Managed by State Street Global Advisors

The Manager

For nearly four decades, State Street Global Advisors has been committed to helping our clients, and those who rely on them, achieve financial security. We partner with many of the world’s largest, most sophisticated investors and financial intermediaries to help them reach their goals through a rigorous, research-driven investment process spanning both indexing and active disciplines. With trillions* in assets, our scale and global reach offer clients unrivaled access to markets, geographies and asset classes, and allow us to deliver thoughtful insights and innovative solutions.

State Street Global Advisors is the investment management arm of State Street Corporation.

*Assets under management were $2.47 trillion as of December 31, 2016. AUM reflects approx. $30.62 billion (as of December 31, 2016) with respect to which State Street Global Markets, LLC (SSGM) serves as marketing agent; SSGM and State Street Global Advisors are affiliated.

The Trustee

State Street Bank and Trust Company

State Street Bank and Trust Company is a wholly-owned subsidiary of State Street Corporation (NYSE: STT), one of the world's leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With $29 trillion in assets under custody and administration and $2.47 trillion* in assets under management as of December 31, 2016, State Street operates in more than 100 geographic markets worldwide, including the US, Canada, Europe, the Middle East and Asia. For more information, visit State Street’s website at www.statestreet.com

*AUM reflects approx. $30.62 billion (as of December 31, 2016) with respect to which State Street Global Markets, LLC (SSGM) serves as marketing agent; SSGM and State Street Global Advisors are affiliated.

Important Risk Disclosure for PAIF

  • ABF Pan Asia Bond Index Fund ("PAIF") is an exchange traded bond fund which seeks to provide investment returns that corresponds closely to the total return of the Markit iBoxx ABF Pan-Asia Index ("Index"), before fees and expenses, and its return may deviate from that of the Index.
  • PAIF primarily invests in local currency government and quasi-government bonds in eight Asian markets, comprising of China, Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore and Thailand.
  • Investment involves risks, including risks of exposure to bonds in both developed and emerging Asia markets. Investors may lose part or all of their investments.
  • PAIF is not "actively managed" and will not try to "beat" the market it tracks.
  • The Executives' Meeting of East Asia and Pacific Central Banks group (the "EMEAP") member central banks and monetary authorities are like any other investors in PAIF and each of them may dispose of their respective interest in the Units they hold. There are no guarantees that the EMEAP member central banks and monetary authorities will continue to be investors in PAIF.
  • The trading price of PAIF may differ from the underlying net asset value per share.
  • PAIF may not be suitable for all investors. Investors should not invest based on this marketing material only. Investors should read the PAIF's prospectus, including the risk factors, take into consideration of the product features, their own investment objectives, risk tolerance level etc and seek independent financial and professional advices as appropriate prior to making any investment.

Glossary

  • Bond

    An instrument of debt issued by a corporation or government to raise capital. Bonds are interest bearing and promise to pay the holder a specified sum of money at its maturity plus interest at given intervals.

  • Bond Price

    Expressed as a % of the par value of a bond.

  • Call Provision

    Call Provision allows the issuer to call back the bond prior to maturity.

  • Certificate of Deposit (CD)

    CD are interest-bearing certificates and generally issued by commercial banks.

  • Commercial Paper

    Commercial Papers are short-term credit instruments with a maturity of 30, 60 or 90 days. They are cash equivalents.

  • Coupon Rate

    Coupon rate is the interest rate on a bond, expressed as a percentage of par (or face value).

  • Current Yield

    Amount of coupon income received, expressed as a percentage of the current market value of the bond or portfolio.

  • Eurodollar Bond

    Bonds issued by US organizations and denominated in US Dollar but traded outside of the US (not only Eurozone).

  • Floating-Rate Note (FRN)

    Also known as Floater or Variable-Rate Note, FRN has variable coupon rates, periodically changed according to the rise and fall of a certain interest rate index or a specific fixed income security which is used as a benchmark. Also known as a "floater".

  • Gilt Edge

    Bonds that carry the smallest degree of investment risk are referred to as 'gilt edge'.

  • Junk Bond

    Junk Bond refers to lower quality bond and is also known as high yield bond, usually with a rating of BB or less. It is not considered to be of investment quality by Wall Street analysts.

  • Maturity Date

    The date on which final payment is due.

  • Par Value

    The value of a bond as expressed on its face value without consideration to any premium or discount. It also signifies the dollar value on which bond interest is figured. The principal amount at which the issuer contracts to redeem the bond at maturity.

  • Perpetual Bond

    Bonds that are never paid off and have no maturity dates.

  • Put Provision

    Put Provision enables investors to have an option to sell a bond back to the issuer at par value after a certain period prior to maturity.

  • Serial Bond

    An issue that is segmented into a series of maturities which matures in relatively small amounts at stated periodic intervals.

  • Treasury Bill (T-bill)

    T-Bill is non-interest bearing and fully guaranteed by the US Government. T-bill is sold on a discount basis so that the income is the difference between the purchase price and the face value.

  • Treasury Bond

    Treasury Bond is issued by the US Treasury and has a maturity of 10 to 30 years, considered to be a long term bond.

  • Treasury Inflation Protection Securities (TIPS)

    TIPS is issued by the US Treasury. It intends to protect investors against the effects of inflation by adjusting both the principal and coupon payments upward with any rise in inflation.

  • Treasury Note

    Treasury Note is issued by the US Treasury with a maturity of 1 to 10 years, considered to be an intermediate bond.

  • Variable-Rate Note

    Please refer to Floating Rate Note.

  • Yankee Bonds

    Bond issued by non-US entities but traded in the US and denominated in US Dollar.

  • Yield

    The rate of annual income return on an investment expressed as a percentage. Income yield is obtained by dividing the current dollar income by the current market price of the security.

  • Yield Curve

    The yield curve, a graph that depicts the relationship between bond yields and maturities, is an important tool in fixed-income investing. Investors use the yield curve as a reference point for forecasting interest rates, pricing bonds and creating strategies for boosting total returns.

  • Yield to Call (YTC)

    The yield of a bond that an investor holds until the call date, calculated based on the coupon rate, the length of time to the call date, and the market price.

  • Zero-Coupon Bond

    This kind of bond is sold at a discount from its value, which means investors receive return in the form of capital appreciation over the life of the bond rather than interest installments.

  • Authorized Participant

    An Authorized Participant refers to brokers or dealers who have entered into a Participation Agreement with the Receiving Agent, the Manager and the Trustee with respect to creations and redemptions.

  • Creation Dealing Deadline

    All orders to create units must be received by the Receiving Agent no later than 12 noon, Hong Kong time (Creation Dealing Deadline); otherwise, the orders will be deemed to be received next Dealing Day.

  • Creation Unit

    PAIF units can be subscribed and redeemed in multiples of Creation Unit, ie, blocks of 20,000 units, through Authorized Participants.

  • Dealing Day

    Any day on which commercial banks are open for business in Singapore and Hong Kong, the Stock Exchange of Hong Kong is open for normal trading, and the Markit iBoxx ABF Pan-Asia Index is compiled and published.

  • EMEAP

    EMEAP refers to The Executives' Meeting of East Asia and Pacific Central Banks, comprising the Central Banks and Monetary Authorities in the Asia-Pacific region: Reserve Bank of Australia, People's Bank of China, Monetary Authority of Hong Kong, Bank Indonesia, Bank of Japan, Bank of Korea, Bank Negara Malaysia, Reserve Bank of New Zealand, Bangko Sentral ng Pilipinas, Monetary Authority of Singapore and Bank of Thailand.

  • Ex-Dividend Date

    Dealing day falling immediately before the 15th day of December and June or such determined by the Manager with the approval of the Trustee.

  • Index Constituent Economies

    China, Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore and Thailand.

  • Receiving Agent

    The Receiving Agent, HSBC Institutional Trust Services (Asia) Limited, will perform certain services in connection with the creation and redemption of Units by Authorized Participants, including receiving creation and redemption orders from, and issuing settlement instructions to, Authorized Participants as well as facilitating the exchange of, cash and units on the transaction settlement day.

  • Record Date

    The 15th day of December and June or such other date as shall be determined by the Manager (with the prior approval of the Trustee) as the dates for the purpose of determining the unitholders of record entitled to receive any distributions of dividends.

  • Redemption Dealing Deadline

    All orders to redeem units must be received by the Receiving Agent no later than 12 noon, Hong Kong time (Redemption Dealing Deadline); otherwise, the orders will be deemed to be received next Dealing Day.

  • The Manager

    State Street Global Advisors Singapore Limited

  • The Trustee

    HSBC Institutional Trust Services (Singapore) Limited

  • Transaction Date

    The date on which an order to create/redeem units is received by the Receiving Agent.

  • Valuation Point

    PAIF's NAV (net asset value) will be calculated by the day end prices at the time when the valuation of the Underlying Index is completed on a Dealing Day.

You are leaving PAIF website. The website you are accessing is created and maintained by another entity. The contents of the website located at this link were not created by SSGA. SSGA does not provide any information directly to the linked website, nor do we endorse or affirm any of the information provided by it. We make no representation or warranty with respect to the information contained on the site or that it is appropriate in all jurisdictions or countries, or for use by all investors or counterparties. SSGA takes no responsibility for supplementing, updating or correcting any information on the website. By providing this link, we are not providing you with investment advice or offering securities for sale to you. All persons and entities that access this site do so on their own initiative and are responsible for compliance with applicable local laws and regulations.

You are leaving PAIF website. The website you are accessing is created and maintained by another entity. The contents of the website located at this link were not created by SSGA. SSGA does not provide any information directly to the linked website, nor do we endorse or affirm any of the information provided by it. We make no representation or warranty with respect to the information contained on the site or that it is appropriate in all jurisdictions or countries, or for use by all investors or counterparties. SSGA takes no responsibility for supplementing, updating or correcting any information on the website. By providing this link, we are not providing you with investment advice or offering securities for sale to you. All persons and entities that access this site do so on their own initiative and are responsible for compliance with applicable local laws and regulations.

You are leaving PAIF website. The website you are accessing is created and maintained by another entity. The contents of the website located at this link were not created by SSGA. SSGA does not provide any information directly to the linked website, nor do we endorse or affirm any of the information provided by it. We make no representation or warranty with respect to the information contained on the site or that it is appropriate in all jurisdictions or countries, or for use by all investors or counterparties. SSGA takes no responsibility for supplementing, updating or correcting any information on the website. By providing this link, we are not providing you with investment advice or offering securities for sale to you. All persons and entities that access this site do so on their own initiative and are responsible for compliance with applicable local laws and regulations.

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Markit Trademark

The Markit iBoxx ABF Pan-Asia Index (the "Index") referenced herein is the property of Markit Indices Limited ("Index Sponsor") and has been licensed for use in connection with the ABF Pan Asia Bond Index Fund ("PAIF"). Each party acknowledges and agrees that the PAIF is not sponsored, endorsed or promoted by the Index Sponsor. The Index Sponsor make no representation whatsoever, whether express or implied, and hereby expressly disclaim all warranties (including, without limitation, those of merchantability or fitness for a particular purpose or use), with respect to the Index or any data included therein or relating thereto, and in particular disclaim any warranty either as to the quality, accuracy and/or completeness of the Index or any data included therein, the results obtained from the use of the Index and/or the composition of the Index at any particular time on any particular date or otherwise and/or the creditworthiness of any entity, or the likelihood of the occurrence of a credit event or similar event (however defined) with respect to an obligation, in the Index at any particular time on any particular date or otherwise. The Index Sponsor shall not be liable (whether in negligence or otherwise) to the parties or any other person for any error in the Index, and the Index Sponsor is under no obligation to advise the parties or any person of any error therein.

The Index Sponsor makes no representation whatsoever, whether express or implied, as to the advisability of purchasing of selling the PAIF, the ability of the Index to track relevant markets' performances, or otherwise relating to the Index or any transaction or product with respect thereto, or of assuming any risks in connection therewith. The Index Sponsor has no obligation to take the needs of any party into consideration in determining, composing or calculating the Index. No party purchasing or selling the PAIF, nor the Index Sponsor, shall have any liability to any party for any act or failure to act by the Index Sponsor in connection with the determination, adjustment, calculation or maintenance of the Index.

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