VanEck Announces Changes to ETF Product Line
- Shareholders will receive a liquidating distribution of cash equal to the net asset value of their shares.
- The Fund will no longer accept creation orders from Authorized Participants after September 20, 2023.
- None.
On September 7, 2023, the Board of Trustees of VanEck ETF Trust approved the liquidation and dissolution of the following fund (the “Fund”):
ETF Name |
Ticker |
Exchange |
||
VanEck China Growth Leaders ETF |
GLCN |
NYSE Arca |
As the sponsor of VanEck ETFs, VanEck continuously monitors and evaluates its ETF offerings across a number of factors, including performance, liquidity, assets under management, and investor interest, among others. The decision was made to liquidate the Fund based on an analysis of these factors and other operational considerations.
Shareholders of the Fund may sell their shares on the Fund’s listing exchange until market close on September 20, 2023 (transaction fees from their broker-dealer may be incurred). The Fund’s shares will no longer trade on the listing exchange after market close on September 20, 2023, and the shares will subsequently be de-listed. Shareholders who continue to hold shares of the Fund on the Fund’s liquidation date, which is expected to be on or about September 27, 2023, will receive a liquidating distribution of cash in the cash portion of their brokerage accounts equal to the amount of the net asset value of their shares. Proceeds from the liquidation are currently scheduled to be sent to shareholders on or about September 27, 2023. For tax purposes, shareholders will generally recognize a capital gain or loss equal to the amount received for their shares over their adjusted basis in such shares. The Fund will stop accepting creation orders from Authorized Participants on September 20, 2023.
Additionally, a special distribution following the below schedule prior to the Fund’s liquidation is expected.
Declaration Date |
Record Date |
Ex-Date |
Pay Date |
|||
9/8/2023 |
9/12/2023 |
9/11/2023 |
9/13/2023 |
Shareholders who hold shares of the Fund may receive a final distribution of net income and capital gains earned by the Fund and not previously distributed prior to liquidation.
The final tax status of distributions made by the Fund, including the liquidating distribution, will be provided to shareholders with the year-end tax reporting for the Fund (including any portion which may be treated as a return of capital for tax purposes, reducing a shareholder’s basis in such shares).
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Important Disclosures
This is not an offer to buy or sell, or a solicitation of any offer to buy or sell any of the securities mentioned herein. The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice. Certain statements contained herein may constitute projections, forecasts and other forward looking statements, which do not reflect actual results. Information provided by third-party sources are believed to be reliable and have not been independently verified for accuracy or completeness and cannot be guaranteed. Any opinions, projections, forecasts, and forward-looking statements presented herein are valid as of the date of this communication and are subject to change without notice. The information herein represents the opinion of the author(s), but not necessarily those of VanEck.
The VanEck China Growth Leaders ETF may gain exposure to the China A-Share market by directly investing in
Investing involves substantial risk and high volatility, including possible loss of principal. An investor should consider the investment objective, risks, charges and expenses of the Fund carefully before investing. To obtain a prospectus and summary prospectus, which contains this and other information, call 800.826.2333 or visit vaneck.com. Please read the prospectus and summary prospectus carefully before investing.
Van Eck Securities Corporation, Distributor, a wholly owned subsidiary of Van Eck Associates Corporation
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800.826.2333
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Source: VanEck