5th Mar 2025 16:17
Xtrackers MSCI Global SDG 11 Sustainable Cities UCITS ETF
Supplement to the Prospectus
This Supplement contains information in relation to the Xtrackers MSCI Global SDG 11 Sustainable Cities UCITS ETF (the “Fund”), a sub-fund of Xtrackers (IE) plc (the “Company”) an umbrella type open-ended investment company with segregated liability between sub-funds and with variable capital governed by the laws of Ireland and authorised by the Central Bank of Ireland (the “Central Bank”).
This Supplement forms part of, may not be distributed unless accompanied by (other than to prior recipients of the prospectus of the Company dated 15 June 2023 (the “Prospectus”) and the first addendum to the Prospectus dated 1 December 2023 (the “Addendum”)), and must be read in conjunction with, the Prospectus and the Addendum.
Xtrackers (IE) plc
Dated 3 March 2025
IMPORTANT INFORMATION
The Fund is an ETF. The Shares of this Fund are fully transferable to investors and will be listed for trading on one or more stock exchanges.
TERMS OF THE SHARES REPRESENTING INTERESTS IN THE FUND
Investment Objective
The investment objective of the Fund is to track the performance before fees and expenses of an index which is designed to reflect the performance of the shares of companies that are associated with a positive contribution to Sustainable Development Goal 11 (make cities and human settlements inclusive, safe, resilient and sustainable) of the United Nations 2030 Agenda for Sustainable Development.
Investment Policy
In order to seek to achieve the investment objective, the Fund will adopt a Direct Investment Policy and will aim to replicate or track, before fees and expenses, the performance of the MSCI ACWI IMI SDG 11 Sustainable Cities and Communities Select Index (the “Reference Index”), by holding a portfolio of equity securities that comprises all, or a substantial number of, the securities comprised in the Reference Index (the “Underlying Securities”). Further information on the Reference Index is contained under "General Description of the Underlying Asset". The Investment Manager reserves the right to exclude from the portfolio of the Fund any securities from the Reference Index that do not comply with the Investment Manager’s policies or standards (examples of which are described in the Prospectus under the heading "Direct Investment Funds following a passive approach").
The Fund is managed according to a passive approach and is a Full Replication Fund (as described in the Prospectus under the heading "Direct Investment Funds following a passive approach"). Full disclosure on the composition of the Fund's portfolio will be available on a daily basis at www.Xtrackers.com.
There is no assurance that the investment objective of the Fund will actually be achieved.
The Underlying Securities are listed or traded on markets and exchanges which are set out at Appendix I of the Prospectus, with the Underlying Securities being bought by the Fund from any broker or counterparty who trades on the markets and exchanges listed at Appendix I of the Prospectus. Underlying Securities may include direct investment in China A Shares through Stock Connect. Further information about Stock Connect is available online at the website: https://www.hkex.com.hk/mutual-market/stock-connect?sc_lang=en
As further described in the 'Efficient Portfolio Management and Financial Derivative Instruments’ section below and in the Prospectus, the Fund may also invest in securities which are not constituents of the Reference Index and/or financial derivative instruments (“FDIs”) related to a constituent or constituents of the Reference Index, for efficient portfolio management purposes, where such securities and/or FDIs would achieve a risk and return profile similar to that of the Reference Index, a constituent of the Reference Index or a sub-set of constituents of the Reference Index.
The Fund may invest in ancillary liquid assets which will include secured and/or unsecured deposits, and/or units or shares of other UCITS or other collective investment schemes which pursue a money market/cash strategy or which are related to the Reference Index or constituents of the Reference Index.
The investments and liquid assets the Fund may hold on an ancillary basis will, together with any fees and expenses, be valued by the Administrator on each Valuation Day in order to determine the Net Asset Value of the Fund in accordance with the rules set out in the Prospectus.
The value of the Fund's Shares is linked to the Reference Index, the performance of which may rise or fall. Hence, investors should note that the value of their investment could fall as well as rise and they should accept that there is no guarantee that they will recover their initial investment. The return that the Shareholder may receive will be dependent on the performance of the Reference Index.
The Fund will have no Final Repurchase Date. However, the Directors may decide to terminate the Fund in accordance with the terms set out in the Prospectus and/or the Articles of Association.
Efficient Portfolio Management and Financial Derivative Instruments
The Fund may employ techniques and instruments relating to transferable securities under the conditions and within the limits laid down by the Central Bank from time to time and the conditions set out in the Prospectus and this Supplement for efficient portfolio management purposes.
The Fund may also invest in FDIs subject to the conditions and limits laid down by the Central Bank for efficient portfolio management purposes and as described in the Prospectus. For details of any FDIs the Fund may use, please refer to the section entitled "Use of Derivatives by Direct Investment Funds" set out in the Prospectus.
The Company employs a risk management process which enables it to accurately measure, monitor and manage at any time the risks attached to the Fund’s FDI positions and their contribution to the overall risk profile of the portfolio of assets of the Fund. The Company will, on request, provide supplementary information to Shareholders relating to the risk management methods employed, including the quantitative limits that are applied and any recent developments in the risk and yield characteristics of the main categories of investments in respect of the relevant Fund.
Calculation of Global Exposure
The Fund will employ the commitment approach to assess the Fund’s global exposure and to ensure that the Fund’s use of derivative instruments is within the limits specified by the Central Bank. Global exposure will be calculated daily. While the Fund may be leveraged through the use of the FDIs, any such leverage will not be in excess of 100% of the Fund’s Net Asset Value.
Investment Restrictions
The general investment restrictions set out under "Investment Restrictions" in the Prospectus apply to the Fund.
Further, the Fund will not invest more than 10% of its assets in units or shares of other UCITS or other collective investment schemes in order to be eligible for investment by UCITS governed by the UCITS directive.
The Directors may from time to time impose such further investment restrictions as shall be compatible with or in the interests of Shareholders, in order to comply with the laws and regulations of the countries where Shareholders are located. Such investment restrictions will be included in an updated Supplement.
Borrowing
The Company may only borrow, for the account of the Fund, up to 10% of the Net Asset Value of the Fund and provided that such borrowing is for temporary purposes only. The assets of the Fund may be charged as security for any such borrowings.
Specific Risk Warning
Investors should note that the Fund is not capital protected or guaranteed and that the capital invested is not protected or guaranteed and investors in this Fund should be prepared and able to sustain losses up to the total capital invested.
Emerging Markets
Investors in the Fund should be aware of the following risks associated with an investment in emerging markets:
(a) Emerging Market Risk: Investments in the market to which the Reference Index relates are currently exposed to risks pertaining to emerging markets generally. These include risks brought about by investment ceiling limits where foreign investors are subject to certain holding limits and constraints imposed on trading of listed securities where a registered foreign investor may only maintain a trading account with one licensed securities company in the relevant market. These may contribute to the illiquidity of the relevant securities market, as well as create inflexibility and uncertainty as to the trading environment.
(b) Legal Risk: The economies of most emerging markets are often less developed than those of other geographic regions such as the United States and Europe. The laws and regulations affecting these economies are also in a relatively early stage of development and are not as well established as the laws and regulations of developed countries. Such countries’ securities laws and regulations may still be in their development stages and not drafted in a very concise manner which may be subject to interpretation. In the event of a securities related dispute involving a foreign party, the laws of these countries would typically apply (unless an applicable international treaty provides otherwise). The court systems of these nations may not be as transparent and effective as court systems in more developed countries or territories and there can be no assurance of obtaining effective enforcement of rights through legal proceedings and generally the judgements of foreign courts are often not recognised.
(c) Regulatory Risk: Foreign investment in emerging economies’ primary and secondary securities markets is often still relatively new and much of the relevant securities laws may be ambiguous and/or have been developed to regulate direct investment by foreigners rather than portfolio investment. Investors should note that because of a lack of precedent, securities market laws and the regulatory environment for primary and secondary market investments by foreign investors can be in the early stages of development, and may, in some jurisdictions, remain untested. The regulatory framework of the emerging economies’ primary and secondary securities markets is often in the development stage compared to many of the world’s leading stock markets, and accordingly there may be a lower level of regulatory monitoring of the activities of the emerging economies’ primary and secondary securities markets.
(d) Foreign Exchange Risk: Some currencies of emerging markets are controlled. Investors should note the risks of limited liquidity in certain foreign exchange markets.
(e) Trading Volumes and Volatility: Often emerging market stock exchanges are smaller and have lower trading volumes and shorter trading hours than most OECD exchanges and the market capitalisations of listed companies are small compared to those on more developed exchanges in developed markets. The listed equity securities of many companies on such exchanges are accordingly materially less liquid, subject to greater dealer spreads and experience materially greater volatility than those of OECD countries. Many such exchanges have, in the past, experienced substantial price volatility and no assurance can be given that such volatility will not occur in the future. The above factors could negatively affect the Net Asset Value of the Fund.
(f) Taxation risk: The Fund may invest in jurisdictions where the tax regime is not fully developed or is not sufficiently certain, and as such changes to the tax policies may be implemented without any prior notice and may also apply retrospectively. Any changes in tax policies may reduce the after-taxation returns of the underlying assets to which the performance of the Fund is linked to.
(g) Restricted markets risk: The Fund may invest in markets in respect of which the local government imposes limitations or restrictions on foreign ownership or holdings. In order to access such markets, the Fund may use instruments such as American depositary receipts (ADRs), global depositary receipts (GDRs), non-voting depositary receipts (NVDRs) or P-Notes in order to gain exposure to equity securities instead of using physical securities where, due to such local restrictions or quota limitations, it is not possible to hold these directly. Such legal and regulatory restrictions or limitations may have adverse effects on the liquidity and performance of the Fund holdings as compared to the performance of the Reference Index. This may increase the risk of tracking error and, at worst, the Fund may not be able to achieve its investment objective and/or the Fund may have to be closed to further subscriptions.
(h) Liquidity Risk: Primary market-investors should be aware that it may take up to nine Business Days following the Transaction Day to receive the proceeds of redemptions requests.
Concentration of the Reference Index
The market which the Reference Index seeks to represent has a high concentration to one or more sectors. Therefore, investors should be aware that changes in the conditions affecting the concentrated sector or sectors may have an adverse impact on the performance of the Reference Index and the portfolio of transferable securities and eligible assets held by the Fund.
Environmental, Social and Governance Standards
The Reference Index’s environmental, social and governance standards limit the number of securities eligible for inclusion in the Reference Index. As a result, the Reference Index, and as such the Fund, may be more heavily weighted in securities, industry sectors or countries that underperform the market as a whole or underperform other funds screened for environmental, social and governance ("ESG") standards, or which do not screen for such standards.
Investors should note that the determination that the Fund is subject to the disclosure requirements of a financial product under Article 8(1) SFDR is made solely on the basis that the Reference Index promotes environmental and social characteristics. The Company is relying on the activities conducted by and information provided by the Index Administrator or other data providers (as further described under the heading "General Description of the Underlying Asset", where applicable) to make this determination. Neither the Company, nor any of its service providers, makes any representation or otherwise as to the suitability of the Reference Index and the Fund in meeting an investor’s criteria on minimum ESG standards or otherwise. Investors are advised to carry out their own review as to whether the Reference Index and the Fund accords with their own ESG criteria. Information on how the Reference Index is consistent with environmental, social and governance characteristics is contained under "General Description of the Underlying Asset".
Investors should note that whilst the Fund and the Reference Index seek to ensure compliance with the criteria outlined under “General Description of the Underlying Asset” at each rebalance or review date, between these reviews or rebalances, securities which no longer meet these criteria may remain included in (i) the Reference Index until they are removed at the subsequent rebalance or review or, (ii) the portfolio of the Fund until it is possible and practicable to divest such positions.
Sustainability Data Risks
Investors should note that the Reference Index solely relies on analysis from the Index Administrator or other data providers (as applicable) in relation to sustainability considerations. Neither the Company, nor any of its service providers, makes any representation with respect to the accuracy, reliability, correctness of the sustainability related data or the way that these are implemented.
It should also be noted that analysis of companies’ ESG performance may be based on models, estimates and assumptions. This analysis should not be taken as an indication or guarantee of current or future performance.
ESG information from third-party data providers may be incomplete, inaccurate or unavailable. As a result, there is a risk that the Index Administrator or other data providers (as applicable) may incorrectly assess a security or issuer, resulting in the incorrect inclusion or exclusion of a security in the Reference Index and therefore the portfolio of the Fund.
Investors will also bear some other risks as described under the section "Risk Factors" in the Prospectus.
Profile of a Typical Investor
Prospective investors in the Fund should ensure that they understand fully the nature of the Fund, as well as the extent of their exposure to risks associated with an investment in the Fund and should consider the suitability of an investment in the Fund.
Investment in the Fund may be appropriate for investors who have knowledge of, and investment experience in this type of financial product and understand and can evaluate the strategy and characteristics in order to make an informed investment decision. Further, they may have free and available cash for investment purposes and are looking to gain exposure to the securities making up the Reference Index. As the Net Asset Value per Share of the Fund will fluctuate and may fall in value, investment in the Fund should be viewed as suitable for investors who seek a return over the medium to long term. However, prospective investors should be prepared and able to sustain losses up to the total amount of capital invested.
The Prospectus sets out statements on taxation regarding the law and practice in force in the relevant jurisdiction at the date of the Prospectus. The statements are by way of a general guide to potential investors and Shareholders only and do not constitute legal or tax advice to Shareholders or potential investors. Shareholders and potential investors are therefore advised to consult their professional advisers concerning any investment in the Fund particularly as the tax position of an investor and the rates of tax may change over time.
Dividend Policy
The Fund does not intend to make dividend payments.
General Information Relating to the Fund
Base Currency USD
Cut-off Time Means 4:30 p.m. Dublin time on the Business Day before the relevant Transaction Day
Fund Classification (InvStG) Equity Fund, target minimum percentage of 80%.
Minimum Fund Size USD 50,000,000
Settlement Date Means up to nine Business Days following the Transaction Day1
Securities Lending No
Transparency under SFDR The Fund promotes, among other characteristics, environmental and social characteristics and is subject to the disclosure requirements of a financial product under Article 8(1) SFDR. Information on how the Reference Index is consistent with environmental, social and governance characteristics is contained under "General Description of the Reference Index". Please also refer to "Environmental, Social and Governance Standards" under "Specific Risk Warning" above, to the section entitled "Sustainability-related disclosures under SFDR and EU Taxonomy Regulation" set out in the Prospectus and the annex to this Supplement.
Significant Market Means a Direct Replication Significant Market.
Description of the Shares
Class | “1C” |
ISIN Code | IE000V0GDVU7 |
German Security Identification Number (WKN) | DBX0TA |
Currency | USD |
Launch Date | 13 December 2022 |
Minimum Initial Investment Amount | USD 50,000 |
Minimum Additional Investment Amount | USD 50,000 |
Minimum Redemption Amount | USD 50,000 |
Currency hedged Share class | No |
Fees and Expenses
Class | “1C” |
Management Company Fee | Up to 0.20% per annum |
Platform Fee | Up to 0.15% per annum |
All-in Fee | Up to 0.35% per annum |
Primary Market Transaction Costs | Applicable |
Transaction Costs | Applicable |
Anticipated Tracking Error | Up to 1.00% per annum |
This section headed "Fees and Expenses" should be read in conjunction with the section headed "Fees and Expenses" in the Prospectus.
GENERAL DESCRIPTION OF THE UNDERLYING ASSET
This section is a brief overview of the Reference Index. It contains a summary of the principal features of the Reference Index and is not a complete description of the Reference Index. In case of inconsistency between the summary of the Reference Index in this section and the complete description of the Reference Index, the complete description of the Reference Index prevails. Information on the Reference Index appears on the website identified below in "Further Information". Such information may change from time to time and details of the changes will appear on that website.
General Description of the Reference Index
The Reference Index is based on the MSCI ACWI IMI Index (the “Parent Index”), which is administered by MSCI Limited (the "Index Administrator"). The Parent Index includes large, medium, and small-capitalisation companies across developed and emerging markets globally. Constituents of the Parent Index which are associated with a positive contribution to Sustainable Development Goal 11 (make cities and human settlements inclusive, safe, resilient and sustainable) (“SDG 11”) of the United Nations 2030 Agenda for Sustainable Development (“UN 2030 Agenda”), and which meet certain ESG criteria are eligible for inclusion in the Reference Index. Information on the 17 sustainable development goals (“SDGs”) contained in the UN 2030 Agenda is available on: https://sdgs.un.org/.
ESG Exclusions
The Reference Index applies an ESG exclusion approach where all of the companies from the Parent Index which breach the following ESG standards, amongst others, are excluded:
Are unrated by MSCI ESG Research;Are assigned an MSCI ESG Rating of ‘B’ and below;Have any tie to controversial weapons;Are classified by MSCI in their Business Involvement Screening Research as breaching certain thresholds in controversial activities, including, but not limited to: tobacco, conventional weapons, nuclear weapons, civilian firearms, thermal coal, adult entertainment, alcohol, gambling, genetically modified organisms, nuclear power, fossil fuel reserves ownership, fossil fuel extraction and oil sands, unconventional oil & gas extraction, and power generation;Fail to comply with the United Nations Global Compact principles;Have an MSCI ESG Controversies score of 0 or those with very severe controversies, or have an insufficient MSCI ESG Controversies score related to certain environmental controversies; andAre assessed by MSCI Impact Solutions’ SDG Alignment as ‘Misaligned’ or ‘Strongly Misaligned’ on their net alignment to any of the 17 SDGs.Such exclusions comprise the requirements as laid out in Article 12(1)(a) to (g) of the Commission Delegated Regulation (EU) 2020/1818 (“PAB Exclusions”).
The Reference Index uses company ratings and research provided by MSCI ESG Research. Information on MSCI’s ESG Research products is available on: https://www.msci.com/esg-investing. In particular, the following five components are utilised:
MSCI ESG Ratings
MSCI ESG Ratings provide research, data, analysis, and ratings of how well companies manage environmental, social and governance risks and opportunities. MSCI ESG Ratings provides an overall company ESG rating.
MSCI ESG Controversies
MSCI ESG Controversies provides assessments of controversies concerning the negative environmental, social, and/or governance impact of company operations, products and services.
MSCI ESG Business Involvement Screening Research
MSCI ESG Business Involvement Screening Research (“BISR”) aims to enable institutional investors to manage ESG standards and restrictions.
MSCI Impact Solutions’ SDG Alignment
MSCI Impact Solutions’ SDG Alignment aims to provide a holistic view of companies’ net contribution, both positive and negative, towards addressing each of the 17 SDGs by analysing companies’ operations, products and services, policies, and practices.
MSCI Climate Change Metrics
MSCI Climate Change Metrics provides climate data & tools to support investors integrating climate risk & opportunities into their investment strategy and processes.
SDG Impact Selection
Constituents from the Parent Index which pass the ESG exclusions criteria outlined above are assessed by MSCI Impact Solutions’ Sustainable Impact Metrics for their exposure to products and services which aim to contribute positively to SDG 11. Companies that meet a certain revenue threshold (“SDG Revenue”) from business activities associated with SDG 11 (“SDG 11 Aligned Business Activities”) are included in the selection universe (the “SDG Impact Selection Universe”). SDG 11 Aligned Business Activities may include, but are not limited to:
Pollution prevention;Demand-side management;Smart grid;Clean transport infrastructure;LED/CFL lighting;Insulation;Green building; andAffordable real estate.Constituents in the SDG Impact Selection Universe are assigned to a Global Industry Classification Standard (GICS) sector and are ranked according to their SDG Revenue. A certain threshold of top-ranking constituents from each GICS sector are selected for inclusion. For GICS sectors that have less constituents than the threshold, all securities are selected for inclusion.
SDG Thematic Selection
Constituents from the Parent Index which (i) pass the ESG exclusions criteria outlined above, but (ii) do not pass the SDG impact selection criteria outlined above, may however still be eligible for inclusion in the Reference Index if (iii) they pass certain SDG thematic selection criteria, derived primarily from the MSCI ACWI IMI Smart Cities Index (the “Thematic Parent Index”). Constituents’ exposure to the theme of smart solutions for urban infrastructure (the “Theme”), which includes (but is not limited to) the development of new products and services focussed on smart connectivity for internet of things (e.g. nonstandard computing devices that connect wirelessly to a network and have the ability to transmit data), smart infrastructure, smart buildings, smart homes, smart safety and security, smart waste and water management, smart mobility, and smart energy and grids is assessed. In order to assess such exposure, the Index Administrator defines a broad set of relevant words and phrases associated with business activities connected to the Theme and a range of company data is then analysed for references to such relevant words and phrases. Such data includes:
Business segment information from company annual reports and third-party data sources; andDescriptions of companies’ activities from publicly available sources.A relevance score is calculated for all securities in the eligible universe, taking into account the portion of a company’s revenue which is derived from relevant business segments, and filtered by a Standard Industry Classification (SIC) code. To be eligible for inclusion in the Reference Index, securities must meet a certain relevance score threshold. Constituents that do not have any revenue that contributes to SDG 11 and securities which are mapped to certain GICS sub-industries are excluded.
Selection and Weighting
The Reference Index excludes securities from the Parent Index, which would otherwise have passed the exclusion and selection criteria outlined above, which are traded on certain local exchanges in a select number of emerging market countries in order to aid replication of the Reference Index and the tradability of eligible securities.
Securities in the Reference Index are weighted according to the following rules:
Securities which pass the ESG exclusions criteria and the SDG impact selection criteria are weighted by the product of their percentage of revenue exposure from business activities associated with SDG 11 and their free float-adjusted market capitalisation. Such securities will then have their weighting in the Reference Index scaled to 75%; andSecurities which pass the ESG exclusions criteria and the SDG thematic selection criteria are weighted by the product of their relevance score and their free float-adjusted market capitalisation. Such securities will then have their weighting in the Reference Index scaled to 25%.The Reference Index includes (i) an issuer capping component, limiting the weight of each issuer to 4.5% at each quarterly index rebalance, (ii) a minimum weight filter, that excludes securities which would otherwise have comprised a very small percentage of the Reference Index in order to aid replication of the Reference Index and (iii) a GICS sector capping component, limiting the weight of all constituents assigned to a GICS sector to 20% per GICS sector.
The Reference Index is reviewed on a semi-annual basis and rebalanced on a quarterly basis and may also be rebalanced at other times in order to reflect corporate activity such as mergers and acquisitions.
The Reference Index is a total return net index. A total return net index calculates the performance of the index constituents on the basis that any dividends or distributions are reinvested net of applicable withholding tax.
The Reference Index is calculated in US Dollars on a daily basis.
Further Information
Additional information on the Reference Index, its composition, ESG criteria, calculation and rules for periodical review and re-balancing and on the general methodology behind the MSCI indices can be found on http://www.msci.com.
IMPORTANT
XTRACKERS MSCI GLOBAL SDG 11 SUSTAINABLE CITIES UCITS ETF (AN “MSCI SUB-FUND”) IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. AND ITS SUBSIDIARIES (WHICH INCLUDES MSCI LIMITED) ("MSCI"), ANY OF ITS AFFILIATES, ANY OF ITS INFORMATION PROVIDERS OR ANY OTHER THIRD PARTY INVOLVED IN, OR RELATED TO, COMPILING, COMPUTING OR CREATING ANY MSCI INDEX (COLLECTIVELY, THE "MSCI PARTIES"). THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARK(S) OF MSCI OR ITS AFFILIATES AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY DWS INVESTMENTS UK LIMITED. NONE OF THE MSCI PARTIES MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE ISSUER OR OWNERS OF AN MSCI SUB-FUND OR ANY OTHER PERSON OR ENTITY REGARDING THE ADVISABILITY OF INVESTING IN FUNDS GENERALLY OR IN AN MSCI SUB-FUND PARTICULARLY OR THE ABILITY OF ANY MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE. MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY MSCI WITHOUT REGARD TO AN MSCI SUB-FUND OR THE ISSUER OR OWNERS OF AN MSCI SUB-FUND OR ANY OTHER PERSON OR ENTITY. NONE OF THE MSCI PARTIES HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUER OR OWNERS OF AN MSCI SUB- FUND OR ANY OTHER PERSON OR ENTITY INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE MSCI INDEXES. NONE OF THE MSCI PARTIES IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF AN MSCI SUB-FUND TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY OR THE CONSIDERATION INTO WHICH AN MSCI SUB-FUND IS REDEEMABLE. FURTHER, NONE OF THE MSCI PARTIES HAS ANY OBLIGATION OR LIABILITY TO THE ISSUER OR OWNERS OF AN MSCI SUB- FUND OR ANY OTHER PERSON OR ENTITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR OFFERING OF AN MSCI SUB-FUND.
ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES THAT MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF AN MSCI SUB-FUND, OWNERS OF AN MSCI SUB-FUND, OR ANY OTHER PERSON OR ENTITY, FROM THE USE OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
NO PURCHASER, SELLER OR HOLDER OF THIS SECURITY, PRODUCT OR AN MSCI SUB-FUND, OR ANY OTHER PERSON OR ENTITY, SHOULD USE OR REFER TO ANY MSCI TRADE NAME, TRADEMARK OR SERVICE MARK TO SPONSOR, ENDORSE, MARKET OR PROMOTE THIS SECURITY WITHOUT FIRST CONTACTING MSCI TO DETERMINE WHETHER MSCI’S PERMISSION IS REQUIRED. UNDER NO CIRCUMSTANCES MAY ANY PERSON OR ENTITY CLAIM ANY AFFILIATION WITH MSCI WITHOUT THE PRIOR WRITTEN PERMISSION OF MSCI.
1 In the case that a Significant Market is closed for trading or settlement on any Business Day during the period between the relevant Transaction Day and the expected settlement date (inclusive), and/or settlement in the base currency of the Fund is not available on the expected settlement date, there may be corresponding delays to the settlement times indicated in this Supplement subject to the regulatory limit on settlement periods of 10 Business Days from the Cut-off Time. Earlier or later times may be determined by the Management Company at its discretion, whereby notice will be given on www.Xtrackers.com
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