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State Street SPDR MSCI USA Value UCITS ETF
1
SSGA SPDR ETFs Europe I I Plc 26 June 2026 State Street SPDR MSCI USA
Value UCITS ETF
Suppleme n t No. 28
(A sub - fund of SSGA SPDR ETFs Europe I I plc (the “Company”) an open - ended investment company constituted as an umbrella fund with segregated liability between sub - funds authorised by the Central Bank of Ireland pursuant to the UCITS Regulations).
This Supplement (the “Supplement”) forms part o f the P rospectus dated 19 February 2026 as amended from time to time (the “Prospectus”) in relation to the Company. This Supplement should be read together with the Prospectus and Packaged Retail and Insurance - based Investment Product document (“PRIIPs KID”) or Key Investor Information Document (“KIID”). It contains information relating to the State Street SPDR MSCI USA Value UCITS ETF (the “Fund”), which is represented by the State Street SPDR MSCI USA Value UCITS ETF series of shares in the Company (the “Shares”).
All Shares in this Fund have been designated as ETF Shares. Unless otherwise defined herein or unless the context otherwise requires, all defined terms used in this Supplement shall bear the same meaning as in the Prospectus.
Prospective investors should review the entire Supplement, the Prospectus and PRIIPs KID or KIID carefully. If you have any questions, you should consult your stockbroker or financial adviser. Potential investors should consider the risk factors set out in the Prospectus and in this Supplement before investing in this Fund. The Company and the Directors listed in the “Management” section of the Prospectus, accept responsibi lity for the information contained in this Supplement.
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State Street SPDR MSCI USA Value UCITS ETF
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Fund Characteristics Base Currency USD Investment Manager State Street Global Advisors Europe Limited . Sub - Investment Manager (s) State Street Global Advisors Trust Company. ISIN IE 00BSPLC520 . Total Expense Ratio (TER) Up to 0.20 %. Further information in this respect is set out in the “Fees and Expenses” section of the Prospectus.
Dividend Policy All income and gains will be accumulated in the Net Asset Value per Share .
SFDR Fund Classification SFDR Fund Classification - For the purposes of SFDR Article 6, the integration of Sustainability R isk is not relevant for this Fund .
Dealing Information
Dealing Deadline
For cash and in - kind subscriptions and redemptions: 4.45 p.m. (Irish time) on each Dealing Day. For all subscriptions and redemptions on the last Dealing Day prior to 25 December and 1 January each year: 11.00 a.m. (Irish time). Earlier or later times may be determined by the Manag ement Company at its discretion with prior notice to the Authorised Participants.
Settlement Deadline
3.00 p.m. (Irish time) on the first Business Day after the Dealing Day, or such earlier or later date as may be determined by or agreed with the Manag ement Company . The Manag ement Company /Company will notify Shareholders if, (i) an earlier Settlement Deadline applies in respect of subscriptions, or (ii) a later Settlement Deadline applies in respect of redemptions. Settlement may be impacted by the settlement schedule of the underlying mar kets.
Dealing NAV The Net Asset Value per Share calculated as at the Valuation Point on the relevant Dealing Day. Minimum Subscription and Redemption Amount
Authorised Participants should refer to the Authorised Participant Operating Guidelines for details of the current minimum subscription and redemption amounts for the Fund.
Index Information Index (Ticker) MSCI USA Value Exposure Select Index (NU720344). Index Rebalance Frequency Semi - annually.
Additional Index Information
Further details of the Index and its performance can be found at: https://www.msci.com/constituents https://www.msci.com/documents/10199/c762ee46 - 6f36 - f662 - 0211 - 0774476bc859
Valuation Information
Valuation The Net Asset Value per Share is calculated in accordance with the “ Determination of Net Asset Value ” section of the Prospectus. Valuation Pricing Used Last traded. Valuation Point 10.15 p.m. (Irish time) on each Business Day.
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State Street SPDR MSCI USA Value UCITS ETF
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I nvestment Objective and Policy
Investment Objective: The investment objective of the Fund is to track the performance of US equities with a higher weighting applied to equities exhibiting low valuation characteristics . Investment Policy: The investment policy of the Fund is to track the performance of the Index (or any other index determined by the Directors from time to time to track substantially the same market as the Index) as closely as possible, while seeking to minimise as far as po ssible the tracking difference between the Fund’s performance and that of the Index.
The Index measures the performance of the stocks that exhibit relatively higher value exposure within the MSCI USA Index while also seeking to avoid poor quality companies , as measured by their fundamental accounting data including return on equity, debt to equity and earnings variability . Index constituents may on occasion be rebalanced more often than the Index Rebalance Frequency, if required by the Index methodology, including for example where corporate actions such as mergers or acquisitions affect co mponents of the Index.
Although the Index is generally well diversified, because of the market it reflects it may, depending on market conditions, contain constituents issued by the same body that may represent more than 10% of the Index. In order for the Fund to track the Index accurately, the Fund will make use of the increased diversification limits available under Regulation 71 of the UCITS Regulations. These limits permit the Fund to hold positions in individual constituents of the Index issued by the same body of up to 20% of the Fund’s Net Asset Value . The Investment Manager and/or Sub - Investment Manager , on behalf of the Fund, will invest using the replication strategy as further described in the " Investment Objectives and Policies – Index Tracking Funds " section of the Prospectus, primarily in the securities of the Index, at all times in accordance with the Investment Restrictions set forth in the Prospectus. The Investment Manager and/or Sub - Investment Manager also may, in exceptional circumstances, invest in securities not included in the Index but that it believes closely reflect the risk and distribution characteristics of securities of the Index. The equity securities in which the Fund invests will be primarily listed or traded on Recognised Markets in accordance with the limits set out in the UCITS Regulations. Details of the Fund’s portfolio and the indicative net asset value per Share for the Fund are ava ila ble on the Website daily . Permitted Investments
Equities: The securities in which the Fund invests may include equities, or equity - related securities such as preferred stock .
Other Funds / Liquid Assets: The Fund may invest up to 10% of its net assets in other regulated open - ended funds (including Money Market Funds) where the objectives of such funds are consistent with the objective of the Fund and where such funds are authorised in member states of the EEA, United Kingdom, USA, Jersey, Guernsey or the Isle of Man and where such funds comply in all material respects with the provisions of the UCITS Regulations. The Fund may hold ancillary liquid assets such as deposits in acco rdance with the UCITS Regulations.
Derivatives: The Fund may, for efficient portfolio management purposes only, use financial derivative instruments (“ FDIs ”). Any use of FDIs by the Fund shall be limited to futures and warrants. Efficient portfolio management means investment decisions involving transactions that are entered into for one or more of the following specific aims: the reduction of risk; the redu ction of cost; the generation of additional capital or income for the Fund with an appropriate level of risk, taking into account the ri sk profile of the Fund; or the minimisation of tracking error, i.e. the risk that the Fund return varies from the Index return. FDIs are described in the " Investment Objectives and Policies – Use of Financial Derivative Instruments " section of the Prospectus.
Securities Lending , Repurchase Agreements & Reverse Repurchase Agreements
Investors should note that the Company may engage in securities lending on behalf of the Fund where the Investment Manager and/or Sub - Investment Manager believes it is appropriate to do so and in accordance with the “Investment Objectives and Policies - Us e of Repurchase/Reverse Repurchase Agreements/Securities Lending Agreements” section of the Prospectus. Investors should read the risk warning headed “Securities Lending Risk” in the “Risk Information” section of the Prospectus in this regard. The Fund’s maximum exposure to securities lending as a percentage of its Net Asset Value will not exceed 40%. Lending levels will be influenced by market factors and, subject to the maximum referenced above, cannot be predicted with any certainty. Past lending figures are not a reliable indicator of future levels. The Fund does not intend to engage in repurcha se agreements or reverse repurchase agreements.
The Company has appointed State Street Bank and Trust Company, a bank incorporated under the laws of Massachusetts whose registered office is at One Congress Street, Boston, Massachusetts, 02114 - 2016, U.S.A. , and acting for the purposes of the securities lending agreement through its London branch (Branch Registration No. in England BR002088) at 20 Churchill Place, London E14 5HJ, England as a securities lending agent to the Company pursuant to a securities l ending agreement between the Company, State Stree t Bank and Trust Company and the Depositary dated 27 October 2023 (a “Securities Lending
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State Street SPDR MSCI USA Value UCITS ETF
4
Agreement”). This Securities Lending Agreement appoints State Street Bank and Trust Company acting through its London Branch to manage the Fund's securities lending activities and provides for State Street Bank and Trust Company acting through its London Branch to receive a fee at normal commercial rates to cover all fees and costs associated with the provision of this service. Any income earned from securities lending, net of direct and indirect operational costs (including the fee paid to State Street Ba nk and Trust Company acting through its London Branch), will be returned to the Fund. Full financial details of any revenue earned and direct and indirect operational costs and fees incurred with respect to securities lending for the Fund, including fees paid or payable to State Street Bank and Trust Company acting through its London Branch, will be included in the annual financial statements.
Please note that should the Directors elect to change the Company’s securities lending policy in the future, due notification will be given to Shareholders and this Supplement will be updated accordingly. Investment Risks
Investment in the Fund carries with it a degree of risk. Investors should read the “ Risk Information ” section of the Prospectus . In addition, the following risks are particularly relevant for the Fund.
Index Tracking Risk: The Fund’s return may not match the return of the Index. It is currently anticipated that the Fund will track the Index with a potential variation of up to 1 % annually under normal market conditions. The Fund’s ability to track the Index will be affected by Fund expenses, the amount of cash and cash equivalents held in its portfolio, and the frequency and the timing of purchases and sales of interests in the F und. The Investment Manager and/or Sub Investment Manager may attempt to replicate the Index return by investing in a sub - set of the securities in the Index, or in some securities not included in the Index, potentially increasing the risk of divergence bet ween the Fund’s return and that of the Index . Liquidity Risk & ETF Liquidity Risk : Lack of a ready market or restrictions on resale may limit the ability of the Fund to sell a security at an advantageous time or price or at all. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to w ide fluctuations in market value. Illiquidity of the Fund’s holdings may limit the ability of the Fund to obtain cash to meet redemptions on a timely basis. Where the fund invests in illiquid securities or does not trade in large volumes, the bid offer spreads of the Fund may widen, the Fund may be exposed to increased valuation risk and reduced ability to trade. Shares in the Fund may also trade at prices that are materially different to the last available NAV.
Concentration Risk : When the Fund focuses its investments in a particular market, the financial, economic, business, and other developments affecting issuers in that
market will have a greater effect on the Fund than if it was more diversified. This concentration may also limit the liquidity of the Fund. Investors may buy or sell substantial amounts of the Fund’s shares in response to factors affecting or expected to affect a market in which the Fund focuses its investments.
Value S tocks R isk: Value stocks may decline in price or never reach t heir expected full market value . Value stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favour with investors generally, sometimes rapidly, depending on changes in market, economic and ot her factors. As a result, at times when a Fund holds substantial investments in value stocks it may underperform other investment portfolios that invest mor e broadly or that favour different investment styles . Derivatives Risk: The Fund may use FDIs for efficient portfolio management purposes as described in the derivatives section under Permitted Investments above. The Fund’s use of FDIs involves risks different from, and possibly greater than, the risks associated with invest ing directly in securities.
Integrating Sustainability Risk: Sustainability Risk has not been integrated into the Fund’s investment process. Any deterioration in the financial profile of an underlying investment affected by a Sustainability Risk may have a corresponding negative impact on the Net Asset Value and/or performance of the investing Fund. Where a Sustainability Risk event occurs, this Fund may be more impacted than an equivalent Fund that integrates Sustainability Risk. Shareholders should refer to the “ Index Strategies and Sustainability Integration ” sect ion of the Prospectus for further information.
Investor Profile
The typical investors of the Fund are expected to be institutional, intermediary and retail investors who want to take medium or long term exposure to the performance of the U.S. equities market and are prepared to accept the risks associated with an investment of this type and the expected high volatility of the Fund.
Subscriptions, Redemptions & Conversions
Inve stors may subscribe for or redeem Shares in the Fund on each Dealing Day at the Dealing NAV with an appropriate provision for Duties and Charges and in accordance with the provisions in the “Purchase and Sale Information” section of the Prospectus.
For subscriptions, consideration, in the form of cash or cleared in kind securities, must be received by the Settlement Deadline. For redemptions, a written redemption
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State Street SPDR MSCI USA Value UCITS ETF
5
request signed by the Shareholder is required to be received by the Administrator by the Dealing Deadline on the relevant Dealing Day.
Shareholders should refer to the terms of the “Purchase and Sale Information” section of the Prospectus for information on Share conversions.
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State Street SPDR MSCI USA Value UCITS ETF
6
THIS FUND 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 ANY MSCI INDEX (COLLECTIVELY, THE “M SCI 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 GLOBAL ADVISORS. NONE OF THE MSCI PARTIES MAKES ANY REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, TO THE ISSUER OR OWNERS OF THIS FUND OR ANY OTHER PERSON OR ENTITY REGARDING THE ADVISABILITY OF INVESTING IN FUNDS GENERALLY OR IN THIS 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 THIS FUND OR THE ISSUER O R OWNERS OF THIS FUND OR ANY OTHER PERSON OR ENTITY. NONE OF THE MSCI PARTIES HAS ANY OBLIGATION TO TAKE THE NEEDS OF THE ISSUER OR OWNERS OF THIS FUND OR ANY OTHER PERSON OR ENTITY INTO CONSIDERATION IN DETERMINING, COMPOSING OR CALCULATING THE MSCI INDE XES. NONE OF THE MSCI PARTIES IS RESPONSIBLE FOR OR HAS PARTICIPATED IN THE DETERMINATION OF THE TIMING OF, PRICES AT, OR QUANTITIES OF THIS FUND TO BE ISSUED OR IN THE DETERMINATION OR CALCULATION OF THE EQUATION BY OR THE CONSIDERATION INTO WHICH THIS F UND IS REDEEMABLE. FURTHER, NONE OF THE MSCI PARTIES HAS ANY OBLIGATION OR LIABILITY TO THE ISSUER OR OWNERS OF THIS FUND OR ANY OTHER PERSON OR ENTITY IN CONNECTION WITH THE ADMINISTRATION, MARKETING OR OFFERING OF THIS FUND.
ALTHOUGH 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 MS CI INDEX OR ANY DATA INCLUDED THEREIN. NONE OF THE MSCI PARTIES MAKES ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER OF THE FUND, OWNERS OF THE FUND, OR ANY OTHER PERSON OR ENTITY, FROM THE
USE OF ANY MSCI INDEX OR ANY DATA I NCLUDED 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 O F ANY KIND, AND THE MSCI PARTIES HEREBY EXPRESSLY DISCLAIM ALL WARRANTIES 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 SHALL ANY OF THE MSCI PARTIES HAVE ANY LIABILITY FOR ANY DIRECT, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL OR ANY OTHER DAMAGES (INCLUDING LOST PROFITS) EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.
As of the date of the Supplement, the Fund uses (within the meaning of the Benchmark Regulation) the fol lowing MSCI Limited benchmark:
MSCI USA Value Exposure Select Index.
As of the date of the Supplement, no MSCI Limited entity is listed on the ESMA Register referred to in Article 36 of the Benchmark Regulation. MSCI Limited is and remains authorized as a UK benchmark administrator regulated by the UK Fina n cial Conduct Authority ("FCA") (and can be found on the FCA Financial Services Register), but will be considered a “third country” UK administrator vis - a - vis the EU and will not appear on the ESMA Register per Article 36 of the Benchmark Regulation unless and until the EU grants the UK “equivalence” or until MSCI is granted “endorsement” or “recognition”.
"SPDR®" is a registered trademark of Standard & Poor's Financial Services LLC ("S&P") and has been licensed for use by State Street Corporation. No financial product offered by State Street Corporation or its affiliates is sponsored, endorsed, sold or prom oted by S&P or its affiliates, and S&P and its affiliates make no representation, warranty or condition regarding the advisability of buying, selling or holding units/shares in such products. Standard & Poor's®, S&P®, SPDR®, S&P 500® are registered tradema rks of Standard & Poor's Financial Services LLC and have been licensed for use by State Street Corporation.
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