Lending
Agent. State Street is the securities lending
agent for the Trust. For its services, the lending agent would typically receive
a portion of the net investment income, if any, earned on the collateral for the
securities loaned.
Distributor. State Street Global Advisors Funds Distributors, LLC
serves as the Funds' distributor (“SSGA FD” or the “Distributor”) pursuant to
the Distribution Agreement between SSGA FD and the Trust. The Distributor will
not distribute Fund Shares in less than Creation Units, and it does not maintain
a secondary market in Fund Shares. The Distributor may enter into selected
dealer agreements with other broker-dealers or other qualified financial
institutions for the sale of Creation Units of Fund Shares.
Additional
Information. The Board oversees generally the
operations of the Funds and the Trust. The Trust enters into contractual
arrangements with various parties, including among others the Funds' investment
adviser, custodian, transfer agent, and accountants, who provide services to the
Funds. Shareholders are not parties to any such contractual arrangements or
intended beneficiaries of those contractual arrangements, and those contractual
arrangements are not intended to create in any shareholder any right to enforce
them directly against the service providers or to seek any remedy under them
directly against the service providers.
This
Prospectus provides information concerning the Trust and the Funds that you
should consider in determining whether to purchase Fund Shares. Neither this
Prospectus nor the related SAI is intended, or should be read, to be or give
rise to an agreement or contract between the Trust or the Funds and any
investor, or to give rise to any rights in any shareholder or other person other
than any rights under federal or state law that may not be waived.
Trademark
Licenses/Disclaimers
SPDR
Trademark. The “SPDR” trademark is used under
license from Standard & Poor's Financial Services LLC (“S&P”). No Fund
offered by the Trust or its affiliates is sponsored, endorsed, sold or marketed
by S&P or its affiliates. S&P makes no representation or warranty,
express or implied, to the owners of any Fund or any member of the public
regarding the advisability of investing in securities generally or in the Funds
particularly. S&P is not responsible for and has not participated in any
determination or calculation made with respect to issuance or redemption of Fund
Shares. S&P has no obligation or liability in connection with the
administration, marketing or trading of the Funds.
WITHOUT
LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL S&P HAVE ANY LIABILITY FOR
ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT
LIMITED TO, LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH
DAMAGES.
Blackstone
is the registered trademark of The Blackstone Group Inc.
Additional
Purchase and Sale Information
Fund
Shares are listed for secondary trading on the Exchange and individual Fund
Shares may only be purchased and sold in the secondary market through a
broker-dealer. The secondary markets are closed on weekends and also are
generally closed on the following holidays: New Year's Day, Dr. Martin Luther
King, Jr. Day, Presidents' Day, Good Friday, Memorial Day (observed),
Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The Exchange
may close early on the business day before certain holidays and on the day after
Thanksgiving Day. Exchange holiday schedules are subject to change without
notice. If you buy or sell Fund Shares in the secondary market, you will pay the
secondary market price for Fund Shares. In addition, you may incur customary
brokerage commissions and charges and may pay some or all of the spread between
the bid and the offered price in the secondary market on each leg of a round
trip (purchase and sale) transaction.
The
trading prices of Fund Shares will fluctuate continuously throughout trading
hours based on market supply and demand rather than the relevant Fund's net
asset value, which is calculated at the end of each business day. Fund Shares
will trade on the Exchange at prices that may be above (i.e., at a premium) or below (i.e., at a discount), to varying degrees, the
daily net asset value of Fund Shares. The trading prices of Fund Shares may
deviate significantly from the relevant Fund's net asset value during
periods of market volatility. Given, however, that Fund Shares can be issued and
redeemed daily in Creation Units, the Adviser believes that large discounts and
premiums to net asset value should not be sustained over long periods.
The
Exchange will disseminate, every fifteen seconds during the regular trading day,
an indicative optimized portfolio value (“IOPV”) relating to each Fund. The IOPV
calculations are estimates of the value of each Fund's net asset value per Fund
Share. Premiums and discounts between the IOPV and the market price may occur.
This should not be