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This document provides you with key investor information about this fund. It is not marketing material. The information is required by law to help you understand the nature and the risks of investing in this fund. Yo You are advised to read it so you can make an informed decision about whether to invest. Te Terms not defined herein are as defined in the Prospectus.
State Street Global Alternative Beta Fund (the "Fund") , a sub-fund of State Street ICAV AV . This Fund is managed by State Street Global Advisors Europe Limited. Share Class: I GBP Hedged (ISIN IE0003H626W7)
Objectives and Investment Policy Investment Objective The investment objective of the Fund is to generate capital growth over the medium to long-term by implementing a strategy that seeks to approximate the returns of hedge funds as a broad asset class. Investment Policy The investment policy of the Fund builds upon the theory that the returns of hedge funds, as a broad asset class, can be driven, to a large extent, by various market exposures that hedge funds generally pursue and as detailed below ("Factors").. The Fund will seek to approximate the returns of the hedge fund universe driven by the Factors while attempting to minimize tracking error against the Index. The Factors include: Equity Factors - U.S. Equity Returns, Emerging Markets Equity , Global Equity and Interest Rates; Corporate Credit; Commodity Carry . The Fund is actively managed (in reference to the Index) using the global alternative beta strategy . While the Fund's performance may be demonstrated against the Index for illustrative purposes only , the Fund does not intend to replicate the Index composition or its performance and does not have a specific tracking error constraint. The Index is designed to be representative of the overall composition of the hedge fund universe (as represented by a broad range of strategies pursued by the underlying hedge funds). It is comprised of the following eligible hedge fund strategies: equity hedge; event driven; macro / commodity trading advisor ("CTA TA"); and relative value arbitrage. The Investment Manager has developed a Global Alternative Beta Strategy that will seek to identify and take exposure to the Factors that tend to materially contribute to the returns of hedge funds as a broad asset class. In seeking to approximate the returns of hedge funds as a broad asset class, the Fund will not invest directly in hedge funds that are included in the Index. Instead, the Investment Manager will use statistical analysis of historical performance data, derived from the Index alongside the Investment Manager's proprietary quantitative model, embedded within the Global Alternative Beta Strategy to identify Factors that are driving hedge fund returns. The historical returns of the Index are used as an input to the Global Alternative Beta Strategy and to assess which Factors are driving returns, via the below investment process:
Select the Factors; Identify specific Factors at each monthly rebalance of the Index; Assign a weight to each Factor: Build the portfolio with exposure to these Factors: In following this strategy , a long only diversified portfolio is built mainly through derivatives, direct investments, and other regulated open ended funds which provide exposure to the Factors. The Investment Manager has full discretion over the manner in which to implement the investment process as outlined above. While having the discretion to deviate from the investment process, the Investment Manager expects to do so only in exceptional circumstances. For instance, the Investment Manager may reduce the turnover of the portfolio of assets comprising the Fund under certain unusual or adverse market conditions, including as a means to mitigate high transaction costs during times of increased market volatility . This GBP Hedged Class is made available to reduce exchange rate fluctuations between the currency of this Share Class and the currency in which the underlying assets of the Fund are denominated. The Share Class will be hedged back to GBP and consequently should more closely track the corresponding hedged version of the Index (HFRX Global Hedge Fund Index). The class I GBP Hedged Shares are issued in Pound Sterling. Any income earned by the shares will be retained and reflected in an increase in the value of these shares. Shareholders may redeem shares in the Fund on any UK and US business day other than days on which the relevant financial markets are closed for business provided that a list of such closed market days will be published for the Fund on www .ssga.com. Index Source: The Index is the intellectual property of the Index provider . The Fund is not sponsored or endorsed by the Index provider . The Index provider does not provide any warranty or accept any liability in relation to any error relating to the Index, including any error in respect of the quality , accuracy or completeness of Index data, and does not guarantee that the Index will be in line with the described Index methodology . Please see the Prospectus for the full index disclaimer . Please refer to the Prospectus for more information.
Risk and Reward Profile
Lower risk Higher risk Potentially lower reward Potentially higher reward
1 2 3 4 5 6 7
Risk Disclaimer The risk category above is not a measure of capital loss or gains but of how significant the rises and falls in the Fund's return have been historically . For example a fund whose return has experienced significant rises and falls will be in a higher risk category , whereas a fund whose return has experienced less significant rises and falls will be in a lower risk category . The lowest category (i.e., category 1) does not mean that a fund is a risk free investment. As the Fund's risk category has been calculated using historical simulated proxy data, it may not be a reliable indication of the Fund's future risk profile. The Fund's risk category shown is not guaranteed and may change in the future. Why is this Fund in this category? The Fund is in risk category 3 as its simulated return has experienced medium rises and falls historically .
The following are material risks relevant to the Fund which are not adequately captured by the risk category . Currency Hedging Risk: Hedges are sometimes subject to imperfect matching between the hedging transaction and the risk sought to be hedged. There can be no assurance that the Fund's hedging transactions will be effective. As the purpose of currency hedging is to try to reduce or eliminate losses caused by exchange rate fluctuations, it can also reduce or eliminate gains where the currency in which the Fund's assets are denominated appreciates. Derivatives Risk: The Fund's use of derivative instruments involves risks diff fferent from, and possibly greater than, the risks associated with investing directly in securities. Emerging Market Currency Risk: The Fund can invest in currencies of countries located in emerging markets. Emerging market countries may experience political, market, social, regulatory , and/or economic instabilities. These instabilities may reduce the value of the Fund's investments. Liquidity Risk: It may be diff fficult for the Fund to buy or sell certain investments in diff fficult market conditions. Consequently the price obtained when selling securities may be lower than under normal market conditions. Model Risk: The Sub-Investment Manager uses its own models to help it select the investments for the Fund. These models may not always
Key Investor Information
Page 2
perform as expected. In these circumstances, the Fund's value could be reduced. Share Class Risk: There is no segregation of liabilities between Classes of the Fund. While the Investment Manager will seek to ensure that gains/losses on and the costs of the relevant derivative instruments
associated with any currency hedging strategy will accrue solely to the Class for which it is intended, the transactions could result in liabilities for other Classes. Please refer to the Prospectus for full details about the risks associated with this Fund.
Charges The charges you pay are used to pay the cost of running the Fund, including the costs of marketing and distributing it. These charges reduce the potential growth of your investment.
One-off charges taken before or after you invest Entry charge none Exit charge 2.00% This is the maximum that might be taken out of your money before it is invested (entry charge) or before the proceeds of your investment are paid out (exit charge). Charges taken from the Fund over a year Ongoing charge 0.38% Charges taken from the Fund under certain specific conditions Performance fee none
The entry and exit charges shown are maximum figures. In some cases, you may pay less — your financial advisor or distributor can confirm this. Entry and exit charges do not apply to investors buying or selling shares of the Fund on stock exchanges; however , such investors will transact at market prices and may be subject to broker fees and/or other charges. The ongoing charges figure shown here is based on expenses for the year ending December 2025. It excludes: b Portfolio transaction costs, except when the Fund pays an entry or exit charge when buying or selling units in another fund. For more information about charges, please refer to the Prospectus.
Past Performance percent 8 7 6 5 4 3 2 1 0 2021 2022 2023 2024 2025 7.2 7.2 Q State Street Global Alternative Beta Fund I GBP Hedged (IE0003H626W7) Q HFRX Global Hedge Fund Index
Past performance is not a guide to future results. The past performance shown here takes account of all charges and costs. The entry/exit charges are excluded from the calculation of past performance. The Fund was launched in September 2024. The Class I GBP Hedged Shares were launched in September 2024. Past performance has been calculated in Pound Sterling and is expressed as a percentage change in the Fund's net asset value at each year end.
Practical Information Depositary State Street Custodial Services (Ireland) Limited. Further Information Copies of the prospectus, its supplements and the latest annual and semi-annual reports prepared for the State Street ICAV AV may be obtained, free of charge, from the Administrator or online at www .ssga.com. These documents are available in English. For information about other share classes, please refer to the website. Remuneration Policy Details of the up to date remuneration policy of State Street ICAV AV are available from www .ssga.com. Paper copies are available free of charge on request. Net Asset Va Valuation Publication The Net Asset Va Value per share is available at www .ssga.com and upon request from the Administrator . Ta Tax Legislation The Fund is subject to the tax laws and regulations of Ireland. Depending on your own country of residence this might have an impact on your investments. For further details, you should consult a tax advisor .
Liability Statement State Street Global Advisors Europe Limited may be held liable for any statement contained in this document that is misleading, inaccurate or inconsistent with the relevant parts of the Prospectus. Switching between Sub-Funds Shareholders have no specific right to convert shares of the Fund into shares of another sub-fund of State Street ICAV AV . Conversion can only be effected by the investor selling/ redeeming the shares of the Fund and buying/subscribing shares of another sub-fund of State Street ICAV AV . Detailed information on how to switch between sub-funds is provided in the Prospectus. Segregation of Assets and Liabilities State Street ICAV AV has segregated liability between its sub-funds. As a consequence, the assets of the Fund should not be available to pay the debts of any other sub fund of State Street ICAV AV .
This Fund is authorised in Ireland and regulated by the Central Bank of Ireland. State Street Global Advisors Europe Limited is a Company approved by the Central Bank of Ireland, under no. 49934. This key investor information is accurate as at 19 February 2026.
Key Investor Information
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