Fixed Income Outlook: Solutions for a New Rate Regime
Interest rates are no longer at rock-bottom levels following the brutal Q1 sell-off in fixed income. While there may be scope for a market bounce, yields typically reach their zenith much closer to the end of the Fed’s tightening cycle and not after only one rate rise. Looking ahead, investors will need to find ways to guard their portfolios from uncertainty and inflation while selectively adding risk.
Still Playing it Safe in Europe
The brutal sell-off in Q1 2022 has seen the market price in tighter central bank policy but, until there is some clarity on inflation, it will be hard to say rates have peaked. With European growth more vulnerable to high energy prices, we look at short-duration investment grade strategies to protect against rising rates.
The outlook for Federal Reserve (Fed) monetary policy dominated Q1 and drove the aggressive sell-off. While there may be some scope for a short-term market rebound, we remain cautious on the outlook for bonds. The front end forwards are well above the Fed’s current expectations for where interest rates are likely to settle – for instance, the implied 1-year Treasury rate in 1 year’s time is more than 3.25%1 , which is well above the median for the Fed’s dot plot of where the Governors expect central bank rates to rise to (2.5%). However, the FOMC’s determination of the neutral rate and how fast they are likely to get there has proved a moving target. It has largely been driven by the inflation outlook, which remains uncertain and, as illustrated by PriceStats®, is likely to remain elevated for some time to come (more on that in Theme 2).
There is currently a high degree of Fed policy tightening priced over the course of 2022; however, history tells us that the longer-term bond forward rates typically reach their peak nearer to the end of the tightening cycle, not following just one rate rise (Figure 1). The massive expansion of the Fed’s balance sheet may well have altered the reaction function of the Treasury market, but super-loose policy is set to reverse over coming quarters. In other words, the backdrop for Treasuries is likely to remain challenging.
Figure 1: The 5Y Forward Rate of the 5Y Treasury has Typically Peaked at around the Time of the Final Rate Rise
A key risk-reduction strategy is to remain in short-duration assets, with a focus on Europe. While the backdrop of high inflation is global and potentially even higher in Europe (given Europe’s dependence on Russian energy), high energy prices and sanctions will have an impact on the European economy in a way that it will not in the rest of the world. Key indicators such as the IFO Business Climate have already shown a precipitous decline. Under these circumstances, it is less likely that workers will be able to push for pay rises. A sharp slowdown should also encourage caution from the ECB. While a rate rise would have signaling power about the ECB’s intent to push inflation lower, it is difficult to see the ECB embarking on a full-blown tightening cycle in the face of a slowing economy.
Questions on how aggressively the ECB may raise rates will be answered by the data but there seems to be more agreement within the council on the need to cease bond purchases. This has been flagged as likely to occur by the end of Q3 2022 and, with bond purchases having been ongoing since early 2015, may act as a shock to the bond ecosystem. For this reason, we favour investment grade credit where far smaller amounts of credit have been purchased versus government bonds. The spread widening seen since the start of 2022 means that credit provides a yield pick-up. For instance, the Bloomberg Euro Corporate 0-3 Year Index has a yield to worst of 65bp, which, aside from the COVID spike in early 2020, is its highest since early 2016.2
It is a similar though slightly nuanced story for the UK. The market already prices more than 140bp of further rate rises from the Bank of England (BoE) for 2022.3 This comes despite the economic drag of higher energy prices, the rise in the tax burden to a post-World War 2 high,4 and the ongoing frictions from leaving the EU. If the economic data starts to soften as a result of these drag factors, then it will get increasingly difficult for the BoE to justify an aggressive path of policy tightening.
The Bloomberg GBP Corporate 0-5 Year Index also has the highest yield to worst since early 2016 (if spikes induced by the Brexit vote and COVID are excluded). While a slowing growth backdrop is not particularly constructive for credit exposures, spreads to gilts already widened at the start of the year. In addition, the buying program for credit launched by the BoE was fairly small and the fact that asset purchases have finished is likely to create more issues for the gilt market than credit.
Inflation is likely to prove persistent with increasing evidence that it is being sustained by second-round effects. TIPS can still provide a degree of inflation protection. Break-evens are wide but TIPS have proved more defensive than pure Treasuries in recent sell-offs but also showed in Q2 2021 that they can perform well in the event that the Treasury market sees a bounce.
The inflation peak remains a mirage on the horizon, pushing further into the distance the closer you get. The surge in energy prices has contributed to the latest rise in CPI and there are concerns that food will start to add pressure in a more material way, and there are also now some clear concerns over secondary effects. High energy and commodity costs have already started to feed through into manufacturing, with the US Core PCE deflator hitting 5.4% YoY in February. Tight labour markets are fueling pay settlements: the US unemployment rate declined to 3.6% in March, pretty much where it was prior to the COVID pandemic, and earnings have hit 5.6% YoY5 .
The PriceStats® indicator of inflation captures the price of many online goods. In this respect, PriceStats® is well positioned to capture price pressures in many thousands of household staple goods and prices have started to accelerate. What were viewed as one-off price increases last year are starting to repeat. This suggests that, while US CPI will eventually peak and then start to decline, price pressures could remain elevated for some time to come.
Figure 2: Longer-Term US Inflation Expectations Slowly Reverting to Higher Levels
For investors seeking to reduce exposure to persistently high inflation, an allocation to TIPS still looks appropriate:
It seems unlikely that the aggressive rise in yields that was seen in Q1 will be repeated in Q2. However, if yields do continue to rise, TIPS have proved a better place to be invested than conventional Treasuries. The Bloomberg US Government Inflation Linked All Maturities Index outperformed the Bloomberg US Treasury Index in both Q1 2021 and Q1 2022, both of these quarters saw a substantial sell-off 6. Strong flows into TIPS in Q1 suggest TIPS are regarded as being more defensive in nature than nominal bonds if it is inflation expectations that are driving the sell-off.
The longer duration of inflation-linked bonds versus the nominal Treasury means a market bounce does not automatically result in underperformance from holding TIPS. For instance, Q2 2021 saw total returns of 3.45% from the Bloomberg US Government Inflation Linked All Maturities Index against 1.75% for the Bloomberg US Treasury Index, even though break-evens were largely stable7 .
Real yields are low but have pushed around 80bp above their 2021 lows. Break-evens are already wide as they price inflation staying higher for longer, but notably the 5-year, 5-year inflation swap rate is just 30bp above its 10-year average8, suggesting the market has confidence that the Fed will get inflation back under control. If CPI remains persistently high then there may be a larger inflation premium priced into the middle part of the curve.
Assuming Some Risk via Emerging Market Local Currency Debt
Improving risk appetite, an overvalued USD and a high yield make emerging market (EM) local currency debt an option for those looking for a rebound in risk assets. While Russian bonds have now exited most indices, there remains a need to diversify risks within EM.
EM debt investors are used to idiosyncratic risk, but the Russian invasion of Ukraine had far wider implications for markets. Higher commodity prices and disrupted supply chains are seen keeping inflation high, suggesting little chance for EM central banks to start easing off the policy tightening cycle. The irony was that EM local currency debt had been doing remarkably well during the early part of the Fed tightening cycle, posting gains into mid-February 2022, while US Treasury prices were in free-fall. But reduced risk appetite, a stronger USD and a desire to divest of Russian assets have all resulted in a turn in sentiment away from local currency debt.
The backdrop could be more constructive in Q2. The rebound in equity markets suggests that the appetite for risk is alive and well. A ceasefire in Ukraine would only increase market confidence. With most fixed income portfolios enduring a rough start to the year, managers may look to increase their risk profile in order to boost returns.
The yield on the Bloomberg EM Local Currency Liquid Index is at 5.75%, its highest since early 2019. The coupon return from the exposure remains strong at 1.07% during Q1 or around 4.3% on an annualised basis9.
Currency returns for Q1 2022 were actually positive (+0.7%) largely as the commodity currencies rebounded – most notably Brazil. There was, however, a significant drag from Eastern European currencies as a result of the war in Ukraine. As of 31 March 2022, the USD was 7% overvalued relative to the basket of currencies that makes up the Bloomberg EM Local Currency Liquid Index, according to the State Street Global Advisors model of long-term currency value. A ceasefire in Ukraine would likely weigh on the USD, boosting returns from local currency exposures.
Price returns were heavily dragged down by Russian bonds getting marked to zero. Given the difficulty of trading Russian debt, prices will remain depressed for an extended period. However, that will have little effect on SPDR Bloomberg Emerging Markets Local Bond UCITS ETF given the exclusion of Russian bonds from the index and thus the fund. Indeed, if there is a ceasefire, it is likely that bonds in other Eastern European markets will bounce.
Not Entirely out of the Woods
A key issue for emerging economies is inflation. Soaring energy and commodity prices, and further disruption to the supply chains, will see inflation remain elevated. Figure 3 shows that there is already an imbalance of EM central bank rate hikers, which is high by historical standards. In other words, EM central banks have reacted aggressively to control inflation but it may be premature to call an end to the hiking cycle.
Figure 3: Emerging Market Central Banks in Policy-Tightening Mode
Figure 4: Wider Diversification has Provided Higher Returns and Lower Volatility for the Bloomberg Local Currency Liquid Index
While risks of an escalation of the war seem to have diminished, they cannot be ruled out. There is no real way to exclude geopolitical risk but the impact on fund returns can be lessened by adopting a more diversified index. Indices have become more concentrated since the end of March 2022 rebalancing with the exclusion of Russian bonds. The Bloomberg EM Local Currency Liquid Index is still relatively well diversified with 18 country issuers. The higher returns and lower volatility that this has provided over the past 5 years, relative to the JP Morgan EM local Currency indices, can be seen in Figure 4.
1Source: Bloomberg Finance L.P., as of 5 April 2022
2Source: Bloomberg Finance L.P., as of 5 April 2022.
3Source: Bloomberg Finance L.P., as of 5 April 2022.
4Source: UK OBR: Those net tax rises, plus the more tax-rich composition of economic activity that has been factored into this forecast, raise the tax burden from the 33.0 per cent of GDP recorded in 2019-20 to 36.3 per cent of GDP in 2026-27 – its highest level since the late 1940s.
5Source of data: Bloomberg Finance L.P., as of 31 March 2022.
6Bloomberg US Government Inflation Linked All Maturities Index returned -1.82% in Q1 2021 and -3.32% in Q1 2022 against the Bloomberg US Treasury Index -4.25% in Q1 2021 and -5.58% in Q1 2022. Bloomberg Finance L.P., as of 31 March 2022
7Source: Bloomberg Finance L.P., as of 5 April 2022.
8Source: Bloomberg Finance L.P., as of 5 April 2022.
9Source: Bloomberg Finance L.P., as of 5 April 2022.
For Professional Clients 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.
Investing involves risk including the risk of loss of principal.
ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.
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
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.
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.
Note that the Management Company may decide to terminate the arrangements made for marketing and proceed with de-notification in compliance with Article 93a of Directive 2009/65/EC
Some of the products are not available to investors in certain jurisdictions. Please contact your relationship manager in regards to availability.
Diversification does not ensure a profit or guarantee against loss.
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 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.
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.
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.
The views expressed in this material are the views of SPDR EMEA Strategy and Research as at 8 April 2022 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.
BLOOMBERG®, a trademark and service mark of Bloomberg Finance L.P. and its affiliates, and BARCLAYS®, a trademark and service mark of Barclays Bank Plc, have each been licenced for use in connection with the listing and trading of the SPDR Bloomberg Barclays ETFs. SASB does not take any position as to whether an issuer should be included or excluded from the Underlying Index.
Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates rise, 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.
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.
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 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.
The Fund/share class may use financial derivatives instruments for currency hedging and to manage the portfolio efficiently. The Fund may purchase securities that are not denominated in the share class currency. Hedging should mitigate the impact of exchange rate fluctuations however hedges are sometimes subject to imperfect matching which could generate losses.
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 92 931 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.
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).
For Investors in the 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.
For Investors in 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.
For Investors in the UK: 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.
SPDR ETFs è la piattaforma di exchange traded fund ("ETF") di State Street Global Advisors ed include fondi autorizzati dalle Autorità Europee come fondi aperti d'investimento UCITS. Gli SPDR ETFs potrebbero non essere disponibili o adatti a lei.
Gli ETF sono negoziati come le azioni, sono soggette al rischio d'investimento, il loro valore di mercato fluttua e potrebbero essere negoziati a prezzi superiori od inferiori al loro valore patrimoniale netto. Le commissioni di intermediazione ed i costi dell'ETF ridurranno i rendimenti.
Variazioni sui tassi di cambio possono avere un effetto negativo sul valore, prezzo o rendita dell'investimento. Inoltre non ci sono garanzie che un ETF raggiungerà i suoi obiettivi d'investimento
LE QUOTE DEI FONDI DELLA SICAV SPDR® ETF, SSGA SPDR ETFS EUROPE I PLC E SSGA SPDR ETFS EUROPE II PLC POTREBBERO NON ESSERE DISPONIBILI O NON ADATTE A VOI.. LE OPINIONI ESPRESSE IN QUESTO SITO NON COSTITUISCONO UN CONSIGLIO DI INVESTIMENTO. IN CASO DI DUBBIO, SI RACCOMANDA DI RIVOLGERSI AD UN CONSULENTE INDIPENDENTE. LE INFORMAZIONI E LE OPINIONI CONTENUTE NEL PRESENTE SITO NON COSTITUISCONO UNA SOLLECITAZIONE O UN'OFFERTA ALL'ACQUISTO O ALLA VENDITA DELLE QUOTE DEI FONDI O DI QUALSIVOGLIA ALTRO STRUMENTO FINANZIARIO.
Standard & Poor's®, S&P® e SPDR® sono marchi registrati di Standard & Poor's Financial Services LLC (S&P); Dow Jones è un marchio registrato di Dow Jones Trademark Holdings LLC (Dow Jones); questi marchi registrati sono stati concessi in licenza d'uso a S&P Dow Jones Indices LLC (SPDJI) e in sottolicenza per fini specifici a State Street Corporation. I prodotti finanziari di State Street Corporation non sono sponsorizzati, sostenuti, venduti o promossi da SPDJI, Dow Jones, S&P, dalle loro rispettive affiliate e licenzianti terzi e nessuna delle parti citate rilascia dichiarazioni in merito all'opportunità di investire in tale/i prodotto/i, né è responsabile in relazione agli stessi, fra l'altro, per errori, omissioni o interruzioni di qualsiasi indice.
Gli SPDR ETFs possono essere offerti e venduti esclusivamente nelle giurisdizioni in cui sono stati preventivamente autorizzati, in accordo con le normative vigenti.
Informazioni relative al Messico
Le presenti informazioni non costituiscono e non sono da intendersi come la commercializzazione o l’offerta di titoli e, di conseguenza, non dovrebbero essere interpretate come tali. I Fondi indicati nella presente non sono stati e non saranno registrati ai sensi della legge messicana sul mercato dei valori mobiliari (Ley del Mercado de Valores) e non potranno essere oggetto di offerta pubblica o essere venduti negli Stati Messicani Uniti. La documentazione divulgativa relativa a uno qualsiasi dei suddetti Fondi non può essere distribuita pubblicamente in Messico e le azioni dei Fondi non possono essere scambiate in questo paese.
Si consiglia di procurarsi e leggere i Prospetti e i KIID relativi agli SPDR ETFs prima dell'investimento. Ulteriori informazioni e i prospetti aggiornati/KIID che descrivono le caratteristiche, i costi e i rischi degli SPDR ETFs sono disponibili per i residenti dei Paesi in cui gli SPDR ETFs sono autorizzati alla vendita sul sito spdrs.com o presso l'ufficio di SSGA locale.