State Street Global Advisors Luxembourg SICAV

786 Pages·2016·3.63 MB·English

State Street Global Advisors
Luxembourg SICAV

Prospectus
Valid from 21 August 2020
VISA 2020/160590-5881-0-PC
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Luxembourg, le 2020-08-20
Commission de Surveillance du Secteur Financier
Important Information
Prospective investors are advised to The Board has taken all reasonable care to
review this Prospectus (including the ensure that the information contained in
Relevant Supplement(s)) and the KIID(s) this Prospectus is, to the best of its
carefully and in their entirety and, before knowledge and belief, in accordance with
making any investment decision with the facts and does not omit anything
respect to an investment in a Fund, should material to such information. The Board
consult a stockbroker, bank manager, accepts responsibility accordingly.
lawyer, accountant or other financial No person is authorised to give any
adviser for independent advice in relation information or to make any representation
to: (a) the legal requirements within their other than those contained in this
own countries for the purchase, holding, Prospectus, the KIID and the annual
exchanging, redeeming or disposing of reports and any subscription and/or
Shares; (b) any foreign exchange purchase made by any person on the basis
restrictions to which they are subject in of statements or representations not
their own countries in relation to the contained in or inconsistent with the
purchase, holding, exchanging, redeeming information contained in this Prospectus,
or disposing of Shares; (c) the legal, tax, the KIID and the annual reports shall be
financial or other consequences of solely at the risk of the
subscribing for, purchasing, holding, subscriber/purchaser. Furthermore, the
exchanging, redeeming or disposing of delivery of this Prospectus or any issue of
Shares; and (d) the provisions of this Shares shall not, under any circumstances,
Prospectus. create any implication that the affairs of
This Prospectus comprises information the Company have not changed since the
relating to the Company, an open-ended date of this Prospectus.
umbrella fund authorised pursuant to the Subscriptions are not valid unless they are
2010 Law. The Company is authorised in based on this Prospectus or the KIID in
Luxembourg by the Commission de conjunction with the most recent annual
Surveillance du Secteur Financier (CSSF) as report and the most recent semi-annual
a UCITS for the purposes of the 2010 Law. report where this is published after the
The Company is structured as an umbrella annual report.
fund in that different sub-funds may be Investors should be aware that the price of
established with the prior approval of the Shares may fall as well as rise, and
CSSF. The authorisation of the Company is investors may not get back any of the
not an endorsement or guarantee of the amount invested. Risk factors for investors
Company by the CSSF nor is the CSSF to consider are set out in the “Risk
responsible for the contents of this Information” section. Risks of particular
Prospectus and any Supplements. The relevance to the Funds are described in the
authorisation of the Company by the CSSF Relevant Supplement.
does not constitute a warranty as to the In cases where an investor invests in the
performance of the Company and the CSSF Company through an intermediary which
shall not be liable for the performance or invests into the Company in the
default of the Company. In addition, each intermediary’s own name but on behalf of
Fund may have more than one Class the investor, it may not always be possible
allocated to it. A Class within a Fund will for the investor to exercise certain
not have a separate investment portfolio. Shareholder rights directly against the
The creation of any class must be notified Company. Investors are advised to take
to and cleared in advance with the CSSF. advice on their rights.
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The distribution of this Prospectus and the longer meet the eligibility criteria or
offering or purchase of Shares may be otherwise hold Shares which might result
restricted or prohibited by law in certain in the Company or the Management
jurisdictions. This Prospectus does not Company incurring any liability to taxation
constitute and may not be treated as an or suffering pecuniary disadvantages which
offer or solicitation by or to anyone in any the Company or the Management
jurisdiction in which such offer or Company might not otherwise have
solicitation is not lawful or in which the incurred or suffered, or requiring the
person making such offer or solicitation is Company or the Management Company to
not qualified to do so or to anyone to register under the U.S. Investment
whom it is unlawful to make such offer or Company Act, or register any Shares under
solicitation. It is the responsibility of any the U.S. Securities Act.
persons in possession of this Prospectus Where the Board becomes aware that any
and any persons wishing to apply for Shares are directly or beneficially owned
Shares pursuant to this Prospectus to by any person in breach of the above
inform themselves of and to observe all restrictions, they may direct the
applicable laws and regulations of any Shareholder to transfer his Shares to a
relevant jurisdiction. person qualified to own such Shares or
As Shares in the Company are not request the Company to redeem the
registered in the United States in Shares, in default of which the Shareholder
accordance with the U.S. Securities Act, or shall, on the expiration of thirty (30) days
the securities laws of any of the states or from the giving of such notice, be deemed
possessions of the United States, and the to have given a request in writing for the
Company is not registered under the U.S. redemption of the Shares. The Shares will
Investment Company Act, they may be redeemed in accordance with the
neither be offered nor sold nor delivered provisions of the Articles.
directly or indirectly in the U.S., or to or for As of the date of this Prospectus, the
the account or benefit of any U.S. Person Company is a “recognised scheme” for the
(as such term is defined in Regulation S purposes of Section 264 of the UK’s
under the U.S. Securities Act). A Financial Services and Markets Act 2000. It
prospective investor will be required at the is anticipated that following the UK’s exit
time of acquiring Shares to represent that from the European Union on such date as
such investor is not a U.S. Person or agreed between the UK and the EU, the
acquiring Shares for or on behalf of a U.S. Company will be marketed in the UK under
Person or acquiring the Shares with the temporary permissions regime followed by
assets of an ERISA plan (as defined below). a formal application for recognition under
Shares may not be acquired or owned by, Section 272 of the United Kingdom’s
or acquired with the assets of: Financial Services and Markets Act 2000 or
i. any retirement plan subject to Title I its recognised replacement.
of ERISA; or The Prospectus and KIIDs may be
ii. any individual retirement account or translated into other languages. Any such
plan subject to Section 4975 of the translation shall only contain the same
United States Internal Revenue Code information and have the same meaning as
of 1986, as amended; the English language Prospectus and/or
KIID. To the extent that there is any
which are hereinafter collectively referred
inconsistency between the English
to as “ERISA plans”.
language Prospectus and/or KIID and the
Shareholders are required to notify the
Prospectus in another language, the
Administrator, immediately in the event
English language Prospectus and/or KIID
that they become U.S. Persons, will no
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will prevail. All disputes as to the contents
of this Prospectus and related KIIDs shall
be governed in accordance with the laws
of Luxembourg.
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Table of Contents
1. GLOSSARY ............................................................................................................................................... 8
2. DIRECTORY ............................................................................................................................................ 15
3. GENERAL INFORMATION ABOUT THE COMPANY .................................................................................. 16
3.1. The Company .................................................................................................................................... 16
3.2. Management and Administration .................................................................................................... 16
3.2.1. The Directors ......................................................................................................................... 16
3.2.2. The Management Company .................................................................................................. 16
3.2.3. The Depositary ...................................................................................................................... 17
3.2.4. The Administrator ................................................................................................................. 19
3.2.5. The Investment Manager ...................................................................................................... 19
3.2.6. The Sub-Investment Managers ............................................................................................. 19
3.2.7. The Global Distributor and distributors ................................................................................ 20
3.2.8. Conflicts of interest ............................................................................................................... 20
3.3. General Meeting of Shareholders .................................................................................................... 20
3.4. Rights of Shareholders ...................................................................................................................... 21
3.5. Financial year and statements .......................................................................................................... 21
3.6. Liquidation ........................................................................................................................................ 21
3.6.1. Termination and liquidation of Funds or Classes .................................................................. 21
3.6.2. Dissolution and liquidation of the Company ......................................................................... 22
3.7. Merger of the Company, a Fund or a Class ...................................................................................... 22
3.8. Applicable Law and Jurisdiction ........................................................................................................ 23
3.9. Remuneration policy ........................................................................................................................ 23
4. RISK INFORMATION ............................................................................................................................... 25
5. SHARES .................................................................................................................................................. 62
5.1. Types of Shares ................................................................................................................................. 62
5.2. Classes .............................................................................................................................................. 62
5.3. Class Currencies and Class Currency Hedging .................................................................................. 63
5.4. Minimum investments and holdings ................................................................................................ 64
5.5. Subscription ...................................................................................................................................... 65
5.6. Redemption ...................................................................................................................................... 67
5.7. Switching .......................................................................................................................................... 69
5.8. Dilution Adjustment ......................................................................................................................... 69
5.9. Distribution ....................................................................................................................................... 70
5.10. Excessive Trading Policy ................................................................................................................... 71
6. VALUATION AND CALCULATION OF NAV ............................................................................................... 72
6.1. Calculation of NAV ............................................................................................................................ 72
6.2. Valuation Procedure ......................................................................................................................... 72
6.2.1. Assets of the Company .......................................................................................................... 72
6.2.2. Liabilities of the Company ..................................................................................................... 72
6.2.3. Valuation Principles ............................................................................................................... 73
6.2.4. Allocation of assets and liabilities ......................................................................................... 73
6.2.5. Alternative method of valuation ........................................................................................... 73
6.2.6. Adjustment ............................................................................................................................ 74
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6.3. Publication of NAV ............................................................................................................................ 74
6.4. Temporary Suspension of NAV calculation and Dealings ................................................................. 74
7. FEES AND EXPENSES .............................................................................................................................. 76
7.1. Operating and Administrative Expenses........................................................................................... 76
7.2. Directors’ and Officers’ Fees ............................................................................................................. 77
7.3. Depositary and Administrator’s Fees ............................................................................................... 77
7.4. Investment Management Fee .......................................................................................................... 77
7.5. Fees of the Global Distributor, Distributors and sub-distributors .................................................... 77
7.6. Formation Expenses ......................................................................................................................... 77
7.7. Embedded Costs ............................................................................................................................... 78
7.8. Allocation of Expenses ...................................................................................................................... 78
8. INVESTMENT TECHNIQUES .................................................................................................................... 79
8.1. Investment Strategies ....................................................................................................................... 79
8.2. Investment Restrictions and Limits .................................................................................................. 80
8.2.1. Permitted Investments .......................................................................................................... 80
8.2.2. Investment Restrictions......................................................................................................... 82
8.2.3. Other Investment Restrictions .............................................................................................. 85
8.2.4. Cross-Fund Investments ........................................................................................................ 85
8.2.5. Master Feeder Structures ..................................................................................................... 85
8.2.6. PRC Investments .................................................................................................................... 86
8.3. Financial Derivative Instruments ...................................................................................................... 88
8.3.1. General .................................................................................................................................. 88
8.3.2. Global Exposure..................................................................................................................... 90
8.3.3. Financial Techniques and Instruments .................................................................................. 90
8.3.4. Collateral ............................................................................................................................... 92
8.3.5. Safekeeping ........................................................................................................................... 93
8.4. ESG Investing .................................................................................................................................... 93
8.4.1. ESG Integration...................................................................................................................... 94
8.4.2. ESG Screening ........................................................................................................................ 94
8.4.3. ESG Best in Class Investing .................................................................................................... 94
8.4.4. Thematic ESG Investing ......................................................................................................... 94
9. TAX INFORMATION ............................................................................................................................... 95
9.1. Taxation of the Company ................................................................................................................. 95
9.1.1. Subscription tax ..................................................................................................................... 95
9.1.2. Withholding tax ..................................................................................................................... 95
9.1.3. Stamp duty ............................................................................................................................ 95
9.1.4. Net wealth tax ....................................................................................................................... 95
9.2. Taxation of Luxembourg non-resident Shareholders ....................................................................... 96
9.2.1. Non-resident individual Shareholders ................................................................................... 96
9.2.2. Non-resident corporate Shareholders .................................................................................. 96
9.2.3. Plan d’Epargne en Actions (“PEA”) eligibility – France .......................................................... 96
9.3. Taxation of Luxembourg Shareholders ............................................................................................. 96
9.3.1. Luxembourg resident individuals .......................................................................................... 96
9.3.2. Luxembourg resident companies .......................................................................................... 97
9.3.3. Luxembourg residents benefiting from a special tax regime ................................................ 97
9.4. Exchange of Information .................................................................................................................. 97
9.5. FATCA ............................................................................................................................................... 98
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10. OTHER INFORMATION ......................................................................................................................... 100
10.1. Where to learn more about the Funds ........................................................................................... 100
10.2. Complaints ...................................................................................................................................... 100
10.3. Class action policy ........................................................................................................................... 100
10.4. Distribution and Selling Restrictions ............................................................................................... 101
10.5. Benchmark Contingency Plan ......................................................................................................... 101
10.6. Data Protection ............................................................................................................................... 102
10.7. Changes to the Prospectus ............................................................................................................. 102
10.8. Listing of Shares .............................................................................................................................. 102
SUPPLEMENTS – INDEX BOND FUNDS .......................................................................................................... 103
SUPPLEMENTS – INDEX EQUITY FUNDS ....................................................................................................... 149
SUPPLEMENTS – FLEXIBLE ASSET ALLOCATION FUND .................................................................................. 185
SUPPLEMENTS – FUNDAMENTAL EQUITY FUNDS ........................................................................................ 189
SUPPLEMENTS – MULTI-FACTOR EQUITY FUND ........................................................................................... 208
SUPPLEMENTS – QUANTITATIVE EQUITY FUNDS ......................................................................................... 212
SUPPLEMENTS – MANAGED VOLATILITY EQUITY FUNDS ............................................................................. 246
SUPPLEMENTS – DEFENSIVE EQUITY FUNDS ................................................................................................ 253
SUPPLEMENTS – SUSTAINABLE CLIMATE EQUITY FUNDS ............................................................................. 260
APPENDIX 1 – INDEX DISCLAIMERS .............................................................................................................. 270
Bloomberg Barclays ................................................................................................................................... 270
FTSE ........................................................................................................................................................ 271
J.P. Morgan ................................................................................................................................................ 271
Markit iBoxx ............................................................................................................................................... 272
MSCI ........................................................................................................................................................ 272
S&P 500 ...................................................................................................................................................... 273
APPENDIX 2 – SUB-CUSTODIANS ................................................................................................................. 275

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1. Glossary
The following summarises the principal features of the Company and should be read in conjunction with the
full text of this Prospectus.
1915 Law the Luxembourg law of 10 August 1915 on commercial companies, as may be
amended from time to time.
Data Protection (i) the Luxembourg law of 2 August 2002 on the protection of persons with regard
Legislation to the processing of personal data, as may be amended from time to time, (ii) on
and with effect from 25 May 2018, the General Data Protection Regulation
(Regulation (EU) 2016/679 of the European Parliament and the Council of 27 April
2016) and any consequential data protection legislation applicable in Luxembourg
and (iii) any guidance and/or codes of practice issued by the Luxembourg Data
Protection Authority (CNPD) or other relevant supervisory authority, including
without limitation the European Data Protection Board.
2010 Law the Luxembourg law of 17 December 2010 relating to undertakings for collective
investment, as may be amended from time to time.
Access Programme existing or future “access” products or programmes such as RQFII, Stock Connect,
the CIBM Direct Access Programme or any other investment programme through
which a Fund may access PRC Investments.
Administrator the central administration agent, registrar and transfer agent, principal paying
agent, and domiciliary and corporate agent appointed by the Management
Company, with the consent of the Company, in accordance with the requirements
of the 2010 Law and pursuant to an administration agreement, as identified in the
“Directory” section of this Prospectus.
Application Form form used to establish an account for purchases of Shares.
Articles the articles of association of the Company, as may be amended from time to time.
Auditor a firm of chartered accountants as may from time to time be appointed as auditors
to the Company, as identified in the “Directory” section of the Prospectus.
Base Currency the currency in which a Fund is denominated, as specified in the Relevant
Supplement.
Benchmark Regulation Regulation (EU) 2016/1011 of the European Parliament and Council of 6 June 2016
on indices used as benchmarks in financial instruments and financial contracts or
to measure the performance of investment funds.
Board the board of directors of the Company as identified in the Directory.
Board of Directors the directors of the Management Company as identified in the Directory.
Business Day a day on which banks are open for non-automated business in Luxembourg, the
United Kingdom, and the country in which the relevant Sub-Investment Manager
(for Funds where a Sub-Investment Manager has been appointed) is located,
provided that each exchange or market on which a substantial portion of the
relevant Fund’s investments is traded is also open and/or such other day or days
as the Directors may determine and notify in advance to Shareholders. See also:
Dealing Calendar.
CCASS The PRC’s Central Clearing and Settlement System.
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CCDC China Central Depository & Clearing Co., Ltd.
CET central European time.
CFETS China Foreign Exchange Trading System (also known as the National Interbank
Funding Centre).
China A Shares shares of companies incorporated in the PRC and listed on the Shanghai and/or
Shenzhen Stock Exchanges which are quoted in RMB.
China Connect Securities any securities and/or UCIs listed and traded on the SSE or SZSE which may be
traded by Hong Kong and international investors under Stock Connect.
CIBM Direct Access direct access programme under People’s Bank of China Announcement [2016]
Programme No.3. facilitating access to the China interbank bond.
Class shares of a Fund representing an interest in that Fund but designated as a share
class within such Fund for the purpose of attributing different proportions of the
NAV of the relevant Fund to such Shares to accommodate different characteristics
including in relation to subscription, switching, and redemption charges, dividend
arrangements, currencies, currency hedging policies, minimum investment and
ongoing holding requirements and/or fee arrangements specific to such Shares.
CNH RMB which is traded within the PRC’s offshore market.
CNY RMB which is traded within the PRC’s onshore market.
Company State Street Global Advisors Luxembourg SICAV.
CRS Law the Luxembourg law dated 18 December 2015 implementing Council Directive
2014/107/EU of 9 December 2014 as regards mandatory automatic exchange of
information in the field of taxation, as may be amended from time to time.
CSDCC China Securities Depository and Clearing Corporation Limited.
CSRC China Securities Regulatory Commission.
CSSF Commission de Surveillance du Secteur Financier, the Luxembourg supervisory
authority of the financial sector.
Daily Quota The daily quota to which each of SHHK and SZHK is subject.
Dealing Calendar the calendar of all non-Dealing Days for the Funds as available on the Website.
Dealing Day every Business Day other than days during which normal dealing has been
temporarily suspended.
Dealing Form form used to subscribe for or redeem Shares in a Fund.
Depositary the depositary bank appointed by the Company in accordance with the
requirements of the 2010 Law and pursuant to a depositary agreement, as
identified in the Directory.
Dilution Adjustment the anti-dilution techniques, as may be described in section “Dilution Adjustment”
and detailed in the Relevant Supplement.
Directors the directors of the Company for the time being and any duly constituted
committee thereof.
Distributor any person or entity appointed by the Global Distributor to distribute or arrange
for the distribution of Shares.
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Eligible State any EU Member State, any member state of the Organisation for Economic
Cooperation and Development, any member state of the European Economic
Area, and any other state which the Board deems appropriate with regard to the
investment objective of a Fund.
Embedded Costs any costs indirectly incurred by each Fund as a result of its investment in
underlying funds in which the Fund invests (which may be payable to the
Investment Manager or its affiliates).
ERISA the United States Employee Retirement Income Security Act of 1974, as amended.
ESG investment methodology incorporating environmental, social and governance
criteria into the relevant investment technique.
ESMA European Securities and Markets Authority.
EU European Union.
EU Member State a member state of the EU.
FATCA the provisions of the United States Hiring Incentives to Restore Employment (HIRE)
Act of 18 March 2010 commonly referred to as the Foreign Account Tax
Compliance Act as well as any related regulations or official interpretation thereof.
FATF Financial Action Task Force on Money Laundering.
Fund a portfolio of assets established by the Directors (with the prior approval of the
CSSF) and constituting a separate fund represented by a separate series of Shares
and invested in accordance with the investment objective and policies applicable
to such portfolio of assets, as set out in the Relevant Supplement.
Global Distributor the global distributor appointed by the Management Company pursuant to a
distribution agreement, as identified in the Directory.
Hedged Class any Class where the currency exposure of the underlying assets is hedged against
the Class currency.
HKEx Hong Kong Exchanges and Clearing Limited.
HKSCC Hong Kong Securities Clearing Company Limited.
Index any financial index which a Fund will use, whether to track, outperform, as a
performance comparator or otherwise reference (including where the financial
index is referenced by a financial derivative instrument held by a Fund), as
specified in the Relevant Supplement.
Institutional Investor institutional investors as referred to in articles 174 to 176 of the 2010 Law and
defined by the administrative practice of the CSSF. Further detail on the definition
of an Institutional Investor can be found “Classes” section of this Prospectus.
Investment Manager the investment manager appointed by the Management Company pursuant to an
investment management agreement, as identified in the Directory.
KIID the key investor information document in respect of any Class within the meaning
of the 2010 Law, the UCITS Directive, and Commission Regulation (EU) No
583/2010 of 1 July 2010 implementing the UCITS Directive as regards key investor
information and conditions to be met when providing key investor information or
the prospectus in durable medium other than paper or by means of a website, as
updated from time to time.
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