State Street Blackstone Euro AAA CLO UCITS ETF EUR Unhedged (Acc)

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 Eurodenominated 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 investment grade debt tranches, predominantly AAA-rated, of CLOs ("CLO Debt Securities"), and the Fund will not invest in the most subordinated securities issued by a CLO. The CLO Debt Securities in which the Fund invests will be of any maturity and tranche size. At least 85% of the CLO Debt Securities will be AAA rated CLO Debt Securities , and up to 15% may be invested in AA rated CLO Debt Securities. In instances where a security is downgraded subsequent to its purchase by the Fund, the SubInvestment Manager will take steps to divest as soon as reasonably practicable, taking due account of the interests of its Shareholders. The Fund may invest up to 15% of its net assets in CLO Debt Securities that are denominated in currencies other than Euro. The Fund may not invest more than 15% of its net assets in CLO Debt Securities issued by CLOs managed by a single CLO manager or its affiliate. The Sub-Investment Manager will seek to construct a diversified portfolio such that any CLO Debt Securities holding issued from a particular CLO will not exceed 5% of the net assets of the Fund. The Fund may use financial derivative instruments (that is, financial 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 issue and redeem shares to certain institutional investors. However, shares of the Fund may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund. Whilst the Fund will seek to use the Index as a performance comparator, the Fund will not seek to track the composition of the Index. Further details on the investment policy of the Fund can be found within the Fund Supplement. The Shares of the GBP Class are issued in Pound Sterling. Any income earned by the Fund will be paid to shareholders in respect of the shares. Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or 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 any 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 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.