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Registered Office: 78 Sir John Rogerson’s Quay, Dublin 2, Ireland. Directors: T Finlay, B Healy, J Ross (American) and P Riley (American) (Chairman). Registered in Ireland as an umbrella with segregated liability between sub -f -funds under registration number 493329
__________ __________________________________________________________________________
T HIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION.
A s sub - funds in the Company use the International Central Securities Depositary (ICSD) model of settlement and Citivic Nominees Limited is the sole registered shareholder of shares in the sub - funds under the ICSD settlement model, investors in the sub - fund s should contact the relevant ICSD or the relevant participant in an ICSD (such as a local central securities depositary, broker or nominee) if they have any queries on the course of action they should take in relation to this document.
SSGA SPDR ETFs Europe I Public Limited Company (the “Company”)
(R (Registered in Ireland as an open - ended UCITS umbrella investment company with segregated liability between sub -f -funds under registration number 493329 ) SPDR Bloomberg Barclays 3 - 10 Year U.S. Corporate Bond UCITS ETF (the “Portfolio”)
2019 Extraordinary General Meeting
13 February 2019
__________ _________________________________________________________________________
I f you have sold or transferred your shares in the Company please pass this document at once to the purchaser or transferee or to the stockbroker, bank or other agent through whom the sale or transfer was effected, for transmission to the purchaser or transferee as soon as possible.
_________________________________________________________________________________
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SSGA SPDR ETFs Europe I Public Limited Company
13 February 2019
Dear Shareholder
Extraordinary General Meeting
We are writing to you in connection with the Extraordinary General Meeting (“ EGM ”) of shareholders in the Portfolio (the “ Shareholders ”) which is being convened. A Notice is enclosed herewith. Unless otherwise indicated, all capitalised terms shall have the same meaning as otherwise described in th e Prospectus of the Company dated 4 January 2019 and the Supplement for the Portfolio dated 04 January 2019.
Special Business
Change in benchmark of the Portfolios
The purpose of this notice is to convene an EGM of the Shareholders in the Portfolio in order to seek your approval, by way of an ordinary resolution, to amend the benchmark of the following Portfolio and the relevant share classes. Accordingly, the fund name and investment policy of the Portfolio are being updated to align with this benchmar k change. An ordinary resolution is a resolution passed by a simple majority of the votes cast by the Shareholders entitled to vote thereon in general meeting.
ETF Name Existing Benchmark Proposed New ETF Name
Proposed New Benchmark SPDR Bloomberg Barclays 3 - 10 Year U.S. Corporate Bond UCITS ETF
Bloomberg Barclays U.S. 3 - 10 Year Corporate Bond Index
SPDR Bloomberg Barclays 1 - 10 Year U.S. Corporate Bond UCITS ETF
Bloomberg Barclays U.S. Intermediate Corporate Bond Index
The change is being proposed to provide broader and more diversified exposure to the respective markets. The proposed changes will not affect the investment objectives of the fund.
Proposed New ETF Name Existing Investment Policy Proposed New Investment Policy SPDR Bloomberg Barclays 1 10 Year U.S. Corporate Bond UCITS ETF
The Index measures the performance of the intermediate maturity, investment grade U.S. corporate bond market. Only bonds that have a maturity of between three and ten years are included. Securities must be fi fixed rate, U.S. dollar denominated, taxable and rated investment grade as defined by the Index methodology. Inclusion is based on the currency of the issue, not the domicile of the issuer.
The Index measures the performance of the intermediate maturity, in vestment grade U.S. corporate bond market. Only bonds that have a maturity of between one and ten years are included. Securities must be fixed rate, U.S. dollar denominated, taxable and rated investment grade as defined by the Index methodology. Inclusion is based on the currency of the issue, not the domicile of the issuer.
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The anticipated tracking error and the risk profile of the fund will remain similar following a transition to the New Benchmark. Key figures are highlighted below. The figures for the benchmark are based on historical index data. They should not be construed as a guarantee of future performance:
Bloomberg Barclays U.S. 3 - 10 Year Corporate Bond Index
Bloomberg Barclays U.S. Intermediate Corporate Bond Index Number of bonds in index 2791 3935
Option Adjusted Duration 5.20 4.20
Yield to Maturity 4.093 3.886
Average Maturity 6.07 4.84 Anticipated Tracking Error up to 1% up to 1% Source: Barclays Point Date: 31 December 2018
A marked - up version of the Supplement outlining all of the relevant amendments has been included at Appendix I.
Recommendation
The Board believes that the resolutions to be proposed at the EGM are in the best interests of the Company and the Shareholders as a whole and, accordingly, the directors recommend that you vote in favour of the resolutions at the EGM.
Subject to the receipt of prior approval from the Central Bank, proposed updates to the Supplement as detailed above are intended to t ake place on or around 29 March 2019.
Yours faithfully
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SSGA SPDR ETFs Europe I Public Limited Company NOTICE OF THE 2019 EXTRAORDINARY GENERAL MEETING
THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION.
If you are in any doubt about the course of action to take, you should consult your stockbroker, bank manager, solicitor, accountant or other professional advisor.
NOTICE is hereby given that the 2019 Extraordinary General Meeting of SSGA SPDR ETFs Europe I Public Limited Compa ny (the “ Company ”) will be held in the offices of Sanne, Fourth Floor, 76 Lower Baggot Street, Dublin 2, Ireland on Friday, the 8 th of March 2019 at 2.15 p.m. for the purposes of transacting the following business:
Special Business
1. To approve the proposed amendments to the Supplement.
By order of the Board
_____________________________________ SANNE SECRETARY
Dated this Wednesday, the 13 February, 2 019
Notes:
Quorum
1. The required quorum at the meeting is two shareholders present in person or by proxy. If a quorum is not present within half an hour from the appointed time for the meeting, or if during a meeting a quorum ceases to be present, the meeting shall stand adjo urned to the following business day at the same time and place, or to such other day and at such other time and place as the Directors may determine. At the adjourned meeting, if a quorum is not present within half an hour from the time appointed for holdi ng the meeting, then the meeting, if convened otherwise than by resolution of the Directors, shall be dissolved, but if the meeting shall have been convened by resolution of the Directors, any Member or Members present at the meeting shall be a quorum.
Entitlement to attend and vote
2. Please note that you are only entitled to attend and vote at the meeting (or any adjournment thereof) if you are a registered shareholder. As sub - funds in the Company use the International Central Securities Depositary (ICSD ) model of settlement and Citivic Nominees Limited is the sole registered shareholder of shares in the sub - funds under the ICSD settlement model, investors in the sub - funds should contact the relevant ICSD or the relevant participant in an ICSD (such as a local central securities depositary, broker or nominee) if they have any queries on the course of action they should take in relation to this document.
3. The Company specifies that only those members registered in the Register of Members of the Company at 2. 15 p.m. on 6 March 2019 or, if the Extraordinary General Meeting (“ E GM ”) is adjourned, at 2. 15 p.m. on the day that is two days prior to the adjourned meeting (the "record date"), shall be entitled to attend, speak,
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ask questions and vote at the EGM, or if relevant, any adjournment thereof and may only vote in respect of the number of shares registered in their name at that time. Changes to the Register of Members after the record date shall be disregarded in determining the right of any person to attend and/or vote at the EGM or any adjournment thereof.
Appointment of proxies
4. A form of proxy is enclosed with this Notice of EGM for use by registered shareholders. As mentioned above, investors in sub - funds in the Company who are not registered sharehold ers should submit their voting instructions through the relevant ICSD or the relevant participant in an ICSD (such as a local central securities depositary, broker or nominee), instead of using the form of proxy. To be effective, the form of proxy duly co mpleted and executed, together with a copy of the power of attorney or other authority under which it is executed must be deposited by registered shareholders at the offices of the office of the Company Secretary, Sanne, 4 th Floor, 76 Baggot Street Lower, Dublin 2, Ireland, so as to be received no later than 48 hours before the time appointed for the EGM or any adjournment thereof or (in the case of a poll taken otherwise than at or on the same day as the EGM or adjourned EGM) at least 48 hours before the t aking of the poll at which it is to be used. Any alteration to the form of proxy must be initialled by the person who signs it.
5. In addition to note 4 above and subject to the Articles of Association of the Company and provided it is received at least 48 hours before the time appointed for the holding of the EGM or any adjournment thereof or (in the case of a poll taken otherwise than at or on the same day as the EGM or adjourned EGM) at least 48 hours before the taking of the poll at which it is to be us ed, the appointment of a proxy may also be submitted electronically to caroline.mcgonagle@sannegroup.com .
6. Registered shareholders have several ways of exercising their votes; (a) by attending the E GM in person or (b) by appointing a proxy to vote on their behalf. In the case of joint holders the vote of the senior who tenders a vote, whether in person or by proxy, shall be accepted to the exclusion of the votes of the other registered holders and fo r this purpose seniority shall be determined by the order in which the names stand in the register of members in respect of the joint holding.
Voting rights and total number of issued shares in the Company
7. At the EGM, the resolutions put to the vote of t he meeting shall be decided on a poll. On a poll every shareholder shall have one vote for every share of which he is the shareholder.
8. Where a poll is taken at an EGM any member, present or by proxy, holding more than one share is not obliged to cast all his/her votes in the same way.
9. Ordinary resolutions require to be passed by a simple majority of members voting in person or by proxy. Special resolutions require a majority of not less than 75% of votes cast by those who vote either in person or in pro xy to be passed.
10. On any other business which may properly come before the EGM, or any adjournment thereof, and whether procedural or substantive in nature (including without limitation any motion to amend a resolution or adjourn the meeting) not specified in this Notice of EGM, the proxy will act at his/her discretion.
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SSGA SPDR ETFs Europe I Public Limited Company
FORM OF PROXY
*I/We _______________________________________________________________________
of __________________________________________________________________________ being a Shareholder of the above named Company hereby appoint
________________________________ or failing *him/her, the Chairman of the meeting or failing him any one director o f the Company or failing one of them Ms. Caroline McGonagle or Mr. Brendan Byrne, both of Sanne, Fourth Floor, 76 Lower Baggot Street, Dublin 2, Ireland as *my/our proxy to vote for *me/us and on *my/our behalf at the Extraordinary General Meeting of the C ompany to be held in the offices of Sanne , Fourth Floor, 76 Lower Baggot Street, Dublin 2, Ireland on Friday, the 8 th of March, 2019 at 2.15 p .m. a nd at any adjournment thereof.
Please indicate with an "X" in the space below how you wish your votes to be cast in respect of each Resolution. If no specific direction as to voting is given the proxy will vote or abstain from voting at his discretion.
RESOLUTIONS FOR ABSTAIN AGAINST
Ordinary Resolution to approve the change to the benchmark of the Portfolio
Dated this the day of , 2019
________________________ Signed / For and on behalf of
PLEASE PRINT YOUR NAME OR THE NAME OF THE CORPORATION YOU ARE EXECUTING THIS FORM ON BEHALF OF AND YOUR ADDRESS UNDERNEATH
__________________________ (Print Name)
__________________________ (Print address)
__________________________ *Delete as appropriate
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Notes: (a) If the shareholder is a corporation, the Form of Proxy should be completed either under seal or under the hand of an officer or attorney duly au thorised.
(b) A shareholder must insert his full name and registered address in type or block letters. In the case of joint accounts the names of all holders must be stated.
(c) As sub - funds in the Company use the International Central Securities Depositary (ICSD) model of settlement and Citivic Nominees Limited is the sole registered shareholder of shares in the sub funds under the ICSD settlement model, investors in the sub - fund s should submit their voting instructions through the relevant ICSD or the relevant participant in an ICSD (such as a local central securities depositary, broker or nominee), instead of submitting this Form of Proxy to the Company Secretary.
(d) If you desire to appoint a proxy other than the Chairman of the meeting, a director of the Company or any representative of Sanne Corporate Administration Services Ireland Limited as the Company Secretary, or any other representative then please insert his/her name and address in the space provided.
(e) The Form of Proxy must: ( i ) in the case of an individual shareholder be signed by the shareholder or his attorney; and ( ii ) in the case of a corporate shareholder be given either under its common seal or signed on its behalf by an attorney or by a duly authorised officer of the corporate shareholder.
(f) In the case of joint holders the vote of the senior who tenders a vote whether in person or by proxy shall be accepted to the exclu sion of the votes of the other joint holders and for this purpose seniority shall be determined by the order in which the names stand in the register of members in respect of the joint holding.
(g) A corporation being a shareholder may authorise such person a s it thinks fit to act as representative at any meeting of shareholders and the person so authorised shall be entitled to vote as if it were an individual shareholder.
(h) To be valid, the Form of Proxy and any powers of attorney under which they are signed m ust be received by the Company Secretary at 4th Floor, 76 Baggot Street Lower, Dublin 2, Ireland not less than 48 hours before the time appointed for the holding of the meeting. Shareholders may send their signed Form of Proxy by email to caroline.mcgonagle@sannegroup.com . Any proxy form deposited less than 48 hours before the time of the meeting may only be treated as valid at the discretion of the Directors.
(i) A proxy need not be a sh areholder of the Company but must attend the meeting in person, or any adjourned meeting, to represent you.
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APPENDIX I
Marked - up Supplement
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SSGA SPDR ETFs Europe I Plc 4 January 2019
SPDR Bloomberg Barclays
3 1 -10 Year U.S. Corporate
Bond UCITS ETF
Suppleme n t No. 54
(A sub-fund of SSGA SPDR ETFs Europe I plc (the “Co mpany”), an open-ended investment company constituted as an umbrella fund with segregated lia bility between sub-funds authorised by the Central Bank of Ireland pursuant to the UCITS Regulations).
This Supplement (the “Supplement”) forms part of th e Prospectus dated 4 January 2019 as amended from time to time (the “Prospectus”) in rel ation to the Company. This Supplement should be read together with the Prospectus and Key Invest or Information Document (“KIID”). It contains information relating to the SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond UCITS ETF (the “Fund”), which is represented by the SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond UCITS ETF series of shares in the Company (the “Shares”).
All Shares in this Fund have been designated as ETF Shares. Unless otherwise defined herein or unless the context otherwise requires, all defined terms u sed in this Supplement shall bear the same meaning as in the Prospectus.
Prospective investors should review the entire Supp lement, the Prospectus and KIID carefully. If you have any questions, you should consult your stockbr oker or financial adviser. Potential investors should consider the risk factors set out in the Pro spectus and in this Supplement before investing in this Fund. The Company and the Directors listed in the “Management” section of the Prospectus, accept responsibility for the information contained in this Supplement.
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SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond UCITS ETF
Fund Characteristics Base Currency USD Investment Manager Sub-Investment Manager
State Street Global Advisors Limited. State Street Global Advisors Trust Company.
Dividend Policy
For distributing share classes, semi-annual distrib ution of income (in or around January and July), except where the Directors in their sole dis cretion, determine not to pay a dividend on any given distribution date. For accumulating share classes, all income and gains will be accumulated in the Net Asset Value per Share. Distributing / accumulating status indicated in Sha re class information overleaf.
Dealing Information
Dealing Deadline
For unhedged share classes subscriptions and redemp tions: 4.45 p.m. (Irish time) on each Dealing Day. For hedged share classes subscriptions and redempti ons: 2.00 p.m. (Irish time) on each Dealing Day. For all subscriptions and redemptions on 24 and 31 December each year: 1.00 p.m. (Irish time) on the relevant Dealing Day.
Settlement Deadline
3.00 p.m. (Irish time) on the second Business Day a fter the Dealing Day, or such earlier or later date as may be determined by or agreed with t he Investment Manager. The Investment Manager/Company will notify Shareholders if, (i) an earlier Settlement Deadline applies in respect of subscriptions, or (ii) a later Settlemen t Deadline applies in respect of redemptions. Settlement may be impacted by the settlement schedu le of the underlying markets.
Dealing NAV The Net Asset Value per Share calculated as at the Valuation Point on the relevant Dealing Day. Minimum Subscription and Redemption Amount
Authorised Participants should refer to the Authori sed Participant Operating Guidelines for details of the current minimum subscription and red emption amounts for the Fund.
Index Information
Index (Ticker) Bloomberg Barclays U.S. 3-10 Year Intermediate Corporate Bond Index (“the Index”) ( BC31 LD06 TRUU) Index Rebalance Frequency Monthly
Valuation Information
Valuation The Net Asset Value per Share is calculated in acco rdance with the “Determination of Net Asset Value” section of the Prospectus. Valuation Pricing Used Closing bid prices. Valuation Point 10.15 p.m. (Irish time) on each Busi ness Day.
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SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond UCITS ETF
Share Classes
Share Class Type USD unhedged EUR hedged GBP hedged CHF hed ged
Name
SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond UCITS ETF
SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond EUR Hdg UCITS ETF
SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond GBP Hdg UCITS ETF
SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond CHF Hdg UCITS ETF
Dividend Policy* Dist Acc Dist Acc Dist Acc Dist Acc Share Class Currency USD EUR GBP CHF
Currency Hedged Index n/a
Bloomberg Barclays U.S. 3-10 Year Intermediate Corporate Bond Index (EUR Hedged)
Bloomberg Barclays U.S. 3-10 Year Intermediate Corporate Bond Index (GBP Hedged)
Bloomberg Barclays U.S. 3-10 Year Intermediate Corporate Bond Index (CHF Hedged)
Index Ticker BC31 LD06 TRUU BC31 LD06 TREH BC31 LD06 TRGH BC31 LD06 TRCH
TER (further information in this respect is set out in the “Fees and Expenses” section of the Prospectus)
0.20% 0.25% 0.25% 0.25%
*Dividend Policy: ‘Dist’ = Distributing shares, ‘Ac c’ = Accumulating shares
State Street Global Advisors
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SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond UCITS ETF
State Street Global Advisors
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SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond UCITS ETF
Investment Objective and Policy
Investment Objective: The objective of the Fund is to track the performance of the intermediate maturity, fixed-rat e, investment-grade U.S. Dollar-denominated corporate bond market.
Investment Policy: The investment policy of the Fund is to track the performance of the Index (or any other index de termined by the Directors from time to time to track substan tially the same market as the Index) as closely as possible, w hile seeking to minimise as far as possible the tracking differe nce between the Fund’s performance and that of the Index.
The Index measures the performance of the intermedi ate maturity, investment grade U.S. corporate bond mark et. Only bonds that have a maturity of between three one and ten years are included. Securities must be fixed rate, U.S. d ollar denominated, taxable and rated investment grade as defined by the Index methodology. Inclusion is based on the currency of the issue, not the domicile of the issuer.
Hedged Classes are made available to reduce the imp act of exchange rate fluctuations between the currency of the Class and the currency in which the underlying assets are denominated (USD). Investors should note that the currency hedged Classes (designated as such in this Suppleme nt) will be hedged back to the currency of the relevant Class. Consequently the currency hedged Classes should mor e closely track the corresponding currency hedged versions of the Index (“ Currency Hedged Index ”).
The Investment Manager and/or Sub-Investment Manage r, on behalf of the Fund, will invest using the stratifie d sampling strategy as further described in the "Investment Objectives and Policies – Index Tracking Funds" section of the Prospectus, at least 90% of the Fund’s assets in government and government-related bonds and corporate bonds which are securities of the Index, at all times in accordance with the Investment Restrictions set forth in the Prospectus . The Investment Manager and/or Sub-Investment Manager ma y also, in exceptional circumstances, invest in secur ities not included in the Index but that it believes closely reflect the risk and distribution characteristics of securities of t he Index. The bond securities in which the Fund invests will be p rimarily listed or traded on Recognised Markets in accordanc e with the limits set out in the UCITS Regulations. Details of the Fund’s portfolio and the indicative net asset value per Sh are for the Fund are available on the Website.
Currency Hedging : The Fund will use financial derivative instruments (“ FDIs ”), including forward foreign exchange contracts, to hedge some or all of the foreign exch ange risk for currency hedged Classes. Currency hedging transact ions in respect of a currency hedged Class will be clearly attributable
to that Class and any costs shall be for the accoun t of that Class only. All such costs and related liabilities and/or benefits will be reflected in the net asset value per Share of th e Class. Over hedged or under-hedged positions may arise unintent ionally due to factors outside the control of the Investmen t Manager but will be monitored and adjusted on a regular bas is.
Permitted Investments
Bonds: The securities in which the Fund invests will only include government and government-related bonds and corporate bonds.
Other Funds / Liquid Assets: The Fund may invest up to 10% of its net assets in other regulated open-ended funds where the objectives of such funds are consistent with the ob jective of the Fund and where such funds are authorised in mem ber states of the EEA, USA, Jersey, Guernsey or the Isl e of Man and where such funds comply in all material respects wi th the provisions of the UCITS Regulations. The Fund may h old ancillary liquid assets such as deposits in accorda nce with the UCITS Regulations.
Derivatives: The Fund may use financial derivative instruments (“ FDIs ”) for currency hedging and efficient portfolio management purposes. Any use of FDIs by the Fund sh all be limited to futures and forward foreign exchange con tracts (including non-deliverable forwards). Efficient por tfolio management means investment decisions involving transactions that are entered into for one or more of the following specific aims: the reduction of risk; the reduction of cost; the generation of additional capital or incom e for the Fund with an appropriate level of risk, taking into account the risk profile of the Fund; or the minimisation of tr acking error, i.e. the risk that the Fund return varies from the Index return. FDIs are described in the "Investment Objectives and Policies Use of Financial Derivative Instruments" section of the Prospectus.
Securities Lending, Repurchase Agreements & Reverse Repurchase Agreements
The Fund does not currently participate in a securi ties lending programme, though it is entitled to do so. The Fund also does not intend to engage in repurchase agreements and r everse repurchase agreements. Should the Directors elect t o change this policy in the future, due notification will be given to Shareholders and this Supplement will b e updated accordingly.
Investment Risks
Investment in the Fund carries with it a degree of risk. Investors should read the “Risk Information” section of the
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SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond UCITS ETF
Prospectus. In addition, the following risks are pa rticularly relevant for the Fund.
Index Tracking Risk: The Fund’s return may not match the return of the Index. It is currently anticipated th at the Fund will track the Index with a potential variation of up to 1% annually under normal market conditions. The Fund’s ability to track the Index will be affected by Fund expenses, the amount of cash and cash equivalents held in its portfolio, and the frequency and the timing of purchases and sales of interests in the Fund. The Investment Manager and/or Sub-Investment Manage r may attempt to replicate the Index return by investing in a sub-set of the securities in the Index, or in some securiti es not included in the Index, potentially increasing the risk of di vergence between the Fund’s return and that of the Index.
Liquidity Risk & ETF Liquidity Risk: Lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all . Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluct uations in market value. Illiquidity of the Fund’s holdings ma y limit the ability of the Fund to obtain cash to meet redempti ons on a timely basis. Where the fund invests in illiquid se curities or does not trade in large volumes, the bid offer spre ads of the Fund may widen, the Fund may be exposed to increase d valuation risk and reduced ability to trade. Shares in the Fund may also trade at prices that are materially differ ent to the last available NAV.
Derivatives Risk: The Fund may use derivative instruments for efficient portfolio management purposes as describe d in the Currency Hedging section. The Fund’s use of deriva tive instruments involves risks different from, and poss ibly greater than, the risks associated with investing directly in securities.
Duration/Interest Rate Risk: Changes in interest rates are likely to affect the value of bonds and other debt instrum ents. Rising interest rates generally result in a decline in bon d values, while falling interest rates generally result in bond val ues increasing. Investments with longer maturities and higher dura tions are more sensitive to interest rate changes, therefore a change in interest rates could have a substantial and immedia te negative effect on the values of the Fund’s investments
Concentration Risk : When the Fund focuses its investments in a particular currency or market, the financial, econo mic, business, and other developments affecting issuers in that currency or market will have a greater effect on th e Fund than if it was more diversified. This concentration may also limit the liquidity of the Fund. Investors may buy or sell s ubstantial amounts of the Fund’s shares in response to factors affecting or expected to affect a currency or market in which the Fund focuses its investments.
Currency Hedging Risk : Hedges are sometimes subject to imperfect matching between the hedging transaction and the risk sought to be hedged. There can be no assurance that the Fund’s hedging transactions will be effective. As t he purpose of currency hedging is to try to reduce or eliminate l osses caused by exchange rate fluctuations, it can also reduce o r eliminate gains where the currency in which the Fund’s assets are denominated appreciates.
Debt Securities - Credit Risk: A debt security’s value may be adversely affected by its issuer’s ability or perce ived ability, to make timely payments. An issuer’s ability to meet its obligations in relation to securities held by the F und may decline substantially. The rating assigned to any particular investment does not necessarily reflect the issuer’ s current financial condition and does not reflect an assessm ent of an investment’s volatility or liquidity. Investment gr ade securities may still be subject to credit difficulties leading to the loss of some or all of the sums invested. If a security he ld by a Fund loses its rating or its rating is downgraded, the F und may nonetheless continue to hold the security in the di scretion of the Investment Manager and/or Sub-Investment Manage r.
Share Class Risk: There is no segregation of liabilities between Classes of the Fund. While the Investment Manager a nd Sub Investment Manager will seek to ensure that gains/l osses on and the costs of the relevant FDI associated with a ny currency hedging strategy will accrue solely to the Class fo r which it is intended, the transactions could result in liabilit ies for other Classes.
Investor Profile
The typical investors of the Fund are expected to b e institutional, intermediary and retail investors wh o want to take short, medium or long term exposure to the per formance of the intermediate maturity, investment grade, U.S . Dollar denominated corporate bond market and are prepared to accept the risks associated with an investment of t his type and the expected low to medium volatility of the Fund.
Subscriptions, Redemptions & Conversions
Investors may subscribe for or redeem Shares in the Fund on each Dealing Day at the Dealing NAV with an appropr iate provision for Duties and Charges and in accordance with the provisions in the “Purchase and Sale Information” section of the Prospectus.
For subscriptions, consideration, in the form of ca sh or cleared in kind securities, must be received by the Settlem ent Deadline. For redemptions, a written redemption req uest signed by the Shareholder is required to be receive d by the
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SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond UCITS ETF
Administrator by the Dealing Deadline on the relevant Dealing Day.
Shareholders should refer to the terms of the “ Purchase and Sale Information ” section of the Prospectus for information on Share conversions.
Initial Offer Period
Shares in the following Share Classes of the Fund will be issued at the Dealing NAV:
SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond UCITS ETF (Dist)
Shares of the Fund which are not launched as at the date of this Supplement will be available from 9.00 a.m. (Irish time) on 7 January [●] 2019 to 3.00 p.m. (Irish time) on 5 July [●] 2019 or such earlier or later date as the Directors may determine (the “Initial Offer Period”). The initial offer price will be approximately 30 in the currency of the respective share class, plus an appropriate provision for Duties and Charges, or such other amount as determined by the Investment Manager and communicated to investors prior to investment. Following the closing date of the Initial Offer Period, the Shares will be issued at the Dealing NAV.
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SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond UCITS ETF
BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS® is a trademark and service mark of Barclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL") (collectively, "Bloomberg"), or Bloomberg's licensors own all proprietary rights in the "Bloomberg Barclays U.S. 3-10 Year Intermediate Corporate Bond Index.”
Neither Barclays Bank PLC, Barclays Capital Inc., nor any affiliate (collectively "Barclays") nor Bloomberg is the issuer or producer of SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond UCITS ETF and neither Bloomberg nor Barclays has any responsibilities, obligations or duties to investors in SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond UCITS ETF. The Bloomberg Barclays U.S. 3-10 Year Intermediate Corporate Bond Index is licensed for use by State Street as the Issuer of SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond UCITS ETF. The only relationship of Bloomberg and Barclays with the Issuer in respect of Bloomberg Barclays U.S. 3-10 Year Intermediate Corporate Bond Index is the licensing of the Bloomberg Barclays U.S. 3-10 Year Intermediate Corporate Bond Index, which is determined, composed and calculated by BISL, or any successor thereto, without regard to the Issuer or the SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond UCITS ETF or the owners of the SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond UCITS ETF.
Additionally, State Street as Issuer of SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond UCITS ETF may for itself execute transaction(s) with Barclays in or relating to the Bloomberg Barclays U.S. 3-10 Year Intermediate Corporate Bond Index in connection with SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond UCITS ETF. Investors acquire SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond UCITS ETF from State Street and investors neither acquire any interest in Bloomberg Barclays U.S. 3-10 Year Intermediate Corporate Bond Index nor enter into any relationship of any kind whatsoever with Bloomberg or Barclays upon making an investment in SPDR Bloomberg Barclays 3 1 10 Year U.S. Corporate Bond UCITS ETF. The SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond UCITS ETF is not sponsored, endorsed, sold or promoted by Bloomberg or Barclays. Neither Bloomberg nor Barclays makes any representation or warranty, express or implied, regarding the advisability of investing in the SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond UCITS ETF or the advisability of investing in securities generally or the ability of the Bloomberg Barclays U.S. 3-10 Year Intermediate Corporate Bond Index to track corresponding or relative market performance. Neither Bloomberg nor Barclays has passed on the legality or suitability of the SPDR Bloomberg Barclays 3 1 10 Year U.S. Corporate Bond UCITS ETF with respect to any person or entity. Neither Bloomberg nor Barclays is responsible for or has participated in the determination of the timing of, prices at, or quantities of the SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond UCITS ETF to be issued. Neither Bloomberg nor Barclays has any obligation to take the needs of the Issuer or the owners of the SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond UCITS ETF or any other third party into consideration in determining, composing or calculating the Bloomberg Barclays U.S. 3-10 Year Intermediate Corporate Bond Index. Neither Bloomberg nor Barclays has any obligation or liability in connection with administration, marketing or trading of the SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond UCITS ETF.
The licensing agreement between Bloomberg and Barclays is solely for the benefit of Bloomberg and Barclays and not for the benefit of the owners of the SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond UCITS ETF, investors or other third parties. In addition, the licensing agreement between State Street and Bloomberg is solely for the benefit of State Street and Bloomberg and not for the benefit of the owners of
the SPDR Bloomberg Barclays 3 1 -10 Year U.S. Corporate Bond UCITS ETF, investors or other third parties.
NEITHER BLOOMBERG NOR BARCLAYS SHALL HAVE ANY LIABILITY TO THE ISSUER, INVESTORS OR OTHER THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE BLOOMBERG BARCLAYS U.S. 3-10 YEAR INTERMEDIATE CORPORATE BOND INDEX OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE BLOOMBERG BARCLAYS U.S. 3-10 YEAR INTERMEDIATE CORPORATE BOND INDEX. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, THE INVESTORS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG BARCLAYS U.S. 3-10 YEAR INTERMEDIATE CORPORATE BOND INDEX OR ANY DATA INCLUDED THEREIN. NEITHER BLOOMBERG NOR BARCLAYS MAKES ANY EXPRESS OR IMPLIED WARRANTIES, AND EACH HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG BARCLAYS U.S. 310 YEAR INTERMEDIATE CORPORATE BOND INDEX OR ANY DATA INCLUDED THEREIN. BLOOMBERG RESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE BLOOMBERG BARCLAYS U.S. 310 YEAR INTERMEDIATE CORPORATE BOND INDEX, AND NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO ANY OF THE BLOOMBERG BARCLAYS U.S. 3-10 YEAR INTERMEDIATE CORPORATE BOND INDEX. NEITHER BLOOMBERG NOR BARCLAYS SHALL BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH, RESULTING FROM THE USE OF THE BLOOMBERG BARCLAYS U.S. 3-10 YEAR INTERMEDIATE CORPORATE BOND INDEX OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE SPDR BLOOMBERG BARCLAYS 3 1 -10 YEAR U.S. CORPORATE BOND UCITS ETF.
None of the information supplied by Bloomberg or Barclays and used in this publication may be reproduced in any manner without the prior written permission of both Bloomberg and Barclays Capital, the investment banking division of Barclays Bank PLC. Barclays Bank PLC is registered in England No. 1026167, registered office 1 Churchill Place London E14 5HP. As of the date of this Supplement the Fund uses (wit hin the meaning of the Benchmark Regulation) the following Bloomberg Index Services Limited benchmark: Bloomberg Barclays U.S. 3-10 Year Intermediate Corporate Bond Index As of the date of this Supplement, no Bloomberg Inde x Services Limited entity is listed on the ESMA Register referred to in Article 36 of the Benchmark Regulation.
"SPDR®" is a registered trademark of Standard & Poor 's Financial Services LLC ("S&P") and has been licensed for use by State Street Corporation. No financial product offered by State Street Corporation or its affiliates is sponsored, endorsed, sold or promoted by S&P or its affiliates, and S&P and its affiliates make no representation, warranty or condition regarding the advisability of buying, selling or holding units/shares in such products. Standard & Poor's®, S&P®, SPDR®, S&P 500® are registered trademarks of Standard & Poor's Financial Services LLC and have been licensed for use by State Street Corporation.
State Street Global Advisors
8
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