Risk: A swap is a two-party contract that
generally obligates the parties to exchange payments based on a specified
reference security, basket of securities, security index or index component.
Swaps can involve greater risks than direct investment in securities because
swaps may be leveraged and are subject to counterparty risk (e.g., the risk of a
counterparty's defaulting on the obligation or bankruptcy), credit risk and
pricing risk (i.e., swaps may be difficult to value). It may not be possible for
the Fund to liquidate a swap position at an advantageous time or price, which
may result in significant
Risk: Some portfolio holdings, potentially a
large portion of the Fund's investment portfolio, may be valued on the basis of
factors other than market quotations. This may occur more often in times of
market turmoil or reduced liquidity. There are multiple methods that can be used
to value a portfolio holding when market quotations are not readily available.
The value established for any portfolio holding at a point in time might differ
from what would be produced using a different methodology or if it had been
priced using market quotations. Portfolio holdings that are valued using
techniques other than market quotations, including “fair valued” securities, may
be subject to greater fluctuation in their valuations from one day to the next
than if market quotations were used. In addition, there is no assurance that the
Fund could sell or close out a portfolio position for the value established for
it at any time, and it is possible that the Fund would incur a loss because a
portfolio position is sold or closed out at a discount to the valuation
established by the Fund at that
The Fund has not yet completed a full
calendar year of operations and therefore does not report its performance
history. Once the Fund has completed a full calendar year of
operations, a bar chart and table will be included that will provide some
indication of the risks of investing in the Fund by showing the variability of
the Fund's returns based on net assets and comparing the Fund's performance to
the Index. Updated performance information may be obtained by calling
visiting the Fund's website: https://www.ssga.com/spdrs.
Adviser and Sub-Adviser
Funds Management, Inc. (“SSGA FM” or the “Adviser”) serves as the investment
adviser to the Fund. SSGA LTD, an affiliate of the Adviser, serves as investment
sub-adviser to the Fund and provides day to day management of the Fund's
investments allocated to it by the Adviser, subject to supervision by the
Adviser and oversight by the Trust's Board of Trustees. To the extent that a
reference in this Prospectus refers to the Adviser, with respect to the Fund,
such reference should also be read to refer to SSGA LTD, where the context
professionals primarily responsible for the day-to-day management of the Fund
are Orhan Imer, Abhishek Kumar, James Kramer, Kheng Siang Ng, Imran Khan and
Vernon Loh. Messrs. Ng, Khan and Loh are part of State Street Global Advisors
Singapore Limited. (“SSGA Singapore”), an affiliate of the Adviser, and provide
portfolio management services through a personnel-sharing arrangement between
the Adviser and SSGA Singapore.
Imer, CFA, Ph.D., is a Vice President of the Adviser and a Senior Portfolio
Manager in the Fixed Income Beta Solutions Group. He joined the Adviser in
Kumar is a Managing Director and the Sector Head for Emerging Markets Debt
within the Fixed Income Beta Solutions Team at SSGA LTD. He joined SSGA LTD in
Kramer is a Vice President of the Adviser and a Senior Portfolio Manager in the
Fixed Income Beta Solutions Group. He joined the Adviser in 1996.
Siang Ng, CFA, is a Vice President, the Asia Pacific Head of the Fixed Income
Beta Solutions Team at SSGA Singapore, and the Head of SSGA Singapore. He joined
SSGA Singapore in 2005.
Khan is a Vice President and a Senior Portfolio Manager in the Fixed Income Beta
Solutions Team at SSGA Singapore. He joined SSGA Singapore in 2021.
Loh is an Assistant Vice President and fixed income trader in the Fixed Income
Beta Solutions Team at SSGA Singapore. He joined SSGA Singapore in 2021.
and Sale Information
Fund will issue (or redeem) Fund Shares to certain institutional investors
(typically market makers or other broker-dealers) only in large blocks of Fund
Shares known as “Creation Units.” Creation Unit transactions are conducted in
exchange for the deposit or delivery of a designated portfolio of in-kind
securities and/or cash.