# Directors’ report for the financial year ended 31 July 2021 (continued)
Review of Business and Future Developments
A detailed review of the business and future developments is included in the Investment Managers’ Reports. The Directors believe that the change in the net asset value per share is the key indicator of performance.
Results and Dividends
The results and dividends for the financial year are set out in the statement of comprehensive income on pages 274 to 287. There were US$ 1,965,945 distributions declared and paid on Class D Eur of Equity Risk Managed Fund. The ex-dates were 1 October 2020, 4 January 2021, 1 April 2021 and 1 July 2021. The distribution rate was 0.70% during the financial
year ended 31 July 2021 (31 July 2020: US$ 680,867). Please see note 14 for further details.
Directors, Secretary and their interests
The names of the Directors who have served for the financial year under review are as follows:
- Simon O’Sullivan
- David Haydon
- Maurice MurphyMatsack Trust Limited acted as Company Secretary throughout the financial year.

None of the Directors or the Secretary or their families had any direct interest in the shares of the Company or shares issued
by the Sub-Funds at any time during the financial year.
Transactions involving Directors
There were no contracts or agreements of any significance in relation to the business of the Company in which the Directors had any interest, as defined in the Companies Act 2014 at any time during the financial year, other than those set out in note 7 to the financial statements.
Going Concern
The Directors believe there are no material uncertainties relating to events or conditions that may cast significant doubt about the ability of the Company to continue to meet its ongoing obligations as:
- the Sub-Funds invest primarily in marketable securities and other financial instruments which, under normal marketconditions, are readily convertible to cash;
- the Sub-Funds’ policy is to maintain sufficient cash and cash equivalents to meet normal operating requirementsand expected redemption requests; and
- the Sub-Funds have access to a bank overdraft facility to help mitigate liquidity risk.

The Directors have made an assessment of the Company’s ability to continue as a going concern and are satisfied that the Company has the resources to continue in operational existence for the foreseeable future and do not consider there to be any threat, from COVID-19 or other issues, to the going concern status of the Company. Therefore, the financial statements continue to be prepared on the going concern basis.
Accounting Records
To ensure that adequate accounting records are kept in accordance with Sections 281 to 285 of the Companies Act 2014, the Directors of the Company have employed a service organisation, Northern Trust International Fund Administration Services (Ireland) Limited, the Administrator. The accounting records are located at the offices of the Administrator as stated under General Information.
Connected Persons Transactions
Regulation 43(1) of the Central Bank UCITS Regulations requires that any transaction between a UCITS and a management company or depositary of a UCITS, the delegate or sub-delegates of such a management company or depositary (excluding any non-group company sub-custodians appointed by a depositary), and any associated or group companies of such a management company, depositary, delegate or sub-delegate (“connected persons”) is conducted at arm’s length and is in the best interests of the shareholders of the UCITS.

Translation (ENDE, 2021-07-31):
# Bericht des Verwaltungsrats für das Geschäftsjahr zum 31. Juli 2021 (Fortsetzung)
Haupttätigkeiten (Fortsetzung)
Während des Geschäftsjahres zum 31. Juli 2021verfügte die Gesellschaft über 29 Teilfonds. Nähere Informationen und die entsprechenden Auflegungsdaten sind in Anmerkung 1 dargelegt.
Die folgenden Teilfonds wurden zum Handel am Hauptmarkt der Euronext Dublin und dem Hauptmarkt der London Stock Exchange (die „LSE“) zugelassen.
| Teilfonds | Handelstag an der ISE | Handelstag an der LSE |
| --- | --- | --- |
| MS Scientific Beta Global Equity Factors UCITS ETF | 30. Mai 2014 | 10. Juni 2014 |
| MS Scientific Beta US Equity Factors UCITS ETF | 11. August 2015 | 19. August 2015 |
| SciBeta HFE Europe Equity 6F EW UCITS ETF | 14. Dezember 2017 | 18. Dezember 2017 |
| SciBeta HFE EM Equity 6F EW UCITS ETF | 14. Dezember 2017 | 18. Dezember 2017 |
| SciBeta HFE US Equity 6F EW UCITS ETF | 14. Dezember 2017 | 18. Dezember 2017 |
| SciBeta HFE Japan Equity 6F EW UCITS ETF | 14. Dezember 2017 | 18. Dezember 2017 |
| SciBeta HFE Pacific ex-Jap Aktien 6F EW UCITS ETF | 14. Dezember 2017 | 18. Dezember 2017 |
| SciBeta HFI US Equity 6F EW (USD) UCITS ETF | 12. Februar 2020 | 19. Februar 2020 |

Wesentliche Risiken
Eine Anlage in die Gesellschaft bringt ein gewisses Risiko mit sich, darunter insbesondere die in Anmerkung 13 zu diesem Abschluss angeführten Risiken. Angaben zu den Zielen und Strategien des finanziellen Risikomanagements der Gesellschaft sind ebenfalls in Anmerkung 13 enthalten.
| Angaben zu Index-nachbildenden Fonds Teilfonds	Index | Tracking Error | Erwarteter Tracking Error |
| --- | --- | --- |
| Emerging Markets Equity Fund	MSCI Emerging Markets Index | 0,02 % | 0,10 % |
| MS Scientific Beta Global Equity	Scientific Beta Developed Beta Multi-Strategy Equal Weight Factors UCITS ETF	Index | 0,03 % | 0,50 % |
| MSCI Emerging Markets ESG	MSCI Emerging Markets ESG Index Equity Fund | 0,03 % | 0,10 % |
| MS Scientific Beta US Equity	Scientific Beta United States Multi-Beta Multi-Strategy Equal- Factors UCITS ETF	Weight Index | 0,02 % | 0,20 % |
| SciBeta HFE Europe Equity 6F EW Scientific Beta Developed Europe Europe HFI Multi- UCITS ETF	Beta Multi Strategy Six-Factor EW Market Beta Adjusted (Leverage) Net Return | 0,03 % | 0,20 % |
| SciBeta HFE EM Equity 6F EW	Scientific Beta Emerging ex-India HFI Multi-Beta Multi- UCITS ETF	Strategy (Six-Factor) EW Market Beta Adjusted (Leverage) Index Net Return | 0,04 % | 0,20 % |
| SciBeta HFE US Equity 6F EW	Scientific Beta United States HFI Multi Beta Multi Strategy Six UCITS ETF	Factor EW Market Beta Adjusted (Leverage) Net Return | 0,03 % | 0,20 % |
| SciBeta HFE Japan Equity 6F EW	Scientific Beta Japan HFI Multi-Beta Multi-Strategy Six Factor UCITS ETF	EW Market Beta Adjusted (Leverage) (Six-Factor) Index Net Return | 0,04 % | 0,20 % |
| SciBeta HFE Pacific ex-Jap Equity Scientific Beta Developed Asia-Pacific ex-Japan HFI Multi- 6F EW UCITS ETF	Beta Multi-Strategy Six-Factor Equal Weight Market Beta Adjusted (Leverage) Index Net Return | 0,04 % | 0,20 % |
| Morgan Stanley RADAR ex	Morgan Stanley RADAR ex Agriculture & Livestock Agriculture & Livestock Fund -	Commodity Total Return Index Klasse I USD | 0,16 % | 1 % |
| Morgan Stanley RADAR ex	Morgan Stanley RADAR ex Agriculture & Livestock Agriculture & Livestock Fund -	Commodity Total Return Index Klasse IEUR | 0,29 % | 1 % |
| SciBeta HFI US Equity 6F EW	SciBeta United States High-Factor-Intensity Diversified Multi- (USD) UCITS ETF	Beta Multi-Strategy 6-Factor 4-Strategy EW Market Beta Adjusted (Leverage) Net Return | 0,04 % | 0,20 % |

Die tatsächliche Abweichung gegenüber dem erwarteten Tracking Error resultiert aus der Qualität der synthetischen Indexnachbildung. In diesem Berichtszeitraum wurde die Nachbildung nicht von Kapitalmaßnahmen beeinträchtigt. Haben- oder Sollzinsen in Bezug auf die Kassenbestände hatten nur einen geringen Einfluss.