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 Stoxx Europe 600 Banks Swap UCITS ETF (ISIN:
LU0292103651)
Xtrackers Stoxx Europe 600 Basic Resources Swap UCITS ETF (ISIN:
LU0292100806)
Xtrackers Stoxx Europe 600 Food & Beverage Swap UCITS ETF
(ISIN: LU0292105359)
Xtrackers Stoxx Europe 600 Health Care Swap UCITS ETF (ISIN:
LU0292103222)
Xtrackers Stoxx Europe 600 Industrial Goods Swap UCITS ETF
(ISIN: LU0292106084)
Xtrackers Stoxx Europe 600 Telecommunications Swap UCITS ETF
(ISIN: LU0292104030)
Xtrackers Stoxx Europe 600 Utilities Swap UCITS ETF (ISIN:
LU0292104899)
Xtrackers Stoxx Europe 600 Oil & Gas Swap UCITS ETF (ISIN:
LU0292101796)
Xtrackers Stoxx Europe 600 Technology Swap UCITS ETF (ISIN:
LU0292104469)
(each a "Sub-Fund" and together the "Sub-Funds")
30 July 2021
The board of directors of the Company (the "Board of Directors")
hereby informs the shareholders of the Sub-Funds (the
"Shareholders") that it has resolved to make certain changes to the
Sub-Funds, as detailed below (collectively referred to as the
"Changes").
Capitalised terms not defined herein shall have the same meaning
ascribed to them in the most recent version of the prospectus of
the Company (the "Prospectus"), unless the context otherwise
requires.
The Changes in relation to each Sub-Fund will be carried out on
a date between 1 September 2021 and 30 November 2021 (each an
"Effective Date"). A notice will be published on the website of the
Company, www.Xtrackers.com (the "Company's Website"), on or around
the relevant Effective Date confirming implementation of the
Changes.
A) OVERVIEW OF THE CHANGES
1) Change of Reference Index and Index Administrator
Currently the investment objective of each Sub-Fund is to
reflect the performance of indices administered by STOXX Ltd. As
from the relevant Effective Date, each Sub-Fund shall reflect the
performance of indices administered by MSCI Limited and the current
Reference Index for each Sub-Fund (each a "Current Reference
Index") shall be replaced with a respective new reference index
(each a "New Reference Index") as follows:
Sub-Fund name Current Reference Index New Reference Index
Xtrackers Stoxx Europe STOXX(R) Europe 600 Banks MSCI Europe Financials
600 Banks Swap UCITS ETF Index ESG Screened 20-35
Select Index
Xtrackers Stoxx Europe STOXX(R) Europe 600 Basic MSCI Europe Materials
600 Basic Resources Swap Resources Index ESG Screened 20-35
UCITS ETF Select Index
Xtrackers Stoxx Europe STOXX(R) Europe 600 Food MSCI Europe Consumer
600 Food & Beverage Swap & Beverage Index Staples ESG Screened
UCITS ETF 20-35 Select Index
Xtrackers Stoxx Europe STOXX(R) Europe 600 MSCI Europe Health Care
600 Health Care Swap Health Care Index ESG Screened 20-35
UCITS ETF Select Index
Xtrackers Stoxx Europe STOXX(R) Europe 600 MSCI Europe Industrials
600 Industrial Goods Swap Industrial Goods Index ESG Screened 20-35
UCITS ETF Select Index
Xtrackers Stoxx Europe STOXX(R) Europe 600 MSCI Europe
600 Telecommunications Telecommunications Index Communication Services
Swap UCITS ETF ESG Screened 20-35
Select Index
Xtrackers Stoxx Europe STOXX(R) Europe 600 MSCI Europe Utilities
600 Utilities Swap UCITS Utilities Index ESG Screened 20-35
ETF Select Index
Xtrackers Stoxx Europe STOXX(R) Europe 600 Oil & MSCI Europe Energy ESG
600 Oil & Gas Swap UCITS Gas Index Screened 20-35 Select
ETF Index
Xtrackers Stoxx Europe STOXX(R) Europe 600 MSCI Europe Information
600 Technology Swap UCITS Technology Index Technology ESG Screened
ETF 20-35 Select Index
Further details on each Current Reference Index and the
respective New Reference Index can be found in Appendix 1 to this
notice.
Differences between each Current Reference Index and the
respective New Reference Index include, but are not limited to, the
following:
1. Sector classification: Each Current Reference Index reflects the
performance of leading companies in certain sectors, as per the Industry
Classification Benchmark ("ICB") standard, in Western Europe. Each New
Reference Index includes large and mid-cap securities across certain
developed market countries in Europe, which are classified as belonging
to certain sectors, as per the Global Industry Classification Standard
(GICS(R)) (as set out in Appendix 1 below). As such, each New Reference
Index may contain securities that were not eligible for inclusion in the
respective Current Reference Index and conversely may exclude securities
that were included in the respective Current Reference Index.
2. ESG: Each Current Reference Index does not apply environmental, social
and governance ("ESG") screens. Each respective New Reference Index
applies an ESG screening approach which excludes companies that, amongst
others, are associated with controversial, civilian, conventional and
nuclear weapons and tobacco, are assigned an MSCI ESG Rating of CCC,
derive revenues from thermal coal and oil sands extractions and that are
not in compliance with the United Nations Global Compact principles. Each
New Reference Index's ESG standards limit the number of securities
eligible for inclusion in each New Reference Index. As a result, each New
Reference Index, and as such, the relevant Sub-Fund may be more heavily
weighted in securities or countries that underperform the market as a
whole or underperform other funds screened for ESG standards, or which do
not screen for such standards. Each New Reference Index promotes ESG
characteristics, therefore each Sub-Fund will qualify as a product
subject to Article 8 of SFDR as of the Effective Date.
3. Weighting: Each Current Reference Index and the respective New Reference
Index are market capitalisation weighted.
However, for each Sub-Fund other than Xtrackers Stoxx Europe 600
Oil & Gas Swap UCITS ETF and Xtrackers Stoxx Europe 600
Technology Swap UCITS ETF each New Reference Index aims to avoid
concentration by capping entities within the index such that the
weight of the largest group entity is capped at 31.5% and the
weights of all other entities are capped at 18%, at each quarterly
re-balancing (that is 35% and 20% respectively, with a buffer of
10% applied on these limits at each index rebalancing), in
accordance with the MSCI Capped Indexes methodology. Owing to the
potentially concentrated nature of each New Reference Index,
constituents may be subject to additional rebalancing at each
month-end on an as-needed basis, as follows; where the weight of
the largest group entity has exceeded 35% or any other entities
have exceeded 20% in the lead up to each month-end, such entities
will be rebalanced to 31.5% and 18% respectively. Each New
Reference Index may also be rebalanced at other times in order to
reflect corporate activity such as mergers and acquisitions or due
to a breach of the capping constraints as set out above.
For Xtrackers Stoxx Europe 600 Oil & Gas Swap UCITS ETF and
Xtrackers Stoxx Europe 600 Technology Swap UCITS ETF each New
Reference Index aims to avoid concentration by capping entities
within the index such that the weight of the largest group entity
is capped at 28% and the weights of all other entities are capped
at 16%, at each quarterly re-balancing (that is 35% and 20%
respectively, with a buffer of 20% applied on these limits at each
index rebalancing), in accordance with the MSCI Capped Indexes
methodology. Owing to the potentially concentrated nature of each
New Reference Index, constituents may be subject to additional
rebalancing at each month-end on an as-needed basis, as follows;
where the weight of the largest group entity has exceeded 35% or
any other entities have exceeded 20% in the lead up to each
month-end, such entities will be rebalanced to 28% and 16%
respectively. Each New Reference Index may also be rebalanced at
other times in order to reflect corporate activity such as mergers
and acquisitions or due to a breach of the capping constraints as
set out above.
Each Current Reference Index includes a different capping
mechanism to the New Reference Index such that the largest
component's weight is capped at 30 percent of each Current
Reference Index's total free float market capitalisation and the
weight of the second largest component is capped at 15 percent of
the Current Reference Index's total free float market
capitalisation.
Further details on the index methodology of each New Reference
Index and information on the Global Industry Classification
Standards can be found on https://www.msci.com.
The change to each New Reference Index is proposed as part of
the Company's continuous review of its existing product range and
due to increased demand for ESG compliant investments in the
relevant Sub-Fund whilst providing relevant sector exposure. The
Board of Directors deems it to be in the best interests of the
Shareholders to restructure each Sub-Fund to reflect the New
Reference Index. Further details on MSCI ESG Ratings can be found
on https://www.msci.com/esg-ratings.
2) Change to the Investment Policy
The Board of Directors has resolved to switch the investment
policy of each of the Sub-Funds from their current Indirect
Investment Policy such that, as from the relevant Effective Date,
each Sub-Fund will be passively managed in accordance with a Direct
Investment Policy and will become a Full Replication Fund.
Following the switch to a Direct Investment Policy, the applicable
Significant Market will change from Indirect Replication
Significant Market to Direct Replication Significant Market.
The switch in Investment Policy is proposed due to increased
investor demand for direct replication sector ETFs.
3) Securities Lending
With effect from the respective Effective Date, each Sub-Fund
may start engaging in securities lending activities to generate
additional income and reduce costs. The proportion of each
Sub-Fund's net assets subject to Securities Lending Transactions
may vary between 0% and 50%.
Where the Sub-Funds enter into Securities Lending Transactions,
the collateral received in relation to such transactions shall
comply with ESG standards as determined by the relevant Investment
Manager, Sub-Portfolio Manager and/or Securities Lending Agent, in
accordance with and within the limits set forth in the Agency
Securities Lending and Repurchase Agreement and in addition to the
criteria defined under the sections "Collateral Arrangements in
Respect of Securities Lending Transaction(s)" and "Securities
Lending and Repurchase Transactions" of the Prospectus. Collateral
conforming to such ESG standards shall be identified by reference
to an appropriate developed market ESG equity index, as determined
from time to time by the relevant Investment Manager, Sub-Portfolio
Manager and/or Securities Lending Agent and will incorporate as a
minimum ESG screens substantially similar to those of each New
Reference Index. The securities held as collateral in respect to
Securities Lending Transactions are available on the website of the
Company www.Xtrackers.com.
4) Change in Cut-Off Time
As from the relevant Effective Date, the applicable Cut-off Time
of each Sub-Fund shall be amended from 3:00 p.m. Luxembourg time on
the relevant Transaction Day to 3.30 p.m. Luxembourg time on the
relevant Transaction Day.
5) Change to Sub-Fund name
As a result of the changes to the Reference Index, Index
Administrator, and Investment Policy, as described above, the name
of each Sub-Fund shall change as follows as from the relevant
Effective Date:
Current Sub-Fund name New Sub-Fund name
Xtrackers Stoxx Europe 600 Banks Swap Xtrackers MSCI Europe Financials ESG
UCITS ETF Screened UCITS ETF
Xtrackers Stoxx Europe 600 Basic Xtrackers MSCI Europe Materials ESG
Resources Swap UCITS ETF Screened UCITS ETF
Xtrackers Stoxx Europe 600 Food & Xtrackers MSCI Europe Consumer Staples
Beverage Swap UCITS ETF ESG Screened UCITS ETF
Xtrackers Stoxx Europe 600 Health Care Xtrackers MSCI Europe Health Care ESG
Swap UCITS ETF Screened UCITS ETF
Xtrackers Stoxx Europe 600 Industrial Xtrackers MSCI Europe Industrials ESG
Goods Swap UCITS ETF Screened UCITS ETF
Xtrackers Stoxx Europe 600 Xtrackers MSCI Europe Communication
Telecommunications Swap UCITS ETF Services ESG Screened UCITS ETF
Xtrackers Stoxx Europe 600 Utilities Xtrackers MSCI Europe Utilities ESG
Swap UCITS ETF Screened UCITS ETF
Xtrackers Stoxx Europe 600 Oil & Gas Xtrackers MSCI Europe Energy ESG
Swap UCITS ETF Screened UCITS ETF
Xtrackers Stoxx Europe 600 Technology Xtrackers MSCI Europe Information
Swap UCITS ETF Technology ESG Screened UCITS ETF
B) General Information
For the avoidance of doubt, the Sub-Funds' fees will remain
unchanged.
Shareholders should be aware that material transaction costs and
duties may arise as a result of the Changes which will be borne by
the relevant Sub-Fund.
Shareholders who subscribe for Shares in the relevant
Sub-Fund(s) on the primary market and who do not agree with the
Changes, are entitled to redeem their Shares in the Sub-Fund(s) in
accordance with the Prospectus. Such redemptions shall be free of
any Redemption Charge from the date of this notice until 3.00 p.m.
(Luxembourg time) on 31 August 2021. 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.
Copies of the revised Prospectus and the key information
document for each Sub-Fund reflecting the Changes will be made
available on the Company's Website on or around the Effective Date,
and copies thereof may be obtained on request free of charge at the
registered office of the Company or at the offices of foreign
representatives, once available.
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.
Depending on the country of tax domicile or residence of the
Shareholder the Changes may, for example, lead to a taxable event
for the Shareholder. Shareholders are strongly urged to consult
their tax advisers as to the tax implications of the Changes,
specific to their individual cases.
Further information in relation to the Changes 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.
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
Appendix 1
Current Sub-Fund New Sub-Fund Current Reference Current Industry New Reference New Industry
name name Index / Bloomberg Classification Index / Classification
Ticker includes companies Bloomberg includes
of the following Ticker companies of the
type (ICB)(1) following type
(GICS(R) )(2)
Xtrackers Stoxx Xtrackers STOXX(R) Europe Banks MSCI Europe Banks, Asset
Europe 600 Banks MSCI Europe 600 Banks Index Financials Management &
Swap UCITS ETF Financials (SX7R) ESG Screened Custody Banks,
ESG Screened 20-35 Select Mortgage REITs
UCITS ETF Index and insurances
(NE734596)
Xtrackers Stoxx Xtrackers STOXX(R) Europe Forestry & Paper, MSCI Europe Chemicals,
Europe 600 Basic MSCI Europe 600 Basic Industrial Metals Materials ESG Forestry & Paper,
Resources Swap Materials ESG Resources Index and Mining Screened Metals and
UCITS ETF Screened (SXPR) 20-35 Select Mining
UCITS ETF Index
(NE734591)
Xtrackers Stoxx Xtrackers STOXX(R) Europe Brewers, MSCI Europe Food and Staples
Europe 600 Food & MSCI Europe 600 Food & Distillers & Consumer Retailing,
Beverage Swap Consumer Beverage Index Vintners, Soft Staples ESG Beverage,
UCITS ETF Staples ESG (SX3R) Drinks, Farming & Screened Tobacco,
Screened Fishing and Food 20-35 Select Household
UCITS ETF Products Index Products and
(NE734594) Personal
Products
Xtrackers Stoxx Xtrackers STOXX(R) Europe Health Care MSCI Europe Health Care
Europe 600 Health MSCI Europe 600 Health Care Providers, Medical Health Care Equipment &
Care Swap UCITS Health Care Index (SXDR) Equipment, Medical ESG Screened Services, Health
ETF ESG Screened Supplies, 20-35 Select Care Technology,
UCITS ETF Biotechnology and Index Biotechnology and
Pharmaceuticals. (NE734595) Pharmaceuticals
Xtrackers Stoxx Xtrackers STOXX(R) Europe Aerospace, MSCI Europe Aerospace,
Europe 600 MSCI Europe 600 Industrial Defense, Industrials Defense,
Industrial Goods Industrials Goods Index Containers & ESG Screened Electrical
Swap UCITS ETF ESG Screened (SXNR) Packaging, 20-35 Select Equipment,
UCITS ETF Diversified Index Machinery,
Industrials, (NE734592) Trading Companies
Electrical and Distributors
Components &
Equipment,
Electronic
Equipment,
Commercial
Vehicles & Trucks,
Industrial
Machinery,
Industrial
Transportation and
Support Services
Xtrackers Stoxx Xtrackers STOXX(R) Europe Fixed Line MSCI Europe Diversified
Europe 600 MSCI Europe 600 Telecommunications Communication Telecommunication
Telecommunications Communication Telecommunications and Mobile Services ESG Services,
Swap UCITS ETF Services ESG Index (SXKR) Telecommunications Screened Wireless
Screened 20-35 Select Telecommunication
UCITS ETF Index Services, Media
(NE734598) and
Entertainment
Xtrackers Stoxx Xtrackers STOXX(R) Europe Electricity, Gas MSCI Europe Electric
Europe 600 MSCI Europe 600 Utilities Distribution, Utilities ESG Utilities, Gas
Utilities Swap Utilities ESG Index (SX6R) Multiutilities and Screened Distribution,
UCITS ETF Screened Water 20-35 Select Multiutilities
UCITS ETF Index and Water
(NE734599) Utilities
Xtrackers Stoxx Xtrackers STOXX(R) Europe Exploration & MSCI Europe Energy Equipment
Europe 600 Oil & MSCI Europe 600 Oil & Gas Production, Energy ESG & Services and
Gas Swap UCITS Energy ESG Index (SXER) Integrated Oil & Screened Oil, Gas &
ETF Screened Gas, Oil Equipment 20-35 Select Consumable Fuels
UCITS ETF & Services and Index
Pipelines (NE734590)
Xtrackers Stoxx Xtrackers STOXX(R) Europe Computer Services, MSCI Europe IT Services,
Europe 600 MSCI Europe 600 Technology Internet, Information Software,
Technology Swap Information Index (SX8R) Software, Computer Technology Communications
UCITS ETF Technology Hardware, ESG Screened and Electronic
ESG Screened Electronic Office 20-35 Select Equipment,
UCITS ETF Equipment, Index Technology
Semiconductors and (NE734597) Hardware and
Telecommunications Semiconductors &
Equipment Semiconductor
Equipment
(1) Further details on the ICB classifications of industries,
supersectors, sectors and subsectors can be found on
https://www.stoxx.com/document/Resources/Methodology/Sector_Classification_ICB/icb_structure.pdf
(2) Further details on the GICS classifications of sectors,
industry groups, industries and subindustries can be found on
https://www.msci.com/documents/1296102/11185224/GICS+Methodology+2020.pdf/9caadd09-790d-3d60-455b-2a1ed5d1e48c?t=1578405935658
View source version on businesswire.com:
https://www.businesswire.com/news/home/20210730005040/en/
CONTACT:
Xtrackers
SOURCE: Xtrackers
Copyright Business Wire 2021
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July 30, 2021 04:00 ET (08:00 GMT)
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