability Wide Moat Focus
Index, all parent index constituents must meet the following criteria:
* Company is assigned a wide moat classification by a Morningstar equity
research analyst
* Company is assigned a fair value price by a Morningstar equity research
analyst
* Company cannot be under review by a Morningstar equity research analyst at
time of index review.
+ A company may go under review, either because the analyst is
incorporating new information into the valuation model or because of a
transition in analyst coverage.
+ Morningstar equity research analysts strive to minimize the amount of
time a fair value is under review, particularly for equity securities
which have previously received a wide moat rating, and therefore it is
expected to be rare for a stock to drop out of the index for this
reason.
* Following an assessment of the above criteria, each company is assigned an
ESG and controversy score which is based on the Morningstar Sustainability
Rating and external ESG data sources. To be eligible for inclusion in the
Index, the relevant company must:
+ hold a controversy score (assessed based on severity of incidents, the
corporations' accountability, and whether they form part of a pattern
of corporate misconduct) of 4 (out of 5) or lower throughout the
trailing 3 years;
+ ESG Risk Category must be "Medium", "Low" or "Negligible";
+ If security is rated for Carbon Risk, its category cannot be High or
Severe (Carbon Risk Score must be less than 30)
+ A company must
+ not have more than 50% tobacco products involvement by revenue;
+ not have any involvement in production of controversial weapons (as
defined by third-party Sustainalytics Global Compact Compliance Service
exclusionary lists);
+ not have any involvement in the manufacturing of firearms sold to
civilian customers; and
+ not have any involvement in Thermal Coal (extraction or power
generation).
The Sustainalytics company-level ESG Risk Score measures the degree to which a
company's economic value may be at risk driven by materially relevant ESG
factors. The ESG Risk Score is based on a two dimensional materiality framework
that measures a company's exposure to subindustry-specific material risks and
how well a company is managing those risks. ESG Risk Scores are categorized
across five risk levels: negligible, low, medium, high and severe. The scale is
from 0-100, with 100 being the most severe. Sustainalytics controversy scores
are determined based on ESG-related incidents, which are assessed through a
framework that considers the severity of incidents, the corporation's
accountability and whether the incidents form part of a pattern of corporate
misconduct; a Sustainalytics controversy score of five indicates a severe
controversy rating. Sustainalytics Carbon Risk Ratings assess a company's
carbon risk by evaluating the company's material exposure to and management of
carbon issues.
The stocks that meet all of the above criteria are considered for inclusion in
the Morningstar US Sustainability Wide Moat Focus Index. Fair value is
determined by employing the Morningstar equity research methodology which
requires a review of the estimated future cash flows and estimated costs of
capital of a company to assign a valuation to the relevant equity security. The
Index applies a liquidity screen which excludes companies from inclusion in the
Index where the non-index constituents has a three-month average daily trading
value of less than 5 Million USD (or equivalent currency). Eligible securities
are ranked by the percentage change in price from 12 months ago with securities
in the bottom 20% screened out
A buffer rule is applied to the current Index constituents. Those that are
ranked in the top 150% of stocks representing the lowest current market price/
fair value price eligible for inclusion in the Index will remain in the Index
at the time of reconstitution and those that fall outside of the top 150% are
excluded from the Morningstar US Sustainability Wide Moat Focus Index. The
maximum weight of an individual sector in the Index is capped at 10% more than
its corresponding weight in the Morningstar US Market Index at the time of
reconstitution, or 40%, whichever is higher.
The Index employs a staggered rebalance methodology. The Index is divided into
two equally-weighted sub-portfolios, and each is reconstituted and rebalanced
semi-annually on alternating quarters. Each sub-portfolio will contain
approximately 40 equally-weighted securities at the time of its semi-annual
reconstitution, and weights will vary with market prices until the next
reconstitution date. Due to the staggered rebalance methodology, constituents
and weightings may vary between sub-portfolios. Each sub-portfolio is
reweighted to 50% of the total Index weight every six months. Adjustments to
one sub-portfolio are performed after the close of business on the third Friday
of March and September and adjustments to the other sub-portfolio are performed
after the close of business on the third Friday of June and December, and all
adjustments are effective on the following Monday. If the Monday is a market
holiday, reconstitution and rebalancing occurs on the Tuesday immediately
following
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