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DRAFT
te Street Blackstone Euro AAA CLO UCITS ETF (the Fund), a sub-fund of S
ETFs Europe II plc (a UCITS authorised Exchange Traded Fund). State Street Global Advisors Europe Limited is appointed as the
Management Company of the Fund which is authorised in Ireland and supervised by the Central Bank of Ireland. Blackstone Liqu
Strategies LLC is appointed as Sub-Investment Manager of the Fund. For more information on this product, please refer to www.s
Class: State Street Blackstone Euro AAA CLO USD HDG UCITS ETF (ACC) (ISIN IE000NAFAKL6)
ctives and Investment Policy
ment Objective The Fund's investment objective is to generate
usted returns from a combination of income and capital growth
e long term by investing in predominantly Euro-denominated
ent grade debt tranches of collateralised loan obligations
").
ment Policy The Fund is actively managed. The investment
f the Fund is to invest up to 100% of its net assets in AAA-rated
ed by two recognised rating agencies) tranches of Euro
nated debt issued by CLOs which give access to European
secured corporate loans and bonds.
is a diversified portfolio of leveraged loans that is securitised into
d equity tranches. For the avoidance of doubt, the Fund will only
n debt tranches.
nd will invest in floating rate and fixed rate investment grade debt
s, predominantly AAA-rated, of CLOs ("CLO Debt Securities"),
Fund will not invest in the most subordinated securities issued
LO. The CLO Debt Securities in which the Fund invests will be of
turity and tranche size. At least 85% of the CLO Debt Securities
AAA rated CLO Debt Securities , and up to 15% may be invested
ated CLO Debt Securities. In instances where a security is
aded subsequent to its purchase by the Fund, the Sub
ment Manager will take steps to divest as soon as reasonably
able, taking due account of the interests of its Shareholders.
nd may invest up to 15% of its net assets in CLO Debt Securities
denominated in currencies other than Euro.
nd may not invest more than 15% of its net assets in CLO Debt
es issued by CLOs managed by a single CLO manager or its
b-Investment Manager will seek to construct a diversified portfolio
at any CLO Debt Securities holding issued from a particular CLO
exceed 5% of the net assets of the Fund.
The Fund may use financial derivative instruments (that is, financia
contracts whose prices are dependent on one or more underlying
assets) in order to manage the portfolio efficiently.
Save in exceptional circumstances, the Fund will generally only iss
and redeem shares to certain institutional investors. However, shar
the Fund may be purchased or sold through brokers on one or mo
stock exchanges. The Fund trades on these stock exchanges at m
prices which may fluctuate throughout the day. Market prices may
greater or less than the daily net asset value of the Fund.
Whilst the Fund will seek to use the Index as a performance compa
the Fund will not seek to track the composition of the Index. Furthe
details on the investment policy of the Fund can be found within th
Fund Supplement.
The Shares of the USD Class are issued in U.S. Dollar.
Any income earned by the Fund will be retained and reflected in an
increase in the value of the shares.
Shareholders may redeem shares on any UK business day (other
days on which relevant financial markets are closed for business a
the day preceding any such day provided that a list of such closed
market days will be published for the Fund on www.ssga.com); and
other day at the Directors' discretion (acting reasonably) provided
Shareholders are notified in advance of any such days.
Index Source: The Index is the intellectual property of the Index
provider. The Fund is not sponsored or endorsed by the Index prov
The Index provider does not provide any warranty or accept any lia
in relation to any error relating to the Index, including any error in re
of the quality, accuracy or completeness of Index data, and does n
guarantee that the Index will be in line with the described Index
methodology. Please see
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 Blackstone Euro AAA CLO UCITS T
ETF T
(the T
"Fund") T
, T
a T
sub-fund T
of T
SSGA SPDR ETFs Europe II plc (a UCITS authorised Exchange T raded Fund). State Street Global T
Advisors T
Europe T
Limited T
is T
appointed T
as T
the UCITS Management Company of the Fund which is authorised in Ireland and supervised by T
the T
Central T
Bank T
of T
Ireland. T
Blackstone T
Liquid Credit Strategies LLC is appointed as Sub-Investment Manager of the Fund. For more T
information T
on T
this T
product, T
please T
refer T
to T
www T
.ssga. com Share Class: State Street Blackstone Euro AAA CLO USD HDG UCITS ETF (ACC) T
(ISIN T
IE000NAFA T
FAKL6) Objectives and Investment Policy Investment Objective The Fund's investment objective is to generate risk adjusted returns from a combination of income and capital growth over the long term by investing in predominantly Euro-denominated investment grade debt tranches of collateralised loan obligations ("CLOs"). Investment Policy The Fund is actively managed. The investment policy of the Fund is to invest up to 100% of its net assets in AAA-rated (as rated by two recognised rating agencies) tranches of Euro denominated debt issued by CLOs which give access to European senior secured corporate loans and bonds. A CLO is a diversified portfolio of leveraged loans that is securitised into debt and equity tranches. For the avoidance of doubt, the Fund will only invest in debt tranches. The Fund will invest in floating rate and fixed rate A
investment A
grade A
debt tranches, predominantly AAA-rated, of CLOs ("CLO A
Debt A
Securities"), and the Fund will not invest in the most subordinated A
securities A
issued by a CLO. The CLO Debt Securities in which the A
Fund A
invests A
will A
be A
of any maturity and tranche size. At least 85% of the A
CLO A
Debt A
Securities will be AAA rated CLO Debt Securities , and up to A
15% A
may A
be A
invested in AA rated CLO Debt Securities. In instances where A
a A
security A
is downgraded subsequent to its purchase by the Fund, A
the A
Sub Investment Manager will take steps to divest as soon A
as A
reasonably practicable, taking due account of the interests of its A
Shareholders. The Fund may invest up to 15% of its net assets in A
CLO A
Debt A
Securities that are denominated in currencies other than Euro. The Fund may not invest more than 15% of its net A
assets A
in A
CLO A
Debt Securities issued by CLOs R
managed R
by R
a R
single RA
CLO RA
manager RA
or RA
its affiliate. The Sub-Investment Manager R
will R
seek R
to R
construct R
a RA
diversified RA
portfolio such that any CLO Debt R
Securities R
holding R
issued RA
from RA
a RA
particular RA
CLO will not exceed 5% of the net R
assets R
of R
the R
Fund.
The Fund may use T
financial T
derivative T
instruments T
(that T
is, T
financial contracts whose T
prices T
are T
dependent T
on T
one T
or T
more T
underlying assets) in order to T
manage T
the T
portfolio T
efficien T
tly T
. F
Save F
in F
exceptional FT
circumstances, FT
the FT
Fund T
will T
generally T
only T
issue F
and F
redeem F
shares FT
to FT
certain FT
institutional FT
investors. T
However T
, T
shares of F
the F
Fund F
may F
be FT
purchased FT
or FT
sold FT
through FT
brokers T
on T
one T
or T
more F
stock F
exchanges. FT
The FT
Fund FT
trades FT
on FT
these FT
stock T
exchanges T
at T
market F
prices F
which F
may FT
fluctuate FT
throughout FT
the FT
day T
. T
Market T
prices T
may be F
greater F
or F
less F
than FT
the FT
daily FT
net FT
asset FT
value T
of T
the T
Fund. F
Whilst F
the F
Fund F
will FT
seek FT
to FT
use FT
the FT
Index FT
as FT
a T
performance T
comparator , F
the F
Fund F
will F
not FT
seek FT
to FT
track FT
the FT
composition T
of T
the T
Index. T
Further F
details F
on F
the F
investment F
policy F
of F
the F
Fund F
can be found within the F
Fund F
Supplement. AF
The AF
Shares AF
of AF
the AF
USD AF
Class F
are F
issued F
in F
U.S. Dollar . AF
Any AF
income AF
earned AF
by AF
the F
Fund F
will F
be F
retained and reflected in an AF
increase AF
in AF
the AF
value AF
of AF
the F
shares. AF
Shareholders AF
may AF
redeem F
shares F
on F
any F
UK business day (other than AF
days AF
on AF
which AF
relevant AF
financial F
markets F
are closed for business and/or AF
the AF
day AF
preceding AF
any AF
such F
day F
provided F
that a list of such closed AF
market AF
days AF
will AF
be AF
published F
for F
the F
Fund F
on www .ssga.com); and any AF
other AF
day AF
at AF
the AF
Directors' F
discretion F
(acting F
reasonably) provided A
Shareholders A
are A
notified A
in advance of any such days. A
Index A
Source: A
The A
Index is the intellectual property of the Index A
provider A
. A
The A
Fund A
is A
not A
sponsored or endorsed by the Index provider . A
The A
Index A
provider A
does A
not provide any warranty or accept any liability A
in A
relation A
to A
any A
error A
relating to the Index, including any error in respect RA
of A
the A
quality A
, A
accuracy A
or completeness of Index data, and does not RA
guarantee A
that A
the A
Index A
will be in line with the described Index RA
methodology A
. A
Please A
see A
the Prospectus for the full index disclaimer . RA
Please A
refer A
to A
the A
Prospectus for more information.
Risk and Reward R
Profile Lower risk RA
Higher RA
risk Potentially lower reward RA
Potentially RA
higher RA
reward
1 2 3 R
4 R
5 R
6 R
7 Risk Disclaimer The risk R
category R
above R
is R
not R
a R
measure R
of R
capital loss or D
gains D
but D
of D
how DR
significant DR
the DR
rises DR
and DR
falls DR
in R
the R
Fund's R
return have D
been D
historically D
. For D
example D
a D
fund D
whose DR
return DR
has DR
experienced DR
significant R
rises R
and falls D
will D
be D
in D
a D
higher D
risk DR
category DR
, DR
whereas DR
a DR
fund DR
whose R
return R
has D
experienced D
less D
significant DR
rises DR
and DR
falls DR
will DR
be DR
in DR
a DR
lower R
risk D
category D
. The D
lowest D
category D
(i.e., DR
category DR
1) DR
does DR
not DR
mean DR
that R
a R
fund R
is R
a R
risk free D
investment. As the D
Fund's D
risk D
category D
has D
been D
calculated D
using D
historical D
simulated D
proxy D
data, D
it D
may D
not D
be D
a D
reliable D
indication of the Fund's future D
risk D
profile. The D
Fund's D
risk D
category D
shown D
is D
not D
guaranteed D
and may change in the D
future. Why is D
this D
Fund D
in D
this D
category? D
The D
Fund D
is D
in D
risk category 2 as its D
return D
has D
experienced D
relatively D
low D
rises D
and D
falls historically . The D
following D
are D
material D
risks D
relevant D
to D
the D
Fund D
which are not D
adequately D
captured D
by D
the D
risk D
category D
. Active D
Risk: D
Investment D
return D
will D
not D
normally D
match that of the Index. D
Investment D
decisions D
by D
the D
Sub-Investment D
Manager(s) to under or D
overweight D
securities D
in D
the D
Index D
or D
to D
vary D
the D
Fund's D
investments from the securities included in the Index, including as to specific securities or as to broader investment sectors, will affect the Fund performance versus that of the Index. In addition, the Fund performance against that of the Index will be affect ed by Fund expenses, the amount of cash and cash equivalents held in the Portfolio, and the frequency and the timing of purchases and sales of interests in the Portfolio. Management Risk: The Fund is actively managed. The Sub-Investment Manager's evaluation of the attractiveness, relative value, or potential appreciation of a particular sector , security , commodity or investment strategy may prove to be incorrect, and may cause the Fund to incur losses. Cashflows into and out of the Fund may fluctuate causing
RA
heightened A
tracking A
error A
relative to the Index. There can be no RA
assurance A
that A
the A
Sub-Investment Manager's investment techniques R
and decisions will produce the desired results. R
Liquidity Risk & ETF Liquidity Risk: Lack of a ready market or R
restrictions on resale may limit the ability of the Fund to sell a security at R
an advantageous time or price or at all. Illiquid securities may trade at a R
discount from comparable, more liquid investments and may be subject R
to wide fluctuations in market value. Illiquidity of the Fund's holdings may R
limit the ability of the Fund to obtain cash to meet redemptions on a R
timely basis. Where the Fund invests in illiquid securities or does not R
trade in large volumes, the bid offer spreads of the Fund may widen, the R
Fund may be exposed to increased valuation risk and reduced ability to R
trade. Shares in the Fund may also trade at prices that are materially R
different to the last available NAV AV . Debt Securities - Credit Risk: A debt security's value may be adversely affected by its issuer's ability or perceived ability , to make timely payments. An issuer's ability to meet its obligations in relation to securities held by the Fund may decline substantially . The rating assigned to any particular investment does not necessarily reflect the issuer's current financial condition and does not reflect an assessment of an investment's volatility or liquidity . Investment grade securities may still be subject to credit difficulties leading to the loss of some or all of the sums invested. If a security held by a Fund loses its rating or its rating is downgraded, the Fund may nonetheless continue to hold the security in the discretion of the Sub-Investment Manager . Share Class Risk: There is no segregation of liabilities between Classes of the Fund. While the Sub-Investment Manager will seek to ensure that gains/losses on and the costs of the relevant FDI 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. Va Variable - and Floating-Rate Instruments Risk: Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly , as interest rates in general. Conversely , floating rate securities will not generally increase in value if interest rates decline. A decline in interest rates may result in a reduction of income received from floating rate securities held by the
Key Investor Information
Page 2
DRAFT
ments typically is less active than the market for publicly traded
es. Rule 144A and other exempt securities, which are also known
ately issued securities, carry the risk that their liquidity may
e impaired and the Fund may be unable to dispose of the
es at a desirable time or price.
values and potential for principal loss of the underlying assets in ex
of the equity valuation. CLOs issue classes or "tranches" of securit
that vary in risk and yield. Losses caused by defaults on underlying
assets are borne first by the holders of subordinate tranches.
Please refer to the Supplement for full details about the risks assoc
with this Fund.
rges
arges you pay are used to pay the cost of running the Fund,
g the costs of marketing and distributing it. These charges
the potential growth of your investment.
ff charges taken before or after you invest
charge none
harge none
the maximum that might be taken out of your money before it is
ed (entry charge) or before the proceeds of your investment are
ut (exit charge).
es taken from the Fund over a year
ng charge 0.30%
es taken from the Fund under certain specific conditions
mance fee none
The entry and exit charges shown are maximum figures. In some c
you may pay less — your financial advisor or distributor can confirm
Entry and exit charges do not apply to investors buying or selling sh
of the Fund on stock exchanges; however, such investors will transa
market prices and may be subject to broker fees and/or other char
The ongoing charges figure shown is an estimate of the charges. I
excludes:
b Portfolio transaction costs, except when the Fund pays an entry
exit charge when buying or selling units in another fund.
For more information about charges, please refer to the Prospectus
Performance
The Share Class does not yet have sufficient data to
provide a useful indication of past performance to
investors.
2021 2022 2023 2024 2025
Past performance is not a guide to future results.
The Fund was launched in September 2025.
The Share Class is not yet launched.
tical Information
tary State Street Custodial Services (Ireland) Limited.
r Information Copies of the prospectus, its supplements (if any),
of the Fund's portfolio and the latest annual and semi-annual
prepared for SSGA SPDR ETFs Europe II plc may be obtained,
charge, from the Administrator or online at www.ssga.com. These
ents are available in English. For information about other share
, please refer to the website.
formation As the shares are listed on the stock exchange, you
y or sell shares in the product, without penalty, on any normal
ss day. Please contact your broker, financial adviser or distributor
rmation on any costs and charges relating to the sale of the
ares purchased on the secondary market cannot usually be sold
back to the Company. In exceptional circumstances, whether as
of disruptions in the secondary market or otherwise, investors
ve acquired ETF Shares on the secondary market are entitled to
o the Company in writing to have the ETF Shares in question
ed in their own name, to enable them to access the redemption
s described in the Prospectus.
eration Policy Details of the up to date remuneration policy of
SPDR ETFs Europe II plc are available from www.ssga.com.
copies are available free of charge on request.
Net Asset Valuation Publication The net asset value and indicativ
asset value per share is available at www.ssga.com and upon requ
from the Administrator.
Additionally the indicative net asset value is available via Bloomber
Telekurs and Reuters terminals.
Tax Legislation The Fund is subject to the tax laws and regulation
Ireland. Depending on your own country of residence this might hav
impact on your investments. For further details, you should consult
advisor.
Liability Statement State Street Global Advisors Europe Limited m
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
Fund and may adversely affect the value of the Fund's shares. Generally , floating rate securities carry lower yields than fixed notes of the same maturity . Rule 144A Securities and other exempt securities risk: The market for Rule 144A and other securities exempt from certain registration requirements typically is less active than the market for publicly traded securities. Rule 144A and other exempt securities, which are also known as privately issued securities, carry the risk that their liquidity may become impaired and the Fund may be unable to dispose of the securities at a desirable time or price.
Collateralised Loan Obligations Risk: In addition to interest rate, default, credit, liquidity and other risks associated with investments in loans and debt securities generally , CLO Debt Securities carry certain structural risks including potential subordination to the other tranches of debt in the same capital structure, volitality of underlying collateral values and potential T
for T
principal T
loss T
of T
the T
underlying T
assets T
in T
excess of the equity T
valuation. T
CLOs T
issue T
classes T
or T
"tranches" T
of T
securities that vary in risk and T
yield. T
Losses T
caused T
by T
defaults T
on T
underlying assets are borne T
first T
by T
the T
holders T
of T
subordinate T
tranches. Please refer to the T
Supplement T
for T
full T
details T
about T
the T
risks T
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 none 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 0.30% Charges taken from the Fund under certain A
specific A
conditions Performance fee none
The entry and exit T
charges T
shown T
are T
maximum T
figures. T
In T
some T
cases, you may pay less T
— T
your T
financial T
advisor T
or T
distributor T
can T
confirm this. Entry and exit T
charges T
do T
not T
apply T
to T
investors T
buying T
or T
selling T
shares F
of F
the F
Fund F
on FT
stock FT
exchanges; FT
however FT
, FT
such T
investors T
will T
transact at F
market F
prices F
and FT
may FT
be FT
subject FT
to FT
broker FT
fees T
and/or T
other T
charges. F
The F
ongoing FT
charges FT
figure FT
shown FT
is FT
an FT
estimate T
of T
the T
charges. T
It F
excludes: b F
Portfolio FT
transaction FT
costs, FT
except FT
when FT
the T
Fund T
pays T
an T
entry or F
exit F
charge FT
when FT
buying FT
or FT
selling FT
units FT
in T
another T
fund. F
For F
more FT
information FT
about FT
charges, FT
please FT
refer T
to T
the T
Prospectus.
Past Performance %
The Share Class does not yet have A
sufficient A
data A
to
provide a useful indication of past A
performance A
to
investors.
2021 2022 R
2023 RA
2024 RA
2025
AF
Past AF
performance AF
is AF
not AF
a F
guide F
to F
future F
results. A
The A
Fund A
was A
launched A
in September 2025. A
The A
Share A
Class A
is A
not A
yet launched.
Practical R
Information Depositary State Street R
Custodial R
Services R
(Ireland) RA
Limited. Further Information Copies of R
the R
prospectus, R
its R
supplements R
(if R
any), details of the Fund's portfolio R
and R
the R
latest R
annual R
and R
semi-annual reports prepared for SSGA R
SPDR R
ETFs R
Europe R
II R
plc R
may R
be R
obtained, free of charge, from the R
Administrator R
or R
online R
at R
www R
.ssga.com. R
These documents are available in R
English. R
For R
information R
about R
other R
share D
classes, D
please D
refer D
to D
the DR
website. ETF D
Information D
As D
the DR
shares DR
are DR
listed DR
on DR
the DR
stock R
exchange, R
you may D
buy D
or D
sell D
shares D
in D
the DR
product, DR
without DR
penalty DR
, DR
on R
any R
normal D
business D
day D
. D
Please D
contact DR
your DR
broker DR
, DR
financial DR
adviser R
or R
distributor for D
information D
on D
any D
costs DR
and DR
charges DR
relating DR
to DR
the R
sale R
of R
the shares. ETF D
Shares D
purchased D
on D
the DR
secondary DR
market DR
cannot R
usually R
be R
sold directly D
back D
to D
the D
Company D
. D
In D
exceptional D
circumstances, whether as a result D
of D
disruptions D
in D
the D
secondary D
market D
or D
otherwise, investors who D
have D
acquired D
ETF D
Shares D
on D
the D
secondary D
market are entitled to apply D
to D
the D
Company D
in D
writing D
to D
have D
the D
ETF D
Shares in question D
registered D
in D
their D
own D
name, D
to D
enable D
them D
to D
access the redemption D
facilities D
described D
in D
the D
Prospectus. D
Remuneration D
Policy D
Details D
of D
the D
up D
to D
date D
remuneration policy of SSGA D
SPDR D
ETFs D
Europe D
II D
plc D
are D
available D
from D
www .ssga.com. Paper D
copies D
are D
available D
free D
of D
charge D
on D
request.
RA
Net A
Asset A
Va A
Valuation A
Publication The net asset value and indicative net R
asset value per share is available at www .ssga.com and upon request R
from the Administrator . R
Additionally the indicative net asset value is available via Bloomberg, R
Te R
Telekurs and Reuters terminals. R
Ta R
Tax Legislation The Fund is subject to the tax laws and regulations of R
Ireland. Depending on your own country of residence this might have an R
impact on your investments. For further details, you should consult a tax R
advisor . R
Liability Statement State Street Global Advisors Europe Limited may R
be held liable for any statement contained in this document that is R
misleading, inaccurate or inconsistent with the relevant parts of the R
Prospectus. Switching between Sub-Funds Shareholders have no specific right to convert shares of the Fund into shares of another sub-fund of SSGA SPDR ETFs Europe II plc. Conversion can only be effected by the investor selling/redeeming the shares of the sub-fund and buying/ subscribing shares of another sub-fund of SSGA SPDR ETFs Europe II plc. Detailed information on how to switch between sub-funds is provided in the Prospectus. Segregation of Assets and Liabilities SSGA SPDR ETFs Europe II plc 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 SSGA SPDR ETFs Europe II plc.
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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