# Directors’ report for the financial year ended 31 July 2021 (continued)
Connected Persons Transactions (continued)
The Directors are satisfied that there are arrangements in place, evidenced by written procedures, to ensure that the obligations set out in Regulation 43(1) of the Central Bank UCITS Regulations are applied to all transactions with connected persons, and all transactions with connected persons entered into during the financial year complied with the obligations set out in Regulation 43(1) of the Central Bank UCITS Regulations.
Audit Committee
The Board of Directors (“the Board”) has decided it is not necessary to constitute an audit committee given the oversight provided by the Board throughout the year on the Company and its matters and the size of the Board. Instead, it is deemed more appropriate that the entirety of the Board carry out the activities that would otherwise be carried out by an audit committee. The Company has availed of the exemption under Section 1551, due to being a public-interest UCITS entity, not to have an audit committee.
Remuneration
The Central Bank UCITS Regulations require UCITS Management Companies, including self-managed UCITS such as the Company, to establish and apply remuneration policies and practices that promote sound and effective risk management, and also requires the financial statements of the Company to include certain remuneration information, for details please refer to Appendix 2 on page 446. A remuneration policy has been put in place which complies with the UCITS Regulations. This policy was updated on 1 March 2021 and is reviewed annually.
Details of directors’ fees are disclosed in note 7 on page 387.
Key Investor Information Documents
The current Key Investor Information Documents (“KIID”) for all share classes of the Company are available on www.fundlogic.com.
Significant Events During the Financial Year
COVID-19
Beginning in January 2020, global financial markets have experienced and continue to experience significant volatility resulting from the spread of COVID-19. The effects of COVID-19 have and may continue to adversely affect the global economy, all of which may negatively impact the Company’s performance. The Company is comfortable that it has the resources to cope with the potential impact of COVID-19. In terms of operations, the Company has assessed its own resilience and the resilience of all third party service providers and has business continuity plans in place to mitigate the impact of COVID-19 across operations. No operational issues have been identified as of now.
The UK officially left the EU on 31 January 2020 but remained subject to EU regulations during an agreed transitionary phase until 31 December 2020. Although a free trade agreement was ratified by both the EU and the UK in December 2020 and the transitionary phase has ended, there remains a number of uncertainties in connection with the UK’s relationship with the EU in regards to potential regulatory alignment or equivalence. Until the terms of the regulations are clearer, it is not possible to determine the full impact that the UK’s departure and/or any related matters may have on the Company and its investments. From 1 January 2021, a memorandum of understanding is in place between the UK’s Financial Conduct Authority, the European Securities and Markets Authority and the EU which permits the continued delegation of investment management.
Funds established during the year
Zebra Kante
TM 
80 Protect launched on 25 March 2021.
Morgan Stanley Alpha Tracker UCITS Fund launched on 18 June 2021.
Funds liquidated during the year
Global Equity Risk Premia Long/Short UCITS Fund liquidated on 5 November 2020. Dax® 80 Garant liquidated on 30 November 2020.
MS Fideuram Equity Smart Beta Dynamic Protection 80 UCITS Fund liquidated on 22 March 2021. MS Fideuram Equity Smart Beta Dynamic Protection 80 Fund – II liquidated on 24 June 2021.

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.