Last checked at 30 Jul 2020 16:58
VanEck Vectors ETF's N.V. - Index ChangeVanEck Vectors ETF's N.V. - Index Change
PR Newswire
London, July 30
STOCK EXCHANGE ANNOUNCEMENT - FOR IMMEDIATE RELEASE
VanEck Vectors™ UCITS ETF plc (the “Company”)
VanEck Vectors Global Fallen Angel High Yield Bond UCITS ETF (the “Fund”)
RE: Results of EGM – Effective Date
31 July 2020
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The Directors of the Company wish to announce that regulatory approval for the change in investment objective approved at the extraordinary general meeting of the Fund has been obtained, and the change will be effective from 31 July 2020.
The Fund will continue to follow the same investment policy and strategy employed by the Investment Manager since the inception of the Fund. Furthermore, it is not expected that this proposal changes the risk profile of the Fund.
Old index:
ICE Global Fallen Angel High Yield Index (HWFA)
New index:
ICE Global Fallen Angel High Yield 10% Constrained Index (HWCF)
The rationale for the Amendment is that that the New Index is a capped index which ensures the Fund can maintain compliance with the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended by European Communities (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2016 (the "UCITS Regulations") without having to make unnecessary rebalancing trades and incurring increased trading costs for the Fund. The sole difference between the prior index and the New Index (which are both calculated by the same issuer) is that the New Index has a cap of 10% on the weightings of each constituent.
The constituents, 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 Total Expense Ratio will not change as a result of the proposed change to the New Index.
Enquiries:
| Dillon Eustace | Tara O’Callaghan | +353 1 667 0022 |