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Effective: July 2026
KEY FEATURES OF MANAGED PENSION FUNDS LIMITED
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Key features of Managed Pension Funds Limited
Contents
Helping you decide ............................................................................................................
............................................................................................................................... ...................................... 8
Contacting us .................................................................................................................
............................................................................................................................... .......................................... 8
Aims of MPF ...................................................................................................................
............................................................................................................................... ......................................... 8
Your investment ...............................................................................................................
............................................................................................................................... ....................................... 9
Sub-Fund Specific Details and Risk Factors ....................
................................................................
............................................................................................................................... ......................... 9
Questions and Answers .........................................................................................................
............................................................................................................................... ................................ 10
Key Features Illustration .....................................................................................................
............................................................................................................................... ................................... 17
Other information .............................................................................................................
............................................................................................................................... .................................... 20
Appendix I 25
Sub-Fund Specific Details 25 Index Equity Funds Range 26
Product Profile................................................................................................................
............................................................................................................................... ....................................... 27
Individual Sub-Fund Overview - Index Equity Sub-Funds 29
Advanced Emerging Markets Screened Index Equity Sub-Fund ......................................................................
............................................................................................................................... ...... 30
Asia Pacific ex Japan Screened Index Equi
ty Sub-Fund ..........................................................................
............................................................................................................................... ............... 32
Emerging Markets Screened Index Equity Sub-Fund ...............................................................................
............................................................................................................................... ............. 35
Europe ex UK Screened Index Equity Sub-Fund ...................................................................................
............................................................................................................................... ................. 37
Japan Screened Index Equity Sub-Fund ..........................................................................................
............................................................................................................................... ....................... 40
Middle East and Africa Screened Index Equity Sub-Fund .........................................................................
............................................................................................................................... ............. 43
North America Screened Index Equity Sub-Fund ..................................................................................
............................................................................................................................... ................ 45
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UK Screened Index Equity Sub-Fund .............................................................................................
............................................................................................................................... ........................ 48
UK World Screened Index Equity Sub-Fund .......................................................................................
............................................................................................................................... ................... 50
Climate Index Equity Funds Range 52
Product Profile................................................................................................................
............................................................................................................................... ....................................... 53
Individual Sub-Fund Overview – Climate Index Equity Sub-Funds 54
All World Climate Paris Aligned ex-Fossil Fuel Index Equity Sub-Fund ..........................................................
............................................................................................................................... ....... 55
World TPI Climate Transition Index Equity Sub-Fund ............................................................................
............................................................................................................................... ............... 57
Smart Beta Funds Range 61
Product Profile................................................................................................................
............................................................................................................................... ....................................... 62
Individual Sub-Fund Overview- Smart Beta Sub-Funds 63
All World Equity Climate Balanced Multi-Factor Index Sub-Fund .................................................................
............................................................................................................................... ........ 64
Fundamental Index ®
Global Equity Sub-Fund .......................................................................................................
............................................................................................................................... . 66
Global Equity Diversified Index Sub-Fund ......................................................................................
............................................................................................................................... ....................... 70
Global Real Estate Tilted Equity Index Sub-Fund .............
..................................................................
............................................................................................................................... ................... 72
Index Fixed Income Funds Range 75
Product Profile................................................................................................................
............................................................................................................................... ....................................... 76
Individual Sub-Fund Overview - Index Fixed Income Sub-Funds 78
Sterling Corporate Bond 0-5 Years Screened Index Sub-Fund .....................................................................
............................................................................................................................... ......... 79
Sterling Non-Gilts Bond All Stocks Screened Index Sub-Fund ....................................................................
............................................................................................................................... ........... 81
Sterling Non-Gilts Bond Over 15 Years Screened Index Sub-Fund .................................................................
............................................................................................................................... ....... 83
UK Conventional Gilts All Stocks Index Sub-Fund ...............................................................................
............................................................................................................................... ................... 85
UK Conventional Gilts Over 15 Years Index Sub-Fund ............................................................................
............................................................................................................................... .............. 87
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UK Index Linked Gilts All Stocks Index Sub-Fund ...............................................................................
............................................................................................................................... .................... 89
UK Index Linked Gilts Over 15 Years Index Sub-Fund ............................................................................
............................................................................................................................... ................ 92
UK Index Linked Gilts Over 5 Years Index Sub-Fund .............................................................................
............................................................................................................................... ................. 94
Liability-Driven Investing Funds Range 96
Product Profile................................................................................................................
............................................................................................................................... ....................................... 97
Individual Sub-Fund Overview -Liability-Driven Investing Sub-Funds 98
UK Conventional Gilt Jul 2035 Index Sub-Fund ..................................................................................
............................................................................................................................... ................... 99
UK Conventional Gilt Dec 2049 Index Sub-Fund ..................................................................................
............................................................................................................................... ............... 101
UK Conventional Gilt Dec 2055 Index Sub-Fund ..................................................................................
............................................................................................................................... ............... 103
UK Conventional Gilt Jan 2060 Index Sub-Fund ..................................................................................
............................................................................................................................... ................ 105
UK Conventional Gilt Oct 2071 Index Sub-Fund ..................................................................................
............................................................................................................................... ................ 107
UK Index Linked Gilt Nov 2027 Index Sub-Fund ..................................................................................
............................................................................................................................... ................ 109
UK Index Linked Gilt Nov 2032 Index Sub-Fund ..................................................................................
............................................................................................................................... ................ 111
UK Index Linked Gilt Nov 2037 Index Sub-Fund ..................................................................................
............................................................................................................................... ................ 113
UK Index Linked Gilt Nov 2042 Index Sub-Fund ..................................................................................
............................................................................................................................... ................ 115
UK Index Linked Gilt Nov 2047 Index Sub-Fund ..................................................................................
............................................................................................................................... ................ 117
UK Index Linked Gilt Mar 2050 Index Sub-Fund ..................................................................................
............................................................................................................................... ................ 119
UK Index Linked Gilt Nov 2055 Index Sub-Fund ..................................................................................
............................................................................................................................... ................ 121
UK Index Linked Gilt Mar 2062 Index Sub-Fund ..................................................................................
............................................................................................................................... ................ 123
UK Index Linked Gilt Mar 2068 Index Sub-Fund ..................................................................................
............................................................................................................................... ................ 125
UK Index Linked Gilt Mar 2073 Index Sub-Fund ..................................................................................
............................................................................................................................... ................ 127
Cash Funds Range 129
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Product Profile................................................................................................................
............................................................................................................................... ..................................... 130
Individual Sub-Fund Overview - Cash Sub-Fund 132
Sterling Liquidity Sub-Fund....................................................................................................
............................................................................................................................... .............................. 133
Multi-Asset Sub-Funds 135
Product Profile................................................................................................................
............................................................................................................................... ..................................... 136
Individual Sub-Fund Overview - Multi-Asset Sub-Funds 137
Dynamic Diversified Sub-Fund ..................................................................................................
............................................................................................................................... .......................... 138
Multi-Asset Diversified Growth Sub-Fund .......................................................................................
............................................................................................................................... .................... 141
Strategic Diversified Sub-Fund ................................................................................................
............................................................................................................................... ............................ 143
Fund of Funds Range 146
Product Profile................................................................................................................
............................................................................................................................... ..................................... 147
Individual Sub-Fund Overview - Fund of Funds 148
All World Developed Screened Index Equity Sub-Fund ............................................................................
............................................................................................................................... ........... 149
All World Screened Index Equity Sub-Fund ......................................................................................
............................................................................................................................... ................... 151
Balanced Index Sub-Fund .......................................................................................................
............................................................................................................................... ............................. 154
Global (50/50) Screened Index Equity Sub-Fund .................................................................................
............................................................................................................................... ............... 156
International Screened Index Equity Sub-Fund ..................................................................................
............................................................................................................................... ................. 159
HSBC Islamic Equity Index Sub-Fund ............................................................................................
............................................................................................................................... ....................... 164
Multi-Asset Global Infrastructure Index Sub-Fund ...............
...............................................................
............................................................................................................................... ................ 166
Target Retirement Funds Range 169
Product Profile................................................................................................................
............................................................................................................................... ..................................... 170
Individual Sub-Fund Overview - Target Retirement Sub-Funds 175
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Timewise Retirement Access Sub-Fund Target Retirement ......
...................................................................
............................................................................................................................... ....... 177
Timewise Target Retirement 2025 Sub-Fund ......................................................................................
............................................................................................................................... ................ 181
Timewise Target Retirement 2030 Sub-Fund ......................................................................................
............................................................................................................................... ................ 184
Timewise Target Retirement 2035 Sub-Fund ......................................................................................
............................................................................................................................... ................ 187
Timewise Target Retirement 2040 Sub-Fund ......................................................................................
............................................................................................................................... ................ 190
Timewise Target Retirement 2045 Sub-Fund ......................................................................................
............................................................................................................................... ................ 193
Timewise Target Retirement 2050 Sub-Fund ......................................................................................
............................................................................................................................... ................ 196
Timewise Target Retirement 2055 Sub-Fund ......................................................................................
............................................................................................................................... ................ 199
Timewise Target Retirement 2060 Sub-Fund ......................................................................................
............................................................................................................................... ................ 202
Timewise Target Retirement 2065 Sub-Fund ......................................................................................
............................................................................................................................... ................ 205
Timewise Target Retirement 2070 Sub-Fund ......................................................................................
............................................................................................................................... ................ 208
Dynamic Strategic Currency Hedged Equity Funds Range 211
Product Profile................................................................................................................
............................................................................................................................... ..................................... 212
Individual Sub Fund Overview - Dynamic Strategic Currency Hedged Equity Sub-Fund 214
International (GBP Dynamic Currency Hedged) Screened Index Equity Sub-Fund ....................................................
........................................................................................................................ 215
Appendix II 217 Risk Factors 217
GENERAL RISKS APPLICABLE TO ALL SUB-FUNDS .....................................................................................
............................................................................................................................... ........... 218
SUB-FUND SPECIFIC RISKS .......................................................................................................
............................................................................................................................... ............................ 229
Appendix III 261
Investment Methodology 261
Appendix IV 264
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Fund Index 264
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Helping you decide
This document is designed to provide you with info
rmation relating to Manage
d Pension Funds Limited (“
MPF
”), including the following:
•
key details from the legal documentation;
•
key details of investment objectiv
es, charges and other expenses; and
•
the potential effect of charges over different time periods
You should read this document carefully so
that you understand what you are buying. Th
is document may be updated from time to t time. Please use the weblink
provided to you in order
to access the latest versio
n of this document.
Contacting us
If you have any queries about MPF or this document
, please contact your relationship manager.
Alternatively, the general contact details for the State Street Gl
obal Advisors London relationship
management team are set out below.
Client Relationship Management
Telephone: +44 (0)20 3395 6022
Email:
UKClientRelationshipManagement@statestreet.com
Aims of MPF
MPF is a pooled investment vehicle enablin
g pension scheme investors (also called “
policyholders
”) to invest in one or more sub-funds of MPF (“ Sub-Funds ”).
MPF is an insurance undertaking and investors in MPF receive a uni
t-linked policy (“Policy”), whic
h is a type of insurance poli
cy, and are allocated units in the
relevant Sub-Fund(s) in which they invest.
Each Sub-Fund has its own investment objective and investment stra
tegy. These investment strategies include index equity and f ixed income, cash, enhanced
equity, currency-hedged index equity, fund of funds and diversif
ied growth. Specialist default so
lutions for defined contributi on (“ DC ”) schemes are also
available, including MPF’s suite of Timewise
Target Retirement Funds™. The economic
return of the Policy is based on the perfo rmance of the Sub-Funds that
the investor has chosen to invest in.
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Your investment
Investors in MPF participate by purchasing a Policy issued by MP
F, in which the investor and MPF agree which Sub-Fund(s) the in vestor will be able to invest in. When the investor wishes to invest or redeem from its Policy the investor then selects which of these pre-agreed Sub-Funds the investment or redemption
relates to.
MPF remains the legal and beneficial owner of the assets held in
the Sub-Funds. In the Policy, MPF contracts with the investor to pay a return to the investor
calculated by reference to the performance of the assets held by
MPF in relation to the relevant Sub-Fund(s) in which the inves tor has invested.
MPF has appointed State Street Global Advisors Limited (“
SSGA
”) to act as investment manager to MPF. SSGA may delegate provision of investment
management services to its affiliated entities. As at the date of
f this document, SSGA has, in respect of certain Sub-Funds, sub
-delegated investment management
services to the following entity:
•
State Street Global Advisors Europe Limite
d, which is a limited liability company orga
nised under the laws of Ireland (Irish Co mpanies Registration number
49934); authorised and regulated by the Central Bank of Ireland (“
CBI
”) (CBI registration number C716)
•
State Street Global Advisors Trust Company, a state chartered limited purpose non-depository trust company organised under the laws of Massachusetts
and which is regulated by the Massachusetts Division of Banks and the Federal Reserve
MPF reviews the investment performance of th
e Sub-Funds including turnover costs and tr
acking error, as appropriate. MPF Sub-Fu nds do not have a targeted
portfolio turnover range and portfolio turnover w
ill generally be in-line with the relevant index.
For further details of SSGA and other service providers to MPF, please refer to the “
Other Information
” section of this document.
Sub-Fund Specific Deta
ils and Risk Factors
Please see Appendix I for Sub-Fund spec
ific details, including details of th
e Sub-Fund’s investment objectives.
Please see Part 1 of Appendix II for details
of risk factors that apply to all Sub-F
unds. Depending on the investment objectiv
e and investment strategy of a Sub
Fund, additional risk factors may apply. Please see the “
Sub-Fund Specific Risk Factors
” referred to in Appendix I - these risk factors are set out in Part 2 of
Appendix II.
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Questions and Answers
Who can invest in MPF?
MPF is available to pension schemes registered with HM Revenue
and Customs for the purposes of Part 4 of the Finance Act 2004. MPF is also available to
certain insurance companies that wish to reinsure liabilities
that the insurers have arising under unit linked life policies is
sued by the insurers to underlying
pension scheme investors. Before investing you should consult with
your tax or financial advisor to ensure you qualify to inves
t in MPF.
How are contributions invested?
Depending on what you have agreed to in th
e Policy, your contributions ma
y be invested in one Sub-Fund or spread across a range of the selected Sub-Funds.
To invest in any Sub-Funds, you will need to submit a suitably
completed dealing instruction to
MPF using the procedures set ou t in the fee & instruction
agreement that you enter into with MPF (
“Fee & Instruction Agreement
”).
When you invest in a Sub-Fund you will be allocated units in that Sub-Fund.
What investment options are there?
As mentioned above, MPF offers Sub-Funds pr
oviding exposure across a range of asset cl
asses and investment styles. We can prov ide flexible asset allocation
across the Sub-Funds to help investors build
diversified portfolios tailored to their
investment objectives. The pooled struct
ure of MPF means the asset class
components can be used as building blocks to create bespoke solu
tions for investors. Please note
that MPF does not provide any advice regarding the merits
of investing in MPF. Furthermore, unless otherwise agreed by
SSGA, SSGA also does not provide
any advice regarding the merits of investing in MPF.
MPF may, from time to time, establish clie
nt-specific Sub-Funds which are
intended solely for investment by such clients.
How do I sell my Sub-Fund units?
The procedure to follow in order to sell (redeem) your units in
MPF is outlined in the Policy and Fee & Instruction Agreement. Y
You have the right to redeem your
units in MPF (partially or fully) on any MPF dealing day and in
accordance with the terms of yo
ur Policy and Fee & Instruction Agreement. The amount you
receive back will depend upon the value of the units held by yo
u in the Sub-Fund from which you are making the redemption.
Are there any potential delays
in selling my Sub-Fund units?
MPF, in its absolute discretion, may suspend any dealing day of
a Sub-Fund if, in the opinion of
MPF, there are good and suffic
ient reasons having regard to the
interests of the MPF investors. We will notify investors of any
such suspension. You will not be able to sell your units in a
Sub-Fund when dealing days are
suspended. Please refer to your Policy for further details .
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Can investments be switched?
If you have agreed with MPF in your Policy t
that you can invest in multiple Sub-Funds, th
en you will be able to switch your inve
stments between these Sub-Funds (i.e. by redeeming from one Sub-Fund and contributing to another Sub-Fund). Please speak with your relationship manager for fu rther details regarding the
different options available for switch
ing investments between Sub-Funds.
What are the costs and charges of the Sub-Funds?
A
Policy Charge, as defined in the Policy,
(sometimes referred to as the “
Reinsurance Charge”
in the case of reinsurance clients) is payable by investors in MPF.
This charge varies between the different S
ub-Funds and may either be deducted from th
e relevant Sub-Fund (in the case of ‘net’ Sub-Funds) or be separately
paid by the investor (in the case of ‘gross
’ Sub-Funds). The Policy Charge amount a
nd the relevant payment method are each spe cified in the Fee & Instruction
Agreement, which forms part of the legal do
cumentation. A minimum Policy Charge amount
may apply, in which case this will be sp ecified in the Fee &
Instruction Agreement. The Policy Charge amount may take into
account a range of factors, incl
uding any broader relationship th at you have with SSGA. It is
the responsibility of the policyholder or th
e policyholder’s independent
fiduciary to determine, on
an ongoing basis, whether t he Policy Charge(s) charged by
MPF are acceptable.
The following additional costs also apply in respect of the Sub-
Funds (to the extent applicable), which are deducted from the r elevant
Sub-Fund:
a)
stamp duties;
b)
taxes and government charges;
c)
brokerage expenses, de
aler commissions, margin costs, custodian overdraft ch
arges, negative interest, registration and transfer charges or other related
or similar expenses of acquiring
and disposing of investments;
d)
fees and expenses of the auditors, tax, le
gal and other professional advisers of MPF
in connection with maki
ng tax reclaims in respect of a Sub-Fund or in
connection with bringing any claim against any issuer of a securi
ty or against a broker-dealer or other entity in connection wi th an investment made by a
Sub-Fund;
e)
any costs reasonably incurred by MPF as a result of any change in law or regulation or the introduction of any new law or regul ation which affect the
operation or manageme
nt of the Sub-Funds;
f)
any costs specified in the MPF embedded fund costs document (“
Embedded Fund Costs Document
”), which may include (without limitation) custody
costs, administration costs, investment management costs and benchmark licence costs; and
g)
any other fees and expenses reasonably incurred or payable by MP
F in connection with the operatio
n or management of the Sub-Fun ds or that are
attributable to the investment or reinvest
ment of the assets of the Sub-Fund and whic
h in MPF’s opinion are appropriately charg eable to the Sub-Funds.
These costs include amounts payable to State Street group entities in respect of services provided by them in respect of the re
levant Sub-Fund or an underlying
fund in which the Sub-Fund invests.
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Section 5 of this document explains the im
pact that charges may have on a Sub-Fund.
How are the Sub-Funds Priced?
Forward-priced Sub-Funds
As at the date of this Key Features Document, the Manager applies an anti-dilution levy in accordance with the following:
A ‘forward priced’ Sub-Fund is one that pe
rmits Policyholders to purchase and redeem uni
ts in the Sub-Fund using the next appli
cable Sub-Fund unit price in accordance
with the terms of the Policy. The forward
priced Sub-Funds each have a single unit pr
ice for each dealing
day. The unit price
that applies in respect of contributions to
or redemptions from a forward priced Sub-F
und as at a dealing day shall be calculated
(to the 4th decimal place) by MPF by divi
ding the net asset value of the relevant
Sub-Fund by the total number of units in t
that Sub-Fund which prior to that dealing
day had been allocated to policyholders unde
r the terms of MPF Policies. A separate
charge (known as “
Anti-Dilution Levy
”) shall apply on contributions to or redemptions from a forward
priced Sub-Fund of such amount or at such rate as determined
by MPF to be applicable in respect of associated costs of acqui
sition or liquidation (as the case may be) of the underlying Sub
-Fund investments (except to the extent
that MPF is able to match an acquisition or redemption of units
against a corresponding redemption or acquisition of such units
). MPF does not benefit from any Anti
Dilution Levy because any such amount will be paid into the re
levant Sub-Fund. The Anti-Dilution
Levy is calculated by referenc
e to the costs of dealing in the underlying
Sub-Fund investments, including any dealing sp
reads, commission, market impact and transf
er taxes on dealings. As dilution is d
irectly related to the inflows and outflows
of monies from a Sub-Fund, it is
not possible to predict accurately the amount
of the Anti-Dilution Levy which will occur at an
y future point in time. Generally, the Anti
Dilution Levy is not expected to exceed 2%
of the net asset value per unit of the re
levant Sub-Fund. In extraordinary market ci
rcumstances, the Anti-Dilution Levy could
exceed this amount. MPF may appl
y the Anti-Dilution Levy daily.
With effect from 1 September 2026 the Manager shall cease to appl
y an anti-dilution levy to the
Forward-priced Sub-Funds and sw itch to applying a dilution
adjustment in accordance with the below:
“Dilution Adjustment”
means an adjustment to the as of Sub-Fund unit price (which me
ans that the price of a unit will be above or below the unit pri ce which would
have resulted from the Sub-Fund’s net asset value) on the acquisiti
on or redemption of units for t
the purposes of reducing dilut
ion in the relevant Sub-fund (or to recover
an amount which it has already paid or reasonably expects to pay
in the future). This is also known as “swing pricing”. Where
the Dilution Adjustment is applied to the
unit price, it is applied for the benefit of the Sub-Fund and it
s Policyholders and MPF does not benefit from the Dilution Adju
stment. The level of any such Dilution
Adjustment for each as of Sub-fund will be
calculated by reference to the costs of
dealing in the underlying Sub-Fund investmen
ts, including any dealing spreads,
commissions, market impact and transfer taxes on dealings. The need
to make a Dilution Adjustment will depend on the volume of
contributions or redemptions on any
given day. MPF may make a Dilution Adjustment if, in its opinio
n, the existing Policyholders (prior to contributions) or remai
ning Policyholders (fo llowing redemptions)
are likely to be economically adversely affected. Generally, the Di
lution Adjustment is not expect
ed to exceed 2% of the net as
set value per unit of the relevant Sub
fund. In extraordinary market circumstances, the Dilution Adjust
ment could exceed this amount.
MPF may apply the Dilution Adjus
tment daily.
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As of (historically priced) Sub-Funds
An ‘as of’ Sub-Fund is one which is specified in this Key Featur
es Document as being ‘as of’ priced. ‘As of’ Sub-Funds permit
Policyholders to purchase and redeem units
in the Sub-Fund using historical unit prices in accordance with
the terms of the Policy. The uni
t price that applies in respec
t of contributions to or redemptions from an
as-of Sub-Fund as at a dealing day shall be calculated (to the 4t
h decimal place) by MPF by dividing the net asset value of the
relevant Sub-Fund by the total number of
units in that Sub-Fund which prior to that
dealing day had been alloca
ted to Policyholders under the
terms of MPF Policies and,
depending on the net direction of the
Policyholders’ contribution and
redemption flows in the as-of Sub-Fund on the re
levant dealing day, the Unit Price will swing (
as adjusted by the applicable Dilution
Adjustment) to offer (if net contributions) or bi
d (if net redemptions) at the discretion of MPF.
“Dilution Adjustment”
means an adjustment to the as of Sub-Fund unit price (which me
ans that the price of a unit will be above or below the unit pri ce which would
have resulted from the Sub-Fund’s net asset value) on the acquisiti
on or redemption of units for t
the purposes of reducing dilut
ion in the relevant Sub-fund (or to recover
an amount which it has already paid or reasonably expects to pay
in the future). This is also known as “swing pricing”. Where
the Dilution Adjustment is applied to the
unit price, it is applied for the benefit
of the Sub-Fund and its Policyholders and MP
F does not benefit from the Dilution Adju
stment. The level of any such Dilution
Adjustment for each as of Sub-fund will be
calculated by reference to the costs of
dealing in the underlying Sub-Fund investmen
ts, including any dealing spreads,
commissions, market impact and transfer taxes on dealings. The need
to make a Dilution Adjustment will depend on the volume of
contributions or redemptions on any
given day. MPF may make a Dilution Adjustment if, in its opinio
n, the existing Policyholders (pri
or to contributions) or remai
ning Policyholders (fo llowing redemptions)
are likely to be economically adversely affected. Generally, the Di
lution Adjustment is not expect
ed to exceed 2% of the net as
set value per unit of the relevant Sub
fund. In extraordinary market circumstances, the Dilution Adjust
ment could exceed this amount.
MPF may apply the Dilution Adjus
tment daily.
When are contribution and redemption amounts paid?
When an investor invests in a Sub-Fund, the contribution amount
is required to settle with MPF by
no later than 4 p.m. (UK time ) two London business days
after the relevant Dealing Day. The late arrival of contributio
n amounts may result in the impo
sition upon the investor of an
interest or overdraft charge. When
an investor redeems from a Sub-Fund, the re
demption amount will normally be paid into
the investor’s designated bank account by no later than the second
London business day after th
e relevant Dealing Day.
In the case of ‘as of’ (historically priced) Sub-Funds, when an investor invests in a Sub-F
und, the contribution amount is requi
red to settle with MPF by no later
than 4 p.m. four London business days after
the relevant Dealing Day. If the relevant
policyholder’s contribution exceeds MPF’ s ‘as of’ Sub-Funds threshold
amount and the Dealing Day is deferred by MPF, the contribution am
ount is required to settle with MPF by no later than 4 p.m. t wo London business days after
the relevant Dealing Day. Again, the late
arrival of contribution amounts may result
in the imposition upon the investor of an interest or overdraft charge.
When an investor redeems from an ‘as of’ Sub-Fund, the redemption
amount will normally be paid in
to the investor’s designated b ank account by no later than
the fourth London business day after the relevant Dealing Day. Wh
en an investor redeems from an ‘as of’ Sub-Fund and the releva nt policyholder’s redemption
exceeds MPF’s ‘as of’ Sub-Funds threshold amount and the Dealing Da
y is deferred by MPF, the redemption amount will normally be paid into the investor’s
designated bank account by
no later than the second London busine
ss day after the relevant Dealing Day.
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How is income treated?
Unless otherwise stated in the relevant Individual Sub-Fund Overvi
ew set out in Appendix I, income received by MPF in connectio n with a Sub-Fund is reinvested
in that Sub-Fund and is not automati
cally distributed to the investors.
What is the tax status of the Sub-Funds?
The Sub-Funds qualify as “
pensions business
” for UK tax purposes. Thus typically, any dividends rece
ived and capital gains arisin g from Sub-Fund investments
are exempt from UK tax. The precise treatm
ent of dividends and capital gains arising on
overseas portfolio investments held by MPF will vary from jurisdiction
to jurisdiction, but MPF will generally be
nefit from reduced rates of withholding ta
x under the UK’s double taxation agreements on income.
Currently, no UK value added tax is chargeable in resp
ect of the Policy Charge payable by investors in MPF.
The above does not constitute tax a
advice and is subject to change. You should co
nsult with your tax or financial advisor befor
e investing, redeeming or switching
between Sub-Funds.
What documentation will I receive in conn
ection with an investment in MPF?
The following documentation, together with
this Key Features Document forms the lega
l contract relating to your investment:
•
the Policy
•
the Fee & Instruction Agreement
•
the Embedded Fund Costs Document
Policyholders may access the Key Features Document, Policy and the
Embedded Funds Costs Document (a
s amended from time to time) via the links provided
in the Fee & Instruction Agreement.
You should carefully review each of these documents. You will be
able to discuss any questions or issues that you have in rela tion to the documentation with
your relationship manager. If it has been agreed that you will ma
ke a contribution into MPF by wa
y of an in-specie transfer of
assets, our dedicated on boarding
team will be able to initia
te transfer arrangements, incl
uding communication with the ou
tgoing investment manager.
What reports will I receive in relation to my MPF investments?
Periodically, we send to MPF investors a holdings statement, tr
ansaction statement and a performance report. In addition, we s end to investors quarterly Sub
Fund factsheets providing performance data
and an asset allocation summary.
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Clients can find information relating to
MPF and its Sub-Funds at our website
ssga.com .
Clients Corner/Consultants Corner Clients can securely access inform
ation on their investments in the
Clients Corner
r area of our website,
ssga.com
. With their client’s consent, consultants may
also access this data via the
Consultants Corner
r area of
ssga.com .
The following information and facilities currently available in
Clients Corner
and in
Consultants Corner
r in relation to the Sub-Funds:
•
Sub-Fund value, transaction hist
ory and investment performance
•
The Embedded Fund Costs Document
•
Email links to the Shareholder Services te
am and your Client Relationship Manager
How can the terms of my investment in MPF be amended or terminated?
As mentioned above, investors in MPF can redeem their units in MPF (partially or fully) on any MPF dealing day; such redemption will be effected in accordance
with the terms of the relevant investor’s
Policy and Fee & Instruction Agreement.
The Policy specifies the period of notice wh
ich MPF must give to investors in order to
terminate the Policy or to terminate or
amend a Sub-Fund. Please note
that there are circumstances in which MPF may terminate or ame
nd the Policy with immediate effect; further details regarding th is are set out in the Policy.
Do the Sub-Funds stock-lend?
MPF participates in the State Street securities lending programme,
which covers equity and fixed income securities around the w orld. Participation in the
programme provides the potential for the Sub-
Funds to generate additional
revenue. State Street Bank and Trust Company, acting through its London Branch
(“SSBTC”) acts as lending agent.
Securities loans may be entered into on an
overnight or term basis. At present, up to
95% of each type of security held by each Sub-Fund may be lent and the
aggregate outstanding value of loaned securities for any Sub-Fu
nd shall not exceed 70% of the total net asset value of the Sub- Fund.
Revenue generated from securities lending is
allocated 75% to MPF (in re
spect of the policyholders) and 25% to SSBTC, which pay s all costs associated with the
lending programme.
Securities loans are collateralised with non-
cash collateral, which is subject to a ‘hai
rcut’. The collateral is marked to mar
ket on a daily basis.
The risk of counterparty default is mitiga
ted by a counterparty default indemnity provid
ed by SSBTC. If a counterparty defaults and fails to return equivalent
securities to those loaned then, subject to
the terms of the securities lending agreem
ent entered into with MPF, SSBTC would be required to fund any shortfall
between the value of the realised collateral and
the market value of the replacement securities.
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What is MPF’s approach with
respect to data protection?
Prospective and existing policyholders should note that they ar
e providing MPF and its agents with personal information, which may constitute personal data
within the meaning of the Data Protection
Legislation (as defined below). MPF will ac
t as data controller (and its agents will
act as data processor) within the
meaning of the Data Protection Legislation in relation to any pe
rsonal data supplied to it in connection with the Policy. The p ersonal data of prospective and
existing policyholders shall be held and processed in accordance
with the Privacy Statement (as
defined below). Such personal d ata may be transferred outside
of the United Kingdom or the European Economic Area.
“
Data Protection Legislation ”
means (i)
Regulation (EU) 2016/679 of the European Parliament and of
f the Council of 27 April 2016 on the protection of natural
persons with regard to the processing of pe
rsonal data and on the free movement of such
data, as it forms part of the law of En gland and Wales, Scotland and
Northern Ireland by virtue of the European Union (Withdrawal)
Act 2018 and (ii) the Data Protection Act 2018 and other applicab le UK laws.
“
Privacy Statement
” means the privacy statement adopted by MPF as am
ended from time to time
. This is available on
ssga.com .
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Key Features Illustration
Effect of charges
The below tables provide illustrations of the effect that our de
ductions may have on a contribution to a Sub-Fund. The informat
ion in the below tables (including
the “
what you might get back
” values) is provided for illustrative purposes only, and is not in
tended to be an indication of what the investment performanc e
will be for any particular Sub-Fund or wh
at deductions will apply to any particular S
Sub-Fund. The investment performance and th
e amount and type of deductions
vary between the different Sub-Funds and may be higher or lower th
an those that we have assumed.
Please refer to the Embedded Fund Costs Document for
further information regarding deductions a
pplicable to any particular Sub-Fund.
The below tables do not take into account any additi
onal charges applied at the pension scheme level.
Example 1
The below illustration assumes the following:
•
contribution of £1,000,000 on day 1;
•
investment growth of 2% per annu
m is achieved (compounded daily);
•
the Sub-Fund has a Total Expense Ratio of 0.50% per a
nnum, which is deducted from the Sub-Fund each year;
•
the charges are deducted in the middle of the relevant year;
•
does not take into account th
e impact of any agreed applic
able minimum Policy Charge;
•
that tax and pension legislation do not change.
Effect of Charges Table
At end of year
Total paid in to date £
Withdrawals £
Effect of deductions to date* £
What you might get back* £
1
1 ,
000 ,
000
0
5 ,
050
1 ,
015 ,
000
2
1 ,
000 ,
000
0
10 ,
100
1 ,
030 ,
000
3
1 ,
000 ,
000
0
15 ,
300
1 ,
045 ,
000
4
1 ,
000 ,
000
0
20 ,
600
1 ,
060 ,
000
5
1 ,
000 ,
000
0
26 ,
000
1 ,
075 ,
000
10
1 ,
000 ,
000
0
54 ,
000
1 ,
150 ,
000
* Rounded down to three (3) significant figures.
The bottom line shows that, over a ten year term, the effect of the total deductions could amount to approximately £54,000. Put
ting it another way, this would have the same effect as reducing the rate of growth
from 2% down to approximately 1.5% a year over the ten year term.
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Example 2
The below illustration assumes the following:
•
contribution of £1,000,000 on day 1;
•
investment growth of 5% per annu
m is achieved (compounded daily);
•
the Sub-Fund has a Total Expense Ratio of 0.50% per a
nnum, which is deducted from the Sub-Fund each year;
•
the charges are deducted in the middle of the relevant year;
•
does not take into account th
e impact of any agreed applic
able minimum Policy Charge;
•
that tax and pension legislation do not change.
Effect of Charges Table
At end of year
Total paid in to date £
Withdrawals £
Effect of deductions to date* £
What you might get back* £
1
1,000,000
0
5,120
1,040,000
2
1,000,000
0
10,400
1,090,000
3
1,000,000
0
16,000
1,140,000
4
1,000,000
0
21,900
1,190,000
5
1,000,000
0
28,000
1,240,000
10
1,000,000
0
62,900
1,550,000
* Rounded down to three (3) significant figures.
The bottom line shows that, over a ten year term, the effect of the total deductions could amount to approximately £62,900. Pu
tting it another way, this would have the sa me effect as reducing the rate of growth
from 5% down to approximately 4.50% a year over the ten year term.
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Example 3
The below illustration assumes the following:
•
contribution of £1,000,000 on day 1;
•
investment growth of 8% per annu
m is achieved (compounded daily);
•
the Sub-Fund has a Total Expense Ratio of 0.50% per a
nnum, which is deducted from the Sub-Fund each year;
•
the charges are deducted in the middle of the relevant year;
•
does not take into account th
e impact of any agreed applic
able minimum Policy Charge;
•
that tax and pension legislation do not change.
Effect of Charges Table
At end of year
Total paid in to date £
Withdrawals £
Effect of deductions to date* £
What you might get back* £
1
1,000,000
0
5,200
1,070,000
2
1,000,000
0
10,700
1,150,000
3
1,000,000
0
16,700
1,240,000
4
1,000,000
0
23,200
1,330,000
5
1,000,000
0
30,100
1,430,000
10
1,000,000
0
73,400
2,050,000
* Rounded down to three (3) significant figures.
The bottom line shows that, over a ten year term, the effect of the total deductions could amount to approximately £73,400. Put
ting it another way, this would have the same effect as reducing the rate of growth
from 8% down to approximately 7.50% a year over the ten year term.
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Other information
Information about MPF
The registered office address for MPF is: Managed Pension Funds Limited
20 Churchill Place
London E14 5HJ England
MPF is registered in England and Wales with company number: 4486031.
MPF is authorised by the Prudential Regulation Authority and re
gulated by the Financial Conduct Authority and the Prudential Re gulation Authority.
State Street Global Advisors, Inc. is the so
le shareholder of MPF. MPF’s ultimate pare
nt company is State Street Corporation. S tate Street Corporation is listed
on the New York Stock Exchange (NYSE: STT).
Other entities providing services to MPF
MPF has appointed the below-named entities to provide the specified services.
Investment manager to MPF
State Street Global Advisors Limited, a company incorporated unde
r the laws of England and Wales and having its registered offi
ce at:
20 Churchill Place
London E14 5HJ England
Registered on the Financial Services Register (available at
www.fca.org.uk
) with reference number: 146665. State Street Corporation is the ultimate parent company of State
Street Global Advisors Limited.
As at the date of this document, State Street Global Advisors Limited has, in respect of certain Sub-Funds, sub-delegated inves
tment management services to the following
entities:
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•
State Street Global Advisors Europe Limited, which is a limited
liability company organised under the laws of Ireland (Irish Co mpanies Registration Office
number 49934); authorised and regulated by the Cent
ral Bank of Ireland (CBI register number C716)
•
State Street Global Advisors Trust Company, a state chartered limited purpose non-depository trust company organised under the laws of Massachusetts
and which is regulated by the Massachusetts Division of Banks and the Federal Reserve
Administration Services
State Street Global Advisors Limited, a comp
any incorporated under the laws of England
and Wales and having is registered offic e at:
20 Churchill Place
London E14 5HJ England
Accounting Services
State Street Bank and Trust Company, a bank and trust company incorporated under the laws of Massachusetts, USA, acting through its branch office at:
20 Churchill Place
London E14 5HJ England
Custodian
State Street Bank and Trust Company, a bank and trust company in
corporated under the laws of Ma
ssachusetts, USA, acting through its branch office at:
20 Churchill Place
London E14 5HJ England
Securities Lending Agent
State Street Bank and Trust Company, a bank and trust company incorporated under the laws of Massachusetts, USA, acting through its branch office at:
20 Churchill Place
London
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E14 5HJ England
Proxy Voting and Asset Stewardship
Proxy voting and engagement activities in
respect of securities held by the Sub-Funds
are conducted pursuant to the terms of th e Sustainability Stewardship
Service Proxy Voting and Engagement Policy available at
https://www.ssga.com/library-c
ontent/assets/pdf/global/asse t-stewardship/sustainability
stewardship-service-proxy-voti
ng-and-engagement-policy.pdf
f (the “
Sustainability Policy
”).
The Sustainability Policy focuses on risks and opportunities that may impact long-term value creation, with a focus on sustaina bility priorities such as climate
change, nature and human rights.
Managed Pension Funds Limited has delegated to the investment mana
ger responsibility for exercising voting rights and engagemen t activities pursuant to the
Sustainability Policy. Subject to its full discretion, the investme
nt manager may, from time to time, appoint and delegate vot
ing authority attached to certain
securities held by the Sub-Funds to an independent third pa
rty as necessitated by regulatory or other requirements.
Reporting
Periodic reports on the proxy voting and engagement activities
undertaken under the Sustainability Policy will be available at
www.ssga.com
Investor Voting Choice
Under Investor Voting Choice, participating
investors are able to select a proxy voting
policy that will apply in relation to a
pro-rata proportion of the shares
(that are available for voting) he
ld by the applicable Sub-Fund(s) in which they
invest, see further the “Proxy Voting Program
Risk” disclosure. Any such voting
policy selection under Investor Voting Choice will
apply in place of the Sustainability Policy.
Complaints Relating to MPF
Set out below are contact details in case you are unhappy
with any service associated
with MPF or your Policy:
Managed Pension Funds Limited
20 Churchill Place
London E14 5HJ England
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Email: ukclientrelation
shipmanagement@ssga.com
Any complaint will be dealt with in accordance with our internal
complaints handling procedures. If you are not satisfied with
the response you may, in certain
circumstances, be able to refer the compla
int to the Financial Ombudsman Service. Making
a complaint will not affect your right to take legal action.
Compensation
Should MPF default, compensation may, depe
nding upon your status, be available under
the Financial Services Compensation Scheme . Further information
about the scheme is available at:
Financial Services Compensation Scheme
10th Floor
Beaufort House
15th St Botolph Street
London
EC3A 7QU England
Telephone: 0800 678 1100
Please see the “
MPF Credit Risk
” section in Part I of Appendix II for mo
re information in this respect.
Anti-Money Laundering
MPF seeks to comply with all applicable anti-money laundering la
ws and regulations, and to cooperate with law enforcement autho rities in the investigation of
those involved in money laundering or other
criminal activity. Prior to the time of investment in MPF, clients are required to provide any information and
organisational documentation that may be required to identify a
client pursuant under applicable laws and regulations. MPF will not commence a relationship
with any person or institution that it knows or believes to be
involved in criminal activities. Similarly, MPF will cease busin
ess with any existing client if it is
known or believed that the client is involved in criminal activities.
Role of SSGA
Unless expressly agreed otherwise by SSGA, it does not provide any advice regarding the merits of investing in MPF and is solel
y acting for and on behalf of MPF.
SSGA is paid for the services provided by it to MPF out of the
Policy Charge amounts paid by policyholders to MPF and any other relevant costs referred to in
the Embedded Fund Costs Document. SSGA only conducts in
surance intermediation business in connection with MPF.
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Status of this document
The information contained in this document
does not constitute legal, tax or financial advice. Investors should consult with t heir legal, tax and financial
advisors before investing. Unless otherwise stated, this docume
nt is accurate as at the date specified on the first page, but
is subject to change. The details
of the legally binding contract between us are contained in the
Policy, Fee & Instruction Agreement, Embedded Fund Costs Docume nt and this Key Features
Document.
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Appendix I
Sub-Fund Specific Details
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Index Equity Funds Range
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Product Profile
This product profile is subject to th
e terms of the relevant Individual Sub
Fund Overview to which yo
ur investment relates.
Investment Philosophy
We believe that our clients choose an index equity Sub-Fund for the
following three main reasons:
I.
To gain broad-based exposure to a screened benchmark
II.
To predict variance around a given benchmark
III.
To get the exposure at a low cost
Our philosophy is to manage every
index-based Sub-Fund in a manner
that seeks to ensure that all three of these objectives are met throughout
the investment process — from the in
itial contribution to the ongoing
management of the assets. We aim to
generate an investment return that
tracks the performance of
the benchmark index (the
“Index”
). In order to
reach this objective, we make on-g
oing assessments of the trade-offs
between transaction costs and tracking error.
Investment Process
We implement our philosophy through a variety of indexing
methodologies. At one end of the spectrum are our highly sampled and
optimised Sub-Funds. At the other end,
are those Sub-Funds that employ
a replication approach and more
closely reflect the benchmark
composition and carry a much lower tolerance for security-level mis
weights. Each approach has benefi
ts and drawbacks depending on the
circumstances of the particular mand
ate. Our goal is to use the most
appropriate indexing meth
odology in each situation, in accordance with
the objectives of providing broad-base
d equity exposure with predictable
variance around a given benchmark at low cost.
We consider several factors when deciding which methodology to use,
including the size of the Sub-Fund,
liquidity of the benchmark, custody costs, access to local markets, tracking error and availability of data.
Negative Screening
The indices include negative screens
that exclude securities from the
indices based on the following criteria:
I.
Controversial weapons (including chemical & biological weapons, cluster munitions, anti-personnel landmines), and
I I.
Controversies as defined by the te
n principles of the UN Global
Compact:
Human Rights
Principle 1
: Businesses should support and respect the protection of
internationally proclaim
ed human rights; and
Principle 2
: make sure that they are not complicit in human rights
abuses. Labour
Principle 3
: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;
Principle 4
: the elimination of all forms of forced and compulsory
labour;
Principle 5
: the effective abolition of child labour; and
Principle 6
: the elimination of discrimination in respect of
employment and occupation.
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Environment
Principle 7
: Businesses should support a precautionary approach
to environmental challenges;
Principle 8
: undertake initiative
s to promote greater
environmental responsibility; and
Principle 9
: encourage the developm
ent and diffusion of
environmentally friendly technologies.
Anti-Corruption
Principle 10
: Businesses should work against corruption in all its
forms, including extortion and bribery.
These negative screens will therefore apply when the Sub-Funds invest in shares of companies included in the indices (but not in respect of other investments held by the Sub-Funds from time to
time).
III.
Tobacco (includes companies that
produce tobacco products. This
includes 1) all companies that are classified in the Industry
Classification Benchmark (ICB) Subsectors Tobacco (3785) and 2)
companies that are not classified
in ICB Subsector Tobacco (3785),
but that are identified as having
activity in this Subsector)
IV.
Thermal Coal (companies with revenues greater than or equal to
10% from extraction or power
generation of thermal coal)
The index for the UK Screened Index
Equity Sub-Fund, being the FTSE All Share ex Controversies ex CW ex Tobacco ex Thermal Coal (10%) Index, contains investment trusts (ICB subsector 8985) whose holdings are not screened for the excluded activities contained in the name of the Index.
Investors wishing to obtain more in
formation about an Index, including information on the underlying components and weightings can obtain
this at:
https://www.ftserussell.com/products/indices/global-choice
and
https://www.ftserussell.com/analyti
cs/factsheets/home/constituents
weights
Risk Management
Our long experience, strong analytical
capabilities, and global research capabilities are important elements in limiting risk of significant tracking error. Our risk management team, alongside our investment
team, monitors the tracking error
across all of our index-based Sub Funds, managing Sub-Fund characteristics and expenses in a manner
intended to provide a return as clos
e as reasonably practicable to the
benchmark return.
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Individual Sub-Fund Overview - Index Equity Sub-Funds
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Advanced Emerging Markets Scr
eened Index Equity Sub-Fund
Index Equity
Investment Objective
The Sub-Fund aims to track the FTSE® Advanced
Emerging ex Controversies ex
CW ex Tobacco ex Thermal
Coal (10%) Index, or its re cognised replacement or
equivalent (the “
Index
”). The Sub-Fund primarily invests at all times in a sample of e
quities constituting the Index to
gether with such other securit ies as MPF
shall deem it necessary to capture the performance of the Inde
x. Stock index futures may be used for efficient portfolio manage ment.
Key Facts About the Sub-Fund
Investment Strategy
Index
Investment Methodology
Index replication
(the Sub-Fund will not necessarily own all the securities included in the Index)
Asset Type
Equities
Screening
The following are excluded by the index provider from the index: Controversies (as defined by the ten principles of the UN Glob al Compact); Controversial weapons (including chemical & biological weapons, cluster munitions and anti-personnel landmines); Tobacco (compa nies
engaged in the production of tobacco and/or tobacco products); Th
ermal Coal (companies with revenu es greater than or equal to 1 0% from
extraction or power generation from ther
mal coal). Further details are available
here .
Index Name
FTSE® Advanced Emerging ex Controversies ex
CW ex Tobacco ex Therma
l Coal (10%) Index
Investment Geography
Emerging Markets
Base Currency
GBP
Currency Exposure Hedging
No
Futures & Derivatives Use
Yes
Securities Lending
Yes
Seeks Investment Leverage
No
Short Selling
No
Valuation Point
Forward pricing
Policy Charge Deducted from Sub-Fund?
No
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Sub-Fund Specific Risk Factors (these apply in
addition to the
GENERAL RISKS APPLICABLE
TO ALL SUB-FUNDS )
Currency Risk
||
Depositary Receipts Risk
||
Emerging Markets Risk
||
Equity Investing Risk
||
Geographic Concentration Risk || Index Licensing
Risk
||
Index Error Risk
||
Index Risk
||
Index Tracking Risk
||
Investment in Multiple Countries
||
Investment Style Risk – Geographic Focus –
Asia
||
Investment Style Risk – Large Cap Companies
||
IPO Risk
||
Risks Related to Screening
||
Securities Lending Risk || Sustainable
Investment Criteria in
Index Methodology Risk |
Availability
Defined Benefit
Defined Contribution
Other
May invest in pooled funds, includ
ing other State Street products
Benchmark Disclaimer
THE ADVANCED EMERGING MARKETS SCREENED INDE
X EQUITY SUB-FUND IS NOT IN ANY WAY SPONSORE
D, ENDORSED, SOLD OR PROMOTED BY FTSE IN
TERNATIONAL LIMITED (“ FTSE ”) OR THE LONDON STOCK
EXCHANGE GROUP COMPANIES (“
LSEG
”) (TOGETHER THE “
LICENSOR PARTIES
”) AND NONE OF THE LICENSOR PARTIES MAKE ANY CLAIM, PR
EDICTION, WARRANTY OR REPRESENTATION WHATSOEVER, EXPRESSLY
OR IMPLIEDLY, EITHER AS TO (I) THE RESULTS TO BE OBTAINED FROM THE USE OF THE FTSE® ADVANCED EMERGING EX CONTROVERSIES EX CW EX
TOBACCO EX THERMAL COAL (10%) INDEX (THE “ INDEX ”) (UPON
WHICH THE ADVANCED EMERGING MARKETS SCREENED INDEX EQUITY SUB-FUND
IS BASED), (II) THE FIGURE AT WHICH THE INDEX IS SAID TO STA
ND AT ANY PARTICULAR TIME ON ANY PARTICULAR DAY OR
OTHERWISE, OR (III) THE SUITABILITY OF THE INDEX FOR THE PURPOSE TO WHICH IT IS BEING PUT IN CONNECTION WITH THE ADVANCED EMERG
ING MARKETS SCREENED INDEX EQUITY SUB-FUND. NONE OF THE
LICENSOR PARTIES HAVE PROVIDED OR WILL PROVIDE ANY FINANCIAL OR
INVESTMENT ADVICE OR RECOMMENDATION IN RELATION TO THE INDEX TO
SSGA OR TO ITS CLIENTS. THE INDEX IS CALCULATED BY FTSE
OR ITS AGENT. NONE OF THE LICENSOR PARTIES
SHALL BE (A) LIABLE (WHETHER IN NEGLIGENCE OR OTHERWISE) TO ANY PERSON FOR ANY ERROR
IN THE INDEX OR (B) UNDER ANY OBLIGATION TO ADVISE ANY
PERSON OF ANY ERROR THEREIN.
ALL RIGHTS IN THE INDEX VEST IN FTSE. “
FTSE®
” IS A TRADEMARK OF LSEG AND IS USED BY FTSE UNDER LICENCE.
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Asia Pacific ex Japan Scr
eened Index Equity Sub-Fund
Index Equity
Investment Objective
The Sub-Fund aims to track the FTSE® Developed Asia Pacific ex Ja
pan ex Controversies ex CW ex Tobacco ex Thermal Coal (10%) In dex, or its recognised
replacement or equivalent (the “
Index
”). The Sub-Fund primarily invests at all ti
mes in a sample of equities constituti
ng the Index together with such other
securities as MPF shall deem it necessary to capture the perfor
mance of the Index. Stock index fu
tures can be used for efficien
t portfolio management.
Key Facts About The Sub-Fund
Investment Strategy
Index
Investment Methodology
Index replication
(the Sub-Fund will not necessarily own all the securities included in the Index)
Asset Type
Equities
Screening
The following are excluded by the index prov
ider from the index: Controversies (as defined by the ten principles of the UN Glob al Compact);
Controversial weapons (including chemical & biological weapons,
cluster munitions and anti-personnel landmines); Tobacco (compa nies
engaged in the production of tobacco and/or tobacco products); Th
ermal Coal (companies with revenues greater than or equal to 1 0% from
extraction or power generation from ther
mal coal). Further details are available
here .
Index Name
FTSE® Developed Asia Pacific ex Japan ex Japan ex Contro
versies ex CW ex Tobacco ex Thermal Coal (10%) Index
Investment Geography
Asia Pacific ex Japan
Base Currency
GBP
Currency Exposure Hedging
No
Futures & Derivatives Use
Yes
Securities Lending
Yes
Seeks Investment Leverage
No
Short Selling
No
Valuation Point
Forward pricing
Policy Charge Deducted from Sub-Fund?
No
Sub-Fund Specific Risk Fa
ctors (these apply in
addition to the
GENERAL RISKS APPLICABLE
TO ALL SUB-FUNDS )
Currency Risk
||
Depositary Receipts Risk
||
Equity Investing Risk
||
Geographic Concentration Risk
||
Index Error Risk || Index Licensing Risk
||
Index Risk
||
Index Tracking Risk
||
Investment in Multiple Countries
||
Investment Style Risk – Geographic Focus – Asia || Investment
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State Street Global Advisors
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Style Risk – Large Cap Companies
||
IPO Risk
||
Risks Related to Screening
||
Securities Lending Risk || Sustainable Investment Criteria in
Index Methodology Risk |
Availability
Defined Benefit
Defined Contribution
Other
May invest in pooled funds, includ
ing other State Street products
Additional information for Sub-F
unds with a similar strategy
Sub-Fund Name
Index
Investable Universe
Base
Currency
Currency Exposure Hedging?
Valuation Point
Policy Charge
Deducted
from Sub
Fund?
Sub-Fund Specific Risk
Factors
(these apply in addition to the GENERAL RISKS APPLICABLE TO ALL
SUB-FUNDS )
Availability
Forward Priced
As of (Historical)
Priced
Defined Benefit Defined Contribution
Asia Pacific ex Japan
(100% Hedged)
Screened Index Equity
Sub-Fund
FTSE® Developed Asia
Pacific ex Japan ex
Controversies ex CW
ex Tobacco ex Thermal Coal
(10%) Index
, or its
recognised replacement or equivalent, with 100%
of the non-Sterling currency exposure
hedged back to Sterling.
The Sub-Fund primarily invests at all times in the
Asia Pacific ex Japan
Screened Index Equity Sub-Fund and currency
hedging is executed using
Forward Foreign
Exchange contracts.
GBP
Yes
Yes
--
No
Currency Hedging Risk Depositary Receipts Risk Equity Investing Risk Geographic Concentration
Risk
Index Error Risk Index Licensing Risk
Index Risk
Index Tracking Risk Investment in Multiple
Countries
Investment Style Risk – Geographic Focus – Asia Investment Style Risk – Large Cap Companies
IPO Risk
Risks Related to Screening Sustainable Investment Criteria in Index Methodology Risk
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Benchmark Disclaimer
THE ASIA PACIFIC EX JAPAN SCREENED INDEX EQUITY SUB-FUND AND ASIA
PACIFIC EX JAPAN (100% HEDGED)
SCREENED INDEX EQUITY SUB-FUND
ARE NOT IN ANY WAY SPONSORED, ENDORSED, SOLD OR
PROMOTED BY FTSE INTERNATIONAL LIMITED (“
FTSE
”) OR THE LONDON STOCK EXCHANGE GROUP COMPANIES (“
LSEG
”) (TOGETHER THE “
LICENSOR PARTIES
”) AND NONE OF THE LICENSOR PARTIES MAKE ANY
CLAIM, PREDICTION, WARRANTY OR REPRESENTATION WHATSOEVER, EXPRESSLY OR IMPLIEDLY, EITHER AS TO (I) THE RESULTS TO BE OBTAINED F
ROM THE USE OF THE FTSE® DEVELOPED ASIA PACIFIC EX JAPAN
EX CONTROVERSIES EX CW EX TOBACCO EX THERMAL COAL (10%) INDEX (THE “
INDEX
”) (UPON WHICH THE ASIA PACIFIC EX JAPAN SCREENED INDEX
EQUITY SUB-FUND AND ASIA PACI FIC EX JAPAN (100% HEDGED)
SCREENED INDEX EQUITY SUB-FUND ARE BASED), (I
I) THE FIGURE AT WHICH THE INDEX IS SAID TO STAND AT ANY PARTICULAR TIME ON ANY PA
RTICULAR DAY OR OTHERWISE, OR (III) THE SUITABILITY OF THE
INDEX FOR THE PURPOSE TO WHICH IT IS BEING PUT IN CONNECTION WI
TH THE ASIA PACIFIC EX JAPAN SCREENED INDEX EQUITY SUB-FUND AND
ASIA PACIFIC EX JAPAN (100% HEDGED) SCREENED INDEX EQUITY
SUB-FUND. NONE OF THE LICENSOR PARTIES HAVE PROVIDED OR WILL PROV
IDE ANY FINANCIAL OR INVESTMENT ADVICE OR RECOMMENDATION IN RE
LATION TO THE INDEX TO SSGA OR TO ITS CLIENTS. THE
INDEX IS CALCULATED BY FTSE OR ITS AGENT. NONE OF THE LICENSOR
PARTIES SHALL BE (A) LIABLE (WHETHER IN NEGLIGENCE OR OTHERWISE)
TO ANY PERSON FOR ANY ERROR IN THE INDEX OR (B) UNDER ANY
OBLIGATION TO ADVISE ANY PE
RSON OF ANY ERROR THEREIN.
ALL RIGHTS IN THE INDEX VEST IN FTSE. “
FTSE®
” IS A TRADEMARK OF LSEG AND IS USED BY FTSE UNDER LICENCE.
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State Street Global Advisors
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35/266
Emerging Markets Screened Index Equity Sub-Fund
Index Equity
Investment Objective
The Sub-Fund aims to track the FTSE® Emerging ex Controversies ex
CW ex Tobacco ex Thermal Coal
(10%) Index, or its recognised replacement or equivalent
(the “
Index
”). The Sub-Fund primarily invests at all times in a sample of eq
uities constituting the Index to
gether with such other securit ies as MPF shall deem it
necessary to capture the performance of
the Index. Stock index futures may be us
ed for efficient portfolio management.
Key Facts About The Sub-Fund
Investment Strategy
Index
Investment Methodology
Index replication
(the Sub-Fund will not necessarily own all the securities included in the Index)
Asset Type
Equities
Screening
The following are excluded by the index provider from the index: Controversies (as defined by the ten principles of the UN Glob al Compact); Controversial weapons (including chemical & biological weapons, cluster munitions and anti-personnel landmines); Tobacco (compa nies
engaged in the production of tobacco and/or tobacco products); Th
ermal Coal (companies with revenu es greater than or equal to 1 0% from
extraction or power generation from ther
mal coal). Further details are available
here .
Index Name
FTSE® Emerging ex Controversies ex CW
ex Tobacco ex Thermal Coal (10%) Index
Investment Geography
Emerging Markets
Base Currency
GBP
Currency Exposure Hedging
No
Futures & Derivatives Use
Yes
Securities Lending
Yes
Seeks Investment Leverage
No
Short Selling
No
Valuation Point
Forward pricing
Policy Charge Deducted from Sub-Fund?
No
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State Street Global Advisors
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36/266
Sub-Fund Specific Risk Factors (these apply in
addition to the
GENERAL RISKS APPLICABLE
TO ALL SUB-FUNDS )
Currency Risk
||
Depositary Receipts Risk
||
Emerging Markets Risk
||
Equity Investing Risk
||
Geographic Concentration Risk || Index Error
Risk
||
Index Licensing Risk
||
Index Risk
||
Index Tracking Risk
||
Investment in Multiple Countries
||
Investment Style Risk – Geographic Focus
– Asia
||
Investment Style Risk – Geographic Focu
s - PRC and Greater China Region Risks
||
Investment Style Risk – Large Cap Companies || IPO
Risk
||
Risks Related to Screening
||
Russia Sanctions Risk
||
Securities Lending Risk
||
Sustainable Investment Criteria in Index Methodology
Risk |
Availability
Defined Benefit
Defined Contribution
Other
May invest in pooled funds, includ
ing other State Street products
Benchmark Disclaimer
THE EMERGING MARKETS SCREENED INDEX EQUITY SUB-FUND ARE NOT IN ANY WAY SPONSORED, ENDORSED, SOLD OR PROMOTED BY FTSE INTERNATIO
NAL LIMITED (“ FTSE ”) OR THE LONDON STOCK EXCHANGE
GROUP COMPANIES (“
LSEG
”) (TOGETHER THE “
LICENSOR PARTIES
”) AND NONE OF THE LICENSOR PARTIES MAKE ANY CLAIM, PREDIC
TION, WARRANTY OR REPRESENTATI ON WHATSOEVER, EXPRESSLY OR
IMPLIEDLY, EITHER AS TO (I) THE RESULTS TO BE OBTAINED FROM THE
USE OF FTSE® EMERGING EX CONTROVERSIES EX CW EX TOBACCO EX THER
MAL COAL (10%) INDEX (THE “ INDEX ”) (UPON WHICH THE
EMERGING MARKETS SCREENED INDEX EQUITY SUB-FUND IS BASED), (II) THE FIGURE AT WHICH THE INDEX IS SAID TO STAND AT ANY PARTICULA
R TIME ON ANY PARTICULAR DAY OR OTHERWISE, OR (III) THE
SUITABILITY OF THE INDEX FOR THE PURPOSE TO WHICH IT IS BEING PUT IN CONNECTION WITH THE EMERGING MARKETS SCREENED INDEX EQUITY
SUB-FUND. NONE OF THE LICENSOR PARTIES HAVE PROVIDED
OR WILL PROVIDE ANY FINANCIAL OR INVESTMENT ADVICE OR RECOMMENDATI
ON IN RELATION TO THE INDEX TO SSGA OR TO ITS CLIENTS. THE IN
DEX IS CALCULATED BY FTSE OR ITS AGENT. NONE OF THE
LICENSOR PARTIES SHALL BE (A) LIAB
LE (WHETHER IN NEGLIGENCE OR OTHERWISE) TO ANY PERSON FOR ANY ERROR IN THE INDEX OR (B) UNDER
ANY OBLIGATION TO ADVISE ANY PERSON OF ANY ERROR THEREIN.
ALL RIGHTS IN THE INDEX VEST IN FTSE. “
FTSE®
” IS A TRADEMARK OF LSEG AND IS USED BY FTSE UNDER LICENCE.
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Key features of Managed Pension Funds Limited
State Street Global Advisors
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Europe ex UK Screened Index Equity Sub-Fund
Index Equity
Investment Objective
The Sub-Fund aims to track the FTSE® Developed Europe ex UK ex Co
ntroversies ex CW ex Tobacco ex
Thermal Coal (10%) Index, or i ts recognised replacement
or equivalent (the “
Index
”). The Sub-Fund primarily invests at all times in a sample of eq
uities constituting the Index wi
th such other securities as MP F shall
deem it necessary to capture the performance of the Index. Stoc
k index futures can be used for efficient portfolio management.
Key Facts About The Sub-Fund
Investment Strategy
Index
Investment Methodology
Index replication
(the Sub-Fund will not necessarily own a
ll the securities included in the Index)
Asset Type
Equities
Screening
The following are excluded by the index provider from the index: Controversies (as defined by the ten principles of the UN Glob al Compact);
Controversial weapons (including chemical
& biological weapons, cluster munitions and anti-personnel landmines); Tobacco (compa nies engaged in the production of tobacco and/or tobacco products); Thermal Coal (companies with revenues greater than or equal to 10% from extraction or
power generation from thermal coal). Further details are available
here.
Index Name
FTSE® Developed Europe ex UK ex Controversies
ex CW ex Tobacco ex Ther
mal Coal (10%) Index
Investment Geography
Europe ex UK
Base Currency
GBP
Currency Exposure Hedging
No
Futures & Derivatives Use
Yes
Securities Lending
Yes
Seeks Investment Leverage
No
Short Selling
No
Valuation Point
Forward pricing
Policy Charge Deducted from Sub-Fund?
No
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State Street Global Advisors
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Sub-Fund Specific Risk Factors (these apply
in addition to the
GENERAL RISKS
APPLICABLE TO ALL SUB-FUNDS )
Currency Risk
||
Depositary Receipts Risk
||
Equity Investing Risk
||
Geographic Concentration Risk
||
Index Error Risk || Index Licensing Risk ||
Index Risk
||
Index Tracking Risk
||
Investment in Multiple Countries
||
Investment Style Risk – Geographic Focus – Europe || Investment Style
Risk – Large Cap Companies
||
IPO Risk
||
Risks Related to Screening
||
Securities Lending Risk
||
Sustainable Investment Criteria in Index
Methodology Risk |
Availability
Defined Benefit
Defined Contribution
Other
May invest in pooled funds, incl
uding other State Street products
Additional information for Sub-F
unds with a similar strategy
Sub-Fund Name
Index
Investable Universe
Base
Currency
Currency Exposure Hedging?
Valuation Point
Policy Charge
Deducted
from Sub
Fund?
Sub-Fund Specific Risk Factors (these apply in addition to the GENERAL RISKS APPLICABLE TO ALL
SUB-FUNDS )
Availability
Forward Priced
As of (Historical)
Priced
Defined Benefit Defined Contribution
Europe ex UK (100% Hedged) Screened Index Equity Sub
Fund
FTSE® Developed Europe ex UK ex Controversies ex
CW ex Tobacco ex
Thermal Coal (10%) Index,
or its recognised replacement or
equivalent, with 100% of the non-Sterling currency exposure hedged back to
Sterling.
The Sub-Fund primarily invests at all times in the Europe ex UK
Screened Index Equity Sub
Fund and currency hedging is
executed using Forward
Foreign Exchange contracts.
GBP
Yes
Yes
--
No
Currency Hedging Risk Depositary Receipts Risk EMIR and OTC Derivatives Contract Risk
Equity Investing Risk Geographic Concentration
Risk
Index Error Risk Index Licensing Risk
Index Risk
Index Tracking Risk Investment in Multiple
Countries
Investment Style Risk – Geographic Focus – Europe Investment Style Risk – Large Cap Companies
IPO Risk
Risks Related to Screening
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Key features of Managed Pension Funds Limited
State Street Global Advisors
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39/266 Sustainable Investment Criteria in Index Methodology Risk
Benchmark Disclaimer
THE EUROPE EX UK SCREENED INDEX EQUITY SUB-FUND AND EUROPE EX
UK (100% HEDGED) SCREENED INDEX EQUITY SUB-FUND ARE NOT IN ANY WA
Y SPONSORED, ENDORSED, SOLD OR PROMOTED BY FTSE
INTERNATIONAL LIMITED (“
FTSE
”) OR THE LONDON STOCK EXCHANGE GROUP COMPANIES (“
LSEG
”) (TOGETHER THE “
LICENSOR PARTIES
”) AND NONE OF THE LICENSOR PARTIES MAKE ANY CLAIM, PREDICTION,
WARRANTY OR REPRESENTATION WHATSOEVER, EXPRESSLY OR IMPLIEDLY, EITH
ER AS TO (I) THE RESULTS TO BE OBTAINED FROM THE USE OF THE
FTSE® DEVELOPED EUROPE EX UK EX CONTROVERSIES EX CW EX
TOBACCO EX THERMAL COAL (10%) INDEX (THE “
INDEX
”) (UPON WHICH THE EUROPE EX UK SCREENED
INDEX EQUITY SUB-FUND AND EUROPE EX UK (100
% HEDGED) SCREENED INDEX EQUITY SUB-FUND AR E
BASED), (II) THE FIGURE AT WHICH THE INDEX IS SAID TO STAND AT ANY PARTICULAR TIME ON ANY PARTICULAR DAY OR OTHERWISE, OR (III)
THE SUITABILITY OF THE INDEX FOR THE PURPOSE TO WHICH IT IS
BEING PUT IN CONNECTION WITH THE EUROPE EX UK SCREENED INDEX EQUI
TY SUB-FUND AND EUROPE EX UK (100% HEDGED) SCREENED INDEX EQUI
TY SUB-FUND. NONE OF THE LICENSOR PARTIES HAVE
PROVIDED OR WILL PROVIDE ANY FINANCIAL OR INVESTMENT ADVICE OR
RECOMMENDATION IN RELATION TO THE INDEX TO SSGA OR TO ITS CLIENT
S. THE INDEX IS CALCULATED BY FTSE OR ITS AGENT. NONE OF
THE LICENSOR PARTIES SHALL BE (A) LIABLE (WHETHER IN NEGLIGENCE OR OTHERWISE) TO ANY PERSON FOR ANY ERROR IN THE INDEX OR (B) U
NDER ANY OBLIGATION TO ADVISE ANY PERSON OF ANY ERROR
THEREIN.
ALL RIGHTS IN THE INDEX VEST IN FTSE. “
FTSE®
” IS A TRADEMARK OF LSEG AND IS USED BY FTSE UNDER LICENCE.
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Key features of Managed Pension Funds Limited
State Street Global Advisors
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40/266
Japan Screened Index Equity Sub-Fund
Index Equity
Investment Objective
The Sub-Fund aims to track the FTSE® Japan ex
Controversies ex CW ex Tobacco ex Therma
l Coal (10%) Index, or its recognised rep lacement or equivalent (the
“
Index
”). The Sub-Fund primarily invests at all times in a sample of eq
uities constituting the Index with such other securities as M PF shall deem it necessary to
capture the performance of the Inde
x. Stock index futures can be used for efficient portfolio management.
Key Facts About The Sub-Fund
Investment Strategy
Index
Investment Methodology
Index replication
(the Sub-Fund will not necessarily own all the securities included in the Index)
Asset Type
Equities
Screening
The following are excluded by the index provider from the index:
Controversies (as defined by the ten principles of the UN Glob al Compact); Controversial weapons (including chemical & biological weapons, cluster munitions and anti-personnel landmines); Tobacco (compa nies engaged in the production of tobacco and/or tobacco products); Thermal Coal (companies with revenues greater than or equal to 10% from extraction or
power generation from thermal coal). Further details are available
here .
Index Name
FTSE® Japan ex Controversies ex CW ex Tobacco ex Thermal Coal (10%) Index
Investment Geography
Japan
Base Currency
GBP
Currency Exposure Hedging
No
Futures & Derivatives Use
Yes
Securities Lending
Yes
Seeks Investment Leverage
No
Short Selling
No
Valuation Point
Forward pricing
Policy Charge Deducted from Sub-Fund?
No
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State Street Global Advisors
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41/266
Sub-Fund Specific Risk Factors (these apply
in addition to the
GENERAL RISKS
APPLICABLE TO ALL SUB-FUNDS )
Currency Risk
||
Depositary Receipts Risk
||
Equity Investing Risk
| |
Geographic Concentration Risk
||
Index Error Risk || Index Licensing Risk ||
Index Risk
||
Index Tracking Risk
||
Investment Style Risk – Geographic Focus – Japan
||
Investment Style Risk – Large Cap Companies || IPO Risk
||
Risks Related to Screening
||
Securities Lending Risk |
|
Sustainable Investment Criteria in Index Methodology Risk |
Availability
Defined Benefit
Defined Contribution
Other
May invest in pooled funds, including other State Street products
Additional information for Sub-F
unds with a similar strategy
Sub-Fund Name
Index
Investable Universe
Base
Currency
Currency Exposure Hedging?
Valuation Point
Policy Charge
Deducted
from Sub
Fund?
Sub-Fund Specific Risk Factors (these apply in addition to the GENERAL RISKS APPLICABLE TO ALL
SUB-FUNDS )
Availability
Forward Priced
As of (Historical)
Priced
Defined Benefit Defined Contribution
Japan (100% Hedged) Screened Index Equity
Sub-Fund
FTSE® Japan ex
Controversies ex CW ex Tobacco ex Thermal Coal
(10%) Index, or its
recognised replacement or equivalent, with 100% of the non-Sterling currency exposure hedged back to
Sterling.
The Sub-Fund primarily invests at all times in the Japan Screened
Index Equity Sub-Fund and currency hedging is
executed using Forward Foreign
Exchange contracts.
GBP
Yes
Yes
--
No
Currency Hedging Risk Depositary Receipts Risk EMIR and OTC Derivatives
Contract Risk
Equity Investing Risk Geographic Concentration
Risk
Index Error Risk
Index Licensing Risk
Index Risk
Index Tracking Risk Investment in Multiple
Countries
Investment Style Risk – Geographic Focus – Japan Investment Style Risk – Large Cap Companies
IPO Risk
Risks Related to Screening
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Key features of Managed Pension Funds Limited
State Street Global Advisors
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42/266 Sustainable Investment Criteria in Index
Methodology Risk
Benchmark Disclaimer
THE JAPAN SCREENED INDEX EQUITY SUB-FUND AND JAPAN (100% HEDGED)
SCREENED INDEX EQUITY SUB-FUND ARE NOT IN ANY WAY SPONSORED, E
NDORSED, SOLD OR PROMOTED BY FTSE INTERNATIONAL
LIMITED (“
FTSE
”) OR THE LONDON STOCK EXCHANGE GROUP COMPANIES (“
LSEG
”) (TOGETHER THE “
LICENSOR PARTIES
”) AND NONE OF THE LICENSOR PARTIES MAKE ANY CLAIM, PREDICTION, WARRANTY OR
REPRESENTATION WHATSOEVER, EXPRESSLY OR IMPLIEDLY, EITHER AS TO (I) THE RESULTS TO BE OBTAINED FROM THE USE OF THE FTSE® JAPAN
EX CONTROVERSIES EX CW EX TO BACCO EX THERMAL COAL (10%)
INDEX (THE “
INDEX
”) (UPON WHICH THE JAPAN SCREENED INDEX EQUITY SUB-FUND AND JAPA
N (100% HEDGED) SCREENED INDEX EQUITY SUB-FUND ARE BASED), (II)
THE FIGURE AT WHICH THE INDEX IS SAID TO
STAND AT ANY PARTICULAR TIME ON ANY PARTIC
ULAR DAY OR OTHERWISE, OR (III) THE SUITABILITY OF THE INDEX FOR THE PURPOSE TO WHICH
IT IS BEING PUT IN CONNECTION WITH THE JAPAN SCREENED
INDEX EQUITY SUB-FUND AND JAPAN (100% HEDGED) SCREENED INDEX EQUITY
SUB-FUND. NONE OF THE LICENSOR PARTIES HAVE PROVIDED OR WIL
L PROVIDE ANY FINANCIAL OR INVESTMENT ADVICE OR
RECOMMENDATION IN RELATION TO THE INDEX TO SSGA OR TO ITS CLIENTS. THE INDEX IS CALCULATED BY FTSE OR ITS AGENT. NONE OF THE LI
CENSOR PARTIES SHALL BE (A) LI ABLE (WHETHER IN NEGLIGENCE
OR OTHERWISE) TO ANY PERSON FOR ANY ERROR IN THE INDEX OR (B) UN
DER ANY OBLIGATION TO ADVISE ANY PERSON OF ANY ERROR THEREIN.
ALL RIGHTS IN THE INDEX VEST IN FTSE. “
FTSE®
” IS A TRADEMARK OF LSEG AND IS USED BY FTSE UNDER LICENCE.
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Key features of Managed Pension Funds Limited
State Street Global Advisors
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43/266
Middle East and Africa Screened Index Equity Sub-Fund
Index Equity
Investment Objective
The Sub-Fund aims to track the FTSE® Developed Middle East and Afri
ca ex Controversies ex CW ex Tobacco ex Thermal Coal (10%) I ndex, or its recognised
replacement or equivalent (the “
Index
”). The Sub-Fund primarily invest
s at all times in a sample of equities constitu
ting the Index with such other securities as
MPF shall deem it necessary to capture the performance of the
Index. Stock index futures can be used for efficient portfolio ma nagement.
Key Facts About The Sub-Fund
Investment Strategy
Index
Investment Methodology
Index replication
(the Sub-Fund will not necessarily own a
ll the securities included in the Index)
Asset Type
Equities
Screening
The following are excluded by the index provider from the index: Controversies (as defined by the ten principles of the UN Glob al Compact);
Controversial weapons (including chemical
& biological weapons, cluster munitions and anti-personnel landmines); Tobacco (compa nies engaged in the production of tobacco and/or tobacco products); Thermal Coal (companies with revenues greater than or equal to 10% from extraction or
power generation from thermal coal). Further details are available
here .
Index Name
FTSE® Developed Middle East and Africa ex Controvers
ies ex CW ex Tobacco ex Thermal Coal (10%) Index
Investment Geography
Middle East and Africa
Base Currency
GBP
Currency Exposure Hedging
No
Futures & Derivatives Use
Yes
Securities Lending
Yes
Seeks Investment Leverage
No
Short Selling
No
Valuation Point
Forward pricing
Policy Charge Deducted from Sub-Fund?
No
Sub-Fund Specific Risk Factors (these apply
in addition to the
GENERAL RISKS
APPLICABLE TO ALL SUB-FUNDS )
Currency Risk
||
Depositary Receipts Risk
||
Equity Investing Risk
||
Geographic Concentration Risk
||
Index Error Risk || Index Licensing Risk ||
Index Risk
||
Index Tracking Risk
||
Investment in Multiple Countries
||
Investment Style Risk – Large Cap Companies || Investment Style Risk –
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Key features of Managed Pension Funds Limited
State Street Global Advisors
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Geographic Focus - Middle East and Africa
||
IPO Risk
||
Risks Related to Screening
||
Securities Lending Risk || Sustainable Investment Criteria
in Index Methodology Risk |
Availability
Defined Benefit
Defined Contribution
Other
May invest in pooled funds, incl
uding other State Street products
Benchmark Disclaimer
THE MIDDLE EAST AND AFRICA SCREEN
ED INDEX EQUITY SUB-FUND ARE NOT IN ANY WAY SPON
SORED, ENDORSED, SOLD OR PROMOTED BY FTSE INTE
RNATIONAL LIMITED (“ FTSE ”) OR THE LONDON STOCK
EXCHANGE GROUP COMPANIES (“
LSEG
”) (TOGETHER THE “
LICENSOR PARTIES
”) AND NONE OF THE LICENSOR PARTIES MAKE ANY CLAIM, PR
EDICTION, WARRANTY OR REPRESENTATION WHATSOEVER, EXPRESSLY
OR IMPLIEDLY, EITHER AS TO (I) THE RESULTS TO BE OBTAINED FROM
THE USE OF THE FTSE® ALL-WORLD DEVELOPED MIDDLE EAST AND AFRICA
EX CONTROVERSIES EX CW EX TO BACCO EX THERMAL COAL (10%)
INDEX (THE “
INDEX
”) (UPON WHICH THE MIDDLE EAST AND AFRICA
SCREENED INDEX EQUITY SUB-FUND ARE BASED), (II) THE FIGURE AT WHICH THE INDEX IS SAID
TO STAND AT ANY PARTICULAR TIME ON ANY
PARTICULAR DAY OR OTHERWISE, OR (III) THE SUITABILITY OF THE INDEX FOR THE PURPOSE TO WHICH IT IS BEING PUT IN CONNECTION WITH
THE MIDDLE EAST AND AFRICA SCREENED INDEX EQUITY SUB-FUND.
NONE OF THE LICENSOR PARTIES HAVE PROVIDED OR WILL PROVIDE ANY FI
NANCIAL OR INVESTMENT ADVICE OR RECOMMENDATION IN RELATION TO
THE INDEX TO SSGA OR TO ITS CLIENTS. THE INDEX IS
CALCULATED BY FTSE OR ITS AGENT. NONE OF THE LICENSOR PARTIES SHALL BE (A) LIABLE (WHETHER IN NEGLIGENCE OR OTHERWISE) TO ANY P
ERSON FOR ANY ERROR IN THE INDEX OR (B) UNDER ANY OBLIGATION
TO ADVISE ANY PERSON OF ANY ERROR THEREIN.
ALL RIGHTS IN THE INDEX VEST IN FTSE. “
FTSE®
” IS A TRADEMARK OF LSEG AND IS USED BY FTSE UNDER LICENCE.
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Key features of Managed Pension Funds Limited
State Street Global Advisors
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45/266
North America Screened
Index Equity Sub-Fund
Index Equity
Investment Objective
The Sub-Fund aims to track the FTSE® North America ex Controversie
s ex CW ex Tobacco ex Thermal Coal (10%) Index, or its recogn ised replacement or
equivalent (the “
Index
”). The Sub-Fund primarily invests at all times in a sample of e
quities constituting the Index wi
th such other securities as MP F shall deem
it necessary to capture the performance of the Index. Stock
index futures can be used for efficient portfolio management.
Key Facts About The Sub-Fund
Investment Strategy
Index
Investment Methodology
Index replication
(the Sub-Fund will not necessarily own a
ll the securities included in the Index)
Asset Type
Equities
Screening
The following are excluded by the index prov
ider from the index: Controversies (as defined by the ten principles of the UN Glob al Compact);
Controversial weapons (including chemical & biological weapons,
cluster munitions and anti-personnel landmines); Tobacco (compa nies
engaged in the production of tobacco and/or tobacco products); Th
ermal Coal (companies with revenues greater than or equal to 1 0% from
extraction or power generation from ther
mal coal). Further details are available
here .
Index Name
FTSE® North America ex Controversies ex CW
ex Tobacco ex Thermal Coal (10%)
Index
Investment Geography
North America
Base Currency
GBP
Currency Exposure Hedging
No
Futures & Derivatives Use
Yes
Securities Lending
Yes
Seeks Investment Leverage
No
Short Selling
No
Valuation Point
Forward pricing
Policy Charge Deducted from Sub-Fund?
No
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State Street Global Advisors
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46/266
Sub-Fund Specific Risk Factors (these apply in
addition to the
GENERAL RISKS APPLICABLE
TO ALL SUB-FUNDS )
Currency Risk
||
Depositary Receipts Risk
||
Equity Investing Risk
||
Geographic Concentration Risk
||
Index Error Risk || Index Licensing Risk
||
Index Risk
||
Index Tracking Risk
||
Investment in Multiple Countries
||
Investment Style Risk – Large Cap Companies || Investment Style
Risk – Geographic Focus - North America
||
IPO Risk
||
Risks Related to Screening
||
Securities Lending Risk || Russia Sanctions Risk ||
Sustainable Investment Criteria in Index Methodology Risk |
Availability
Defined Benefit
Defined Contribution
Other
May invest in pooled funds, incl
uding other State
Street products
Additional information for Sub-F
unds with a similar strategy
Sub-Fund Name
Index
Investable Universe
Base
Currency
Currency Exposure Hedging?
Valuation Point
Policy Charge
Deducted
from Sub
Fund?
Sub-Fund Specific Risk Factors (these apply in addition to
the
GENERAL RISKS APPLICABLE TO ALL SUB
FUNDS )
Availability
Forward Priced
As of (Historical)
Priced
Defined Benefit Defined Contribution
North America (100%
Hedged) Screened
Index Equity Sub-Fund
FTSE® North America ex Controversies ex CW
ex Tobacco ex Thermal Coal
(10%) Index
, or its
recognised replacement or equivalent, with 100%
of the non-Sterling currency exposure
hedged back to Sterling.
The Sub-Fund primarily invests at all times in the North America Screened
Index Equity Sub-Fund and
currency hedging is
executed using Forward
Foreign Exchange contracts.
GBP
Yes
Yes
--
No
Currency Hedging Risk Depositary Receipts Risk EMIR and OTC Derivatives Contract Risk
Equity Investing Risk Geographic Concentration
Risk
Index Error Risk Index Licensing Risk
Index Risk
Index Tracking Risk Investment in Multiple
Countries
Investment Style Risk – Geographic Focus - North
America
Investment Style Risk – Large Cap Companies
IPO Risk
Risks Related to Screening
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Benchmark Disclaimer
THE NORTH AMERICA SCREENED INDEX EQUITY SUB-FUND AND NORTH AMERIC
A (100% HEDGED) SCREENED INDEX EQUITY SUB-FUND ARE NOT IN ANY
WAY SPONSORED, ENDORSED, SOLD OR PROMOTED BY
FTSE INTERNATIONAL LIMITED (“
FTSE
”) OR THE LONDON STOCK EXCHANGE GROUP COMPANIES (“
LSEG
”) (TOGETHER THE “
LICENSOR PARTIES
”) AND NONE OF THE LICENSOR PARTIES MAKE ANY CLAIM,
PREDICTION, WARRANTY OR REPRESENTATION WHATSOEVER, EXPRESSLY OR IMPL
IEDLY, EITHER AS TO (I) THE RESULTS TO BE OBTAINED FROM THE
USE OF THE FTSE® NORTH AMERICA EX CONTROVERSIES EX CW
EX TOBACCO EX THERMAL COAL (10%) INDEX (THE “
INDEX
”) (UPON WHICH THE NORTH AMERICA SCREENED
INDEX SUB-FUND AND NORTH AMERICA (100% HEDG
ED) SCREENED INDEX EQUITY SUB-FUND ARE
BASED), (II) THE FIGURE AT WHICH THE INDEX IS SAID TO STAND AT ANY PARTICULAR TIME ON ANY PARTICULAR DAY OR OTHERWISE, OR (III)
THE SUITABILITY OF THE INDEX FOR THE PURPOSE TO WHICH IT IS
BEING PUT IN CONNECTION WITH THE NORTH AMERICA SCREENED INDEX EQ
UITY SUB-FUND AND NORTH AMERICA
(100% HEDGED) SCREENED SUB-FUND
. NONE OF THE LICENSOR PA RTIES HAVE PROVIDED OR
WILL PROVIDE ANY FINANCIAL OR INVESTMENT ADVI
CE OR RECOMMENDATION IN RELATION TO THE INDEX TO SSGA OR TO ITS CLIENTS. THE INDEX
IS CALCULATED BY FTSE OR ITS AGENT. NONE OF THE LICENSOR
PARTIES SHALL BE (A) LIABLE (WHETHER IN NEGLIGENCE OR OTHERWISE) TO ANY PERSON FOR ANY ERROR IN THE INDEX OR (B) UNDER ANY OBLI
GATION TO ADVISE ANY PERSON OF ANY ERROR THEREIN.
ALL RIGHTS IN THE INDEX VEST IN FTSE. “
FTSE®
” IS A TRADEMARK OF LSEG AND IS USED BY FTSE UNDER LICENCE.
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UK Screened Index Equity Sub-Fund
Index Equity
Investment Objective
The Sub-Fund aims to track the FTSE® All-Shar
e ex Controversies ex CW ex Tobacco ex Th
ermal Coal (10%) Index, or its recognised replacement or equivalent
(the “
Index
”). The Sub-Fund primarily invests at all time
s in a sample of equities
constituting the Index with
such other securities as MP F shall deem it necessary
to capture the performance of the Index. Stock index fu
tures can be used for efficient portfolio management.
Key Facts About The Sub-Fund
Investment Strategy
Index
Investment Methodology
Index replication
(the Sub-Fund will not necessarily own a
ll the securities included in the Index)
Asset Type
Equities
Screening
The following are excluded by the index provider from the index: Controversies (as defined by the ten principles of the UN Global Compact); Controversial weapons (including chemical & biological weapons, cluster munitions and anti-personnel landmines); Tobacco (companies engaged in the production of tobacco and/or tobacco products); Thermal Coal (companies
with revenues greater than or equal to 10% from extraction or
power generation from thermal coal). (see index disclaimer
below for screening limitations).
Further details are available
here.
Index Name
FTSE® All-Share ex Controversies ex CW
ex Tobacco ex Thermal Coal (10%)
Index
Investment Geography
United Kingdom
Base Currency
GBP
Currency Exposure Hedging
No
Futures & Derivatives Use
Yes
Securities Lending
Yes
Seeks Investment Leverage
No
Short Selling
No
Valuation Point
Forward pricing
Policy Charge Deducted from Sub-Fund?
No
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Sub-Fund Specific Risk Factors (these apply in addition to the
GENERAL RISKS APPLICABLE TO ALL SUB-FUNDS )
Depositary Receipts Risk
||
Equity Investing Risk
||
Geographic Concentration Risk
|| Index Error Risk || Index Licensing
Risk
||
Index Risk
||
Index Tracking Risk
||
Investment Style Risk – Large Cap Companies || Investment Style Risk –
Geographic Focus - United Kingdom
||
IPO Risk
||
Risks Related to Screening
||
Securities Lending Risk || Russia Sanctions
Risk
||
Sustainable Investment Criteria in Index Methodology Risk |
Availability
Defined Benefit
Defined Contribution
Other
May invest in pooled funds, including other State Street products
Benchmark Disclaimer
THE UK SCREENED INDEX EQUITY SUB-FUND ARE
NOT IN ANY WAY SPONSORED, ENDORSED, SOLD OR PROMOTED BY FTSE INTERNATIONAL LIMITED (“
FTSE
”) OR THE LONDON STOCK EXCHANGE GROUP COMPANIES
(“
LSEG
”) (TOGETHER THE “
LICENSOR PARTIES
”) AND NONE OF THE LICENSOR PARTIES MAKE ANY CLAIM, PREDICTION, WARRANTY OR REPRESENTATION WHATSOEVER, EXPRESSLY OR IMPLIEDLY, EITHER AS TO (I)
THE RESULTS TO BE OBTAINED FROM THE USE OF THE FTSE ALL-SHARE EX
CONTROVERSIES EX CW EX TOBACCO
EX THERMAL COAL (10%) INDEX (TH
E “
INDEX
”) (UPON WHICH THE UK SCREENED INDEX EQUITY SUB
FUND IS BASED), (II) THE FIGURE AT WHICH THE INDEX IS SAID TO
STAND AT ANY PARTICULAR TIME ON
ANY PARTICULAR DAY OR OTHERWISE,
OR (III) THE SUITABILITY OF THE INDEX FOR THE PURPOSE TO WHICH
IT IS BEING PUT IN CONNECTION WITH THE UK SCREENED INDEX EQUITY
SUB-FUND. NONE OF THE LICENSOR PARTIES HAVE PROVIDED OR WILL PR
OVIDE ANY FINANCIAL OR INVESTMENT ADVICE OR
RECOMMENDATION IN RELATION TO THE INDEX TO SSGA OR TO ITS CLIENTS. THE INDEX IS CALCULATED BY FTSE OR ITS AGENT. NONE OF THE LI
CENSOR PARTIES SHALL BE (A) LI ABLE (WHETHER IN NEGLIGENCE
OR OTHERWISE) TO ANY PERSON FOR ANY ERROR IN THE INDEX OR (B)
UNDER ANY OBLIGATION TO ADVISE ANY PERSON OF ANY ERROR THEREIN.
THE FTSE ALL-SHARE EX CONTROVERSIES EX CW INDEX (THE “
INDEX
’) CONTAINS INVESTMENT TRUSTS
(ICB SUBSECTOR 8985) WHOSE HOLD
INGS ARE NOT SCREENED FOR THE EXCLUDED ACTIVITIES CONTAINED
IN THE NAME OF THE INDEX.
ALL RIGHTS IN THE INDEX VEST IN FTSE. “
FTSE®
” IS A TRADEMARK OF LSEG AND IS USED BY FTSE UNDER LICENCE.
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UK World Screened In
dex Equity Sub-Fund
Index Equity
Investment Objective
The Sub-Fund aims to track the FTSE® UK ex Controversies ex CW ex
Tobacco ex Thermal Coal (10%)
Index, or its recognised replac ement or equivalent (the
“
Index
”). The Sub-Fund primarily invests at all times in a sample of eq
uities constituting the Index wi
th such other securities as MP F shall deem it necessary to
capture the performance of the Inde
x. Stock index futures can be used for efficient portfolio management.
Key Facts About The Sub-Fund
Investment Strategy
Index
Investment Methodology
Index replication
(the Sub-Fund will not necessarily own a
ll the securities included in the Index)
Asset Type
Equities
Screening
The following are excluded by the index pr
ovider from the index: Controversies (as defined by the ten principles of the UN
Global Compact); Controversial weapons (i
ncluding chemical & biological weapons, cluster munitions and anti-personnel
landmines); Tobacco (companies engaged in the production of
tobacco and/or tobacco products); Thermal Coal (companies
with revenues greater than or equal to 10% from extraction
or power generation from thermal coal). Further details are
available
here .
Index Name
FTSE® UK ex Controversies ex CW
ex Tobacco ex Thermal Coal (10%)
Index
Investment Geography
United Kingdom
Base Currency
GBP
Currency Exposure Hedging
No
Futures & Derivatives Use
Yes
Securities Lending
Yes
Seeks Investment Leverage
No
Short Selling
No
Valuation Point
Forward pricing
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Policy Charge Deducted from Sub-Fund?
No
Sub-Fund Specific Risk Factors (these apply in addition to the
GENERAL RISKS APPLICABLE TO ALL SUB-FUNDS )
Depositary Receipts Risk
||
Equity Investing Risk
||
Geographic Concentration Risk
|| Index Error Risk || Index Licensing
Risk
||
Index Risk
||
Index Tracking Risk
||
Investment Style Risk – Large Cap Companies || Investment Style Risk –
Geographic Focus - United Kingdom
||
IPO Risk
||
Risks Related to Screening
||
Securities Lending Risk || Russia
Sanctions Risk
||
Sustainable Investment Criteria in Index Methodology Risk |
Availability
Defined Benefit
Defined Contribution
Other
May invest in pooled funds, including other State Street products
Benchmark Disclaimer
THE UK WORLD SCREENED INDEX EQUITY SUB-FUND
IS NOT IN ANY WAY SPONSORED, ENDORSED, SOLD OR PROMOTED BY FTSE INTERNATIONAL LIMIT
ED (“
FTSE
”) OR THE LONDON STOCK EXCHANGE GROUP
COMPANIES (“
LSEG
”) (TOGETHER THE “
LICENSOR PARTIES
”) AND NONE OF THE LICENSOR PARTIES MAKE
ANY CLAIM, PREDICTION, WARRANTY OR REPRESENTA
TION WHATSOEVER, EXPRESSLY OR IMPLIEDLY,
EITHER AS TO (I) THE RESULTS TO BE OBTAINED FROM THE USE OF THE
FTSE® UK EX CONTROVERSIES EX CW
EX TOBACCO EX THERMAL COAL (10%
) INDEX (THE “
INDEX
”) (UPON WHICH THE UK WORLD SCREENED
INDEX EQUITY SUB-FUND IS BASED), (II) THE FIGURE AT WHICH THE INDE
X IS SAID TO STAND AT ANY PARTICULAR TIME ON ANY PARTICULAR D
AY OR OTHERWISE, OR (III) THE SUITABILITY OF THE INDEX FOR THE
PURPOSE TO WHICH IT IS BEING PUT IN CONNECTION WITH THE UK WORLD
SCREENED INDEX EQUITY
SUB-FUND. NONE OF THE LICENSOR PARTIES H
AVE PROVIDED OR WILL PROVIDE ANY FINANCIAL OR
INVESTMENT ADVICE OR RECOMMENDATION IN RELATION TO THE INDEX TO SSGA OR TO ITS CLIENTS. THE INDEX IS CALCULATED BY FTSE OR ITS
AGENT. NONE OF THE LICENSOR PARTIES SHALL BE (A) LIABLE
(WHETHER IN NEGLIGENCE OR OTHERWISE) TO ANY PERSON FOR ANY ERRO
R IN THE INDEX OR (B) UNDER ANY OBLIGATION TO ADVISE ANY PERSON
OF ANY ERROR THEREIN.
ALL RIGHTS IN THE INDEX VEST IN FTSE. “
FTSE®
” IS A TRADEMARK OF LSEG AND IS USED BY FTSE UNDER LICENCE.
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Climate Index Equity Funds Range
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Product Profile
This product profile is subject to the terms of the relevant Individual Sub
Fund Overview to which yo
ur investment relates.
Investment Philosophy We believe that our clients choose a climate index
equity Sub-Fund for the following three main reasons:
I.
To gain broad-based exposure to a specific acclimate-related
benchmark
II.
To predict variance around a given benchmark
III.
To get the exposure
at a low cost
Our philosophy is to manage every
climate index-based Sub-Fund in a manner that seeks to ensure that all three of these objectives are met
throughout the investment process — from the initial contribution to the
ongoing management of the assets. We
aim to generate an investment
return that tracks the performance of the benchmark index (the
“Index”
).
In order to reach this objective, we
make on-going assessments of the
trade-offs between transaction
costs and tracking error.
Investment Process
We implement our philosophy through a variety of indexing
methodologies. At one end of the spectrum are our highly sampled and
optimised Sub-Funds. At the other end,
are those Sub-Funds that employ
a replication approach and more closely reflect the benchmark
composition and carry a much lower tolerance for security-level mis
weights. Each approach has benefi
ts and drawbacks depending on the
circumstances of the particular mand
ate. Our goal is to use the most
appropriate indexing meth
odology in each situation, in accordance with
the objectives of providing broad-base
d equity exposure with predictable
variance around a given benchmark at low cost.
We consider several factors when deciding which methodology to use,
including the size of the Sub-Fund,
liquidity of the benchmark, custody costs, access to local markets, tracking error and availability of data.
Negative Screening
The climate index-equity Sub-Fund indices include negative screens that exclude securities from the indices based on criteria defined by the index
provider.
These negative screens will therefore apply when the climate index equity Sub-Funds invest in shares of companies included in the index (but
not in respect of other investments he
ld by the Sub-Funds from time to
time).
Risk Management
Our long experience, strong analytical
capabilities, and global research capabilities are important elements in limiting risk of significant tracking error. Our risk management team, alongside our investment team, monitors the tracking error across all of our index-based Sub-Funds,
managing Sub-Fund characteristics an
d expenses in a manner intended
to provide a return as close as reas
onably practicable to the benchmark
return.
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Individual Sub-Fund Overview – Clim
ate Index Equity Sub-Funds
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All World Climate Paris Aligned ex-F
ossil Fuel Index Equity Sub-Fund
Index Equity
Investment Objective
The Sub-Fund aims to track the MSCI ACWI ex-Fossil Fuel Climate
Paris Aligned Index, or its recognised replacement or equivalen t (the “Index”). The Sub-Fund
primarily invests at all times in a sample of equities constituti
ng the Index with such other securities as MPF shall deem it n
ecessary to capture the performance
of the Index. Stock index futures can be used for efficient portfolio management.
Ke y
Facts About The Sub-Fund
Investment Strategy
Index
Investment Methodology
I
nde
x replication
(the Sub-Fund will not nece
ssarily own all the securities included in the Index)
Asset Type
Equities
Index Name
MSCI ACWI ex-Fossil Fuel Climate Paris Aligned Index
Investment Geography
Global
(including Emerging Markets)
Base Currency
GBP
Currency Exposure Hedging
No
Futures & Derivatives Use
Yes
Securities Lending
Yes
Seeks Investment Leverage
No
Short Selling
No
Valuation Point
Forward pricing
Policy Charge Deducted from Sub-Fund?
No
Sub-Fund Specific Risk Factors (these apply in addition to the
GENERAL
RISKS APPLICABLE TO ALL SUB-FUNDS )
Currency Risk
||
Depositary Receipts Risk
||
Emerging Markets Risk
||
Equity Investing Risk || Index Error Risk ||
Index Licensing Risk
||
Index Risk
||
Index Tracking Risk
||
Investment in Multiple Countries || Investment Style Risk
– Large Cap Companies
||
Investment Style Risk – Geographic Focus - North America || Investment Style Risk –
Geographic Focus - PRC and Greater China Region Risks
||
Investment Style Risk – Small, Mid and Micro–Cap
Companies
||
IPO Risk
||
Securities Lending Risk
||
Risks Related to Screening || Russia Sanctions Risk || Sustainable
Investment Criteria in Index Methodology Risk |
Availability
Defined Benefit
Defined Contribution
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Other
May invest in pooled funds, incl
uding other State Street products
Benchmark Disclaimer
MSCI ACWI EX-FOSSIL FUEL CLIMATE PARIS ALIGNED INDEX IS A TRADEMAR
K OF MSCI AND ITS AFFILIATES AND HAS BEEN LICENSED FOR USE FO
R CERTAIN PURPOSES BY STATE STREET CORPORATION.
INDEX IS NOT SPONSORED, ENDORSED, SOLD OR PROMOTED BY MSCI INC. (“
MSCI
”), ANY OF ITS AFFILIATES, ANY OF ITS INFORMATION PROVIDERS OR ANY OTHER THIRD PARTY INVOLVED IN, OR RELATED TO,
COMPILING, COMPUTING OR CREATING AN
Y MSCI INDEX (COLLECTIVELY, THE “
MSCI
PARTIES
”). THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE SERVICE
MARK(S) OF MSCI OR ITS AFFILIATES AND HAVE BEEN LICENSED FOR US
E FOR CERTAIN PURPOSES BY STATE ST
REET CORPORATION. NONE OF THE
MSCI PARTIES MAKES ANY REPRESENTATION OR WARRANTY,
EXPRESS OR IMPLIED, TO THE ISSUER OR OWNERS ALL WORLD CLIMATE PA
RIS ALIGNED EX-FOSSIL FUEL INDEX EQUITY SUB-FUND OR ANY OTHER P
ERSON OR ENTITY REGARDING THE ADVISABILITY OF INVESTING
IN FUNDS GENERALLY OR IN ALL WORLD CLIMATE PARIS ALIGNED EX-FOSSI
L FUEL INDEX EQUITY SUB-FUND PARTICULARLY OR THE ABILITY OF AN
Y MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET
PERFORMANCE. MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDE
XES WHICH ARE DETERMINED, COMPOSED AND CALCULATED
BY MSCI WITHOUT REGARD TO ALL WORLD CLIMATE PARIS ALIGNED EX-FOSSI
L FUEL INDEX EQUITY SUB-FUND OR
THE ISSUER OR OWNERS OF ALL W
ORLD CLIMATE PARIS ALIGNED EX-FOSSIL FUEL INDEX EQUITY
SUB-FUND OR ANY OTHER PERSON OR ENTITY. NONE OF THE MSCI PARTIES HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUER OR OWNERS O
F ALL WORLD CLIMATE PARIS AL IGNED EX-FOSSIL FUEL INDEX
EQUITY SUB-FUND OR ANY OTHER PERSON OR ENTITY INTO CONSIDERATION
IN DETERMINING, COMPOSING OR CA
LCULATING THE MSCI INDEXES. NON
E OF THE MSCI PARTIES IS RESPONSIBLE FOR OR HAS
PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF ALL WORLD CLIMATE PARIS ALIGNED EX-FOSSIL FUEL
INDEX EQUITY SUB-FUND TO BE ISSUED OR IN THE DETERMINATION
OR CALCULATION OF THE EQUATION BY OR THE CONSIDERATION INTO WHICH ALL WORLD CLIMATE PARIS ALIGNED EX-FOSSIL FUEL INDEX EQUITY S
UB-FUND IS REDEEMABLE. FURTHER, NONE OF THE MSCI
PARTIES HAS ANY OBLIGATION OR LIABILITY TO THE ISSUER OR OWNERS
OF ALL WORLD CLIMATE PARIS ALIG
NED EX-FOSSIL FUEL INDEX EQUITY
SUB-FUND OR ANY OTHER PERSON OR ENTITY IN CONNECTION
WITH THE ADMINISTRATION, MARKETING OR OFFERING OF ALL WORLD CL
IMATE PARIS ALIGNED EX-FOSSIL FUEL
INDEX EQUITY SUB-FUND. ALTHOUG
H MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR
FOR USE IN THE CALCULATION OF THE MSCI INDEXES FROM SOURCES THAT
MSCI CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR
GUARANTEES THE ORIGINALITY, ACCURACY AND/OR THE
COMPLETENESS OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, A
S TO RESULTS TO BE OBTAINED BY THE ISSUER OF ALL WORLD
CLIMATE PARIS ALIGNED EX-FOSSIL FUEL INDEX
EQUITY SUB-FUND, OWNERS OF ALL WORLD CLIMAT
E PARIS ALIGNED EX-FOSSIL FUEL INDEX EQUI
TY SUB-FUND, OR ANY OTHER PERSON OR ENTITY, FROM THE USE
OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN.
NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS
, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI
INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF
THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRAN
TIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR
PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED
THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHAL
L ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY
DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER D
AMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIB
ILITY OF SUCH DAMAGES.
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World TPI Climate Transition Index Equity Sub-Fund
Climate Index Equity Investment Objective
The Sub-Fund aims to track the FTSE Develo
ped TPI Climate Transiti
on ex Coal Reserves (>50%) ex Controversies ex Nuclear ex Tob acco Index, or its recognised
replacement or equivalent (the “
Index
”). The Sub-Fund primarily invests at all ti
mes in a sample of equities constituti
ng the Index together with such other
securities as MPF shall deem it
necessary to capture the performance of the I
ndex. Stock index futures can be used for efficien
t portfolio management.
Key Facts About The Sub-Fund
Investment Strategy
Index
Investment Methodology
Index replication
(the Sub-Fund will not necessarily own a
ll the securities included in the Index)
Asset Type
Equities
Screening
The following are excluded by the index pr
ovider from the Index: Controversial weapons (including chemical & biological
weapons, cluster munitions and anti-personnel landmines); Co
ntroversies (as defined by the ten principles of the UN Global Compact); Coal (includes companies owning coal reserves, and with primary business activity in the exploration for or mining of coal); Nuclear (includes companies that produce nuclear weapons systems, or that produce specific and
critical parts or services for nuclear weapons systems); Ther
mal Coal (includes companies wi th revenues greater than or equal to 50% from extraction or power generation of thermal coal); and Tobacco (includes companies that produce
tobacco products. This includes 1) all companies that are
classified in the Industry Classification Benchmark (ICB) Subsectors Tobacco (3785) and 2) companies that are not classified in ICB Subsector Tobacco (3785), but that are
identified as having activity in this Subsector)
Further details are available
here
Index Name
FTSE® Developed TPI Climate Transition ex Coal Reserves
(>50%) ex Controversies ex Nuclear ex Tobacco Index
Investment Geography
Global
Base Currency
GBP
Currency Exposure Hedging
No
Futures & Derivatives Use
Yes
Securities Lending
Yes
Seeks Investment Leverage
No
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Short Selling
No
Valuation Point
Forward pricing
Policy Charge Deducted from Sub-Fund?
No
Sub-Fund Specific Risk Factors (these apply in addition to the
GENERAL RISKS APPLICABLE TO ALL SUB-FUNDS )
Currency Risk
||
Depositary Receipts Risk
||
Equity Investing Risk
||
Index Error Risk || Index Licensing Risk || Index Risk
||
Index Tracking Risk
||
Investment in Multiple Countries
||
Investment Style Risk – Large Cap Companies || Investment
Style Risk – Geographic Focus - North America
||
Investment Style Risk – Small, Mid and Micro–Cap Companies || IPO Risk
||
Risks Related to Screening
||
Sustainable Investment Criteria in Index Methodology Risk |
Availability
Defined Benefit
Defined Contribution
Other
May invest in pooled funds, including other State Street products
Additional Index Information
The FTSE Developed TPI Climate Transition ex Coal Reserves (>50%
) ex Controversies ex Nuclear ex
Tobacco Indexconsist of consti tuents of the FTSE Developed
Index excluding companies involved in Coal, T
Thermal Coal (greater than or equal to 50%
of revenues), Nuclear Weapons, Tobacco, a and Controversies. Constituent
weights are based on five key climate consid
erations: company exposure to green revenues, fossil fuel reserves and carbon emiss ions; as well as companies’
climate governance activities (aligned with
the Taskforce on Climate-re
lated Financial Disclosures’
recommendations) and forwar d-looking commitments to
carbon emission pathways (aligned to the Paris Agreement and 2D
C/below 2DC warming scenarios). Th
e Index combines data and anal ysis from FTSE Russell
and the Transition Pathway Initiative (TPI).
Investors wishing to obtain more information about the Index,
including information on the underlying components and weightings can obtain this at
https://www.ftserussell.com/produc
ts/indices/tpi-clim
ate-transition
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Additional information for Sub-F
unds with a similar strategy
Sub-Fund Name
Index
Investable Universe
Base
Currency
Currency Exposure Hedging?
Valuation Point
Policy Charge
Deducted
from Sub
Fund?
Sub-Fund Specific Risk
Factors
(these apply in addition to the GENERAL RISKS APPLICABLE TO ALL
SUB-FUNDS )
Availability
Forward Priced
As of (Historical)
Priced
Defined Benefit Defined Contribution
As of Priced World
TPI Climate Transition Index Equity Sub-Fund
FTSE® Developed TPI Climate Transition ex
Coal Reserves (>50%) ex Controversies ex Nuclear
ex Tobacco Index
The Sub-Fund primarily invests at all times in the
World TPI Climate
Transition Index Equity
Sub-Fund
GBP
No
--
Yes
Yes
As Of (Historical) Priced Fund
Risk
Currency Risk
Depositary Receipts Risk Equity Investing Risk Index Error Risk Index Licensing Risk
Index Risk
Index Tracking Risk Investment in Multiple
Countries
Investment Style Risk – Large Cap Companies Investment Style Risk – Geographic Focus - North
America
Investment Style Risk – Small, Mid and Micro–Cap
Companies IPO Risk
Risks Related to Screening Sustainable Investment Criteria in Index Methodology Risk X
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Benchmark Disclaimer
THE WORLD TPI CLIMATE TRANSITION INDEX EQUITY SUB-FUND AND AS OF
PRICED WORLD TPI CLIMATE TRANSITION INDEX EQUITY SUB-FUND IS N
OT IN ANY WAY SPONSORED, ENDORSED, SOLD OR PROMOTED
BY FTSE INTERNATIONAL LIMITED (“
FTSE
”) OR THE LONDON STOCK EXCHANGE GROUP COMPANIES (“
LSEG
”) (TOGETHER THE “
LICENSOR PARTIES
”) AND NONE OF THE LICENSOR PARTIES MAKE ANY CLAIM,
PREDICTION, WARRANTY OR REPRESENTATION WHATSOEVER, EXPRESSLY OR IMPL
IEDLY, EITHER AS TO (I) THE RESULTS TO BE OBTAINED FROM THE
USE OF THE FTSE® DEVELOPED TPI CLIMATE TRANSITION EX
COAL RESERVES (>50%) EX CONTROVERSIES
EX NUCLEAR EX TOBACCO INDEX (THE “
INDEX
”) (UPON WHICH WORLD TPI CLIMATE TRANSITION INDEX EQUITY SUB-FUND AND AS OF PRICED WORLD TPI CLIMATE
TRANSITION INDEX EQUITY SUB-FUND IS BASED), (II) THE FIGURE AT WH
ICH THE INDEX IS SAID TO STAND AT ANY PARTICULAR TIME ON ANY P
ARTICULAR DAY OR OTHERWISE, OR (III) THE SUITABILITY OF THE
INDEX FOR THE PURPOSE TO WHICH IT IS BEING PUT IN CONNECTION WITH THE WORLD TPI CLIMATE TRANSITION INDEX EQUITY SUB-FUND AND AS
OF PRICED WORLD TPI CLIMATE TRANSITION INDEX EQUITY
SUB-FUND IS BASED. NONE OF THE LICENSOR PARTIES HAVE PROVIDED
OR WILL PROVIDE ANY FINANCIAL OR INVESTMENT ADVICE OR RECOMMENDAT
ION IN RELATION TO THE INDEX TO SSGA OR TO ITS CLIENTS.
THE INDEX IS CALCULATED BY FTSE OR ITS AGENT. NONE OF THE LICENSOR PARTIES SHALL BE (A) LIABLE (WHETHER IN NEGLIGENCE OR OTHERW
ISE) TO ANY PERSON FOR ANY ERROR IN THE INDEX OR (B) UNDER
ANY OBLIGATION TO ADVISE ANY PERSON OF ANY ERROR THEREIN.
ALL RIGHTS IN THE INDEX VEST IN FTSE. “
FTSE®
” IS A TRADEMARK OF LSEG AND IS USED BY FTSE UNDER LICENCE.
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Smart Beta Funds Range
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Product Profile
This product profile is subject to th
e terms of the relevant Individual Sub
Fund Overview to which your investment relates.
Investment Philosophy
We believe that our clients choose smar
t beta indexing strategies for three
main reasons:
I.
To gain exposure to a specific equity factor or factors
II.
To get the exposure at a low cost
III.
To predict variance around a given benchmark
Our philosophy is to manage every i
ndex-based Sub-Fund in a manner that seeks to ensure that all three of these objectives are met throughout the
investment process — from the initial contribution to the ongoing
management of the assets. We aim to
generate an investment return that
tracks the performance of the benchmark index (the
“Index”
). In order to
reach this objective, we make on-g
oing assessments of the trade-offs
between transaction costs and tracking error.
Investment Process
We implement our philosophy through a
variety of indexing methodologies.
At one end of the spectrum are ou
r highly sampled and optimised Sub
Funds. At the other end, are those Su
b-Funds that employ a replication
approach and more closely reflect th
e benchmark composition and carry a
much lower tolerance for security-level mis-weights.
Our goal is to use the most approp
riate indexing methodology in each
situation, in accordance with the object
ives of providing the desired exposure
with predictable variance around
a given benchmark at low cost.
We consider several factors when de
ciding which methodology to use,
including the size of the Sub-Fund, liqui
dity of the benchmark, custody costs,
access to local markets, tracking error,
on tolerance, and availability of data.
Risk Management
Our long experience, strong analytical
capabilities, and global research
capabilities are important elements in
limiting risk of si gnificant tracking error. Our risk management team, alongside our investment team, monitors
the tracking error across all of our
index-based Sub-Funds, managing Sub
Fund characteristics and expenses in a
manner intended to provide a return
as close as reasonably practi
cable to the benchmark return.
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Individual Sub-Fund Overview-
Smart Beta Sub-Funds
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All World Equity Climate Balanc
ed Multi-Factor Index Sub-Fund
Smart Beta
Investment Objective
The Sub-Fund aims to track the FTSE All-Worl
d Climate Balanced Comprehensive Factor Inde
x, or its recognised replacement or equ ivalent (the “ Index ”). The
Sub-Fund primarily invests at
all times in a sample of equities constituting
the Index. Stock index futures can be used for eff
icient portfolio management.
Key Facts About The Sub-Fund
Investment Strategy
Index
Investment Methodology
Optimised Sampling
Asset Type
Equity
Index Name
FTSE All-World Climate Balanced
Comprehensive Factor Index
Investment Geography
Global
Base Currency
GBP
Currency Exposure Hedging
No
Futures & Derivatives Use
Yes
Securities Lending
Yes
Seeks Investment Leverage
No
Short Selling
No
Valuation Point
Forward pricing
Policy Charge Deducted from Sub-Fund?
No
Sub-Fund Specific Risk Factors (these apply in addition to the
GENERAL
RISKS APPLICABLE TO ALL SUB-FUNDS )
Currency Risk
||
Depositary Receipts Risk
||
Emerging Markets Risk
||
Equity Investing Risk | | Index Error Risk ||
Index Licensing Risk
||
Index Risk
||
Index Tracking Risk
||
Investment in Multiple Countries || Investment Style Risk
– Large Cap Companies
||
Investment Style Risk – Geographic Focus - North America || Investment Style Risk –
Geographic Focus - PRC and Greater China Region Risks
||
Investment Style Risk – Small, Mid and Micro–Cap
Companies
||
IPO Risk
||
Securities Lending Risk
||
Risks Related to Screening || Russia Sanctions Risk || Sustainable
Investment Criteria in Index Methodology Risk |
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Availability
Defined Benefit
Defined Contribution
Other
May invest in pooled funds, incl
uding other State Street products
Additional information on Index
The Index incorporates three key climate change considerations (o
perational carbon emissions, fossil fuel reserves and green re venues) alongside exposure to
five factor characteristics. The Index targets 60% reduction in
operational carbon emissions intensity, 70% reduction in fossil fuel reserve intensity and 70%
uplift in green revenues ratio and provides targeted exposure to
five recognised factors that contribute to equity market perfo rmance – Quality, Value,
Momentum, Low Volatility and Size.
The Index applies the following exclusions: To
bacco Productions, Thermal Coal Extraction
(Greater than or equal to 50% of reven ues), Controversial Weapons
and Controversial Conduct (Com
panies considered non-complia
nt with UNGC Principles).
Benchmark Disclaimer
THE ALL WORLD EQUITY CLIMATE BALANCED MULTI-FACTOR INDEX SUB-FUND
IS NOT IN ANY WAY SPONSORED, ENDORSED, SOLD OR PROMOTED BY FT
SE INTERNATIONAL LIMITED (“ FTSE ”) OR THE LONDON
STOCK EXCHANGE GROUP COMPANIES (“
LSEG
”) (TOGETHER THE “
LICENSOR PARTIES
”) AND NONE OF THE LICENSOR PARTIE
S MAKE ANY CLAIM, PREDICTION, WARRANTY OR REPRESENTATION WHATSOEVER,
EXPRESSLY OR IMPLIEDLY, EITHER AS TO (I) THE RESULTS TO BE OBTA
INED FROM THE USE OF THE FTSE AL
L-WORLD CLIMATE BALANCED COMPREH
ENSIVE FACTOR INDEX (THE “ INDEX ”) (UPON WHICH THE ALL
WORLD EQUITY CLIMATE BALANCED MULTI- FACTOR INDEX SUB-FUND IS BA
SED), (II) THE FIGURE AT WHICH THE INDEX IS SAID TO STAND AT AN
Y PARTICULAR TIME ON ANY PARTICULAR DAY OR OTHERWISE, OR
(III) THE SUITABILITY OF THE INDEX FOR THE PURPOSE TO WHICH IT IS BEING PUT IN CONNECTION WITH THE ALL WORLD EQUITY CLIMATE BAL
ANCED MULTI- FACTOR INDEX SUB- FUND. NONE OF THE LICENSOR
PARTIES HAVE PROVIDED OR WILL PROVIDE ANY FINANCIAL OR INVESTMENT ADVICE OR RECOMMENDATION IN RELATION TO THE INDEX TO SSGA OR
TO ITS CLIENTS. THE INDEX IS CALCULATED BY FTSE OR ITS
AGENT. NONE OF THE LICENSOR PARTIES SHALL BE
(A) LIABLE (WHETHER IN NEGLIGENCE OR OTHERWISE) TO ANY PERSON FOR ANY ERROR IN THE
INDEX OR (B) UNDER ANY OBLIGATION TO ADVISE ANY PERSON
OF ANY ERROR THEREIN.
ALL RIGHTS IN THE INDEX VEST IN FTSE. “
FTSE®
” IS A TRADEMARK OF LSEG AND IS USED BY FTSE UNDER LICENCE.
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Fundamental Index ®
Global Equity Sub-Fund
Smart Beta
Investment Objective
The Sub-Fund aims to track the RAFI Fundament
al Select Global 3000 Index, or its reco
gnised replacement or equivalent (the “ Index ”). The Sub-Fund primarily
invests at all times in a sample of equities constituting the
Index. Stock index futures can be used for efficient portfolio ma
nagement.
Key Facts About The Sub-Fund
Investment Strategy
Index
Investment Methodology
Optimised Sampling
Asset Type
Equities
Index Name
RAFI Fundamental Select Global 3000 Index
Investment Geography
Global (including Emerging Markets)
Base Currency
GBP
Currency Exposure Hedging
No
Futures & Derivatives Use
Yes
Securities Lending
Yes
Seeks Investment Leverage
No
Short Selling
No
Valuation Point
Forward pricing
Policy Charge Deducted from Sub-Fund?
No
Sub-Fund Specific Risk Factors (these apply in addition to the
GENERAL
RISKS APPLICABLE TO ALL SUB-FUNDS )
Currency Risk
||
Depositary Receipts Risk
||
Emerging Markets Risk
||
Equity Investing Risk || Index Error Risk ||
Index Licensing Risk
||
Index Risk
||
Index Tracking Risk
||
Investment in Mu ltiple Countries || Investment Style
Risk – Large Cap Companies
||
Investment Style Risk – Geographic Focus - North America || Investment Style Risk –
Geographic Focus - PRC and Greater China Region Risks
||
Investment Style Risk – Small, Mid and Micro–Cap
Companies
||
IPO Risk
||
Securities Lending Risk
||
Risks Related to Screening || Russia Sanctions Risk |
Availability
Defined Benefit
Defined Contribution
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Other
May invest in pooled funds, incl
uding other State Street products
Additional information for Sub-F
unds with a similar strategy
Sub-Fund Name
Index
Investable Universe
Base
Currency
Currency Exposure Hedging?
Valuation Point
Policy Charge
Deducted from Sub
Fund?
Sub-Fund Specific Risk
Factors
(these apply in addition to the GENERAL RISKS APPLICABLE TO ALL
SUB-FUNDS )
Availability
Forward Priced
As of (Historical)
Priced
Defined Benefit Defined Contribution
Fundamental Index®
Global Equity
(Developed 100% Hedged) Sub-Fund
RAFI Fundamental Select Global 3000 Index, or its recognised replacement or equivalent, with 100% of the major currency exposures hedged back
to Sterling.
The Sub-Fund primarily
invests in the
Fundamental Index®
Global Equity Sub-Fund.
GBP
May hedge
the
developed (but not emerging market) currency exposures back to Sterling .
Yes
--
No
Currency Hedging Risk Currency Risk
Depositary Receipts Risk Emerging Markets Risk EMIR and OTC Derivatives
Contract Risk
Equity Investing Risk Index Licensing Risk
Index Risk
Index Error Risk Index Tracking Risk Investment in Multiple
Countries
Investment Style Risk – Large Cap Companies Investment Style Risk – Geographic Focus - North
America
Investment Style Risk – Small, Mid and Micro–Cap
Companies
Investment Style Risk – Large Cap Companies
IPO Risk
Risks Related to Screening
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Fundamental Index®
Global Equity
(Developed 75%
Hedged) Sub-Fund
RAFI Fundamental Select Global 3000 Index, or its recognised replacement or equivalent, with 75% of the major currency exposures hedged back
to Sterling.
The Sub-Fund primarily
invests in the
Fundamental Index®
Global Equity Sub-Fund and Fundamental Index®
Global Equity (100% Hedged) Sub-Fund.
GBP
May hedge
the
developed (but not emerging market) currency exposures back to Sterling.
Yes
--
No
Currency Hedging Risk Currency Risk
Depositary Receipts Risk Emerging Markets Risk EMIR and OTC Derivatives
Contract Risk
Equity Investing Risk Index Licensing Risk
Index Risk
Index Error Risk Index Tracking Risk Investment in Multiple
Countries
Investment Style Risk – Large Cap Companies Investment Style Risk – Geographic Focus - North
America
Investment Style Risk – Small, Mid and Micro–Cap
Companies
Investment Style Risk – Large Cap Companies
IPO Risk
Risks Related to Screening
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Benchmark Disclaimer
The Fundamental Index® Global Equity Sub-Fund, Fundamental Index®
Global Equity (Developed 100% Hedged) Sub-Fund and Fundamenta
l Index® Global Equity (Developed 75% Hedged) Sub-Fund are not
sponsored, offered, or sold in any other manner by RAFI Indices, LLC or any of its affiliates, licensors or contractors (the "R
AFI Parties") nor do any of the RAFI Parties offer any express or implicit guarantee,
warranty or assurance either with regard to the results of using
the RAFI Fundamental Select Glob
al 3000 Index (the "Index") or
the Index Price at any time or in any ot
her respect. The Index is calculated and
published by the RAFI Parties. The RAFI Parties use commercially reasonable effort is to ensure that the Index is calculated co
rrectly. None of the RAFI Parties shall be
liable for any error, omission, inaccuracy,
incompleteness, delay, or interruption in the Index or any data related thereto or; have any obligation to point out errors in
the Index to any person. Neither publication of the Index by the RAFI Parties nor the
licensing of the Index or Index trademark for the purpose of use in connection with the Fundamental Index® Global Equity Sub-Fu
nd, Fundamental Index® Global Equity (Developed 100% Hedged) Sub-Fund or
Fundamental Index® Global Equity (Developed 75% Hedged) Sub-Fund
constitutes a recommendation by any of the RAFI Parties to inv
est in nor does it in any way represent an assurance, endorsement or opinion
of any of the RAFI Parties with regard to any investment in Fu
ndamental Index® Global Equity Sub-Fund, Fundamental Index® Globa
l Equity (Developed 100% Hedged) Sub- Fund and Fundamental Index® Global
Equity (Developed 75% Hedged) Sub-Fund. The trade names Fundamenta
l Index® and RAFI® are registered
trademarks of Research Affi
liates, LLC in the US and other countries.
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Key features of Managed Pension Funds Limited
Global Equity Diversified Index Sub-Fund
Smart Beta
Investment Objective
The Sub-Fund aims to track the performance of
f the WTW Global Equity Diversified Index Hedg
ed on MSCI ACWI*, or its recognised r eplacement or equivalent
(the “Index”). Stock index futures may be used for efficien
t portfolio management. The Sub-F
und primarily invests at all time
s in a sample of equities constituting
the Index together with such other securities as MPF shall d
eem it necessary to capture the performance of the Index.
The Index is a custom index built by MSCI on
criteria provided by Willis Towers Wats
on which aims to represent the performance of a strategy that seeks higher
exposure to a custom multifactor S-score, calculated from thr
ee custom factors – value, quality and momentum – while targeting ex-ante risk similar to that of
MSCI ACWI. The Index excludes companies meet
ing the exclusion criteria – companies involved in very serious controversies; com panies not assessed by MSCI
ESG Research on ESG Ratings; comp
anies that are not in compliance with the UNGC
Principles; companies that are involved in the following business activities:
controversial weapons; tobacco; thermal coal mining; thermal coal
power; oil sands. The Index he
dges 100% of currency exposures back to Sterling.
Investors wishing to obtain more informatio
n about the Index, including information on
the underlying components and weightings can obtain this at :
https://www.msci.com/index-methodology
by searching for index ‘754733’
*A custom index built by MSCI on criter
ia provided by Willis Towers Watson
Key Facts About The Sub-Fund
Investment Strategy
Index
Investment Methodology
Index replication
(the Sub-Fund will not necessarily own all the securities included in the Index)
Asset Type
Equities
Screening
Please refer to above Index description
Index Name
WTW Global Equity Diversified
Index Hedged on MSCI ACWI*
Investment Geography
Global (including Emerging Markets)
Base Currency
GBP
Currency Exposure Hedging
The Sub-Fund may hedge currency exposures in the Index back to Sterling.
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Futures & Derivatives Use
Yes
Securities Lending
Yes
Seeks Investment Leverage
No
Short Selling
No
Valuation Point
Forward pricing
Policy Charge Deducted from Sub-Fund?
No
Sub-Fund Specific Risk Factors (these apply in
addition to the
GENERAL RISKS APPLICABLE
TO ALL SUB-FUNDS )
Currency Hedging Risk
||
Currency Risk
||
Depositary Receipts Risk
||
Emerging Markets Risk |
|
EMIR and OTC Derivatives Contract Risk | | Equity
Investing Risk |
Index Error Risk
||
Index Licensing Risk
||
Index Risk
||
Index Tracking Risk
||
Investment Style Risk – Geographic Focus - PRC
and Greater China Region Risks
||
Investment in Multiple Countries
||
||
Investment Style Risk – Large Cap Companies || IPO Risk || Risks
Related to Screening
||
Securities Lending Risk
||
Sustainable Investment Criteria in Index Methodology Risk |
Availability
Limited
Other
May invest in pooled funds, includ
ing other State Street products
Benchmark Disclaimer
WTW GLOBAL EQUITY DIVERSIFIED INDEX HEDGED ON MSCI ACWI* IS A TRADEMARK OF MSCI AND ITS AFFILIATES AND HAS BEEN LICENSED FOR US
E FOR CERTAIN PURPOSES BY STATE STREET CORPORATION.
INDEX IS NOT SPONSORED, ENDORSED, SOLD OR
PROMOTED BY MSCI INC. (“MSCI”), ANY OF ITS AFFILIATES, ANY OF ITS INFORMATION PROVIDE
RS OR ANY OTHER THIRD PARTY INVOLVED IN, OR RELATED TO,
COMPILING, COMPUTING OR CREATING ANY MSCI
INDEX (COLLECTIVELY, THE “MSCI PARTIES”). THE MSCI INDEXES ARE THE EXCLUSIVE PROPERTY
OF MSCI. MSCI AND THE MSCI INDEX NAMES ARE SERVICE MARK(S)
OF MSCI OR ITS AFFILIATES AND HAVE BEEN LICENSED FOR USE FOR CERTAIN PURPOSES BY STATE STREET CORPORATION. NONE OF THE MSCI PAR
TIES MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR
IMPLIED, TO THE ISSUER OR OWNERS OF GLOBAL EQUITY DIVERSIFIED
INDEX SUB-FUND OR ANY OTHER PERSON OR ENTITY REGARDING THE ADVISA
BILITY OF INVESTING IN FUNDS GENERALLY OR IN GLOBAL
EQUITY DIVERSIFIED INDEX SUB-FUND PARTICULARLY OR THE ABILITY OF
ANY MSCI INDEX TO TRACK CORRESPONDING STOCK MARKET PERFORMANCE
. MSCI OR ITS AFFILIATES ARE THE LICENSORS OF CERTAIN
TRADEMARKS, SERVICE MARKS AND TRADE NAMES AND OF THE MSCI INDEXES WHICH ARE DETERMINED, COMPOSED AND CALCULATED BY MSCI WITHOUT
REGARD TO GLOBAL EQUITY DIVERSIFIED INDEX SUB
FUND OR THE ISSUER OR OWNERS OF GLOBAL EQUITY DIVERSIFIED INDEX SUB-FUND OR ANY OTHER PERSON OR ENTITY. NONE OF THE MSCI PARTIE
S HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUER OR
OWNERS OF GLOBAL EQUITY DIVERSIFIED INDEX
SUB-FUND OR ANY OTHER PERSON OR ENTITY INTO
CONSIDERATION IN DETERMINING, COMPOSING O
R CALCULATING THE MSCI INDE XES. NONE OF THE MSCI
PARTIES IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATIO
N OF THE TIMING OF, PRICES AT, OR QUANTITIES OF GLOBAL EQUITY
DIVERSIFIED INDEX SUB-FUND TO BE ISSUED OR IN THE
DETERMINATION OR CALCULATION OF THE EQUATION BY OR THE CONSIDERAT
ION INTO WHICH GLOBAL EQUITY DIVERSIFIED INDEX SUB-FUND IS RED
EEMABLE. FURTHER, NONE OF THE MSCI PARTIES HAS ANY
OBLIGATION OR LIABILITY TO THE ISSUER OR OWNERS OF GLOBAL EQUI
TY DIVERSIFIED INDEX SUB-FUND OR ANY OTHER PERSON OR ENTITY IN CO
NNECTION WITH THE ADMINISTRATION, MARKETING OR OFFERING
OF GLOBAL EQUITY DIVERSIFIED INDEX SUB-FUND. ALTHOUGH MSCI SHALL OBTAIN INFORMATION FOR INCLUSION IN OR FOR USE IN THE CALCULAT
ION OF THE MSCI INDEXES FROM SOURCES THAT MSCI
CONSIDERS RELIABLE, NONE OF THE MSCI PARTIES WARRANTS OR GUARANT
EES THE ORIGINALITY, ACCURACY AND/OR THE COMPLETENESS OF ANY MS
CI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE
MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULT
S TO BE OBTAINED BY THE ISSUER OF GLOBAL EQUITY DIVERSIFIED IN
DEX SUB-FUND, OWNERS OF GLOBAL EQUITY DIVERSIFIED INDEX
SUB-FUND, OR ANY OTHER PERSON OR ENTITY, FROM THE US
E OF ANY MSCI INDEX OR ANY DATA INCLUDED THEREIN.
NONE OF THE MSCI PARTIES SHALL HAVE ANY LIABILITY FOR ANY ERRORS
, OMISSIONS OR INTERRUPTIONS OF OR IN CONNECTION WITH ANY MSCI
INDEX OR ANY DATA INCLUDED THEREIN. FURTHER, NONE OF
THE MSCI PARTIES MAKES ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRAN
TIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR
PURPOSE, WITH RESPECT TO EACH MSCI INDEX AND ANY DATA INCLUDED
THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHAL
L ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY
DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER D
AMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIB
ILITY OF SUCH DAMAGES
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Global Real Estate Tilt
ed Equity Index Sub-Fund
Smart Beta
Investment Objective
The investment objective of the Sub-Fund is to aim to track the
performance of a segment of the g
global listed real estate secur
ities market investing in securities
that meet certain sustainability criteria and are
compatible with certain
ESG-related constraints.
Key Facts About The Sub-Fund
Investment Strategy
Index
Investment Methodology
Optimised Sampling
Asset Type
Equities
Screening
The following are excluded by the index provider from the
index: Controversial weapons; Tobacco; Thermal Coal, Oil
Sands, Shale Energy, Arctic Oil & Gas exploratio
n, Oil & Gas. Further details are available here .
Index Name
Dow Jones Global Select ESG Tilted RESI
Investment Geography
Global
Base Currency
GBP
Currency Exposure Hedging
No
Futures & Derivatives Use
Yes
Securities Lending
Yes
Seeks Investment Leverage
No
Short Selling
No
Valuation Point
Forward pricing
Policy Charge Deducted from Sub-Fund?
No
Sub-Fund Specific Risk Factors (these apply in addition to the
GENERAL
RISKS APPLICABLE TO ALL SUB-FUNDS )
Currency Risk
||
Depositary Receipts Risk
||
Emerging Markets Risk
||
Equity Investing Risk || Index Error Risk ||
Index Licensing Risk
||
Index Risk
||
Index Tracking Risk
||
Investment in Multiple Countries || Investment Style
Risk – Large Cap Companies
||
Investment Style Risk – Geographic Focus - North America || Investment Style Risk –
Small, Mid and Micro–Cap Companies
||
IPO Risk
||
Risks Related to Screening || Real Estate Investment Trusts
(“REITs”) Risk
||
Securities Lending Risk |
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Availability
Defined Benefit
Defined Contribution
Other
May invest in pooled funds, incl
uding other State Street products
Further Information about Investment Strategy
The Index measures the performance of listed real estate
companies, equity real estate investment trusts (“
REITS
”) and real estate operating companies
(“
REOCs
”) from emerging and developed markets around the world. Securi
ties are liquidity, size and revenue screened, and then market c apitalisation weighted.
Benchmark Disclaimer
Standard & Poor’s® and S&P® are re
gistered trademarks of Standard
& Poor’s Financial Services LLC (“
S&P
”) and Dow Jones® is a registered tradem
ark of Dow Jones Trad emark Holdings LLC
(“
Dow Jones
”). The trademarks have been licensed to S&P Dow Jones Indices
LLC and its affiliates and have been sublicensed for use for cer
tain purposes by State Street Global Advisors. The
"
Dow Jones Global Select ESG Tilted RESI
" is a product of S&P Dow Jones Indices LLC
and its affiliates, and has been licensed
for use by State Street Global Advisors. The Global Real Estate
Tilted Index Sub-Fund is not sponsored, endorsed, sold or promoted
by S&P Dow Jones Indices LLC, Dow Jones, S&P, any of their r
espective affiliates (collectively, “ S&P Dow Jones Indices ”).
S&P Dow Jones Indices do not make any representation or warranty,
express or implied, to the owners of the Global Real Estate T
ilted Equity Index Sub-Fund or any member of the public
regarding the advisability of investing in securities generally or
in the Global Real Estate Tilted Equity Index Sub-Fund parti
cularly or the ability of the Dow Jones Global Select ESG Tilted RESI to
track general market performance. S&P Dow Jones Indices’ only rela
tionship to State Street Global
Advisors with respect to the
Dow Jones Global Select ESG Tilted RESI is the licensing of the
Index and certain trademarks, service marks
and/or trade names of S&P Dow Jones Indice
s. The Dow Jones Global Select ESG Tilted
RESI is determined, composed and calculated by S&P Dow
Jones Indices without regard to State Street Global Advisors or the Global Real Estate Tilted Equity Index Sub-Funds. S&P Dow J
ones Indices have no obligation to take the needs of State Street
Global Advisors or the owners of Global Real Estate Tilted Equity Index Sub-Fund into consideration in determining, composing o
r calculating the Dow Jones Global Select ESG Tilted RESI. S&P
Dow Jones Indices are not responsible for and have not participated in the determination of the prices, and amount of Global Re
al Estate Tilted Equity Index Sub-Fund or the timing of the
issuance or sale of Global Real Estate Tilted Equity Index Sub-Fund or in the determination or calculation of the equation by w
hich the Global Real Estate Tilted Equity Index Sub-Fund are to be
converted into cash. S&P Dow Jone
s Indices have no obligation or
liability in connection with th
e administration, marketing or
trading of the Global Real Estate Tilted Equity Index Sub-Fund.
There is no assurance that investment products based on the Dow
Jones Global Select ESG Tilted RESI will accurately track index
performance or provide positive investment returns. S&P Dow
Jones Indices LLC and its subsidiaries are not investment advisors. Inclusion of a security within an index is not a recommenda
tion by S&P Dow Jones Indices to buy, sell, or hold such security,
nor is it considered to be investment advice.
S&P DOW JONES INDICES DO NOT GUARANTEE THE ADEQUACY, ACCURACY, TIME
LINESS AND/OR THE COMPLETENESS OF THE DOW JONES GLOBAL SELEC T ESG TILTED RESI OR ANY DATA
RELATED THERETO OR ANY COMMUNICATION, INCLUDING BUT NOT LIMITED TO
, ORAL OR WRITTEN COMMUNICATION (INCLUDING ELECTRONIC COMMUNI CATIONS) WITH RESPECT THERETO.
S&P DOW JONES INDICES SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIAB
ILITY FOR ANY ERRORS, OMISSIONS, OR DELAYS THEREIN. S&P DOW JO
NES INDICES MAKE NO EXPRESS OR IMPLIED
WARRANTIES, AND EXPRESSLY DISCLAIM
S ALL WARRANTIES, OF MERCHANTABILITY OR FITNESS
FOR A PARTICULAR PURPOSE OR USE OR AS TO RESU
LTS TO BE OBTAINED BY STATE STREET
GLOBAL ADVISORS, OWNERS OF THE GLOBAL REAL
ESTATE EQUITY TILTED INDEX SUB-FUND, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF T
HE DOW JONES GLOBAL SELECT ESG TILTED
RESI OR WITH RESPECT TO ANY DATA RELATED THERETO. WITHOUT LIMITI
NG ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL S&P DOW J ONES INDICES BE LIABLE FOR ANY
INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGE
S INCLUDING BUT NOT LIMITED TO, LO
SS OF PROFITS, TRADING LOSSES
, LOST TIME OR GOODWILL, EVEN IF THEY
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HAVE BEEN ADVISED OF THE POSSIBLITY OF SUCH DAMAGES, WHETHER IN
CONTRACT, TORT, STRICT LIABILITY, OR OTHERWISE. THERE ARE NO TH IRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN S&P DOW JONES INDICES AND STATE STREET GLOBAL ADVISORS, OTHER THAN THE LICENSORS OF S&P DOW JONES INDICES.
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Key features of Managed Pension Funds Limited
Index Fixed Income Funds Range
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Product Profile
This product profile is subject to th
e terms of the relevant Individual Sub
Fund Overview to which your investment relates.
Investment Philosophy
We believe that our clients choose indexing for three main reasons:
I.
To gain broad-based exposure
II.
To predict variance around a given benchmark
III.
To get the exposure at a low cost Our philosophy is to manage every i
ndex-based Sub-Fund in a manner that
seeks to ensure that all three of th
ese objectives are met throughout the
investment process, from the init
ial contribution to the ongoing
management of the assets. We seek an
investment return that aims to track
the performance of the benchmark index (t
he ‘Index’). In order to reach this objective, we make on-going assessments of the trade-offs between
transaction costs and tracking error. Th
e objective of this approach is to achieve a healthy balance between these competing goals of indexing, namely, providing the desired risk exposure in the most economically
efficient way.
Investment Process
We implement our philosophy through different indexing methodologies.
Please see Appendix III for further detail
s. For example, in some cases, it
may be possible to replicate in a Sub-
Fund the entire portfolio of securities
making up the Index, with the approxim
ate weightings as in the Index. The
Sub-Fund would be a near mirror-i
mage of the Index. Such a Sub-Fund
would, of course, allow
for small mis-weights in the portfolio that have
minimal impact on tracking error, reco
gnising that the cost of trading to avoid small mis-weights may be greater than any potential improvement
in tracking error.
However, in most cases we cannot efficiently build a Sub-Fund holding all of the securities in the Index – because, for example, the Index is too broad, securities in the Index are not available for purchase, the account is too small, or an account has restrictions on holding certain securities.
In those cases, we may employ a
Stratified Sampling approach, which involves
investing in a sufficiently di
versified portfolio of securities to seek to match the main risk characteristics of the Index and achieve the investment objective.
Individual security selection is based
upon security availability, and our analysis of its impact on the Sub-Fund’s weightings. MPF typically seeks to implement its investment process through investments
in the ‘cash’ bond markets – actual ho
ldings of debt securities and other
instruments – rather than
through ‘notional’ or ‘synthetic’ positions achieved
through the use of derivatives (except in
the unusual case where MPF believes
that use of derivatives is necessary to
achieve an exposure that is not readily
available through the cash markets)
. If MPF expects normally to use derivatives more actively in replicating index returns within a Sub-Fund that will be disclosed in the individual Sub-Fund overview.
For all of our Sub-Fund, minimising tran
saction costs is a key consideration. There are a number of ways in which MPF tries to keep transaction costs as
low as possible for investors. We aim to
minimise the impact of turnover on the Sub-Fund and to have a slightly lower turnover in our Sub-Funds
compared with the benchmark’s tu
rnover. During ac tual portfolio management, crossing opportunities are fairly limited in that Index entrants
are normally new issues. We try to
employ crossing across fixed income
accounts where possible. Our fixed inco
me portfolio managers and traders
work closely together with the aim of
taking advantage of potential crossing
opportunities.
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Risk Management
Our long experience, strong analytical
capabilities, and research capabilities
are important elements in limiting risk
of significant tracking error. Our risk
management team, alongside our in
vestment team, monitors tracking
error across all of our index-base
d Sub-Funds, managing portfolio
characteristics and expenses in a manner intended to provide a return as
close as reasonably practicable to the benchmark return.
Screening
For Index Fixed Income Sub-Funds whic
h incorporate a screening approach
(identified by having “
Screened
” in their name), the Investment Manager
and/or Sub-Investment Manager will
apply a negative Screen to the Sub
Fund. That is, prior to the construction
of the portfolio of the Sub-Fund and
on an ongoing basis, the Investment Manager and/or Sub-Investment
Manager will exclude certain securi
ties based on two criteria:
I.
Controversial weapons (includi
ng landmines, biological and
chemical weapons, cluster weapons, depleted uranium, nuclear weapons, white phosphorus, blinding laser weapons and non
detectable fragments), and
II.
Controversies as defined by the ten principles of the UN Global
Compact: Human Rights
Principle 1
: Businesses should support and respect the protection of
internationally proclaim
ed human rights; and
Principle 2
: make sure that they are not complicit in human rights
abuses.
Labour
Principle 3:
Businesses should uphold the freedom of association
and the effective recognition of th
e right to collective bargaining;
Principle 4
: the elimination of all forms of forced and compulsory
labour;
Principle 5
: the effective abolition of child labour; and
Principle 6
: the elimination of discrimination in respect of
employment and occupation.
Environment
Principle 7
: Businesses should support a precautionary approach
to environmental challenges;
Principle 8
: undertake initiatives to promote greater
environmental responsibility; and
Principle 9
: encourage the development and diffusion of environmentally friendly technologies.
Anti-Corruption
Principle 10
: Businesses should work against corruption in all its forms, including extortion and bribery.
III.
Tobacco; and
IV.
Thermal Coal
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Sterling Corporate Bond 0-5 Ye
ars Screened Index Sub-Fund
Index Fixed Income
Investment Objective
The Sub-Fund aims to track the performanc
e of short-dated, fixed-rate, investment-g
rade Sterling-denominated bond market. It ai ms to do this by tracking the
performance of the Bloomberg Sterling 0-5 Year Corporate Bond
Index, or its recognised replacement or equivalent (the “
Index
”). The Sub-Fund primarily invests
at all times in the corporate secu
rities constituting the Index.
Key Facts About The Sub-Fund
Investment Strategy
Index
Investment Methodology
Stratified Sampling
Asset Type
Bonds
Screening
Controversial Weapons, Tobacco, Thermal Coal and UNGC
Violators are excluded by the manager from the Sub-
Fund using the manager’s screening method
ology. Further details are available here .
Index Name
Bloomberg 0-5 Year Sterling Corporate Index
Investment Geography
United Kingdom
Base Currency
GBP
Currency Exposure Hedging
No
Futures & Derivatives Use
Yes
Securities Lending
Yes
Seeks Investment Leverage
No
Short Selling
No
Valuation Point
Forward pricing
Policy Charge Deducted from Sub-Fund?
No
Sub-Fund Specific Risk Factors (these apply in addition to the
GENERAL
RISKS APPLICABLE TO ALL SUB-FUNDS )
Debt Securities Risk
||
Deflation Risk
||
Emerging Markets Risk
||
Extension Risk || Geographic Concentration Risk
Index Error Risk
||
Index Licensing Risk
||
Index Risk
||
Index Tracking Risk || Investment Style Risk – Geographic
Focus - United Kingdom
||
Reference Rate Risk
||
Risks Related to Screening || Securities Lending Risk ||
Sustainable Investment Criteria in Index Methodology Risk |
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Availability
Defined Benefit
Defined Contribution
Benchmark Disclaimer
Bloomberg ®
and the indices referenced herein (the “Indices”, and each such index, an “Index”) are trademarks or service marks of Bloomber
g Finance L.P. and its affiliates, including
Bloomberg Index Services Limited (“BISL”), the administrator of th
e Index (collectively, “Bloomberg
”) and/or one or more third-
party providers (each such provider, a “Third-Party Provider,”)
and have been licensed for use for certain purposes to STATE STREET
GLOBAL ADVISORS TRUST COMPANY (the “Licensee”). To the ext
ent a Third-Party Provider contributes intellectual
property in connection with the Index, such third-party produc
ts, company names and logos are tr
ademarks or service marks, and
remain the property, of su ch Third-Party Provider.
Bloomberg is not affiliated with the Licensee or a Third-Party Provider, and Bloomberg does not approve, endorse, review, or re
commend the financial products referenced herein (the
“Financial Products”). Bloomberg does not guarantee the timelines
s, accurateness, or completeness of any data or information r
elating to the Indices or the Financial Products.
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Sterling Non-Gilts Bond All Stocks Screened Index Sub-Fund
Index Fixed Income
Investment Objective
The Sub-Fund aims to track the Bloomberg Sterling Aggregate 100 mm
Non Gilts Index, or its recognised replacement or equivalent (the “ Index ”). The Sub-Fund
primarily invests in a sample of securities constituting the In
dex, but other investments may also be held including securities
that are not in the Index. Bond
futures can be used for efficient portfolio management.
Key Facts About The Sub-Fund
Investment Strategy
Index
Investment Methodology
Stratified Sampling
Asset Type
Bonds
Screening
Controversial Weapons, Tobacco, Thermal Co
al and UNGC Violators are excluded by the manager from the Sub-Fund using the
manager’s screening methodology.
Further details are available
here .
Index Name
Bloomberg Sterling Aggregate 100 mm Non Gilts Index
Investment Geography
United Kingdom
Base Currency
GBP
Currency Exposure Hedging
No
Futures & Derivatives Use
Yes
Securities Lending
No
Seeks Investment Leverage
No
Short Selling
No
Valuation Point
Forward pricing
Policy Charge Deducted from Sub-Fund?
No
Sub-Fund Specific Risk Factors (these apply in addition to the
GENERAL RISKS APPLICABLE TO ALL SUB-FUNDS )
Debt Securities Risk
||
Deflation Risk
||
Emerging Markets Risk
||
Extension Risk
||
Geographic Concentration Risk || Index Error
Risk
||
Index Licensing Risk
||
Index Risk
||
Index Tracking Risk
||
Investment Style Risk – Geographic Focus - United Kingdom
||
Reference Rate Risk
||
Risks Related to Screening
||
Russia Sanctions Risk
||
Securities Lending Risk || Sustainable
Investment Criteria in Index Methodology Risk |
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Availability
Defined Benefit
Defined Contribution
Other
May invest in pooled funds, incl
uding other State Street products
Benchmark Disclaimer
Bloomberg ®
and the indices referenced herein (the “Indices”, and each such index, an “Index”) are trademarks or service marks of Bloomber
g Finance L.P. and its affiliates, including
Bloomberg Index Services Limited (“BISL”), the administrator of th
e Index (collectively, “Bloomberg
”) and/or one or more third-
party providers (each such provider, a “Third-Party Provider,”)
and have been licensed for use for certain purposes to STATE STREET
GLOBAL ADVISORS TRUST COMPANY (the “Licensee”). To the ext
ent a Third-Party Provider contributes intellectual
property in connection with the Index, such third-party produc
ts, company names and logos are tr
ademarks or service marks, and
remain the property, of su ch Third-Party Provider.
Bloomberg is not affiliated with the Licensee or a Third-Party Provider, and Bloomberg does not approve, endorse, review, or re
commend the financial products referenced herein (the
“Financial Products”). Bloomberg does not guarantee the timelines
s, accurateness, or completeness of any data or information r
elating to the Indices or the Financial Products.
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Sterling Non-Gilts Bond Over 15 Years Screened Index Sub-Fund
Index Fixed Income
Investment Objective
The Sub-Fund aims to track the Bloomberg St
erling Aggregate 100 mm Non Gilts 15+ Year I
ndex, or its recognised replacement or e quivalent (the “ Index ”). The
Sub-Fund primarily invests in a sample of se
curities constituting the Index, but other investments may also be held including s
ecurities that are not in the Index.
Bond futures can be used for efficient portfolio management.
Key Facts About The Sub-Fund
Investment Strategy
Index
Investment Methodology
Stratified Sampling
Asset Type
Bonds
Screening
Controversial Weapons, Tobacco, Thermal Coal and UNGC Violators are excluded by the manager from the Sub-Fund using
the manager’s screening methodology.
Further details are available
here .
Index Name
Bloomberg Sterling Aggregate 100 mm Non Gilts 15+ Year Index
Investment Geography
United Kingdom
Base Currency
GBP
Currency Exposure Hedging
No
Futures & Derivatives Use
Yes
Securities Lending
No
Seeks Investment Leverage
No
Short Selling
No
Valuation Point
Forward pricing
Policy Charge Deducted from Sub-Fund?
No
Sub-Fund Specific Risk Factors (these apply in addition to the
GENERAL RISKS APPLICABLE TO ALL SUB-FUNDS )
Debt Securities Risk
||
Deflation Risk
||
Emerging Markets Risk
||
Extension Risk
||
Geographic Concentration Risk || Index
Error Risk
||
Index Licensing Risk
||
Index Risk
||
Index Tracking Risk
||
Investment Style Risk – Geographic Focus - United
Kingdom
||
Reference Rate Risk
||
Risks Related to Screening
||
Securities Lending Risk || Sustainable Investment Criteria
in Index Methodology Risk |
Availability
Defined Benefit
Defined Contribution
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Other
May invest in pooled funds, including other State Street products
Benchmark Disclaimer
Bloomberg ®
and the indices referenced herein (the “Indices”, and each such index, an “Index”) are trademarks or service marks of Bloomber
g Finance L.P. and its affiliates, including
Bloomberg Index Services Limited (“BISL”), the administrator of th
e Index (collectively, “Bloomberg
”) and/or one or more third-
party providers (each such provider, a “Third-Party Provider,”)
and have been licensed for use for certain purposes to STATE STREET
GLOBAL ADVISORS TRUST COMPANY (the “Licensee”). To the ext
ent a Third-Party Provider contributes intellectual
property in connection with the Index, such third-party produc
ts, company names and logos are tr
ademarks or service marks, and
remain the property, of su ch Third-Party Provider.
Bloomberg is not affiliated with the Licensee or a Third-Party Provider, and Bloomberg does not approve, endorse, review, or re
commend the financial products referenced herein (the
“Financial Products”). Bloomberg does not guarantee the timelines
s, accurateness, or completeness of any data or information r
elating to the Indices or the Financial Products.
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UK Conventional Gilts All Stocks Index Sub-Fund
Index Fixed Income
Investment Objective
The Sub-Fund aims to track the FTSE® Actuar
ies UK Conventional Gilts All Stocks Index, or its recognised replacement or equival ent (the “ Index ”). The Sub-Fund
primarily invests in British Government securities constituting
the Index although British Government bond futures may be used for efficient portfolio
management.
Key Facts About The Sub-Fund
Investment Strategy
Index
Investment Methodology
Index replication
(the Sub-Fund will not necessarily own all the securities included in the Index.)
Asset Type
Bonds
Index Name
FTSE® Actuaries UK Convention
al Gilts All Stocks Index
Investment Geography
United Kingdom
Base Currency
GBP
Currency Exposure Hedging
No
Futures & Derivatives Use
Yes
Securities Lending
Yes
Seeks Investment Leverage
No
Short Selling
No
Valuation Point
Forward pricing
Policy Charge Deducted from Sub-Fund?
No
Sub-Fund Specific Risk Factors (these apply in addition to the
GENERAL RISKS APPLICABLE TO ALL SUB-FUNDS )
Debt Securities Risk
||
Deflation Risk
||
Extension Risk
||
Geographic Concentration Risk || Index Error Risk || Index
Licensing Risk
||
Index Risk
||
Index Tracking Risk
||
Investment Style Risk – Geographic Focus - United Kingdom || Reference
Rate Risk
||
Securities Lending Risk
||
Sovereign Risk/ Sovereign Debt Obligations Risk |
Availability
Defined Benefit
Defined Contribution
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Other
May invest in pooled funds, including other State Street
products
Benchmark Disclaimer
THE UK CONVENTIONAL GILTS ALL STOCKS INDEX SU
B-FUND, IS NOT IN ANY WAY SPONSORED, ENDORSED, SOLD OR PROMOTED BY FTSE INTERNATI
ONAL LIMITED (“
FTSE ”) OR THE LONDON STOCK EXCHANGE
GROUP COMPANIES (“
LSEG
”) (TOGETHER THE “
LICENSOR PARTIES
”) AND NONE OF THE LICENSOR PARTIES MAKE ANY CLAIM, PREDIC
TION, WARRANTY OR REPRESENTATI ON WHATSOEVER, EXPRESSLY OR
IMPLIEDLY, EITHER AS TO (I) THE RESULTS TO BE OBTAINED FROM THE USE OF FTSE® ACTUARIES UK CONVENTIONAL GILTS ALL STOCKS INDEX (
THE “
INDEX
”) (UPON WHICH THE UK CONVENTIONAL GILTS ALL
STOCKS INDEX SUB-FUND IS BASED), (II) THE FIGURE AT WHICH THE INDE
X IS SAID TO STAND AT ANY PARTICULAR TIME ON ANY PARTICULAR D
AY OR OTHERWISE, OR (III) THE SUITABILITY OF THE INDEX FOR THE
PURPOSE TO WHICH IT IS BEING PUT IN CONNECTION WITH THE UK CONVEN
TIONAL GILTS ALL STOCKS INDEX SU
B-FUND. NONE OF THE LICENSOR P
ARTIES HAVE PROVIDED OR WILL PROVIDE ANY FINANCIAL OR
INVESTMENT ADVICE OR RECOMMENDATION IN RELATION TO THE INDEX TO SSGA OR TO ITS CLIENTS. THE INDEX IS CALCULATED BY FTSE OR ITS
AGENT. NONE OF THE LICENSOR PARTIES SHALL BE (A) LIABLE
(WHETHER IN NEGLIGENCE OR OTHERWISE) TO ANY PERSON FOR ANY ERRO
R IN THE INDEX OR (B) UNDER ANY OBLIGATION TO ADVISE ANY PERSON
OF ANY ERROR THEREIN.
ALL RIGHTS IN THE INDEX VEST IN FTSE. “
FTSE
®” IS A TRADEMARK OF LSEG AND IS USED BY FTSE UNDER LICENCE.
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UK Conventional Gilts Over
15 Years Index Sub-Fund
Index Fixed Income
Investment Objective
The Sub-Fund aims to track the FTSE® Actuaries UK Conventional G
ilts over 15 years Index, or its
recognised replacement or equi valent (the “ Index ”). The Sub
Fund primarily invests at all times in British Government securi
ties constituting the Index although British Government bond fu tures may be used for efficient
portfolio management.
Key Facts About The Sub-Fund
Investment Strategy
Index
Investment Methodology
Index replication
(the Sub-Fund will not necessarily own all the securities included in the Index.)
Asset Type
Bonds
Index Name
FTSE® Actuaries UK Conventional Gilts over 15 years Index
Investment Geography
United Kingdom
Base Currency
GBP
Currency Exposure Hedging
No
Futures & Derivatives Use
Yes
Securities Lending
Yes
Seeks Investment Leverage
No
Short Selling
No
Valuation Point
Forward pricing
Policy Charge Deducted from Sub-Fund?
No
Sub-Fund Specific Risk Factors (these apply in addition to the
GENERAL
RISKS APPLICABLE TO ALL SUB-FUNDS )
Debt Securities Risk
||
Deflation Risk
||
Extension Risk
||
Geographic Concentration Risk || Index Error Risk || Index
Licensing Risk
||
Index Risk
||
Index Tracking Risk
||
Investment Style Risk – Geographic Focus - United Kingdom ||
Reference Rate Risk
||
Securities Lending Risk
||
Sovereign Risk/ Sovereign Debt Obligations Risk |
Availability
Defined Benefit
Defined Contribution
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Benchmark Disclaimer
THE UK CONVENTIONAL GILTS OVER 15 YEARS INDEX SUB-FUND, NET UK CO
NVENTIONAL GILTS OVER 15 YEARS INDEX SUB-FUND ARE NOT IN ANY W
AY SPONSORED, ENDORSED, SOLD OR PROMOTED BY FTSE
INTERNATIONAL LIMITED (“
FTSE
”) OR THE LONDON STOCK EXCHANGE GROUP COMPANIES (“
LSEG
”) (TOGETHER THE “
LICENSOR PARTIES
”) AND NONE OF THE LICENSOR PARTIES MAKE ANY CLAIM, PREDICTION,
WARRANTY OR REPRESENTATION WHATSOEVER, EXPRESSLY OR IMPLIEDLY, EITH
ER AS TO (I) THE RESULTS TO BE OBTAINED FROM THE USE OF FTSE
® ACTUARIES UK CONVENTIONAL GILTS OVER 15 YEARS INDEX
(THE “
INDEX
”) (UPON WHICH THE UK CONVENTIONAL GILTS OV
ER 15 YEARS INDEX SUB-FUND, NET UK CONVENTI
ONAL GILTS OVER 15 YEARS INDEX SUB-FUND A
RE BASED), (II) THE FIGURE AT WHICH THE INDEX
IS SAID TO STAND AT ANY PARTICULAR TIME ON ANY PARTICULAR DAY
OR OTHERWISE, OR (III) THE SUITAB
ILITY OF THE INDEX FOR THE PURPO
SE TO WHICH IT IS BEING PUT IN CONNECTION WITH THE UK
CONVENTIONAL GILTS OVER 15 YEARS INDEX SUB-
FUND, NET UK CONVENTIONAL GILTS OVER 15 YE
ARS INDEX SUB-FUND. NONE OF THE LICENSOR P
ARTIES HAVE PROVIDED OR WILL PROVIDE ANY FINANCIAL OR
INVESTMENT ADVICE OR RECOMMENDATION IN RELATION TO THE INDEX TO SSGA OR TO ITS CLIENTS. THE INDEX IS CALCULATED BY FTSE OR ITS
AGENT. NONE OF THE LICENSOR PARTIES SHALL BE (A) LIABLE
(WHETHER IN NEGLIGENCE OR OTHERWISE) TO ANY PERSON FOR ANY ERRO
R IN THE INDEX OR (B) UNDER ANY OBLIGATION TO ADVISE ANY PERSON
OF ANY ERROR THEREIN.
ALL RIGHTS IN THE INDEX VEST IN FTSE. “
FTSE
®” IS A TRADEMARK OF LSEG AND IS USED BY FTSE UNDER LICENCE.
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UK Index Linked Gilts A
ll Stocks Index Sub-Fund
Index Fixed Income
Investment Objective
The Sub-Fund aims to track the FTSE® Actuarie
s UK Index-Linked Gilts All Stocks Index,
or its recognised replacement or equival ent (the “ Index ”). The Sub-Fund
primarily invests in UK Governme
nt inflation-linked securities constituting the
Index although British Government bond futures may be used for efficient
portfolio management.
Key Facts About The Sub-Fund
Investment Strategy
Index
Investment Methodology
Index replication
(the Sub-Fund will not necessarily own all the securities included in the Index.)
Asset Type
Bonds
Index Name
FTSE® Actuaries UK Index-Link
ed Gilts All Stocks Index
Investment Geography
United Kingdom
Base Currency
GBP
Currency Exposure Hedging
No
Futures & Derivatives Use
Yes
Securities Lending
Yes
Seeks Investment Leverage
No
Short Selling
No
Valuation Point
Forward pricing
Policy Charge Deducted from Sub-Fund?
No
Sub-Fund Specific Risk Factors (these apply in addition to the
GENERAL RISKS APPLICABLE TO ALL SUB-FUNDS )
Debt Securities Risk
||
Deflation Risk
||
Extension Risk
||
Geographic Concentration Risk || Index Error Risk || Index
Licensing Risk
||
Index Risk
||
Index Tracking Risk
||
Inflation-Indexed Securities Risk || Investment Style Risk – Geographic
Focus - United Kingdom
||
Reference Rate Risk
||
Securities Lending Risk
||
Sovereign Risk/ Sovereign Debt Obligations Risk
|
Availability
Defined Benefit
Defined Contribution
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Additional information for Sub-F
unds with a similar strategy
Sub-Fund Name
Index
Investable Universe
Base
Currency
Currency Exposure Hedging?
Valuation Point
Policy Charge
Deducted
from Sub
Fund?
Sub-Fund Specific Risk
Factors
(these apply in addition to the GENERAL RISKS APPLICABLE TO ALL
SUB-FUNDS )
Availability
Forward Priced
As of (Historical)
Priced
Defined Benefit Defined Contribution
As Of Priced (Net) UK Index Linked Gilts All Stocks Index Sub-Fund
FTSE® Actuaries UK Index-Linked Gilts All Stocks Index, or its
recognised replacement
or equivalent.
The Sub-Fund primarily invests at all times in the UK Index Linked Gilts All Stocks Index Sub-Fund.
The Index is
composed of UK Government inflation
linked securities.
GBP
No
--
Yes
Yes
As Of (Historical) Priced Fund
Risk
Debt Securities Risk
Deflation Risk Extension Risk
Geographic Concentration
Risk
Index Error Risk
Index Licensing Risk
Index Risk
Index Tracking Risk Inflation-Indexed Securities
Risk
Investment Style Risk – Geographic Focus - United
Kingdom
Reference Rate Risk Sovereign Risk/ Sovereign Debt Obligations Risk X
Benchmark Disclaimer
THE UK INDEX LINKED GILTS ALL STOCKS INDEX
SUB-FUND AND AS OF PRICED (NET) UK INDEX LINKED GILTS ALL STOCKS INDEX SUB-FUND ARE
NOT IN ANY WAY SPONSORED, ENDORSED, SOLD OR PROMOTED BY
FTSE INTERNATIONAL LIMITED (“
FTSE
”) OR THE LONDON STOCK EXCHANGE GROUP COMPANIES (“
LSEG
”) (TOGETHER THE “
LICENSOR PARTIES
”) AND NONE OF THE LICENSOR PARTIES MAKE ANY CLAIM,
PREDICTION, WARRANTY OR REPRESENTATION WHATSO
EVER, EXPRESSLY OR IMPLIEDLY, EITHER AS TO
(I) THE RESULTS TO BE OBTAINED FROM THE
USE OF FTSE® ACTUARIES UK INDEX-LINKED GILTS ALL STOCKS
INDEX (THE “
INDEX
”) (UPON WHICH THE UK INDEX LINKED GILTS A
LL STOCKS INDEX SUB-FUND AND AS OF PRICED
(NET) UK INDEX LINKED GILTS ALL STOCKS INDE
X SUB-FUND ARE BASED), (II) THE FIGURE AT
WHICH THE INDEX IS SAID TO STAND AT ANY PARTICULAR TIME ON ANY
PARTICULAR DAY OR OTHERWISE, OR (III) THE SUITABILITY OF THE IND
EX FOR THE PURPOSE TO WHICH IT IS BEING PUT IN CONNECTION
WITH THE UK INDEX LINKED GILTS ALL STOCKS INDEX SUB-FUND AND AS
OF PRICED (NET) UK INDEX LINKED
GILTS ALL STOCKS INDEX SUB-FUND
. NONE OF THE LICENSOR PARTIES HAVE PROVIDED OR WILL PROVIDE
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ANY FINANCIAL OR INVESTMENT ADVICE OR RECOMMENDATION IN RELATION TO THE INDEX TO SSGA OR TO ITS CLIENTS. THE INDEX IS CALCULATE
D BY FTSE OR ITS AGENT. NONE OF THE LICENSOR PARTIES SHALL
BE (A) LIABLE (WHETHER IN NEGLIGENCE OR OTHERWISE) TO ANY PERS
ON FOR ANY ERROR IN THE INDEX OR (B) UNDER ANY OBLIGATION TO ADVI
SE ANY PERSON OF ANY ERROR THEREIN.
ALL RIGHTS IN THE INDEX VEST IN FTSE. “
FTSE
®” IS A TRADEMARK OF LSEG AND IS USED BY FTSE UNDER LICENCE.
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UK Index Linked Gilts Over
15 Years Index Sub-Fund
Index Fixed Income
Investment Objective
The Sub-Fund aims to track the FTSE® Actuaries UK Index-Linked ov
er 15 years Index, or its reco
gnised replacement or equivalent (the “ Index ”). The Sub-Fund
primarily invests in the UK Government secu
rities constituting the Index, although Br
itish Government bond futures may be used for efficient portfolio
management.
Key Facts About The Sub-Fund
Investment Strategy
Index
Investment Methodology
Index replication
(the Sub-Fund will not necessarily own all the securities included in the Index.)
Asset Type
Bonds
Index Name
FTSE® Actuaries UK Index-Linked Gilts over 15 years Index
Investment Geography
United Kingdom
Base Currency
GBP
Currency Exposure Hedging
No
Futures & Derivatives Use
Yes
Securities Lending
Yes
Seeks Investment Leverage
No
Short Selling
No
Valuation Point
Forward pricing
Policy Charge Deducted from Sub-Fund?
No
Sub-Fund Specific Risk Factors (these apply in addition to the
GENERAL RISKS APPLICABLE TO ALL SUB-FUNDS )
Debt Securities Risk
||
Deflation Risk
||
Extension Risk
||
Geographic Concentration Risk || Index Error Risk || Index Licensing
Risk
||
Index Risk
||
Index Tracking Risk
||
Investment Style Risk – Geographic Focus - United Kingdom || Inflation-Indexed
Securities Risk
||
Reference Rate Risk
||
Securities Lending Risk
||
Sovereign Risk/ Sovereign Debt Obligations Risk
Availability
Defined Benefit
Defined Contribution
Benchmark Disclaimer
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THE UK INDEX LINKED GILTS OVER 15
YEARS INDEX SUB-FUND IS NOT IN ANY WAY SPONSORE
D, ENDORSED, SOLD OR PROMOTED BY FTSE INTERNAT
IONAL LIMITED (“
FTSE ”) OR THE LONDON STOCK EXCHANGE
GROUP COMPANIES (“
LSEG
”) (TOGETHER THE “
LICENSOR PARTIES
”) AND NONE OF THE LICENSOR PARTIES MAKE ANY CLAIM, PREDIC
TION, WARRANTY OR REPRESENTATI ON WHATSOEVER, EXPRESSLY OR
IMPLIEDLY, EITHER AS TO (I) THE RESULTS TO BE OBTAINED FROM TH
E USE OF FTSE® ACTUARIES UK INDE
X-LINKED GILTS OVER 15 YEARS INDE
X (THE “
INDEX
”) (UPON WHICH THE UK INDEX LINKED GILTS OVER 15
YEARS INDEX SUB-FUND IS BASED), (II) THE FIGURE AT WHICH THE INDEX IS SAID TO STAND AT ANY PARTICULAR TIME ON ANY PARTICULAR DA
Y OR OTHERWISE, OR (III) THE SUITABILITY OF THE INDEX FOR THE
PURPOSE TO WHICH IT IS BEING PUT IN CONNECTION WITH THE UK INDEX LINKED GILTS OVER 15 YEARS INDEX SUB-FUND. NONE OF THE LICENSO
R PARTIES HAVE PROVIDED OR WILL PROVIDE ANY FINANCIAL OR
INVESTMENT ADVICE OR RECOMMENDATION IN RELATION TO THE INDEX TO SSGA OR TO ITS CLIENTS. THE INDEX IS CALCULATED BY FTSE OR ITS
AGENT. NONE OF THE LICENSOR PARTIES SHALL BE (A) LIABLE
(WHETHER IN NEGLIGENCE OR OTHERWISE) TO ANY PERSON FOR ANY ERRO
R IN THE INDEX OR (B) UNDER ANY OBLIGATION TO ADVISE ANY PERSON
OF ANY ERROR THEREIN.
ALL RIGHTS IN THE INDEX VEST IN FTSE. “
FTSE
®” IS A TRADEMARK OF LSEG AND IS USED BY FTSE UNDER LICENCE.
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UK Index Linked Gilts Over 5 Years Index Sub-Fund
Index Fixed Income
Investment Objective
The Sub-Fund aims to track the FTSE® Actuar
ies UK Index-Linked Gilts over 5 Years Inde
x, or its recognised replacement or equiv alent (the “ Index ”). The Sub
Fund primarily invests in the UK Government securities constituti
ng the Index, although British Government bond futures may be used for efficient portfolio
management.
Key Facts About The Sub-Fund
Investment Strategy
Index
Investment Methodology
Index replication
(the Sub-Fund will not necessarily own all the securities included in the Index.)
Asset Type
Bonds
Index Name
FTSE® Actuaries UK Index-Linked Gilts over 5 Years Index
Investment Geography
United Kingdom
Base Currency
GBP
Currency Exposure Hedging
No
Futures & Derivatives Use
Yes
Securities Lending
Yes
Seeks Investment Leverage
No
Short Selling
No
Valuation Point
Forward pricing
Policy Charge Deducted from Sub-Fund?
No
Sub-Fund Specific Risk Factors (these apply in addition to the
GENERAL RISKS APPLICABLE TO ALL SUB-FUNDS )
Debt Securities Risk
||
Deflation Risk
||
Extension Risk
||
Geographic Concentration Risk || Index Error Risk || Index
Licensing Risk
||
Index Risk
||
Index Tracking Risk
||
Inflation- Indexed Securities Risk || Investment Style Risk – Geographic
Focus - United Kingdom
||
Reference Rate Risk
||
Securities Lending Risk
||
Sovereign Risk/ Sovereign Debt Obligations Risk
Availability
Defined Benefit
Defined Contribution
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Benchmark Disclaimer
THE UK INDEX LINKED GILTS OVER 5 YEARS INDEX SUB-FUND AND NET UK
INDEX LINKED GILTS OVER 5 YEARS INDEX SUB-FUND ARE NOT IN ANY
WAY SPONSORED, ENDORSED, SOLD OR PROMOTED BY FTSE
INTERNATIONAL LIMITED (“
FTSE
”) OR THE LONDON STOCK EXCHANGE GROUP COMPANIES (“
LSEG
”) (TOGETHER THE “
LICENSOR
PARTIES
”) AND NONE OF THE LICENSOR PARTIES MAKE ANY CLAIM, PREDICTION,
WARRANTY OR REPRESENTATION WHATSOEVER, EXPRESSLY OR IMPLIEDLY, EITHER AS TO (I) THE RESULTS TO BE OBTAINED FROM THE USE OF FTSE
® ACTUARIES UK INDEX-LINKED GILTS OVER 5 YEARS INDEX (THE
“
INDEX
”) (UPON WHICH THE UK INDEX LINKED GILTS OVER 5 YEARS INDEX SUB-
FUND, NET INDEX LINKED GILTS OVER
5 YEARS INDEX SUB-FUND AND AS
OF PRICED (NET) UK INDEX LINKED GILTS OVER 5 YEARS
INDEX SUB-FUND ARE BASED), (II) THE FIGURE AT WHICH THE INDEX IS
SAID TO STAND AT ANY PARTICULAR TIME ON ANY PARTICULAR DAY OR
OTHERWISE, OR (III) THE SUITABIL ITY OF THE INDEX FOR THE PURPOSE
TO WHICH IT IS BEING PUT IN CONNECTION WITH THE UK INDEX LINKED GILTS OVER 5 YEARS INDEX SUB-FUND, NET INDEX LINKED GILTS OVER
5 YEARS INDEX SUB-FUND AND AS OF PRICED (NET) UK INDEX LINKED
GILTS OVER 5 YEARS SUB-FUND. NONE OF THE LICENSOR PARTIES HAVE PR
OVIDED OR WILL PROVIDE ANY FINANCIAL OR INVESTMENT ADVICE OR R
ECOMMENDATION IN RELATION TO THE INDEX TO SSGA OR TO
ITS CLIENTS. THE INDEX IS CALCULATED BY FTSE OR ITS AGENT. NONE
OF THE LICENSOR PARTIES SHALL BE
(A) LIABLE (WHETHER IN NEGLIGE
NCE OR OTHERWISE) TO ANY PERSON FOR ANY ERROR IN THE INDEX OR
(B) UNDER ANY OBLIGATION TO ADVISE ANY PERSON OF ANY ERROR THEREIN.
ALL RIGHTS IN THE INDEX VEST IN FTSE. “
FTSE
®” IS A TRADEMARK OF LSEG AND IS USED BY FTSE UNDER LICENCE.
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Liability-Driven Investing Funds Range
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Product Profile
This product profile is subject to
the terms of the relevant Individual
Sub-Fund Overview to which your investment relates.
Investment Philosophy
Liability Driven Investing (LDI) is an
asset allocation framework that makes projected liabilities the point of reference for measuring and
managing risk and choosing appropri
ate investment strategies rather than considering asset class performance on an absolute basis. This shift in emphasis is based on the view that, under certain circumstances, the ability to meet shifting liability obligations may be a more appropriate
measure of investment success rather
than outperforming an asset class
benchmark. Moreover, advances in se
parating alpha and beta (or excess
and market returns) have further re
fined the asset allocation process,
providing pension schemes greater
transparency and flexibility in designing desired risk and return profiles. This is an important
implementation underpinning for
liability-driven investing.
An investor may use an LDI framework to structure its mix of portfolio
investments in an effort to better
manage the effects of interest and
inflation rate changes, which are a me
aningful driver of an investor’s
funding status and funding status vola
tility. There are various approaches
to managing the asset-liability duratio
n gap and reducing the impact of
interest and inflation rate volatility on the investor’s funding status.
MPF’s LDI solutions comprise of sub-
funds which each invest in one UK
government bond and have the invest
ment objective to track an index
which is calculated based upon th
e performance of that bond.
The MPF LDI sub-funds are intended for use by investors to achieve cash
flow and duration matching as part of
f an overall investment portfolio or
as part of a programme intended to
manage an investor’s obligations or
liabilities.
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UK Conventional Gilt J
Jul 2035 Index Sub-Fund
Liability-Driven Investing
Investment Objective
The Sub-Fund aims to track the FTSE UKGV 0.625 20350731,
or its recognised replacement or equivalent (the “
Index
”). The Sub-Fund primarily invests at all
times in the British Government se
curity constituting the Index.
Key Facts About The Sub-Fund
Investment Strategy
Index
Investment Methodology
Index replication
Asset Type
Bonds
Index Name
FTSE UKGV 0.625 20350731
Investment Geography
United Kingdom
Base Currency
GBP
Currency Exposure Hedging
No
Futures & Derivatives Use
No
Securities Lending
Yes
Seeks Investment Leverage
No
Short Selling
No
Valuation Point
Forward pricing
Policy Charge Deducted from Sub-Fund?
No
Sub-Fund Specific Risk Factors (these apply in addition to the
GENERAL
RISKS APPLICABLE TO ALL SUB-FUNDS )
Asset Management Matching Risk
||
Debt Securities Risk
||
Deflation Risk || Extension Risk || Geographic
Concentration Risk
||
Index Error Risk
||
Index Licensing Risk
||
Index Risk || Index Tracking Risk || Investment
Style Risk – Geographic Focus - United Kingdom
||
Reference Rate Risk
||
Securities Lending Risk || Sovereign Risk/
Sovereign Debt Obligations Risk |
Availability
Defined Benefit
Defined Contribution
Other
May invest in pooled funds, incl
uding other State Street products
The Index is composed of the UK Conventional Gilt 0.625% maturing in July 2035
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Benchmark Disclaimer
THE UK CONVENTIONAL GILT JUL 2035
INDEX SUB-FUND IS NOT IN ANY WAY SPONSORED, ENDORSED, SOLD OR PROMOTED BY FTSE INTERNATIONAL
LIMITED (“
FTSE
”) OR THE LONDON STOCK EXCHANGE GROUP
COMPANIES (“
LSEG
”) (TOGETHER THE “
LICENSOR PARTIES
”) AND NONE OF THE LICENSOR PARTIES MAKE
ANY CLAIM, PREDICTION, WARRANTY OR REPRESENTA
TION WHATSOEVER, EXPRESSLY OR IMPLIEDLY,
EITHER AS TO (I) THE RESULTS TO BE OBTAINED FROM THE USE OF THE FTSE UKGV 0.625 20350731 (THE “
INDEX
”) (UPON WHICH THE UK CONVENTIONAL GILT JUL 2035 INDEX SUB-FUND IS BASED), (II) THE FIGURE
AT WHICH THE INDEX IS SAID TO STAND AT ANY PARTICULAR TIME ON
ANY PARTICULAR DAY OR OTHERWISE, OR (III) THE SUITABILITY OF THE
INDEX FOR THE PURPOSE TO WHICH IT IS BEING PUT IN CONNECTION
WITH THE UK CONVENTIONAL GILT JUL 2035 INDE
X SUB-FUND. NONE OF THE LICENSOR PARTIES HA
VE PROVIDED OR WILL PROVIDE ANY FINANCIAL
OR INVESTMENT ADVICE OR RECOMMENDATION IN RELATION
TO THE INDEX TO SSGA OR TO ITS CLIENTS. THE INDEX IS CALCULATED BY
FTSE OR ITS AGENT. NONE OF THE LICENSOR PARTIES SHALL BE (A)
LIABLE (WHETHER IN NEGLIGENCE OR OTHERWISE) TO ANY PERSON
FOR ANY ERROR IN THE INDEX OR (B) UNDER ANY OBLIGATI
ON TO ADVISE ANY PERSON OF ANY ERROR THEREIN.
ALL RIGHTS IN THE INDEX VEST IN FTSE. “
FTSE®
” IS A TRADEMARK OF LSEG AND IS USED BY FTSE UNDER LICENCE.
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UK Conventional Gilt
Dec 2049 Index Sub-Fund
Liability-Driven Investing
Investment Objective
The Sub-Fund aims to track the FTSE UKGV 4.25 20491207,
or its recognised replacement or equivalent (the “
Index
”). The Sub-Fund primarily invests at all times
in the British Government secu
rity constituting the Index.
Key Facts About The Sub-Fund
Investment Strategy
Index
Investment Methodology
Index replication
Asset Type
Bonds
Index Name
FTSE UKGV 4.25 20491207
Investment Geography
United Kingdom
Base Currency
GBP
Currency Exposure Hedging
No
Futures & Derivatives Use
Yes
Securities Lending
No
Seeks Investment Leverage
No
Short Selling
No
Valuation Point
Forward pricing
Policy Charge Deducted from Sub-Fund?
No
Sub-Fund Specific Risk Factors (these apply in addition to the
GENERAL
RISKS APPLICABLE TO ALL SUB-FUNDS )
Asset Management Matching Risk
||
Debt Securities Risk
||
Deflation Risk || Extension Risk || Geographic
Concentration Risk
||
Index Error Risk
||
Index Licensing Risk
||
Index Risk || Index Tracking Risk || Investment
Style Risk – Geographic Focus - United Kingdom
||
Reference Rate Risk
||
Securities Lending Risk || Sovereign Risk/
Sovereign Debt Obligations Risk |
Availability
Defined Benefit
Defined Contribution
Other
May invest in pooled funds, incl
uding other State Street products
The Index is composed of the UK Conventional Gilt 4.25% maturing in December 2049
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Benchmark Disclaimer
THE UK CONVENTIONAL GILT DEC 2049 INDEX SUB-FUND IS NOT IN ANY
WAY SPONSORED, ENDORSED, SOLD OR PROMOTED BY FTSE INTERNATIONAL
LIMITED (“
FTSE
”) OR THE LONDON STOCK EXCHANGE GROUP
COMPANIES (“
LSEG
”) (TOGETHER THE “
LICENSOR PARTIES
”) AND NONE OF THE LICENSOR PARTIES MAKE
ANY CLAIM, PREDICTION, WARRANTY OR REPRESENTA
TION WHATSOEVER, EXPRESSLY OR IMPLIEDLY,
EITHER AS TO (I) THE RESULTS TO BE OBTAINED FROM THE USE OF THE FTSE UKGV 4.25 20491207 (THE “
INDEX
”) (UPON WHICH THE UK CONVENTIONAL GILT DEC 20
49 INDEX SUB-FUND IS BASED), (II) THE FIGURE
AT WHICH THE INDEX IS SAID TO STAND AT ANY PARTICULAR TIME ON
ANY PARTICULAR DAY OR OTHERWISE, OR (III) THE SUITABILITY OF THE
INDEX FOR THE PURPOSE TO WHICH IT IS BEING PUT IN CONNECTION
WITH THE UK CONVENTIONAL GILT DEC 2049 INDEX SUB-FUND. NONE OF THE LICENSOR PARTIES HAVE PROVIDED OR WILL PROVIDE ANY FINANCIAL
OR INVESTMENT ADVICE OR RECOMMENDATION IN RELATION
TO THE INDEX TO SSGA OR TO ITS CLIENTS. THE INDEX IS CALCULATED BY
FTSE OR ITS AGENT. NONE OF THE LICENSOR PARTIES SHALL BE (A)
LIABLE (WHETHER IN NEGLIGENCE OR OTHERWISE) TO ANY PERSON
FOR ANY ERROR IN THE INDEX OR (B) UNDER ANY OBLIGATI
ON TO ADVISE ANY PERSON OF ANY ERROR THEREIN.
ALL RIGHTS IN THE INDEX VEST IN FTSE. “
FTSE®
” IS A TRADEMARK OF LSEG AND IS USED BY FTSE UNDER LICENCE.
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UK Conventional Gilt
Dec 2055 Index Sub-Fund
Liability-Driven Investing
Investment Objective
The Sub-Fund aims to track the FTSE UKGV 4.25 20551207,
or its recognised replacement or equivalent (the “
Index
”). The Sub-Fund primarily invests at all times
in the British Government securi
ty constituting the Index.
Key Facts About The Sub-Fund
Investment Strategy
Index
Investment Methodology
Index replication
Asset Type
Bonds
Index Name
FTSE UKGV 4.25 20551207
Investment Geography
United Kingdom
Base Currency
GBP
Currency Exposure Hedging
No
Futures & Derivatives Use
Yes
Securities Lending
Yes
Seeks Investment Leverage
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