As developed market indices sit at or close to all-time highs, the baton of growth may be passed to Emerging Markets, given their strong economic fundamentals and undemanding valuation.
Regulatory risk in China remains but it may already be reflected in prices.
Emerging Markets are diversified within and may be played through regional or factor exposures.
Emerging markets have been unloved by investors so far this year as they were challenged by scarcity of vaccines, unexpectedly stronger USD and regulatory pressure in China. However, looking at underlying economies, emerging markets are not only expected to outpace advanced economies in 2021 and in 2022 but they also proved to be economically more resilient during 2020 pandemic recession(1).
At the same time key uncertainties including strengthening of the USD and vaccination progress are still there but these risks may already be priced in to some extent. EM should catch up in terms of vaccinations as supply is becoming less constrained since developed countries have built their stockpiles.
The regulatory risk in China remains an issue as visibility is limited. Regulation of strategic sectors such as Technology and Healthcare is likely to be extended. China passed data protection law and the draft for the tech sector has also been released. These steps are already impacting Chinese companies but at the same time appear to be more systematic in nature when compared to actions taken earlier. That may remove some of the elevated uncertainty. There may be further challenges ahead but in the long run emerging economies represent an interesting opportunity to capture economic growth.
Emerging markets (EM) are not only different to developed markets but are also diversified within and may be played in several ways. EM Asia, which can be accessed through MSCI EM Asia Index, is the core of Emerging Markets oriented towards Technology and Internet companies. MSCI Emerging Market Index may be viewed as EM Asia with tilt towards commodity driven economies given its exposure to countries like Brazil, South Africa or Russia.
Investors wishing to capture EM economic growth coming from Asia and other regions but with lower focus on China may choose MSCI EM Small Cap index. Finally the S&P Emerging Markets High Yield Dividend Aristocrats Index offers robust cash flow and generous yield. It also allows investors to gain exposure towards more traditional sectors and companies which may benefit most once vaccinations, reopening and recovery accelerate across emerging markets.
Emerging Market Asia
The engine of the global growth likely bolstered by the Regional Comprehensive Economic Partnership and supported by unstretched valuation.
Regulatory risk remains but future changes are likely to be more organized removing some of the uncertainty.
The Engine of the Global Growth
Emerging Markets Asia is the core of the EM representing 78% of the overall capitalization of broader MSCI EM Index. EM Asia is therefore one of the key to understanding developing markets. The region is the engine of the global growth with unstretched valuations. EM Asia economies are already robust and RCEP coming into effect likely early in 2022 could provide additional boost.
Figure 1: EM Asia 12m fwd P/E relative to Developed Equities
Figure 2: GDP growth of EM Asia and Advanced Economies
Year to date underperformance
EM Asia stocks rallied strongly in the second half of 2020 as the robust growth and disciplined approach to COVID allowed most economies to thrive through the crisis. Year to date however, EM Asia lagged developed markets.
Figure 3: Emerging Markets Asia and Global Developed Markets YTD Returns (USD)
Regulatory risk remains but the approach is more systematic
The underperformance was largely driven by China which enacted regulatory measures towards largest internet and technology companies. China unveiled a five year plan to extend regulations over strategic sectors, released a draft of rules to regulate the technology sector and passed a data protection act. These actions are already impacting Chinese companies but at the same time, compared to steps taken earlier, appear to be more systematic in nature, possibly removing some of the elevated uncertainty.
On one hand, the transparency around the regulatory approach remains a key risk, as investors do not have full visibility over either the direction or the execution of those regulations. On the other hand, improved antitrust, data protection and work regulations may benefit the broader market in the longer term by promoting fair competition and equality. Last (but not least) in an environment where fundamentals are strong but single companies may be hampered by new regulations, diversification plays a crucial role.
The largest trade pact in the world bolstering already strong growth
The Regional Comprehensive Economic Partnership (RCEP) signed in November 2020 by China, the majority of EM Asia Countries (excluding Taiwan and for the time being India) as well as Japan, Australia and New Zealand may come into effect as early as beginning of 2022, if ratified. This free trade deal covers around 30% of the World’s economy. In that context it is larger than USMCA or the European Union and will likely provide a significant boost to the economies in the region. RCEP consists of 20 chapters covering not only traditional trade but also areas such as e-commerce and intellectual property. The deal aims to eliminate 92% of the tariffs on goods within the block and if it comes into force, it will bolster the already strong growth coming from the reopening.
Source: Bloomberg Finance L.P., World Economic Forum (weforum.org).
Geographical and Sector Breakdown
The EM Asia Index may seem quite concentrated at first glance. However, from country breakdown perspective China which constitutes almost 44% of the index is well balanced by three countries: Taiwan, South Korea and India which constitute 50% of the index in total. The index is then complemented with companies predominately from Thailand, Malaysia, Philippines and Indonesia. EM Asia is heavily oriented towards technology and Internet companies but the diversification comes from a mix of hardware and software.
EM Asia economic growth is complemented by countries benefitting from elevated commodity prices.
Emerging markets are not only driving global growth but their economies were more resilient than developed market counterparts during the crisis year of 2020.
The GDP drop of only 2.1% in emerging markets vs a 4.6% decline of advanced economies in 2020 is a sign of the resilience of EM which are traditionally perceived as more sensitive to global shocks. The upcoming recovery is also very strong as according to the IMF, by the end of 2022 EM economies will grow by close to 9.5% above 2019, so pre-pandemic levels while advanced economies will be up by 5.2%.
Figure 6: GDP Growth of Emerging Markets and Advanced Economies
EM equity underperformed developed markets year to date by a wide margin and if the pandemic crisis recedes, emerging markets may be well positioned to capture that performance gap later in the year given strong economic fundamentals and undemanding valuation relative to developed equities as presented on figure 8.
Figure 7: Global Emerging Markets and Global Developed Markets YTD Returns (USD)
Figure 8: Emerging Markets 12m fwd P/E relative to Developed Equities
Region and Sector Breakdown
Broad emerging market is EM Asia (78% of the index) complemented with countries from EMEA (14%) and LATAM (8%). EM Asia my allow investors to capture benefits from strong growth bolstered by upcoming RCEP and reasonable valuation. The recent underperformance creates an interesting entry point. For more details on Asia see the earlier EM Asia section in this report.
The EMEA and LATAM components include Brazil (5.3% of the index), South Africa (3.7%), Russia (3.5%), Saudi Arabia (3.1%) and Mexico (1.9%). These countries complement the EM Asia story with a commodity tilt which may benefit investors if prices of raw materials remain elevated. Normalization of monetary policy as seen in Brazil mitigates inflation and hence currency risk.
Figure 9: MSCI Emerging Markets Index Region Breakdown
Figure 10: MSCI Emerging Markets Index Sector Breakdown
EM economic growth coming from Asia and other regions with lower focus on China.
Diversified and strongly performing exposure trading at still undemanding valuation.
Small cap companies in emerging markets performed toe to toe with MSCI World year to date and yet attractive valuation of EM Small Cap remains intact. Undemanding valuation combined with strong growth of EM economies and lower regulatory risk for smaller companies may be particularly appealing to EM investors in the current environment.
Figure 11: Emerging Markets Small Cap and Global Developed Markets YTD Returns (USD)
Figure 12: Emerging Markets Small Cap 12m fwd P/E relative to Developed Equities
Keeping a Low Profile to Avoid the Dragon’s Wrath
Emerging market small cap companies may allow investors to enjoy growth coming from developing economies and at the same time they are less exposed towards regulatory risk as China represents only 9.4% of the index. Moreover smaller companies have generally not been targeted by the Chinese regulator, so far.
In that context, EM small cap may be an interesting alternative as Taiwan, South Korea and India represent in total nearly 60% of the MSCI EM Small Cap Index. Compared to a broad EM Index, EM small cap is more oriented towards semiconductors, chemicals and electronic equipment companies rather than rather than software or pure Internet businesses. More than 1,800 constituents provide the necessary diversification.
Figure 13: MSCI EM Small Cap Index Country Breakdown
Figure 14: MSCI EM Small Cap Index Sector Breakdown
Generous yield and undemanding valuation with risks mitigated by avoiding unsustainable dividends.
Exposure towards more traditional sectors and companies which may benefit if the vaccination, reopening and recovery accelerate across EM.
Robust and sustainable cashflow
In their quest for yield, investors may search Emerging Markets to find cash flow generating companies. However, EM companies may be perceived to be more volatile than their DM counterparts. The cash flow stability and growth may be found within the EM Dividend Aristocrats strategy, comprising companies which have maintained or increased dividend over at least five consecutive years. Within emerging markets this feature is a stamp of corporate development and business resilience.
The S&P Emerging Markets High Yield Dividend Aristocrats Index P/E relative to MSCI World may be appealing for investors given the built-in features of the index which aim to mitigate risks. The strategy excludes companies with unsustainable dividends by applying a 10% dividend yield cap. It also excludes companies with negative EPS to ensure that dividends are better covered by business activities. Against the low interest rate backdrop the forecasted dividend yield of 5.7% is a generous one.
Figure 15: Emerging Markets Dividend Aristocrats 12m fwd P/E relative to Developed Equities
The S&P Emerging Markets High Yield Dividend Aristocrats Index’s more “traditional” sector composition is worth particular attention as sectors such as Financials, Consumer Staples, and Real Estate may benefit the most once the vaccination, reopening and recovery accelerate across emerging markets. Lower exposure towards Technology and Consumer Discretionary partly reduces the regulatory risk for Chinese companies.
China, Taiwan and South Korea represent more than 50% of the index. Compared to the broader EM index, the EM Dividend Aristocrats Index currently overweight UAE (9.9%) and Saudi Arabia (5.7%) at the expense of countries like India and Brazil. It is important to note however that in yield weighted strategies like S&P Emerging Markets High Yield Dividend Aristocrats, country and sector composition may and do change significantly over time.
Figure 17: S&P Emerging Markets High Yield Dividend Aristocrats Index Country Breakdown
Figure 18: S&P Emerging Markets High Yield Dividend Aristocrats Index Sector Breakdown
(1) According to IMF WEO GDP forecasts as of July 2021.
For institutional / professional investors use only.
This document should be read in conjunction with its Key Investor Information Document/Prospectus. All transactions should be based on the latest available Key Investor Information Document/Prospectus which contains more information regarding the charges, expenses and risks involved in your investment.
You should obtain and read the SPDR prospectus and relevant Key Investor Information Document (KIID) prior to investing, which may be obtained from www.spdrs.com. These include further details relating to the SPDR funds, including information relating to costs, risks and where the funds are authorized for sale.
For professional clients use only. For qualified investors according to Article 10(3) and (3ter) of the Swiss Collective Investment Schemes Act (“CISA”) and its implementing ordinance, at the exclusion of qualified investors with an opting-out pursuant to Art. 5(1) of the Swiss Federal Law on Financial Services ("FinSA") and without any portfolio management or advisory relationship with a financial intermediary pursuant to Article 10(3ter) CISA (“Excluded Qualified Investors”) only.
For Investors in Austria: The offering of SPDR ETFs by the Company has been notified to the Financial Markets Authority (FMA) in accordance with section 139 of the Austrian Investment Funds Act. Prospective investors may obtain the current sales Prospectus, the articles of incorporation, the KIID as well as the latest annual and semi-annual report free of charge from State Street Global Advisors Europe Limited, Branch in Germany, Brienner Strasse 59, D-80333 Munich. T: +49 (0)89-55878-400.F: +49 (0)89-55878-440.
For Investors in Finland: The offering of funds by the Companies has been notified to the Financial Supervision Authority in accordance with Section 127 of the Act on Common Funds (29.1.1999/48) and by virtue of confirmation from the Financial Supervision Authority the Companies may publicly distribute their Shares in Finland. Certain information and documents that the Companies must publish in Ireland pursuant to applicable Irish law are translated into Finnish and are available for Finnish investors by contacting State Street Custodial Services (Ireland) Limited, 78 Sir John Rogerson’s Quay, Dublin 2, Ireland.
For Investors in France:This document does not constitute an offer or request to purchase shares in the Company. Any subscription for shares shall be made in accordance with the terms and conditions specified in the complete Prospectus, the KIID, the addenda as well as the Company Supplements. These documents are available from the Company centralizing correspondent: State Street Banque S.A., Coeur Défense - Tour A - La Défense 4 33e étage 100, Esplanade du Général de Gaulle 92 932 Paris La Défense cedex France or on the French part of the site www.spdrs.com. The Company is an undertaking for collective investment in transferable securities (UCITS) governed by Irish law and accredited by the Central Bank of Ireland as a UCITS in accordance with European Regulations. European Directive no. 2014/91/EU dated 23 July 2014 on UCITS, as amended, established common rules pursuant to the cross-border marketing of UCITS with which they duly comply. This common base does not exclude differentiated implementation. This is why a European UCITS can be sold in France even though its activity does not comply with rules identical to those governing the approval of this type of product in France.The offering of these compartments has been notified to the Autorité des Marchés Financiers (AMF) in accordance with article L214-2-2 of the French Monetary and Financial Code.
For Investors in Germany: The offering of SPDR ETFs by the Companies has been notified to the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) in accordance with section 312 of the German Investment Act. Prospective investors may obtain the current sales Prospectuses, the articles of incorporation, the KIIDs as well as the latest annual and semi-annual report free of charge from State Street Global Advisors Europe Limited, Branch in Germany, Brienner Strasse 59, D-80333 Munich. Telephone: +49 (0)89-55878-400. Facsimile: +49 (0)89-55878-440.
Ireland: State Street Global Advisors Europe Limited is regulated by the Central Bank of Ireland. Registered office address 78 Sir John Rogerson’s Quay, Dublin 2. Registered Number: 49934. T: +353 (0)1 776 3000. F: +353 (0)1 776 3300.
Israel: No action has been taken or will be taken in Israel that would permit a public offering of the Securities or distribution of this sales brochure to the public in Israel. This sales brochure has not been approved by the Israel Securities Authority (the ‘ISA’).
Accordingly, the Securities shall only be sold in Israel to an investor of the type listed in the First Schedule to the Israeli Securities Law, 1978, which has confirmed in writing that it falls within one of the categories listed therein (accompanied by external confirmation where this is required under ISA guidelines), that it is aware of the implications of being considered such an investor and consents thereto, and further that the Securities are being purchased for its own account and not for the purpose of re-sale or distribution.
This sales brochure may not be reproduced or used for any other purpose, nor be furnished to any other person other than those to whom copies have been sent.
Nothing in this sales brochure should be considered investment advice or investment marketing as defined in the Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 1995 (“the Investment Advice Law”). Investors are encouraged to seek competent investment advice from a locally licensed investment advisor prior to making any investment. State Street is not licensed under the Investment Advice Law, nor does it carry the insurance as required of a licensee thereunder.
This sales brochure does not constitute an offer to sell or solicitation of an offer to buy any securities other than the Securities offered hereby, nor does it constitute an offer to sell to or solicitation of an offer to buy from any person or persons in any state or other jurisdiction in which such offer or solicitation would be unlawful, or in which the person making such offer or solicitation is not qualified to do so, or to a person or persons to whom it is unlawful to make such offer or solicitation.
Italy: State Street Global Advisors Europe Limited, Italy Branch (“State Street Global Advisors Italy”) is a branch of State Street Global Advisors Europe Limited, registered in Ireland with company number 49934, authorised and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson’s Quay, Dublin 2. State Street Global Advisors Italy is registered in Italy with company number 11871450968 - REA: 2628603 and VAT number 11871450968, and its office is located at Via Ferrante Aporti, 10 - 20125 Milan, Italy. T: +39 02 32066 100. F: +39 02 32066 155.
For Investors in Luxemburg: The Companies have been notified to the Commission de Surveillance du Secteur Financier in Luxembourg in order to market its shares for sale to the public in Luxembourg and the Companies are notified Undertakings in Collective Investment for Transferable Securities (UCITS).
Netherlands: This communication is directed at qualified investors within the meaning of Section 2:72 of the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht) as amended. The products and services to which this communication relates are only available to such persons and persons of any other description should not rely on this communication. Distribution of this document does not trigger a license requirement for the Companies or SSGA in the Netherlands and consequently no prudential and conduct of business supervision will be exercised over the Companies or SSGA by the Dutch Central Bank (De Nederlandsche Bank N.V.) and the Dutch Authority for the Financial Markets (Stichting Autoriteit Financiële Markten). The Companies have completed their notification to the Authority Financial Markets in the Netherlands in order to market their shares for sale to the public in the Netherlands and the Companies are, accordingly, investment institutions (beleggingsinstellingen) according to Section 2:72 Dutch Financial Markets Supervision Act of Investment Institutions.
Norway: The offering of SPDR ETFs by the Companies has been notified to the Financial Supervisory Authority of Norway (Finanstilsynet) in accordance with applicable Norwegian Securities Funds legislation. By virtue of a confirmation letter from the Financial Supervisory Authority dated 28 March 2013 (16 October 2013 for umbrella II) the Companies may market and sell their shares in Norway.
For Investors in Spain: SSGA SPDR ETFs Europe I and II plc have been authorized for public distribution in Spain and are registered with the Spanish Securities Market Commission (Comisión Nacional del Mercado de Valores) under no.1244 and no.1242. Before investing, investors may obtain a copy of the Prospectus and Key Investor Information Documents, the Marketing Memoranda, the fund rules or instruments of incorporation as well as the annual and semi-annual reports of SSGA SPDR ETFs Europe I and II plc from Cecabank, S.A. Alcalá 27, 28014 Madrid (Spain) who is the Spanish Representative, Paying Agent and distributor in Spain or at www.spdrs.com. The authorized Spanish distributor of SSGA SPDR ETFs is available on the website of the Securities Market Commission (Comisión Nacional del Mercado de Valores).
For Investors in Switzerland: This document is directed at qualified investors only, as defined Article 10(3) and (3ter) of the Swiss Collective Investment Schemes Act (“CISA”) and its implementing ordinance, at the exclusion of qualified investors with an opting-out pursuant to Art. 5(1) of the Swiss Federal Law on Financial Services ("FinSA") and without any portfolio management or advisory relationship with a financial intermediary pursuant to Article 10(3ter) CISA (“Excluded Qualified Investors”). Certain of the funds may not be registered for public sale with the Swiss Financial Market Supervisory Authority (FINMA) which acts as supervisory authority in investment fund matters. Accordingly, the shares of those funds may only be offered to the aforementioned qualified investors and not be offered to any other investor in or from Switzerland. Before investing please read the prospectus and the KIID. In relation to those funds which are registered with FINMA or have appointed a Swiss Representative and Paying Agent, prospective investors may obtain the current sales prospectus, the articles of incorporation, the KIIDs as well as the latest annual and semi-annual reports free of charge from the Swiss Representative and Paying Agent, State Street Bank International GmbH, Munich, Zurich Branch, Beethovenstrasse 19, 8027 Zurich, or at www.spdrs.com, as well as from the main distributor in Switzerland, State Street Global Advisors AG (“SSGA AG”), Beethovenstrasse 19, 8027 Zurich. For information and documentation regarding all other funds, please visit www.spdrs.com or contact SSGA AG.
United Kingdom: The Funds have been registered for distribution in the UK pursuant to the UK’s temporary permissions regime under regulation 62 of the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019. The Funds are directed at 'professional clients' in the UK (as defined in rules made under the Financial Services and Markets Act 2000) who are deemed both knowledgeable and experienced in matters relating to investments. The products and services to which this communication relates are only available to such persons and persons of any other description should not rely on this communication. Many of the protections provided by the UK regulatory system do not apply to the operation of the Funds, and compensation will not be available under the UK Financial Services Compensation Scheme.
This document has been issued by State Street Global Advisors Europe Limited (“SSGAEL”), regulated by the Central Bank of Ireland. Registered office address 78 Sir John Rogerson’s Quay, Dublin 2. Registered number 145221. T: +353 (0)1 776 3000. Fax: +353 (0)1 776 3300. Web: HYPERLINK "http://www.ssga.com" www.ssga.com.
SPDR ETFs is the exchange traded funds ("ETF") platform of State Street Global Advisors and is comprised of funds that have been authorised by Central Bank of Ireland as open-ended UCITS investment companies.
SSGA SPDR ETFs Europe I & SPDR ETFs Europe II plc issue SPDR ETFs, and is an open-ended investment company with variable capital having segregated liability between its sub-funds. The Company is organized as an Undertaking for Collective Investments in Transferable Securities (UCITS) under the laws of Ireland and authorized as a UCITS by the Central Bank of Ireland.
This document has been issued by State Street Global Advisors Limited (“SSGA”). Authorized and regulated by the Financial Conduct Authority, Registered No.2509928. VAT No. 5776591 81. Registered office: 20 Churchill Place, Canary Wharf, London, E14 5HJ. Telephone: 020 3395 6000. Facsimile: 020 3395 6350 Web: www.ssga.com.
Investing involves risk including the risk of loss of principal.
Foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations, all of which may be magnified in emerging markets. Investments in emerging or developing markets may be more volatile and less liquid than investing in developed markets and may involve exposure to economic structures that are generally less diverse and mature and to political systems which have less stability than those of more developed countries.
Equity securities may fluctuate in value and can decline significantly in response to the activities of individual companies and general market and economic conditions.
Investments in small-sized companies may involve greater risks than in those of larger, better known companies.
Investing in high yield fixed income securities, otherwise known as "junk bonds", is considered speculative and involves greater risk of loss of principal and interest than investing in investment grade fixed income securities. These Lower-quality debt securities involve greater risk of default or price changes due to potential changes in the credit quality of the issuer.
The views expressed in this material are the views of SPDR EMEA Strategy & Research through the period ended 18 August 2021 and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected.
The information provided does not constitute investment advice as such term is defined under the Markets in Financial Instruments Directive (2014/65/EU) or applicable Swiss regulation and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell any investment. It does not take into account any investor's or potential investor’s particular investment objectives, strategies, tax status, risk appetite or investment horizon. If you require investment advice you should consult your tax and financial or other professional advisor.
The information contained in this communication is not a research recommendation or ‘investment research’ and is classified as a ‘Marketing Communication’ in accordance with the Markets in Financial Instruments Directive (2014/65/EU) or applicable Swiss regulation. This means that this marketing communication (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research (b) is not subject to any prohibition on dealing ahead of the dissemination of investment research.
This communication is directed at professional clients (this includes eligible counterparties as defined by the appropriate EU regulator who are deemed both knowledgeable and experienced in matters relating to investments. The products and services to which this communication relates are only available to such persons and persons of any other description (including retail clients) should not rely on this communication.
The whole or any part of this work may not be reproduced, copied or transmitted or any of its contents disclosed to third parties without SSGA’s express written consent.
All information is from SSGA unless otherwise noted and has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.
ETFs werden wie Aktien gehandelt. Sie unterliegen Anlagerisiken, Marktschwankungen und können sowohl über als auch unter ihrem Nettoinventarwert (NAV) notieren. Erträge werden durch Gebühren für den Handel und die Verwaltung des ETF selbst gemindert.
NICHT ALLE ETFS VON SSGA SPDR SIND ZWANGSLÄUFIG AUCH FÜR SIE VERFÜGBAR ODER GEEIGNET. BEI DEN AUF DIESER SEITE ZUM AUSDRUCK GEBRACHTEN EINSCHÄTZUNGEN/INFORMATIONEN HANDELT ES SICH WEDER UM ANLAGE-, FINANZ-, RECHTS- ODER STEUERBERATUNG NOCH UM BERATUNG ZU FRAGEN DER RECHNUNGSLEGUNG ODER DES AUFSICHTSRECHTS. IM ZWEIFELSFALL SOLLTEN SIE EINEN UNABHÄNGIGEN BERATER HINZUZIEHEN. BEI DEN INFORMATIONEN UND EINSCHÄTZUNGEN AUF DIESER SEITE HANDELT ES SICH NICHT UM EINE AUFFORDERUNG ODER EIN ANGEBOT ZUM KAUF ODER VERKAUF VON FONDSANTEILEN ODER ANDEREN FINANZINSTRUMENTEN.
Standard & Poor's®, S&P® und SPDR® sind eingetragene Marken von Standard & Poor's Financial Services LLC (S&P); Dow Jones ist eine eingetragene Marke von Dow Jones Trademark Holdings LLC (Dow Jones). S&P Dow Jones Indices LLC (SPDJI) hat das Nutzungsrecht an diesen Marken im Rahmen einer Lizenz eingeräumt und State Street Corporation die Nutzung für bestimmte Zwecke im Rahmen einer Unterlizenz gestattet. Die Finanzprodukte der State Street Corporation werden von SPDJI, Dow Jones, S&P, ihren jeweiligen verbundenen Unternehmen und Drittlizenzgebern weder gesponsort oder anderweitig unterstützt noch verkauft oder beworben; die genannten Parteien sichern in keiner Weise die Ratsamkeit der Investition in diese Produkte zu und übernehmen diesbezüglich keine Haftung (insbesondere nicht für Fehler, Auslassungen oder Unterbrechungen der Indexberechnung und -verbreitung).
Entsprechend der anwendbaren Vorschriften dürfen die ETFs von SPDR nur in den Ländern angeboten und vertrieben werden, in denen sie zugelassen sind.
Informationen zu Mexiko
Diese Informationen stellen kein Marketing bzw. kein Angebot von Wertpapieren dar und sind auch nicht dazu bestimmt und nicht derart auszulegen. Die hierin genannten Fonds wurden und werden nicht nach dem mexikanischen Wertpapiermarktgesetz (Ley del Mercado de Valores) registriert und dürfen in den Vereinigten Mexikanischen Staaten nicht öffentlich angeboten oder verkauft werden. Offenlegungsunterlagen im Zusammenhang mit einem der oben aufgeführten Fonds dürfen in Mexiko nicht öffentlich vertrieben werden, und Anteile der Fonds dürfen nicht in Mexiko gehandelt werden.
OGAW-ETFs von SPDR
Die ETFs von SPDR werden von SPDR ETFs Europe I Plc und SSGA SPDR ETFs Europe II Plc als offene Kapitalanlagegesellschaften mit variablem Kapital und Haftungsabgrenzung unter den Teilfonds begeben. Bei diesen Gesellschaften handelt es sich um Organismen für gemeinsame Anlagen in Wertpapieren (OGAW) nach irischem Recht, die als solche von der irischen Zentralbank (Central Bank of Ireland) zugelassen sind.
Diese Website richtet sich ausschliesslich an Qualifizierte Anlegerinnen und Anleger gemäss Artikel 10 Absatz 3 und Absatz 3ter des Schweizer Bundesgesetzes über die kollektiven Kapitalanlagen («KAG») und seiner Ausführungsverordnung. Nicht alle Fonds sind von der Eidgenössischen Finanzmarktaufsicht (FINMA), die in Investmentfondsangelegenheiten als Aufsichtsbehörde fungiert, zum öffentlichen Vertrieb zugelassen, oder haben einen Vertreter und eine Zahlstelle in der Schweiz bestellt. Für diejenigen Fonds mit Vertreter und Zahlstelle in der Schweiz, können der Verkaufsprospekt, die Statuten, die Wesentlichen Informationen für die Anlegerinnen und Anleger sowie die jüngsten Jahres- und Halbjahresberichte können von der State Street Bank International GmbH, München, Zweigniederlassung Zürich, Beethovenstrasse 19, 8027 Zürich, die als Vertreter und Zahlstelle in der Schweiz fungiert, sowie unter www.spdrs.com und vom Hauptvertriebsträger in der Schweiz, State Street Global Advisors AG (SSGA AG), Beethovenstrasse 19, 8027 Zürich, kostenlos bezogen werden. Fonds ohne Vertreter und Zahlstelle in der Schweiz sind nur für solche Qualifizierte Anlegerinnen und Anleger zulässig, die nicht auf Grund eines opting outs gem. Art. 5 Abs. 1 des Schweizer Bundesgesetzes über die Erbringung von Finanzdienstleistungen («FIDLEG») als Qualifiziert bezeichnet werden, es sei denn, sie legen auf Grundlage eines Vermögensverwaltungs- oder Anlageberatungsvertrag mit einem Finanzintermediär gemäß Art. 10 Abs. 3ter KAG an. Für weitere Informationen und die Fondsdokumente bezüglich dieser Fonds wenden Sie sich bitte an SSGA AG.
Lesen Sie sich vor einer Anlage den SPDR-Prospekt und die Wesentlichen Informationen für Anlegerinnen und Anleger durch. Beide Dokumente stehen Ihnen hier zur Verfügung. Sie enthalten nähere Einzelheiten zu den Fonds von SPDR, darunter Informationen zu Kosten, Risiken und autorisierten Vertriebsstellen.
US-ETFs von SPDR
Der Vertrieb von Anteilen an US-ETFs von SPDR in der Schweiz erfolgt und richtet sich ausschließlich an Qualifizierte Anlegerinnen und Anleger gemäss Artikel 10 Absatz 3 und Absatz 3ter des Schweizer Bundesgesetzes über die kollektiven Kapitalanlagen («KAG») und seiner Ausführungsverordnung. US-ETFs von SPDR sind nicht bei der Eidgenössischen Finanzmarktaufsicht (FINMA) zum öffentlichen Vertrieb registriert. Bestimmte SPDR US ETFs haben keinen Verteter und keine Zahlstelle in der Schweiz bestellt. Für diejenigen Fonds mit Vertreter und Zahlstelle in der Schweiz, können die offiziellen Fondsdokumente von der State Street Bank International GmbH, München, Zweigniederlassung Zürich, Beethovenstrasse 19, 8027 Zürich, die als Vertreter und Zahlstelle in der Schweiz fungiert, sowie unter www.spdrs.com und vom Hauptvertriebsträger in der Schweiz, State Street Global Advisors AG (SSGA AG), Beethovenstrasse 19, 8027 Zürich, kostenlos bezogen werden. Fonds ohne Vertreter und Zahlstelle in der Schweiz sind nur für solche Qualifizierte Anlegerinnen und Anleger zulässig, die nicht auf Grund eines opting outs gem. Art. 5 Abs. 1 des Schweizer Bundesgesetzes über die Erbringung von Finanzdienstleistungen («FIDLEG») als Qualifiziert bezeichnet werden, es sei denn, sie legen auf Grundlage eines Vermögensverwaltungs- oder Anlageberatungsvertrag mit einem Finanzintermediär gemäß Art. 10 Abs. 3ter KAG an. Für weitere Informationen und die Fondsdokumente bezüglich dieser Fonds wenden Sie sich bitte an SSGA AG.
Informieren Sie sich vor einer Anlage über die Anlageziele, Risiken, Gebühren und Kosten des Fonds. Lesen Sie sich vor einer Anlage den Prospekt aufmerksam durch. Er enthält neben diesen noch weitere Informationen und ist hier sowie bei Ihrem Finanzberater erhältlich.