Position for Tapering with US ESG Investment Grade Credit
Confidence that the Federal Reserve can manage the tapering of asset purchases, with little market disruption, should make investors more comfortable taking on duration risk. The stability and yield pick-up provided by US investment grade credit look like a better way to position versus government bonds. Investor positioning and preferences, better long-term performance and lower volatility also suggests a focus on ESG.
Jackson Hole Sends Positive Message – What Comes Next for Fixed Income Markets?
The US Federal Reserve’s Jackson Hole Economic Symposium marked the big event of the summer, an opportunity for the Fed to set the direction of monetary policy into 2022. The fairly dovish message was what markets wanted to hear. And for bond investors, the combination of the view that both growth and inflation have peaked and that the Fed will carefully manage the wind-down of its policy stimulus, thus avoiding a “Taper Tantrum,” may see the appetite for duration risk increase.
That said, the bond market is known for posting positive performances over the summer only for there to be a change of direction in September.1 Indeed, one investment theme in our latest Bond Compass highlights this reversal as a risk factor for several fixed income strategies, most notably government bonds. The more negative performance from fixed income is often related to government supply, with the end to the holiday season seeing governments pushing to achieve their funding targets by year-end. From this perspective, we should observe a lower impact on corporate bonds for three reasons:
•While there will be a reopening of the primary issuance pipeline for corporates, the buoyant economic conditions, low interest rates and strong investor appetite for corporate paper during the early part of 2021 points to many companies having gotten well ahead of their funding needs for the year. Therefore, issuance pressures in the credit space could remain more muted.
•Tapering of asset purchases will not directly affect US credit as the Fed is no longer buying (it is actually selling down its credit holdings). Reduced buying will create more of a flow restriction on government bonds and MBS. On this front European credit may be more vulnerable to the ECB scaling back its purchases.
•US growth could be at or close to the peak but it should remain strong for the foreseeable future, with the Bloomberg consensus for GDP to rise 4.3% in 2022.2 This should provide a solid backdrop for corporate profits.
The economics may be supportive of spreads remaining tight but, for those concerned that there could still be some sort of a taper correction, focusing on investment grade paper can help to limit the risks of a blow-out in spreads. Even in the full-blown Taper Tantrum of 2013, US investment grade paper moved around 25bp wider versus US Treasuries, against a move of over 100bp for high yield.3
Get with the Flow: Investors Focus on ESG
US investment grade credit offers a yield-to-worst of just under 2%, which represents a pick-up versus US Treasuries of around 85bp4. In addition to the appeal of carry, the flow data in the Q3 Bond Compass suggested that investors were underweight US investment grade credit coming into the quarter, hinting that the period into the end of the year could see some rebuilding of positions. This trend already looks like it could be underway, with US investment grade corporate ETFs showing significant inflows in August 2021 (see chart).
US Investment Grade Corporate Bond ETFs: AUM and Flows, Monthly Evolution (in USD mn)
There is plenty of evidence to suggest that these flows will move toward ESG-compliant assets, not least from the survey of fixed income investors conducted by State Street Global Advisors in partnership with Longitude Research, a Financial Times company. The results are outlined in the publication Fixed Income: Preparing for the Big Shift, where the preference to reorient toward ESG fixed income assets is clear. Some 61% of respondents said that they are prioritising integration of ESG factors within their fixed income portfolios over the next three years. Investment grade corporate bonds were seen as a key segment for this integration, with 39% of investors suggesting this is a priority, only topped by high yield.
The investor survey also suggests that the most frequently integrated approach is currently best-in-class (49%), which fits well with the State Street Global Advisors approach of using an index that first screens for the usual ESG flags5 before optimising the index to maximise the R-Factor®, the State Street ESG score, at the same time as pushing the characteristics of the ESG index toward those of the parent index. In this way, those investors returning to US investment grade credit can keep their portfolio characteristics close to the benchmark while at the same time improving their ESG profile.
A part of this move to ESG is being driven by the direction of regulatory drift but there is also a growing acceptance that a best-in-class approach can deliver higher returns and lower volatility over the longer term. This is a theme we investigated in US Investment Grade Credit: Stability Through ESG and demonstrated the stabilising effect of ESG assets even during the market disruptions of March 2020 driven by the pandemic.
For Europe-based investors concerned that the USD may slide, which is entirely possible if the Federal Reserve manages the tapering of purchases without scaring the market, then hedging out currency risk is also something to consider.
How to play these themes
Investors looking to access the themes described above can do so with SPDR ETFs. To learn more about these funds, and to view performance histories, please click on the links below:
1 Average returns for the Bloomberg US Treasury Index have been positive over the past five years for June, July and August, but negative in September. See the Q3 2021 SPDR Bond Compass for details. This information should not be considered a recommendation to invest in a particular sector or to buy or sell any security shown.
2 This forecast is based on certain analyses and assumptions. There is no guarantee that the forecast will be met.
3 Based on the moves in the option-adjusted spreads of the Bloomberg US Corporate Bond Index and the Bloomberg US Corporate High Yield Bond Index. Source: Bloomberg Finance L.P.
4 Yield and spread for the Bloomberg SASB US Corporate ESG ex Controversies index, as of 31 August 2021, Source: Bloomberg Finance L.P.
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 ssga.com/etfs. 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 licence 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: State Street Global Advisors SPDR ETFs Europe I and II plc have been authorised 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 State Street Global Advisors 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 spdrs.com. The authorised Spanish distributor of State Street Global Advisors SPDR ETFs is available on the website of the Securities Market Commission (Comisión Nacional del Mercado de Valores).
Switzerland: The collective investment schemes referred to herein are collective investment schemes under Irish law. Prospective investors may obtain the current sales prospectus, the articles of incorporation, the KIID 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 as well as from the main distributor in Switzerland, State Street Global Advisors AG, Beethovenstrasse 19, 8027 Zurich. Before investing please read the prospectus and the KIID, copies of which can be obtained from the Swiss representative, or at ssga.com.
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: 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.
State Street Global Advisors SPDR ETFs Europe I & 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 organised as an Undertaking for Collective Investments in Transferable Securities (UCITS) under the laws of Ireland and authorised as a UCITS by the Central Bank of Ireland.
All the index performance results referred to are provided exclusively for comparison purposes only. It should not be assumed that they represent the performance of any particular investment.
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.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 trade like stocks, are subject to investment risk and will fluctuate in market value. The investment return and principal value of an investment will fluctuate in value, so that when shares are sold or redeemed, they may be worth more or less than when they were purchased. Although shares may be bought or sold on an exchange through any brokerage account, shares are not individually redeemable from the fund. Investors may acquire shares and tender them for redemption through the fund in large aggregations known as “creation units.” Please see the fund’s prospectus for more details.
The trademarks and service marks referenced herein are the property of their respective owners. Third party data providers make no warranties or representations of any kind relating to the accuracy, completeness or timeliness of the data and have no liability for damages of any kind relating to the use of such data.
The views expressed in this material are the views of SPDR EMEA Strategy & Research through the period ending 2 September 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.
Past performance is not a guarantee of future results.
Investing involves risk including the risk of loss of principal.
This information should not be considered a recommendation to invest in a particular sector or to buy or sell any security shown. It is not known whether the sectors or securities shown will be profitable in the future.
Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates raise, bond prices usually fall); issuer default risk; issuer credit risk; liquidity risk; and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.
International Government bonds and corporate bonds generally have more moderate short-term price fluctuations than stocks, but provide lower potential long-term returns.
Hedging involves taking offsetting positions intended to reduce the volatility of an asset. If the hedging position behaves differently than expected, the volatility of the strategy as a whole may increase and even exceed the volatility of the asset being hedged.
The returns on a portfolio of securities which exclude companies that do not meet the portfolio's specified ESG criteria may trail the returns on a portfolio of securities which include such companies. A portfolio's ESG criteria may result in the portfolio investing in industry sectors or securities which underperform the market as a whole.
Standard & Poor’s, S&P and SPDR are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.
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.
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.
Investing in foreign domiciled securities may involve risk of capital loss from unfavourable fluctuation in currency values, withholding taxes, from differences in generally accepted accounting principles or from economic or political instability in other nations. 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.
You should obtain and read the SPDR prospectus and relevant Key Investor Information Document (KIID) prior to investing, which may be obtained from spdrs.com. These include further details relating to the SPDR funds, including information relating to costs, risks and where the funds are authorised for sale.
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.