State Street® SPDR® Commodity GBP Hdg UCITS ETF (Acc)Index, costs, backtest, listings and taxation

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The Fund does not invest directly in physical commodities or commodity futures contracts. Instead, it utilises a synthetic replication strategy through the use of financial derivative instruments, specifically unfunded total return swaps ("TRS"), to gain exposure to the Index. These swaps are agreements with approved counterparties to exchange the performance of the Index for a market-based rate of return. The Fund's remaining assets are invested in money market instruments which serve as collateral for the TRS as further outlined in the Supplement The Index is a broad measure of the commodity futures market, containing 29 commodity future contracts equally weighted across three major sectors: energy, metals, agriculture and livestock. The Index is rebalanced quarterly, and its constituents are selected annually using a rules-based selection process as further outlined in the Supplement. Exposure to a single commodity is limited to 20% of the NAV of the Fund, or up to 35% in exceptional market conditions in line with UCITS guidelines. In exceptional circumstances, in accordance with UCITS guidelines, the Fund may also have exposure to securities not included in the Index Source: "Dow Jones," and the Index are service marks of Dow Jones & Company, Inc. and have been licensed for use for certain purposes by State Street Investment Management. The Fund is not sponsored, endorsed, sold or promoted by Dow Jones and Dow Jones makes no representation regarding the advisability of investing in such product(s). Please see the Prospectus for the full index disclaimer.

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Intended retail investorThis Fund is intended for investors who plan to stay invested for at least 5 years and are prepared to take on a medium-high level of risk of loss to their original capital in order to get a higher potential return. It is designed to form part of a portfolio of investments. Practical information Depositary The Fund depositary is State Street Custodial Services (Ireland) Limited.

COMB is hedged to GBP; the index the issuer places next to it in its documents is the unhedged, foreign-currency version. Subtracting one from the other does not measure replication quality: it measures the exchange rate. In a year when the currency moves 5%, “the TD” would come out near 5 points — a plausible-looking number, with decimals, and wrong.

Other sites publish that number. We would rather show one figure less than one figure wrong: the TD will return here the day we have the GBP-hedged index series, which the issuer does not publish today.

What tracking difference is and how we compute it →