14 Sep 2021 08:00
14 September 2021
Re: UBS (Irl) ETF Plc (the "Company")
MSCI USA UCITS ETF
S&P 500 UCITS ETF
MSCI Australia UCITS ETF
MSCI United Kingdom IMI Socially Responsible UCITS ETF
Factor MSCI USA Prime Value UCITS ETF
Factor MSCI USA Quality UCITS ETF
Factor MSCI USA Low Volatility UCITS ETF
MSCI USA Select Factor Mix UCITS ETF (the "Funds")
Capitalised terms not otherwise defined in this letter have the meaning given to them in the prospectus of the Company and the supplements for the Funds, all dated 23 July 2021 (together, the "Prospectus").
Dear Shareholder
We are writing to notify you of the decision of the Board of Directors of the Company (the "Board"), to close certain share classes of the Funds (as further detailed below) (the "Share Classes") with effect from 29 October, 2021 (the "Termination Date"), in accordance with the powers provided to the Board in the Constitution. The rationale for the closure of the Share Classes is that the Net Asset Value of each of the Share Classes has fallen below a commercially viable minimum.
Fund | Share Class |
MSCI USA UCITS ETF | (hedged to GBP) A-dis |
S&P 500 UCITS ETF | (hedged to EUR) A-dis |
MSCI Australia UCITS ETF | (hedged to GBP) A-dis |
MSCI United Kingdom IMI Socially Responsible UCITS ETF | (hedged to USD) A-acc |
Factor MSCI USA Prime Value UCITS ETF | (hedged to CHF) A-acc |
Factor MSCI USA Quality UCITS ETF | (hedged to CHF) A-acc |
Factor MSCI USA Low Volatility UCITS ETF | (hedged to CHF) A-acc |
MSCI USA Select Factor Mix UCITS ETF | (hedged to GBP) A-dis |
From the publication of this notice to Shareholders up until 14 October 2021, Shareholders will be able to exchange their Shares in the normal manner and as is further described in the Prospectus. On the morning of 15 October 2021, the trading of the Shares on the relevant stock exchanges will be suspended. Further information on such suspension will be published by the relevant stock exchanges.
Prior to the Termination Date, redemptions will be accepted up and until trade date 25 October 2021 (order entry 25 October 2021 except for MSCI Australia order entry 22 October), in the accordance with the terms and conditions of the Prospectus.
Shareholders should note that on the Termination Date, the Company will automatically compulsorily repurchase any remaining shares in the Share Classes. The net proceeds will then be distributed amongst the Shareholders in accordance with their respective shareholdings.
For Shareholders on the Primary Market, the Directors will endeavour to settle your repurchase proceeds as soon as possible thereafter and, in any event, no later than 15 November 2021. For Shareholders on the Secondary Market, the time(s) at which any such redemption proceeds are received will depend, among others, on the timeframes and arrangements in place at the respective custodian, broker and/or the relevant settlement system involved for processing of such payments, which in individual cases may take up to a few weeks.
The Company will update the Prospectus to reflect the closure of the Share Classes in due course. Expenses relating to the termination of the Share Classes will be borne by the relevant Fund.
If you have any queries in relation to the above please contact ol-etf-pfm@ubs.com.
Yours sincerely,
_______________________
Director
for and on behalf of
UBS (Irl) ETF Plc