New York, (March 8, 2024) - VanEck announced today that it plans to close and liquidate one of its VanEck ETFs.
On March 8, 2024, the Board of Trustees of VanEck ETF Trust approved the liquidation and dissolution of the following fund (the "Fund"):
ETF Name Ticker Exchange
VanEck Egypt Index ETF EGPT 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 March 21, 2024 (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 March 21, 2024, 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 March 28, 2024, 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 March 28, 2024. 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 March 21, 2024.
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).
About VanEck
VanEck has a history of looking beyond the financial markets to identify trends that are likely to create impactful investment opportunities. We were one of the first U.S. asset managers to offer investors access to international markets. This set the tone for the firm's drive to identify asset classes and trends - including gold investing in 1968, emerging markets in 1993, and exchange traded funds in 2006 - that subsequently shaped the investment management industry.
Today, VanEck offers active and passive strategies with compelling exposures supported by well-designed investment processes. As of January 31, 2024, VanEck managed approximately $88.2B in assets, including mutual funds, ETFs and institutional accounts. The firm’s capabilities range from core investment opportunities to more specialized exposures to enhance portfolio diversification. Our actively managed strategies are fueled by in-depth, bottom-up research and security selection from portfolio managers with direct experience in the sectors and regions in which they invest. Investability, liquidity, diversity, and transparency are key to the experienced decision-making around market and index selection underlying VanEck’s passive strategies.
Since our founding in 1955, putting our clients’ interests first, in all market environments, has been at the heart of the firm’s mission.
On March 8, 2024, the Board of Trustees of VanEck ETF Trust approved the liquidation and dissolution of the following fund (the "Fund"):
ETF Name Ticker Exchange
VanEck Egypt Index ETF EGPT 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 March 21, 2024 (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 March 21, 2024, 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 March 28, 2024, 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 March 28, 2024. 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 March 21, 2024.
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).
About VanEck
VanEck has a history of looking beyond the financial markets to identify trends that are likely to create impactful investment opportunities. We were one of the first U.S. asset managers to offer investors access to international markets. This set the tone for the firm's drive to identify asset classes and trends - including gold investing in 1968, emerging markets in 1993, and exchange traded funds in 2006 - that subsequently shaped the investment management industry.
Today, VanEck offers active and passive strategies with compelling exposures supported by well-designed investment processes. As of January 31, 2024, VanEck managed approximately $88.2B in assets, including mutual funds, ETFs and institutional accounts. The firm’s capabilities range from core investment opportunities to more specialized exposures to enhance portfolio diversification. Our actively managed strategies are fueled by in-depth, bottom-up research and security selection from portfolio managers with direct experience in the sectors and regions in which they invest. Investability, liquidity, diversity, and transparency are key to the experienced decision-making around market and index selection underlying VanEck’s passive strategies.
Since our founding in 1955, putting our clients’ interests first, in all market environments, has been at the heart of the firm’s mission.
