{"annotation_id":"80a86a19-851e-444a-8cb4-0e9016eea9a3","file_hash":"6665411ab82ce255ec7c9a3aaf9475f3db519401b4e05aaae649795dd905ea69","schema_id":"open/document-extraction","schema_version":"0.5.0","record":{"extraction_type":"boxes","producer":"pdf-extractor-v0.5.0","blocks":[{"id":"3e773de5-f5af-4ce8-aa40-f6ea0de69d73","block_type":"box","text":"SSGA SPDR ETFs Europe II Plc","page_number":1,"box":{"x":85,"y":59,"width":303,"height":14}},{"id":"99ba490a-e62f-4d1b-a5d3-c2f22efb49fb","block_type":"box","text":"19 February","page_number":1,"box":{"x":85,"y":79,"width":104,"height":13}},{"id":"9bbec563-8649-4ffd-b32b-17eb2da7407c","block_type":"box","text":"2026","page_number":1,"box":{"x":189,"y":79,"width":56,"height":10}},{"id":"7690e26f-6075-4643-a830-03d2f1f13483","block_type":"box","text":"1","page_number":1,"box":{"x":913,"y":911,"width":4,"height":5}},{"id":"9d934b5a-9e14-4b8d-9784-08b28a1e3497","block_type":"box","text":"27424774.146","page_number":1,"box":{"x":83,"y":946,"width":91,"height":10}},{"id":"983f18a2-ba45-4e6a-8e76-33ade9bc0990","block_type":"box","text":"Prospective investors should review this Prospectus and the Global Supplement (together the “Prospectus”),","page_number":1,"box":{"x":106,"y":126,"width":776,"height":10}},{"id":"9ae18176-ad33-46e9-8671-13bba2497ce7","block_type":"box","text":"the Relevant Supplement(s) and the relevant packaged retail and insurance-based investment product","page_number":1,"box":{"x":105,"y":140,"width":778,"height":10}},{"id":"0bfd9e58-7cb7-4fce-9259-6809fb88139b","block_type":"box","text":"document (“PRIIPs KID”) or the key investor information document (“KIID”) carefully and in their entirety and,","page_number":1,"box":{"x":105,"y":154,"width":778,"height":10}},{"id":"3c95f0c7-2ae1-471f-8d7e-98a391aecac4","block_type":"box","text":"before making any investment decision with respect to an investment in a Fund, should consult a stockbroker,","page_number":1,"box":{"x":106,"y":169,"width":777,"height":10}},{"id":"a146b9c3-dcd1-4fe6-bdda-8fdf78e24ecc","block_type":"box","text":"bank manager, lawyer, accountant or other financial adviser for independent advice in relation to: (a) the legal","page_number":1,"box":{"x":106,"y":183,"width":776,"height":10}},{"id":"1f1f39b2-6c49-498d-bbf6-1a12f91aa597","block_type":"box","text":"requirements within their own countries for the purchase, holding, exchanging, redeeming or disposing of","page_number":1,"box":{"x":106,"y":197,"width":777,"height":10}},{"id":"080f9975-80ac-4e3a-890c-fa9a6fcbb7a2","block_type":"box","text":"Shares; (b) any foreign exchange restrictions to which they are subject in their own countries in relation to","page_number":1,"box":{"x":105,"y":211,"width":778,"height":10}},{"id":"f8cfdcff-4d31-423a-a932-de08860a8cd2","block_type":"box","text":"the purchase, holding, exchanging, redeeming or disposing of Shares; (c) the legal, tax, financial or other","page_number":1,"box":{"x":105,"y":225,"width":778,"height":11}},{"id":"64ea9c00-9968-4b0a-9bcb-a9fc7c7198d3","block_type":"box","text":"consequences of subscribing for, purchasing, holding, exchanging, redeeming or disposing of Shares;","page_number":1,"box":{"x":105,"y":240,"width":777,"height":10}},{"id":"3cbece01-30bb-482d-b380-618a636fb05e","block_type":"box","text":"and (d) the provisions of this Prospectus and the Relevant Supplement(s).","page_number":1,"box":{"x":105,"y":254,"width":559,"height":10}},{"id":"ec7c7d37-e7df-4519-8a32-5313cad59bf9","block_type":"box","text":"SSGA SPDR ETFs Europe II plc","page_number":1,"box":{"x":107,"y":284,"width":709,"height":32}},{"id":"0b8a804c-b425-4c55-8299-1476f74e5bfa","block_type":"box","text":"(An investment company with variable capital constituted as an umbrella fund with segregated liability","page_number":1,"box":{"x":110,"y":318,"width":773,"height":10}},{"id":"3987cda1-2a2f-4f01-9d0d-610449690041","block_type":"box","text":"between sub-funds under the laws of Ireland and authorised by the Central Bank pursuant to the European","page_number":1,"box":{"x":106,"y":332,"width":777,"height":10}},{"id":"57c5bfb0-e942-4ac5-baed-899575265b7f","block_type":"box","text":"Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011).","page_number":1,"box":{"x":105,"y":347,"width":717,"height":10}},{"id":"cbe552d0-c171-49a2-bd50-abc29a954c73","block_type":"box","text":"PROSPECTUS","page_number":1,"box":{"x":106,"y":376,"width":142,"height":11}},{"id":"1d17507e-9c75-4979-bb04-e40cd06de365","block_type":"box","text":"SSGA SPDR ETFs Europe II plc (the “Company”) and the directors of the Company (the “Directors”) whose names","page_number":1,"box":{"x":105,"y":408,"width":778,"height":10}},{"id":"e2ba1608-7d84-461f-b820-a1b59e1ada6a","block_type":"box","text":"appear in the section entitled “Management” below accept responsibility for the information contained in this","page_number":1,"box":{"x":105,"y":423,"width":778,"height":10}},{"id":"1d13c13b-fefb-411f-9e49-11980ae994d1","block_type":"box","text":"document. To the best of the knowledge and belief of the Company and the Directors (who have taken all reasonable","page_number":1,"box":{"x":105,"y":437,"width":778,"height":10}},{"id":"ec07e3d2-b97c-4f8b-8097-329be917ac35","block_type":"box","text":"care to ensure that such is the case) the information contained in this document is in accordance with the facts and","page_number":1,"box":{"x":105,"y":451,"width":777,"height":10}},{"id":"a0c07a4f-ad79-42c9-b20a-0bd10a5c3800","block_type":"box","text":"does not omit anything likely to affect the accuracy of such information. The Company and the Directors accept","page_number":1,"box":{"x":105,"y":465,"width":778,"height":10}},{"id":"5cdc04e5-2f9b-4fa3-ba92-7ec084eb3da8","block_type":"box","text":"responsibility accordingly.","page_number":1,"box":{"x":106,"y":480,"width":170,"height":10}},{"id":"dc72b20f-81cd-4e94-8d71-da43eeaf434d","block_type":"box","text":"The Global Supplement which forms part of this Prospectus contains a list of all Funds currently approved by the Central","page_number":1,"box":{"x":105,"y":508,"width":812,"height":10}},{"id":"84d3d9f9-1ab6-4e6a-8cd8-9e5d80829067","block_type":"box","text":"Bank.","page_number":1,"box":{"x":106,"y":520,"width":35,"height":8}},{"id":"4fb6ad0e-8eb4-4224-b5c9-3a13f87b9624","block_type":"box","text":"The PRIIPs KID or KIID for each of the Funds provide important information in respect of the Funds, including","page_number":1,"box":{"x":105,"y":549,"width":777,"height":10}},{"id":"25837d07-cdc3-4a2d-8c28-1ebceb58845e","block_type":"box","text":"the applicable synthetic risk and reward indicator, charges and, where available, the historical performance","page_number":1,"box":{"x":105,"y":563,"width":778,"height":10}},{"id":"f64593de-2803-4836-b441-742239de27b0","block_type":"box","text":"associated with the Funds. Before subscribing for Shares in a Fund, each investor will be required to confirm","page_number":1,"box":{"x":105,"y":577,"width":777,"height":10}},{"id":"12d430f8-4045-4afa-8532-4bafacd56232","block_type":"box","text":"that they have received the relevant PRIIPs KID or KIID. The PRIIPs KIDs and KIIDs and the latest annual and","page_number":1,"box":{"x":105,"y":591,"width":777,"height":11}},{"id":"6155ccf6-3531-43b7-9702-f51e1e85c39a","block_type":"box","text":"any semi-annual reports of the Company are available to download on the Website.","page_number":1,"box":{"x":105,"y":605,"width":595,"height":11}},{"id":"08cd986c-268a-457a-ba8d-97502f9020b1","block_type":"box","text":"Investors should be aware that the price of Shares may fall as well as rise, and investors may not get back any","page_number":1,"box":{"x":106,"y":634,"width":777,"height":10}},{"id":"2fc82039-3f82-4c34-887b-aa1bad70eeba","block_type":"box","text":"of the amount invested. The difference at any one time between the subscription and redemption price of","page_number":1,"box":{"x":105,"y":648,"width":778,"height":10}},{"id":"ba4ad5eb-1702-4f98-8ab9-9c190043cc90","block_type":"box","text":"Shares means that an investment in any Fund should be viewed as medium to long term. Risk factors for each","page_number":1,"box":{"x":105,"y":662,"width":778,"height":10}},{"id":"e3b67ab5-7667-4257-89c2-39f95b02e0eb","block_type":"box","text":"investor to consider are set out in the section entitled “Risk Information” below. Risk factors of particular","page_number":1,"box":{"x":106,"y":677,"width":777,"height":10}},{"id":"11084e83-eee2-4158-8ae3-7172edc9d1e7","block_type":"box","text":"relevance to the Funds are also described in the Relevant Supplement(s).","page_number":1,"box":{"x":106,"y":691,"width":523,"height":10}},{"id":"3a0aaf29-68cf-40fd-8b36-2c95ba0510cc","block_type":"box","text":"Authorisation of the Company is not an endorsement or guarantee of the Company by the Central Bank nor","page_number":1,"box":{"x":105,"y":719,"width":778,"height":11}},{"id":"5b9dd4be-adc1-4ec3-895b-7ee6f36388ea","block_type":"box","text":"is the Central Bank responsible for the contents of the Prospectus. The authorisation of the Company by the","page_number":1,"box":{"x":106,"y":733,"width":777,"height":11}},{"id":"e3f2967b-92f5-47ce-a268-95e5ab497cf0","block_type":"box","text":"Central Bank shall not constitute a warranty as to the performance of the Company and the Central Bank shall","page_number":1,"box":{"x":105,"y":748,"width":777,"height":10}},{"id":"2c60964c-71ba-44b9-9408-92996cfb5bdd","block_type":"box","text":"not be liable for the performance or default of the Company.","page_number":1,"box":{"x":106,"y":762,"width":428,"height":10}},{"id":"6ccff499-e089-463f-b1e0-1d760ab4d2ec","block_type":"box","text":"Shares are not and may not be, offered, sold or delivered directly or indirectly in the United States of America,","page_number":1,"box":{"x":105,"y":790,"width":777,"height":10}},{"id":"65af5e71-aed3-4433-8374-5c1a7c8b3888","block_type":"box","text":"its territories or possessions or in any State or the District of Columbia (the “U.S.”) or to or for the account or","page_number":1,"box":{"x":106,"y":805,"width":777,"height":10}},{"id":"260b2dba-d7e5-46c5-8bf3-a2967aee5dd2","block_type":"box","text":"benefit of any U.S. Person as defined in Schedule I hereto. 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Typically, profit or loss in this case will be","page_number":8,"box":{"x":536,"y":196,"width":381,"height":10}},{"id":"593feeb8-9bc9-47e9-afc3-688ce84315c7","block_type":"box","text":"delivered in U.S. Dollars or Euros.","page_number":8,"box":{"x":536,"y":211,"width":226,"height":8}},{"id":"2ab1239e-92e5-438f-aff2-0f53df76a7ab","block_type":"box","text":"•","page_number":8,"box":{"x":519,"y":242,"width":4,"height":3}},{"id":"0c4e0624-cc1b-459b-a63b-e95bc995d373","block_type":"box","text":"Warrants","page_number":8,"box":{"x":536,"y":239,"width":64,"height":8}},{"id":"86d2e5e1-4411-4921-9577-5a3d140e3d08","block_type":"box","text":"— Warrants grant the right to acquire an","page_number":8,"box":{"x":611,"y":239,"width":306,"height":10}},{"id":"f15e904c-da37-43f6-8294-24f7830b959a","block_type":"box","text":"underlying security from the issuer (as opposed to an","page_number":8,"box":{"x":536,"y":253,"width":381,"height":10}},{"id":"615c3ef5-277f-4f1b-9488-997c6aea9947","block_type":"box","text":"option where a third party grants a right to acquire an","page_number":8,"box":{"x":536,"y":268,"width":381,"height":10}},{"id":"d5ad89c3-efdb-4064-879c-b038694ce315","block_type":"box","text":"underlying security as described below) at a fixed price. A","page_number":8,"box":{"x":536,"y":282,"width":382,"height":10}},{"id":"129f17b0-00e1-480b-9cd5-9fc291b17d21","block_type":"box","text":"Fund may hold warrants on securities as a substitute for","page_number":8,"box":{"x":537,"y":296,"width":381,"height":10}},{"id":"0a928aa8-b694-4026-8be8-03c1a4bbe3fc","block_type":"box","text":"taking a position in the underlying security and/or to gain","page_number":8,"box":{"x":536,"y":310,"width":381,"height":10}},{"id":"a6a631ed-a67a-4e5e-bc1d-a33a3f3bd799","block_type":"box","text":"an exposure within the Central Bank’s limits.","page_number":8,"box":{"x":536,"y":324,"width":295,"height":10}},{"id":"542f3128-f410-4eec-a04b-94d74aa8cf7e","block_type":"box","text":"•","page_number":8,"box":{"x":519,"y":356,"width":4,"height":3}},{"id":"6cf259aa-29fc-4685-af5c-c5be467ab68a","block_type":"box","text":"Options","page_number":8,"box":{"x":536,"y":353,"width":56,"height":10}},{"id":"0267b6b2-6b3a-4fad-b77a-8327f9c218b4","block_type":"box","text":"— Options are contracts in which the writer","page_number":8,"box":{"x":601,"y":353,"width":317,"height":10}},{"id":"969ce366-fa7a-4bf3-b860-08716b1e173c","block_type":"box","text":"(seller) promises that the contract buyer has the right, but","page_number":8,"box":{"x":536,"y":367,"width":381,"height":10}},{"id":"4d3b4b9e-4ca5-498c-9538-ff59b892b0ab","block_type":"box","text":"not the obligation, to buy or sell a certain index, equity,","page_number":8,"box":{"x":536,"y":382,"width":380,"height":10}},{"id":"d3837684-ffca-4a55-8f7e-faafd80f30bd","block_type":"box","text":"bond or currency at a certain price (the strike price) on or","page_number":8,"box":{"x":536,"y":396,"width":382,"height":10}},{"id":"bf4e3c51-302c-446e-b543-4db77b56d0d1","block_type":"box","text":"before a certain expiration date, or exercise date. An","page_number":8,"box":{"x":536,"y":410,"width":381,"height":10}},{"id":"9ee7881c-429f-4a4c-b8d8-8aa90ac747ce","block_type":"box","text":"option giving the buyer the right to buy at a certain price is","page_number":8,"box":{"x":536,"y":424,"width":381,"height":10}},{"id":"fdf97d2d-6f9b-44ea-88fc-9ffc7e59ba32","block_type":"box","text":"called a call, while one that gives him/her the right to sell","page_number":8,"box":{"x":536,"y":438,"width":381,"height":10}},{"id":"5ff73000-3cf3-42a1-89de-d8a1d4094a02","block_type":"box","text":"is called a put. The Fund may purchase and write call and","page_number":8,"box":{"x":536,"y":453,"width":381,"height":10}},{"id":"ab898b20-c0c5-4494-8155-d85915360627","block_type":"box","text":"put options on securities (including straddles), securities","page_number":8,"box":{"x":536,"y":467,"width":381,"height":10}},{"id":"d0fa955a-0dec-403b-bb93-fe06639dee84","block_type":"box","text":"indices and currencies and use options on futures","page_number":8,"box":{"x":536,"y":481,"width":381,"height":10}},{"id":"296282e9-39db-422b-a969-339eb86d3bba","block_type":"box","text":"contracts (including straddles) and swap agreements, and","page_number":8,"box":{"x":536,"y":495,"width":381,"height":10}},{"id":"a262f468-b43d-4023-ab07-d3541405178a","block_type":"box","text":"/ or hedge against changes in interest rates, currency","page_number":8,"box":{"x":535,"y":510,"width":383,"height":10}},{"id":"8aa0fd63-b05b-4946-ac61-a1d0b5cf245e","block_type":"box","text":"exchange rates or securities prices. A Fund may also use","page_number":8,"box":{"x":536,"y":524,"width":381,"height":10}},{"id":"5c7f6064-ffb1-4e91-8bab-45c59bdcb1cc","block_type":"box","text":"options as a substitute for taking a position in other","page_number":8,"box":{"x":536,"y":538,"width":382,"height":10}},{"id":"a98580ba-1b66-48ed-bae8-c620bc3ef046","block_type":"box","text":"securities and funds and/or to gain an exposure within the","page_number":8,"box":{"x":536,"y":552,"width":381,"height":10}},{"id":"dc101608-1785-4d73-b843-47abf49e1cc4","block_type":"box","text":"limits laid down by the Central Bank.","page_number":8,"box":{"x":536,"y":566,"width":240,"height":11}},{"id":"eaefb601-34a8-4b41-8a25-4eb6f5d80ea0","block_type":"box","text":"Please see “Collateral” below for details of the policy of the","page_number":8,"box":{"x":519,"y":595,"width":398,"height":10}},{"id":"7bcfe428-23d9-4234-97a1-93da2425a1de","block_type":"box","text":"Company in relation to collateral received under FDI.","page_number":8,"box":{"x":519,"y":609,"width":351,"height":10}},{"id":"fa53aabe-e59d-42ba-88d9-cce4e9fd846e","block_type":"box","text":"Use of TBAS","page_number":8,"box":{"x":519,"y":638,"width":101,"height":8}},{"id":"2d7f47de-1370-4ca0-8f9f-afd20f336527","block_type":"box","text":". The use of mortgage-backed securities","page_number":8,"box":{"x":622,"y":638,"width":295,"height":10}},{"id":"9d78d20e-9695-4645-ad9b-72e71308291e","block_type":"box","text":"through “To Be Announced” (“TBA”) securities by any Fund","page_number":8,"box":{"x":518,"y":652,"width":399,"height":10}},{"id":"51e419f1-325f-4abc-8c5d-88795c98b587","block_type":"box","text":"will be described in the Relevant Supplement. TBA","page_number":8,"box":{"x":518,"y":666,"width":400,"height":10}},{"id":"12297c29-3d15-49df-a7ed-f43b8ff442a4","block_type":"box","text":"mortgage-backed securities are, typically, debt securities","page_number":8,"box":{"x":519,"y":681,"width":398,"height":10}},{"id":"17254ea5-586a-4b1a-a582-a13b97d8ffeb","block_type":"box","text":"structured by agencies such as the Federal National","page_number":8,"box":{"x":519,"y":695,"width":398,"height":10}},{"id":"cdab4fe2-184f-47aa-8f41-75d7f92e08de","block_type":"box","text":"Mortgage Association (Fannie Mae), Federal Home Loan","page_number":8,"box":{"x":519,"y":709,"width":398,"height":10}},{"id":"9bc8a37a-655d-4a4d-bd23-11decc59b658","block_type":"box","text":"Mortgage Corporation (Freddie Mac) etc. In the case of a","page_number":8,"box":{"x":519,"y":723,"width":398,"height":10}},{"id":"9baae676-0704-4900-8e34-5c759db3d539","block_type":"box","text":"typical TBA transaction, the terms of the security, including","page_number":8,"box":{"x":518,"y":737,"width":399,"height":10}},{"id":"caab1a5c-9445-4dcb-85eb-103b4edd3821","block_type":"box","text":"coupon, face value, price and settlement date are","page_number":8,"box":{"x":519,"y":752,"width":398,"height":10}},{"id":"29149a0f-125d-4059-82a6-79e1544cd5b3","block_type":"box","text":"determined at the time of the trade but there is, effectively, a","page_number":8,"box":{"x":519,"y":766,"width":398,"height":10}},{"id":"7c29f046-20cc-44fc-b263-0a42b28545f8","block_type":"box","text":"delayed delivery obligation and there is settlement of TBA","page_number":8,"box":{"x":519,"y":780,"width":399,"height":10}},{"id":"d5e44ba5-91cb-4c82-aba8-369056c9e2c8","block_type":"box","text":"mortgage-backed securities, usually, on one specific date in","page_number":8,"box":{"x":519,"y":794,"width":398,"height":11}},{"id":"d8cc1741-cae1-4ac8-9264-e77a73e19845","block_type":"box","text":"each calendar month. For example, although the Fund may","page_number":8,"box":{"x":519,"y":809,"width":399,"height":10}},{"id":"61672d0f-8d43-4363-93fb-b5f5a35a944b","block_type":"box","text":"enter into a transaction to acquire a TBA mortgage-backed","page_number":8,"box":{"x":519,"y":823,"width":398,"height":10}},{"id":"4cbfb50a-ee09-4dec-881e-96f137277d26","block_type":"box","text":"security, the issuer is not actually obliged to deliver that","page_number":8,"box":{"x":519,"y":837,"width":398,"height":10}},{"id":"694bff3e-aed6-49a3-bbdc-4b167bfa02c1","block_type":"box","text":"security to the Fund for a period of, for example, three","page_number":8,"box":{"x":519,"y":851,"width":398,"height":10}},{"id":"37744613-2e07-4efc-bae5-f7b32b26b282","block_type":"box","text":"months. Typically, the Investment Manager and/or Sub","page_number":8,"box":{"x":519,"y":865,"width":398,"height":11}},{"id":"5748d05c-2d90-4e15-a94f-bca77faa4a36","block_type":"box","text":"Investment Manager will dispose of any TBA mortgage","page_number":8,"box":{"x":519,"y":880,"width":398,"height":10}},{"id":"eb1101f3-1338-4d40-a1d2-5b5d6c856f5e","block_type":"box","text":"backed securities immediately prior to the projected date of","page_number":8,"box":{"x":519,"y":894,"width":399,"height":10}},{"id":"37ab7b89-7f7b-47eb-b225-60e34fbdd6d6","block_type":"box","text":"SSGA SPDR ETFs Europe II Plc","page_number":9,"box":{"x":85,"y":59,"width":303,"height":14}},{"id":"dfedf4d4-bd46-40c3-9cff-f9e8c7da2bcc","block_type":"box","text":"19 February","page_number":9,"box":{"x":85,"y":79,"width":104,"height":13}},{"id":"e28a60e6-e4e9-461f-be71-ac84a3e2a67b","block_type":"box","text":"2026","page_number":9,"box":{"x":189,"y":79,"width":56,"height":10}},{"id":"f73a9378-61c4-432b-a74b-3a0f68b1fc12","block_type":"box","text":"9","page_number":9,"box":{"x":82,"y":903,"width":5,"height":5}},{"id":"1ac913cc-b847-4d41-b6aa-6f81ba4d398c","block_type":"box","text":"9","page_number":9,"box":{"x":912,"y":911,"width":5,"height":5}},{"id":"0d5d1106-63e7-4945-aa4d-addff96e7a45","block_type":"box","text":"27424774.146","page_number":9,"box":{"x":83,"y":946,"width":91,"height":10}},{"id":"6cfcfb34-16f6-4a1f-9f2e-d328f8be3c48","block_type":"box","text":"settlement and realise any gain on the acquisition and","page_number":9,"box":{"x":82,"y":125,"width":399,"height":10}},{"id":"c691e42a-1e87-44c7-b7d6-c27676afe34f","block_type":"box","text":"disposal of the TBA mortgage-backed security in that","page_number":9,"box":{"x":82,"y":139,"width":399,"height":11}},{"id":"35b5a9d6-1255-4f57-8d58-a2d15fe1c8ec","block_type":"box","text":"manner. Accordingly, a Fund may use TBA mortgage","page_number":9,"box":{"x":83,"y":154,"width":398,"height":10}},{"id":"3e0c7740-beac-49b8-a8da-cad61d16f409","block_type":"box","text":"backed securities to gain exposure to the mortgage sector","page_number":9,"box":{"x":83,"y":168,"width":399,"height":10}},{"id":"2a9ec575-5f16-4eb0-81db-3db3f7dcd4c4","block_type":"box","text":"without being subject to a requirement to take delivery of the","page_number":9,"box":{"x":82,"y":182,"width":399,"height":10}},{"id":"5d674d3a-05a7-4283-9e94-b8e9ba81323b","block_type":"box","text":"relevant securities. A Fund may use TBA mortgage-backed","page_number":9,"box":{"x":83,"y":196,"width":398,"height":11}},{"id":"50b7bf25-2560-4411-8f6d-4b8c9e2cbccb","block_type":"box","text":"securities to gain a liquid exposure to the component of the","page_number":9,"box":{"x":82,"y":211,"width":399,"height":10}},{"id":"a6cddb9d-689e-4f28-ac00-00c7e05d416a","block_type":"box","text":"Index that is comprised of U.S. mortgage-backed securities","page_number":9,"box":{"x":83,"y":225,"width":398,"height":10}},{"id":"51c2645d-5c09-4a46-9c8f-5dc4cb8db322","block_type":"box","text":"with the intention of minimising tracking error between the","page_number":9,"box":{"x":82,"y":239,"width":399,"height":10}},{"id":"c06886f0-64fe-46e5-8c05-819270c1906f","block_type":"box","text":"Fund and the Index.","page_number":9,"box":{"x":83,"y":253,"width":132,"height":8}},{"id":"6f29aed9-1b66-4d3d-9dbc-ce1c84c6a5c2","block_type":"box","text":"Use of Repurchase/ Reverse Repurchase Agreements/","page_number":9,"box":{"x":83,"y":282,"width":399,"height":10}},{"id":"39dbd6f5-0fb3-4366-aba1-980c267653ee","block_type":"box","text":"Securities Lending Agreements.","page_number":9,"box":{"x":83,"y":296,"width":228,"height":10}},{"id":"f1834eb5-a796-45ec-8e0e-63f5604f5710","block_type":"box","text":"The Company may enter","page_number":9,"box":{"x":317,"y":296,"width":165,"height":10}},{"id":"a15d0b4c-2adb-4a91-afb6-bc54ec17939a","block_type":"box","text":"into repurchase agreements, reverse repurchase","page_number":9,"box":{"x":83,"y":310,"width":398,"height":10}},{"id":"d99bc5bf-146b-4c48-8aa6-311ee36030ae","block_type":"box","text":"agreements and securities lending agreements subject to","page_number":9,"box":{"x":82,"y":325,"width":399,"height":10}},{"id":"e79bd124-a081-4118-a3b3-88b757b1cd23","block_type":"box","text":"the conditions and limits set out in the Central Bank UCITS","page_number":9,"box":{"x":82,"y":339,"width":399,"height":8}},{"id":"a33dd634-eae3-45cf-96ab-4d89d6e3972b","block_type":"box","text":"Regulations. Repurchase agreements and securities lending","page_number":9,"box":{"x":83,"y":353,"width":398,"height":10}},{"id":"160bf2c2-03ec-466d-878d-008f90512685","block_type":"box","text":"agreements may be used for efficient portfolio management.","page_number":9,"box":{"x":82,"y":367,"width":399,"height":10}},{"id":"c97e237b-6a8a-4465-a57a-e1920f8e8017","block_type":"box","text":"Investors should review the Relevant Supplement for","page_number":9,"box":{"x":83,"y":381,"width":399,"height":10}},{"id":"22750e6d-567d-49fa-ad58-08e112029b37","block_type":"box","text":"confirmation of whether or not a Fund uses such techniques","page_number":9,"box":{"x":83,"y":396,"width":398,"height":10}},{"id":"e03ccf83-8c3b-469a-b8ae-044e7113fb54","block_type":"box","text":"and details of any costs and/or revenue arising from them","page_number":9,"box":{"x":82,"y":410,"width":399,"height":10}},{"id":"36fe62aa-7ac8-476d-9e06-c7850258119f","block_type":"box","text":"and the identities of any entities receiving them.","page_number":9,"box":{"x":82,"y":424,"width":317,"height":10}},{"id":"c929151a-d159-4fd6-86db-3e5b328f498d","block_type":"box","text":"A repurchase agreement is an agreement between a seller","page_number":9,"box":{"x":82,"y":453,"width":400,"height":10}},{"id":"8836331f-0aca-47cd-9a42-518fd1585ac2","block_type":"box","text":"and a buyer of specified securities under which the seller","page_number":9,"box":{"x":82,"y":467,"width":400,"height":10}},{"id":"978cecf2-133a-49b5-bbdc-1d4f97df31b1","block_type":"box","text":"agrees to repurchase securities at an agreed upon price and,","page_number":9,"box":{"x":82,"y":481,"width":398,"height":10}},{"id":"ca49d0b4-43c5-46f2-a6e0-1f2fb894d9c6","block_type":"box","text":"usually, at a stated time. If the Company is the seller, the","page_number":9,"box":{"x":83,"y":495,"width":398,"height":10}},{"id":"a2dd81b5-5b1c-46e4-bdf8-94de30127acf","block_type":"box","text":"agreement is categorised by the Company as a repurchase","page_number":9,"box":{"x":82,"y":510,"width":399,"height":10}},{"id":"d95e2e6e-c6bb-4dd1-a43f-2d8f2607cdf8","block_type":"box","text":"agreement. If the Company is the buyer, the agreement is","page_number":9,"box":{"x":82,"y":524,"width":399,"height":10}},{"id":"b9e45ce9-89ce-4914-9720-fb921cdda9ec","block_type":"box","text":"categorised by the Company as a reverse repurchase","page_number":9,"box":{"x":83,"y":538,"width":398,"height":10}},{"id":"efd0dbbd-1409-410f-a18b-a077cd274b18","block_type":"box","text":"agreement. The difference between the purchase price and","page_number":9,"box":{"x":82,"y":552,"width":399,"height":10}},{"id":"2758a18d-c7f8-4b9c-a089-48376947a378","block_type":"box","text":"the repurchase price represents the yield to the buyer from","page_number":9,"box":{"x":82,"y":567,"width":399,"height":10}},{"id":"532851c7-4ab5-4700-a818-60ca78ed68ed","block_type":"box","text":"the repurchase transaction. When the Fund enters into a","page_number":9,"box":{"x":82,"y":581,"width":400,"height":10}},{"id":"d1b6d5d9-3fdd-4fa8-987d-a5e7396204de","block_type":"box","text":"reverse repurchase agreement, it should ensure that it is","page_number":9,"box":{"x":83,"y":595,"width":398,"height":10}},{"id":"b7b58d7e-a25b-433e-871e-79f115dc7735","block_type":"box","text":"able at any time to recall the full amount of cash or to","page_number":9,"box":{"x":82,"y":609,"width":399,"height":10}},{"id":"48bdaeab-d72f-478d-ba1e-e735fb8130b6","block_type":"box","text":"terminate the reverse repurchase agreement on either an","page_number":9,"box":{"x":82,"y":624,"width":399,"height":10}},{"id":"b6a1743c-e14c-47a8-8b11-ad53eca10037","block_type":"box","text":"accrued basis or a marked to market daily basis. When the","page_number":9,"box":{"x":82,"y":638,"width":399,"height":10}},{"id":"6eb2eb41-c157-4a2d-a1f0-f9fcad4cedc4","block_type":"box","text":"cash is recallable at any time on a marked to market basis,","page_number":9,"box":{"x":83,"y":652,"width":397,"height":10}},{"id":"84711112-c98f-46fd-8bff-7c747d2768a9","block_type":"box","text":"the marked to market value of the reverse repurchase","page_number":9,"box":{"x":82,"y":666,"width":399,"height":10}},{"id":"ea99c802-0317-4293-88a7-8189c056c823","block_type":"box","text":"agreement should be used for the calculation of the Fund’s","page_number":9,"box":{"x":82,"y":681,"width":399,"height":10}},{"id":"5d77cdfa-b21c-4875-948a-d170d3274d8e","block_type":"box","text":"Net Asset Value.","page_number":9,"box":{"x":83,"y":695,"width":111,"height":8}},{"id":"8bfae636-ac77-4ba9-8026-fbdfd7d2e815","block_type":"box","text":"In contrast, in a securities lending transaction, the lender","page_number":9,"box":{"x":83,"y":723,"width":399,"height":10}},{"id":"f3c6611a-2b7f-4e21-88de-94585d960f7d","block_type":"box","text":"makes a loan of securities to the borrower upon terms that","page_number":9,"box":{"x":83,"y":737,"width":398,"height":10}},{"id":"fb2f652b-e8f1-4ca4-a2db-cd2028f46323","block_type":"box","text":"require the borrower to return equivalent securities to the","page_number":9,"box":{"x":83,"y":752,"width":398,"height":10}},{"id":"d72edc1b-41af-4b5e-88f1-053e96f085b6","block_type":"box","text":"lender within a specified period and the borrower pays the","page_number":9,"box":{"x":83,"y":766,"width":398,"height":10}},{"id":"3308996f-64a7-485d-a443-d7c901def72b","block_type":"box","text":"lender a fee for the use of the securities during the period","page_number":9,"box":{"x":83,"y":780,"width":398,"height":10}},{"id":"c029009d-6b42-48b5-b0ae-9dda7d7a31c9","block_type":"box","text":"that they are on loan. The Fund should ensure that it is able","page_number":9,"box":{"x":82,"y":794,"width":399,"height":10}},{"id":"0d52dcb7-1ab8-4a85-80af-b7a288989107","block_type":"box","text":"at any time to recall any security that has been lent out or","page_number":9,"box":{"x":82,"y":809,"width":400,"height":10}},{"id":"353e309b-1eea-4cd5-94a4-fafc906d9e2e","block_type":"box","text":"terminate any securities lending agreement into which it has","page_number":9,"box":{"x":82,"y":823,"width":399,"height":10}},{"id":"9a274559-b69b-4913-91ca-b6cc5a9ede2a","block_type":"box","text":"entered. Each Fund may lend its portfolio securities via a","page_number":9,"box":{"x":83,"y":837,"width":398,"height":10}},{"id":"3604849f-33ac-4907-836c-823feee7ad98","block_type":"box","text":"securities lending programme through an appointed","page_number":9,"box":{"x":82,"y":851,"width":399,"height":10}},{"id":"cb3044e4-867a-4cc4-97ed-4031d2e8307f","block_type":"box","text":"securities lending agent, including State Street Bank and","page_number":9,"box":{"x":82,"y":865,"width":399,"height":11}},{"id":"e6dd9874-bca5-4452-a76b-c8c6cea6de5e","block_type":"box","text":"Trust Company acting through its London Branch, and any","page_number":9,"box":{"x":82,"y":880,"width":399,"height":10}},{"id":"d1247cd2-a6e9-4101-b180-c338959b0fba","block_type":"box","text":"9 \r\nof its affiliates, to brokers, dealers and other financial","page_number":9,"box":{"x":82,"y":894,"width":399,"height":9}},{"id":"3fa0890f-51d5-4212-9dea-faf1c893474e","block_type":"box","text":"institutions desiring to borrow securities to complete","page_number":9,"box":{"x":519,"y":125,"width":398,"height":10}},{"id":"5e3fcbaf-fe9e-405d-96d6-6a005b52a4c2","block_type":"box","text":"transactions and for other purposes. 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A securities lending","page_number":9,"box":{"x":519,"y":410,"width":398,"height":10}},{"id":"6b10781e-75fc-4cd2-b2ef-8e038561ab47","block_type":"box","text":"transaction may also result in there being penalty credits as","page_number":9,"box":{"x":518,"y":424,"width":399,"height":10}},{"id":"a6ba0867-c4be-48c7-b50a-9df63f0e2bfc","block_type":"box","text":"a consequence of the CSDR settlement discipline regime","page_number":9,"box":{"x":519,"y":438,"width":398,"height":10}},{"id":"eee865c9-a859-4310-8c38-a55a4d71300b","block_type":"box","text":"which will be retained by the lending agent and not passed","page_number":9,"box":{"x":518,"y":453,"width":399,"height":10}},{"id":"4107a9ed-8294-4d0c-a663-916253263ff5","block_type":"box","text":"onto the relevant Fund.","page_number":9,"box":{"x":519,"y":467,"width":153,"height":8}},{"id":"b04c2043-2547-4622-a8d1-52e3b0fe88e1","block_type":"box","text":"Participating in a securities lending programme allows a","page_number":9,"box":{"x":519,"y":495,"width":399,"height":10}},{"id":"194445a1-836b-4890-a509-e2024024bbf2","block_type":"box","text":"Fund to receiv`e the net income generated by lending its","page_number":9,"box":{"x":519,"y":510,"width":398,"height":10}},{"id":"e50dc944-1ae6-41b2-8b09-266d19ce0d93","block_type":"box","text":"securities. 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The Fund","page_number":9,"box":{"x":519,"y":695,"width":398,"height":10}},{"id":"7c834bfa-5bf2-4b5c-998a-44cbcc4a79d0","block_type":"box","text":"will be entitled to at least 75% of the securities lending gross","page_number":9,"box":{"x":518,"y":709,"width":399,"height":10}},{"id":"c59c0654-abc3-4beb-ac1e-9f5b4a72ba8c","block_type":"box","text":"revenues. Information on direct and indirect operational","page_number":9,"box":{"x":519,"y":723,"width":398,"height":10}},{"id":"108100ae-ef37-45c2-a814-cd8a1d5d877f","block_type":"box","text":"costs and fees incurred by each Fund in this respect, as well","page_number":9,"box":{"x":519,"y":737,"width":398,"height":10}},{"id":"f27aed74-30b1-4c01-aec1-b04e890f74df","block_type":"box","text":"as the identity of the entities to which such costs and fees","page_number":9,"box":{"x":519,"y":752,"width":398,"height":10}},{"id":"118ad95e-495c-46aa-9247-b923cc730340","block_type":"box","text":"are paid and any affiliation they may have with the","page_number":9,"box":{"x":519,"y":766,"width":398,"height":10}},{"id":"e4bea881-1a34-4552-93e6-8821b534a833","block_type":"box","text":"Depositary or the Management Company, if applicable, will","page_number":9,"box":{"x":519,"y":780,"width":398,"height":10}},{"id":"e891c68a-8706-419d-be4d-186622904d91","block_type":"box","text":"be available in the Annual Report. The securities lending","page_number":9,"box":{"x":519,"y":794,"width":398,"height":11}},{"id":"8acce26c-230b-4191-a8df-6bbadbfb39ed","block_type":"box","text":"arrangements and associated costs will be reviewed at least","page_number":9,"box":{"x":519,"y":809,"width":398,"height":10}},{"id":"d9c3ed67-2eee-42e4-8806-294d79117914","block_type":"box","text":"annually. The securities lending agent (ie State Street Bank","page_number":9,"box":{"x":519,"y":823,"width":399,"height":10}},{"id":"6db6ffc4-087f-4ebf-be86-3bcfa735257b","block_type":"box","text":"and Trust Company) is a related party to the Management","page_number":9,"box":{"x":519,"y":837,"width":398,"height":10}},{"id":"390f36c6-0a5e-462f-ab3f-7e72b94ebcb6","block_type":"box","text":"Company. Investors should also read the risk warning","page_number":9,"box":{"x":519,"y":851,"width":398,"height":10}},{"id":"b1a9b9c9-c33c-4d34-b565-71272e02641a","block_type":"box","text":"headed “","page_number":9,"box":{"x":519,"y":866,"width":72,"height":7}},{"id":"f5e52643-3f07-45f7-978a-7223b7cbacc2","block_type":"box","text":"Securities Lending Risk","page_number":9,"box":{"x":592,"y":865,"width":198,"height":11}},{"id":"3b177a1e-778a-45b8-b034-80e41c6e86df","block_type":"box","text":"” in the “","page_number":9,"box":{"x":790,"y":866,"width":96,"height":7}},{"id":"ef9aee09-6572-4c4b-9445-46dd19e281bb","block_type":"box","text":"Risk","page_number":9,"box":{"x":887,"y":866,"width":31,"height":7}},{"id":"82ba5dde-ae72-459e-8048-aff6659bd708","block_type":"box","text":"Information","page_number":9,"box":{"x":519,"y":880,"width":81,"height":8}},{"id":"2244dfaf-14ec-4203-9ab2-fa76d6a94756","block_type":"box","text":"” section.","page_number":9,"box":{"x":602,"y":880,"width":59,"height":8}},{"id":"084c23f1-6feb-47eb-844b-fff60975f1ce","block_type":"box","text":"SSGA SPDR ETFs Europe II Plc","page_number":10,"box":{"x":85,"y":59,"width":303,"height":14}},{"id":"99a69340-fa87-4ea1-97bf-2851d705a77c","block_type":"box","text":"19 February","page_number":10,"box":{"x":85,"y":79,"width":104,"height":13}},{"id":"a27a8490-8893-4c13-8d1e-8de92f27fac2","block_type":"box","text":"2026","page_number":10,"box":{"x":189,"y":79,"width":56,"height":10}},{"id":"cb5e8093-acc6-4cdf-81a4-12bd53d1bc62","block_type":"box","text":"10","page_number":10,"box":{"x":83,"y":903,"width":10,"height":5}},{"id":"b04011de-705e-473f-8584-ed540ef94bb6","block_type":"box","text":"10","page_number":10,"box":{"x":907,"y":911,"width":10,"height":5}},{"id":"9815b753-e7fe-4aa9-a1bb-c92d75ec7378","block_type":"box","text":"27424774.146","page_number":10,"box":{"x":83,"y":946,"width":91,"height":10}},{"id":"aceae3a9-daa6-4f2c-90b1-ecab9b626ef2","block_type":"box","text":"A Fund may only enter into securities lending agreements,","page_number":10,"box":{"x":82,"y":125,"width":398,"height":10}},{"id":"3ecc470e-fde9-40ae-9555-98c3d9ea2deb","block_type":"box","text":"repurchase agreements and reverse repurchase","page_number":10,"box":{"x":83,"y":139,"width":398,"height":11}},{"id":"e62a716a-f5fe-470c-9509-f78150952c94","block_type":"box","text":"agreements with counterparties, which are entities with legal","page_number":10,"box":{"x":82,"y":154,"width":399,"height":10}},{"id":"01b16c7d-63be-43c4-ae2d-07c3e6205528","block_type":"box","text":"personality and typically located in OECD jurisdictions (and","page_number":10,"box":{"x":83,"y":168,"width":398,"height":10}},{"id":"32e7e09f-1d1b-46d9-bc2b-ec5bd921b1a7","block_type":"box","text":"which may or may not be related to the Investment Manager,","page_number":10,"box":{"x":82,"y":182,"width":398,"height":10}},{"id":"3cabac90-3a5d-40e6-8c03-037e6b368e27","block_type":"box","text":"Depositary or their delegates) in accordance with the","page_number":10,"box":{"x":83,"y":196,"width":398,"height":11}},{"id":"77ff8197-d91a-401e-ae1c-c6a697512cd8","block_type":"box","text":"requirements of the Central Bank UCITS Regulations and","page_number":10,"box":{"x":83,"y":211,"width":398,"height":10}},{"id":"f53e7243-f17b-4cb4-ae67-0ae0f96c3382","block_type":"box","text":"where a credit assessment has been undertaken. Where the","page_number":10,"box":{"x":82,"y":225,"width":399,"height":8}},{"id":"9605e6f1-b93b-4227-a888-d395aa13745a","block_type":"box","text":"counterparty is subject to a credit rating by any agency","page_number":10,"box":{"x":83,"y":239,"width":399,"height":10}},{"id":"899dc26c-193b-4522-84bd-edeca59904c1","block_type":"box","text":"registered and supervised by the European Securities and","page_number":10,"box":{"x":83,"y":253,"width":398,"height":10}},{"id":"4fe31433-4b74-467c-9ec2-2d441a4b5b5b","block_type":"box","text":"Markets Authority, that rating shall be taken into account in","page_number":10,"box":{"x":83,"y":268,"width":398,"height":10}},{"id":"bd131a9c-e656-477a-be60-da49501b9f85","block_type":"box","text":"the credit assessment. Where a counterparty is downgraded","page_number":10,"box":{"x":82,"y":282,"width":399,"height":10}},{"id":"2a2bcb08-e7b7-467f-8517-31548f4e8cf3","block_type":"box","text":"to A2 or below (or comparable rating) by such a credit rating","page_number":10,"box":{"x":82,"y":296,"width":399,"height":10}},{"id":"bee91f2f-147b-40f1-8ebf-5b64a5d090fa","block_type":"box","text":"agency, a new credit assessment in respect of the","page_number":10,"box":{"x":82,"y":310,"width":399,"height":10}},{"id":"75f42fca-232d-474a-9533-5e31e9a76618","block_type":"box","text":"counterparty will be undertaken without delay. Use of the","page_number":10,"box":{"x":83,"y":324,"width":398,"height":11}},{"id":"7d4df231-65c0-4c97-bf90-a6b1dff186c0","block_type":"box","text":"efficient portfolio management techniques described above","page_number":10,"box":{"x":83,"y":339,"width":398,"height":10}},{"id":"39d35183-912e-4eb5-88f7-068f2365f940","block_type":"box","text":"could adversely affect the liquidity of a Fund’s portfolio and","page_number":10,"box":{"x":83,"y":353,"width":398,"height":10}},{"id":"5e004558-6ae9-4e05-a3db-f51636762041","block_type":"box","text":"will be taken into account by the Investment Manager in","page_number":10,"box":{"x":82,"y":367,"width":399,"height":10}},{"id":"3678baa4-2787-4b50-9ab7-3e00c2147c6f","block_type":"box","text":"managing the Fund’s liquidity risk and in this respect,","page_number":10,"box":{"x":83,"y":381,"width":397,"height":10}},{"id":"09098d98-da78-44f4-ad4a-7b57a4905a6d","block_type":"box","text":"investors should also read the risk warning headed “Liquidity","page_number":10,"box":{"x":83,"y":396,"width":398,"height":10}},{"id":"f187829d-a77b-4938-b896-b78c89b612b2","block_type":"box","text":"Risk” in the “Risk Information” section.","page_number":10,"box":{"x":83,"y":410,"width":253,"height":8}},{"id":"a155e16e-cf6a-455c-9cd3-7b8286336e8d","block_type":"box","text":"Collateral","page_number":10,"box":{"x":83,"y":438,"width":65,"height":8}},{"id":"d2b6b4a6-8e53-4bde-ac11-efba0b58da97","block_type":"box","text":". A Fund may enter securities lending agreements,","page_number":10,"box":{"x":150,"y":438,"width":331,"height":10}},{"id":"a1c03efb-8489-4e8c-b666-1098050fded9","block_type":"box","text":"repurchase agreements and reverse repurchase","page_number":10,"box":{"x":83,"y":453,"width":398,"height":10}},{"id":"ce8275c5-29b0-46a9-9712-408891b915f3","block_type":"box","text":"agreements only where it acts in accordance with normal","page_number":10,"box":{"x":82,"y":467,"width":399,"height":10}},{"id":"b67e2de3-f036-453e-b754-a8134076ea6c","block_type":"box","text":"market practice, in the best interests of Company and","page_number":10,"box":{"x":83,"y":481,"width":398,"height":10}},{"id":"30c8b7e3-dd20-41b0-ad1e-92a01aba02c6","block_type":"box","text":"provided that all collateral received under the securities","page_number":10,"box":{"x":83,"y":495,"width":398,"height":10}},{"id":"3d905269-c068-4ead-9a8a-6f9774606f76","block_type":"box","text":"lending contract, repurchase or reverse repurchase","page_number":10,"box":{"x":83,"y":510,"width":398,"height":10}},{"id":"54c3f324-edfc-4f66-97f3-db0b442b8a13","block_type":"box","text":"agreement (and also under any FDI) meet, at all times,","page_number":10,"box":{"x":82,"y":524,"width":398,"height":10}},{"id":"b1974d66-7791-4430-8f4f-867bb1cb6360","block_type":"box","text":"the following criteria:","page_number":10,"box":{"x":82,"y":538,"width":137,"height":10}},{"id":"ca3209ca-23e8-459b-b59f-19e7ecd362ca","block_type":"box","text":"•","page_number":10,"box":{"x":83,"y":570,"width":4,"height":3}},{"id":"1f69e38b-4a25-4be4-a5e7-5e89ddaa7653","block_type":"box","text":"Liquidity","page_number":10,"box":{"x":99,"y":567,"width":62,"height":10}},{"id":"1bc7cbb2-309f-4432-a860-b07f490e496b","block_type":"box","text":". Collateral should be transferable securities or","page_number":10,"box":{"x":162,"y":566,"width":320,"height":8}},{"id":"0cce361f-7965-46c7-a3aa-baebe201c1f1","block_type":"box","text":"money market instruments (of any maturity) which are","page_number":10,"box":{"x":99,"y":581,"width":382,"height":10}},{"id":"9dda898b-04a0-4cf5-b68c-4308e9130070","block_type":"box","text":"highly liquid and traded on a regulated market or multi","page_number":10,"box":{"x":99,"y":595,"width":382,"height":10}},{"id":"29327725-8561-4dd6-be45-393293c6e20d","block_type":"box","text":"lateral trading facility with transparent pricing in order that","page_number":10,"box":{"x":99,"y":609,"width":382,"height":10}},{"id":"d67a4064-eeab-4cbe-9ff1-ac2263e88b4c","block_type":"box","text":"it can be sold quickly at a price that is close to its pre-sale","page_number":10,"box":{"x":99,"y":624,"width":382,"height":10}},{"id":"c2ea2965-5b9e-4ca7-ad6c-baf872abebaa","block_type":"box","text":"valuation. 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Collateral should be valued on a daily basis","page_number":10,"box":{"x":167,"y":709,"width":314,"height":10}},{"id":"7b777d2f-47e1-4d52-9c96-989e6ec2e645","block_type":"box","text":"and assets that exhibit high price volatility should not be","page_number":10,"box":{"x":98,"y":723,"width":383,"height":10}},{"id":"8eaadfc1-0b52-4eaf-a09b-2d83b8063556","block_type":"box","text":"accepted as collateral unless suitably conservative","page_number":10,"box":{"x":98,"y":737,"width":383,"height":10}},{"id":"0c7ef600-f8f6-4a66-8d5f-b647a6db70ab","block_type":"box","text":"haircuts are in place. Collateral may be marked to market","page_number":10,"box":{"x":99,"y":752,"width":382,"height":10}},{"id":"a04b6457-a631-480c-aec1-673463547d77","block_type":"box","text":"daily by the counterparty using its procedures, subject to","page_number":10,"box":{"x":98,"y":766,"width":383,"height":10}},{"id":"b5e44392-e906-47fc-a7ec-5c7c93f069db","block_type":"box","text":"any agreed haircuts, reflecting market values and liquidity","page_number":10,"box":{"x":98,"y":780,"width":384,"height":10}},{"id":"aa9ccb96-f09b-443d-9f03-9d17283dc8f7","block_type":"box","text":"risk and may be subject to daily variation margin","page_number":10,"box":{"x":99,"y":794,"width":382,"height":11}},{"id":"d6391ff0-e8a0-4ba1-965a-7381441a1238","block_type":"box","text":"requirements.","page_number":10,"box":{"x":99,"y":809,"width":88,"height":10}},{"id":"e9d182a4-2cc4-4d10-899c-e2d0bbb1edc4","block_type":"box","text":"•","page_number":10,"box":{"x":83,"y":840,"width":4,"height":3}},{"id":"46517d86-fbdb-454f-8500-5ebb2d42f069","block_type":"box","text":"Issuer Credit Quality","page_number":10,"box":{"x":99,"y":837,"width":145,"height":10}},{"id":"f2dbb2ab-d122-4b5f-974d-96740c5d7265","block_type":"box","text":". Collateral should be of high quality.","page_number":10,"box":{"x":245,"y":837,"width":236,"height":10}},{"id":"44e80c93-3e4b-40b3-9cb8-cc1059945f03","block_type":"box","text":"A Fund must ensure that where one or more credit rating","page_number":10,"box":{"x":98,"y":851,"width":383,"height":11}},{"id":"43fd5f50-a89e-4d40-9932-70c666946095","block_type":"box","text":"agencies registered and supervised by the European","page_number":10,"box":{"x":98,"y":866,"width":383,"height":10}},{"id":"d526a10b-5a43-43bc-bf3d-607f3efadb2c","block_type":"box","text":"Securities and Markets Authority (“ESMA”) have provided","page_number":10,"box":{"x":99,"y":880,"width":382,"height":10}},{"id":"8f41ed57-200d-4b2b-8390-dc7feea94b98","block_type":"box","text":"a rating of the issuer, the credit quality assessment","page_number":10,"box":{"x":98,"y":894,"width":383,"height":10}},{"id":"38490e5a-f48f-4617-830d-b915099b0951","block_type":"box","text":"process employed on behalf of the Fund has regard inter","page_number":10,"box":{"x":535,"y":125,"width":383,"height":10}},{"id":"0ea182ad-37de-4e9d-9ba6-3d84f4a592d8","block_type":"box","text":"alia to those ratings. 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Collateral should be issued by an entity that","page_number":10,"box":{"x":616,"y":253,"width":301,"height":10}},{"id":"5f6130e4-0458-4fef-b131-2911b4b52193","block_type":"box","text":"is independent from the counterparty and is expected not","page_number":10,"box":{"x":535,"y":267,"width":382,"height":11}},{"id":"14395485-bb44-43a9-a3e3-e266fd53775e","block_type":"box","text":"to display a high correlation with the performance of the","page_number":10,"box":{"x":534,"y":282,"width":383,"height":10}},{"id":"36d28bee-bd32-4bc8-a729-2282bc1f41c6","block_type":"box","text":"counterparty.","page_number":10,"box":{"x":535,"y":297,"width":84,"height":9}},{"id":"e7c69ab5-5701-4324-920f-913075092fb5","block_type":"box","text":"•","page_number":10,"box":{"x":519,"y":328,"width":4,"height":3}},{"id":"ccb5a08e-07fc-46dd-9f05-9e87cb6a4f90","block_type":"box","text":"Diversification","page_number":10,"box":{"x":535,"y":325,"width":102,"height":7}},{"id":"7cfe8cd6-1126-46c7-b7fc-fae0d3d35f27","block_type":"box","text":". Collateral should be sufficiently","page_number":10,"box":{"x":640,"y":324,"width":278,"height":11}},{"id":"860bddc0-06c8-4e9b-98f6-931724e18672","block_type":"box","text":"diversified in terms of country, markets and issuers. Non","page_number":10,"box":{"x":534,"y":339,"width":383,"height":10}},{"id":"499ab48d-4643-4710-8aeb-5597a6414ccb","block_type":"box","text":"cash collateral will be considered to be sufficiently","page_number":10,"box":{"x":535,"y":353,"width":383,"height":10}},{"id":"6e561a6e-5a71-4d8e-828c-cbe4dcb3d5cd","block_type":"box","text":"diversified if the relevant Fund receives from a","page_number":10,"box":{"x":534,"y":367,"width":383,"height":8}},{"id":"9ba1b6f3-d63c-4ac6-a7c6-9cbc3f84cbc0","block_type":"box","text":"counterparty a basket of collateral with a maximum","page_number":10,"box":{"x":535,"y":382,"width":382,"height":10}},{"id":"cf25c39c-b3e8-43cf-b65a-535bbbb5d594","block_type":"box","text":"exposure to any one issuer of 20% of the Fund’s Net Asset","page_number":10,"box":{"x":535,"y":396,"width":382,"height":10}},{"id":"357943f5-c1ed-46ec-b42d-619dd5aa77e9","block_type":"box","text":"Value. When the Fund is exposed to a variety of different","page_number":10,"box":{"x":534,"y":410,"width":383,"height":10}},{"id":"1fe379a1-9e46-4596-8ca9-d30633171a55","block_type":"box","text":"counterparties, the various baskets of collateral are","page_number":10,"box":{"x":535,"y":424,"width":382,"height":10}},{"id":"bab1d240-0311-4895-9370-233e70f58fed","block_type":"box","text":"aggregated to ensure exposure to a single issuer does not","page_number":10,"box":{"x":535,"y":438,"width":382,"height":10}},{"id":"95726d76-4c32-41f6-bbc6-bab8629795b2","block_type":"box","text":"exceed 20% of the Fund’s Net Asset Value.","page_number":10,"box":{"x":535,"y":453,"width":290,"height":8}},{"id":"6d91e761-cf42-4fb6-821a-4f672b3110c4","block_type":"box","text":"Notwithstanding the above, a Fund may be fully","page_number":10,"box":{"x":535,"y":481,"width":383,"height":10}},{"id":"e59efc27-2647-4606-95cd-5d96fac0d91d","block_type":"box","text":"collateralised in different transferable securities and","page_number":10,"box":{"x":535,"y":495,"width":382,"height":8}},{"id":"baa28789-5316-4f8c-9ce3-418bcf1818ac","block_type":"box","text":"money market instruments issued or guaranteed by a EU","page_number":10,"box":{"x":535,"y":510,"width":382,"height":10}},{"id":"51c3e2a8-c111-46ac-8625-7f33d7dfc0cf","block_type":"box","text":"Member State, one or more of its local authorities, a third","page_number":10,"box":{"x":535,"y":524,"width":382,"height":9}},{"id":"2b32a2c1-75b2-4fb8-878f-ce96d2ed111b","block_type":"box","text":"country, or a public international body to which one or","page_number":10,"box":{"x":535,"y":538,"width":383,"height":10}},{"id":"c5cc45fe-848b-4809-b0cb-667324d04339","block_type":"box","text":"more EU Member States belong, as disclosed in the","page_number":10,"box":{"x":535,"y":552,"width":382,"height":11}},{"id":"d5a143ce-eb26-4f53-849d-7ef4ecc8f07e","block_type":"box","text":"section of the Prospectus entitled “Investment","page_number":10,"box":{"x":534,"y":567,"width":383,"height":9}},{"id":"0a37205a-76dc-421d-8e5f-2f21f63885f9","block_type":"box","text":"Restrictions”. 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The Fund’s liquidity","page_number":21,"box":{"x":82,"y":467,"width":400,"height":10}},{"id":"b83005c6-22a3-44a8-bcf2-7f21a191b38a","block_type":"box","text":"may also be affected by such concentration of investment.","page_number":21,"box":{"x":83,"y":481,"width":387,"height":10}},{"id":"fe04fce8-8a20-409b-bbc2-446728324ddb","block_type":"box","text":"Further, investors may buy or sell substantial amounts of a","page_number":21,"box":{"x":83,"y":510,"width":398,"height":10}},{"id":"56a4376a-6a4f-4bc8-8353-9a7367a8d4ee","block_type":"box","text":"Fund’s shares in response to factors affecting or expected to","page_number":21,"box":{"x":83,"y":524,"width":398,"height":10}},{"id":"824113c7-c8a7-40df-805f-fa97a7e86387","block_type":"box","text":"affect a particular country, industry, market or economic","page_number":21,"box":{"x":82,"y":538,"width":400,"height":10}},{"id":"ce196847-3cfa-41de-bd81-4c6a4def3295","block_type":"box","text":"sector in which the Fund concentrates its investments,","page_number":21,"box":{"x":82,"y":552,"width":399,"height":10}},{"id":"722f8953-e42f-4553-bb9c-17affa8bc65f","block_type":"box","text":"resulting in abnormal inflows or outflows of cash into or out","page_number":21,"box":{"x":83,"y":567,"width":398,"height":10}},{"id":"2eb60e53-1539-412e-9258-bac7c23724b1","block_type":"box","text":"of the Fund. These abnormal inflows or outflows may cause","page_number":21,"box":{"x":82,"y":581,"width":399,"height":10}},{"id":"38cc349c-412a-4e8c-9f8a-083a13cb5a34","block_type":"box","text":"the Fund’s cash position or cash requirements to exceed","page_number":21,"box":{"x":82,"y":595,"width":399,"height":10}},{"id":"a4829ab7-de50-4f44-ad29-71d5bf937d93","block_type":"box","text":"normal levels, and consequently, adversely affect the","page_number":21,"box":{"x":83,"y":609,"width":398,"height":10}},{"id":"5a820462-3957-4fad-bda5-85c57fd696cc","block_type":"box","text":"management of the Fund and the Fund’s performance.","page_number":21,"box":{"x":83,"y":624,"width":364,"height":10}},{"id":"12f0c547-71e5-4621-9f51-1f18fd6a1e02","block_type":"box","text":"Conflicts of Interest Risk.","page_number":21,"box":{"x":83,"y":652,"width":180,"height":8}},{"id":"6a515e16-105e-45ac-8b8c-405f32c4b530","block_type":"box","text":"Conflicts of interest may arise in","page_number":21,"box":{"x":269,"y":652,"width":212,"height":10}},{"id":"5b4e97dd-3dcc-4bab-817e-3358789b9b26","block_type":"box","text":"connection with an investment in the Company. Subject to","page_number":21,"box":{"x":83,"y":666,"width":398,"height":10}},{"id":"84d76026-da3c-4c55-8a61-1d0244038b63","block_type":"box","text":"applicable law, the Company may engage in transactions","page_number":21,"box":{"x":82,"y":680,"width":399,"height":11}},{"id":"d352e044-c1b4-4423-beb5-8f3fd57f5f4a","block_type":"box","text":"that may trigger or result in a potential conflict of interest.","page_number":21,"box":{"x":82,"y":695,"width":398,"height":10}},{"id":"bf6e8bf7-652c-4c17-b759-be92da066f29","block_type":"box","text":"These transactions include (but are not limited to):","page_number":21,"box":{"x":82,"y":709,"width":334,"height":10}},{"id":"eff937b0-60b9-458c-bdf8-7f6b19873fde","block_type":"box","text":"•","page_number":21,"box":{"x":106,"y":741,"width":4,"height":2}},{"id":"72f48e44-2736-42c3-963a-b9048e5d92b8","block_type":"box","text":"The Investment Manager or its affiliates may","page_number":21,"box":{"x":136,"y":737,"width":342,"height":10}},{"id":"951a9c97-23ef-4055-943c-1fe9b32df6cc","block_type":"box","text":"provide services to the Company, such as securities","page_number":21,"box":{"x":136,"y":752,"width":342,"height":10}},{"id":"b2b10338-3f2d-447f-97ab-0e3c5a52661a","block_type":"box","text":"lending agency services, custodial, administrative,","page_number":21,"box":{"x":137,"y":766,"width":340,"height":10}},{"id":"f51cc392-bc66-459e-a719-a651fd9fdd93","block_type":"box","text":"bookkeeping, and accounting services, transfer","page_number":21,"box":{"x":136,"y":780,"width":343,"height":10}},{"id":"7193ca42-a36d-4c92-b5ec-9d3a66a0cb85","block_type":"box","text":"agency and shareholder servicing, and other","page_number":21,"box":{"x":136,"y":794,"width":343,"height":11}},{"id":"8d2d8d22-9c3a-41ca-8053-6c7fda3b38df","block_type":"box","text":"services.","page_number":21,"box":{"x":136,"y":809,"width":58,"height":8}},{"id":"f33ffd1a-d507-4f27-b03d-06b96c8569d6","block_type":"box","text":"•","page_number":21,"box":{"x":106,"y":840,"width":4,"height":3}},{"id":"21b3495b-7277-4c31-a48a-a8f4fc55999f","block_type":"box","text":"The Company may enter into repurchase","page_number":21,"box":{"x":136,"y":837,"width":342,"height":10}},{"id":"c01a74e8-8b08-4ff0-854c-b29f09075ce8","block_type":"box","text":"agreements, reverse repurchase agreements and","page_number":21,"box":{"x":136,"y":851,"width":341,"height":11}},{"id":"06bd81a2-7593-4d5c-a11b-eb466f13ad45","block_type":"box","text":"derivatives transactions with or through the","page_number":21,"box":{"x":136,"y":866,"width":342,"height":10}},{"id":"a1d7bd68-1c8b-4703-af43-68f8eeb09dcf","block_type":"box","text":"Investment Manager or one of its affiliates.","page_number":21,"box":{"x":137,"y":880,"width":281,"height":10}},{"id":"6d8f8784-ee4c-4374-81d5-fc694ce7efde","block_type":"box","text":"The Company may invest in other pooled investment","page_number":21,"box":{"x":518,"y":125,"width":399,"height":10}},{"id":"90965647-699c-4f0c-bbf9-25603ed0aca8","block_type":"box","text":"vehicles sponsored, managed, or otherwise affiliated with","page_number":21,"box":{"x":518,"y":139,"width":399,"height":11}},{"id":"6d0ba860-e915-4f13-8725-88076c569b47","block_type":"box","text":"the Investment Manager in which event the Company may","page_number":21,"box":{"x":518,"y":154,"width":400,"height":10}},{"id":"397a7176-7a6a-4659-90b2-bc1cca1ab108","block_type":"box","text":"not be charged subscription or redemption fees on account","page_number":21,"box":{"x":519,"y":168,"width":398,"height":10}},{"id":"ef540642-9ae5-415c-ad12-8304ea763dae","block_type":"box","text":"of such investment but will bear a share of the expenses of","page_number":21,"box":{"x":519,"y":182,"width":399,"height":10}},{"id":"24dff8b4-243e-4244-9f43-b6945ee934fd","block_type":"box","text":"those other pooled investment vehicles; those investment","page_number":21,"box":{"x":518,"y":196,"width":400,"height":10}},{"id":"f9c9dfc7-6f4b-4536-86cd-a14693bdef63","block_type":"box","text":"vehicles may pay fees and other amounts to the Investment","page_number":21,"box":{"x":518,"y":211,"width":399,"height":10}},{"id":"6ec66b2b-2b7b-41a0-b1b2-992062004fe0","block_type":"box","text":"Manager or its affiliates, which might have the effect of","page_number":21,"box":{"x":519,"y":225,"width":399,"height":10}},{"id":"4e5a0835-4556-401e-85b1-186b41784300","block_type":"box","text":"increasing the expenses of the Company. It is possible that","page_number":21,"box":{"x":519,"y":239,"width":398,"height":10}},{"id":"31d7a41a-27f8-40ba-942b-483dab9f1d6d","block_type":"box","text":"other clients of the Investment Manager will purchase or sell","page_number":21,"box":{"x":519,"y":253,"width":398,"height":10}},{"id":"c15d7b93-0fef-4982-81b8-a8e1ad78f381","block_type":"box","text":"interests in such other pooled investments at prices and at","page_number":21,"box":{"x":519,"y":268,"width":399,"height":9}},{"id":"1d1868e9-037d-4281-9da8-fb15db81638c","block_type":"box","text":"times more favourable than those at which the Company","page_number":21,"box":{"x":518,"y":282,"width":400,"height":10}},{"id":"b3c6d73e-6973-478e-bcc4-875fa6a2cb41","block_type":"box","text":"does so.","page_number":21,"box":{"x":519,"y":296,"width":55,"height":8}},{"id":"f8cce98f-5937-4d33-b37c-2f41246414bb","block_type":"box","text":"There is no assurance that the rates at which the Company","page_number":21,"box":{"x":518,"y":324,"width":400,"height":11}},{"id":"4e380266-c5fa-482f-b5ca-7011dd7ba502","block_type":"box","text":"pays fees or expenses to the Investment Manager or its","page_number":21,"box":{"x":519,"y":339,"width":398,"height":10}},{"id":"5c8292e4-8a84-4ce1-b6fe-36eb534b965b","block_type":"box","text":"affiliates, or the terms on which it enters into transactions","page_number":21,"box":{"x":519,"y":353,"width":398,"height":9}},{"id":"d04aedf5-85f0-4e83-b5d2-eddf00af48b8","block_type":"box","text":"with the Investment Manager or its affiliates or on which it","page_number":21,"box":{"x":518,"y":367,"width":400,"height":10}},{"id":"957323be-376a-43aa-8b3f-8d1b2fc80641","block_type":"box","text":"invests in any such other investment vehicles will be the","page_number":21,"box":{"x":519,"y":382,"width":398,"height":10}},{"id":"a1236610-90da-4573-8e01-6f9103c02300","block_type":"box","text":"most favourable available in the market generally or as","page_number":21,"box":{"x":519,"y":396,"width":398,"height":10}},{"id":"2568b300-89e4-41bf-b8d2-a6657c78676b","block_type":"box","text":"favourable as the rates the Investment Manager makes","page_number":21,"box":{"x":518,"y":410,"width":399,"height":10}},{"id":"8bb254bd-686a-4f29-9417-7180608eaf15","block_type":"box","text":"available to other clients. 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The Directors shall endeavour to ensure that","page_number":22,"box":{"x":519,"y":581,"width":398,"height":8}},{"id":"cb43e8a2-29a0-4a46-850d-555beb19af6b","block_type":"box","text":"any conflict of interest is resolved fairly.","page_number":22,"box":{"x":519,"y":595,"width":261,"height":10}},{"id":"38b6a3fb-43bd-456a-be38-8ba15fcf4c13","block_type":"box","text":"The foregoing does not purport to be a comprehensive list or","page_number":22,"box":{"x":518,"y":624,"width":400,"height":10}},{"id":"f35c0843-12b0-4637-b468-08d9f9cc431b","block_type":"box","text":"complete explanation of all potential conflicts of interests","page_number":22,"box":{"x":519,"y":638,"width":398,"height":10}},{"id":"6585f306-db84-495b-938e-03bf1486dd78","block_type":"box","text":"which may affect the Company. 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In","page_number":29,"box":{"x":83,"y":794,"width":398,"height":11}},{"id":"b051c43c-e533-40c8-8971-797e224ef596","block_type":"box","text":"transactions involving leverage, a relatively small market","page_number":29,"box":{"x":82,"y":809,"width":400,"height":10}},{"id":"959b0b3f-a6ff-4df6-b5ad-361b556cd02d","block_type":"box","text":"movement or change in other underlying indicator can lead","page_number":29,"box":{"x":83,"y":823,"width":398,"height":10}},{"id":"6cb53967-5266-482d-b8b4-03c75b6d649f","block_type":"box","text":"to significantly larger losses to the Fund because leverage","page_number":29,"box":{"x":82,"y":837,"width":399,"height":10}},{"id":"dc148fae-2c5e-479b-b394-af5020060384","block_type":"box","text":"generally magnifies the effect of any increase or decrease in","page_number":29,"box":{"x":83,"y":851,"width":398,"height":11}},{"id":"07176c1c-771c-42b3-a2ab-7e501967ef77","block_type":"box","text":"the value of a Fund’s underlying assets or creates","page_number":29,"box":{"x":82,"y":866,"width":399,"height":10}},{"id":"ffbd89aa-5eca-44aa-90af-98f68a4e671b","block_type":"box","text":"investment risk with respect to a larger base of assets than","page_number":29,"box":{"x":83,"y":880,"width":398,"height":10}},{"id":"d4685425-32a6-41bb-8bf4-e028836614ef","block_type":"box","text":"a Fund would otherwise have.","page_number":29,"box":{"x":82,"y":894,"width":200,"height":8}},{"id":"08320af4-9bd5-4ffe-80d7-2c37717e8c35","block_type":"box","text":"Limited Investment Programme Risk.","page_number":29,"box":{"x":519,"y":125,"width":273,"height":10}},{"id":"52a877bd-ca53-472d-a63a-d890ee0adf5a","block_type":"box","text":"An investment in","page_number":29,"box":{"x":800,"y":125,"width":117,"height":8}},{"id":"906599ae-6fee-4324-b282-ea1ee9342889","block_type":"box","text":"any Fund, or even in a combination of Funds, is not intended","page_number":29,"box":{"x":519,"y":139,"width":398,"height":10}},{"id":"6367d3e4-1781-4e38-a5a3-756cb865f4ed","block_type":"box","text":"to be a complete investment programme but rather is","page_number":29,"box":{"x":518,"y":154,"width":399,"height":10}},{"id":"6d121d61-2364-4e95-b1fb-f850b630ec5c","block_type":"box","text":"intended for investment as part of a diversified investment","page_number":29,"box":{"x":519,"y":168,"width":398,"height":10}},{"id":"27bc1052-be47-4a3f-932c-de3fd2ab5ba6","block_type":"box","text":"portfolio. 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In","page_number":30,"box":{"x":519,"y":282,"width":398,"height":10}},{"id":"68f95450-e262-4d54-9c9b-c03ff65cdb30","block_type":"box","text":"addition, the outbreak of COVID-19, and measures taken to","page_number":30,"box":{"x":519,"y":296,"width":398,"height":9}},{"id":"0dcff281-5583-4594-a920-3ef32fa9ca97","block_type":"box","text":"mitigate its effects, could result in disruptions to the services","page_number":30,"box":{"x":519,"y":310,"width":398,"height":10}},{"id":"4ef6e413-909f-43c3-86ff-3f79eef3e24e","block_type":"box","text":"provided to a Fund by its service providers.","page_number":30,"box":{"x":519,"y":325,"width":286,"height":10}},{"id":"749bbe3e-d11b-4dbc-9760-8013afbe6794","block_type":"box","text":"Market Risk.","page_number":30,"box":{"x":519,"y":353,"width":91,"height":8}},{"id":"27f2d5c9-10b5-4c19-8b18-fea8d58d549c","block_type":"box","text":"The investments of a Fund are subject to","page_number":30,"box":{"x":619,"y":353,"width":298,"height":10}},{"id":"bfdace27-a283-4497-9562-6aa540ae0cfb","block_type":"box","text":"changes in general economic conditions, normal market","page_number":30,"box":{"x":519,"y":367,"width":399,"height":10}},{"id":"0656172d-5fe1-4c75-8501-296762d6d0c2","block_type":"box","text":"fluctuations and the risks inherent in investment in","page_number":30,"box":{"x":518,"y":382,"width":399,"height":7}},{"id":"46e6489e-cfd9-4b2d-a64a-8f4b503a0343","block_type":"box","text":"international securities markets and there can be no","page_number":30,"box":{"x":519,"y":396,"width":398,"height":8}},{"id":"dff852ee-4061-41a3-acbd-f405d48114a0","block_type":"box","text":"assurances that appreciation in value will occur. 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Prior","page_number":30,"box":{"x":518,"y":809,"width":400,"height":8}},{"id":"8a768ac6-4603-42c1-a044-fcf01ec8e9af","block_type":"box","text":"performance is no guarantee of future results.","page_number":30,"box":{"x":519,"y":823,"width":304,"height":10}},{"id":"2ae17f02-8129-4765-990a-c4b143889fe4","block_type":"box","text":"OTC Clearing Risk.","page_number":30,"box":{"x":519,"y":851,"width":154,"height":10}},{"id":"6b02453a-0359-4d18-bcf5-a6cc998b97e9","block_type":"box","text":"Certain derivatives transactions","page_number":30,"box":{"x":689,"y":851,"width":228,"height":8}},{"id":"7532eb7a-1649-4320-b5f2-c4a8cf0e6d18","block_type":"box","text":"entered into by a Fund will be required to be centrally","page_number":30,"box":{"x":519,"y":866,"width":399,"height":10}},{"id":"9ea6b4d8-1e60-4d2d-9018-41225a3f4838","block_type":"box","text":"cleared. 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The Fund will typically clear derivatives","page_number":31,"box":{"x":82,"y":139,"width":399,"height":10}},{"id":"5fe6c8b0-8707-473c-9a98-72859ccce6b0","block_type":"box","text":"transactions through clearing members that are futures","page_number":31,"box":{"x":82,"y":154,"width":399,"height":10}},{"id":"3e2ceda5-ecf7-44ad-b988-e3692334060b","block_type":"box","text":"commission merchants and members of the clearing","page_number":31,"box":{"x":83,"y":168,"width":398,"height":10}},{"id":"712d0698-4974-4815-aef3-31e9a486b322","block_type":"box","text":"houses. The Fund will make and receive payments owed","page_number":31,"box":{"x":83,"y":182,"width":398,"height":10}},{"id":"5ee5d494-4274-4077-b1ac-4084aa6ec25a","block_type":"box","text":"under cleared derivatives transactions (including margin","page_number":31,"box":{"x":83,"y":196,"width":398,"height":11}},{"id":"323547d6-dfd0-4fc3-bf3d-0a1cbd3205b9","block_type":"box","text":"payments) through its accounts at clearing members. The","page_number":31,"box":{"x":83,"y":211,"width":398,"height":10}},{"id":"e67b954b-3a95-4e85-9a07-2c33cc91f7fb","block_type":"box","text":"Fund’s clearing members guarantee the Fund’s performance","page_number":31,"box":{"x":83,"y":225,"width":398,"height":10}},{"id":"7cac700a-f0a4-4652-9e14-69af6ad70130","block_type":"box","text":"of its obligations to the clearing house. In contrast to bilateral","page_number":31,"box":{"x":82,"y":239,"width":399,"height":10}},{"id":"8f7d94e6-4ba9-4069-a8e4-6dc0e6bcc51d","block_type":"box","text":"derivatives transactions, clearing members can generally","page_number":31,"box":{"x":82,"y":253,"width":399,"height":10}},{"id":"3a660921-4c10-4d1f-9054-394c609d2c44","block_type":"box","text":"require termination of existing cleared derivatives","page_number":31,"box":{"x":83,"y":267,"width":398,"height":11}},{"id":"1cacfe21-6a7e-467c-a6b7-6345ccf0fbb0","block_type":"box","text":"transactions at any time or increase the amount of margin","page_number":31,"box":{"x":82,"y":282,"width":399,"height":10}},{"id":"d71ac792-8bcf-4342-b4be-b2ad0c5f7c75","block_type":"box","text":"required to be provided by the Fund to the clearing member","page_number":31,"box":{"x":83,"y":296,"width":399,"height":10}},{"id":"6d68502c-7908-41f7-b626-e3f937ec07fd","block_type":"box","text":"for any new or existing cleared derivatives transaction above","page_number":31,"box":{"x":82,"y":310,"width":399,"height":10}},{"id":"d0dacd27-0e68-45e7-bae1-cd985fed52b1","block_type":"box","text":"the amount of margin required by the clearing house or","page_number":31,"box":{"x":82,"y":324,"width":400,"height":11}},{"id":"6a500bc2-3c67-4541-9dd0-f77ef9e30428","block_type":"box","text":"clearing member. Any such termination or increase could","page_number":31,"box":{"x":83,"y":339,"width":398,"height":10}},{"id":"c5dbcf4f-faad-4cd5-8c8b-e7d1b4ecb68e","block_type":"box","text":"result in losses to the Fund on its cleared derivatives","page_number":31,"box":{"x":83,"y":353,"width":398,"height":8}},{"id":"5e4ea2e9-4059-4f41-8568-4c58ecf8b9a5","block_type":"box","text":"position. Also, the Fund is subject to execution risk in respect","page_number":31,"box":{"x":83,"y":367,"width":398,"height":10}},{"id":"ce490bab-3189-4d06-a45b-266e52757ac7","block_type":"box","text":"of cleared derivatives transactions, because it is possible","page_number":31,"box":{"x":82,"y":381,"width":399,"height":10}},{"id":"0f3d5b76-9f38-4fc1-8a32-3840ba4486ca","block_type":"box","text":"that no clearing member will be willing to clear a particular","page_number":31,"box":{"x":82,"y":396,"width":400,"height":10}},{"id":"90c87e47-262c-4878-b221-a552f459c42b","block_type":"box","text":"transaction on the Fund’s behalf. In that case, the","page_number":31,"box":{"x":82,"y":410,"width":399,"height":9}},{"id":"12459247-e2e3-4054-b87b-95db76472e0e","block_type":"box","text":"transaction might have to be terminated, and the Fund could","page_number":31,"box":{"x":82,"y":424,"width":399,"height":10}},{"id":"1e3ee02a-cb89-4c2d-bea5-28f27119a278","block_type":"box","text":"lose some or all of the benefit of any increase in the value of","page_number":31,"box":{"x":83,"y":438,"width":399,"height":10}},{"id":"61fdd2b7-d280-43bd-804a-90c32af24a0a","block_type":"box","text":"the transaction after the time of the trade. In addition, the","page_number":31,"box":{"x":82,"y":453,"width":399,"height":9}},{"id":"e1bec0b2-6912-4803-a057-9475dbeae713","block_type":"box","text":"documentation governing the relationship between a Fund","page_number":31,"box":{"x":82,"y":467,"width":399,"height":10}},{"id":"b55b2845-add1-488d-b56a-008174cc5fb6","block_type":"box","text":"and a clearing member that is drafted by the clearing","page_number":31,"box":{"x":82,"y":481,"width":399,"height":10}},{"id":"7d3955d0-8cd1-4185-a6e7-f8ca408d2eac","block_type":"box","text":"members is generally not negotiable and therefore less","page_number":31,"box":{"x":83,"y":495,"width":398,"height":10}},{"id":"2dbf19ce-abe5-40dd-9fce-3ced5d0b491c","block_type":"box","text":"favourable to the Fund than typical bilateral derivatives","page_number":31,"box":{"x":82,"y":510,"width":399,"height":10}},{"id":"25bdb47a-d1e6-45c1-abc6-5dac57ea560d","block_type":"box","text":"documentation. These and other new rules and regulations","page_number":31,"box":{"x":82,"y":524,"width":399,"height":10}},{"id":"1071fc92-6f0d-48e3-b64a-8409d6ac9cb1","block_type":"box","text":"could, among other things, restrict a Fund’s ability to engage","page_number":31,"box":{"x":83,"y":538,"width":398,"height":10}},{"id":"1f8b6512-7678-4465-a402-0e8f82489fe2","block_type":"box","text":"in, or increase the cost to the Fund of, derivatives","page_number":31,"box":{"x":83,"y":552,"width":398,"height":10}},{"id":"ef316879-b01d-45c4-baf1-4a4d1e0c07ee","block_type":"box","text":"transactions and could make the use of derivatives by the","page_number":31,"box":{"x":82,"y":567,"width":399,"height":10}},{"id":"25ad7b62-783f-4b2b-a155-372ab344cf5b","block_type":"box","text":"Fund impractical or generally undesirable. These regulations","page_number":31,"box":{"x":83,"y":581,"width":398,"height":10}},{"id":"cf60cebd-2bf1-46f1-8666-22e45a0ef77a","block_type":"box","text":"are new and evolving, so their potential impact on the Funds","page_number":31,"box":{"x":82,"y":595,"width":399,"height":10}},{"id":"e393769a-d0a7-4041-b47d-01c7e805738b","block_type":"box","text":"and the financial system are not yet known. While the new","page_number":31,"box":{"x":82,"y":609,"width":400,"height":10}},{"id":"5757fd73-b372-4058-9fef-6511b4639a2e","block_type":"box","text":"regulations and central clearing of some derivatives","page_number":31,"box":{"x":83,"y":624,"width":398,"height":10}},{"id":"b8f8b203-c4e3-4040-bd64-f3b043054b43","block_type":"box","text":"transactions are designed to reduce systemic risk, there is","page_number":31,"box":{"x":82,"y":638,"width":399,"height":10}},{"id":"87dad702-0e83-4598-9ed1-db78980e3ba9","block_type":"box","text":"no assurance that the new clearing mechanisms will achieve","page_number":31,"box":{"x":83,"y":652,"width":398,"height":10}},{"id":"7686f296-61ad-4fda-9853-8525a81f94e5","block_type":"box","text":"that result, and in the meantime, as noted above, central","page_number":31,"box":{"x":82,"y":666,"width":399,"height":9}},{"id":"97b05b52-1a13-4f8a-87f9-35fde7cd7832","block_type":"box","text":"clearing exposes the Funds to new kinds of risks and costs.","page_number":31,"box":{"x":83,"y":680,"width":395,"height":10}},{"id":"9672906d-2cfa-4062-bf54-54fe1d90ee45","block_type":"box","text":"EMIR and OTC Derivative Contract Risk.","page_number":31,"box":{"x":83,"y":709,"width":283,"height":8}},{"id":"0bb96d24-331c-4954-a972-af2e1ea30aec","block_type":"box","text":"As a result of the","page_number":31,"box":{"x":371,"y":709,"width":110,"height":8}},{"id":"46e77a6d-435e-4225-a586-5880e2eac3c9","block_type":"box","text":"European regulation commonly referred to as the European","page_number":31,"box":{"x":83,"y":723,"width":398,"height":10}},{"id":"6a7cb0e0-c37c-42f6-8dc9-85d13dc170ef","block_type":"box","text":"Market Infrastructure Regulation or “EMIR”, OTC derivatives","page_number":31,"box":{"x":83,"y":737,"width":398,"height":10}},{"id":"43ceb0c2-b5d5-4370-ab54-cf72b1747fbb","block_type":"box","text":"markets have been and will be subject to significant","page_number":31,"box":{"x":83,"y":752,"width":398,"height":10}},{"id":"42e9f0f2-942e-4b25-8e2a-2be573218e34","block_type":"box","text":"regulation, potentially including, without limitation, increased","page_number":31,"box":{"x":83,"y":766,"width":398,"height":10}},{"id":"087fbc9e-78ca-4955-a17e-e466397c1a5f","block_type":"box","text":"margin requirements, mandatory reporting, centralised","page_number":31,"box":{"x":83,"y":780,"width":398,"height":10}},{"id":"84dc5040-ab27-4cfb-bfce-2a1d0bcc6a1e","block_type":"box","text":"clearing and execution of transactions. These regulations","page_number":31,"box":{"x":83,"y":794,"width":398,"height":11}},{"id":"8143cea1-49c2-4d8c-9dd2-e9418803ef6e","block_type":"box","text":"may result in increased costs, reduced profit margins and","page_number":31,"box":{"x":83,"y":809,"width":398,"height":10}},{"id":"09be2957-73ce-4519-87b4-9d1fa472e9fa","block_type":"box","text":"reduced investment opportunities, all of which may","page_number":31,"box":{"x":83,"y":823,"width":398,"height":10}},{"id":"914bcbb4-bc5a-4e15-ae33-aa5f5ab7e786","block_type":"box","text":"negatively impact the performance of the Funds.","page_number":31,"box":{"x":83,"y":837,"width":321,"height":10}},{"id":"4631b49a-2605-4b1f-906b-4c077d5b65e3","block_type":"box","text":"EMIR imposes certain requirements to collateralise","page_number":31,"box":{"x":83,"y":866,"width":398,"height":9}},{"id":"c7b0c59c-9362-4a7a-9cd4-1f4ace3e4874","block_type":"box","text":"derivative transactions that are not cleared through a","page_number":31,"box":{"x":82,"y":880,"width":399,"height":10}},{"id":"201aee2a-f216-44c5-b41e-968b65cc07dc","block_type":"box","text":"31 \r\nclearing house or traded on an exchange, including FX","page_number":31,"box":{"x":83,"y":894,"width":398,"height":10}},{"id":"ebcfb4f7-a317-4a9c-81b3-9fc8fc18018c","block_type":"box","text":"forward transactions. As a result, collateral may need to be","page_number":31,"box":{"x":518,"y":125,"width":399,"height":10}},{"id":"0bf1ad93-4546-4105-bc22-7321bf700d21","block_type":"box","text":"exchanged between a Fund and trading counterparties to","page_number":31,"box":{"x":519,"y":139,"width":398,"height":11}},{"id":"5b00917d-35e2-4a62-b983-7bd2b2947e30","block_type":"box","text":"cover daily mark-to-market exposures of either party under","page_number":31,"box":{"x":519,"y":154,"width":399,"height":10}},{"id":"fb851bdb-7424-4736-b4b9-a1702943c30b","block_type":"box","text":"an FX forward transaction. This may necessitate the","page_number":31,"box":{"x":519,"y":168,"width":398,"height":10}},{"id":"ddf7a748-c8f1-4165-a61d-0310162f0a56","block_type":"box","text":"amendment of the Company’s existing OTC derivative","page_number":31,"box":{"x":519,"y":182,"width":398,"height":10}},{"id":"758236e3-8c54-4564-a1df-956400ec05f8","block_type":"box","text":"contracts which would result in additional costs. 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As the","page_number":31,"box":{"x":519,"y":253,"width":398,"height":10}},{"id":"37302d44-4345-4734-abc0-d68a0967bc4a","block_type":"box","text":"variation margin rules are likely to result in an increase in the","page_number":31,"box":{"x":518,"y":268,"width":399,"height":10}},{"id":"a86536cb-e177-444d-8433-ade02066618e","block_type":"box","text":"level of its assets which a Fund will be required to retain in","page_number":31,"box":{"x":519,"y":282,"width":398,"height":10}},{"id":"d12d9c61-2417-4f5f-90c8-74c159223a08","block_type":"box","text":"cash or very liquid assets in order to have available for use","page_number":31,"box":{"x":519,"y":296,"width":398,"height":10}},{"id":"a1ceadc9-e67e-42eb-a396-b2a61fda56bc","block_type":"box","text":"as collateral, this could result in a reduced proportion of the","page_number":31,"box":{"x":519,"y":310,"width":398,"height":10}},{"id":"8534407d-c41d-4317-b163-668d19846321","block_type":"box","text":"Fund’s assets being available for allocation to the Fund’s","page_number":31,"box":{"x":519,"y":324,"width":398,"height":11}},{"id":"3eb1f01a-5eae-42e7-af23-505472673e55","block_type":"box","text":"investment policy and, consequently, an increase in the","page_number":31,"box":{"x":519,"y":339,"width":398,"height":10}},{"id":"4e607ec6-67a9-4db8-b464-88d409d0d3c1","block_type":"box","text":"potential tracking error for the Fund.","page_number":31,"box":{"x":519,"y":353,"width":238,"height":10}},{"id":"a296d797-b0fc-4846-83b8-d95d56d8f3c4","block_type":"box","text":"While some of the obligations under EMIR have come into","page_number":31,"box":{"x":518,"y":382,"width":399,"height":10}},{"id":"633e7967-a955-495f-9e72-7280536be4be","block_type":"box","text":"force, a number of the requirements are subject to phase-in","page_number":31,"box":{"x":518,"y":396,"width":399,"height":10}},{"id":"a1cba682-06d5-4ca4-accd-4627200cbc46","block_type":"box","text":"periods. 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In","page_number":31,"box":{"x":519,"y":524,"width":398,"height":10}},{"id":"d1b94148-01cd-42a7-99fa-2be7951270d6","block_type":"box","text":"particular, no financial instrument enables the returns of any","page_number":31,"box":{"x":519,"y":538,"width":399,"height":10}},{"id":"050223dd-a966-4121-9d4c-25c58ea8d439","block_type":"box","text":"index to be reproduced or tracked exactly or guarantees an","page_number":31,"box":{"x":519,"y":552,"width":398,"height":10}},{"id":"a1e66619-b099-4dde-aea8-de4d7e49741a","block_type":"box","text":"outperformance target will be reached. 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Please also refer to the risk warning headed","page_number":32,"box":{"x":83,"y":324,"width":398,"height":11}},{"id":"bee9a27b-58fd-4f95-9d22-9354677d44ac","block_type":"box","text":"“","page_number":32,"box":{"x":83,"y":339,"width":4,"height":3}},{"id":"25e4d0e6-1d32-46e8-9ab4-cee1c13a49fa","block_type":"box","text":"Liquidity Risk","page_number":32,"box":{"x":88,"y":339,"width":98,"height":10}},{"id":"f2b3c81c-6be7-42f1-8c26-7d0d815d35ac","block_type":"box","text":"” above.","page_number":32,"box":{"x":187,"y":339,"width":53,"height":8}},{"id":"b39b8cd4-3700-4148-ab9e-98dacb375b65","block_type":"box","text":"There are special risks associated with investment in","page_number":32,"box":{"x":82,"y":367,"width":399,"height":10}},{"id":"6295693a-2129-4b32-82b1-435b80055d66","block_type":"box","text":"securities of companies engaged in property markets","page_number":32,"box":{"x":82,"y":382,"width":399,"height":10}},{"id":"4dad2203-578c-4a73-853d-c86dd371866f","block_type":"box","text":"including without limitation REITs and real estate operating","page_number":32,"box":{"x":83,"y":396,"width":398,"height":10}},{"id":"d4d998d3-c11e-471c-9eb3-b6ae725774d7","block_type":"box","text":"companies. An investment in a property company may be","page_number":32,"box":{"x":83,"y":410,"width":398,"height":10}},{"id":"c7f336a0-c0dc-47f6-9bd6-6419a3dc34a5","block_type":"box","text":"subject to risks similar to those associated with direct","page_number":32,"box":{"x":82,"y":424,"width":399,"height":10}},{"id":"db250b61-2c0a-40dc-8a90-187d8467f2cb","block_type":"box","text":"ownership of real estate, the possibility of declines in the","page_number":32,"box":{"x":82,"y":438,"width":399,"height":10}},{"id":"73ff323c-48fe-4bbd-9938-b7c9122d7855","block_type":"box","text":"value of real estate, losses from casualty or condemnation,","page_number":32,"box":{"x":82,"y":453,"width":398,"height":10}},{"id":"1f4c07b7-254c-4e56-a71d-a4a86fe9e254","block_type":"box","text":"and changes in local and general economic conditions,","page_number":32,"box":{"x":82,"y":467,"width":398,"height":10}},{"id":"d3963879-fcc4-4f28-acc4-bf5de426cbf8","block_type":"box","text":"supply and demand, interest rates, environmental liability,","page_number":32,"box":{"x":82,"y":481,"width":399,"height":10}},{"id":"2d16db81-bc62-4328-8bb5-1562fcf9eff3","block_type":"box","text":"zoning laws, regulatory limitations on rents, property taxes,","page_number":32,"box":{"x":82,"y":495,"width":398,"height":10}},{"id":"7dd91de3-ca3b-4456-8232-9292f4f539c7","block_type":"box","text":"and operating expenses. In addition, an investment in a","page_number":32,"box":{"x":82,"y":510,"width":399,"height":10}},{"id":"20188e99-41a7-417f-a55c-6638facbff4f","block_type":"box","text":"property company is subject to additional risks, such as poor","page_number":32,"box":{"x":83,"y":524,"width":399,"height":10}},{"id":"556b80db-65ad-4d73-aee1-ae24cd475d84","block_type":"box","text":"performance by the manager of the property company,","page_number":32,"box":{"x":83,"y":538,"width":397,"height":10}},{"id":"45d794e0-023a-4f07-a643-721a913c330c","block_type":"box","text":"adverse changes in tax laws, and the effect of general","page_number":32,"box":{"x":82,"y":552,"width":399,"height":10}},{"id":"19c34061-489c-44bd-8f1d-8210b432b12d","block_type":"box","text":"declines in stock prices. 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As a shareholder in a property company,","page_number":32,"box":{"x":82,"y":652,"width":398,"height":10}},{"id":"b5675087-0549-4609-b9e3-8dd615a73bfa","block_type":"box","text":"the Fund, and indirectly the Fund’s shareholders, would bear","page_number":32,"box":{"x":82,"y":666,"width":400,"height":10}},{"id":"3409e1ee-bc34-4fee-8ffc-d31938ca0943","block_type":"box","text":"their pro rata share of the property company's expenses and","page_number":32,"box":{"x":82,"y":681,"width":399,"height":10}},{"id":"78283347-3829-45b5-8005-da04bdec5c90","block_type":"box","text":"would at the same time continue to pay their own fees and","page_number":32,"box":{"x":82,"y":695,"width":399,"height":10}},{"id":"3a3e7e13-0495-42b5-870a-ceefdb4e325f","block_type":"box","text":"expenses. These factors could negatively affect the","page_number":32,"box":{"x":83,"y":709,"width":398,"height":10}},{"id":"bfa34fee-b59a-45b0-bd1e-e0de2d594fc4","block_type":"box","text":"performance of the Fund. In addition to the risks associated","page_number":32,"box":{"x":83,"y":723,"width":398,"height":10}},{"id":"c02a54f5-648e-4565-ad0f-7bf1248dd966","block_type":"box","text":"with investing in the securities of real property companies,","page_number":32,"box":{"x":82,"y":737,"width":398,"height":10}},{"id":"1beda2ed-5b09-4ab4-b69d-fb650750f0ac","block_type":"box","text":"REITs are subject to certain additional risks. 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Further, REITs","page_number":32,"box":{"x":82,"y":794,"width":399,"height":10}},{"id":"445467bd-60a0-49bc-8fd3-022a2ecbf6c4","block_type":"box","text":"are dependent upon specialized management skills, and","page_number":32,"box":{"x":82,"y":809,"width":399,"height":10}},{"id":"7fa4a2af-15c3-4103-bb5e-cf918aa989e3","block_type":"box","text":"their investments may be concentrated in relatively few","page_number":32,"box":{"x":82,"y":823,"width":400,"height":10}},{"id":"2a59535e-6906-4dac-ba9f-1c09a6098443","block_type":"box","text":"properties, or in a small geographic area or a single property","page_number":32,"box":{"x":83,"y":837,"width":399,"height":10}},{"id":"74545833-d10b-46ae-89d0-dc6e43d2dcd4","block_type":"box","text":"type. REITs are also subject to heavy cash flow dependency,","page_number":32,"box":{"x":82,"y":851,"width":399,"height":10}},{"id":"aa31c182-8a1c-4f2f-943e-45da5b9b2781","block_type":"box","text":"defaults by borrowers and self-liquidation. Those factors","page_number":32,"box":{"x":82,"y":865,"width":399,"height":11}},{"id":"372b1220-3a99-4d8d-8e00-36c3d4576603","block_type":"box","text":"may also adversely affect a borrower’s or a lessee’s ability","page_number":32,"box":{"x":83,"y":880,"width":399,"height":10}},{"id":"11574754-6ed3-4fe6-a0aa-363ddfaa2cfa","block_type":"box","text":"32 \r\nto meet its obligations to a REIT, thus affecting a Fund’s","page_number":32,"box":{"x":82,"y":894,"width":399,"height":10}},{"id":"670d8358-e69c-4132-b801-e7ba3d226dbf","block_type":"box","text":"returns. In the event of a default by a borrower or lessee, the","page_number":32,"box":{"x":519,"y":125,"width":398,"height":10}},{"id":"64a7df51-d735-40dd-ade1-1363fdeed1a7","block_type":"box","text":"REIT may experience delays in enforcing its rights as a","page_number":32,"box":{"x":519,"y":139,"width":398,"height":11}},{"id":"53e97b78-08d1-4a4e-b845-de01f6da46be","block_type":"box","text":"mortgagee or lessor and may incur substantial costs","page_number":32,"box":{"x":519,"y":154,"width":398,"height":10}},{"id":"9a126715-5430-47d0-96aa-4ae195f73c0e","block_type":"box","text":"associated in protecting its investments. 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Given the","page_number":32,"box":{"x":519,"y":282,"width":398,"height":10}},{"id":"f0c8e6b7-9a53-443a-952f-a13666a77c36","block_type":"box","text":"current uncertain and changing regulatory environment and","page_number":32,"box":{"x":519,"y":296,"width":398,"height":10}},{"id":"ce9ae31e-deb3-44bc-b41d-f1adb6d78412","block_type":"box","text":"projected changes to the UCITS Regulations and other","page_number":32,"box":{"x":519,"y":310,"width":399,"height":10}},{"id":"fc162f55-3b21-45e5-a240-b3722d2f53aa","block_type":"box","text":"future regulation to which the Company may be subject,","page_number":32,"box":{"x":518,"y":324,"width":398,"height":11}},{"id":"246ae444-6c41-462c-af6a-cca1e2a10da1","block_type":"box","text":"there can be no guarantee that the Company will continue to","page_number":32,"box":{"x":518,"y":339,"width":399,"height":10}},{"id":"68b6c01c-f4ff-4f83-aeb0-c0aac32d9a54","block_type":"box","text":"be able to operate in its present manner and such future","page_number":32,"box":{"x":519,"y":353,"width":398,"height":10}},{"id":"3fac858e-df5e-405a-b33d-57820a283dc1","block_type":"box","text":"regulatory changes may adversely affect the performance of","page_number":32,"box":{"x":519,"y":367,"width":399,"height":10}},{"id":"d7eaa304-f218-4157-a306-39451044e3d8","block_type":"box","text":"the Funds and/or their ability to deliver their investment","page_number":32,"box":{"x":518,"y":381,"width":399,"height":11}},{"id":"21db5cfb-303f-4ad8-a847-22e24151dc23","block_type":"box","text":"objectives.","page_number":32,"box":{"x":519,"y":396,"width":68,"height":10}},{"id":"d9dea270-398d-45c4-84a7-c302a8aa2d3a","block_type":"box","text":"Repurchase And Reverse Repurchase Agreements","page_number":32,"box":{"x":519,"y":424,"width":398,"height":10}},{"id":"38509d61-6316-48f6-95c2-f30201ed4924","block_type":"box","text":"Risk.","page_number":32,"box":{"x":519,"y":438,"width":34,"height":8}},{"id":"e2d9a057-24a6-4a76-ad09-83ce08749ecf","block_type":"box","text":"The Funds may enter into repurchase agreements","page_number":32,"box":{"x":562,"y":438,"width":355,"height":10}},{"id":"697618b2-14fd-4524-adff-fc0b94dc78e9","block_type":"box","text":"under which a Fund sells a security and agrees to","page_number":32,"box":{"x":519,"y":453,"width":398,"height":10}},{"id":"e721bdd9-354d-4f89-88de-f87b35ec8177","block_type":"box","text":"repurchase it at a mutually agreed upon date and price.","page_number":32,"box":{"x":519,"y":467,"width":397,"height":10}},{"id":"48f2ce21-94f8-473d-a0de-5285270efe97","block_type":"box","text":"Repurchase agreements create the risk that the market","page_number":32,"box":{"x":519,"y":481,"width":399,"height":10}},{"id":"9bfd3a86-19a5-478b-b112-47f758444929","block_type":"box","text":"value of the securities sold by a Fund may decline below the","page_number":32,"box":{"x":518,"y":495,"width":399,"height":10}},{"id":"880a3447-bf80-4a9e-b7e1-1954a3b32e92","block_type":"box","text":"price at which such Fund is obligated to repurchase such","page_number":32,"box":{"x":519,"y":510,"width":398,"height":10}},{"id":"acdf2993-638f-46c7-942e-d48d16c4ad57","block_type":"box","text":"securities under the agreement. In the event that the buyer","page_number":32,"box":{"x":519,"y":524,"width":399,"height":10}},{"id":"c369c810-9492-47fc-ba67-3453a1ba3e19","block_type":"box","text":"of securities under a repurchase agreement files for","page_number":32,"box":{"x":519,"y":538,"width":399,"height":10}},{"id":"1c1e6286-b542-4359-ba18-56a2d85c0810","block_type":"box","text":"bankruptcy or proves insolvent, a Fund’s use of proceeds","page_number":32,"box":{"x":519,"y":552,"width":398,"height":10}},{"id":"c408f3d6-e747-4f59-8e25-b38f053622a9","block_type":"box","text":"from the agreement may be restricted pending the","page_number":32,"box":{"x":518,"y":567,"width":399,"height":10}},{"id":"338a770f-766f-48f9-ad62-abfd10ab9152","block_type":"box","text":"determination by the other party or its trustee or receiver","page_number":32,"box":{"x":519,"y":581,"width":399,"height":10}},{"id":"a7914544-4846-4474-a665-6edc2565a089","block_type":"box","text":"whether to enforce the obligation to repurchase the","page_number":32,"box":{"x":518,"y":595,"width":399,"height":10}},{"id":"f3d6d8a4-5a96-4e71-8fad-6c98b8b1c925","block_type":"box","text":"securities.","page_number":32,"box":{"x":519,"y":609,"width":66,"height":8}},{"id":"d023032e-4c5f-438f-b8d9-6d6e0acc0b97","block_type":"box","text":"The Funds may also enter into reverse repurchase","page_number":32,"box":{"x":518,"y":638,"width":399,"height":10}},{"id":"924f25da-9b1b-4fad-a98d-aa5102af4971","block_type":"box","text":"agreements, by which a Fund acquires securities from a","page_number":32,"box":{"x":519,"y":652,"width":399,"height":10}},{"id":"2e8cff47-46d2-49e8-a8da-ec02dd878b63","block_type":"box","text":"seller (for example, a bank or securities dealer) who agrees,","page_number":32,"box":{"x":519,"y":666,"width":397,"height":10}},{"id":"ca96d9db-4090-44d0-8eb8-03800ff6b536","block_type":"box","text":"at the time of sale, to repurchase the securities at a mutually","page_number":32,"box":{"x":519,"y":681,"width":399,"height":10}},{"id":"42d71d03-5af8-4e02-8963-43fcec568dfc","block_type":"box","text":"agreed-upon date (usually not more than seven days from","page_number":32,"box":{"x":519,"y":695,"width":398,"height":10}},{"id":"59de791d-dbe6-4c25-ae48-5fe95c95be7d","block_type":"box","text":"the date of purchase) and price, thereby determining the","page_number":32,"box":{"x":518,"y":709,"width":399,"height":10}},{"id":"cb6551cd-dc94-4d83-87dc-c400f283838c","block_type":"box","text":"yield to the relevant Fund during the term of the repurchase","page_number":32,"box":{"x":518,"y":723,"width":399,"height":10}},{"id":"713d6b5c-1b12-49da-b17c-7db2589dcf0e","block_type":"box","text":"agreement. If, in the case of a reverse repurchase","page_number":32,"box":{"x":519,"y":737,"width":398,"height":10}},{"id":"479b4ab6-b89d-4681-b285-71e77285671d","block_type":"box","text":"agreement, the seller of a repurchase agreement fails to","page_number":32,"box":{"x":519,"y":752,"width":398,"height":10}},{"id":"155c9f06-8ca7-453e-b4fb-50442daed5c3","block_type":"box","text":"honour its commitment to repurchase the security in","page_number":32,"box":{"x":519,"y":766,"width":398,"height":10}},{"id":"2e4c3fa8-5d93-49e7-8daa-8de585bd604e","block_type":"box","text":"accordance with the terms of the agreement, a Fund may","page_number":32,"box":{"x":519,"y":780,"width":399,"height":10}},{"id":"63b5d4e4-8f14-4630-9127-252b92d3104b","block_type":"box","text":"incur a loss to the extent that the proceeds realised on the","page_number":32,"box":{"x":519,"y":794,"width":398,"height":10}},{"id":"69ef567d-2623-4cde-b638-30c4438907f1","block_type":"box","text":"sale of the securities are less than the repurchase price. If","page_number":32,"box":{"x":519,"y":809,"width":399,"height":10}},{"id":"98dc0111-45ab-4447-be73-ebcb4a119fb0","block_type":"box","text":"the seller becomes insolvent, a bankruptcy court may","page_number":32,"box":{"x":518,"y":823,"width":400,"height":10}},{"id":"2b9b3ecf-bb45-4766-8598-9790ea1fa617","block_type":"box","text":"determine that the securities do not belong to the relevant","page_number":32,"box":{"x":519,"y":837,"width":398,"height":10}},{"id":"47ce63d4-e22f-4506-b85f-e7f2d318779f","block_type":"box","text":"Fund and order that the securities be sold to pay off the","page_number":32,"box":{"x":519,"y":851,"width":398,"height":10}},{"id":"fc78e8b0-3f70-4ca3-8b48-71eb82ca72fd","block_type":"box","text":"seller’s debts. A Fund may experience both delays in","page_number":32,"box":{"x":519,"y":866,"width":398,"height":10}},{"id":"d9dbf459-3d05-43e6-92d7-a8d406224a12","block_type":"box","text":"liquidating the underlying securities and losses during the","page_number":32,"box":{"x":519,"y":880,"width":399,"height":10}},{"id":"cdc5a8c1-27b9-478d-b16e-5a5d26ec5f61","block_type":"box","text":"period while it seeks to enforce its rights, including possible","page_number":32,"box":{"x":519,"y":894,"width":398,"height":10}},{"id":"e8114ed6-dae8-4521-9712-51ad936a33c8","block_type":"box","text":"SSGA SPDR ETFs Europe II Plc","page_number":33,"box":{"x":85,"y":59,"width":303,"height":14}},{"id":"43826125-0fae-4c52-821d-d991078c492a","block_type":"box","text":"19 February","page_number":33,"box":{"x":85,"y":79,"width":104,"height":13}},{"id":"41f26521-66ca-41a5-a484-58dae9b806e1","block_type":"box","text":"2026","page_number":33,"box":{"x":189,"y":79,"width":56,"height":10}},{"id":"2b89fa73-7d3b-474f-a3d2-8196f67719df","block_type":"box","text":"33","page_number":33,"box":{"x":83,"y":903,"width":10,"height":5}},{"id":"68da58fd-0892-467d-b700-5e659c7edea1","block_type":"box","text":"33","page_number":33,"box":{"x":906,"y":911,"width":11,"height":5}},{"id":"ca5c7318-8b20-418d-976c-7f28a16fcfc9","block_type":"box","text":"27424774.146","page_number":33,"box":{"x":83,"y":946,"width":91,"height":10}},{"id":"4ba1bb6f-1ab2-42a5-ad73-772fffd7860d","block_type":"box","text":"sub-normal level of income and lack of access to income","page_number":33,"box":{"x":82,"y":125,"width":399,"height":8}},{"id":"fc84b283-3824-43a8-a861-849bc3b246bc","block_type":"box","text":"during the period and expenses in enforcing its rights.","page_number":33,"box":{"x":82,"y":139,"width":358,"height":11}},{"id":"7914e9b5-2b49-4263-be5e-fb59ce6accdf","block_type":"box","text":"Risk Of Investment In Other Collective Investment","page_number":33,"box":{"x":83,"y":168,"width":398,"height":8}},{"id":"1600a8aa-d6bd-446c-bf63-948136c4dc8a","block_type":"box","text":"Schemes.","page_number":33,"box":{"x":83,"y":182,"width":69,"height":8}},{"id":"3d2886e7-1a6a-4976-8917-2d3fd54c916a","block_type":"box","text":"If a Fund invests in another collective investment","page_number":33,"box":{"x":158,"y":182,"width":324,"height":8}},{"id":"7a3cfee7-2675-4190-b2ec-a66c1194dd6b","block_type":"box","text":"scheme or investment vehicle, it is exposed to the risk that","page_number":33,"box":{"x":82,"y":196,"width":399,"height":10}},{"id":"61577ba3-89dd-4383-a481-bf6911586118","block_type":"box","text":"the other investment vehicle will not perform as expected.","page_number":33,"box":{"x":82,"y":211,"width":398,"height":10}},{"id":"96bf875e-2af2-438c-97cd-12a4f0f864db","block_type":"box","text":"The Fund is exposed indirectly to all of the risks applicable","page_number":33,"box":{"x":82,"y":225,"width":399,"height":10}},{"id":"a50cbd9b-baf8-4116-9457-664795bf917d","block_type":"box","text":"to an investment in such other investment vehicle. In","page_number":33,"box":{"x":82,"y":239,"width":399,"height":8}},{"id":"f843d91e-9a65-40a1-9395-b5052e984036","block_type":"box","text":"addition, lack of liquidity in the underlying vehicle could result","page_number":33,"box":{"x":82,"y":253,"width":399,"height":10}},{"id":"221ade67-49e3-4d2d-ab09-4d8dd358251f","block_type":"box","text":"in its value being more volatile than the underlying portfolio","page_number":33,"box":{"x":83,"y":267,"width":398,"height":11}},{"id":"a5a5c2bd-7171-427f-8ad3-1685f703bc1c","block_type":"box","text":"of securities, and may limit the ability of the Fund to sell or","page_number":33,"box":{"x":82,"y":282,"width":400,"height":10}},{"id":"061c1594-e641-4fc3-97e6-8a59f9bdeb63","block_type":"box","text":"redeem its interest in the vehicle at a time or at a price it","page_number":33,"box":{"x":83,"y":296,"width":398,"height":10}},{"id":"c8cc2699-737c-43af-bb24-c4a9e26d378f","block_type":"box","text":"might consider desirable. Subject to the limit in section 3.1","page_number":33,"box":{"x":83,"y":310,"width":396,"height":10}},{"id":"d6f5e4f0-ccb1-4d91-8832-cb9d9da16102","block_type":"box","text":"of “","page_number":33,"box":{"x":82,"y":324,"width":23,"height":8}},{"id":"7b7d8a36-2277-4232-a593-e1a68744eb96","block_type":"box","text":"Investment Restrictions","page_number":33,"box":{"x":107,"y":325,"width":171,"height":7}},{"id":"eb473a92-749a-4919-b9db-9204450c8917","block_type":"box","text":"”, the investment policies and","page_number":33,"box":{"x":279,"y":325,"width":202,"height":9}},{"id":"de4b1502-7535-4591-9686-07b4d777d18b","block_type":"box","text":"limitations of the other investment vehicle may not be the","page_number":33,"box":{"x":83,"y":339,"width":398,"height":10}},{"id":"2d5e98f8-c94c-42dd-8328-fb88f967c31f","block_type":"box","text":"same as those of the Fund. As a result, the Fund may be","page_number":33,"box":{"x":82,"y":353,"width":399,"height":10}},{"id":"971a9d69-e2c0-4b13-be4d-fa753ee07e92","block_type":"box","text":"subject to additional or different risks, or may achieve a","page_number":33,"box":{"x":82,"y":367,"width":400,"height":10}},{"id":"2bf195b1-4d50-4376-9b69-b9e63cbcbe28","block_type":"box","text":"reduced investment return, as a result of its investment in","page_number":33,"box":{"x":83,"y":382,"width":398,"height":9}},{"id":"d849afdc-cb9f-436d-89dd-a2f0dccc5350","block_type":"box","text":"another investment vehicle. A Fund also will bear its","page_number":33,"box":{"x":82,"y":396,"width":399,"height":8}},{"id":"86ec8324-8d6c-4c5e-8baa-5d257bbc7967","block_type":"box","text":"proportionate amount of the expenses of any investment","page_number":33,"box":{"x":83,"y":410,"width":398,"height":10}},{"id":"399f77c4-6929-443c-87cc-525fcd37731c","block_type":"box","text":"vehicle in which it invests. Please see also the risk warning","page_number":33,"box":{"x":82,"y":424,"width":399,"height":10}},{"id":"94223c6a-7c10-46f7-96f4-c077e3a2a128","block_type":"box","text":"set out above titled “","page_number":33,"box":{"x":82,"y":438,"width":138,"height":8}},{"id":"c8ab8321-a7a6-41d2-bc65-882b2c815703","block_type":"box","text":"Conflicts of Interest","page_number":33,"box":{"x":221,"y":438,"width":142,"height":8}},{"id":"7ccc6eeb-1730-4341-9173-b004fa61f4c9","block_type":"box","text":"” in relation to the","page_number":33,"box":{"x":364,"y":438,"width":117,"height":8}},{"id":"d60bf6d6-9757-4fd5-ac54-9390ed83d5b3","block_type":"box","text":"potential conflicts of interest which may arise from investing","page_number":33,"box":{"x":83,"y":453,"width":398,"height":10}},{"id":"7aeccfe3-6838-4c09-8258-c7f0648ff202","block_type":"box","text":"in another collective investment scheme or investment","page_number":33,"box":{"x":83,"y":467,"width":398,"height":8}},{"id":"b28b5777-8cf1-46d8-85a9-ff86797db177","block_type":"box","text":"vehicle. Where a Fund invests in another collective","page_number":33,"box":{"x":82,"y":481,"width":399,"height":8}},{"id":"0324eff3-831d-4393-b884-a4e18bab528c","block_type":"box","text":"investment scheme or investment vehicle to the extent that","page_number":33,"box":{"x":83,"y":495,"width":398,"height":8}},{"id":"07831e05-d5fa-4fc5-b451-96c372b1566b","block_type":"box","text":"it becomes a feeder fund in respect of such other fund (which","page_number":33,"box":{"x":83,"y":510,"width":398,"height":10}},{"id":"4671a5b6-72df-4013-9f5a-c4257f916663","block_type":"box","text":"shall have broadly similar investment policies and limitations","page_number":33,"box":{"x":82,"y":524,"width":399,"height":10}},{"id":"5cc5288e-7531-43c1-bd64-fd68104ed520","block_type":"box","text":"as the relevant Fund), the risks associated with such an","page_number":33,"box":{"x":82,"y":538,"width":399,"height":10}},{"id":"5e590cd6-4899-46e8-a013-30f11c6b3faa","block_type":"box","text":"investment as described above will increase","page_number":33,"box":{"x":83,"y":552,"width":398,"height":8}},{"id":"da9ce1d1-a43d-4527-9a23-d774c2db4f26","block_type":"box","text":"commensurately. 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To the","page_number":35,"box":{"x":82,"y":367,"width":399,"height":10}},{"id":"e5d33181-d0c6-4ddc-b751-387c0aa6f534","block_type":"box","text":"extent that any securities lending is not fully collateralised","page_number":35,"box":{"x":83,"y":382,"width":398,"height":10}},{"id":"a1f34d1e-aba8-493f-bca3-030eb12a40d3","block_type":"box","text":"(for example, due to timing lags associated with the posting","page_number":35,"box":{"x":83,"y":396,"width":398,"height":10}},{"id":"d0b6cb90-c462-4fd9-9b9e-cb0861d573ea","block_type":"box","text":"of collateral), the Fund will have a credit risk exposure to the","page_number":35,"box":{"x":82,"y":410,"width":399,"height":10}},{"id":"4f3be96a-d5c8-4e30-876d-78b1c4acefe1","block_type":"box","text":"counterparty of a securities lending contract. 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These events","page_number":35,"box":{"x":82,"y":467,"width":399,"height":10}},{"id":"95afcade-7bc3-4d92-ad9a-dc2c21141168","block_type":"box","text":"could triggers adverse tax consequences for the Fund.","page_number":35,"box":{"x":83,"y":481,"width":363,"height":10}},{"id":"59b1b89d-6e4b-4e13-aba9-b20e0a844f2d","block_type":"box","text":"Settlement Risk.","page_number":35,"box":{"x":83,"y":510,"width":119,"height":8}},{"id":"b16c102e-9d42-4f94-a9d2-dc1dc4919097","block_type":"box","text":"Markets in different countries will have","page_number":35,"box":{"x":211,"y":510,"width":270,"height":8}},{"id":"a2659e47-b6d5-4a12-ab40-9192742e429d","block_type":"box","text":"different clearance and settlement procedures and in certain","page_number":35,"box":{"x":82,"y":524,"width":399,"height":10}},{"id":"d64a7d93-217b-45cb-bc48-78f650caf076","block_type":"box","text":"markets there have been times when settlements have been","page_number":35,"box":{"x":83,"y":538,"width":398,"height":8}},{"id":"2fd0f568-bece-4fe0-8287-a9fbd5620aee","block_type":"box","text":"unable to keep pace with the volume of transactions, thereby","page_number":35,"box":{"x":83,"y":552,"width":398,"height":10}},{"id":"9d9b581b-55f9-457f-85e5-7cba4d56c005","block_type":"box","text":"making it difficult to conduct such transactions. Delays in","page_number":35,"box":{"x":83,"y":567,"width":398,"height":10}},{"id":"32ada7a2-2f43-4c9a-8bf9-9608d70bc135","block_type":"box","text":"settlement could result in temporary periods when assets of","page_number":35,"box":{"x":82,"y":581,"width":399,"height":10}},{"id":"4004b192-d7fc-4ff8-ba87-adf1aac7da3b","block_type":"box","text":"a Fund remain uninvested and no return is earned thereon.","page_number":35,"box":{"x":82,"y":595,"width":398,"height":8}},{"id":"39686cd4-502d-460e-8495-2256f7265c52","block_type":"box","text":"The inability of a Fund to make intended purchases due to","page_number":35,"box":{"x":82,"y":609,"width":399,"height":10}},{"id":"fb9ffc6a-6d76-4f0e-949c-ae3e0b84e718","block_type":"box","text":"settlement problems could cause it to miss attractive","page_number":35,"box":{"x":82,"y":624,"width":399,"height":9}},{"id":"27d2ae87-8635-46f3-8007-e6163a7ac7de","block_type":"box","text":"investment opportunities and affect its ability to track its","page_number":35,"box":{"x":83,"y":638,"width":398,"height":10}},{"id":"9e2a9ee5-887a-4b14-8837-2be21a8ebb09","block_type":"box","text":"relevant Index. Inability to dispose of portfolio securities due","page_number":35,"box":{"x":83,"y":652,"width":398,"height":10}},{"id":"1c471d33-fc5b-44ed-afb6-09beb854ca65","block_type":"box","text":"to settlement problems could result either in losses to a Fund","page_number":35,"box":{"x":82,"y":666,"width":399,"height":10}},{"id":"1438c1d7-6d4f-413e-942e-8098b7f0bc40","block_type":"box","text":"due to subsequent declines in value of the portfolio security","page_number":35,"box":{"x":82,"y":681,"width":399,"height":10}},{"id":"8da496af-ff7f-4caf-8cbb-ad54b55444cf","block_type":"box","text":"or, if it has entered into a contract to sell the security, it could","page_number":35,"box":{"x":82,"y":695,"width":399,"height":10}},{"id":"16858e4a-eac1-4016-81a3-8c86716f4663","block_type":"box","text":"result in the possible liability of it to the purchaser.","page_number":35,"box":{"x":83,"y":709,"width":332,"height":10}},{"id":"5becb65f-3231-43d8-a8f1-8a43fe35c62b","block_type":"box","text":"Where cleared funds are not received in a timely fashion in","page_number":35,"box":{"x":82,"y":737,"width":399,"height":10}},{"id":"31eb9c0d-eeeb-4484-b755-e8a09987d611","block_type":"box","text":"respect of a subscription, overdraft interest may be incurred.","page_number":35,"box":{"x":83,"y":752,"width":397,"height":10}},{"id":"29462238-9e5f-4e67-96be-fa6cf2cc1a66","block_type":"box","text":"Losses could be incurred where the Investment Manager","page_number":35,"box":{"x":83,"y":766,"width":399,"height":10}},{"id":"ae2be27f-7a98-4d4a-8c86-8feeca71afc0","block_type":"box","text":"has entered into a contract to purchase securities in","page_number":35,"box":{"x":83,"y":780,"width":398,"height":10}},{"id":"d9b8a241-3ddb-49f1-bfdf-119a4a817193","block_type":"box","text":"anticipation of subscription monies which subsequently do","page_number":35,"box":{"x":82,"y":794,"width":399,"height":10}},{"id":"00892a54-5678-49f9-bf74-556cdb3270f8","block_type":"box","text":"not settle, due to subsequent declines in the value of the","page_number":35,"box":{"x":83,"y":809,"width":398,"height":10}},{"id":"05df0f17-a220-4fdc-84a4-7636fc669be0","block_type":"box","text":"portfolio security upon disposal.","page_number":35,"box":{"x":83,"y":823,"width":209,"height":10}},{"id":"005df554-3ce5-4298-b1f7-25b6e8f6197b","block_type":"box","text":"In certain countries, the settlement time for securities in","page_number":35,"box":{"x":83,"y":851,"width":398,"height":10}},{"id":"49727d04-70db-4460-b431-79b944d6dd79","block_type":"box","text":"which the Fund invests may be shorter than the settlement","page_number":35,"box":{"x":82,"y":866,"width":399,"height":10}},{"id":"8188f2ce-1f35-454e-a4d2-1c14b57a6e73","block_type":"box","text":"time applicable for subscriptions and redemptions when an","page_number":35,"box":{"x":82,"y":880,"width":399,"height":10}},{"id":"1809bfca-0c75-40c8-86c3-c3da9efc3ec3","block_type":"box","text":"investor invests into or redeems from the Fund. The","page_number":35,"box":{"x":83,"y":894,"width":398,"height":8}},{"id":"76c70516-397e-4461-8401-ab3cdef47c6e","block_type":"box","text":"Investment Manager and/or Sub-investment Manager may","page_number":35,"box":{"x":519,"y":125,"width":399,"height":10}},{"id":"60db5de1-9715-4e98-a9fb-6920d7ef6b38","block_type":"box","text":"agree with the trading counterparty to extend the settlement","page_number":35,"box":{"x":519,"y":139,"width":398,"height":11}},{"id":"9c13bca4-c42f-4e7e-aa0e-e9f37e6a0655","block_type":"box","text":"time for securities with a shorter settlement time than the","page_number":35,"box":{"x":518,"y":154,"width":399,"height":8}},{"id":"1013c9d5-47d7-4299-8ced-f7ec0a169311","block_type":"box","text":"Fund to align with the Fund subscriptions and redemption","page_number":35,"box":{"x":519,"y":168,"width":398,"height":10}},{"id":"fcb56154-2ec6-4ed7-ab83-ba247b6760c8","block_type":"box","text":"cycle. This may result in increased brokerage charges,","page_number":35,"box":{"x":519,"y":182,"width":397,"height":10}},{"id":"1c56b9c6-62fd-4a3d-a7a3-f6e7a6c279e7","block_type":"box","text":"which may be added to estimated Duties and Charges. If","page_number":35,"box":{"x":518,"y":196,"width":400,"height":11}},{"id":"3adcf24b-bac3-46c9-8870-8ca6910c1f31","block_type":"box","text":"the settlement time for securities being bought by the Fund","page_number":35,"box":{"x":518,"y":211,"width":399,"height":10}},{"id":"8eb564a4-5c86-40b7-9c90-e318f564409c","block_type":"box","text":"in connection with a subscriptions is not extended, this may","page_number":35,"box":{"x":519,"y":225,"width":399,"height":10}},{"id":"2ae9fa79-f2da-44d0-b595-cf1a0de40ece","block_type":"box","text":"result in the Fund being overdrawn or being required to","page_number":35,"box":{"x":519,"y":239,"width":398,"height":10}},{"id":"7f4e886d-0ef3-41ad-b934-8a9062312e84","block_type":"box","text":"borrow from a lender, both of which may result in additional","page_number":35,"box":{"x":519,"y":253,"width":398,"height":10}},{"id":"52f8e089-e51b-49bf-a959-13c16461c16e","block_type":"box","text":"cost. In addition, the Fund may incur charges in connection","page_number":35,"box":{"x":519,"y":268,"width":398,"height":10}},{"id":"337016e3-c72c-4508-862c-3903719c0301","block_type":"box","text":"with having a loan facility in place to enable the Fund to","page_number":35,"box":{"x":518,"y":282,"width":399,"height":10}},{"id":"a548b3de-f61c-44ef-94c5-f82bbd886a3a","block_type":"box","text":"borrow in such situations. Any, costs associated with the","page_number":35,"box":{"x":519,"y":296,"width":398,"height":10}},{"id":"35510286-8f86-4b02-9a57-3c8b587bb1b2","block_type":"box","text":"loan facility will be charged to the Fund. The Investment","page_number":35,"box":{"x":519,"y":310,"width":398,"height":10}},{"id":"363f7d96-a7ed-4925-921f-03bddb870607","block_type":"box","text":"Manager and/or Sub-investment Manager may also make","page_number":35,"box":{"x":519,"y":324,"width":398,"height":11}},{"id":"e592b6b6-3e11-47a3-9d62-9c5d54760d34","block_type":"box","text":"use of alternative portfolio management tools, for example","page_number":35,"box":{"x":519,"y":339,"width":398,"height":10}},{"id":"d547eed9-e02f-45e3-a6be-a2249043a8a2","block_type":"box","text":"exchange traded futures (where permitted) or maintain an","page_number":35,"box":{"x":519,"y":353,"width":398,"height":10}},{"id":"c25ee952-8f8e-4ce6-b749-ff3210816f1c","block_type":"box","text":"increased cash buffer to manage the misalignment being the","page_number":35,"box":{"x":519,"y":367,"width":398,"height":10}},{"id":"202191fb-c85a-4dff-8c47-50a8f99095d4","block_type":"box","text":"settlement time of underling securities and the Fund","page_number":35,"box":{"x":519,"y":381,"width":398,"height":10}},{"id":"6d4aadae-6bda-4aa4-b2e3-711b19e5d8b7","block_type":"box","text":"subscriptions and redemption cycle.","page_number":35,"box":{"x":519,"y":396,"width":238,"height":10}},{"id":"83773447-7b3d-429d-b0c7-e11bb994d913","block_type":"box","text":"SFDR – Fund Classification Risk.","page_number":35,"box":{"x":519,"y":424,"width":264,"height":8}},{"id":"520e3072-39dc-4c07-ba0e-a1894ecd7fb9","block_type":"box","text":"SFDR is an EU","page_number":35,"box":{"x":795,"y":424,"width":122,"height":8}},{"id":"d3c31e7f-f988-43c6-92ce-734063781a8c","block_type":"box","text":"Regulation that aims to deliver greater transparency on the","page_number":35,"box":{"x":519,"y":438,"width":398,"height":10}},{"id":"6a23597f-f9ea-44d5-b85c-3abcf62e20c8","block_type":"box","text":"degree of sustainability of financial products and to","page_number":35,"box":{"x":519,"y":453,"width":398,"height":10}},{"id":"69a1d64f-6217-4665-bb92-91ee4b1c3e09","block_type":"box","text":"harmonise sustainability-related disclosure requirements in","page_number":35,"box":{"x":519,"y":467,"width":398,"height":10}},{"id":"138e56c4-477f-4a5d-b098-976c4cc8a226","block_type":"box","text":"the financial services sector. In the first phase of its","page_number":35,"box":{"x":518,"y":481,"width":399,"height":10}},{"id":"4d03555b-93ed-431d-b58d-15d78ad32597","block_type":"box","text":"implementation, information regarding an Investment","page_number":35,"box":{"x":519,"y":495,"width":398,"height":10}},{"id":"ab28d258-591a-46b3-a3de-186ebb86f015","block_type":"box","text":"Manager’s and/or Sub-Investment Manager’s approach to","page_number":35,"box":{"x":519,"y":510,"width":398,"height":10}},{"id":"f2f4dd8b-a044-4034-8e56-f9d0bf138ce0","block_type":"box","text":"the integration of sustainability risks in investment decisions","page_number":35,"box":{"x":518,"y":524,"width":399,"height":10}},{"id":"e1f70d88-3833-4ed1-836c-3244f6269266","block_type":"box","text":"must be included in the Prospectus. As part of this initial","page_number":35,"box":{"x":519,"y":538,"width":398,"height":10}},{"id":"3ab94ea9-2aab-4d4d-b937-a95c15212041","block_type":"box","text":"phase, Funds must also be classified under criteria","page_number":35,"box":{"x":519,"y":552,"width":398,"height":10}},{"id":"6a96b2d7-efff-4c04-a15e-89fc93f6a04d","block_type":"box","text":"established by SFDR. That is, (i) whether or not","page_number":35,"box":{"x":519,"y":566,"width":398,"height":11}},{"id":"03d9cf78-5b35-4820-92c9-2e943190cc34","block_type":"box","text":"Sustainability Risks are integrated into investment decisions","page_number":35,"box":{"x":519,"y":581,"width":398,"height":10}},{"id":"cd120377-2529-4576-bc41-c585895e3669","block_type":"box","text":"made for a Fund (Article 6 of SFDR) and (ii)(a) if a Fund","page_number":35,"box":{"x":519,"y":595,"width":398,"height":10}},{"id":"7a6dd3bc-4120-4af4-a823-94fd04bd6db2","block_type":"box","text":"promotes environmental and/or social characteristics (Article","page_number":35,"box":{"x":519,"y":609,"width":398,"height":10}},{"id":"10e4296f-48df-4e3b-bf76-f48b6b227c2c","block_type":"box","text":"8 of SFDR) or (ii)(b) if a Fund has sustainable investment as","page_number":35,"box":{"x":519,"y":623,"width":398,"height":10}},{"id":"7ea729fb-e940-4bf6-afd5-92672cb9cfc0","block_type":"box","text":"its objective (Article 9 of SFDR).As at the date of this","page_number":35,"box":{"x":519,"y":638,"width":398,"height":10}},{"id":"c244aac3-70d6-431d-8164-7ca27d238d80","block_type":"box","text":"Prospectus, the implementing Regulatory Technical","page_number":35,"box":{"x":519,"y":652,"width":398,"height":10}},{"id":"ace16e2d-ff74-4caa-a5d9-a774f6180791","block_type":"box","text":"Standards (Level 2) for SFDR have been enacted but certain","page_number":35,"box":{"x":519,"y":666,"width":398,"height":10}},{"id":"84915045-3dc5-40f0-a21c-ea85de9aaa18","block_type":"box","text":"concepts introduced by SFDR are not currently the subject","page_number":35,"box":{"x":519,"y":680,"width":398,"height":10}},{"id":"f5e8664a-4bc4-41c8-93aa-6e870a62b11f","block_type":"box","text":"of centralised implementing standards, local guidance or","page_number":35,"box":{"x":519,"y":695,"width":399,"height":10}},{"id":"ee56521a-057e-4f89-bb93-ca6762683509","block_type":"box","text":"established market practice. 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As these standards and","page_number":35,"box":{"x":519,"y":737,"width":398,"height":10}},{"id":"54a35abd-8375-41f9-9139-c2495e2b1ad8","block_type":"box","text":"guidance develop, the SFDR related disclosures and","page_number":35,"box":{"x":519,"y":752,"width":398,"height":10}},{"id":"eb4e2860-b670-4b69-994b-2edd3889ea8d","block_type":"box","text":"classification(s) indicated in this Prospectus and the Website","page_number":35,"box":{"x":519,"y":766,"width":398,"height":10}},{"id":"d4b11dd0-08d3-460f-9c8e-ab333aeaa98a","block_type":"box","text":"are subject to change and may no longer apply.","page_number":35,"box":{"x":519,"y":780,"width":316,"height":10}},{"id":"c689cb32-3300-4911-b3ed-75b7abcbc9ad","block_type":"box","text":"Share Class Risk.","page_number":35,"box":{"x":519,"y":809,"width":128,"height":8}},{"id":"657ebb3b-1b55-4aa9-a0e5-c595381bc04c","block_type":"box","text":"As there is no segregation of liabilities","page_number":35,"box":{"x":655,"y":809,"width":262,"height":10}},{"id":"5097c426-ce30-4954-9462-09d1d8e158bc","block_type":"box","text":"between Classes of the Fund, there is a risk that, under","page_number":35,"box":{"x":519,"y":823,"width":399,"height":9}},{"id":"25a7ece5-7b06-49fd-b721-71518e6d9b08","block_type":"box","text":"certain limited circumstances, the liabilities of a particular","page_number":35,"box":{"x":519,"y":837,"width":399,"height":10}},{"id":"8e782b01-6783-44ac-ba95-69d4d25d2dfd","block_type":"box","text":"class might affect the Net Asset Value of other Classes. In","page_number":35,"box":{"x":519,"y":851,"width":398,"height":10}},{"id":"a34aa328-3ed7-4cde-ba3c-61252cdad168","block_type":"box","text":"particular, while the Investment Manager will seek to ensure","page_number":35,"box":{"x":519,"y":866,"width":398,"height":10}},{"id":"8ccaa8a8-fd48-4986-8329-013f158ae59c","block_type":"box","text":"that gains/losses on and the costs of the relevant FDI","page_number":35,"box":{"x":518,"y":880,"width":399,"height":10}},{"id":"147df51a-8f46-4ac3-9ef6-ff23777f373a","block_type":"box","text":"associated with any currency hedging strategy used for the","page_number":35,"box":{"x":519,"y":894,"width":398,"height":10}},{"id":"3f3e2eea-5ac9-4ddc-aea5-bdd793b13882","block_type":"box","text":"SSGA SPDR ETFs Europe II Plc","page_number":36,"box":{"x":85,"y":59,"width":303,"height":14}},{"id":"462e92cc-0c8a-4c4c-a288-99153c30cd90","block_type":"box","text":"19 February","page_number":36,"box":{"x":85,"y":79,"width":104,"height":13}},{"id":"fdcf79cb-5e15-4df4-9feb-1b55af61bc8a","block_type":"box","text":"2026","page_number":36,"box":{"x":189,"y":79,"width":56,"height":10}},{"id":"c9967214-8753-4633-b543-320317f564c1","block_type":"box","text":"36","page_number":36,"box":{"x":83,"y":903,"width":10,"height":5}},{"id":"edb3fe15-ca31-4978-b97c-e8f3a65ca43a","block_type":"box","text":"36","page_number":36,"box":{"x":906,"y":911,"width":11,"height":5}},{"id":"5ca3e20c-613f-4928-b19a-487dd48f7cbb","block_type":"box","text":"27424774.146","page_number":36,"box":{"x":83,"y":946,"width":91,"height":10}},{"id":"95e8dc76-cc06-4de7-b506-0ce6aab8068e","block_type":"box","text":"benefit of particular Class will accrue solely to this class and","page_number":36,"box":{"x":83,"y":125,"width":398,"height":10}},{"id":"27be7f02-6257-462c-a47b-10eee393b03d","block_type":"box","text":"will not be combined with or offset with that of any other","page_number":36,"box":{"x":82,"y":139,"width":400,"height":10}},{"id":"41988823-536e-4d1c-b6ef-e2cb5f418cbe","block_type":"box","text":"Class of the Fund, there can be no guarantee that the","page_number":36,"box":{"x":83,"y":154,"width":398,"height":10}},{"id":"4228f10c-2caa-453d-82cb-d1bb64745aa6","block_type":"box","text":"Investment Manager will be successful in this.","page_number":36,"box":{"x":83,"y":168,"width":305,"height":10}},{"id":"e2c2f55f-e38f-4a55-b07c-fe1b994312d9","block_type":"box","text":"Subscription and Redemption Collection Account.","page_number":36,"box":{"x":83,"y":196,"width":398,"height":10}},{"id":"91b833ee-ea53-498a-bde8-82a77f2b94ad","block_type":"box","text":"Subscription monies received in respect of a Fund in","page_number":36,"box":{"x":83,"y":211,"width":398,"height":10}},{"id":"578ef85f-9865-47ed-a00a-4dba1d4969c4","block_type":"box","text":"advance of the issue of Shares will be held in the Umbrella","page_number":36,"box":{"x":82,"y":225,"width":399,"height":8}},{"id":"fcc79b81-1ce5-406c-8612-ed6363685429","block_type":"box","text":"Cash Collection Account in the name of the Company.","page_number":36,"box":{"x":83,"y":239,"width":397,"height":10}},{"id":"a2e3184a-5ce7-4de8-9d3d-5a1660a89344","block_type":"box","text":"Investors will be unsecured creditors of such a Fund with","page_number":36,"box":{"x":83,"y":253,"width":398,"height":8}},{"id":"52cee0ed-1ea4-4a0e-8f5e-a6404e1767a0","block_type":"box","text":"respect to the amount subscribed until such Shares are","page_number":36,"box":{"x":83,"y":267,"width":398,"height":10}},{"id":"9daf4885-fd93-4d96-9bcc-13384d2cbd27","block_type":"box","text":"issued, and will not benefit from any appreciation in the Net","page_number":36,"box":{"x":83,"y":282,"width":398,"height":10}},{"id":"0f495b36-32a6-42df-a5d8-ba282f64864e","block_type":"box","text":"Asset Value of the Fund or any other Shareholder rights","page_number":36,"box":{"x":82,"y":296,"width":399,"height":10}},{"id":"faf0f774-3585-4c22-b413-0011b4d7b5f7","block_type":"box","text":"(including dividend entitlement) until such time as Shares are","page_number":36,"box":{"x":83,"y":310,"width":398,"height":10}},{"id":"c00a0191-c33e-4d6e-b22d-31ef7aeb2910","block_type":"box","text":"issued. In the event of an insolvency of the Fund or the","page_number":36,"box":{"x":83,"y":324,"width":398,"height":11}},{"id":"9b17406d-5d6a-4317-96fb-a2ee0b743345","block_type":"box","text":"Company there is no guarantee that the Fund or the","page_number":36,"box":{"x":83,"y":339,"width":398,"height":10}},{"id":"f5f7b797-7268-43b7-9200-0c66c8c5552d","block_type":"box","text":"Company will have sufficient funds to pay unsecured","page_number":36,"box":{"x":83,"y":353,"width":398,"height":10}},{"id":"9287ccf1-4f9c-4ec2-9018-90325524b67e","block_type":"box","text":"creditors in full.","page_number":36,"box":{"x":83,"y":367,"width":99,"height":8}},{"id":"da8add40-46f8-4f03-a359-7b5674abfce7","block_type":"box","text":"Payment by the Fund of redemption proceeds and dividends","page_number":36,"box":{"x":83,"y":396,"width":398,"height":10}},{"id":"32c00e2f-7e7d-4eee-8108-619fee23206d","block_type":"box","text":"is subject to receipt by the Administrator of original","page_number":36,"box":{"x":83,"y":410,"width":398,"height":10}},{"id":"8c02bbc1-6c86-4492-a9ea-8590a3945f15","block_type":"box","text":"subscription documents and compliance with all anti-money","page_number":36,"box":{"x":82,"y":424,"width":399,"height":10}},{"id":"b9a60680-88bb-4ca5-bcad-40671440813e","block_type":"box","text":"laundering procedures. Notwithstanding this, redeeming","page_number":36,"box":{"x":83,"y":438,"width":398,"height":10}},{"id":"d591b41e-a0ee-4ad2-a488-6632119ca904","block_type":"box","text":"Shareholders will cease to be Shareholders, with regard to","page_number":36,"box":{"x":83,"y":453,"width":398,"height":10}},{"id":"1c57b900-c72f-463b-ac32-cecc1de18cc6","block_type":"box","text":"the redeemed Shares, from the relevant redemption date.","page_number":36,"box":{"x":82,"y":467,"width":398,"height":10}},{"id":"566f5ecb-9023-4e60-9180-0c0ff5ace6c0","block_type":"box","text":"Redeeming Shareholders and Shareholders entitled to","page_number":36,"box":{"x":83,"y":481,"width":398,"height":10}},{"id":"90ea166e-1036-4edb-a2fc-608a9f390e2f","block_type":"box","text":"distributions will, from the redemption or distribution date, as","page_number":36,"box":{"x":82,"y":495,"width":399,"height":10}},{"id":"90a467d7-c425-448a-8507-4a9ee14b6237","block_type":"box","text":"appropriate, be unsecured creditors of the relevant Fund and","page_number":36,"box":{"x":82,"y":510,"width":399,"height":10}},{"id":"e8d8773b-6f3d-4b03-a05a-7855dca534a4","block_type":"box","text":"will not benefit from any appreciation in the Net Asset Value","page_number":36,"box":{"x":82,"y":524,"width":399,"height":10}},{"id":"1f020c4c-e985-4d56-860c-3599fd7af113","block_type":"box","text":"of the Fund or any other Shareholder rights (including further","page_number":36,"box":{"x":82,"y":538,"width":400,"height":10}},{"id":"cc51ac63-ea77-40f0-b440-d16c88abf27e","block_type":"box","text":"dividend entitlement), with respect to the redemption or","page_number":36,"box":{"x":82,"y":552,"width":400,"height":10}},{"id":"a8b432a9-0b5d-483a-958d-53e25d4d1f8e","block_type":"box","text":"distribution amount. In the event of an insolvency of the Fund","page_number":36,"box":{"x":82,"y":567,"width":399,"height":10}},{"id":"566623c2-10e1-470d-9aa2-c42250320f0f","block_type":"box","text":"or the Company during this period, there is no guarantee that","page_number":36,"box":{"x":82,"y":581,"width":400,"height":10}},{"id":"8232da46-fbf3-4748-8a4b-a1c07ab91a42","block_type":"box","text":"the Fund or the Company will have sufficient funds to pay","page_number":36,"box":{"x":82,"y":595,"width":399,"height":10}},{"id":"1afd42e7-1800-4776-b71f-e7c8e358c38b","block_type":"box","text":"unsecured creditors in full. Redeeming Shareholders and","page_number":36,"box":{"x":83,"y":609,"width":398,"height":10}},{"id":"aaf55fb1-3161-4725-bd71-c975ef73b9e1","block_type":"box","text":"Shareholders entitled to distributions should therefore","page_number":36,"box":{"x":83,"y":623,"width":398,"height":8}},{"id":"7711411b-ec44-4c38-84a3-cd891b9a96c3","block_type":"box","text":"ensure that any outstanding documentation and information","page_number":36,"box":{"x":83,"y":638,"width":398,"height":10}},{"id":"6097d367-1321-45cd-8eda-bc239c2ef3bb","block_type":"box","text":"is provided to the Administrator promptly. Failure to do so is","page_number":36,"box":{"x":83,"y":652,"width":398,"height":10}},{"id":"9c2c1353-3e2d-4370-af20-2fc83cf899a7","block_type":"box","text":"at such Shareholder’s own risk.","page_number":36,"box":{"x":82,"y":666,"width":209,"height":8}},{"id":"3ff21fe8-614d-4c56-b787-c88fdc800567","block_type":"box","text":"In the event of the insolvency of another Fund of the","page_number":36,"box":{"x":83,"y":695,"width":398,"height":10}},{"id":"c07e03d6-084d-4eb7-b2d5-efd527578d1f","block_type":"box","text":"Company, recovery of any amounts to which a Fund is","page_number":36,"box":{"x":83,"y":709,"width":398,"height":10}},{"id":"ab69e469-ac51-4913-a976-402852cd6f6e","block_type":"box","text":"entitled, but which may have transferred to such other Fund","page_number":36,"box":{"x":83,"y":723,"width":398,"height":10}},{"id":"2e689f31-7754-435b-9f9f-9dc9b81f3deb","block_type":"box","text":"as a result of the operation of the Umbrella Cash Collection","page_number":36,"box":{"x":82,"y":737,"width":399,"height":10}},{"id":"2ec83bde-c848-4373-9abe-733685278438","block_type":"box","text":"Account, will be subject to the principles of Irish trust law and","page_number":36,"box":{"x":82,"y":752,"width":399,"height":10}},{"id":"db4f83a9-bb36-4e7a-9e26-318049f21e71","block_type":"box","text":"the terms of the operational procedures for the Umbrella","page_number":36,"box":{"x":82,"y":766,"width":399,"height":10}},{"id":"b34cebd4-d491-497d-b745-1c80156dcac9","block_type":"box","text":"Cash Collection Account. There may be delays in effecting","page_number":36,"box":{"x":83,"y":780,"width":398,"height":10}},{"id":"992d1bd5-bc1c-441f-b937-551d47a0dd80","block_type":"box","text":"and / or disputes as to the recovery of such amounts, and","page_number":36,"box":{"x":82,"y":794,"width":399,"height":10}},{"id":"d62237e7-73f5-4022-933d-486018590918","block_type":"box","text":"the insolvent Fund may have insufficient funds to repay","page_number":36,"box":{"x":82,"y":809,"width":399,"height":10}},{"id":"db38eb06-6582-4cca-97cc-9888090c5e8a","block_type":"box","text":"amounts due to the relevant Fund. Accordingly, there is no","page_number":36,"box":{"x":82,"y":823,"width":399,"height":10}},{"id":"1b93be73-dd58-49be-93da-57bb5a3ac3fc","block_type":"box","text":"guarantee that such Fund or the Company will recover such","page_number":36,"box":{"x":83,"y":837,"width":398,"height":10}},{"id":"f398fffe-dd03-42fd-aa1e-91f64f3b50c7","block_type":"box","text":"amounts. Furthermore, there is no guarantee that in such","page_number":36,"box":{"x":82,"y":851,"width":399,"height":10}},{"id":"a327ec16-38ac-45b9-a82f-cba189909005","block_type":"box","text":"circumstances the Fund or the Company would have","page_number":36,"box":{"x":83,"y":865,"width":398,"height":11}},{"id":"7b09409f-66ea-4769-a38a-bcaec7ab5db6","block_type":"box","text":"sufficient funds to repay any unsecured creditors.","page_number":36,"box":{"x":82,"y":880,"width":328,"height":10}},{"id":"28fb09af-0cea-4b93-a90a-cc3114406d7b","block_type":"box","text":"Substantial Redemptions.","page_number":36,"box":{"x":519,"y":125,"width":183,"height":10}},{"id":"e0ac69f8-0b31-414e-af99-3ea83ae63739","block_type":"box","text":"Subject and without prejudice to","page_number":36,"box":{"x":707,"y":125,"width":210,"height":10}},{"id":"8695bd92-f481-47e2-a4c5-e0e1aba22f3d","block_type":"box","text":"the Directors authority to suspend redemptions and/or to","page_number":36,"box":{"x":518,"y":139,"width":399,"height":10}},{"id":"e109a559-5154-46c3-a3f3-4ec9fdcc1d4a","block_type":"box","text":"limit the Net Asset Value of Shares of any Fund which may","page_number":36,"box":{"x":519,"y":154,"width":399,"height":10}},{"id":"9b857b2a-46a2-4188-b8fa-a14197660528","block_type":"box","text":"be redeemed on any Dealing Day, substantial redemption","page_number":36,"box":{"x":519,"y":168,"width":398,"height":10}},{"id":"a8046593-969b-4076-8413-418080b68c6d","block_type":"box","text":"requests by Shareholders in a concentrated period of time","page_number":36,"box":{"x":519,"y":182,"width":398,"height":10}},{"id":"0714e839-dce3-45dd-95a2-95c1ec9c02c8","block_type":"box","text":"could require a Fund to liquidate certain of its investments","page_number":36,"box":{"x":519,"y":196,"width":398,"height":10}},{"id":"9933f395-6873-4395-b529-a3d255015f0f","block_type":"box","text":"more rapidly than might otherwise be desirable in order to","page_number":36,"box":{"x":519,"y":211,"width":398,"height":10}},{"id":"f2e0fd5a-377f-4593-b690-11c7f9adc9b9","block_type":"box","text":"raise cash to fund the redemptions and achieve a portfolio","page_number":36,"box":{"x":519,"y":225,"width":398,"height":10}},{"id":"56d2b4c5-34f0-4819-aea7-4c3a9b9565cb","block_type":"box","text":"appropriately reflecting a smaller asset base. This may limit","page_number":36,"box":{"x":519,"y":239,"width":398,"height":10}},{"id":"da3ca7c3-b2d1-458a-90c7-1b2113aa443a","block_type":"box","text":"the ability of the Investment Manager to successfully","page_number":36,"box":{"x":518,"y":253,"width":400,"height":10}},{"id":"61ce7c9c-35ad-4c56-8227-34f028775581","block_type":"box","text":"implement the investment programme of a Fund and could","page_number":36,"box":{"x":519,"y":267,"width":398,"height":11}},{"id":"ccaa33dd-02f1-4e1c-8565-4bf483a0cd2f","block_type":"box","text":"negatively impact the value of the Shares being redeemed","page_number":36,"box":{"x":519,"y":282,"width":398,"height":10}},{"id":"3a12f92d-f2ab-44b4-a967-4a75f87cb558","block_type":"box","text":"and the value of Shares that remain outstanding. In addition,","page_number":36,"box":{"x":519,"y":296,"width":397,"height":10}},{"id":"c7ef78fe-cef0-46a3-ac3a-efc41e87420a","block_type":"box","text":"following receipt of a redemption request, a Fund may be","page_number":36,"box":{"x":518,"y":310,"width":399,"height":10}},{"id":"f02711ed-2f9c-4a2b-b012-dce613e20016","block_type":"box","text":"required to liquidate assets in advance of the applicable","page_number":36,"box":{"x":519,"y":324,"width":398,"height":10}},{"id":"e8ced555-494a-4e06-a201-643ec65ec5a3","block_type":"box","text":"Dealing Day, which may result in a Fund holding cash or","page_number":36,"box":{"x":519,"y":339,"width":399,"height":10}},{"id":"24f0d2a6-cd1c-4c4a-9471-9b03715411e6","block_type":"box","text":"highly liquid investments pending such Dealing Day. During","page_number":36,"box":{"x":519,"y":353,"width":398,"height":10}},{"id":"29ad379d-877e-4996-8a15-ccd95f9b859e","block_type":"box","text":"any such period, the ability of the Investment Manager to","page_number":36,"box":{"x":519,"y":367,"width":398,"height":10}},{"id":"8a614624-b8af-4984-a59f-507fe049e919","block_type":"box","text":"successfully implement the investment programme of a","page_number":36,"box":{"x":519,"y":381,"width":398,"height":10}},{"id":"e92a2182-1864-4a07-ae71-26a0d0d79451","block_type":"box","text":"Fund may be impaired and the Fund’s returns may be","page_number":36,"box":{"x":519,"y":396,"width":398,"height":10}},{"id":"9ecf5d1d-855d-4181-8144-46cd94da48ea","block_type":"box","text":"adversely affected as a result.","page_number":36,"box":{"x":519,"y":410,"width":199,"height":10}},{"id":"43fb0adc-95bf-41d3-bf4a-45ea7724000d","block_type":"box","text":"Moreover, regardless of the time period over which","page_number":36,"box":{"x":519,"y":438,"width":398,"height":10}},{"id":"34ce3924-f3df-4c5b-8003-79b99f6843ec","block_type":"box","text":"substantial redemption requests are made, the resulting","page_number":36,"box":{"x":519,"y":453,"width":398,"height":10}},{"id":"6c984582-17fd-4482-a06f-0b1435102ec6","block_type":"box","text":"reduction in the Net Asset Value of a Fund could make it","page_number":36,"box":{"x":519,"y":467,"width":398,"height":8}},{"id":"ddf78160-40d9-487f-970a-6af9738e40f8","block_type":"box","text":"more difficult for the Fund to generate profits or recover","page_number":36,"box":{"x":519,"y":481,"width":399,"height":10}},{"id":"386f2c14-c6be-4206-8b82-114f0514729e","block_type":"box","text":"losses. Shareholders will not receive notification of","page_number":36,"box":{"x":519,"y":495,"width":399,"height":8}},{"id":"4355a551-08ae-4375-9a36-8637480a9041","block_type":"box","text":"substantial redemption requests in respect of any particular","page_number":36,"box":{"x":519,"y":510,"width":399,"height":10}},{"id":"2b137243-8eaf-4c49-af74-0a03b0d49ffc","block_type":"box","text":"Dealing Day from a Fund and, therefore, may not have the","page_number":36,"box":{"x":519,"y":524,"width":399,"height":10}},{"id":"e74ecea8-59da-4092-b7cd-506f5fd99fdb","block_type":"box","text":"opportunity to redeem their Shares or portions thereof prior","page_number":36,"box":{"x":519,"y":538,"width":399,"height":10}},{"id":"fd675ae4-ad3c-4da0-aa88-e6ac46288021","block_type":"box","text":"to or at the same time as the redeeming Shareholders.","page_number":36,"box":{"x":518,"y":552,"width":364,"height":10}},{"id":"635615af-fcac-4088-a5f9-b5b53e3cdf28","block_type":"box","text":"Sustainability Risk.","page_number":36,"box":{"x":519,"y":581,"width":138,"height":10}},{"id":"4ad6e2e0-60ac-489e-bf9c-cdde9dae0424","block_type":"box","text":"A Fund will indicate that it integrates","page_number":36,"box":{"x":671,"y":581,"width":246,"height":10}},{"id":"a7fea1c8-c502-4e9c-bb22-c8eea2350da6","block_type":"box","text":"or does not integrate Sustainability Risk in its Relevant","page_number":36,"box":{"x":519,"y":595,"width":399,"height":10}},{"id":"b3b2f8c5-82b5-490e-a4be-8d57f66b1b63","block_type":"box","text":"Supplement. Sustainability Risk is defined by the SFDR as","page_number":36,"box":{"x":519,"y":609,"width":398,"height":10}},{"id":"2aa98a30-f8b2-4a75-a009-fc0e3da38858","block_type":"box","text":"an environmental, social or governance event or condition,","page_number":36,"box":{"x":519,"y":624,"width":397,"height":10}},{"id":"84a9a80d-7941-490b-84e9-9bf3ee7bab34","block_type":"box","text":"that, if it occurs, could cause an actual or potential material","page_number":36,"box":{"x":518,"y":638,"width":399,"height":10}},{"id":"728969b9-0eeb-4cb6-971c-7ea8b3ae799f","block_type":"box","text":"negative impact on the value of the investment. 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Any deterioration in the","page_number":36,"box":{"x":519,"y":880,"width":398,"height":10}},{"id":"d4e8b99d-e6fc-4a1d-9295-f037c0846afe","block_type":"box","text":"financial profile of the underlying investment may have a","page_number":36,"box":{"x":518,"y":894,"width":399,"height":10}},{"id":"c49bea94-80df-4e06-8f81-470ad670f926","block_type":"box","text":"SSGA SPDR ETFs Europe II Plc","page_number":37,"box":{"x":85,"y":59,"width":303,"height":14}},{"id":"cca30b6d-2792-4df2-86f2-7e15c5b622a2","block_type":"box","text":"19 February","page_number":37,"box":{"x":85,"y":79,"width":104,"height":13}},{"id":"5fc83705-8df2-4f3d-bc36-014234695b21","block_type":"box","text":"2026","page_number":37,"box":{"x":189,"y":79,"width":56,"height":10}},{"id":"999c1cf9-3187-46f4-ad3c-56c88850ea4a","block_type":"box","text":"37","page_number":37,"box":{"x":83,"y":903,"width":10,"height":5}},{"id":"1f00f326-14e2-4314-bfdb-47540c66912d","block_type":"box","text":"37","page_number":37,"box":{"x":906,"y":911,"width":11,"height":5}},{"id":"7a1daee6-1e03-4112-b02b-8ec016ec56a9","block_type":"box","text":"27424774.146","page_number":37,"box":{"x":83,"y":946,"width":91,"height":10}},{"id":"53d29163-fc81-4ef1-b889-5bc8bf28365f","block_type":"box","text":"corresponding negative impact on the Net Asset Value","page_number":37,"box":{"x":83,"y":125,"width":398,"height":10}},{"id":"83402d0c-fc70-42aa-9e8b-1172e5bbf415","block_type":"box","text":"and/or performance of the investing Fund.","page_number":37,"box":{"x":82,"y":139,"width":280,"height":11}},{"id":"2dd27db8-c27c-4375-b9c4-93b5f839bfe1","block_type":"box","text":"The performance of Funds that do not integrate","page_number":37,"box":{"x":82,"y":168,"width":399,"height":10}},{"id":"cd6ecf9d-4216-45f6-a5d0-548f2d6478c3","block_type":"box","text":"Sustainability Risk in their investment processes may be","page_number":37,"box":{"x":83,"y":182,"width":398,"height":10}},{"id":"def9e735-8c3b-4306-960a-1c445f46c4d4","block_type":"box","text":"more negatively impacted by Sustainability Risk events","page_number":37,"box":{"x":83,"y":196,"width":398,"height":11}},{"id":"c66e2547-11d0-484d-abbe-61c3743e5975","block_type":"box","text":"materialising than those Funds that do.","page_number":37,"box":{"x":83,"y":211,"width":258,"height":10}},{"id":"b7a991a3-ac01-443f-b842-161a40744ce6","block_type":"box","text":"Tax Risk.","page_number":37,"box":{"x":82,"y":239,"width":73,"height":8}},{"id":"cd20a14b-818a-45f1-a272-92d0a04c36e5","block_type":"box","text":"The tax information provided in the “","page_number":37,"box":{"x":168,"y":239,"width":287,"height":10}},{"id":"7c958015-9d09-4861-97c5-bd68faabc8d4","block_type":"box","text":"Tax","page_number":37,"box":{"x":456,"y":239,"width":25,"height":8}},{"id":"f7761f35-65f4-4635-9926-1289c3f5ad5e","block_type":"box","text":"Information","page_number":37,"box":{"x":83,"y":253,"width":81,"height":8}},{"id":"d04d80a5-ad31-4d29-90dc-672a7dfdd4a3","block_type":"box","text":"” section is based on the best knowledge of the","page_number":37,"box":{"x":166,"y":253,"width":315,"height":11}},{"id":"badf1f22-5ac0-4825-9ada-94bc75ee421d","block_type":"box","text":"Directors of tax law and practice as at the date of this","page_number":37,"box":{"x":83,"y":267,"width":398,"height":10}},{"id":"d6188739-ea42-4c0e-a1b1-6ba689844c8c","block_type":"box","text":"Prospectus and is subject to change from time to time. 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The","page_number":37,"box":{"x":82,"y":438,"width":399,"height":10}},{"id":"509d9f5c-c6c3-4c58-8a4a-890cf11bbf4c","block_type":"box","text":"availability and value of any tax reliefs available to","page_number":37,"box":{"x":82,"y":453,"width":399,"height":10}},{"id":"8c5d1bc8-7f05-4583-a121-9c4bf2ca76b2","block_type":"box","text":"Shareholders depend on the individual circumstances of","page_number":37,"box":{"x":83,"y":467,"width":398,"height":10}},{"id":"8a95eb36-72dd-4bd8-846b-629794b324d0","block_type":"box","text":"each Shareholder. The information in the “Tax Information”","page_number":37,"box":{"x":83,"y":481,"width":398,"height":8}},{"id":"a0ad474d-22d9-4104-9d68-ba9461c41034","block_type":"box","text":"section is not exhaustive and does not constitute legal or tax","page_number":37,"box":{"x":82,"y":495,"width":400,"height":10}},{"id":"84668ed2-8508-4244-832d-3b18481958e4","block_type":"box","text":"advice. Prospective Shareholders should consult their tax","page_number":37,"box":{"x":82,"y":510,"width":399,"height":10}},{"id":"19cbe1cf-e1d2-45d3-b3ee-8181de988610","block_type":"box","text":"advisors with respect to their particular tax situations and the","page_number":37,"box":{"x":82,"y":524,"width":399,"height":10}},{"id":"03fcd69a-8ef7-4de3-9476-0de3a0e669aa","block_type":"box","text":"tax effects of an investment in the Funds. 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It is uncertain when such exemptions will expire and","page_number":37,"box":{"x":519,"y":396,"width":398,"height":10}},{"id":"d75b17f8-016b-4ee4-bbc8-3c68b7dc99df","block_type":"box","text":"whether other PRC taxes will be applicable to trading of","page_number":37,"box":{"x":518,"y":410,"width":400,"height":10}},{"id":"af66ba4f-5f39-46e6-bad0-db1184dc18e0","block_type":"box","text":"China A Shares under the QFI regime and the SHHK and","page_number":37,"box":{"x":519,"y":424,"width":398,"height":10}},{"id":"cf2a3127-9454-41d8-a7ea-d394c8fcb8f9","block_type":"box","text":"SZHK Stock Connect. Dividends derived from China A","page_number":37,"box":{"x":519,"y":438,"width":399,"height":8}},{"id":"432790f7-0a40-4b54-996e-e1cb1026c7f4","block_type":"box","text":"Shares are subject to PRC withholding tax. PRC stamp duty","page_number":37,"box":{"x":519,"y":453,"width":399,"height":10}},{"id":"adc10d75-d1fd-4d60-9ab2-c9efa3b54f81","block_type":"box","text":"is also payable for transactions in China A Shares. However,","page_number":37,"box":{"x":519,"y":467,"width":397,"height":10}},{"id":"2239ae37-c542-42e2-893d-65af25fd13c0","block_type":"box","text":"there is no guarantee on how long the exemption will last and","page_number":37,"box":{"x":518,"y":481,"width":399,"height":10}},{"id":"5bcf3db6-6f8d-483d-9bd0-d04bbb5eee7a","block_type":"box","text":"there can be no certainty that the trading of China A Shares","page_number":37,"box":{"x":518,"y":495,"width":399,"height":10}},{"id":"09d74392-9e06-4cd3-acae-da009409639f","block_type":"box","text":"will not attract a liability to such tax in the future. The","page_number":37,"box":{"x":518,"y":510,"width":399,"height":10}},{"id":"eacd6a32-e1af-41a1-9002-93f9f5471bf1","block_type":"box","text":"mainland China tax authorities may in the future issue further","page_number":37,"box":{"x":519,"y":524,"width":399,"height":10}},{"id":"129be671-d50f-40cb-b9f8-52e85abf72c7","block_type":"box","text":"guidance in this regard and with potential retrospective","page_number":37,"box":{"x":519,"y":538,"width":398,"height":10}},{"id":"11fcf160-4e54-4971-a487-b5901613a2d1","block_type":"box","text":"effect.","page_number":37,"box":{"x":519,"y":552,"width":38,"height":8}},{"id":"146f63a7-9034-4095-ad87-21248ba8d834","block_type":"box","text":"Currently there is no specific guidance imposed by the PRC","page_number":37,"box":{"x":519,"y":581,"width":398,"height":10}},{"id":"31391062-0891-45a3-b7fd-c4c5809493f5","block_type":"box","text":"tax authorities on the treatment of income tax on trading","page_number":37,"box":{"x":518,"y":595,"width":399,"height":10}},{"id":"d898287b-c2c2-45d8-b7b1-58d583913cd1","block_type":"box","text":"gains and other tax categories payable in respect of trading","page_number":37,"box":{"x":519,"y":609,"width":398,"height":10}},{"id":"ae81d46b-33d0-426f-9e0b-ef045f33c762","block_type":"box","text":"in the CIBM by foreign investors. Before further guidance is","page_number":37,"box":{"x":519,"y":623,"width":398,"height":11}},{"id":"d60ef6da-f116-4c83-ad68-cbffcf22c4b2","block_type":"box","text":"issued and is well established in the administrative practice","page_number":37,"box":{"x":519,"y":638,"width":398,"height":10}},{"id":"bef8a780-f651-4033-b1b9-3e4d8cded80a","block_type":"box","text":"of the PRC tax authorities, the practices of the PRC tax","page_number":37,"box":{"x":519,"y":652,"width":399,"height":10}},{"id":"cb164532-279c-4186-82d1-52972f7e51fb","block_type":"box","text":"authorities that collect PRC taxes with respect to the CIBM","page_number":37,"box":{"x":519,"y":666,"width":398,"height":10}},{"id":"6216d2e2-0f73-49ff-a8ad-4194392cb7b5","block_type":"box","text":"transactions may differ from or be applied in a manner","page_number":37,"box":{"x":518,"y":681,"width":400,"height":10}},{"id":"9071b863-7a2e-46f7-95e4-386ce53f5fb4","block_type":"box","text":"inconsistent with the practices with respect to analogous","page_number":37,"box":{"x":519,"y":695,"width":398,"height":10}},{"id":"e4d36795-6a77-4833-8261-9caf2acbd321","block_type":"box","text":"investments described herein or any further guidance that","page_number":37,"box":{"x":519,"y":709,"width":398,"height":10}},{"id":"76dcea90-545b-46cc-9700-883c51d3f6c2","block_type":"box","text":"may be issued. The value of a Fund’s investment in the PRC","page_number":37,"box":{"x":519,"y":723,"width":398,"height":10}},{"id":"f4c3171d-9f97-4d96-a978-e4cfa3d19c9a","block_type":"box","text":"and the amount of its incomes and gains could be adversely","page_number":37,"box":{"x":519,"y":737,"width":399,"height":10}},{"id":"02009ea7-75ff-43e8-a8bb-fcc732b37540","block_type":"box","text":"affected by an increase in tax rates or change in the taxation","page_number":37,"box":{"x":519,"y":752,"width":398,"height":10}},{"id":"aaed7dee-3ae6-4c07-b9ea-8113587b5882","block_type":"box","text":"basis.","page_number":37,"box":{"x":519,"y":766,"width":37,"height":8}},{"id":"c9aea3af-a618-4d31-b441-f9151ce7651e","block_type":"box","text":"In respect of Bond Connect, the treatment of tax on trading","page_number":37,"box":{"x":519,"y":794,"width":398,"height":11}},{"id":"32149b8c-90c2-4c0a-90fb-4ba9e84e8a1f","block_type":"box","text":"gains under the Applicable Bond Connect Laws and Rules","page_number":37,"box":{"x":519,"y":809,"width":398,"height":10}},{"id":"f084d508-1c8b-4783-a6ee-aa47959492e9","block_type":"box","text":"(defined below) is not entirely clear. Accordingly, where the","page_number":37,"box":{"x":519,"y":823,"width":398,"height":10}},{"id":"fd84bddd-d445-4a53-b68a-f7af158743b9","block_type":"box","text":"Applicable Bond Connect Laws and Rules require a","page_number":37,"box":{"x":518,"y":837,"width":399,"height":10}},{"id":"377d5876-38bc-4252-88ff-35cbf0ddda21","block_type":"box","text":"custodian/ clearing house / any other agent stipulated by","page_number":37,"box":{"x":519,"y":851,"width":399,"height":11}},{"id":"e18122c3-f2f9-4cb4-bfa3-8edc27ec8619","block_type":"box","text":"such rules to withhold any tax, or where such custodian /","page_number":37,"box":{"x":519,"y":865,"width":399,"height":11}},{"id":"ecb0e8d8-cf01-4577-9e6b-e6b39fb73d73","block_type":"box","text":"clearing house / any other agent has a reasonable basis for","page_number":37,"box":{"x":519,"y":880,"width":399,"height":10}},{"id":"625a3f90-4cca-46a5-8882-b22f75e24104","block_type":"box","text":"believing that such withholding may be required, the","page_number":37,"box":{"x":519,"y":894,"width":398,"height":10}},{"id":"7bcb7e3d-f79d-48d8-add4-b2e3bcc2d7ee","block_type":"box","text":"SSGA SPDR ETFs Europe II Plc","page_number":38,"box":{"x":85,"y":59,"width":303,"height":14}},{"id":"b31859af-913d-490f-b8ad-a4e782c25e60","block_type":"box","text":"19 February","page_number":38,"box":{"x":85,"y":79,"width":104,"height":13}},{"id":"d683f473-2fb8-4d7b-8323-e8df763f6f82","block_type":"box","text":"2026","page_number":38,"box":{"x":189,"y":79,"width":56,"height":10}},{"id":"bb2b5613-5b17-477c-bb44-7f0501811359","block_type":"box","text":"38","page_number":38,"box":{"x":83,"y":903,"width":10,"height":5}},{"id":"d284b338-4b2b-4c0b-b666-284eceae7a43","block_type":"box","text":"38","page_number":38,"box":{"x":906,"y":911,"width":11,"height":5}},{"id":"5dc0ac5e-b41a-427d-aa5d-611f45354700","block_type":"box","text":"27424774.146","page_number":38,"box":{"x":83,"y":946,"width":91,"height":10}},{"id":"74c6f6c4-097a-451b-b5a1-b472750b7294","block_type":"box","text":"custodian / clearing house / any other agent may do so at","page_number":38,"box":{"x":83,"y":125,"width":398,"height":10}},{"id":"80fa12e6-e82c-4366-a6b4-d0f13aef7503","block_type":"box","text":"the rate required by the regulation, or if in the custodian’s","page_number":38,"box":{"x":82,"y":139,"width":399,"height":11}},{"id":"2b52e224-7e41-40ec-8223-060094150432","block_type":"box","text":"opinion the Applicable Bond Connect Laws and Rules","page_number":38,"box":{"x":82,"y":154,"width":399,"height":10}},{"id":"82d55316-4783-450a-ab38-7191ce3a9503","block_type":"box","text":"(defined below) are not very clear on the rate, at such rate","page_number":38,"box":{"x":83,"y":168,"width":398,"height":10}},{"id":"16c63c6c-1fd3-4f2c-b71b-fce52ca4373b","block_type":"box","text":"as the custodian/ clearing house / any other agent may,","page_number":38,"box":{"x":82,"y":182,"width":398,"height":10}},{"id":"106bf3e0-c2ef-4d16-82b5-6ef8cf86c66b","block_type":"box","text":"reasonably determine to be appropriate. Tax may be","page_number":38,"box":{"x":83,"y":196,"width":398,"height":10}},{"id":"7f7d957d-efc0-4696-8ee2-5300558e716c","block_type":"box","text":"withheld on a retroactive basis.","page_number":38,"box":{"x":82,"y":211,"width":206,"height":8}},{"id":"ca51f2fe-531d-434a-b12c-1af17a462bcc","block_type":"box","text":"In light of the uncertainty as to how gains or income that may","page_number":38,"box":{"x":83,"y":239,"width":398,"height":10}},{"id":"0352c3fe-4a02-42b9-a84c-ef0be12d95d5","block_type":"box","text":"be derived from the Fund's investments in PRC will be taxed,","page_number":38,"box":{"x":83,"y":253,"width":397,"height":10}},{"id":"2cfd2f86-5f5d-448a-a1d7-99058907fde1","block_type":"box","text":"the Company reserves the right to provide for withholding tax","page_number":38,"box":{"x":82,"y":267,"width":400,"height":11}},{"id":"9c8909b8-8c5d-43c8-96b8-c830e2ae0176","block_type":"box","text":"on such gains or income and withhold tax for the account of","page_number":38,"box":{"x":82,"y":282,"width":400,"height":10}},{"id":"6fd0a01d-a6b6-4e02-aafe-e10d35db5338","block_type":"box","text":"the Fund. Withholding tax may already be withheld at","page_number":38,"box":{"x":82,"y":296,"width":399,"height":10}},{"id":"97bac437-47b2-4d79-bcaa-2a4aee9d46db","block_type":"box","text":"broker/custodian level. Any tax provision, if made, will be","page_number":38,"box":{"x":83,"y":310,"width":398,"height":10}},{"id":"63b94dc0-1b6f-448c-8469-646c9f007271","block_type":"box","text":"reflected in the relevant Fund's account(s) at the time of debit","page_number":38,"box":{"x":83,"y":324,"width":398,"height":10}},{"id":"450813f6-8c27-465c-92dc-5b805b822f04","block_type":"box","text":"or release of such provision.","page_number":38,"box":{"x":82,"y":339,"width":188,"height":10}},{"id":"d9a26868-58ab-43e0-97f0-434b6376e334","block_type":"box","text":"If the actual applicable tax levied by PRC tax authorities is","page_number":38,"box":{"x":83,"y":367,"width":398,"height":10}},{"id":"f2ade2d3-f679-44f2-a9a4-65fd72e45fbb","block_type":"box","text":"greater than that provided for by the relevant Fund so that","page_number":38,"box":{"x":83,"y":382,"width":398,"height":10}},{"id":"6ebe7642-f7a4-4f18-b93e-b8d6e4327f34","block_type":"box","text":"there is a shortfall in the tax provision amount, investors","page_number":38,"box":{"x":82,"y":396,"width":399,"height":10}},{"id":"49ed7b82-c222-426b-bc64-0256f517adb2","block_type":"box","text":"should note that the Net Asset Value of the Fund may suffer","page_number":38,"box":{"x":82,"y":410,"width":400,"height":10}},{"id":"f396d6c5-8bc1-4ee4-8880-363ff3f9655c","block_type":"box","text":"more than the tax provision amount as the relevant Fund will","page_number":38,"box":{"x":83,"y":424,"width":398,"height":10}},{"id":"fced0f9e-31eb-460f-947e-05aebe3d21b0","block_type":"box","text":"ultimately have to bear the additional tax liabilities. In this","page_number":38,"box":{"x":83,"y":438,"width":398,"height":10}},{"id":"83fa01ae-f57b-41c9-87e2-63fcfbb2270a","block_type":"box","text":"case, the then existing and new investors will be","page_number":38,"box":{"x":83,"y":453,"width":398,"height":10}},{"id":"69aa9961-b814-485d-94d9-03f8c29228b3","block_type":"box","text":"disadvantaged.","page_number":38,"box":{"x":82,"y":467,"width":99,"height":10}},{"id":"9336e328-2bf7-4597-8c5c-a7da99115851","block_type":"box","text":"On the other hand, if the actual applicable tax levied by PRC","page_number":38,"box":{"x":83,"y":495,"width":398,"height":10}},{"id":"fbde52d1-6b8c-4b43-9ffb-339d28bd226e","block_type":"box","text":"tax authorities is less than that provided for by the relevant","page_number":38,"box":{"x":82,"y":510,"width":399,"height":10}},{"id":"47ccea2c-9042-4667-be3b-ca91d7d8b238","block_type":"box","text":"Fund so that there is an excess in the tax provision amount,","page_number":38,"box":{"x":83,"y":524,"width":397,"height":10}},{"id":"b8a4b73a-7a26-4d6a-8617-063fa64679c8","block_type":"box","text":"investors who have redeemed Shares before PRC tax","page_number":38,"box":{"x":83,"y":538,"width":398,"height":8}},{"id":"5303a04f-5dbc-4d2d-8352-56f12b8689a1","block_type":"box","text":"authorities' ruling, decision or guidance in this respect will be","page_number":38,"box":{"x":82,"y":552,"width":399,"height":11}},{"id":"eb752db8-512f-4fd7-b633-22374cf1784c","block_type":"box","text":"disadvantaged as they would have borne the loss from the","page_number":38,"box":{"x":82,"y":567,"width":399,"height":10}},{"id":"7f02b5fb-5779-42c3-a3c4-992dc306c46a","block_type":"box","text":"Fund's overprovision. In this case, the then existing and new","page_number":38,"box":{"x":83,"y":581,"width":399,"height":10}},{"id":"f13c8201-2f57-44b5-92ba-d530e48e575f","block_type":"box","text":"investors may benefit if the difference between the tax","page_number":38,"box":{"x":83,"y":595,"width":399,"height":10}},{"id":"183d87ef-0aa0-4231-9bca-39cb6cc300f0","block_type":"box","text":"provision and the actual taxation liability can be returned to","page_number":38,"box":{"x":83,"y":609,"width":398,"height":10}},{"id":"e0b5c53d-f4af-49db-9cde-dd2fc87cd3d2","block_type":"box","text":"the account of the relevant Fund as assets thereof.","page_number":38,"box":{"x":82,"y":624,"width":339,"height":7}},{"id":"4b81cdc1-42ad-4a17-a9bf-5167f5ffad5f","block_type":"box","text":"In addition, investors should be aware that under accrual or","page_number":38,"box":{"x":83,"y":652,"width":399,"height":9}},{"id":"0000cbc8-dc28-4047-9811-39740af5ecec","block_type":"box","text":"over-accrual for PRC tax liabilities may impact on the","page_number":38,"box":{"x":82,"y":666,"width":399,"height":10}},{"id":"05436f14-50fd-4f65-b5de-a690e33a05d1","block_type":"box","text":"performance of a Fund during the period of such under","page_number":38,"box":{"x":83,"y":681,"width":398,"height":10}},{"id":"39395896-4031-49ad-a901-10b26c2fc670","block_type":"box","text":"accrual or over-accrual and following any subsequent","page_number":38,"box":{"x":82,"y":695,"width":399,"height":10}},{"id":"b5fe2186-1761-49d7-b96d-7a470f38bc9b","block_type":"box","text":"adjustments to the Net Asset Value.","page_number":38,"box":{"x":82,"y":709,"width":239,"height":10}},{"id":"a39663d0-611f-4080-a2ca-7037da4e3390","block_type":"box","text":"In case of having excess in the tax provision amount (for","page_number":38,"box":{"x":83,"y":737,"width":399,"height":10}},{"id":"6bfc74ec-9289-4245-b123-fb36abee5bfc","block_type":"box","text":"example, the actual applicable tax levied by PRC tax","page_number":38,"box":{"x":83,"y":752,"width":398,"height":10}},{"id":"8e67f01f-5cfc-48d6-be60-ee6ecc5cec0c","block_type":"box","text":"authorities is less than the tax provision amount or due to a","page_number":38,"box":{"x":82,"y":766,"width":399,"height":10}},{"id":"e2dbc7a9-4dbe-42f0-ae7a-a77ed690387b","block_type":"box","text":"change in provisioning by a Fund), such excess shall be","page_number":38,"box":{"x":83,"y":780,"width":398,"height":10}},{"id":"34ae37f6-933d-4140-980c-2574b82704bf","block_type":"box","text":"treated as property of the relevant Fund and investors who","page_number":38,"box":{"x":82,"y":794,"width":399,"height":10}},{"id":"be9917ac-1759-471a-b6a8-358041cc336b","block_type":"box","text":"have already transferred or redeemed their Shares in the","page_number":38,"box":{"x":83,"y":809,"width":398,"height":10}},{"id":"02bc7822-e541-4449-9f54-588f0e59dc9e","block_type":"box","text":"relevant Fund will not be entitled or have any right to claim","page_number":38,"box":{"x":83,"y":823,"width":398,"height":10}},{"id":"709b3cad-5c27-406f-af62-7c475626bd59","block_type":"box","text":"any part of the amount representing the excess.","page_number":38,"box":{"x":82,"y":837,"width":319,"height":10}},{"id":"1b369c81-72a9-4b3e-981c-bd3e6cb994a0","block_type":"box","text":"Trading Issues Risk.","page_number":38,"box":{"x":82,"y":866,"width":158,"height":10}},{"id":"e83b5edb-f186-45fb-afd9-8a7aba0036ab","block_type":"box","text":"Although the ETF Shares of a","page_number":38,"box":{"x":252,"y":866,"width":229,"height":10}},{"id":"9552a398-49cf-47f7-9ce8-23ccf37c17c7","block_type":"box","text":"Fund will be listed for trading on the relevant Listing Stock","page_number":38,"box":{"x":83,"y":880,"width":399,"height":10}},{"id":"b778267c-0716-490c-be03-9abc16729209","block_type":"box","text":"38 \r\nExchange(s), there can be no assurance that an active","page_number":38,"box":{"x":83,"y":894,"width":398,"height":10}},{"id":"5e79e959-0f59-4672-b9c2-9f08bf44f7c9","block_type":"box","text":"trading market for such ETF Shares will develop or be","page_number":38,"box":{"x":518,"y":125,"width":399,"height":10}},{"id":"89674e85-aefe-48da-8456-3255bebe628b","block_type":"box","text":"maintained. Trading in ETF Shares on a Listing Stock","page_number":38,"box":{"x":519,"y":139,"width":399,"height":11}},{"id":"e5b8b93e-d75e-4ebe-9d9d-670ed5b902c0","block_type":"box","text":"Exchange may be halted due to market conditions or for","page_number":38,"box":{"x":519,"y":154,"width":399,"height":10}},{"id":"c0feadb0-0489-40fc-a1ae-02251d9b320a","block_type":"box","text":"reasons that, in the view of the relevant Listing Stock","page_number":38,"box":{"x":519,"y":168,"width":399,"height":10}},{"id":"836943bc-64b0-43fc-9ad7-236da1123e8b","block_type":"box","text":"Exchange, make trading in ETF Shares inadvisable. 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Furthermore, any securities that are listed and","page_number":38,"box":{"x":519,"y":296,"width":398,"height":10}},{"id":"4f5eec5a-fb69-443f-978f-6eb0e232bbe7","block_type":"box","text":"traded on stock exchanges can also be bought or sold by","page_number":38,"box":{"x":518,"y":310,"width":400,"height":10}},{"id":"d3dab08b-0ccb-4274-8969-d2377cf7f2c6","block_type":"box","text":"members of those exchanges to and from each other and","page_number":38,"box":{"x":519,"y":324,"width":398,"height":11}},{"id":"86c216f9-918f-4035-b8b5-8f715f3f105a","block_type":"box","text":"other third parties on terms and prices that are agreed on an","page_number":38,"box":{"x":519,"y":339,"width":398,"height":10}},{"id":"7c3c01c8-0225-4864-bafa-abbe69d6445c","block_type":"box","text":"“over-the-counter” basis and may also be bought or sold on","page_number":38,"box":{"x":519,"y":353,"width":398,"height":10}},{"id":"1b8b89e0-57ec-45f5-ae19-7464f3f5512b","block_type":"box","text":"other multi-lateral trading facilities or platforms. 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To the extent that the Investment","page_number":39,"box":{"x":82,"y":324,"width":399,"height":8}},{"id":"19765e19-d731-4f02-9d5a-8d5d84df82e7","block_type":"box","text":"Manager, on behalf of a Fund, uses FDIs, there may be a","page_number":39,"box":{"x":83,"y":339,"width":398,"height":10}},{"id":"a0c78bdd-45d2-4cbd-ae31-4c10790cb9db","block_type":"box","text":"risk that the volatility of the Fund may increase.","page_number":39,"box":{"x":83,"y":353,"width":313,"height":10}},{"id":"f9243c08-46db-4be4-a189-7cd216e6767a","block_type":"box","text":"Risks Associated With Investment in Equities","page_number":39,"box":{"x":83,"y":382,"width":325,"height":9}},{"id":"e4b8eab0-3927-474b-b621-95ebdfb638fd","block_type":"box","text":"Equity Risk.","page_number":39,"box":{"x":83,"y":410,"width":84,"height":10}},{"id":"802ad348-b3be-488a-a162-75a419559d56","block_type":"box","text":"Equity securities represent ownership interests","page_number":39,"box":{"x":173,"y":410,"width":308,"height":10}},{"id":"5552e0de-9233-42f0-a4b5-521fb9a4751e","block_type":"box","text":"in a company or corporation and include common stock,","page_number":39,"box":{"x":83,"y":424,"width":397,"height":10}},{"id":"70877cc2-0ae1-4476-b9d3-92bc60b966bd","block_type":"box","text":"preferred stock and warrants and other rights to acquire such","page_number":39,"box":{"x":83,"y":438,"width":398,"height":10}},{"id":"b6965526-99c3-4597-b889-fc02b85a2dbd","block_type":"box","text":"instruments.","page_number":39,"box":{"x":83,"y":453,"width":80,"height":8}},{"id":"36b0583b-18c6-40d1-9974-5414ab7c42eb","block_type":"box","text":"Investments in equity securities in general are subject to a","page_number":39,"box":{"x":83,"y":481,"width":398,"height":10}},{"id":"d9ed479e-000e-43a4-90d8-86a707dd71fc","block_type":"box","text":"number of factors which may cause their market prices to","page_number":39,"box":{"x":83,"y":495,"width":398,"height":10}},{"id":"59632cb2-50b3-40a3-9ea0-6f97b1d8151a","block_type":"box","text":"fluctuate over time, sometimes rapidly or unpredictably. The","page_number":39,"box":{"x":82,"y":510,"width":399,"height":10}},{"id":"c10b03ad-e9b0-4277-bc11-1355a5f411c1","block_type":"box","text":"value of a security may decline for a number of reasons that","page_number":39,"box":{"x":82,"y":524,"width":400,"height":10}},{"id":"6b394478-b91e-4213-963b-cb247de2f411","block_type":"box","text":"may directly relate to the issuer (see “Issuer Risk” above) or","page_number":39,"box":{"x":83,"y":538,"width":399,"height":10}},{"id":"4a938b10-9a38-4001-90f8-9ee9a39f1b4b","block_type":"box","text":"due to general market conditions that are not specifically","page_number":39,"box":{"x":82,"y":552,"width":399,"height":11}},{"id":"bfb1fe34-2b48-4612-a465-d430435ae223","block_type":"box","text":"related to a particular company or issuer, such as real or","page_number":39,"box":{"x":83,"y":567,"width":399,"height":10}},{"id":"6bed99ea-f92d-4ea1-bdcc-7968d0185694","block_type":"box","text":"perceived adverse economic conditions, changes in the","page_number":39,"box":{"x":83,"y":581,"width":398,"height":10}},{"id":"da2331be-8e27-456b-92ff-257a0aa47b5d","block_type":"box","text":"general outlook for corporate earnings, changes in interest","page_number":39,"box":{"x":83,"y":595,"width":399,"height":10}},{"id":"6fcb0f54-558f-44d5-b46f-29e9393d8211","block_type":"box","text":"or currency rates, or adverse investor sentiment generally.","page_number":39,"box":{"x":82,"y":609,"width":398,"height":10}},{"id":"a9e4662e-9c17-4060-8cd7-bb9047222d6b","block_type":"box","text":"In addition, equity markets tend to move in cycles, which may","page_number":39,"box":{"x":83,"y":624,"width":399,"height":10}},{"id":"74aef0a1-5de0-4bd6-bfa4-1030b86a7102","block_type":"box","text":"cause stock prices to fall over short or extended periods of","page_number":39,"box":{"x":83,"y":638,"width":399,"height":10}},{"id":"8adb7e2e-725e-46be-a622-6b13881ce15a","block_type":"box","text":"time. 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See also","page_number":39,"box":{"x":519,"y":495,"width":139,"height":10}},{"id":"638d5051-33ca-42ad-b200-3ffbc4254e19","block_type":"box","text":"“Small Companies Risk”","page_number":39,"box":{"x":664,"y":495,"width":175,"height":10}},{"id":"2c9b2445-e308-4737-a872-d9f0e3412ba6","block_type":"box","text":".","page_number":39,"box":{"x":841,"y":502,"width":2,"height":1}},{"id":"ec706c6c-db85-4678-bfb1-7ccb590084c9","block_type":"box","text":"Micro Cap Risk —","page_number":39,"box":{"x":519,"y":524,"width":138,"height":10}},{"id":"92330632-8236-4edf-b9d0-e4babfb164b4","block_type":"box","text":"Micro cap companies may be newly","page_number":39,"box":{"x":664,"y":524,"width":254,"height":10}},{"id":"24a216c5-c3f5-4803-9190-74c2e1b292fc","block_type":"box","text":"formed or in the early stages of development with limited","page_number":39,"box":{"x":518,"y":538,"width":399,"height":10}},{"id":"b906bb30-a057-49bc-b03a-39d9e11d02d8","block_type":"box","text":"product lines, markets or financial resources. 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Consequently, there can be no assurance that","page_number":40,"box":{"x":82,"y":880,"width":399,"height":10}},{"id":"276c30b9-e232-43dc-9381-e55429aefb9c","block_type":"box","text":"40 \r\ninvestment grade securities will not be subject to credit","page_number":40,"box":{"x":83,"y":894,"width":398,"height":10}},{"id":"b67899d6-04be-491a-b993-ba28526122ee","block_type":"box","text":"difficulties leading to the loss of some or all of the sums","page_number":40,"box":{"x":519,"y":125,"width":398,"height":10}},{"id":"f4ef67b1-3857-4dec-ae72-ad1c3ec75df9","block_type":"box","text":"invested in such securities. 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See also “","page_number":40,"box":{"x":519,"y":552,"width":224,"height":10}},{"id":"c1b11635-a6d8-47f4-a695-0980662a4873","block_type":"box","text":"Prepayment Risk","page_number":40,"box":{"x":745,"y":552,"width":121,"height":10}},{"id":"8c04534d-2d7c-4cfb-b369-7925f078bdd6","block_type":"box","text":"” below.","page_number":40,"box":{"x":866,"y":552,"width":51,"height":8}},{"id":"6495916a-ff35-4627-841d-891c61736ada","block_type":"box","text":"Adjustable rate instruments also generally react to interest","page_number":40,"box":{"x":518,"y":567,"width":399,"height":10}},{"id":"f09d45a8-566d-4303-af60-0ff1e7c31695","block_type":"box","text":"rate changes in a similar manner although generally to a","page_number":40,"box":{"x":519,"y":581,"width":398,"height":10}},{"id":"ea1cd53c-1cf4-46e4-a7ee-e860b7d23269","block_type":"box","text":"lesser degree (depending, however, on the characteristics of","page_number":40,"box":{"x":519,"y":595,"width":399,"height":10}},{"id":"d8c80a16-8f2d-409f-bc35-caa0b1f7a968","block_type":"box","text":"the reset terms, including the index chosen, frequency of","page_number":40,"box":{"x":518,"y":609,"width":400,"height":10}},{"id":"1c0eaac1-91a6-4ae0-a0eb-8240d348644c","block_type":"box","text":"reset and reset caps or floors, among other factors).","page_number":40,"box":{"x":519,"y":623,"width":346,"height":11}},{"id":"696789d5-0477-4e72-b3f0-845ed3198241","block_type":"box","text":"Lower-Rated Securities Risk","page_number":40,"box":{"x":519,"y":652,"width":213,"height":8}},{"id":"13dd8c32-da90-4dc5-ba73-14726ec528f5","block_type":"box","text":"—","page_number":40,"box":{"x":739,"y":656,"width":15,"height":1}},{"id":"50b75774-f820-4d05-b631-166f7de533d0","block_type":"box","text":"Securities rated below","page_number":40,"box":{"x":762,"y":652,"width":156,"height":8}},{"id":"b7a3acd5-a628-4f61-8fa5-9685d63c245d","block_type":"box","text":"investment grade (i.e., high-yield bonds or junk bonds)","page_number":40,"box":{"x":519,"y":666,"width":398,"height":10}},{"id":"d04bce92-912e-4131-9032-07c691ab50fd","block_type":"box","text":"typically lack outstanding investment characteristics and","page_number":40,"box":{"x":518,"y":681,"width":399,"height":10}},{"id":"5660fe1b-ae60-4e4e-8dc7-fda0d8895d05","block_type":"box","text":"have speculative characteristics and are subject to greater","page_number":40,"box":{"x":519,"y":695,"width":399,"height":10}},{"id":"9e0af718-100d-43fe-aa2e-4da4cdfa3801","block_type":"box","text":"credit and market risks than higher-rated securities. 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Alternatively, during periods of","page_number":41,"box":{"x":519,"y":609,"width":399,"height":10}},{"id":"ed89c944-c3bd-442d-b2ea-99d921308fbb","block_type":"box","text":"declining interest rates, the coupon rates on such securities","page_number":41,"box":{"x":519,"y":624,"width":398,"height":10}},{"id":"6add70d2-d571-4c8a-b917-3b549faa0b74","block_type":"box","text":"readjust downward and this may result in a lower yield.","page_number":41,"box":{"x":519,"y":638,"width":364,"height":10}},{"id":"b7a4d608-a7f4-429d-921d-e28a2f94269a","block_type":"box","text":"Risks Associated with Investment through Access","page_number":41,"box":{"x":519,"y":666,"width":398,"height":10}},{"id":"36cd55c6-4965-4b98-ab16-cbad87e86bbb","block_type":"box","text":"Programme(s).","page_number":41,"box":{"x":519,"y":680,"width":105,"height":11}},{"id":"6424d16c-4be8-4bf0-8bda-52e6a4538f55","block_type":"box","text":"Risks related to the Stock Connect Daily Quota.","page_number":41,"box":{"x":519,"y":709,"width":337,"height":10}},{"id":"7527c092-b389-4c77-93f3-56f264926fb7","block_type":"box","text":"Each of","page_number":41,"box":{"x":865,"y":709,"width":53,"height":8}},{"id":"a6def471-dcc3-4c35-879f-bde66eb35db9","block_type":"box","text":"SHHK Stock Connect and SZHK Stock Connect is subject to","page_number":41,"box":{"x":519,"y":723,"width":398,"height":10}},{"id":"4631ec1c-a023-45d5-bceb-87b9718a96f3","block_type":"box","text":"a Daily Quota. The Daily Quota limits the maximum net buy","page_number":41,"box":{"x":519,"y":737,"width":399,"height":10}},{"id":"633d6ac2-05f5-402f-b0ee-9bd353782e88","block_type":"box","text":"value of cross-boundary trades under the relevant Stock","page_number":41,"box":{"x":518,"y":752,"width":400,"height":10}},{"id":"33b78829-29e5-4f07-b311-eca10d1361f7","block_type":"box","text":"Connect each day. SEHK will monitor the usage of the","page_number":41,"box":{"x":519,"y":766,"width":398,"height":10}},{"id":"67f38eb1-0a1c-4031-9099-3014cd749974","block_type":"box","text":"Northbound daily quota (\"Northbound Daily Quota\") for each","page_number":41,"box":{"x":519,"y":780,"width":398,"height":10}},{"id":"a834704a-a5b0-41f4-af5b-3a3103c3223d","block_type":"box","text":"of SHHK Stock Connect and SZHK Stock Connect and","page_number":41,"box":{"x":519,"y":794,"width":398,"height":8}},{"id":"d82abe3b-8b32-4112-a7ed-a7d5de499c56","block_type":"box","text":"publish the remaining balance of the Northbound Daily","page_number":41,"box":{"x":519,"y":809,"width":399,"height":10}},{"id":"5c857c91-085d-4240-b942-9470eeecefa1","block_type":"box","text":"Quota on HKEx’s website. SEHK may include or exclude","page_number":41,"box":{"x":519,"y":823,"width":398,"height":10}},{"id":"5aabdf14-1807-4537-a94f-a447686f358f","block_type":"box","text":"securities as China Connect Securities (as defined in the","page_number":41,"box":{"x":519,"y":837,"width":398,"height":10}},{"id":"b1613aa7-51ff-4d9a-8124-47875fe998f9","block_type":"box","text":"rules of exchange of the SEHK) and may change the","page_number":41,"box":{"x":519,"y":851,"width":399,"height":11}},{"id":"23d8472c-e86d-435f-b91a-40bd313e6f9e","block_type":"box","text":"eligibility of shares for Northbound trading on the SHHK and","page_number":41,"box":{"x":519,"y":865,"width":398,"height":11}},{"id":"0c91f9d9-14f0-4600-b279-e7b0b3117c90","block_type":"box","text":"SZHK Stock Connect. Once the remaining balance of the","page_number":41,"box":{"x":519,"y":880,"width":398,"height":10}},{"id":"3f716c79-76da-469e-91c3-d79a6f14c55f","block_type":"box","text":"Northbound Daily Quota drops to zero or the Daily Quota is","page_number":41,"box":{"x":519,"y":894,"width":398,"height":10}},{"id":"2c6c9527-b4cc-422a-a653-4d35a81259aa","block_type":"box","text":"SSGA SPDR ETFs Europe II Plc","page_number":42,"box":{"x":85,"y":59,"width":303,"height":14}},{"id":"4a91c082-628b-4ff3-9ed1-9a8332d5d32a","block_type":"box","text":"19 February","page_number":42,"box":{"x":85,"y":79,"width":104,"height":13}},{"id":"23fd7d1b-db2b-4832-a629-8c1e6afa9d81","block_type":"box","text":"2026","page_number":42,"box":{"x":189,"y":79,"width":56,"height":10}},{"id":"a09100ac-20a9-460b-8f6e-a5a948b1d555","block_type":"box","text":"42","page_number":42,"box":{"x":82,"y":903,"width":11,"height":5}},{"id":"9fca5504-0a02-4f04-b256-60802fb6f6c0","block_type":"box","text":"42","page_number":42,"box":{"x":906,"y":911,"width":11,"height":5}},{"id":"43f5e8bd-3e95-410d-8803-4a90b714790e","block_type":"box","text":"27424774.146","page_number":42,"box":{"x":83,"y":946,"width":91,"height":10}},{"id":"a1a6be3f-ca54-459c-9e6e-648ae9ca3680","block_type":"box","text":"exceeded during the opening call session, new buy orders","page_number":42,"box":{"x":83,"y":125,"width":398,"height":10}},{"id":"ef0b7cde-9abf-4c5d-8deb-0fa7869b5493","block_type":"box","text":"will be rejected on the relevant Stock Connect (though","page_number":42,"box":{"x":82,"y":139,"width":399,"height":11}},{"id":"3ef58268-8071-470f-a1f0-0518c5b71d8f","block_type":"box","text":"investors will be allowed to sell their cross-boundary","page_number":42,"box":{"x":83,"y":154,"width":398,"height":10}},{"id":"bf1e1b87-7a05-45fa-a16e-86af4b109e20","block_type":"box","text":"securities regardless of the quota balance) and during the","page_number":42,"box":{"x":82,"y":168,"width":399,"height":10}},{"id":"3d22876d-f18a-4299-9232-b94ad646b3e9","block_type":"box","text":"continuous auction session (or closing call auction session)","page_number":42,"box":{"x":83,"y":182,"width":398,"height":10}},{"id":"3b97fb53-389a-4f70-942b-dfd81d2f3d7b","block_type":"box","text":"for SZSE, no further buy orders will be accepted for the","page_number":42,"box":{"x":82,"y":196,"width":399,"height":10}},{"id":"0a3219a1-4e82-4ec7-9ea6-052d02d41c15","block_type":"box","text":"remaining of the day. The quota limitations may restrict a","page_number":42,"box":{"x":83,"y":211,"width":398,"height":10}},{"id":"e72798ff-0577-4ae0-9ddf-4498c91c376e","block_type":"box","text":"Sub-Fund’s ability to invest in China Connect Securities","page_number":42,"box":{"x":83,"y":225,"width":398,"height":10}},{"id":"0a344de4-ed16-4643-b494-2115a87bd9da","block_type":"box","text":"through Stock Connect on a timely basis. The Daily Quota","page_number":42,"box":{"x":82,"y":239,"width":399,"height":10}},{"id":"25e69b64-11c7-45b6-8d91-759580c26af2","block_type":"box","text":"may change from time to time without prior notice and","page_number":42,"box":{"x":83,"y":253,"width":398,"height":10}},{"id":"a53cd109-1f3c-4769-a0d3-4b17223c4495","block_type":"box","text":"investors should refer to the SEHK website and other","page_number":42,"box":{"x":83,"y":267,"width":399,"height":8}},{"id":"d2ff34c9-a6cd-40ac-94cf-24f1fcc46b70","block_type":"box","text":"information published by the SEHK for up-to-date","page_number":42,"box":{"x":83,"y":282,"width":398,"height":10}},{"id":"4d10c2dd-d302-486c-8509-bafecea28a4f","block_type":"box","text":"information.","page_number":42,"box":{"x":83,"y":296,"width":75,"height":8}},{"id":"99f6b516-beef-41c2-ae9f-b0bade836ae2","block_type":"box","text":"Stock Connect Suspension Risk.","page_number":42,"box":{"x":83,"y":324,"width":228,"height":10}},{"id":"2f9346bc-67d7-428f-91bd-e0204d8e595d","block_type":"box","text":"k. It is contemplated that","page_number":42,"box":{"x":311,"y":325,"width":170,"height":9}},{"id":"264ea4d1-d5ed-45c1-92e9-57ef0489a0fb","block_type":"box","text":"SEHK, SSE and SZSE would reserve the right to suspend","page_number":42,"box":{"x":83,"y":339,"width":398,"height":10}},{"id":"a0f2fbf7-a660-4061-93da-920d33b70676","block_type":"box","text":"Northbound (for investment in PRC shares) and/or","page_number":42,"box":{"x":83,"y":353,"width":399,"height":10}},{"id":"f027fb04-9020-42bf-b44f-8cf7baab7ba9","block_type":"box","text":"Southbound (for investment in Hong Kong shares) trading if","page_number":42,"box":{"x":83,"y":367,"width":398,"height":10}},{"id":"a86576e7-e1eb-4163-81c7-bbff52247654","block_type":"box","text":"necessary for ensuring an orderly and fair market and that","page_number":42,"box":{"x":83,"y":382,"width":398,"height":10}},{"id":"89adf75b-90df-4bc6-90e3-8dbd2692d839","block_type":"box","text":"risks are managed prudently. Where a suspension in the","page_number":42,"box":{"x":83,"y":396,"width":398,"height":10}},{"id":"7c7ab7d8-bec6-4605-80f5-17ef56ec2e77","block_type":"box","text":"Northbound trading through Stock Connect is affected, a","page_number":42,"box":{"x":83,"y":410,"width":398,"height":10}},{"id":"bc75b834-f74a-46df-a733-bdeff13354f2","block_type":"box","text":"Fund’s ability to access the PRC market will be adversely","page_number":42,"box":{"x":83,"y":424,"width":398,"height":10}},{"id":"276b716e-af70-4dd1-9d07-9cbf9efad1f1","block_type":"box","text":"affected. Securities (including the China Connect Securities)","page_number":42,"box":{"x":82,"y":438,"width":399,"height":10}},{"id":"c76c32f3-a859-4a72-81ec-961785e60796","block_type":"box","text":"traded through Stock Connect may also be more volatile and","page_number":42,"box":{"x":82,"y":453,"width":399,"height":10}},{"id":"7c64c12c-e087-4062-be0d-facb507b5770","block_type":"box","text":"unstable if suspended from trading. Such suspension may","page_number":42,"box":{"x":83,"y":467,"width":398,"height":10}},{"id":"26ea11b3-711c-4c08-b23f-019a27479351","block_type":"box","text":"prolong for a considerable period of time and volatility and","page_number":42,"box":{"x":83,"y":481,"width":398,"height":10}},{"id":"7e849bf3-88c3-45fa-814f-8e555abff598","block_type":"box","text":"settlement difficulties relating to the China Connect","page_number":42,"box":{"x":82,"y":495,"width":399,"height":10}},{"id":"b01ea819-b952-44d2-b703-330a42a4489b","block_type":"box","text":"Securities may also result in significant fluctuations in the","page_number":42,"box":{"x":83,"y":510,"width":398,"height":10}},{"id":"fd8b4cd7-cf37-493d-b2f3-1d95e10c6f30","block_type":"box","text":"prices, and may adversely affect the value, of the China","page_number":42,"box":{"x":83,"y":524,"width":398,"height":10}},{"id":"0f386010-080a-4731-b119-751f5699f33d","block_type":"box","text":"Connect Securities.","page_number":42,"box":{"x":83,"y":538,"width":129,"height":8}},{"id":"8507884a-6d1e-4b81-9fe7-e21001c6912f","block_type":"box","text":"Differences in Trading Day.","page_number":42,"box":{"x":83,"y":567,"width":182,"height":10}},{"id":"95ddfb9f-d227-4125-9bd9-b4c541579abf","block_type":"box","text":"Stock Connect will only operate","page_number":42,"box":{"x":271,"y":566,"width":210,"height":11}},{"id":"7f92c648-2bd0-4dc8-97c1-184a47d5f3b6","block_type":"box","text":"on days when both the relevant PRC and Hong Kong","page_number":42,"box":{"x":82,"y":581,"width":399,"height":10}},{"id":"11e1f294-3a7f-4d46-b92d-e3b05acc8cd7","block_type":"box","text":"markets are open for trading and when banks in the relevant","page_number":42,"box":{"x":83,"y":595,"width":398,"height":10}},{"id":"7dcf65c5-c279-49cd-8255-c57d00fcc23d","block_type":"box","text":"markets are open on the corresponding settlement days. By","page_number":42,"box":{"x":83,"y":609,"width":399,"height":10}},{"id":"d91d7d0f-b02c-40cb-8f6d-fe7db8e72a19","block_type":"box","text":"investing through Stock Connect, the Fund may be subject","page_number":42,"box":{"x":83,"y":623,"width":398,"height":11}},{"id":"93250d63-9e53-4330-9462-7caef5d9d803","block_type":"box","text":"to a risk of price fluctuations in China Connect Securities","page_number":42,"box":{"x":82,"y":638,"width":399,"height":10}},{"id":"a3bd12c6-cb8b-4930-ae50-810b702af433","block_type":"box","text":"during the time when the relevant Stock Connect is not","page_number":42,"box":{"x":82,"y":652,"width":399,"height":10}},{"id":"0d6e24aa-c5f9-48e1-86d5-272f4abb3611","block_type":"box","text":"trading as a result.","page_number":42,"box":{"x":82,"y":666,"width":123,"height":10}},{"id":"9496924c-19ef-4a98-b27e-74019fa6a3b0","block_type":"box","text":"Stock Connect Operational Risk.","page_number":42,"box":{"x":83,"y":695,"width":215,"height":10}},{"id":"fa791457-6d72-4dc4-a339-cbfe92a8afc6","block_type":"box","text":"Stock Connect is premised","page_number":42,"box":{"x":304,"y":695,"width":177,"height":10}},{"id":"f3a5c606-efa5-4902-be70-d8fdc0e46bf8","block_type":"box","text":"on the functioning of the operational systems of the relevant","page_number":42,"box":{"x":82,"y":709,"width":399,"height":10}},{"id":"5409d677-01c3-43c8-87cb-7683cb69101a","block_type":"box","text":"market participants. Market participants are able to","page_number":42,"box":{"x":83,"y":723,"width":398,"height":10}},{"id":"27e508c6-a039-431c-a553-65bf62f55eec","block_type":"box","text":"participate in the relevant programme subject to meeting","page_number":42,"box":{"x":83,"y":737,"width":398,"height":10}},{"id":"1ec2d8a4-4220-44e5-b5e5-f21525790b83","block_type":"box","text":"certain information technology capabilities, risk","page_number":42,"box":{"x":83,"y":752,"width":399,"height":10}},{"id":"0ec9f350-a699-4c3d-8633-b6f98ddb782a","block_type":"box","text":"management and other requirements as may be specified by","page_number":42,"box":{"x":83,"y":766,"width":398,"height":10}},{"id":"154cbb07-579e-493f-829c-99e5ddc5367a","block_type":"box","text":"the relevant exchange and/or clearing house.","page_number":42,"box":{"x":82,"y":780,"width":301,"height":10}},{"id":"0e80a494-26f6-4b31-bf40-bd6ee3bbba51","block_type":"box","text":"Stock Connect requires market participants to configure and","page_number":42,"box":{"x":83,"y":809,"width":398,"height":10}},{"id":"7419729d-e237-4db6-bd19-f269cb5d3c0d","block_type":"box","text":"adapt their operational and technical systems. Further, it","page_number":42,"box":{"x":82,"y":823,"width":399,"height":10}},{"id":"62eec809-e3d1-4c9d-a2f5-3364cfc1354a","block_type":"box","text":"should be appreciated that the securities regimes and legal","page_number":42,"box":{"x":82,"y":837,"width":399,"height":10}},{"id":"3c12f625-cedf-4c52-bb4e-be7ffcdd17b0","block_type":"box","text":"systems of each of the PRC and Hong Kong markets differ","page_number":42,"box":{"x":82,"y":851,"width":400,"height":11}},{"id":"46855af8-09e2-49e2-ada8-e594832b449a","block_type":"box","text":"significantly and in order for the trial programme to operate,","page_number":42,"box":{"x":82,"y":865,"width":399,"height":11}},{"id":"5e3d5500-84bc-4603-956a-5aa02db8a0e2","block_type":"box","text":"market participants may need to address issues arising from","page_number":42,"box":{"x":83,"y":880,"width":398,"height":10}},{"id":"bb42376e-b468-43d0-9ecd-2c0de17665f7","block_type":"box","text":"42 \r\nthe differences on an on-going basis.","page_number":42,"box":{"x":82,"y":894,"width":247,"height":10}},{"id":"6f73fa26-00cf-4da1-8b45-a555e7a5f804","block_type":"box","text":"Further, the \"connectivity\" in Stock Connect requires routing","page_number":42,"box":{"x":519,"y":125,"width":398,"height":10}},{"id":"4fd35e79-a1c5-48bc-8d0a-217c278f9d3e","block_type":"box","text":"of orders across PRC and Hong Kong. The SEHK has set","page_number":42,"box":{"x":519,"y":139,"width":398,"height":11}},{"id":"d2af9320-0b7f-415c-93af-b44c469805bd","block_type":"box","text":"up an order routing system to capture, consolidate and route","page_number":42,"box":{"x":519,"y":154,"width":398,"height":10}},{"id":"9977f79f-5d5f-4d29-8208-87c02d961637","block_type":"box","text":"the cross-boundary orders input by exchange participants.","page_number":42,"box":{"x":518,"y":168,"width":398,"height":10}},{"id":"739d8afa-40a1-4b03-9ad7-c25da0eca43e","block_type":"box","text":"There is no assurance that the systems of the SEHK and","page_number":42,"box":{"x":518,"y":182,"width":399,"height":10}},{"id":"ee132d60-3beb-428c-a381-8e084b9f713b","block_type":"box","text":"market participants will function properly or will continue to","page_number":42,"box":{"x":519,"y":196,"width":398,"height":10}},{"id":"d9d37199-619d-4112-bdb6-28e5b48dcc05","block_type":"box","text":"be adapted to changes and developments in each market.","page_number":42,"box":{"x":519,"y":211,"width":397,"height":10}},{"id":"fd910358-7092-48b8-8c97-3239e77316b8","block_type":"box","text":"In the event that the relevant systems fail to function","page_number":42,"box":{"x":519,"y":225,"width":398,"height":10}},{"id":"69e54be0-fd8c-4ed6-be01-d513d05d892f","block_type":"box","text":"properly, trading in each market through the programme","page_number":42,"box":{"x":519,"y":239,"width":398,"height":10}},{"id":"4a06a968-695d-4fd2-9a5c-0034d56948b2","block_type":"box","text":"could be disrupted. In such a case, the Fund's ability to","page_number":42,"box":{"x":519,"y":253,"width":398,"height":10}},{"id":"03abb9f5-5333-4baf-87a5-b4fc08d8f889","block_type":"box","text":"access the China A Share market (and hence to pursue its","page_number":42,"box":{"x":519,"y":267,"width":398,"height":10}},{"id":"fcac835b-1624-4151-8540-8cd1035a98d2","block_type":"box","text":"investment strategy) through Stock Connect will be","page_number":42,"box":{"x":519,"y":282,"width":398,"height":10}},{"id":"93f14043-9aa9-4a75-a225-7723e8298f62","block_type":"box","text":"adversely affected.","page_number":42,"box":{"x":519,"y":296,"width":125,"height":10}},{"id":"1e8f6be8-3fd6-4f50-a2ac-724d8c83f435","block_type":"box","text":"Restrictions on Selling Imposed by Pre-trade Monitoring.","page_number":42,"box":{"x":519,"y":324,"width":398,"height":11}},{"id":"336619ab-d4b7-49d4-9e99-c33b41a26454","block_type":"box","text":"PRC regulations require that before an investor sells any","page_number":42,"box":{"x":519,"y":339,"width":399,"height":10}},{"id":"04ac4618-e356-4b46-a513-0e6bd1a58261","block_type":"box","text":"share, there should be sufficient shares in that investor's","page_number":42,"box":{"x":519,"y":353,"width":398,"height":9}},{"id":"b807317b-3a39-4ebd-b68a-fc86b8c6c88c","block_type":"box","text":"account; otherwise the SSE or SZSE will reject the sell order","page_number":42,"box":{"x":519,"y":367,"width":399,"height":10}},{"id":"758839cd-8d9b-415e-91b2-a16aa38e6b6d","block_type":"box","text":"concerned. SEHK will carry out pre-trade checking on China","page_number":42,"box":{"x":519,"y":381,"width":398,"height":11}},{"id":"34de23d8-9585-4b9f-a819-6fd7c3bfcadf","block_type":"box","text":"Connect Securities sell orders of its participants (i.e. the","page_number":42,"box":{"x":519,"y":396,"width":398,"height":10}},{"id":"643db57d-41f3-4532-bf13-b826da6b25b1","block_type":"box","text":"stock brokers) to ensure there is no over-selling.","page_number":42,"box":{"x":519,"y":410,"width":321,"height":10}},{"id":"dce62371-53d6-4007-8a8e-4473aacb56ae","block_type":"box","text":"If a Fund wishes to sell certain China Connect Securities it","page_number":42,"box":{"x":519,"y":438,"width":398,"height":8}},{"id":"0c749bfe-3b63-45a2-9c5b-9221d8813c3c","block_type":"box","text":"holds, it must transfer those China Connect Securities to the","page_number":42,"box":{"x":519,"y":453,"width":398,"height":9}},{"id":"a8e6161c-59eb-42c1-be04-d79d6682ce1c","block_type":"box","text":"respective accounts of its brokers before the market opens","page_number":42,"box":{"x":519,"y":467,"width":398,"height":10}},{"id":"2f1d88c0-de39-49f4-97d5-ebaad5cc5ea1","block_type":"box","text":"on the day of selling. If it fails to meet this deadline, it will not","page_number":42,"box":{"x":519,"y":481,"width":398,"height":10}},{"id":"4b74e29e-84bf-4cd2-87ce-9c007576e72e","block_type":"box","text":"be able to sell those shares on the trading day. Because of","page_number":42,"box":{"x":519,"y":495,"width":399,"height":10}},{"id":"4200226b-d028-444c-9589-10b08de4132e","block_type":"box","text":"this requirement, the Fund may not be able to dispose of its","page_number":42,"box":{"x":518,"y":510,"width":399,"height":10}},{"id":"4ef5932c-fb40-469f-b606-c0b851c154cb","block_type":"box","text":"holdings of China Connect Securities in a timely manner.","page_number":42,"box":{"x":519,"y":524,"width":398,"height":10}},{"id":"1419ef77-2af8-414e-9f85-10a7bf4b5ed1","block_type":"box","text":"PRC regulations may impose certain other restrictions on","page_number":42,"box":{"x":519,"y":538,"width":398,"height":10}},{"id":"8c024622-b6f1-417d-aac4-4c95737c08df","block_type":"box","text":"selling and buying which results in a Fund not being able to","page_number":42,"box":{"x":519,"y":552,"width":398,"height":10}},{"id":"952796d2-b4e3-4ea0-a143-ba2d6c72750b","block_type":"box","text":"dispose of holdings of Connect Securities in a timely","page_number":42,"box":{"x":519,"y":566,"width":399,"height":11}},{"id":"e213f2c6-c61d-46ae-9faa-be01c22c0e97","block_type":"box","text":"manner. This also raises concerns as to counterparty risks","page_number":42,"box":{"x":519,"y":581,"width":398,"height":10}},{"id":"0a0f6527-3b92-4f53-9471-36c7bd25bf29","block_type":"box","text":"as securities may need to be kept by brokers overnight.","page_number":42,"box":{"x":519,"y":595,"width":369,"height":10}},{"id":"cb3d3edf-676c-4849-8d2f-ecf9e75cc63e","block_type":"box","text":"To facilitate investors whose SC Securities are maintained","page_number":42,"box":{"x":518,"y":623,"width":399,"height":8}},{"id":"4d499e3d-e0fb-45c7-9122-a6796178461f","block_type":"box","text":"with custodians to sell their SC Securities without having to","page_number":42,"box":{"x":518,"y":638,"width":399,"height":10}},{"id":"a86f97a1-fa54-4940-8474-a822f71199bc","block_type":"box","text":"pre-deliver the SC Securities from their custodians to their","page_number":42,"box":{"x":519,"y":652,"width":399,"height":10}},{"id":"864f9d4a-c1cf-4c86-81a1-238994b16890","block_type":"box","text":"executing brokers, the SEHK introduced an enhanced pre","page_number":42,"box":{"x":519,"y":666,"width":398,"height":10}},{"id":"87c1e7aa-f978-4a55-bd6e-f1be064398f8","block_type":"box","text":"trade checking model in March 2015, under which an","page_number":42,"box":{"x":518,"y":681,"width":399,"height":10}},{"id":"949624e2-2039-401b-95db-694950fed2da","block_type":"box","text":"investor may request its custodian to open a SPSA. An","page_number":42,"box":{"x":519,"y":695,"width":398,"height":10}},{"id":"b07b5bd9-6575-40ff-aef0-518cb04341a8","block_type":"box","text":"investor will only need to transfer all relevant SC Securities","page_number":42,"box":{"x":519,"y":709,"width":398,"height":10}},{"id":"359b361d-ab20-440b-ab80-0a3a05464952","block_type":"box","text":"from its SPSA to its designated broker’s account after","page_number":42,"box":{"x":518,"y":723,"width":400,"height":10}},{"id":"5a0c1ef8-923a-452b-90e2-d0dfb2ff10fc","block_type":"box","text":"execution and not before placing the sell order. If the Fund","page_number":42,"box":{"x":519,"y":737,"width":398,"height":10}},{"id":"abfb74c7-dbd3-44d9-b622-7950513bd6b2","block_type":"box","text":"is unable to utilise this model, it would have to deliver SC","page_number":42,"box":{"x":519,"y":752,"width":398,"height":9}},{"id":"27bd88e7-0792-4aac-a02f-90eabea25570","block_type":"box","text":"Securities to brokers before the trading day and the above","page_number":42,"box":{"x":519,"y":766,"width":398,"height":10}},{"id":"b1375a0b-4ef7-405e-b46e-ef6771119bc5","block_type":"box","text":"risks may still apply.","page_number":42,"box":{"x":519,"y":780,"width":132,"height":10}},{"id":"2a43e89b-2224-4358-915c-b0f811616a6a","block_type":"box","text":"Recalling of Eligible Stocks","page_number":42,"box":{"x":519,"y":809,"width":185,"height":10}},{"id":"e44513af-0f79-4c5c-8ec8-08db358b5737","block_type":"box","text":". When a stock is recalled from","page_number":42,"box":{"x":705,"y":809,"width":212,"height":8}},{"id":"74e39a1c-ac8e-49d9-b3e6-107f0c3d5fc3","block_type":"box","text":"the scope of eligible stocks for trading via Stock Connect, the","page_number":42,"box":{"x":518,"y":823,"width":399,"height":10}},{"id":"9c62ae90-cb33-49e4-9948-1f14d34ebc06","block_type":"box","text":"stock can only be sold but will be restricted from being","page_number":42,"box":{"x":519,"y":837,"width":398,"height":10}},{"id":"c5df49a8-fcd5-444d-aff0-1a4cc07cbaf0","block_type":"box","text":"bought. This may affect the investment portfolio or strategies","page_number":42,"box":{"x":519,"y":851,"width":398,"height":11}},{"id":"28c99465-9c4e-4efc-92c0-07629eb46acb","block_type":"box","text":"of a Fund, for example, when it wishes to purchase a","page_number":42,"box":{"x":519,"y":865,"width":398,"height":10}},{"id":"3b49c647-8d05-4648-a35a-49723f1da433","block_type":"box","text":"stock which is recalled from the scope of eligible stocks.","page_number":42,"box":{"x":519,"y":880,"width":366,"height":10}},{"id":"a2116411-7434-49d4-aef9-c7390046dc81","block_type":"box","text":"SSGA SPDR ETFs Europe II Plc","page_number":43,"box":{"x":85,"y":59,"width":303,"height":14}},{"id":"e77a0f73-d7e3-4116-8f92-28de308b8004","block_type":"box","text":"19 February","page_number":43,"box":{"x":85,"y":79,"width":104,"height":13}},{"id":"d255ba8a-0e99-47ea-8707-1aaa89fff620","block_type":"box","text":"2026","page_number":43,"box":{"x":189,"y":79,"width":56,"height":10}},{"id":"1bb37df6-52db-4931-b760-1ec3700b33a0","block_type":"box","text":"43","page_number":43,"box":{"x":82,"y":903,"width":11,"height":5}},{"id":"9bcb5177-8f98-41eb-842f-f2d99e13b290","block_type":"box","text":"43","page_number":43,"box":{"x":906,"y":911,"width":11,"height":5}},{"id":"3998ab8f-31b8-44ce-88ea-6509fa9ad0c3","block_type":"box","text":"27424774.146","page_number":43,"box":{"x":83,"y":946,"width":91,"height":10}},{"id":"fa61ee4f-2f80-412a-897a-50d1e7223965","block_type":"box","text":"Stock Connect Clearing and Settlement Risk.","page_number":43,"box":{"x":83,"y":125,"width":296,"height":10}},{"id":"0c7af0f0-e294-4ef3-b636-c62f70c4b7a8","block_type":"box","text":"As the national","page_number":43,"box":{"x":384,"y":125,"width":97,"height":8}},{"id":"4592fbb1-2156-4b6b-b32d-cce45034d13c","block_type":"box","text":"central counterparty of the PRC’s securities market, CSDCC","page_number":43,"box":{"x":83,"y":139,"width":398,"height":10}},{"id":"e1de24c2-3e11-44bc-aec1-b79e79fe19a7","block_type":"box","text":"operates a comprehensive network of clearing, settlement","page_number":43,"box":{"x":82,"y":154,"width":399,"height":10}},{"id":"94bfaa7a-6b2e-42f8-882a-4de2fd8b44ae","block_type":"box","text":"and stock holding infrastructure. Should the remote event of","page_number":43,"box":{"x":82,"y":168,"width":399,"height":10}},{"id":"d5390459-8b8a-4abf-963c-484640ff7a02","block_type":"box","text":"CSDCC default occur and CSDCC be declared as a","page_number":43,"box":{"x":83,"y":182,"width":398,"height":8}},{"id":"20fb6a57-9c5e-4a54-9c15-02caf2a916f9","block_type":"box","text":"defaulter, HKSCC’s liabilities in Northbound (for investment","page_number":43,"box":{"x":82,"y":196,"width":399,"height":10}},{"id":"9f94066e-6364-4d14-9c90-901566b62582","block_type":"box","text":"in China Connect Securities) trades under its market","page_number":43,"box":{"x":83,"y":211,"width":398,"height":10}},{"id":"c0844dcd-6734-401a-ad98-96fa44e29f97","block_type":"box","text":"contracts with clearing participants will be limited to assisting","page_number":43,"box":{"x":83,"y":225,"width":398,"height":10}},{"id":"4690ca3f-7f67-40c4-8066-ad646be0e644","block_type":"box","text":"clearing participants in pursuing their claims against","page_number":43,"box":{"x":83,"y":239,"width":398,"height":10}},{"id":"bbbb5a68-dfea-4aa6-98b1-9e338e9525d0","block_type":"box","text":"CSDCC. In such an event, affected Funds may suffer delay","page_number":43,"box":{"x":83,"y":253,"width":398,"height":10}},{"id":"555610be-d34b-49f0-ad95-57f0215dd4f8","block_type":"box","text":"in the recovery process or may not be able to fully recover","page_number":43,"box":{"x":83,"y":267,"width":399,"height":11}},{"id":"1da7bb97-8d57-4171-90be-5ba68f2977b4","block_type":"box","text":"their losses from CSDCC. Under Stock Connect, the","page_number":43,"box":{"x":82,"y":282,"width":399,"height":9}},{"id":"04e7ad91-f7e5-4b5a-b4f3-9321c277e930","block_type":"box","text":"relevant Funds which have acquired SC Securities should","page_number":43,"box":{"x":83,"y":296,"width":398,"height":10}},{"id":"7b71d089-14f7-4747-9075-7fc77c917193","block_type":"box","text":"maintain such SC Securities with their brokers' or","page_number":43,"box":{"x":83,"y":310,"width":399,"height":8}},{"id":"2d1b94bd-64bb-429c-80ad-e33706fbddf4","block_type":"box","text":"custodians' stock accounts with the CCASS operated by","page_number":43,"box":{"x":83,"y":324,"width":398,"height":11}},{"id":"56bfe8a5-43cf-4ec7-a86e-c3d2706a0d9d","block_type":"box","text":"HKSCC.","page_number":43,"box":{"x":83,"y":339,"width":54,"height":8}},{"id":"0d6848d5-5010-4931-b7b4-061b3c8f74fa","block_type":"box","text":"No Protection by Investor Compensation Fund.","page_number":43,"box":{"x":83,"y":367,"width":317,"height":10}},{"id":"4b542afe-d528-4697-b34a-f8ff4bac9e59","block_type":"box","text":"The Fund's","page_number":43,"box":{"x":406,"y":367,"width":75,"height":8}},{"id":"9b10741a-1c51-486d-87a8-15301acbf565","block_type":"box","text":"investments in SC Securities under SHHK and SZHK Stock","page_number":43,"box":{"x":83,"y":381,"width":399,"height":8}},{"id":"8226c468-f4ca-47e6-a48f-caebbae91291","block_type":"box","text":"Connect are not covered by the Hong Kong’s Investor","page_number":43,"box":{"x":83,"y":396,"width":399,"height":10}},{"id":"3b26409d-669b-4885-8593-f9e02e1c242e","block_type":"box","text":"Compensation Fund or the China Securities Investor","page_number":43,"box":{"x":83,"y":410,"width":399,"height":10}},{"id":"def56e9a-75c6-4b66-909f-18e3a0fcdd0f","block_type":"box","text":"Protection Fund. Therefore, a Fund is exposed to the risks","page_number":43,"box":{"x":83,"y":424,"width":398,"height":10}},{"id":"e59198ba-ef84-4428-b322-92ff45833b4a","block_type":"box","text":"of default of the broker(s) they engage in their trading in","page_number":43,"box":{"x":82,"y":438,"width":399,"height":10}},{"id":"c1df67e3-49da-4f4c-9db4-ae8ada9ce110","block_type":"box","text":"China Connect Securities through the respective programme","page_number":43,"box":{"x":83,"y":453,"width":398,"height":10}},{"id":"1ad1b343-fcc6-4c14-b1f1-95efb5c7f970","block_type":"box","text":"and the investors will not benefit from compensation under","page_number":43,"box":{"x":82,"y":467,"width":400,"height":10}},{"id":"985eb5cb-a354-4637-88fa-752c22712221","block_type":"box","text":"such schemes.","page_number":43,"box":{"x":82,"y":481,"width":100,"height":8}},{"id":"66ef0131-8158-4a40-8ac3-414e9947aeda","block_type":"box","text":"Beneficial Ownership.","page_number":43,"box":{"x":83,"y":510,"width":146,"height":10}},{"id":"740e20f1-a060-4530-bf4c-0f00e91d83e3","block_type":"box","text":"The precise nature and rights of the","page_number":43,"box":{"x":235,"y":510,"width":246,"height":10}},{"id":"0426b0fd-f1e5-4605-b25f-9f30302cc348","block_type":"box","text":"Hong Kong and overseas investors (including the Fund) as","page_number":43,"box":{"x":83,"y":524,"width":398,"height":10}},{"id":"2bf59189-2fcd-4e4d-82db-2f5fc229d077","block_type":"box","text":"the beneficial owners of PRC Investments through nominees","page_number":43,"box":{"x":82,"y":538,"width":399,"height":10}},{"id":"e9e2c398-c9a4-45fc-aef6-ce661f7bffe8","block_type":"box","text":"is less well defined under PRC law and the exact nature and","page_number":43,"box":{"x":83,"y":552,"width":398,"height":8}},{"id":"e45861f7-f32d-4d21-80a8-3b1bc7e1613f","block_type":"box","text":"methods of enforcement of the rights and interests of such","page_number":43,"box":{"x":83,"y":567,"width":398,"height":10}},{"id":"8b8a0ba5-ce77-46b1-81ce-8fac92a9ece3","block_type":"box","text":"investors under PRC law are not free from doubt.","page_number":43,"box":{"x":83,"y":581,"width":326,"height":8}},{"id":"53b5d633-6c3f-47f4-ac73-a71cda1864b9","block_type":"box","text":"In particular, China Connect Securities are held in CSDCC.","page_number":43,"box":{"x":83,"y":609,"width":397,"height":10}},{"id":"ec1418df-0867-4f32-8da7-3579f4e21a38","block_type":"box","text":"HKSCC is a participant of CSDCC and China Connect","page_number":43,"box":{"x":83,"y":623,"width":398,"height":10}},{"id":"ba697332-3c61-4831-9c28-500c12b4eecd","block_type":"box","text":"Securities acquired by the Fund will be (i) recorded in the","page_number":43,"box":{"x":83,"y":638,"width":398,"height":10}},{"id":"d8c7bbc1-b155-4db0-9d35-c40a604f9fb2","block_type":"box","text":"name of HKSCC in the nominee securities account opened","page_number":43,"box":{"x":83,"y":652,"width":398,"height":10}},{"id":"a15612ec-6ced-43cb-9e4a-0ac278417284","block_type":"box","text":"by HKSCC with CSDCC, and HKSCC is the \"nominee","page_number":43,"box":{"x":83,"y":666,"width":398,"height":10}},{"id":"3a4e1523-4087-48a3-b190-4cb1ada5cb08","block_type":"box","text":"holder\" of such China Connect Securities; and (ii) held under","page_number":43,"box":{"x":83,"y":680,"width":399,"height":11}},{"id":"e4dc5268-a3e5-4829-bbbd-dd845d540a8c","block_type":"box","text":"the depository of CSDCC and registered in the shareholders'","page_number":43,"box":{"x":82,"y":695,"width":399,"height":10}},{"id":"f24c0896-16eb-433c-b107-2755dabad8f6","block_type":"box","text":"register of the listed companies on the SSE and SZSE.","page_number":43,"box":{"x":83,"y":709,"width":365,"height":10}},{"id":"6e763fae-91f6-4d27-899c-a0d79d30d320","block_type":"box","text":"HKSCC will record interests in such China Connect","page_number":43,"box":{"x":83,"y":737,"width":398,"height":8}},{"id":"373692ca-2587-4d73-b8e6-4be0969704b4","block_type":"box","text":"Securities in the CCASS stock account of the relevant","page_number":43,"box":{"x":83,"y":752,"width":398,"height":8}},{"id":"0449ffaf-a07a-49dd-9651-5036d64464b4","block_type":"box","text":"CCASS clearing participant such that a Fund shall exercise","page_number":43,"box":{"x":83,"y":766,"width":398,"height":10}},{"id":"db304f17-bd59-443d-8d2d-96015d04517c","block_type":"box","text":"its rights in relation to the China Connect Securities through","page_number":43,"box":{"x":83,"y":780,"width":398,"height":10}},{"id":"1bd4e081-bb19-4d60-81aa-7fe49d86c835","block_type":"box","text":"the CCASS clearing participant and HKSCC as the nominee","page_number":43,"box":{"x":82,"y":794,"width":399,"height":11}},{"id":"2e1b457c-ec36-41f9-9c55-d1ebeeaa9ca8","block_type":"box","text":"holder. With respect to certain rights and interests of China","page_number":43,"box":{"x":83,"y":809,"width":398,"height":10}},{"id":"bc7cc35b-201c-4209-8a40-d13888542da8","block_type":"box","text":"Connect Securities that can only be exercised via bringing","page_number":43,"box":{"x":83,"y":823,"width":398,"height":10}},{"id":"5bbd7607-6eb0-4eb7-93cd-4ba851c7e16a","block_type":"box","text":"legal actions to PRC competent courts, it is uncertain","page_number":43,"box":{"x":83,"y":837,"width":398,"height":10}},{"id":"ca64d6c3-d3dc-4a51-b820-0a3252743076","block_type":"box","text":"whether such rights could be enforced since under the","page_number":43,"box":{"x":82,"y":851,"width":399,"height":11}},{"id":"010dc8ab-9440-45ef-9312-c615a706b07c","block_type":"box","text":"CCASS rules, HKSCC as nominee holder shall have no","page_number":43,"box":{"x":83,"y":865,"width":399,"height":10}},{"id":"c4e24604-daac-4d67-9d34-2d9b0bbfb03d","block_type":"box","text":"obligation to take any legal action or court proceeding to","page_number":43,"box":{"x":82,"y":880,"width":399,"height":10}},{"id":"6e3f076c-44cb-4560-b723-26d49b09048a","block_type":"box","text":"enforce any rights on behalf of the investors in respect of the","page_number":43,"box":{"x":519,"y":125,"width":398,"height":10}},{"id":"30b44c51-cf19-46e8-afef-6aad8c3ee460","block_type":"box","text":"China Connect Securities in PRC or elsewhere.","page_number":43,"box":{"x":519,"y":139,"width":315,"height":8}},{"id":"05ce61cc-22ac-466c-8cea-13934970bca6","block_type":"box","text":"RMB Liquidity Risk.","page_number":43,"box":{"x":519,"y":168,"width":129,"height":10}},{"id":"48c31c5c-9173-4d6c-bb91-be896365ed7f","block_type":"box","text":"RMB is currently not a freely convertible","page_number":43,"box":{"x":654,"y":168,"width":263,"height":10}},{"id":"9cfb66db-c31f-40f6-b0b7-75cf0cdaa380","block_type":"box","text":"currency. The purchase of SSE/SZSE stocks is funded by","page_number":43,"box":{"x":519,"y":182,"width":399,"height":10}},{"id":"9025f75c-f929-465b-a51c-53214c880578","block_type":"box","text":"CNH. The demand for CNH may increase and when there","page_number":43,"box":{"x":519,"y":196,"width":398,"height":10}},{"id":"68e88886-3eea-4811-b39d-8d2cfed3cd7e","block_type":"box","text":"is a net drain of offshore RMB, the liquidity of offshore RMB","page_number":43,"box":{"x":519,"y":211,"width":398,"height":10}},{"id":"4c05f60e-5688-4a08-9f7e-ffc25732b96a","block_type":"box","text":"could tighten. This could lead to the rise of CNH funding","page_number":43,"box":{"x":519,"y":225,"width":398,"height":10}},{"id":"a0445141-d5a3-425d-b6a0-50bd69a30b99","block_type":"box","text":"cost. Funds seeking to invest through the SHHK and SZHK","page_number":43,"box":{"x":519,"y":239,"width":399,"height":10}},{"id":"826bb709-527b-4f1e-b931-2560215e72c7","block_type":"box","text":"Stock Connect may not able to secure sufficient CNH to","page_number":43,"box":{"x":519,"y":253,"width":398,"height":10}},{"id":"6de6730e-6765-44f6-8192-c6e03c391c51","block_type":"box","text":"execute their transactions or may only be able to do so at","page_number":43,"box":{"x":519,"y":268,"width":398,"height":10}},{"id":"abee632e-19fd-4047-89c3-088b64aa8b91","block_type":"box","text":"significant cost. Also, should the PRC government tighten","page_number":43,"box":{"x":519,"y":282,"width":398,"height":10}},{"id":"782fa03c-3c42-425f-8915-4abeb0fbe659","block_type":"box","text":"the foreign exchange controls, such Funds may be exposed","page_number":43,"box":{"x":518,"y":296,"width":399,"height":10}},{"id":"1c594e84-c682-41fb-ab1a-077bead21db7","block_type":"box","text":"to greater liquidity risk of offshore RMB and may not be able","page_number":43,"box":{"x":518,"y":310,"width":399,"height":10}},{"id":"8847dd29-b8be-444c-b5a3-813b6d1233a9","block_type":"box","text":"to effectively pursue their investment strategies.","page_number":43,"box":{"x":518,"y":324,"width":318,"height":11}},{"id":"5dd7dc68-bd97-46ce-a22c-3c8a5f3c970c","block_type":"box","text":"Risks Associated with the Offshore Market.","page_number":43,"box":{"x":519,"y":353,"width":296,"height":8}},{"id":"fa2d1d3d-943a-472b-acea-01b467f3bdbc","block_type":"box","text":"RMB which is","page_number":43,"box":{"x":824,"y":353,"width":93,"height":8}},{"id":"496f6a4b-82bf-486d-a2ff-19a4d7d3faf5","block_type":"box","text":"traded within the Onshore Market (i.e. the CNY) may trade","page_number":43,"box":{"x":518,"y":367,"width":399,"height":10}},{"id":"522de30b-296e-4c8d-bc98-f8f856f0903e","block_type":"box","text":"at a different rate compared to RMB which is traded within","page_number":43,"box":{"x":519,"y":382,"width":398,"height":9}},{"id":"bd3c7999-0505-4b07-a075-a02d0152b6a6","block_type":"box","text":"the Offshore Market (i.e. the CNH). 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If, for any reason, the","page_number":44,"box":{"x":82,"y":154,"width":399,"height":10}},{"id":"65c5f977-4348-40cf-91a7-795bb790a9ed","block_type":"box","text":"Investment Manager is unable to use the relevant","page_number":44,"box":{"x":83,"y":168,"width":398,"height":10}},{"id":"67a61497-186e-4791-9d41-6ebfe72b2ced","block_type":"box","text":"broker/trading and settlement agent in the PRC, the","page_number":44,"box":{"x":83,"y":182,"width":398,"height":10}},{"id":"fc31f492-54f1-490e-802d-b5159890b4ba","block_type":"box","text":"operation of the relevant Fund may be adversely affected.","page_number":44,"box":{"x":82,"y":196,"width":398,"height":10}},{"id":"77aa64b4-3fd5-4fd5-8e19-a6224767d6f3","block_type":"box","text":"The Fund may also incur losses due to the acts or omissions","page_number":44,"box":{"x":82,"y":211,"width":399,"height":10}},{"id":"4b163cde-f19b-4001-b582-7a42ad12cead","block_type":"box","text":"of any of the PRC broker(s)/trading and settlement agent in","page_number":44,"box":{"x":82,"y":225,"width":399,"height":10}},{"id":"d567e221-50b9-49d4-b34d-382c2954e5f9","block_type":"box","text":"the execution or settlement of any transaction or in the","page_number":44,"box":{"x":82,"y":239,"width":399,"height":10}},{"id":"03f6d3f6-ac68-4f40-8586-97b454f615e6","block_type":"box","text":"transfer of any funds or securities. 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It is possible that a single","page_number":44,"box":{"x":82,"y":310,"width":399,"height":10}},{"id":"666ba4f7-e5e5-451d-a720-ff918d862bdf","block_type":"box","text":"PRC broker/trading and settlement agent will be appointed","page_number":44,"box":{"x":83,"y":324,"width":398,"height":11}},{"id":"d0e61100-cf1a-4efd-89aa-27a825a5c4bc","block_type":"box","text":"and the relevant Fund may not necessarily pay the lowest","page_number":44,"box":{"x":82,"y":339,"width":399,"height":10}},{"id":"2f9dfb01-b0d2-4056-8a77-b6c57c564243","block_type":"box","text":"commission available in the market. There is a risk that the","page_number":44,"box":{"x":83,"y":353,"width":398,"height":8}},{"id":"4a0f68c9-8564-43dd-b6ac-9bf4e9ac9238","block_type":"box","text":"relevant Fund may suffer losses from the default, insolvency","page_number":44,"box":{"x":83,"y":367,"width":398,"height":10}},{"id":"b98528bf-7b8a-4344-a9ec-fafbc43fa1ea","block_type":"box","text":"or disqualification of a PRC broker/trading and settlement","page_number":44,"box":{"x":82,"y":381,"width":399,"height":10}},{"id":"26bb6e51-cb8c-477d-9b3a-4f5ee2ba21c5","block_type":"box","text":"agent. In such event, the relevant Fund may be adversely","page_number":44,"box":{"x":82,"y":396,"width":400,"height":10}},{"id":"9d105849-f652-4c97-8c3f-40fcf6e8942c","block_type":"box","text":"affected in the execution of transactions through such PRC","page_number":44,"box":{"x":82,"y":410,"width":399,"height":10}},{"id":"7d9d3109-3595-4f91-90fd-7e9c81feff4e","block_type":"box","text":"broker/trading and settlement agent. In addition, the broker","page_number":44,"box":{"x":83,"y":424,"width":399,"height":10}},{"id":"c67e9507-5a37-44a4-8500-3dfb9ffff42a","block_type":"box","text":"may aggregate investment orders with its and its affiliates'","page_number":44,"box":{"x":83,"y":438,"width":398,"height":10}},{"id":"ae59e762-2f19-4a20-897e-9d915bebb7a5","block_type":"box","text":"own orders and those of its other clients, including the","page_number":44,"box":{"x":82,"y":453,"width":399,"height":10}},{"id":"11240cdc-921c-4d2c-bf8f-ed4fe455227f","block_type":"box","text":"Funds. 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Otherwise, following the existing market practice","page_number":44,"box":{"x":83,"y":837,"width":398,"height":10}},{"id":"6f532a5f-bb19-428e-ae2d-dc4931e7b514","block_type":"box","text":"in the PRC, investors engaged in Northbound trading will","page_number":44,"box":{"x":83,"y":851,"width":398,"height":10}},{"id":"23a52b51-eb6a-4920-9f8b-eba3b20b5187","block_type":"box","text":"generally not be able to attend shareholder meetings by","page_number":44,"box":{"x":83,"y":866,"width":398,"height":10}},{"id":"0af09689-a0f3-4847-bb62-c687e6ea7a15","block_type":"box","text":"proxy or in person and the Funds will not be able to exercise","page_number":44,"box":{"x":83,"y":880,"width":398,"height":10}},{"id":"cecfc2f4-e5de-41ae-8680-bf0d7eca98ca","block_type":"box","text":"the voting rights of the invested company in the same","page_number":44,"box":{"x":518,"y":125,"width":399,"height":10}},{"id":"9f84160d-cf7a-449f-8407-bc14f37edd22","block_type":"box","text":"manner as provided in some developed markets.","page_number":44,"box":{"x":519,"y":139,"width":325,"height":10}},{"id":"4bfd28aa-1c0e-41fd-b5cf-835873e7cf5d","block_type":"box","text":"Any corporate action in respect of China Connect Securities","page_number":44,"box":{"x":518,"y":168,"width":399,"height":10}},{"id":"e49d0261-6838-4d7c-a8b0-9cf3c637dd63","block_type":"box","text":"will be announced by the relevant issuer through the SSE or","page_number":44,"box":{"x":518,"y":182,"width":400,"height":10}},{"id":"763ab954-5cf7-4de2-9a6e-64f06f328146","block_type":"box","text":"SZSE website and certain officially appointed newspapers.","page_number":44,"box":{"x":519,"y":196,"width":397,"height":10}},{"id":"56565b89-0137-4be4-9ed6-b043f5cdc03d","block_type":"box","text":"However, SSE and SZSE listed issuers publish corporate","page_number":44,"box":{"x":519,"y":211,"width":398,"height":10}},{"id":"080e68bd-bdb3-4bc4-805e-b4e996260940","block_type":"box","text":"documents in Chinese only, and English translations will not","page_number":44,"box":{"x":519,"y":225,"width":398,"height":10}},{"id":"7fd96cd9-bf5f-402b-b760-5eea74eb09bc","block_type":"box","text":"be available.","page_number":44,"box":{"x":519,"y":239,"width":83,"height":8}},{"id":"ae5296a0-9446-4bd3-b412-f5d9fe33a35c","block_type":"box","text":"HKSCC will keep participants in CCASS informed of","page_number":44,"box":{"x":519,"y":267,"width":398,"height":10}},{"id":"bde330e7-651c-4033-b10d-4c14fddcfd4f","block_type":"box","text":"corporate actions of China Connect Securities. Hong Kong","page_number":44,"box":{"x":519,"y":282,"width":398,"height":10}},{"id":"04795362-0043-4743-8802-5c6ce4b519fa","block_type":"box","text":"and overseas investors (including Funds) will need to comply","page_number":44,"box":{"x":519,"y":296,"width":399,"height":10}},{"id":"834c85d5-0ce5-4410-8f20-20b6cc9b530d","block_type":"box","text":"with the arrangement and deadline specified by their","page_number":44,"box":{"x":518,"y":310,"width":400,"height":10}},{"id":"cbfc61c4-9ec7-4f6a-9ba1-dfbc2d837a0e","block_type":"box","text":"respective brokers or custodians (i.e. CCASS participants).","page_number":44,"box":{"x":519,"y":324,"width":397,"height":10}},{"id":"dc6be25c-5046-4923-b022-b50ce87d01b8","block_type":"box","text":"The time for them to take actions for some types of corporate","page_number":44,"box":{"x":518,"y":339,"width":399,"height":10}},{"id":"9f468ffa-2c68-433c-a9ed-93b0c16d0be7","block_type":"box","text":"actions of China Connect Securities may be as short as one","page_number":44,"box":{"x":519,"y":353,"width":398,"height":10}},{"id":"977bb3b1-6565-4846-a8db-17e6c3969e88","block_type":"box","text":"business day only. 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The","page_number":44,"box":{"x":519,"y":737,"width":398,"height":10}},{"id":"2a6f0cae-c9cf-40a2-bbbf-6fc2211b68a4","block_type":"box","text":"application and interpretation of the relevant investment","page_number":44,"box":{"x":519,"y":752,"width":399,"height":10}},{"id":"6538ac68-e9ee-42c4-ac40-67b433534a7d","block_type":"box","text":"regulations are largely untested and there is a lack of","page_number":44,"box":{"x":519,"y":766,"width":399,"height":10}},{"id":"5a69d1b3-db3e-45b3-86cd-12bc5a8c8191","block_type":"box","text":"certainty or guidance as to how any provision of the relevant","page_number":44,"box":{"x":519,"y":780,"width":398,"height":10}},{"id":"53dc0b58-e31c-49b7-8299-b33e6ea2c245","block_type":"box","text":"investment regulations will be applied and interpreted in","page_number":44,"box":{"x":519,"y":794,"width":398,"height":11}},{"id":"c775d739-9a57-4174-9bd9-b5cd8510794b","block_type":"box","text":"practice. The relevant investment regulations also give the","page_number":44,"box":{"x":519,"y":809,"width":398,"height":10}},{"id":"9e3f5f7d-713e-43b0-959e-b99afcff7dda","block_type":"box","text":"relevant PRC regulators (including, without limitation, PBoC","page_number":44,"box":{"x":519,"y":823,"width":398,"height":10}},{"id":"8feb9601-584f-4629-80b3-c8b7e1e26168","block_type":"box","text":"and SAFE) a certain degree of discretion and there is limited","page_number":44,"box":{"x":519,"y":837,"width":398,"height":10}},{"id":"a68a09af-63cd-40c1-8277-d6b0735e9983","block_type":"box","text":"precedent or certainty as to how such discretion might be","page_number":44,"box":{"x":519,"y":851,"width":398,"height":11}},{"id":"16da0921-06f8-42b3-8db7-ad927be7f40d","block_type":"box","text":"exercised, either now or in the future. 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The Fund","page_number":45,"box":{"x":83,"y":652,"width":398,"height":10}},{"id":"ee9df954-f67f-4cd4-bc55-96df644d374e","block_type":"box","text":"may also be required to unwind its hedge in unfavourable","page_number":45,"box":{"x":83,"y":666,"width":398,"height":10}},{"id":"e467ff84-db9f-4f21-bf8e-98b9b229ee2d","block_type":"box","text":"market conditions.","page_number":45,"box":{"x":83,"y":681,"width":121,"height":7}},{"id":"f355e496-ab62-406d-ba9a-4bfa7b911ed4","block_type":"box","text":"Nominee Holding Structure.","page_number":45,"box":{"x":83,"y":709,"width":183,"height":10}},{"id":"30721d42-bd5d-4d1a-a3c1-f27bb535476c","block_type":"box","text":"Bond Connect Securities will be","page_number":45,"box":{"x":273,"y":709,"width":208,"height":8}},{"id":"4fe5914e-62e9-4525-b4ea-f28cfa8b00ea","block_type":"box","text":"held by CMU, opening two nominee accounts with CCDC","page_number":45,"box":{"x":83,"y":723,"width":398,"height":10}},{"id":"2a48fbc6-7734-48c2-9549-3d43cbfff311","block_type":"box","text":"and SHCH. While the distinct concepts of “nominee holder”","page_number":45,"box":{"x":82,"y":737,"width":399,"height":11}},{"id":"3fe3a509-2095-4268-9193-a514efd3eab2","block_type":"box","text":"and “beneficial owner” are generally recognized under the","page_number":45,"box":{"x":82,"y":752,"width":399,"height":10}},{"id":"f0d753c3-be16-45a6-b702-684bd57d2eac","block_type":"box","text":"Applicable Bond Connect Laws and Rules, the application of","page_number":45,"box":{"x":82,"y":766,"width":399,"height":10}},{"id":"28b604c5-9c9a-4da8-88e2-6c149305c7b1","block_type":"box","text":"such rules is untested, and there is no assurance that PRC","page_number":45,"box":{"x":82,"y":780,"width":399,"height":9}},{"id":"0ad76e2e-a004-49f2-a506-20597898ae39","block_type":"box","text":"courts will recognise such rules, e.g. in liquidation","page_number":45,"box":{"x":83,"y":794,"width":398,"height":11}},{"id":"717bcaa7-3e73-4508-a2a6-58dc98bf96de","block_type":"box","text":"proceedings of PRC companies or other legal proceedings.","page_number":45,"box":{"x":83,"y":809,"width":394,"height":10}},{"id":"84f851f7-b0ff-44ac-9d61-e10cae87cb88","block_type":"box","text":"Risk of CMU / CCDC / SHCH Default.","page_number":45,"box":{"x":83,"y":837,"width":254,"height":8}},{"id":"671c2700-4928-4d59-ba70-27c11481cdbe","block_type":"box","text":"A failure or delay by","page_number":45,"box":{"x":347,"y":837,"width":135,"height":10}},{"id":"662674c3-2306-496d-a1e8-58ae253f0dd9","block_type":"box","text":"CMU, CCDC or SHCH in the performance of their respective","page_number":45,"box":{"x":83,"y":851,"width":398,"height":10}},{"id":"f5054b48-64bd-471d-994e-f0c57cf0be2d","block_type":"box","text":"obligations may result in a failure of settlement, or the loss,","page_number":45,"box":{"x":82,"y":866,"width":398,"height":10}},{"id":"e2df3f16-e0c6-4f1b-a668-43621ffc0670","block_type":"box","text":"of CIBM and/or monies in connection with them and the","page_number":45,"box":{"x":82,"y":880,"width":399,"height":8}},{"id":"3e0b8a7c-f779-45c6-9c08-b23541519c3f","block_type":"box","text":"45 \r\nrelevant Fund may suffer losses as a result.","page_number":45,"box":{"x":83,"y":894,"width":290,"height":10}},{"id":"7d309765-c9a5-469c-b247-4bcf989a3eb9","block_type":"box","text":"Counterparty Risk to the PRC Sub-Custodian and Other","page_number":45,"box":{"x":520,"y":125,"width":400,"height":10}},{"id":"e6e5ed70-8791-4239-8a62-58424523c5cf","block_type":"box","text":"Depositaries for PRC Investments.","page_number":45,"box":{"x":519,"y":139,"width":238,"height":10}},{"id":"5db9d67a-d492-429a-b3a1-4246aebfa354","block_type":"box","text":"Any PRC Investments","page_number":45,"box":{"x":765,"y":139,"width":152,"height":10}},{"id":"d7c395a7-d96f-4095-b3ed-2744069f5f5a","block_type":"box","text":"acquired through an Access Programme(s) will be","page_number":45,"box":{"x":519,"y":154,"width":398,"height":10}},{"id":"c7c8033c-8406-457a-b955-621cb9d9118e","block_type":"box","text":"maintained by the PRC Sub-Custodian, in electronic form via","page_number":45,"box":{"x":519,"y":168,"width":399,"height":10}},{"id":"5cefec09-19a1-4c8c-a1ae-3b01c8c8a9f9","block_type":"box","text":"the securities account(s) and any cash will be held in RMB","page_number":45,"box":{"x":518,"y":182,"width":399,"height":10}},{"id":"cead07d1-623d-45ac-9bb5-95cc3e98c19c","block_type":"box","text":"cash account(s) with the PRC Sub-Custodian. Securities","page_number":45,"box":{"x":519,"y":196,"width":398,"height":10}},{"id":"802e63fe-dc3d-4da2-8046-fd6ae601e30f","block_type":"box","text":"account(s) and Renminbi cash account(s) for the relevant","page_number":45,"box":{"x":519,"y":211,"width":398,"height":10}},{"id":"182e3042-7bba-4fda-a839-f7f20522d336","block_type":"box","text":"Fund in the PRC are maintained in accordance with market","page_number":45,"box":{"x":519,"y":225,"width":399,"height":8}},{"id":"7e474d65-9f5b-4442-8c32-e90ffaf40046","block_type":"box","text":"practice. Such account may be in the name of a nominee","page_number":45,"box":{"x":519,"y":239,"width":398,"height":10}},{"id":"811ec60d-054c-425c-b50b-9c83d673cc73","block_type":"box","text":"(for example, the QFI/applicant under the CIBM Direct","page_number":45,"box":{"x":519,"y":253,"width":398,"height":10}},{"id":"791143ac-d1c2-4f77-852a-896fb67d6c50","block_type":"box","text":"Access Programme(s)) and not in the name of such Fund,","page_number":45,"box":{"x":518,"y":267,"width":398,"height":11}},{"id":"bea4e42b-50f2-4678-9211-75d217bb1d7e","block_type":"box","text":"and the assets within such account may be held for and on","page_number":45,"box":{"x":519,"y":282,"width":398,"height":10}},{"id":"d63a785c-5eb7-437f-b5cc-0851916af602","block_type":"box","text":"behalf of clients of the nominee including but not limited to","page_number":45,"box":{"x":519,"y":296,"width":398,"height":10}},{"id":"85f61ce9-c032-4ee1-8413-9ecf89551d81","block_type":"box","text":"such Fund. Even though the Chinese regulators have","page_number":45,"box":{"x":519,"y":310,"width":398,"height":10}},{"id":"3a0a7f7f-171c-41f4-b11c-e738823f39bf","block_type":"box","text":"affirmed their recognition of the concepts of nominee holders","page_number":45,"box":{"x":519,"y":324,"width":398,"height":11}},{"id":"9e228359-40bb-424f-b251-43265ad93864","block_type":"box","text":"and beneficial owners and applicable PRC rules, regulations","page_number":45,"box":{"x":519,"y":339,"width":398,"height":10}},{"id":"b39b602b-69df-4b80-8142-00a534d4a061","block_type":"box","text":"and other administration measures and provisions generally","page_number":45,"box":{"x":519,"y":353,"width":399,"height":10}},{"id":"8fe735c7-d84e-45f8-b54a-b78bcb8b8611","block_type":"box","text":"provide for the concept of a \"nominee holder\" and recognise","page_number":45,"box":{"x":519,"y":367,"width":398,"height":10}},{"id":"8046e87b-8ecd-4e84-8ccf-823aa853747e","block_type":"box","text":"the concept of a \"beneficial owner\" of securities, these","page_number":45,"box":{"x":518,"y":381,"width":399,"height":10}},{"id":"b1c2b02c-1626-4fe5-90c8-c19be3c31709","block_type":"box","text":"concepts are relatively new in the Chinese legal system and","page_number":45,"box":{"x":519,"y":396,"width":398,"height":10}},{"id":"e9e01a66-0562-4681-b364-369329fc8c1c","block_type":"box","text":"remain untested under the QFI scheme. Hence, the assets","page_number":45,"box":{"x":519,"y":410,"width":398,"height":9}},{"id":"ae6d1659-9c57-4966-945b-96b6adc1748f","block_type":"box","text":"of such Fund held within such account may be subject to a","page_number":45,"box":{"x":519,"y":424,"width":398,"height":10}},{"id":"ae13172d-ed1b-4c50-84c9-3a4f41dd5020","block_type":"box","text":"risk of being treated as part of the assets of the nominee and","page_number":45,"box":{"x":519,"y":438,"width":398,"height":10}},{"id":"5ef436fb-8f07-4d68-ac9b-63a86a6d48d1","block_type":"box","text":"be vulnerable to claims by creditors of the nominee in the","page_number":45,"box":{"x":519,"y":453,"width":398,"height":10}},{"id":"7c3ff88c-e78d-445c-a716-e2c6a2c94a97","block_type":"box","text":"event of the insolvency of the nominee. Whilst the assets","page_number":45,"box":{"x":519,"y":467,"width":398,"height":10}},{"id":"50841f84-37cd-4e84-8a60-4f3216e2e395","block_type":"box","text":"held in such accounts are segregated and held separately","page_number":45,"box":{"x":519,"y":481,"width":399,"height":10}},{"id":"fbcf46b7-d7ba-4f3d-a502-401fd79daff1","block_type":"box","text":"from the assets of the nominee and belong solely to the","page_number":45,"box":{"x":518,"y":495,"width":399,"height":10}},{"id":"faa9e02c-26bf-47b8-9d48-9d57d8b067f1","block_type":"box","text":"relevant Fund, it is possible that the judicial and regulatory","page_number":45,"box":{"x":519,"y":510,"width":399,"height":10}},{"id":"0aa1db6a-68d3-4574-aaa9-8619bacb1738","block_type":"box","text":"authorities in the PRC may interpret this position differently","page_number":45,"box":{"x":519,"y":524,"width":399,"height":10}},{"id":"37a31f3c-e327-48df-a79f-165df8c7582a","block_type":"box","text":"in the future. In addition, the assets of the Fund may not be","page_number":45,"box":{"x":519,"y":538,"width":398,"height":10}},{"id":"875c1c5d-250f-42b8-9daa-2964b467f8a1","block_type":"box","text":"adequately segregated from the assets of other Funds,","page_number":45,"box":{"x":519,"y":552,"width":397,"height":10}},{"id":"4204ac36-0204-471c-a823-c6a45959a829","block_type":"box","text":"funds or clients investing through the nominee. The relevant","page_number":45,"box":{"x":518,"y":567,"width":399,"height":10}},{"id":"efed2bd4-abdc-4fd4-8553-37a41ff3afc8","block_type":"box","text":"Fund may also incur losses due to the acts or omissions of","page_number":45,"box":{"x":519,"y":581,"width":399,"height":10}},{"id":"759fac3b-8937-4078-b32b-7dc77b1fc57c","block_type":"box","text":"the PRC Sub-Custodian in the execution or settlement of any","page_number":45,"box":{"x":518,"y":595,"width":400,"height":10}},{"id":"0b906ced-26be-4346-a082-92cca63ce191","block_type":"box","text":"transaction or in the transfer of any funds or securities.","page_number":45,"box":{"x":518,"y":609,"width":364,"height":10}},{"id":"e6a53267-b850-46d6-a11f-8e7f231648db","block_type":"box","text":"Cash held by the PRC Sub-Custodian in the RMB cash","page_number":45,"box":{"x":519,"y":638,"width":398,"height":10}},{"id":"a5f6130a-e4a1-49ef-800d-48e123309a80","block_type":"box","text":"account(s) will not be segregated in practice but will be a","page_number":45,"box":{"x":519,"y":652,"width":398,"height":10}},{"id":"4f732eeb-292c-4366-9a20-eada57b9d47f","block_type":"box","text":"debt owing from the PRC Sub-Custodian to the relevant","page_number":45,"box":{"x":519,"y":666,"width":398,"height":10}},{"id":"a234eedf-0362-4d3a-86d2-2be31f73f081","block_type":"box","text":"Fund as a depositor. Such cash will be co-mingled with cash","page_number":45,"box":{"x":519,"y":680,"width":398,"height":10}},{"id":"dcd9c947-02fe-4d96-b91f-69bbc70eb298","block_type":"box","text":"belonging to other clients of the PRC Sub-Custodian. 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If, for any reason, the relevant broker /trading","page_number":46,"box":{"x":83,"y":154,"width":398,"height":10}},{"id":"9f4c5f0f-f286-46b8-9d94-fe58d75dd9b1","block_type":"box","text":"and settlement agent in the PRC cannot be used, the","page_number":46,"box":{"x":82,"y":168,"width":399,"height":10}},{"id":"966beb04-5966-4317-977a-df8968f8987d","block_type":"box","text":"operation of the relevant Fund may be adversely affected.","page_number":46,"box":{"x":82,"y":182,"width":399,"height":10}},{"id":"97dfd0db-5fc1-4cdf-bd54-2ca2998d62d1","block_type":"box","text":"The Fund may also incur losses due to the acts or omissions","page_number":46,"box":{"x":82,"y":196,"width":399,"height":10}},{"id":"c6bd3dab-1d3f-4735-b82e-19f9910d62a9","block_type":"box","text":"of any of the PRC broker(s)/trading and settlement agent in","page_number":46,"box":{"x":82,"y":211,"width":399,"height":10}},{"id":"a591f444-af8b-4e75-ba6a-d3db8e5e8b3b","block_type":"box","text":"the execution or settlement of any transaction or in the","page_number":46,"box":{"x":82,"y":225,"width":399,"height":10}},{"id":"ce16c1c6-c2f2-420d-ba3c-8a7d74bde62e","block_type":"box","text":"transfer of any funds or securities. 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A Fund may be adversely affected,","page_number":46,"box":{"x":82,"y":410,"width":399,"height":10}},{"id":"d8450629-2113-4b19-8bb5-411d69b10039","block_type":"box","text":"whether directly or indirectly, by (i) the acts or omissions by","page_number":46,"box":{"x":82,"y":424,"width":400,"height":10}},{"id":"32807e29-fbba-40f7-8732-27d5316caa82","block_type":"box","text":"the broker/trade and settlement agent in the settlement of","page_number":46,"box":{"x":82,"y":438,"width":400,"height":10}},{"id":"fcac054a-d975-428f-ad84-c78eeda5197b","block_type":"box","text":"any transaction or in the transfer of funds or securities; (ii)","page_number":46,"box":{"x":82,"y":453,"width":399,"height":10}},{"id":"07849d69-7367-4d95-99fb-05af53331a99","block_type":"box","text":"the default or bankruptcy of the broker/trade and settlement","page_number":46,"box":{"x":82,"y":467,"width":399,"height":10}},{"id":"d8a5b73a-7c8b-4f10-a080-9e03393566db","block_type":"box","text":"agent; and (iii) the disqualification of the broker/trade and","page_number":46,"box":{"x":82,"y":481,"width":399,"height":10}},{"id":"79f3196b-711a-4090-acb0-b4a7e4053b5b","block_type":"box","text":"settlement agent from acting in such capacity either on a","page_number":46,"box":{"x":82,"y":495,"width":399,"height":10}},{"id":"0ef59a41-485e-4cb1-ae1c-5b46182798ff","block_type":"box","text":"temporary or permanent basis. Such acts, omissions,","page_number":46,"box":{"x":82,"y":510,"width":399,"height":10}},{"id":"ebb1d746-4866-4e03-a1b2-d1d2bc79169b","block_type":"box","text":"default or disqualification may also adversely affect a Fund","page_number":46,"box":{"x":82,"y":524,"width":399,"height":10}},{"id":"320fa99b-d80d-43f2-9ea6-f72485143892","block_type":"box","text":"in implementing its investment strategy or disrupt its","page_number":46,"box":{"x":83,"y":538,"width":398,"height":10}},{"id":"a5f318a5-5e20-4f5f-bacb-e22df29441de","block_type":"box","text":"operations, including causing delays in the settlement of any","page_number":46,"box":{"x":82,"y":552,"width":400,"height":10}},{"id":"e1b53ba6-6fd1-46c2-b52c-75743a15bbd8","block_type":"box","text":"transaction or the transfer of any funds or securities in the","page_number":46,"box":{"x":82,"y":567,"width":399,"height":10}},{"id":"e457bc75-23d7-4242-afd9-4c9c75e38dd8","block_type":"box","text":"PRC or in recovering assets, which may in turn adversely","page_number":46,"box":{"x":83,"y":581,"width":399,"height":10}},{"id":"ef847b3c-1acc-459c-a968-82648483f87b","block_type":"box","text":"impact its net asset value. Furthermore, regulatory sanctions","page_number":46,"box":{"x":83,"y":595,"width":398,"height":10}},{"id":"3c3191d2-09f2-43da-9bbd-1421308bc446","block_type":"box","text":"can be imposed upon the broker/trade and settlement agent","page_number":46,"box":{"x":83,"y":609,"width":399,"height":10}},{"id":"c383036c-fb42-478b-bd01-d24226f3f01a","block_type":"box","text":"if it violates any provision under the Access Programme(s)","page_number":46,"box":{"x":83,"y":623,"width":398,"height":11}},{"id":"71477233-4770-41b8-9df7-ef840d7654a2","block_type":"box","text":"regulations. Such sanctions may adversely affect a Fund's","page_number":46,"box":{"x":83,"y":638,"width":398,"height":10}},{"id":"db03ad3f-3ca8-4693-8c8a-0766d6a941d6","block_type":"box","text":"investments in PRC Investments.","page_number":46,"box":{"x":83,"y":652,"width":221,"height":8}},{"id":"e53cb840-e2aa-4528-8940-13f8d7206ae8","block_type":"box","text":"Remittance and Repatriation of RMB.","page_number":46,"box":{"x":83,"y":680,"width":276,"height":10}},{"id":"9fa836c3-1806-44a1-977c-f52f182a3af3","block_type":"box","text":"Applications for","page_number":46,"box":{"x":371,"y":680,"width":111,"height":10}},{"id":"49607f18-9fcf-417e-b255-8a106a0d2110","block_type":"box","text":"subscription, redemption and/or conversion of Shares may","page_number":46,"box":{"x":82,"y":695,"width":399,"height":10}},{"id":"a3f9dfed-6d80-4ddb-9c23-0184bf4f58b9","block_type":"box","text":"be subject to certain restrictions under the relevant Access","page_number":46,"box":{"x":83,"y":709,"width":398,"height":10}},{"id":"3a5f68f5-06d0-4891-a864-756d99b52d91","block_type":"box","text":"Programme(s) and other relevant PRC regulations. The","page_number":46,"box":{"x":83,"y":723,"width":398,"height":10}},{"id":"fd6dd9d6-df3c-443f-b032-6374ce7269a5","block_type":"box","text":"repatriation of invested capital and of income and capital","page_number":46,"box":{"x":83,"y":737,"width":398,"height":10}},{"id":"fbbbb21d-faf6-4652-ad13-38a596ff728a","block_type":"box","text":"gains of a Fund from the PRC is subject to the relevant PRC","page_number":46,"box":{"x":83,"y":752,"width":398,"height":10}},{"id":"c1861f35-630e-4fb6-9ab6-26bf073e7e86","block_type":"box","text":"regulations in effect from time to time.","page_number":46,"box":{"x":83,"y":766,"width":250,"height":10}},{"id":"8ebc9ee2-9b4c-415a-8a72-50ade118e65d","block_type":"box","text":"Repatriations of RMB by QFIs for open ended funds are","page_number":46,"box":{"x":83,"y":794,"width":398,"height":10}},{"id":"188b18af-8440-4bae-aee1-203d6c43ab8a","block_type":"box","text":"currently permitted on a daily basis based on the net","page_number":46,"box":{"x":83,"y":809,"width":398,"height":10}},{"id":"db395dda-7841-4984-932d-c00c0ac48b39","block_type":"box","text":"subscriptions and redemptions of Shares of the relevant","page_number":46,"box":{"x":82,"y":823,"width":399,"height":10}},{"id":"e63d183b-27d7-408e-ba63-79e70015e5c6","block_type":"box","text":"Fund (as an open-ended fund) and are not subject to","page_number":46,"box":{"x":83,"y":837,"width":398,"height":10}},{"id":"72a5c08c-ca8a-4706-8f13-26327fbe6dff","block_type":"box","text":"repatriation restrictions, any lock up period or prior regulatory","page_number":46,"box":{"x":83,"y":851,"width":399,"height":10}},{"id":"9023abcf-1b16-446d-95b8-42b481ec9bae","block_type":"box","text":"approval (but still subject to authenticity and compliance","page_number":46,"box":{"x":82,"y":865,"width":399,"height":11}},{"id":"0dc258cd-17af-465c-8f44-cae356596c36","block_type":"box","text":"reviews and other regulatory requirements). At present,","page_number":46,"box":{"x":83,"y":880,"width":397,"height":10}},{"id":"3d573bf7-0b21-4b65-a51c-2a6122349f37","block_type":"box","text":"46 \r\nthere is no regulatory prior approval requirement for","page_number":46,"box":{"x":82,"y":894,"width":400,"height":10}},{"id":"55ad0639-2ec9-4afa-9677-81b4adf1420a","block_type":"box","text":"repatriation of funds from QFIs under the above","page_number":46,"box":{"x":519,"y":125,"width":398,"height":10}},{"id":"4429c39c-2b39-4c95-bd32-4507d1901e7d","block_type":"box","text":"circumstances, however there is no assurance that PRC","page_number":46,"box":{"x":519,"y":139,"width":398,"height":10}},{"id":"d059225f-290a-4068-9f29-4d1a010e5611","block_type":"box","text":"rules and regulations will not change or that repatriation","page_number":46,"box":{"x":519,"y":154,"width":398,"height":10}},{"id":"fc2634d5-60e9-41eb-b7d7-c975c389e667","block_type":"box","text":"restrictions will not be imposed in the future. Further, such","page_number":46,"box":{"x":519,"y":168,"width":398,"height":10}},{"id":"2ffe3405-8e4e-4594-9d4b-939099e1a6a2","block_type":"box","text":"changes to the PRC rules and regulations may be applied","page_number":46,"box":{"x":519,"y":182,"width":398,"height":10}},{"id":"b93d09f8-e511-47a1-a3fd-2c7abdaf24c5","block_type":"box","text":"retroactively.","page_number":46,"box":{"x":519,"y":196,"width":81,"height":10}},{"id":"990885dc-1cba-41fa-8007-fe52d50bc68f","block_type":"box","text":"Remittance and repatriation for the account of a Fund under","page_number":46,"box":{"x":519,"y":225,"width":399,"height":10}},{"id":"ca8c5467-450b-4fa5-a0bf-ea572f349985","block_type":"box","text":"the CIBM Direct Access Programme(s) regulations may","page_number":46,"box":{"x":518,"y":239,"width":400,"height":10}},{"id":"af84b942-01e2-4123-b6db-7e6fde706af8","block_type":"box","text":"currently be effected subject to the following restrictions:","page_number":46,"box":{"x":519,"y":253,"width":374,"height":10}},{"id":"a725d885-fe2a-4e11-bc4c-2ad4ed873318","block_type":"box","text":"(i)","page_number":46,"box":{"x":519,"y":282,"width":11,"height":10}},{"id":"c07bfd42-bb7f-48e5-83cb-34db7967d53f","block_type":"box","text":"a Fund may remit investment principal in RMB or","page_number":46,"box":{"x":579,"y":282,"width":335,"height":10}},{"id":"d10789f6-bdfb-4e2c-b113-2634558b86bc","block_type":"box","text":"foreign currency into the PRC for investing through","page_number":46,"box":{"x":579,"y":296,"width":334,"height":10}},{"id":"da15958f-db2a-4170-8b50-df6c62373d15","block_type":"box","text":"the CIBM Direct Access Programme(s); and","page_number":46,"box":{"x":579,"y":310,"width":293,"height":10}},{"id":"ecd3b91b-423a-4f1c-b637-e89fe2022eb8","block_type":"box","text":"(ii)","page_number":46,"box":{"x":519,"y":339,"width":14,"height":10}},{"id":"cca313be-3517-434b-9a4b-fafdad434289","block_type":"box","text":"where a Fund repatriates funds out of the PRC, the","page_number":46,"box":{"x":579,"y":339,"width":335,"height":10}},{"id":"d74a474c-3eba-410f-9480-c91ee3f3265d","block_type":"box","text":"ratio of RMB to foreign currency should generally","page_number":46,"box":{"x":580,"y":353,"width":334,"height":10}},{"id":"757334fd-1e76-45c7-a2d8-6fa50b48755f","block_type":"box","text":"match the original ratio of RMB to foreign currency","page_number":46,"box":{"x":579,"y":367,"width":335,"height":10}},{"id":"ed4bf455-5d26-4c9b-8d97-542bd3fae92e","block_type":"box","text":"when the investment principal was remitted into","page_number":46,"box":{"x":579,"y":382,"width":335,"height":9}},{"id":"83b10783-dd11-4f98-84e7-56e19f5bcfb8","block_type":"box","text":"PRC, with a maximum permissible deviation of","page_number":46,"box":{"x":580,"y":396,"width":334,"height":10}},{"id":"b521b092-2d9c-4f19-93f3-01332c08200b","block_type":"box","text":"10%. 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ETF Shares made directly to the","page_number":47,"box":{"x":518,"y":139,"width":399,"height":10}},{"id":"4ff46619-fb04-4252-ba8b-0e71ad091a66","block_type":"box","text":"Company only and not to purchase of ETF Shares on","page_number":47,"box":{"x":519,"y":154,"width":398,"height":10}},{"id":"2ab46b32-37dc-4f25-8ebe-781c2ef52dc4","block_type":"box","text":"secondary markets. Applications for subscriptions directly to","page_number":47,"box":{"x":519,"y":168,"width":398,"height":10}},{"id":"94be8994-81c0-452a-b226-0e7921f744a4","block_type":"box","text":"the Company in respect of ETF Shares may only be made","page_number":47,"box":{"x":518,"y":182,"width":399,"height":10}},{"id":"99fe0638-0c35-4fec-b1d1-a8dda1505ad4","block_type":"box","text":"by Authorised Participants. All other investors may purchase","page_number":47,"box":{"x":519,"y":196,"width":398,"height":10}},{"id":"5d4d446c-b943-42c0-8b74-427e083814c1","block_type":"box","text":"ETF Shares through Authorised Participants on the","page_number":47,"box":{"x":519,"y":211,"width":398,"height":10}},{"id":"f8d9679a-165f-4017-bf2c-10d91d69fc4e","block_type":"box","text":"secondary market, as described below in the section entitled","page_number":47,"box":{"x":519,"y":225,"width":398,"height":10}},{"id":"3bd82d99-8fbf-4a63-bb6e-82e0b9e6e936","block_type":"box","text":"“","page_number":47,"box":{"x":519,"y":239,"width":4,"height":3}},{"id":"8d961eda-e380-479e-9832-d4077f3514ba","block_type":"box","text":"Secondary Market — Secondary Market Purchases and","page_number":47,"box":{"x":524,"y":239,"width":393,"height":10}},{"id":"f0d9099e-5ce2-4f40-97da-67b8c7956e3f","block_type":"box","text":"Sales","page_number":47,"box":{"x":519,"y":253,"width":38,"height":8}},{"id":"eff4771e-5d61-49b4-b035-6d796930c69c","block_type":"box","text":"”. This restriction does not apply in the case of Non","page_number":47,"box":{"x":558,"y":253,"width":359,"height":10}},{"id":"55eb7305-fe0e-4133-ba4c-8387a73650ca","block_type":"box","text":"ETF Shares which may be issued directly by the Company","page_number":47,"box":{"x":519,"y":267,"width":399,"height":11}},{"id":"9fd3d8e6-764a-41a2-a68a-f07aa2685bc0","block_type":"box","text":"to all prospective investors. 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The composition of","page_number":51,"box":{"x":82,"y":410,"width":400,"height":10}},{"id":"db3e3c76-cbfc-4827-813e-8e891b6910ce","block_type":"box","text":"the basket of securities to be delivered by the Company and","page_number":51,"box":{"x":82,"y":424,"width":399,"height":10}},{"id":"2ab25d1a-21eb-4e7d-8a45-a6acf0d796d4","block_type":"box","text":"an estimated amount of the balance in cash are published","page_number":51,"box":{"x":82,"y":438,"width":399,"height":10}},{"id":"047a7725-cc8c-405e-8087-cabc05302e1f","block_type":"box","text":"every Dealing Day on the Website. The exact value of the","page_number":51,"box":{"x":83,"y":453,"width":398,"height":10}},{"id":"a283dc25-81f0-4d1d-8a23-5fe67682968a","block_type":"box","text":"cash balance is determined after calculation of the Net Asset","page_number":51,"box":{"x":83,"y":467,"width":398,"height":8}},{"id":"46d2ebea-4a0a-4bec-a2b6-2e07520d4731","block_type":"box","text":"Value on the relevant Dealing Day, established on the basis","page_number":51,"box":{"x":82,"y":481,"width":399,"height":10}},{"id":"656511f3-f960-4056-8d59-c278fc35b1bb","block_type":"box","text":"of the prices used in calculating the Net Asset Value per","page_number":51,"box":{"x":82,"y":495,"width":400,"height":10}},{"id":"5cdba82b-055d-4eac-98a9-188a935e6a4e","block_type":"box","text":"Share, and equals the difference between the value of the","page_number":51,"box":{"x":83,"y":510,"width":398,"height":10}},{"id":"3e367de6-2c05-48e0-8784-39ea175a152e","block_type":"box","text":"Shares to be redeemed and the value of the basket of","page_number":51,"box":{"x":83,"y":524,"width":398,"height":8}},{"id":"ef29a8ad-3528-4fbe-a7ad-eaaf64b1a354","block_type":"box","text":"securities at the prices used in calculating the Net Asset","page_number":51,"box":{"x":82,"y":538,"width":399,"height":10}},{"id":"af88d880-5296-4e64-a28a-5fa2d74ff1b6","block_type":"box","text":"Value per Share on the same date. All redemptions in-kind","page_number":51,"box":{"x":82,"y":552,"width":399,"height":10}},{"id":"8276000a-e2e3-4081-bbb4-baa352398b93","block_type":"box","text":"will be subject to an appropriate provision for Duties and","page_number":51,"box":{"x":82,"y":567,"width":399,"height":10}},{"id":"a0fafcf1-99d2-4cb3-a4ba-3a0718977182","block_type":"box","text":"Charges.","page_number":51,"box":{"x":83,"y":581,"width":58,"height":10}},{"id":"6622290d-729e-447e-be3c-5fa63eed6dfe","block_type":"box","text":"Where a Shareholder requests redemption of Shares in a","page_number":51,"box":{"x":82,"y":609,"width":399,"height":10}},{"id":"143309ae-6e81-42e5-9f00-8b062ee1e447","block_type":"box","text":"Fund representing 5% or more of the Net Asset Value, the","page_number":51,"box":{"x":83,"y":624,"width":398,"height":10}},{"id":"c3e82f24-d59b-4ccd-a993-e372eb64d417","block_type":"box","text":"Management Company may determine in its sole discretion","page_number":51,"box":{"x":83,"y":638,"width":398,"height":10}},{"id":"7f694e2a-ee24-483b-a2f7-9615fa60bace","block_type":"box","text":"to provide the redemption in-kind. The assets to be","page_number":51,"box":{"x":82,"y":652,"width":399,"height":10}},{"id":"8465f409-a70c-4824-bab0-8b96acde0064","block_type":"box","text":"transferred shall be selected at the discretion of the","page_number":51,"box":{"x":82,"y":666,"width":399,"height":8}},{"id":"d921dd4d-16ca-4d12-a85d-d66ec1f0dff7","block_type":"box","text":"Management Company, subject to the approval of the","page_number":51,"box":{"x":83,"y":680,"width":398,"height":11}},{"id":"abcd11ea-6edc-45bf-a035-5ebae4113946","block_type":"box","text":"Depositary and taken at their value used in determining the","page_number":51,"box":{"x":83,"y":695,"width":398,"height":10}},{"id":"14a5105d-45fa-43f8-a38f-540b3dcdf143","block_type":"box","text":"redemption price of the Shares being so repurchased. In this","page_number":51,"box":{"x":83,"y":709,"width":398,"height":10}},{"id":"0f62c554-dbb0-4027-ae7b-b4c784ed0a9f","block_type":"box","text":"event the Management Company will, if requested, sell the","page_number":51,"box":{"x":83,"y":723,"width":398,"height":10}},{"id":"7277cede-124b-436a-85c9-0e3bf0961cfa","block_type":"box","text":"assets on behalf of the Shareholder at the Shareholder’s","page_number":51,"box":{"x":82,"y":737,"width":399,"height":8}},{"id":"4223596e-7cff-47e4-a651-1552040e454f","block_type":"box","text":"expense and give the Shareholder cash. Such distributions","page_number":51,"box":{"x":83,"y":752,"width":398,"height":10}},{"id":"5ca3c4ea-2230-4d54-89f5-d7c4be29a4d4","block_type":"box","text":"will not materially prejudice the interests of the remaining","page_number":51,"box":{"x":82,"y":766,"width":399,"height":10}},{"id":"5e27dbe7-3f3c-4088-8bf1-459ffffa12f0","block_type":"box","text":"Shareholders. The costs of any such disposal shall be borne","page_number":51,"box":{"x":83,"y":780,"width":398,"height":10}},{"id":"5755b8aa-e3dc-4c1c-8031-65f909e49e82","block_type":"box","text":"by the redeeming Shareholder.","page_number":51,"box":{"x":83,"y":794,"width":205,"height":11}},{"id":"fa1b5659-8379-456a-a36a-a8356687257e","block_type":"box","text":"Redemption Proceeds.","page_number":51,"box":{"x":83,"y":823,"width":168,"height":10}},{"id":"bc1b2392-3745-4412-a81b-f3c7d870d6ee","block_type":"box","text":"Redemptions proceeds (in-kind","page_number":51,"box":{"x":263,"y":823,"width":218,"height":10}},{"id":"3acc0fa5-de3e-4f4b-b9da-e9ac6c1eacfa","block_type":"box","text":"and/or in cash) will only be released where the Administrator","page_number":51,"box":{"x":82,"y":837,"width":400,"height":10}},{"id":"15c15d64-6c2c-47e2-b595-0a4ccce35a5b","block_type":"box","text":"has received the original application form and all requested","page_number":51,"box":{"x":83,"y":851,"width":398,"height":10}},{"id":"7d6a0b3e-b847-4825-b076-fbb2e9c0b4a4","block_type":"box","text":"supporting anti-money laundering documentation. Where","page_number":51,"box":{"x":82,"y":866,"width":399,"height":10}},{"id":"1e353a8e-9677-424e-8bc8-4cf63f48f369","block_type":"box","text":"Shares are issued in dematerialised form in one or more","page_number":51,"box":{"x":83,"y":880,"width":398,"height":8}},{"id":"a8cb81a6-228c-4a8b-92a2-3fb7427aa491","block_type":"box","text":"51 \r\nrecognised clearing and settlement systems, redemption of","page_number":51,"box":{"x":83,"y":894,"width":398,"height":10}},{"id":"0ac02a1b-a2ac-49be-bb7e-2611a9d126bd","block_type":"box","text":"these Shares can only be completed by the delivery of those","page_number":51,"box":{"x":518,"y":125,"width":399,"height":10}},{"id":"cce2a61f-9459-4f1d-a128-779916545c96","block_type":"box","text":"Shares back through that recognised clearing and","page_number":51,"box":{"x":519,"y":139,"width":398,"height":11}},{"id":"371e3a37-871d-4e0b-91fd-bce78ceded61","block_type":"box","text":"settlement system. Redemption instructions received after","page_number":51,"box":{"x":519,"y":154,"width":399,"height":10}},{"id":"b913b2d2-2d82-427a-a300-6ed8bc27ed1d","block_type":"box","text":"the relevant deadlines will be held over and dealt with on the","page_number":51,"box":{"x":518,"y":168,"width":399,"height":8}},{"id":"802cb15e-8ee4-4839-a84a-a238cbdee4c3","block_type":"box","text":"following Dealing Day, unless the Directors (or their duly","page_number":51,"box":{"x":518,"y":182,"width":400,"height":10}},{"id":"83fca30d-a153-4794-81c1-eaa7d78fcdd1","block_type":"box","text":"authorised delegates) otherwise determine. Redemption","page_number":51,"box":{"x":519,"y":196,"width":398,"height":11}},{"id":"cb230ed7-a482-495e-ae68-1d86292cd7b5","block_type":"box","text":"instructions should be sent by facsimile (or by electronic","page_number":51,"box":{"x":519,"y":211,"width":399,"height":10}},{"id":"9c1f996c-95a5-46e4-a05e-b56de88a0561","block_type":"box","text":"means if agreed with the Administrator) to the Administrator.","page_number":51,"box":{"x":519,"y":225,"width":397,"height":10}},{"id":"3fd76cfe-4d31-40c7-b39c-5a05dab54c53","block_type":"box","text":"Shareholders will not be entitled to withdraw redemption","page_number":51,"box":{"x":519,"y":239,"width":398,"height":10}},{"id":"767be92c-b71a-4013-be30-6cedba439473","block_type":"box","text":"requests unless otherwise agreed by the Directors in","page_number":51,"box":{"x":519,"y":253,"width":398,"height":10}},{"id":"2a7e9de4-6199-44f0-a665-d1d01ee1cd8b","block_type":"box","text":"consultation with the Administrator.","page_number":51,"box":{"x":519,"y":268,"width":232,"height":7}},{"id":"12d276d2-6ce8-4882-8002-02e9dcc0fcd4","block_type":"box","text":"Redemption Limits.","page_number":51,"box":{"x":519,"y":296,"width":143,"height":10}},{"id":"afd56865-6fb5-4efe-9211-09cd60006a65","block_type":"box","text":"If redemption requests received in","page_number":51,"box":{"x":673,"y":296,"width":244,"height":10}},{"id":"6ce89fbb-dac8-425f-ae35-fc4d3ce8e46d","block_type":"box","text":"respect of Shares of a particular Fund on any Dealing Day","page_number":51,"box":{"x":519,"y":310,"width":399,"height":10}},{"id":"7343de47-86c2-4c49-8438-6c7355d12ee4","block_type":"box","text":"total, in aggregate, more than 10% of all of the issued Shares","page_number":51,"box":{"x":518,"y":324,"width":399,"height":11}},{"id":"661cf276-b1a1-48e8-aef3-648a5fe02e44","block_type":"box","text":"of that Fund on that Dealing Day, the Management Company","page_number":51,"box":{"x":519,"y":339,"width":399,"height":10}},{"id":"257fba85-83df-4449-9d3f-cdd046f4ed6b","block_type":"box","text":"shall be entitled, at its absolute discretion, to refuse to","page_number":51,"box":{"x":519,"y":353,"width":399,"height":9}},{"id":"0c4f310d-797c-42b0-848d-56da56cc687c","block_type":"box","text":"redeem such number of Shares of that Fund on that Dealing","page_number":51,"box":{"x":519,"y":367,"width":398,"height":10}},{"id":"7350baad-20a9-433e-94c9-5acb373ad7ac","block_type":"box","text":"Day, in excess of 10% of the issued Shares of the Fund, in","page_number":51,"box":{"x":519,"y":381,"width":398,"height":11}},{"id":"5c991602-574d-4e15-ae0f-689354bfecc0","block_type":"box","text":"respect of which redemption requests have been received,","page_number":51,"box":{"x":519,"y":396,"width":397,"height":10}},{"id":"00014b2d-2f5c-4074-a758-12d423296366","block_type":"box","text":"as the Management Company shall determine. If the","page_number":51,"box":{"x":519,"y":410,"width":398,"height":10}},{"id":"a616c2b1-f4f0-4528-b4e9-ed74e255bf8f","block_type":"box","text":"Management Company refuses to redeem Shares for this","page_number":51,"box":{"x":519,"y":424,"width":398,"height":10}},{"id":"336d6e97-bd57-4bec-8a50-c4d31a6c7a89","block_type":"box","text":"reason, the requests for redemption on such date shall be","page_number":51,"box":{"x":519,"y":438,"width":398,"height":10}},{"id":"100e39c5-59e2-4d3c-a98a-35ae30171c7e","block_type":"box","text":"reduced rateably and the Shares to which each request","page_number":51,"box":{"x":519,"y":453,"width":398,"height":10}},{"id":"4ec6b02c-fc03-4523-b37d-1c7f65fe626f","block_type":"box","text":"relates which are not redeemed shall be redeemed on each","page_number":51,"box":{"x":519,"y":467,"width":398,"height":8}},{"id":"831a74c0-296d-4888-981f-a000bb9f9f80","block_type":"box","text":"subsequent Dealing Day (but shall not receive priority on","page_number":51,"box":{"x":519,"y":481,"width":398,"height":10}},{"id":"1c0b6a02-777e-4c15-9ff3-d0ee6b6a14aa","block_type":"box","text":"such subsequent Dealing Day), provided that the Company","page_number":51,"box":{"x":519,"y":495,"width":399,"height":10}},{"id":"6b4cd295-abe4-432d-9c97-70e7d2555178","block_type":"box","text":"shall not be obliged to redeem more than 10% of the number","page_number":51,"box":{"x":519,"y":510,"width":399,"height":10}},{"id":"50441568-37f3-4b42-99fa-10fdcd35d721","block_type":"box","text":"of Shares of a particular Fund outstanding on any Dealing","page_number":51,"box":{"x":519,"y":524,"width":398,"height":10}},{"id":"7592d734-1232-4c4e-953a-3eec1fe927ea","block_type":"box","text":"Day, until all the Shares of the Fund to which the original","page_number":51,"box":{"x":519,"y":538,"width":398,"height":10}},{"id":"4f4f1b51-70f6-4fec-8fe8-b87e0f90b9a2","block_type":"box","text":"request related have been redeemed.","page_number":51,"box":{"x":519,"y":552,"width":250,"height":10}},{"id":"c27c88ef-d472-4f72-b6c1-4673201f59ee","block_type":"box","text":"Conversions.","page_number":51,"box":{"x":519,"y":581,"width":94,"height":8}},{"id":"7637c35a-140c-4b0b-a226-99ce43aaae48","block_type":"box","text":"A transfer from one Fund to another is","page_number":51,"box":{"x":624,"y":581,"width":293,"height":8}},{"id":"be18044d-9539-4bdf-bac4-7afebe75bb47","block_type":"box","text":"executed by the redemption of the Shares of the original","page_number":51,"box":{"x":519,"y":595,"width":398,"height":10}},{"id":"4f9b2f79-10a0-49d4-81d0-c8a21b29caed","block_type":"box","text":"Fund and the subscription of Shares in the Fund. 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The INAV is based on","page_number":53,"box":{"x":83,"y":239,"width":398,"height":10}},{"id":"81a6f230-9cec-434e-9f63-5957bf3fc7db","block_type":"box","text":"quotes and last sale prices from the securities’ local market","page_number":53,"box":{"x":82,"y":253,"width":399,"height":10}},{"id":"a2ccdf21-31f9-4857-9731-3871aa7936e6","block_type":"box","text":"and may not reflect events that occur subsequent to the local","page_number":53,"box":{"x":82,"y":267,"width":399,"height":11}},{"id":"8e3a9ca6-e338-49d3-b1ed-685ebf317691","block_type":"box","text":"market’s close. Premiums and discounts between the INAV","page_number":53,"box":{"x":83,"y":282,"width":398,"height":8}},{"id":"b03f56d5-a2c5-489f-964e-1e4585aa5ef6","block_type":"box","text":"and the market price may occur and the INAV should not be","page_number":53,"box":{"x":82,"y":296,"width":399,"height":10}},{"id":"42446bd1-1266-45b3-9a3f-188798e0fa34","block_type":"box","text":"viewed as a “real-time” update of the Net Asset Value per","page_number":53,"box":{"x":82,"y":310,"width":400,"height":10}},{"id":"577600a7-11c9-42bb-bc19-8d10cb08f136","block_type":"box","text":"Share, which is calculated only once a day. Neither the","page_number":53,"box":{"x":83,"y":324,"width":398,"height":11}},{"id":"dd4cf08b-e999-4877-9776-2e87fe20e7c8","block_type":"box","text":"Funds, nor the Investment Manager or any of their affiliates,","page_number":53,"box":{"x":83,"y":339,"width":397,"height":10}},{"id":"6e076369-6de2-4e5f-b658-f0fd852fb690","block_type":"box","text":"nor any third party calculation agents involved in, or","page_number":53,"box":{"x":83,"y":353,"width":399,"height":10}},{"id":"8428ddf4-c461-4223-b008-defb3449ea57","block_type":"box","text":"responsible for, the calculation or publication of such INAVs","page_number":53,"box":{"x":83,"y":367,"width":398,"height":10}},{"id":"9f6a526b-c669-47b0-82b3-53aa9c0a9cf8","block_type":"box","text":"makes any warranty as to their accuracy. Details of the INAV","page_number":53,"box":{"x":83,"y":382,"width":398,"height":10}},{"id":"b7fca8ad-afe3-4cd8-a7e4-cda40d192e99","block_type":"box","text":"for each Fund are available on the Website.","page_number":53,"box":{"x":82,"y":396,"width":291,"height":8}},{"id":"56ac26c8-5f9b-4072-a3e9-fffb9577aeba","block_type":"box","text":"Liquidity Risk Management","page_number":53,"box":{"x":83,"y":453,"width":195,"height":10}},{"id":"32609220-0d43-4f66-b908-85260efef320","block_type":"box","text":"The Management Company has established a liquidity risk","page_number":53,"box":{"x":82,"y":481,"width":400,"height":10}},{"id":"179969b7-f068-4cb4-bbde-3e555b6af40f","block_type":"box","text":"management policy which enables it to identify, monitor and","page_number":53,"box":{"x":83,"y":495,"width":398,"height":10}},{"id":"fe9d9532-033c-4d79-a010-3bc7fc79ef03","block_type":"box","text":"manage the liquidity risks of the Company and to ensure the","page_number":53,"box":{"x":83,"y":510,"width":398,"height":10}},{"id":"cc69ccf6-a8ed-4859-b629-05fc4a7a64e6","block_type":"box","text":"liquidity profile of the investments of each Fund will facilitate","page_number":53,"box":{"x":83,"y":524,"width":398,"height":10}},{"id":"c15dfa57-f923-4f3d-a192-556318f0fc94","block_type":"box","text":"compliance with each Fund’s underlying obligations. The","page_number":53,"box":{"x":83,"y":538,"width":398,"height":10}},{"id":"dfb05199-a838-4545-9ec5-32322ff7f30f","block_type":"box","text":"Management Company’s liquidity risk management policy","page_number":53,"box":{"x":83,"y":552,"width":398,"height":11}},{"id":"4ebe46bb-18ca-4e81-b7d4-a28a6147b975","block_type":"box","text":"takes into account the investment strategy, the liquidity","page_number":53,"box":{"x":82,"y":567,"width":400,"height":10}},{"id":"cd48afb8-e920-4f22-9738-d9812ced4f43","block_type":"box","text":"profile, redemption policy and other underlying obligations of","page_number":53,"box":{"x":83,"y":581,"width":398,"height":10}},{"id":"4dc554dc-546d-4088-b539-f4c39cfa3cb7","block_type":"box","text":"the Funds. 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The Net Asset Value per Share in respect of a","page_number":53,"box":{"x":519,"y":718,"width":398,"height":10}},{"id":"19fa927b-fa7b-45ab-a4ab-a88a0a0305a6","block_type":"box","text":"class will be calculated by dividing the Net Asset Value of the","page_number":53,"box":{"x":519,"y":733,"width":398,"height":10}},{"id":"83d09ee0-db6a-40ec-89af-4c98cb40d3b0","block_type":"box","text":"relevant class by the number of Shares of the relevant class","page_number":53,"box":{"x":519,"y":747,"width":398,"height":10}},{"id":"720737f8-f58c-4234-b3c1-0c80ccbca20f","block_type":"box","text":"in issue. The Net Asset Value of the Company attributable to","page_number":53,"box":{"x":519,"y":761,"width":398,"height":10}},{"id":"919f52b3-d64e-4d51-92ba-4d2c17df0746","block_type":"box","text":"a class and the Net Asset Value per Share in respect of a","page_number":53,"box":{"x":519,"y":775,"width":398,"height":10}},{"id":"ab553be7-f532-4697-814e-c1dcc74541a5","block_type":"box","text":"class will be expressed in the class currency of such class if","page_number":53,"box":{"x":519,"y":789,"width":399,"height":10}},{"id":"5c1e1a8c-18d3-461b-a378-dc19e4375e1c","block_type":"box","text":"it is different to the Base Currency.","page_number":53,"box":{"x":519,"y":804,"width":230,"height":10}},{"id":"380970aa-40d2-4d7c-8ce3-106d92efd9b1","block_type":"box","text":"The Net Asset Value per Share in the Company will be","page_number":53,"box":{"x":518,"y":832,"width":399,"height":10}},{"id":"a0ea2149-72de-4819-8746-797bced29ed3","block_type":"box","text":"calculated at the Valuation Point on each Business Day.","page_number":53,"box":{"x":519,"y":847,"width":373,"height":9}},{"id":"1bb069a2-7a57-4252-86a9-b00e5eb1e752","block_type":"box","text":"Each asset which is quoted, listed or traded on or under the","page_number":53,"box":{"x":519,"y":875,"width":398,"height":10}},{"id":"a82b0a44-e960-47db-bb9e-9df50356149a","block_type":"box","text":"rules of any Recognised Market shall be valued using the","page_number":53,"box":{"x":519,"y":889,"width":398,"height":10}},{"id":"23e2dd62-ff67-423f-a519-b894f48d858b","block_type":"box","text":"SSGA SPDR ETFs Europe II Plc","page_number":54,"box":{"x":85,"y":59,"width":303,"height":14}},{"id":"9169bded-91d6-4afc-aa61-012175850dcc","block_type":"box","text":"19 February","page_number":54,"box":{"x":85,"y":79,"width":104,"height":13}},{"id":"fee3bfbe-b449-4dd5-b607-d623c8c38054","block_type":"box","text":"2026","page_number":54,"box":{"x":189,"y":79,"width":56,"height":10}},{"id":"9b43d440-e9f0-4a08-a5fd-6234d08f3380","block_type":"box","text":"54","page_number":54,"box":{"x":83,"y":903,"width":10,"height":5}},{"id":"d10ba43e-0481-42bf-96a5-37b5172db27f","block_type":"box","text":"54","page_number":54,"box":{"x":906,"y":911,"width":11,"height":5}},{"id":"64e0e876-2bf5-4e16-a8e8-3d075dac1187","block_type":"box","text":"27424774.146","page_number":54,"box":{"x":83,"y":946,"width":91,"height":10}},{"id":"1e386a58-fa1a-4d7b-a4f7-424335589f8f","block_type":"box","text":"index method of valuations. 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in","page_number":57,"box":{"x":83,"y":453,"width":398,"height":10}},{"id":"7585603f-36b8-4a8a-a77f-8a568b399341","block_type":"box","text":"relation to an investment in the Fund and such extraordinary","page_number":57,"box":{"x":83,"y":467,"width":399,"height":10}},{"id":"4ec755fa-b659-4f7b-8680-716147ec0329","block_type":"box","text":"or exceptional costs and expenses (if any) as may arise from","page_number":57,"box":{"x":82,"y":481,"width":399,"height":10}},{"id":"619f55a9-34fb-4a1d-a2a8-6778f7b07aff","block_type":"box","text":"time to time, such as material litigation in relation to the","page_number":57,"box":{"x":82,"y":495,"width":399,"height":10}},{"id":"fc9680f5-e8c2-40cf-ad0e-accd5b173978","block_type":"box","text":"Company, all of which will be paid separately out of the","page_number":57,"box":{"x":83,"y":510,"width":398,"height":10}},{"id":"07236336-d296-4bb8-be04-e3d4ddc9fa90","block_type":"box","text":"assets of the relevant Fund). 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The","page_number":57,"box":{"x":82,"y":609,"width":399,"height":10}},{"id":"01588d0f-b80c-4501-8317-52040bc2c057","block_type":"box","text":"TER of each Fund of the Company is as listed in the","page_number":57,"box":{"x":82,"y":623,"width":399,"height":11}},{"id":"7a45a845-c143-4e8c-8e42-aa9ffdd4570d","block_type":"box","text":"Relevant Supplement. If a Fund’s expenses exceed the TER","page_number":57,"box":{"x":83,"y":638,"width":398,"height":10}},{"id":"a599fdd2-ad5d-4cc6-847a-232e8e990a05","block_type":"box","text":"outlined above in relation to operating the funds, the","page_number":57,"box":{"x":82,"y":652,"width":399,"height":10}},{"id":"3cde14e5-e892-4567-9bc3-5a7dd7f5d839","block_type":"box","text":"Investment Manager will cover any shortfall from its own","page_number":57,"box":{"x":83,"y":666,"width":398,"height":10}},{"id":"e4facb1c-e07b-46e6-84f7-660443ae0e07","block_type":"box","text":"assets.","page_number":57,"box":{"x":82,"y":681,"width":47,"height":7}},{"id":"a6756df8-40d9-433a-93ff-c486c84ad524","block_type":"box","text":"Remuneration Policy and Practices","page_number":57,"box":{"x":83,"y":710,"width":328,"height":13}},{"id":"0ef6ed65-c86f-4cd1-8194-2388bedfd77e","block_type":"box","text":"The Management Company is subject to remuneration","page_number":57,"box":{"x":82,"y":732,"width":399,"height":11}},{"id":"ee476500-676b-495a-a47f-3f91a0b306d2","block_type":"box","text":"policies, procedures and practices (together, the","page_number":57,"box":{"x":83,"y":747,"width":398,"height":10}},{"id":"59c6327e-b6cf-4589-9dda-fc71b884762a","block_type":"box","text":"“","page_number":57,"box":{"x":83,"y":761,"width":4,"height":3}},{"id":"c2bc08dd-ec6c-43bb-b312-9733c15b7817","block_type":"box","text":"Remuneration Policy","page_number":57,"box":{"x":88,"y":761,"width":153,"height":10}},{"id":"0fd9aa4b-171c-4b30-9e37-ee74110b6ac9","block_type":"box","text":"”) which complies with the UCITS","page_number":57,"box":{"x":242,"y":761,"width":239,"height":10}},{"id":"edb29e8e-0392-4c1b-ab2c-c36e64cff6d4","block_type":"box","text":"Directive . The Remuneration Policy is consistent with and","page_number":57,"box":{"x":83,"y":775,"width":398,"height":10}},{"id":"11ebdb51-3e45-416b-9d91-640e6e52e6d4","block_type":"box","text":"promotes sound and effective risk management. It is","page_number":57,"box":{"x":83,"y":789,"width":398,"height":11}},{"id":"437121f8-fd87-4f26-851c-5aaae0224d4e","block_type":"box","text":"designed not to encourage risk-taking which is inconsistent","page_number":57,"box":{"x":82,"y":804,"width":400,"height":10}},{"id":"364a29b0-a583-4b2e-b529-b2ee1c0dadb8","block_type":"box","text":"with the risk profile of the Funds. The Remuneration Policy","page_number":57,"box":{"x":82,"y":818,"width":399,"height":10}},{"id":"7e30bf07-f415-47f3-809d-a802aa258875","block_type":"box","text":"is in line with the business strategy, objectives, values and","page_number":57,"box":{"x":83,"y":832,"width":398,"height":10}},{"id":"de3493fc-23f3-4d19-b8af-f517c3e23234","block_type":"box","text":"interests of the Company and the Funds. It includes","page_number":57,"box":{"x":83,"y":846,"width":398,"height":10}},{"id":"bf02fd94-9a53-4092-b9ad-4717b82363a0","block_type":"box","text":"measures to avoid conflicts of interest. The Remuneration","page_number":57,"box":{"x":83,"y":861,"width":398,"height":8}},{"id":"0692d358-e8d9-4839-905d-af77d4f7ff5a","block_type":"box","text":"Policy applies to staff whose professional activities have a","page_number":57,"box":{"x":83,"y":875,"width":398,"height":10}},{"id":"27cafeca-1f87-4a7a-a4cc-47911c2b3881","block_type":"box","text":"material impact on the risk profile of the Company or the","page_number":57,"box":{"x":83,"y":889,"width":398,"height":10}},{"id":"61fa661f-97b6-43b2-ab2c-c8f83aa48c7b","block_type":"box","text":"Funds, and ensures that no individual will be involved in","page_number":57,"box":{"x":519,"y":125,"width":398,"height":9}},{"id":"e69bf4b7-91da-47d1-b36f-e2148fbe6af9","block_type":"box","text":"determining or approving their own remuneration. The","page_number":57,"box":{"x":519,"y":139,"width":398,"height":11}},{"id":"b1f926b3-6f47-4ed2-92a3-685599db5f4e","block_type":"box","text":"Remuneration Policy will be reviewed at least annually. Details","page_number":57,"box":{"x":519,"y":154,"width":398,"height":10}},{"id":"f521a90d-4c46-4201-82bc-937bbf6c9f7a","block_type":"box","text":"of the up-to-date Remuneration Policy are contained within","page_number":57,"box":{"x":519,"y":168,"width":398,"height":10}},{"id":"4875e6fb-e386-4659-934d-78d1fb5c3bf5","block_type":"box","text":"the Annual Report and Audited Financial Statements under","page_number":57,"box":{"x":518,"y":182,"width":400,"height":10}},{"id":"156dfa19-142e-4be6-b166-aaa463320853","block_type":"box","text":"Appendix II Remuneration Policy (unaudited), which are","page_number":57,"box":{"x":518,"y":196,"width":399,"height":10}},{"id":"25631c9b-4358-4436-82b5-e03b170358b1","block_type":"box","text":"available on the Website. The Remuneration Policy will also","page_number":57,"box":{"x":519,"y":211,"width":398,"height":10}},{"id":"4ed079f1-2b81-4317-97a5-efb0c1b52d13","block_type":"box","text":"be made available for inspection and may be obtained, free","page_number":57,"box":{"x":519,"y":225,"width":398,"height":10}},{"id":"c84c799a-66aa-44b5-8d47-b1cd72382867","block_type":"box","text":"of charge, at the registered office of the Company.","page_number":57,"box":{"x":519,"y":239,"width":334,"height":10}},{"id":"a86c28ee-b803-4391-8efb-f5d3a62fe228","block_type":"box","text":"Tax Information","page_number":57,"box":{"x":518,"y":268,"width":151,"height":11}},{"id":"8877ca40-f5bf-43c1-be27-1e549193927e","block_type":"box","text":"The following is a summary of certain Irish tax consequences","page_number":57,"box":{"x":518,"y":291,"width":399,"height":10}},{"id":"0b948506-f4c6-4e4e-b316-439a5250df88","block_type":"box","text":"of the purchase, ownership and disposal of Shares. The","page_number":57,"box":{"x":519,"y":305,"width":398,"height":10}},{"id":"8549e8d6-583c-4b66-95ad-025e8d19b9ce","block_type":"box","text":"summary does not purport to be a comprehensive","page_number":57,"box":{"x":519,"y":320,"width":398,"height":10}},{"id":"0961c42e-fb1d-4143-8e8a-b77b7f2dfe82","block_type":"box","text":"description of all of the Irish tax considerations that may be","page_number":57,"box":{"x":519,"y":334,"width":398,"height":10}},{"id":"a55d2c87-afa6-4a91-a6ca-15ac6f891dd6","block_type":"box","text":"relevant. The summary relates only to the position of","page_number":57,"box":{"x":519,"y":348,"width":399,"height":10}},{"id":"29b84479-d138-49c3-8122-f293d4ec5e43","block_type":"box","text":"persons who are the absolute beneficial owners of Shares","page_number":57,"box":{"x":519,"y":362,"width":398,"height":10}},{"id":"bddd0c8e-4ea0-47fe-9c98-6171a55c8e30","block_type":"box","text":"(other than dealers in securities). The summary is based on","page_number":57,"box":{"x":519,"y":376,"width":398,"height":11}},{"id":"4fd977f4-f421-4c6b-bc10-dae8dbc05477","block_type":"box","text":"Irish tax laws and the practice of the Irish Revenue","page_number":57,"box":{"x":519,"y":391,"width":398,"height":10}},{"id":"cb4d1455-eac3-4cd9-9e45-3ddf8867fb6e","block_type":"box","text":"Commissioners in effect on the date of this Prospectus (and","page_number":57,"box":{"x":519,"y":405,"width":398,"height":10}},{"id":"24183427-b15e-4528-8e3e-ccf91202b6e4","block_type":"box","text":"is subject to any prospective or retroactive change).","page_number":57,"box":{"x":519,"y":419,"width":397,"height":10}},{"id":"7898ee1a-3b2c-4df9-b715-c55c6acf282a","block_type":"box","text":"Potential investors in Shares should consult their own","page_number":57,"box":{"x":519,"y":433,"width":398,"height":8}},{"id":"841c24d2-4e03-4870-bca2-ed9fb9e65aea","block_type":"box","text":"advisors as to the Irish or other tax consequences of the","page_number":57,"box":{"x":519,"y":448,"width":398,"height":10}},{"id":"66282ced-6941-4973-97e7-588336650c58","block_type":"box","text":"purchase, ownership and disposal of Shares.","page_number":57,"box":{"x":519,"y":462,"width":300,"height":10}},{"id":"50006b94-7628-4611-b9b9-64381a8d6d14","block_type":"box","text":"Taxation of the Company","page_number":57,"box":{"x":518,"y":490,"width":181,"height":10}},{"id":"6e83ce52-5a4e-4dbf-a5d2-0b4e8d80c44b","block_type":"box","text":"The Company intends to conduct its affairs so that it is Irish","page_number":57,"box":{"x":518,"y":519,"width":399,"height":10}},{"id":"2b81cfa8-3f89-4a39-aa2a-6606ae5b8bac","block_type":"box","text":"tax resident. On the basis that the Company is Irish tax","page_number":57,"box":{"x":518,"y":533,"width":400,"height":10}},{"id":"b037a0da-5da1-43bd-a6db-e2d416807978","block_type":"box","text":"resident, the Company qualifies as an ‘investment","page_number":57,"box":{"x":519,"y":547,"width":398,"height":10}},{"id":"9cc8a33b-1a2e-42a6-9a2f-4929eba1d05c","block_type":"box","text":"undertaking’ for Irish tax purposes and, consequently, is","page_number":57,"box":{"x":519,"y":562,"width":398,"height":10}},{"id":"2d722002-b9e0-4b25-9f06-0fd6b6e70a72","block_type":"box","text":"exempt from Irish corporation tax on its income and gains.","page_number":57,"box":{"x":519,"y":576,"width":386,"height":10}},{"id":"6f1318e5-006e-4a2c-887c-4695ef08c7c7","block_type":"box","text":"Provided the Shares remain held in a recognised clearing","page_number":57,"box":{"x":519,"y":604,"width":398,"height":10}},{"id":"71781491-5ca6-48a4-95c7-29d7353cb941","block_type":"box","text":"system (which includes CREST, Euroclear and Clearstream","page_number":57,"box":{"x":519,"y":618,"width":398,"height":11}},{"id":"048983c1-390e-495a-9e16-9f3b6520d114","block_type":"box","text":"Banking), the Company will not be obliged to account for any","page_number":57,"box":{"x":519,"y":633,"width":399,"height":10}},{"id":"c170a011-2266-474b-8835-9e0a0b13fb6c","block_type":"box","text":"Irish tax in respect of the Shares. However, if the Shares","page_number":57,"box":{"x":519,"y":647,"width":398,"height":10}},{"id":"c9fa8937-8368-4e7f-97f6-ecc91dfb0d3b","block_type":"box","text":"cease to be held in a recognised clearing system, the","page_number":57,"box":{"x":519,"y":661,"width":398,"height":10}},{"id":"8eb53976-9c19-42e4-9935-02f7d3ca4397","block_type":"box","text":"Company would be obliged to account for Irish tax to the Irish","page_number":57,"box":{"x":519,"y":675,"width":398,"height":11}},{"id":"e6695552-cc2d-4c28-bbac-4c673003ceba","block_type":"box","text":"Revenue Commissioners in certain circumstances.","page_number":57,"box":{"x":519,"y":690,"width":337,"height":8}},{"id":"a9451446-654b-49aa-b2a6-acf17ad899f5","block_type":"box","text":"Taxation of Non-Irish Shareholders","page_number":57,"box":{"x":518,"y":718,"width":252,"height":8}},{"id":"1c6512a1-23ef-4e16-9b54-845049906f36","block_type":"box","text":"Shareholders who are not resident (or ordinarily resident) in","page_number":57,"box":{"x":519,"y":747,"width":398,"height":10}},{"id":"5f004fa9-f60f-4b40-944d-335cb8d0c0e2","block_type":"box","text":"Ireland for Irish tax purposes will have no liability to Irish","page_number":57,"box":{"x":519,"y":761,"width":398,"height":10}},{"id":"417869ab-b1e1-4718-bee3-a3e6f6eea63a","block_type":"box","text":"income tax or capital gains tax in respect of their Shares.","page_number":57,"box":{"x":519,"y":775,"width":378,"height":10}},{"id":"98b32f32-33cf-4825-9ee0-d4d04057e756","block_type":"box","text":"If a Shareholder is a company which holds its Shares","page_number":57,"box":{"x":519,"y":804,"width":398,"height":10}},{"id":"3e321319-6fbf-40bb-9630-8c80effa4081","block_type":"box","text":"through an Irish branch or agency, the Shareholder may be","page_number":57,"box":{"x":518,"y":818,"width":399,"height":10}},{"id":"64cd620d-252a-4bf4-aba8-244084b969da","block_type":"box","text":"liable to Irish corporation tax (on a self-assessment basis) in","page_number":57,"box":{"x":519,"y":832,"width":398,"height":10}},{"id":"fbefd10b-775e-4dea-a5f4-d1c70ee93450","block_type":"box","text":"respect of the Shares.","page_number":57,"box":{"x":519,"y":846,"width":146,"height":10}},{"id":"67872fc9-4083-4067-b3fa-0313d6b2121a","block_type":"box","text":"Plan d’Epargne en Actions (“PEA”) eligibility – France","page_number":57,"box":{"x":519,"y":875,"width":387,"height":10}},{"id":"aac0c538-7bca-444b-ab61-0e0aa3f0474f","block_type":"box","text":"SSGA SPDR ETFs Europe II Plc","page_number":58,"box":{"x":85,"y":59,"width":303,"height":14}},{"id":"c188e22e-9411-4d9c-80f7-37737fb748f9","block_type":"box","text":"19 February","page_number":58,"box":{"x":85,"y":79,"width":104,"height":13}},{"id":"880c06a7-3df7-4611-81d4-3d9358db930b","block_type":"box","text":"2026","page_number":58,"box":{"x":189,"y":79,"width":56,"height":10}},{"id":"6c9051b0-77f6-4068-98ff-765f355f8b34","block_type":"box","text":"58","page_number":58,"box":{"x":83,"y":903,"width":10,"height":5}},{"id":"7e04e0cd-b8a8-4168-b860-4cbc5a84f859","block_type":"box","text":"58","page_number":58,"box":{"x":906,"y":911,"width":11,"height":5}},{"id":"831b9360-4da0-4a6f-b33e-e872b4c06eaf","block_type":"box","text":"27424774.146","page_number":58,"box":{"x":83,"y":946,"width":91,"height":10}},{"id":"e066fe7c-8973-4343-81a0-f2d17ebb47c0","block_type":"box","text":"Funds eligible for inclusion in the French PEA tax wrapper","page_number":58,"box":{"x":83,"y":125,"width":399,"height":10}},{"id":"14da183b-2e30-4469-880a-b67ca5b67b76","block_type":"box","text":"must invest a minimum of 75% of their assets in PEA eligible","page_number":58,"box":{"x":83,"y":139,"width":398,"height":11}},{"id":"27e78a34-af40-4f4f-bbec-66f2e060eb3b","block_type":"box","text":"equities as defined under applicable French laws and","page_number":58,"box":{"x":83,"y":154,"width":398,"height":10}},{"id":"cbf9fe25-a506-411c-843b-84925912047b","block_type":"box","text":"regulations. The Relevant Supplement will indicate if a Fund","page_number":58,"box":{"x":83,"y":168,"width":398,"height":10}},{"id":"a5e9febb-ed10-4bdc-9883-e64d8bd85b87","block_type":"box","text":"is PEA eligible at the Relevant Supplement’s date of issue.","page_number":58,"box":{"x":83,"y":182,"width":397,"height":10}},{"id":"84d5b443-b7cc-4696-b30e-7c78fcd3caca","block_type":"box","text":"Should the Board believe that a fund is no longer PEA","page_number":58,"box":{"x":83,"y":196,"width":399,"height":11}},{"id":"637ed2a8-f416-4a61-8d66-925d6b34f0b9","block_type":"box","text":"eligible (e.g., for Index Tracking Funds because the Index","page_number":58,"box":{"x":83,"y":211,"width":399,"height":10}},{"id":"64c955cd-bb1e-4898-911c-14b3616715d2","block_type":"box","text":"constituents are no longer aligned with PEA criteria), it will","page_number":58,"box":{"x":83,"y":225,"width":398,"height":10}},{"id":"c22003e4-b56a-43b7-ab0f-dd9665ce5923","block_type":"box","text":"provide notice to the Shareholders.","page_number":58,"box":{"x":83,"y":239,"width":232,"height":10}},{"id":"c5bc2753-73fe-4387-b5c5-c0558c05eb79","block_type":"box","text":"Taxation of Irish Shareholders","page_number":58,"box":{"x":82,"y":267,"width":217,"height":8}},{"id":"d6d5cdf3-445e-4298-a221-63f463570941","block_type":"box","text":"Shareholders who are resident (or ordinarily resident) in","page_number":58,"box":{"x":83,"y":296,"width":398,"height":10}},{"id":"6c30d267-7ad5-4327-b395-a42725947cc6","block_type":"box","text":"Ireland for Irish tax purposes will be obliged to account (on a","page_number":58,"box":{"x":83,"y":310,"width":399,"height":10}},{"id":"e9ee18c4-abf4-4993-9834-8eca3d9bfbb7","block_type":"box","text":"self-assessment basis) for any Irish tax due arising on","page_number":58,"box":{"x":82,"y":324,"width":399,"height":11}},{"id":"38a156c3-082a-4396-82b9-0604b7a3515a","block_type":"box","text":"distributions, redemptions and disposals (including deemed","page_number":58,"box":{"x":82,"y":339,"width":399,"height":10}},{"id":"2b272951-163c-4f06-a1af-7f6d6c5ebb83","block_type":"box","text":"disposals where Shares are held for eight years) in respect","page_number":58,"box":{"x":82,"y":353,"width":399,"height":10}},{"id":"665887d5-dd17-4042-9b1a-7b9b746d9fe9","block_type":"box","text":"of the Shares. For Shareholders who are individuals, the","page_number":58,"box":{"x":82,"y":367,"width":399,"height":10}},{"id":"c4d3dab0-0d7b-4c0a-bc3d-78073349e6cf","block_type":"box","text":"applicable Irish tax rate is currently 41%. 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There may","page_number":61,"box":{"x":519,"y":830,"width":399,"height":10}},{"id":"55e7522c-a4a5-4787-8208-6d7937e82acc","block_type":"box","text":"be a risk of taxation impact in other jurisdictions where","page_number":61,"box":{"x":519,"y":844,"width":398,"height":10}},{"id":"27d44c8a-7a31-4093-b9d4-5b1e5102233b","block_type":"box","text":"securities located in those countries are pooled as described","page_number":61,"box":{"x":519,"y":859,"width":398,"height":9}},{"id":"64663c3b-16af-4eb3-8308-602840249967","block_type":"box","text":"in this Prospectus, though any additional taxes arising may","page_number":61,"box":{"x":519,"y":873,"width":399,"height":10}},{"id":"09b073bb-a1e3-4b27-a586-960d1bb93d28","block_type":"box","text":"not be material.","page_number":61,"box":{"x":519,"y":887,"width":102,"height":8}},{"id":"587597a5-ff4a-4587-bf22-d07a10997c06","block_type":"box","text":"SSGA SPDR ETFs Europe II Plc","page_number":62,"box":{"x":85,"y":59,"width":303,"height":14}},{"id":"4f11710e-becd-407e-94dc-cae06297e5ec","block_type":"box","text":"19 February","page_number":62,"box":{"x":85,"y":79,"width":104,"height":13}},{"id":"0e188ae4-5fe6-400d-9f00-d3d4bb232bfd","block_type":"box","text":"2026","page_number":62,"box":{"x":189,"y":79,"width":56,"height":10}},{"id":"67cc8d7d-2891-45ee-a0e8-cfa0f6d317fb","block_type":"box","text":"62","page_number":62,"box":{"x":83,"y":903,"width":10,"height":5}},{"id":"30c907ad-ba9a-4597-8dac-85cf9a4b26c6","block_type":"box","text":"62","page_number":62,"box":{"x":906,"y":911,"width":11,"height":5}},{"id":"1e48d4d2-aac7-483a-8d14-40e5d57a4d18","block_type":"box","text":"27424774.146","page_number":62,"box":{"x":83,"y":946,"width":91,"height":10}},{"id":"afb96beb-9759-4464-85a7-a4d3e2574501","block_type":"box","text":"Potential investors who are in any doubt as to their tax","page_number":62,"box":{"x":83,"y":125,"width":398,"height":10}},{"id":"1b37d002-8b5e-4065-8274-28814362b0a9","block_type":"box","text":"position should consult their own independent tax","page_number":62,"box":{"x":83,"y":139,"width":398,"height":10}},{"id":"802e6342-1eb7-4c0c-b0e9-960a8a215d69","block_type":"box","text":"advisors as to the Irish or other tax consequences of the","page_number":62,"box":{"x":82,"y":154,"width":399,"height":10}},{"id":"0e4fc6b8-494b-44e0-a646-a3dbd311c8d1","block_type":"box","text":"purchase, ownership and disposal of Shares. 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Barbara","page_number":62,"box":{"x":83,"y":647,"width":398,"height":8}},{"id":"75359006-ec14-49ba-bfec-309819e14db3","block_type":"box","text":"attended the High Performance Boards Corporate","page_number":62,"box":{"x":82,"y":661,"width":399,"height":10}},{"id":"cce6a3ad-f7bb-48e5-9e5b-de67f01fbe54","block_type":"box","text":"Governance Programme at IMD, Lausanne, Switzerland,","page_number":62,"box":{"x":83,"y":675,"width":397,"height":11}},{"id":"21027923-c699-4cad-b057-cf7bce055247","block_type":"box","text":"2011.","page_number":62,"box":{"x":82,"y":690,"width":37,"height":8}},{"id":"896b9d27-647d-4937-bd31-e799aeaedb15","block_type":"box","text":"•","page_number":62,"box":{"x":84,"y":722,"width":4,"height":2}},{"id":"43ae042a-b8a1-4265-aa1f-1ec6750323e5","block_type":"box","text":"Lim Siong Kwong (Benjamin) Lam Thuon Mine","page_number":62,"box":{"x":105,"y":718,"width":376,"height":10}},{"id":"6d2dfe04-9d6c-481b-a48e-9b545b8872e7","block_type":"box","text":"(Luxembourg)","page_number":62,"box":{"x":105,"y":732,"width":92,"height":11}},{"id":"4de69cda-3487-4bef-a8f7-e5381e84c638","block_type":"box","text":"Benjamin Lam has over 30 years’ experience in the financial","page_number":62,"box":{"x":83,"y":761,"width":398,"height":10}},{"id":"c70b20ec-5f28-480e-9938-ffe6d14629f5","block_type":"box","text":"services industry. 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