This document is
important and requires your immediate attention. If you are
in doubt as to the action you should take, you should seek advice
from your Fidelity Relationship
Manager.
If you have sold
or transferred any of your Shares in Fidelity UCITS ICAV (the
“ICAV”), please pass this document at once to the purchaser or
transferee, or to the stockbroker, bank or other agent through whom
the sale or transfer was effected for transmission to the purchaser
or transferee as soon as possible.
Unless otherwise
defined herein, all other capitalised terms used herein shall bear
the same meaning as capitalised terms used in the currently
effective prospectus of the Fund and supplements for the Sub-Funds
(as defined below), as amended, supplemented or otherwise modified
from time to time (together, the “Prospectus”). A copy of the
Prospectus is available upon request during normal business hours
at the registered office of the Fund.
Please note that
the Central Bank of Ireland (the
“Central Bank”) has not reviewed this notice. The Directors
accept full responsibility for the accuracy of the information
contained in this notice and confirm, having made all reasonable
enquiries, that to the best of their knowledge and belief there are
no other facts the omission of which would make any statement
misleading.
10
January 2025
Dear
Shareholder,
Sub-Fund
Closure
Purpose
The Directors of the ICAV
are writing to confirm that, in accordance with the provisions of
the current Instrument of Incorporation of the ICAV and the
Prospectus, it has been decided that it is in the best interests of
all Shareholders to close (the “Proposed Closure”)
the following sub-funds (each, a
“Sub-Fund”):
· Fidelity Clean
Energy UCITS ETF
· Fidelity Cloud
Computing UCITS ETF
· Fidelity Digital
Health UCITS ETF
· Fidelity
Electric Vehicles & Future Transportation UCITS
ETF
· Fidelity
Metaverse UCITS ETF
Background
Pursuant to the Instrument
of Incorporation, the Directors may in their absolute discretion
close a Sub-Fund if its Net Asset Value (the
“NAV”) amounts to less than €50 million. The
closure of a Sub-Fund by the Directors is subject to the giving of
at least one month’s notice to Shareholders.
As at the date hereof, the
NAV of each Sub-Fund was significantly less than €50 million. As
such, the Directors are of the opinion that each Sub-Fund is at a
size where it is no longer economically viable to run. It is
therefore determined that it is in the best interests of the
relevant Shareholders to close each Sub-Fund.
Effective Date of the Proposed
Closure
The Proposed Closure will
take effect on 12 February 2025 (the
“Closure Date”).
Next steps
Each Sub-Fund will
continue to be managed in accordance with its investment objective,
policy and restrictions as set out in the Prospectus as closely as
practicable until the Closure Date.
The listing of the share
classes of the Sub-Funds on the Listing Stock Exchanges will be
cancelled on 4 February 2025 (the
“Last Exchange Trading Date”).
If you wish to remain
invested in a Sub-Fund until the Closure Date no action is required
from you. If you wish to redeem from a Sub-Fund prior to the
Closure Date, then the following shall apply:
(a)
Primary markets
Redemption requests for
shares in the Sub-Funds (the “Shares”) may be made
in the usual manner in accordance with the Prospectus prior to the
last trading date on the primary markets (the “Last Dealing
Date”). The usual redemption costs apply. Only
shareholders who qualify as authorised participants may redeem
Shares on the primary market and redemption proceeds will be paid
within the usual timescales outlined in the
Prospectus.
The Last Dealing Date on
the primary market is 5 February
2025. From the day after the Last Dealing Date to the
Closure Date, no further redemptions will be
accepted.
(b)
Secondary markets
Investors in the secondary
market who wish to avoid having their Shares compulsorily redeemed
should consider selling their Shares on a Listing Stock Exchange on
or before the Last Exchange Trading Date. With effect as of
the close of business on the Last Exchange Trading Date, the right
of the Sub-Funds to be traded on the Listing Stock Exchange will be
cancelled.
The ICAV does not charge
any redemption fee for the sale of Shares on the secondary market.
However, shareholders should note that orders on the secondary
market may incur other costs over which the ICAV has no
control.
On the Closure Date, all
outstanding Shares in the Sub-Funds will be compulsorily redeemed,
without any redemption fee. The proceeds from the compulsory
redemption for a given Sub-Fund will be calculated based on the NAV
of that Sub-Fund as at the Closure Date. Distribution of proceeds
with respect to the redemptions on the Closure Date to Shareholders
in proportion to each of their holdings of Shares in the Fund as at
the Closure Date will be completed after the Closure Date. It is
expected that the proceeds will be paid within 3 Business Days and
in any case within 10 Business Days of the Closure
Date.
If all Shareholders in a
Sub-Fund redeem their holdings in full before the Closure Date, the
Closure Date may be brought forward to the Dealing Day on which the
last redemptions are accepted. Thereafter the ICAV will commence
the process to terminate the relevant
Sub-Fund(s).
Costs and Expenses
Extraordinary costs (e.g.,
legal fees and deregistration fees) relating to the Proposed
Closure, will be borne by the Manager. Normal operating costs and
transaction costs in relation to the liquidation of the underlying
assets will continue to be borne by the
Sub-Funds.
While it is anticipated
that all costs and expenses have been included in the NAV, it may
be possible that a residual balance remains within a Sub-Fund on
the Closure Date. Under this circumstance, a further payment may be
made to those Shareholders who hold Shares at the Closure
Date.
Should you have any
questions relating to this matter, you should contact your
professional advisor or
FIL-ETFCapMarkets@fil.com.
Yours
sincerely,
Carla Sload
Director
For and on behalf
of
Fidelity UCITS
ICAV