VanEck Vectors TM UCITS ETFs plc (formerly Market Vectors UCITS ETFs plc)
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1 Vectors TM UCITS ETFs plc (formerly Market Vectors UCITS ETFs plc) Annual Report & Audited Statements Company Number:
2 Contents Page Directors and Other Information 2 Directors Report 3 Report from the Depositary to the Shareholders 8 Investment Manager s Report 9 Independent Auditor s Report 16 Statement of Position 18 Statement of Comprehensive Income 20 Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 22 Statement of Cash Flows 24 Notes to the Statements 26 Portfolio Listings 46 Appendix 1:Other Information (Unaudited) 52 Appendix 2:UCITS V (Unaudited) 54 Statement of Portfolio Changes (Unaudited) 56 1
3 Directors and Other Information Board of Directors Mr Lars Hamich (GER) 2 (Resigned 11 March 2016) Mr Adam Phillips (USA) 2 Mr Jon Lukomnik (USA) 1 Ms Eimear Cowhey (IRL) 1 Mr Adrian Waters (IRL) 1 Mr Jonathan R. Simon (USA) 2 Mr Bruce Smith (USA) 2 (Appointed 16 December 2016) Registrar and Transfer Agent (Secondary Market) Computershare Investor Services (Ireland) Limited Heron House Corrig Road Sandyford Industrial Estate, Dublin 18 Manager and Distributor Investments Limited 25/28 North Wall Quay Dublin 1 Ireland Secretary Goodbody Secretarial Limited International Services Centre North Wall Quay Dublin 1 Ireland Investment Manager Van Eck Associates Corporation 666 Third Avenue 9 th Floor New York NY USA Auditors KPMG 1 Harbourmaster Place IFSC Dublin 1 Depositary BNY Mellon Trust Company (Ireland) Limited Guild House Guild Street IFSC Dublin 1 Ireland Irish Legal Advisors to the Company A&L Goodbody International Services Centre North Wall Quay Dublin 1 Administrator BNY Mellon Fund Services (Ireland) Designated Activity Company Guild House Guild Street IFSC Dublin 1 Ireland UK Facilities Agent Computershare Investor Services PLC The Pavilions Bridgwater Road Bristol BS 13 8AE United Kingdom Swiss Representative First Independent Fund Services AG Klausstrasse, Zurich Switzerland Swiss Paying Agent Neue Helvetische Bank AG Seefeldstrasse Zürich Switzerland 1 Independent non-executive Director. 2 Related party to Van Eck Associates Corporation. 2
4 Directors Report The Board of Directors (the Directors ) present their Annual Report together with the Audited Statements of Vectors TM UCITS ETFs plc (formerly Market Vectors UCITS ETFs plc) (the Company ) for the financial year ended 31 December Statement of Directors' Responsibilities The Directors are responsible for preparing the Directors Report and financial statements, in accordance with applicable law and regulations. Company law requires the Directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with International Reporting Standards (IFRS) as adopted by the EU and applicable law. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the assets, liabilities and financial position of the Company and of its changes in net assets attributable to holders of redeemable participating shares for that financial year. In preparing the financial statements, the Directors are required to: select suitable accounting policies and then apply them consistently; make judgments and estimates that are reasonable and prudent; state whether the financial statements have been prepared in accordance with IFRS and ensure that they contain the additional information required by the Companies Act 2014; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The Directors confirm that they have complied with the above requirements in preparing the financial statements. The Directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company s website. Legislation in Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Under the the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (collectively the Central Bank UCITS Regulations ), the Directors are required to entrust the assets of the Company to the Depositary for safekeeping. In carrying out this duty, the Directors have delegated custody of the Company s assets to BNY Mellon Trust Company Ireland (Limited). They have general responsibility for taking such steps as are reasonably open to them to prevent and detect fraud and other irregularities. The Directors are also responsible for preparing a Directors Report that complies with the requirements of the Companies Act The Directors acknowledge that they are responsible for securing the Company s compliance with the relevant obligations as set out in section 225 of the Companies Act The Directors confirm that: 1. A compliance policy document has been drawn up that sets out policies, that in our opinion are appropriate to the Company, respecting compliance by the Company with its relevant obligations; 2. Appropriate arrangements or structures are in place that are, in our opinion, designed to secure material compliance with the Company's relevant obligations; and 3. During the financial year, the arrangements or structures referred to in (2) have been reviewed. Pursuant to section 167 of the Companies Act, 2014 the Board of Directors has established an audit committee (the Audit Committee ) with effect from December The Audit Committee will comprise of the entire Board of Directors. The first chairman of the Audit Committee will be Mr. Adrian Waters. The Audit Committee will hold office for a period of one year unless earlier removed by the Board of Directors or by the members of the Company. The secretary of the Company shall act as secretary of the Audit Committee. The Directors have delegated the day to day investment management and administration of the Company to the Van Eck Associates Corporation (the Investment Manager ) and to BNY Mellon Fund Services (Ireland) Designated Activity Company (the Administrator ) respectively. 3
5 Directors Report (continued) Statement of Directors' Responsibilities (continued) The Directors have also appointed BNY Mellon Trust Company (Ireland) Limited (the Depositary ) as Depositary of the assets of the Company. The Directors believe that they have complied with the requirements of Section 330 of the Companies Act 2014 as follows: So far as each person who is a Director at the date of approving this report is aware, there is no relevant audit information, being information needed by the auditor in connection with preparing its report, of which the auditor is unaware; and Having made enquiries of fellow Directors and the Company s auditor, each Director has taken all the steps that he/she is obliged to take as a Director in order to make himself/herself aware of any relevant audit information and to establish that the auditor is aware of the information. Adequate Accounting Records The Directors believe that they have complied with the Companies Act 2014 with regard to accounting records by engaging the services of an Administrator, who employs personnel with appropriate expertise and adequate resources to provide the Company s finance function. The Company has appointed Investments Limited (the Manager ) as manager of the Company who has, in turn delegated certain duties to the Investment Manager and the Administrator. The Company has appointed BNY Mellon Trust Company (Ireland) Limited to act as Depositary of the Company s assets. The measures taken by the Directors to secure compliance with the Company s obligations to keep adequate accounting records include the use of appropriate systems and procedures and the employment of competent persons. The accounting records are retained at the office of the Administrator at Guild House, Guild Street, International Services Centre, Dublin 1. Corporate Governance Statement The European Communities (Directive 2006/46/EC) Regulations (S.I. 450 of 2009 and S.I. 83 of 2010) requires the inclusion of a corporate governance statement in the Directors Report. The Company is subject to corporate governance practices imposed by: (i) The Companies Act 2014, which is available for inspection at the registered office of the Company, and may also be obtained at (ii) The Articles of Association of the Company which are available for inspection at the registered office of the Company at 25/28 North Wall Quay, Dublin 1, Ireland and at the Companies Registration Office in Ireland; (iii) The Central Bank of Ireland in their UCITS Regulations which can be obtained from the Central Bank of Ireland s website at and are available for inspection at the registered office of the Company; and (iv) The Irish Stock Exchange ( ISE ) through the ISE Code of Listing Requirements and Procedures which can be obtained from the ISE s website at On 19 November 2014, the Directors voluntarily adopted the Corporate Governance Code for Irish Domiciled Collective Investment Schemes as issued by the Irish Funds Industry Association ( Irish Funds ) in December 2011 with effect from the start of the 2014 accounting period. The Irish Funds Corporate Governance Code reflects existing corporate governance practices imposed on Irish authorised collective investment schemes and is available on request from the Company Secretary. The Company is not subject to the European Communities (Takeover Bids (Directive 2004/25/EC)) Regulations
6 Directors Report (continued) Internal Control and Risk Management Systems The Directors are responsible for establishing and maintaining adequate internal control and risk management processes of the Company in relation to the financial reporting process. Such processes are designed to manage rather than eliminate the risk of error or fraud in achieving the Company s financial reporting objectives and can only provide reasonable and not absolute assurance against material misstatement or loss. These include appointing the Administrator to maintain the adequate accounting records of the Company independent of the Investment Manager and the Depositary. The Administrator is authorised and regulated by the Central Bank of Ireland (the Central Bank ) and complies with the rules imposed by the Central Bank. The Directors have put procedures in place to ensure all relevant accounting records are properly maintained and are readily available, including production of annual and half-yearly financial statements. The annual financial statements of the Company are required to be approved by the Directors of the Company and filed with the Central Bank and the Irish Stock Exchange. The statutory financial statements are required to be audited by independent auditors who report annually to the Board on their findings. From time to time the Directors also examine and evaluate the Administrator s financial accounting and reporting routines and monitor and evaluate the independent auditor s performance, qualifications and independence. The Administrator has operating responsibility in respect of its internal controls in relation to the financial reporting process and the Administrator s report to the Directors. The Directors receive regular presentations and review reports from the Depositary, the Investment Manager and the Administrator. The Directors also have an annual process to ensure that appropriate measures are taken to consider and address the shortcomings identified and measures recommended by the independent auditor. Operation of the Shareholder Meeting, the Key Powers of the Shareholder Meeting, Shareholder Rights and the Exercise of Such Rights The annual general meeting of the Company is held in Ireland. Notice convening the annual general meeting in each financial year at which the audited financial statements of the Company will be presented (together with the Directors and Auditor s reports) will be sent to the shareholders at their registered address. The Annual Report and Audited Statements of the Company will be made available to shareholders within four months after the conclusion of each accounting year and at least 21 days before the general meeting of the Company at which they are to be submitted for approval. The convening and conduct of shareholder meetings are governed by the Articles of Association of the Company and the Companies Act Although the Directors may convene an extraordinary general meeting of the Company at any time, the Directors are required to convene an annual general meeting of the Company within eighteen months of incorporation and fifteen months of the date of the previous annual general meeting thereafter. Shareholders representing not less than one-tenthof the paid up share capital of the Company may also request the Directors to convene a shareholder meeting. Not less than twenty one days notice of every annual general meeting and any meeting convened for the passing of a special resolution must be given to shareholders and 14 days notice must be given inthe case of any other general meeting unless the auditors of the Company and all the shareholders of the Company entitled to attend and vote agree to shorter notice. Two members present either in person or by proxy constitutes a quorum at a general meeting provided that the quorum for a general meeting convened to consider any alteration to the class rights of shares is two shareholders holding or representing by proxy at least one third of the issued shares of the relevant fund or class. Composition and Operation of the Board of Directors and the Committee of the Board of Directors Unless otherwise determined by an ordinary resolution of the Company in general meeting, the number of Directors may not be less than two. Currently the Board of Directors of the Company is composed of five Directors. The business of the Company is managed by the Directors, who exercise all such powers of the Company which are not required by the Companies Act 2014 or by the Articles of Association of the Company to be exercised by the Company in a general meeting. The Directors meet on a quarterly basis or more frequently, if required. A Director may, and the Company Secretary of the Company on the requisition of a Director will, at any time summon a meeting of the Directors. Questions arising at any meeting of the Directors are determined by a majority of votes. In the case of an equality of votes, the Chairman has a second or casting vote. The quorum necessary for the transaction of business at a meeting of the Directors is two. 5
7 Directors Report (continued) Directors and Secretary The Directors as at 31 December 2016 are listed in Directors and Other Information on page 2. Goodbody Secretarial Limited held the office of secretary (the Secretary ) throughout the financial year. Directors and Secretary s Interests in Shares and Contracts The Directors, Secretary and their families had no interest in the shares of the Company at 31 December No Director had a material interest in any contract of significance during or at the end of the year in relation to the business of the Company. Employees The governance framework of the Company reflects the fact that, as a collective investment scheme, it has no employees and outsources investment management and administration. Connected Persons Transactions Regulation 41 of the Central Bank UCITS Regulations Restrictions of transactions with connected persons states that A responsible person shall ensure that any transaction between a UCITS and a connected person is conducted a) at arm s length; and b) in the best interest of the shareholders of the UCITS. As required under Central Bank UCITS Regulation 78.4, the Directors, as responsible persons are satisfied that there are in place arrangements, evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 41(1) are applied to all transactions with a connected party; and all transactions with connected parties that were entered into during the financial year to which the report relates complied with the obligations that are prescribed by Regulation 41(1). Principal Activities: Review of the Business and Future Developments The Company is a public limited company with variable capital intended to be an umbrella fund with segregated liability between sub-funds established pursuant to the Companies Act The sole objective for which the Company is established is the collective investment in transferable securities and/or other liquid financial assets pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (collectively the Central Bank UCITS Regulations ). The Company and its initial sub-funds were authorised by the Central Bank on 8 December The investment objective of each sub-fund is to seek to provide shareholders with a return linked to a reference index. The Investment Manager's Report contains a review of the factors which contributed to the performance for the financial year. Principal Risks and Uncertainties The main risks arising from the Company's financial instruments are market price, interest rate, currency and liquidity risk which are outlined in Note 3 to these financial statements. The Company's overall risk management policy focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the sub-fund's financial performance. Investment in the Company carries with it a degree of risk including, but not limited to, the risks referred to in Note 3 of these financial statements. The Company s business activities, together with the factors likely to affect its future development, performance and position are set out in the Investment Manager's Report. The financial position of the Company is described in the financial statements on pages 18 to 19. In addition, the Investment Manager's Report sets out the objectives of Vectors TM Junior Gold Miners UCITS ETF, Vectors TM Gold Miners UCITS ETF and Vectors TM Morningstar US Wide Moat UCITS ETF (the sub-funds ) and the outlook for the sub-funds. The Company has considerable assets under management with minimal to moderate levels of tracking error. As a consequence, the Directors believe that the Company is well placed to manage its business successfully. Significant Events During the Year On 27 January 2016, the Administrator, BNY Mellon Fund Services (Ireland) Limited converted to a designated activity company under the Companies Act 2014 and changed its name to BNY Mellon Fund Services (Ireland) Designated Activity Company. 6
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10 Investment Manager s Report MARKET REPORT Gold Miners This market background summary covers Vectors TM Gold Miners UCITS ETF and Vectors TM Junior Gold Miners UCITS ETF. For the period from 1 January 2016 to 31 December 2016, Vectors TM Gold Miners UCITS ETF and Vectors TM Junior Gold Miners UCITS ETF returned 53.31% and 73.60% respectively. The primary drivers of performance for Vectors TM Junior Gold Miners UCITS ETF were the exposures in Canada, South Africa and the United States.The primary drivers of performance for Vectors TM Gold Miners UCITS ETF were the exposures in Canada and the United States. It was an eventful start to the year. On 4 January, the first trading day of 2016, the Chinese equity market fell drastically, with the Shanghai Composite Stock Index down 6.9% during the session. The Chinese selloff spread to global equity markets, and the S&P 500 Index had one of the worse starts to the year historically. Gold gained $91 per ounce or 8.6% in 2016 for its first annual gain in four years and finished the year 2016 at $1, per ounce. There are several reasons for the spectacular performance of gold stocks including: A rebound from 2015 bear market levels that were oversold as the industry fell out of favor with investors who had been avoiding the sector, driving valuations to record lows. Gold companies impressed investors with their cost controls, operating results, and overall financial discipline. Earnings of gold mining companies are leveraged to the gold price. Gold rallied through the month of April, supported by a weaker US dollar, volatility, and weakness in global equity markets, the adoption of negative interest rates by the European Central Bank (ECB), and waning conviction in the market regarding further rate hikes by the U.S. Federal Reserve (the Fed ). In early May, gold traded above USD 1,300 per ounce for the first time since January Following the June 23 Brexit vote when the U.K. chose to leave the European Union (EU), gold rallied to two-year highs, reaching $1,375 per once on July 6. The November U.S. presidential election which resulted in a Trump victory put gold prices under pressure. Gold fell below important technical levels and declined $ (8.2%) to $1, per ounce by the end of November. Gold reached its lows for the month of December at $1,137 per ounce following the Federal Reserve s (the Fed ) December 14 announcement to increase the targeted federal funds rate by 25 basis points. While the post-election performance of gold and gold stocks has been disappointing, 2016 overall remained a strong year and a major turning point for gold investments. 9
11 Investment Manager s Report (continued) MARKET REPORT (continued) Morningstar US Wide Moat This market background summary covers Vectors TM Morningstar US Wide Moat UCITS ETF. For the period from 1 January 2016 to 31 December 2016, Vectors TM Morningstar US Wide Moat UCITS ETF returned 21.32%. The U.S.-oriented Morningstar Wide Moat Focus Index TM (MWMFTR) finished the year well ahead of the S&P 500 Index TR (22.37% vs %). Strong stock selection benefited the Morningstar Wide Moat Focus Index TM in 2016 and led to its strongest calendar year of outperformance compared to the S&P 500 Index since The performance gap first began to widen in February and then increased throughout the remainder of the year. Merger and acquisition (M&A) activity played a major role in the performance of several constituents. The acquisition of LinkedIn Corp. (LNKD US) by Microsoft Corp. (MSFT US) provided a catalyst which made LinkedIn the strongest performing constituent stock during its inclusion in the Index. Furthering the M&A theme, St. Jude Medical, Inc. (STJ US) was also a standout while in the Index due to an acquisition announced by Abbott Laboratories (ABT US). Additionally, Time Warner, Inc. (TWX US) benefited while in the Index from the announced AT&T (T US) merger. Several firms performed well on their own merits while in the Morningstar Wide Moat Focus Index TM in Spectra Energy Corp (SE US) was a standout early in the year before exiting in the Index as the only energy sector constituent for All told, strong performance was driven primarily by the information technology, consumer discretionary, industrials, and financials sectors. By contrast, no single sector detracted from Index performance in Although positives outweighed negatives, the Morningstar Wide Moat Focus Index did not end the year unscathed. Despite a strong rebound following the U.S. elections, several biotech firms were unable to erase losses from earlier in the year and ended the period in the red while in the Index: Biogen, Inc. (BIIB US), Gilead Sciences, Inc. (GILD US), and Allergan plc (AGN US). On 20 June 2016, the methodology of the Fund s underlying index changed. For more details please see the market announcement on 10
12 Investment Manager s Report (continued) FUND REPORT Investment Objective The investment objective of the Funds is to track or replicate, before fees and expenses, the price and yield performance of the indices listed in the table below. Fund Vectors TM Gold Miners UCITS ETF* Vectors TM Junior Gold Miners UCITS ETF* Vectors TM Morningstar US Wide Moat UCITS ETF* Index NYSE Arca Gold Miners Index (GDMNTR) MVIS Global Junior Gold Miners Index (MVGDXJTR) Morningstar Wide Moat Focus Index TM (MWMFTR) Fund Performance The following table shows the performance (returns) of the funds and the indices for the reported period. Fund Fund performance (%) Index performance (%) Performance differential (%) Vectors TM Gold Miners UCITS ETF Vectors TM Junior Gold Miners UCITS ETF Vectors TM Morningstar US Wide Moat UCITS ETF The fund returns are based on the calculated ending net asset value ( NAV ) for the financial period under review. The fund returns are net of management fees. Tracking Error The realised tracking error is the annualised standard deviation of the difference in daily returns between a Fund and its index. Tracking error shows the consistency of the returns relative to the index over the defined period of time. Anticipated tracking error is based on the annualised standard deviation of the difference in daily returns between a Fund and its index under normal market conditions. Cash management, efficient portfolio management techniques including securities lending, transaction costs from rebalancing and currency hedging can have an impact on tracking error as well as the return differential between the cash component of the fund. Importantly, these impacts can be either positive or negative depending on the underlying circumstances. In addition to the above, the Funds may also have a tracking error due to withholding tax charged to the Funds on any income received from its investments. The level of tracking error arising due to withholding taxes depends on various factors such as any reclaims filed by the Funds with various tax authorities, any benefits obtained by the Funds under a tax treaty or any securities lending activities carried out by the Funds. The table below shows the anticipated annual tracking error of the Funds against the realised tracking error of the Funds. Realised tracking error is an annualized figure calculated using data from the preceding 12 months observation period. Fund Anticipated Tracking Error 1 year Realised Tracking Error 1 year Vectors TM Gold Miners UCITS ETF Up to 0.5% 0.26% Vectors TM Junior Gold Miners UCITS ETF Up to 1.0% 0.12% Vectors TM Morningstar US Wide Moat UCITS ETF Up to 0.5% 0.09% *Effective 1 May 2016 Market Vectors Junior Gold Miners UCITS ETF, Market Vectors Gold Miners UCITS ETF and Market Vectors Morningstar US Wide Moat UCITS ETF changed names to Vectors TM Junior Gold Miners UCITS ETF, Vectors TM Gold Miners UCITS ETF and Vectors TM Morningstar US Wide Moat UCITS ETF respectively. 11
13 Investment Manager s Report (continued) FUND REPORT (continued) Performance Comparison Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. Commencement date for Performance Comparison The price used to calculate market return (Share Price) is the closing price listed on the London Stock Exchange. Since the shares of the Funds did not trade on the secondary market until several days after the Funds commencement, the NAV of the Funds is used as a proxy for the secondary market trading price to calculate market returns for the periods between commencement date and the first day of secondary market trading in shares of the Funds. For the Vectors TM Gold Miners UCITS ETF and the Vectors TM Junior Gold Miners UCITS ETF, this period extends from 25 March 2015 to 15 April 2015; for the Vectors TM Morningstar US Wide Moat UCITS ETF from 16 October 2015 to 28 October The NYSE Arca Gold Miners Index (GDMNTR) is a rules-based, modified capitalisation-weighted, float-adjusted index intended to give investors exposure to the overall performance of publicly traded companies involved in the mining for gold and silver. The NYSE Arca Gold Miners Index is the exclusive property of the New York Stock Exchange (NYSE). NYSE uses its best efforts to ensure that the Index is calculated correctly. The Vectors TM Gold Miners UCITS ETF (the Fund ) is not sponsored, endorsed, sold or promoted by NYSE and NYSE makes no representation regarding the advisability of investing in the Fund. Hypothetical Growth of USD 10,000 ( to ) This chart shows the value of a hypothetical USD 10,000 investment in the Fund at NAV and at Share Price over the past year. The result is compared with the Fund s benchmark. Total Return Share Price NAV GDMNTR One Year 60.26% 53.31% 54.35% Five Year (annualized) N/A N/A % Life* (annualised) 7.49% 5.05% 5.61% Life* (cumulative) 13.65% 9.13% 10.17% *since 25 March
14 Investment Manager s Report (continued) FUND REPORT (continued) The MVIS Global Junior Gold Miners Index (MVGDXJTR) is a rules-based, modified capitalisation-weighted, float adjusted index intended to give investors exposure to the overall performance of small-capitalisation companies in the global gold and silver mining industry. MVIS Global Junior Gold Miners Index (the Index ) is the exclusive property of MV Index Solutions GmbH (a wholly owned subsidiary of Van Eck Associates Corporation) which has contracted with Solactive AG to maintain and calculate the Index. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards MV Index Solutions GmbH, Solactive AG has no obligation to point out errors in the Index to third parties. Vectors TM Junior Gold Miners UCITS ETF is not sponsored, endorsed, sold or promoted by MV Index Solutions GmbH and MV Index Solutions GmbH makes no representation regarding the advisability of investing in the Fund. Hypothetical Growth of USD 10,000 ( to ) This chart shows the value of a hypothetical USD 10,000 investment in the Fund at NAV and at Share Price over the past year. The result is compared with the Fund s benchmark. Total Return Share Price NAV MVGDXJTR One Year 84.33% 73.60% 75.09% Five Year (annualized) N/A N/A % Life* (annualized) 22.44% 18.63% 19.43% Life* (cumulative) 43.18% 35.37% 36.98% *since 25 March
15 Investment Manager s Report (continued) FUND REPORT (continued) The Morningstar Wide Moat Focus Index TM (MWMFTR) is a rules-based, equally weighted index indended to give investors exposure to the overall performance of at least 40 attractively priced companies with sustainable competitive advantages according to Morningstar s equity research team**. The Morningstar Wide Moat Focus Index TM is a trade mark of Morningstar Inc. and has been exclusively licensed for use for certain purposes by. Vectors TM Morningstar US Wide Moat UCITS ETF (the Fund ) is not sponsored, endorsed, sold or promoted by Morningstar and Morningstar makes no representation regarding the advisability of investing in the Fund. Hypothetical Growth of USD 10,000 ( to ) This chart shows the value of a hypothetical USD 10,000 investment in the Fund at NAV and at Share Price over the past year. The result is compared with the Fund s benchmark. Total Return Share Price NAV MWMFTR One Year 17.98% 21.32% 22.37% Five Year (annualized) N/A N/A 16.10% Life* (annualized) 17.98% 17.39% 18.46% Life* (cumulative) 22.17% 21.43% 22.78% *since 16 October 2015 ** Please note, that the index methodology changed on 20 June For more details please see the market announcement on 14
16 Investment Manager s Report (continued) FUND REPORT (continued) Calendar Year Performance The following table shows the performance of the Funds and their underlying indices on a calendar year basis (31 December December 2016). Fund Name Fund Index Vectors TM Gold Miners UCITS ETF 53.31% 54.35% Vectors TM Junior Gold Miners UCITS ETF 73.60% 75.09% Vectors TM Morningstar US Wide Moat UCITS ETF 21.32% 22.37% Important information on performance The performance data quoted represents past performance. Past performance is not a guarantee of future results. Performance information for the Fund is net of expenses and/or fees. These returns do not reflect the deduction of taxes that a shareholder would pay on the sale of Fund shares. Investment return and value of the shares of the Fund will fluctuate so that an investor s shares, when sold, may be worth more or less than their original cost. Performance may be lower or higher than performance data quoted. The Net Asset Value (NAV) of a Vectors TM UCITS ETFs Plc sub-fund is determined at the close of each business day, and represents the dollar value of one share of the fund; it is calculated by taking the total assets of the fund, subtracting total liabilities, and dividing by the total number of shares outstanding. The NAV is not necessarily the same as the ETF s intraday trading value. Index returns assume the reinvestment of all income and do not reflect any management fees or brokerage expenses associated with Fund returns. Investors cannot invest directly in the Index. Returns for actual Fund investors may differ from what is shown because of differences in timing, the amount invested and fees and expenses. Van Eck Associates Corporation 666 Third Avenue 9 th Floor New York NY USA Date: 24 January
17 Independent Auditor s Report to the Shareholders of Vectors TM UCITS ETFs plc (formerly Market Vectors UCITS ETFs plc) We have audited the financial statements of Vectors TM UCITS ETFs plc (formerly Market Vectors UCITS ETFs plc) ( the Company ) for the financial 31 December 2016 which comprise the Statement of Position, the Statement of Comprehensive Income, the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares, the Statement of Cash Flows and the related notes. The financial reporting framework that has been applied in their preparation is Irish law and International Reporting Standards ( IFRS ) as adopted by the European Union. Opinions and conclusions arising from our audit 1. Our opinion on the financial statements is unmodified In our opinion the financial statements: give a true and fair view of the assets, liabilities and financial position of the Company as at 31 December 2016 and of its increase in net assets resulting from operations attributable to holder of redeemable participating sharesfor the financial year then ended; have been properly prepared in accordance with IFRS as adopted by the European Union; and have been properly prepared in accordance with the requirements of the Companies Act 2014, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations Our conclusions on other matters on which we are required to report by the Companies Act 2014 are set out below We have obtained all the information and explanations which we consider necessary for the purposes of our audit. In our opinion the accounting records of the Company were sufficient to permit the financial statements to be readily and properly audited and the financial statements are in agreement with the accounting records. In our opinion the information given in the Directors Report is consistent with the financial statements. In addition we report, in relation to information given in the Corporate Governance Statement on pages 4 and 5, that: based on knowledge and understanding of the Company and its environment obtained in the course of our audit, no material misstatements in the information identified above have come to our attention; and based on the work undertaken in the course of our audit, in our opinion: the description of the main features of the internal control and risk management systems in relation to the process for preparing the financial statements is consistent with the financial statements and has been prepared in accordance with the Companies Act 2014; the Company is not subject to the European Communities (Takeover Bids (Directive 2004/25/EC)) Regulations 2006 and therefore not required to include information relating to voting rights and other matters required by those Regulations and specified by the Companies Act 2014 for our consideration in the Corporate Governance Statement; and the Corporate Governance Statement contains the information required by the Companies Act We have nothing to report in respect of matters on which we are required to report by exception ISAs (UK & Ireland) require that we report to you if, based on the knowledge we acquired during our audit, we have identified information in the annual report that contains a material inconsistency with either that knowledge or the financial statements, a material misstatement of fact, or that is otherwise misleading. In addition, the Companies Act 2014 requires us to report to you if, in our opinion, the disclosures of directors remuneration and transactions required by sections 305 to 312 of the Act are not made. 16
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20 Vectors TM UCITS ETFs plc (formerly Market Vectors UCITS ETFs plc) Statement of Position (continued) Junior Gold Gold Morningstar US 0 0 Miners Miners Wide Moat Company 0 0 UCITS ETF 1 UCITS ETF 1 UCITS ETF 2 Total December 31 December 31 December 31 December Notes US$ US$ US$ US$ Assets Cash and cash equivalents 2(m),6 3,922 3,002 6,924 assets at fair value through profit or loss: Transferable securities 2(b) 8,594,310 71,935,657 1,997,239 82,527,206 Dividends receivable ,597 2,372 18,855 Total Current Assets 8,595,196 71,955,176 2,002,613 82,552,985 Liabilities Bank overdraft 2(m),6 (10,762) (10,762) Total fee payable 9 (7,284) (64,254) (838) (72,376) Total Current Liabilities (18,046) (64,254) (838) (83,138) Net assets attributable to holders of redeemable participating shares 8,577,150 71,890,922 2,001,775 82,469,847 1 Launched on 25 March Launched on 16 October The accompanying notes form an integral part of the financial statements. 19
21 Vectors TM UCITS ETFs plc (formerly Market Vectors UCITS ETFs plc) Statement of Comprehensive Income Junior Gold Gold Morningstar US Miners Miners Wide Moat Company UCITS ETF * UCITS ETF * UCITS ETF * Total 31 December 31 December 31 December 31 December Notes US$ US$ US$ US$ Income Dividend income 2(k) 170, ,906 74,461 1,181,779 Net (losses)/gains on financial assets and liabilities at fair value through profit or loss 2(h),5 (983,055) 38,154, ,820 37,749,622 Total investment (loss)/income (812,643) 39,091, ,281 38,931,401 Operating expenses Total fee 2(g),9 (182,954) (628,148) (20,355) (831,457) Net (loss)/income (995,597) 38,463, ,926 38,099,944 Finance costs Interest expense 2(e) (828) (432) (5) (1,265) (Loss)/profit for the year before tax (996,425) 38,463, ,921 38,098,679 Withholding tax 2(l) (8,658) (120,778) (11,201) (140,637) (Decrease)/increase in net assets resulting from operations attributable to holder of redeemable participating shares (1,005,083) 38,342, ,720 37,958,042 *Effective 1 May 2016 Market Vectors Junior Gold Miners UCITS ETF, Market Vectors Gold Miners UCITS ETF and Market Vectors Morningstar US Wide Moat UCITS ETF changed names to Vectors TM Junior Gold Miners UCITS ETF, Vectors TM Gold Miners UCITS ETF and Vectors TM Morningstar US Wide Moat UCITS ETF respectively. The accompanying notes form an integral part of the financial statements. 20
22 Vectors TM UCITS ETFs plc (formerly Market Vectors UCITS ETFs plc) Statement of Comprehensive Income (continued) Junior Gold Gold Morningstar US Miners Miners Wide Moat Company UCITS ETF 1 UCITS ETF 1 UCITS ETF 2 Total 31 December 31 December 31 December 31 December Notes US$ US$ US$ US$ Income Dividend income 2(k) 33, ,104 8, ,551 Net losses on financial assets and liabilities at fair value through profit or loss 2(h),5 (1,537,928) (29,574,177) (20,715) (31,132,820) Total investment loss (1,504,104) (28,883,073) (12,092) (30,399,269) Operating expenses Total fee 2(g),9 (23,249) (326,209) (1,705) (351,163) Net loss (1,527,353) (29,209,282) (13,797) (30,750,432) Finance costs Interest expense 2(e) (148) (322) (470) Loss for the year before tax (1,527,501) (29,209,604) (13,797) (30,750,902) Withholding tax 2(l) (2,482) (89,321) (1,294) (93,097) Decrease in net assets resulting from operations attributable to holder of redeemable participating shares (1,529,983) (29,298,925) (15,091) (30,843,999) 1 Launched on 25 March Launched on 16 October The accompanying notes form an integral part of the financial statements. 21
23 Vectors TM UCITS ETFs plc (formerly Market Vectors UCITS ETFs plc) Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares Junior Gold Gold Morningstar US Miners Miners Wide Moat Company UCITS ETF * UCITS ETF * UCITS ETF * Total 31 December 31 December 31 December 31 December US$ US$ US$ US$ Net assets attributable to holders of redeemable participating shares at beginning of the financial year 8,577,150 71,890,922 2,001,775 82,469,847 (Decrease)/increase in net assets resulting from operations (1,005,083) 38,342, ,720 37,958,042 Amounts received on issue of redeemable participating shares 42,401,759 6,338,917 5,877,176 54,617,852 Amounts paid on redemption of redeemable participating shares (8,010,094) (10,719,746) (18,729,840) Increase/(decrease) in net assets resulting from share transactions 34,391,665 (4,380,829) 5,877,176 35,888,012 Net assets attributable to holders of redeemable participating shares at end of the financial year 41,963, ,852,498 8,499, ,315,901 * Effective 1 May 2016 Market Vectors Junior Gold Miners UCITS ETF, Market Vectors Gold Miners UCITS ETF and Market Vectors Morningstar US Wide Moat UCITS ETF changed names to Vectors TM Junior Gold Miners UCITS ETF, Vectors TM Gold Miners UCITS ETF and Vectors TM Morningstar US Wide Moat UCITS ETF respectively. The accompanying notes form an integral part of the financial statements. 22
24 Vectors TM UCITS ETFs plc (formerly Market Vectors UCITS ETFs plc) Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares (continued) Junior Gold Gold Morningstar US Miners Miners Wide Moat Company UCITS ETF 1 UCITS ETF 1 UCITS ETF 2 Total 31 December 31 December 31 December 31 December US$ US$ US$ US$ Net assets attributable to holders of redeemable participating shares at beginning of the financial year Decrease in net assets resulting from operations (1,529,983) (29,298,925) (15,091) (30,843,999) Amounts received on issue of redeemable participating shares 13,552, ,189,847 2,016, ,759,284 Amounts paid on redemption of redeemable participating shares (3,445,438) (3,445,438) Increase in net assets resulting from share transactions 10,107, ,189,847 2,016, ,313,846 Net assets attributable to holders of redeemable participating shares at end of the financial year 8,577,150 71,890,922 2,001,775 82,469,847 1 Launched on 25 March Launched on 16 October The accompanying notes form an integral part of the financial statements. 23
25 Vectors TM UCITS ETFs plc (formerly Market Vectors UCITS ETFs plc) Statement of Cash Flows Junior Gold Gold Morningstar US Miners Miners Wide Moat Company UCITS ETF * UCITS ETF * UCITS ETF * Total 31 December 31 December 31 December 31 December US$ US$ US$ US$ Cash flows from operating activities Proceeds from sale of investments (including realised gains) 34,030,550 45,067,905 5,387,260 84,485,715 Purchase of investments (68,436,155) (40,807,556) (11,308,261) (120,551,972) Dividends income received 158, ,388 57,404 1,043,722 Operating expenses paid (171,041) (648,214) (17,754) (837,009) Net cash (outflow)/inflow from operating activities (34,417,716) 4,439,523 (5,881,351) (35,859,544) Cash flows from financing activities Interest expense paid (828) (432) (5) (1,265) Amounts received on issue of redeemable participating shares 42,401,759 6,338,917 5,877,176 54,617,852 Amounts paid on redemption of redeemable participating shares (8,010,094) (10,719,746) (18,729,840) Net cash inflow/(outflow) from financing activities 34,390,837 (4,381,261) 5,877,171 35,886,747 Net (decrease)/increase in cash and cash equivalents (26,879) 58,262 (4,180) 27,203 Cash and cash equivalents at beginning of the financial year (10,762) 3,922 3,002 (3,838) Cash and cash equivalents at end of the financial year 62,184 62,184 Bank overdraft at end of the financial year (37,641) (1,178) (38,819) *Effective 1 May 2016 Market Vectors Junior Gold Miners UCITS ETF, Market Vectors Gold Miners UCITS ETF and Market Vectors Morningstar US Wide Moat UCITS ETF changed names to Vectors TM Junior Gold Miners UCITS ETF, Vectors TM Gold Miners UCITS ETF and Vectors TM Morningstar US Wide Moat UCITS ETF respectively. The accompanying notes form an integral part of the financial statements. 24
26 Vectors TM UCITS ETFs plc (formerly Market Vectors UCITS ETFs plc) Statement of Cash Flows (continued) Junior Gold Gold Morningstar US Miners Miners Wide Moat Company UCITS ETF 1 UCITS ETF 1 UCITS ETF 2 Total 31 December 31 December 31 December 31 December US$ US$ US$ US$ Cash flows from operating activities Proceeds from sale of investments (including realised gains) 5,420,792 12,053, ,592 18,425,133 Purchase of investments (15,553,030) (113,563,583) (2,968,546) (132,085,159) Dividends income received less withholding tax 30, ,186 4, ,599 Operating expenses paid (15,965) (261,955) (867) (278,787) Net cash outflow from operating activities (10,117,747) (101,185,603) (2,013,864) (113,317,214) Cash flows from financing activities Interest expense paid (148) (322) (470) Amounts received on issue of redeemable participating shares 13,552, ,189,847 2,016, ,759,284 Amounts paid on redemption of redeemable participating shares (3,445,438) (3,445,438) Net cash inflow from financing activities 10,106, ,189,525 2,016, ,313,376 Net (decrease)/increase in cash and cash equivalents (10,762) 3,922 3,002 (3,838) Cash and cash equivalents at beginning of the financial year Cash and cash equivalents at end of the financial year 3,922 3,002 6,924 Bank overdraft at end of the financial year (10,762) (10,762) 1 Launched on 25 March Launched on 16 October The accompanying notes form an integral part of the financial statements. 25
27 Notes to the Statements 1. Organisation Vectors TM UCITS ETFs plc (formerly Market Vectors UCITS ETFs plc) (the Company ) was incorporated on 26 August 2014 under the laws of Ireland. The Company is a public limited company with variable capital and is structured as an umbrella fund with segregated liability between sub-funds established pursuant to the Companies Act The sole objective for which the Company is established is the collective investment in transferable securities and/or other liquid financial assets as pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (collectively the Central Bank UCITS Regulations ). As at 8 December 2014, the Company has been authorised by the Central Bank of Ireland. As at 31 December 2016, the Company consisted of three sub-funds, collectively the sub-funds, and individually the sub-fund. As at 31 December 2016, each fund had one share class in issue USD A Share class. Vectors TM Junior Gold Miners UCITS ETF (the sub-fund ) The investment objective of sub-fund is to track, before fees and expenses, the price and yield performance of the MVIS Global Junior Gold Miners Index (the Index ). Vectors TM Gold Miners UCITS ETF (the sub-fund ) The investment objective of sub-fund is to track, before fees and expenses, the price and yield performance of the NYSE Arca Gold Miners Index (the Index ). Vectors TM Morningstar US Wide Moat UCITS ETF (the sub-fund ) The investment objective of sub-fund is to track, before fees and expenses, the price and yield performance of the Morningstar Wide Moat Focus Index (the Index ). Effective 1 May 2016 Market Vectors Junior Gold Miners UCITS ETF, Market Vectors Gold Miners UCITS ETF and Market Vectors Morningstar US Wide Moat UCITS ETF changed names to Vectors TM Junior Gold Miners UCITS ETF, Vectors TM Gold Miners UCITS ETF and Vectors TM Morningstar US Wide Moat UCITS ETF respectively. The sub-funds Vectors TM Junior Gold Miners UCITS ETF and Vectors TM Junior Gold Miners UCITS ETF were launched on 25 March 2015 and the sub-fund Vectors TM Morningstar US Wide Moat UCITS ETF was launched on 16 October The share class of Vectors TM Junior Gold Miners UCITS ETF and Vectors TM Gold Miners UCITS ETF are listed on the Irish Stock Exchange, London Stock Exchange, BATS CHI-X Europe Exchange, the Six Swiss Exchange and Deutsche Börse XETRA. The share class of Vectors TM Morningstar US Wide Moat UCITS ETF is listed on the Irish Stock Exchange, London Stock Exchange, Six Swiss Exchange and Deutsche Borse XETRA. 2. Significant Accounting Policies (a) Basis of Preparation The Company s annual financial statements have been prepared in accordance with International Reporting Standards ( IFRS ) as adopted by the European Union ( EU ), the Companies Act 2014 and the Central Bank UCITS Regulations. The financial statements have been prepared on a going concern basis which assumes that the Company will continue in operational existence for the foreseeable future. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities at fair value through profit or loss. 26
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