VanEck, one of the largest providers of ETFs in the U.S. and worldwide with more than $40 billion in assets under management as of July 31, 2017, announced today that it plans to close and liquidate 4 VanEck Vectors ETFs.
On September 7, 2017, the Board of Trustees of VanEck Vectors ETF Trust approved the liquidation and dissolution of the following funds:
|VanEck Vectors AMT-Free 12-17 Year Municipal Index ETF||ITML||Bats|
|VanEck Vectors AMT-Free 6-8 Year Municipal Index ETF||ITMS||Bats|
|VanEck Vectors Solar Energy ETF||KWT||NYSE Arca|
|VanEck Vectors Treasury-Hedged High Yield Bond ETF||THHY||NYSE Arca|
As the sponsor of VanEck Vectors Exchange Traded Funds (ETFs), VanEck is proud to be an industry leader in offering unique, targeted exposures to numerous asset classes through ETFs which seek to meet investor needs. 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 these funds based on an analysis of these factors.
Shareholders of the Funds may sell their holdings of each Fund on the relevant exchange until market close on September 29, 2017 (transaction fees from their broker-dealer may be incurred). The Funds’ shares will no longer trade on the relevant exchange after market close on September 29, 2017, and the shares will subsequently be de-listed. Shareholders who continue to hold shares of any of the Funds on the Funds’ liquidation date, which is expected to be on or about October 6, 2017, 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 October 6, 2017. 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 Funds will stop accepting creation orders from Authorized Participants on September 29, 2017.