Notification of a merger of the underlying fund of R69 DWS Noor Precious Metals Securities
21 April 2021
We have been notified by DWS Noor Islamic Funds PLC (the “Company”) of the following merger of the underlying fund of R69 DWS Noor Precious Metals Securities. This merger will take effect from 21 May 2021 (the “Effective Date”).
The basis of this merger is to merge the underlying fund of R69 DWS Noor Precious Metals Securities, a sub-fund of DWS Noor Islamic Funds PLC, with the Receiving Fund described in the table below and overleaf, a sub-fund of DWS Invest (IE) ICAV. The Company have advised that the rationale behind the merger is to provide policyholders with greater economies of scale and operational efficiency.
The Company have also confirmed that the merger will have no impact on how the fund is managed, and the charges related to the Receiving Fund will be the same or lower than that of the Merging Fund. Please note the Receiving Fund has been created for the purposes of the merger and therefore has an equivalent investment objective, policy and strategy and will provide the same market exposures as the Merging Fund.
Please see the table below and overleaf for more details of the merger.
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Merging Fund |
Receiving Fund |
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Mirror Fund Name and Code |
R69 DWS Noor Precious Metals Securities |
R69 DWS Noor Precious Metals Securities |
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Underlying Fund Name |
DWS Noor Precious Metals Securities Fund |
DWS Noor Precious Metals Securities Fund |
|
Underlying Fund Manager |
DWS Noor Islamic Funds PLC |
DWS Invest (IE) ICAV |
|
Underlying Fund ISIN |
IE00B1FQCN68 |
IE00BMF77083 |
|
Share Class |
A |
USD LC |
|
Investment Objective and Policy |
The investment objective and policy is to achieve capital appreciation in the medium to long term by investing in a portfolio of Sharia compliant equity and equity-related securities (including, without limitation, depositary receipts and convertible securities, but excluding preferred shares and warrants) listed or traded on Recognised Exchanges, of companies engaged in activities related to gold, silver, platinum or other precious metals or minerals. The Fund will not invest directly in physical gold and silver bullion or in securities where the underlying investment is in such commodities. The assets of the Fund may also be held in non-interest bearing cash balances. The Fund shall invest with global focus The Fund will invest only in securities that are deemed to comply with the Sharia criteria as approved in the Fatwa dated 29 September 2006 or with specific approval of the Sharia Advisor. |
The investment objective of the Fund is to achieve capital appreciation in the medium to long term by investing in a portfolio of Sharia compliant equity and equity-related securities of companies engaged in activities (exploration, mining and processing) related to gold, silver, platinum or other precious metals or minerals. The Fund is actively managed and in order to achieve the investment objective, the Fund will invest in a portfolio of Sharia compliant equity and equity-related securities (including, without limitation, depositary receipts such as Sharia-compliant global depositary receipts (GDR) and American depositary receipts (ADR), but excluding preferred shares and bonds) listed or traded on a Regulated Market (as set out in Appendix 1 of the Prospectus), of companies engaged in activities (exploration, mining and processing) related to gold, silver, platinum or other precious metals or minerals. The Fund will not invest directly in physical gold or silver bullion or in securities where the underlying investment is in such commodities. The Investment Manager will select equity securities as described under the heading Investment Strategy below. The Fund will invest only in securities that are deemed to comply with the Sharia criteria as approved in the Fatwa dated 29 September 2006 or with specific approval of the Sharia Advisor. |
|
AMC |
1.2% |
1.2% |
|
Ongoing Charges Figure |
2.06% |
2.03% |
The Company has confirmed that both the Merging Fund and the Receiving Fund are Sharia compliant funds which undertake their investment activities in accordance with the Sharia Investment Guidelines.
As a result of this merger, the underlying fund will not accept any trades from 21st May – 31st May 2021. As a result of these non-dealing days on the underlying fund, please note that R69 DWS Noor Precious Metals Securities will not be priced from 24th May – 31st May 2021 inclusive. Please see the table below for more details.
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Suspension of R69 DWS Noor Precious Metals Securities |
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Friday |
21st May 2021 |
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Monday |
24th May 20211 |
|
Tuesday |
25th May 2021 |
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Wednesday |
26th May 2021 |
|
Thursday |
27th May 2021 |
|
Friday |
28th May 2021 |
|
Monday |
31st May 2021 |
Should you have any questions regarding these changes, please contact International Funds & Investments.