State Street® Blackstone Euro AAA CLO GBP Hdg UCITS ETF (Dist)Index, costs, backtest, listings and taxation

One email when new issuers, new metrics and new articles land. Double opt-in, zero spam, one-click unsubscribe.

Investment objective The Fund's investment objective is to generate risk adjusted returns from a combination of income and capital growth over the long term by investing in predominantly Euro-denominated investment grade debt tranches of collateralised loan obligations ("CLOs"). Investment policies

Keep reading the KID section ▾

The Fund is actively managed. The investment policy of the Fund is to invest up to 100% of its net assets in AAA-rated (as rated by two recognised rating agencies) tranches of Eurodenominated debt issued by CLOs which give access to European senior secured corporate loans and bonds. A CLO is a diversified portfolio of leveraged loans that is securitised into debt and equity tranches. For the avoidance of doubt, the Fund will only invest in debt tranches. The Fund will invest in floating rate and fixed rate investment grade debt tranches, predominantly AAA-rated, of CLOs ("CLO Debt Securities"), and the Fund will not invest in the most subordinated securities issued by a CLO. The CLO Debt Securities in which the Fund invests will be of any maturity and tranche size. At least 85% of the CLO Debt Securities will be AAA rated CLO Debt Securities , and up to 15% may be invested in AA rated CLO Debt Securities. In instances where a security is downgraded subsequent to its purchase by the Fund, the SubInvestment Manager will take steps to divest as soon as reasonably practicable, taking due account of the interests of its Shareholders. The Fund may invest up to 15% of its net assets in CLO Debt Securities that are denominated in currencies other than Euro. The Fund may not invest more than 15% of its net assets in CLO Debt Securities issued by CLOs managed by a single CLO manager or its affiliate. The Sub-Investment Manager will seek to construct a diversified portfolio such that any CLO Debt Securities holding issued from a particular CLO will not exceed 5% of the net assets of the Fund. Whilst the Fund will seek to use the Index as a performance comparator, the Fund will not seek to track the composition of the Index. Further details on the investment policy of the Fund can be found within the Fund Supplement. The Fund may use financial derivative instruments (that is, financial contracts whose prices are dependent on one or more underlying assets) in order to manage the portfolio efficiently. Save in exceptional circumstances, the Fund will generally only issue and redeem shares to certain institutional investors. However, shares of the Fund may be purchased or sold through brokers on one or more stock exchanges. The Fund trades on these stock exchanges at market prices which may fluctuate throughout the day. Market prices may be greater or less than the daily net asset value of the Fund. This GBP Hedged Class is made available to reduce exchange rate fluctuations between the currency of this Share Class and the currency in which the underlying assets of the Fund are denominated. The Share Class will be hedged back to GBP and consequently should more closely track the corresponding hedged version of the Index (J.P. Morgan European Collateralized Loan Obligation AAA only Index). Shareholders may redeem shares on any UK business day (other than days on which relevant financial markets are closed for business and/or the day preceding any such day provided that a list of such closed market days will be published for the Fund on www.ssga.com); and any other day at the Directors' discretion (acting reasonably) provided Shareholders are notified in advance of any such days. Any income earned by the Fund will be paid to shareholders in respect of the shares. The Shares of the GBP Class are issued in Pound Sterling. Index Source: The Index is the intellectual property of the Index provider. The Fund is not sponsored or endorsed by the Index provider. The Index provider does not provide any warranty or accept any liability in relation to any error relating to the Index, including any error in respect of the quality, accuracy or completeness of Index data, and does not guarantee that the Index will be in line with the described Index methodology. Please see the Prospectus for the full index disclaimer.

Intended retail investorThis Fund is intended for investors who plan to stay invested for at least 3 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. The negative target market for the Fund is basic / informed "Retail Investors" as defined in the current European MiFID template. Accordingly, the sale of this Fund on the secondary market to basic or informed Retail Investors is not permitted and the Fund shall not be offered to Retail Investors other than advanced retail investors. Practical information Depositary The Fund depositary is State Street Custodial Services (Ireland) Limited.

ECLP 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 →

Dividends