Download overweight europe consider sectors european small

03 European Equities
EUROPE
OUTPERFORMS
Europe has the potential to be a key investment area in
2016. Conditions there are looking very promising for
equities. A favorable environment for growth means that
domestically focused companies should do well.
Investment Ideas
OVERWEIGHT
EUROPE
CONSIDER
SECTORS
EUROPEAN
SMALL CAPS
MANAGED VOLATILITY
STRATEGIES
For exposure to the
region’s growth
potential.
Domestic cyclicals
have promise.
Have characteristics
that will benefit from
European growth.
Can give participation in the
region’s growth story coupled
with volatility management in
case of a reversal.
Marketing Communication. For Investment Professional Use Only. Not For Use With The Public.
Global Market Outlook 2016
Where’s
Europe Now?
What Matters
in Europe
Europe took center stage again
for investors in 2015, and this
time not only because of crises
such as the ongoing Greek
situation but also because some
of the investment opportunities
that we hinted at in our 2015
Global Market Outlook came
to fruition.
With European large-cap
equities having a substantial
16% sales exposure to the US and
15% to emerging markets, the
economic dynamics in those
regions should not be ignored.
Indeed, for the first three quarters
of the year, the MSCI Europe
index was 1% better than the
World index and slightly better
that than its US counterpart.
But what’s in store for 2016?
Will the success story continue?
And, will the European small-cap
premium, which was over 12%
versus the MSCI Europe index in
the first three quarters of 2015,
be sustained? Could the eurozone
offer a shelter against more
troubled environments elsewhere?
A Return of Sorts
Lagging the Fed by fully six
years, the ECB announced on
22 January 2015 the final details
of its quantitative easing program.
On 22 October it followed up with
an announcement of further
expansion of the program, coupled
with a potential rate decrease.
At the same time, gradual rate
increases by the Fed have been
alluded to but have taken time to
materialize due to general
concerns over the economy and
this summer’s Chinese stock
market crash.
All this happened in a context
where the economic situation in
Europe is looking better, leading
indicators are improving and the
unemployment rate is smoothly
slowing down.
Ideal for Growth
The recent decoupling in the
economic momentum of the
three regions (slowdown in
Emerging markets, stabilization
in the US and improvement in
Europe) will continue to
contribute volatility in the
coming quarters.
As a matter of fact, in recent
months the economic decoupling
between the three regions has
somewhat accelerated. The
reading in the eurozone looks
more favorable with positive
manufacturing indicators and
upward-trending earnings.
Following the global financial
crisis, and after a five-year period
where European equities were off
of most investors’ radar, the first
signs of renewed interest
appeared with the “whatever it
takes” speech from Mario Draghi
in mid 2012. Between then and
mid 2014, European equities
rallied sharply. Since the
beginning of 2015, the picture has
looked encouraging, with flows
coming back to European equities.
It is probably too early to assess
the long-term effects of
European QE on the real
economy in Europe. The longterm challenge for the eurozone
is to raise its growth potential,
significantly reduce structurally
high unemployment and shift
public finances to a more
sustainable path.
Part of the answer has to do with
the ability of European
governments to succeed in
implementing their reform
agendas (labor market, privatesector liberalization and
competitiveness, education etc.)
in a difficult context.
With that disclaimer in mind,
over the short term, the eurozone
economy is underpinned by
strong market conditions.
A WEAKER EURO
LOW INTEREST RATES
LOW RAW MATERIAL PRICES
LOW ENERGY PRICES
All create a
very favorable
environment for
European growth.
The vast majority of European
countries are expected to grow at
a faster pace over the next two
years. Economic leading
indicators that coincide with
stronger economic growth also
rebounded, notably in Germany,
one of Europe’s key countries.
Overall, there is a very positive
outlook for Europe. But how best
to harvest it? Which industries
should be targeted and which
avoided? And how does large cap
and small cap differ in Europe?
Let’s look at these questions in
more detail now.
State Street Global Advisors | SPDR ETFs 02
Global Market Outlook 2016
HOW TO HARVEST
Choose the Right Industry
How should investors position their portfolios to
benefit from this decoupling environment? In order
to tackle this question, we begin by classifying
European industry groups into 4 clusters according
to whether they are cyclical/defensive in one
dimension, or global/domestic (depending on their
sales exposure breakdown) in the other dimension.
We’re looking for the industry group that looks best
placed to benefit from the European growth story.
We then check where the different industry groups
are positioned with respect to their own business
cycle over both the short term (earnings revisions
over the last 3 months) and the longer term (EPS
distance to previous 2007 peak).
If more analysts revise their earnings expectations
upwards than downwards, this is a positive since it
indicates return potential within this industry. The
graph below shows this on the horizontal axis, and
this represents our short-term view.
50%
EPS Distance to Previous 2007 Peak
100%
The overall European market is a mixed bag, with
earnings still lagging their previous cyclical peak
and suffering from negative earnings revisions. But
clearly, most of the industries in the lower-right
quadrant are green — they are both domestic and
cyclical, and it is industries with these
characteristics that are our recommendation.
Domestic Cyclicals
Domestic Defensive
Global Cyclicals
Global Defensive
Household &
Personal Products
Healthcare
Equipment
The second dimension, representing our long-term
view, on the vertical axis, looks at each industry in
terms of earnings per share (EPS) and how the
current EPS value is relative to the EPS peak in 2007
right before the Global Financial Crisis. If an
industry currently shows a lower value EPS than in
2007, this should indicate that there is still potential
in terms of earnings growth (and return, as a result).
1
Software & Services
Automobiles & Components
Food Beverages & Tobacco
Consumer Durables
Semiconductors
Pharmaceuticals
Commercial &
Professional Services
2
Retailing
Media
0%
Capital Goods
MSCI Europe
Consumer
Services Insurance
Transportation
Telecommunications Services
Food Retailing
Utilities
Materials
Energy
-50%
3
Real Estate
Diversified
Financials
Technology
Banks
-100% Earnings Revisions Last 3 Months
-0.5
-0.25
0
0.25
In general, industries with
positive earnings revisions also
trade below their last cyclical
peaks while industries above
their last peak are almost
always negatively revised. This
suggests some diverging sector
dynamics within the market.
Globally exposed industry
groups (both cyclicals and
defensives) all exhibit negative
earnings trends, while the
picture is more mixed for
domestic industry groups.
Domestic industries (both
cyclical and defensive) are all
below previous peak levels
while only a few global
industries (e.g. Energy,
Materials) share this
characteristic.
0.5
Source: SSGA, as of 31 October 2015. For illustrative purposes only.
State Street Global Advisors | SPDR ETFs 03
Global Market Outlook 2016
Choose the Right Capitalization
Go Active?
European small-cap companies are more
domestically focused than their large-cap
counterparts and also offer a more cyclical exposure.
European small-cap stocks have on average more
cyclical exposure than large-cap stocks. European
small-cap stocks are also more domestic than
large caps.*
A number of factors make the current market
environment favorable for active quant
equity managers:
But how have European small-cap stocks done in the
recent past? The graphic below shows that the small-cap
premium remains strong. In 2015 especially, it was a
very good year for small-cap investors in Europe.
The asset class offers a purer leverage to the
domestic European economy than large-cap
companies. With these characteristics, we think
investing in European small-cap companies is
another good way to play the economic decoupling
within Europe.
The European Small-Cap Premium
4.34
%
5.89 12.47
Last 10 Years Last 5 Years
%
%
2015 (YTD)
Source: SSGA. MSCI Europe Small Cap Index minus the MSCI Europe Large
Cap Index return (in EUR). As of 30 September 2015. Past performance is
not a guide to future results.
*More on this analysis can be found in Chatron, Ekambi and Schulmerich,
“European View on Equities: Q4-2015”. SSGA IQ Insights, October 2015.
Heightened Market Volatility
More volatility offers an opportunity for skilled active
management to separate good stocks from bad stocks.
Range of Return Dispersion
Higher dispersion among factors can be preferable
since it gives opportunities for managers to express
their views on factor premia.
Lower Correlations
Correlations have been decreasing since their peak
at the end of 2011, a positive sign for active managers.
Lower correlations can improve active returns for
skilled managers and present opportunities for
adding value.
Active management primarily makes sense when an
asset manager is managing a complex strategy that
invests in less-widely researched areas such as
small-cap equities or emerging markets.
The more efficient the market, the more difficult it is
to generate excess returns through active
management. However, with superior research, and
an “information edge,” successful active management
in more efficient markets is indeed possible.
Convinced but Cautious?
There are still many unresolved issues that may yet throw some volatility into the European
mix. The rest of the world continues to slow down, especially Emerging Markets. Although
Europe has a large internal market, it is not insulated from slowdowns elsewhere, as recent
decreases in German exports shows. And, the impact of the recent influx of refugees has yet to
be fully quantified. The first casualty has been Chancellor Merkel’s approval rating, leaving her
less able to maneuver politically. The recent Volkswagen emissions affair has also cast a cloud
over the powerful “Made in Germany” brand.
Investors may want to retain exposure to Europe but with added downside protection in case of
a reversal. One way of achieving this is via managed volatility strategies. These target a 20-30%
reduction in overall volatility relative to the broad equity market while remaining fully exposed
to equities. The long-term investment case for managed volatility strategies is strong, and they
really come into their own in times of uncertainty.
State Street Global Advisors | SPDR ETFs 04
Global Market Outlook 2016
IDEAS FOR YOUR PORTFOLIO
WITH SPDR ETFs
Amid a complex but recovering growth profile, potential opportunities to access sources of
return while managing European equity market risk include cyclical sector investing and
smart beta strategies. The following SPDR ETFs can help you express these investment ideas
for the upcoming year.
European Sector ETFs
In a sector rotation strategy, an investor can use
ETFs to increase their allocation to sectors expected
to outperform because of cyclical trends, and
decrease their allocation to sectors that are expected
to underperform.
The SPDR fund range is the broadest suite of sector
ETFs in the market. Our shorter term European
cyclical picks for the upcoming part of the year are:
SPDR® MSCI Europe Financials UCITS ETF
SPDR® MSCI Europe Industrials UCITS ETF
ISIN
IE00BKWQ0J47
TER
0.30%
Euronext Ticker
STQ (EUR)
LSE Ticker
NDUS (EUR)
SPDR® MSCI Europe Energy UCITS ETF
ISIN
IE00BKWQ0G16
ISIN
IE00BKWQ0F09
TER
0.30%
TER
0.30%
Euronext Ticker
STZ (EUR)
Euronext Ticker
STN (EUR)
LSE Ticker
FNCL (EUR)
LSE Ticker
ENGY (EUR)
SPDR® MSCI Europe Consumer Discretionary
UCITS ETF
SPDR® MSCI Europe Technology UCITS ETF
ISIN
IE00BKWQ0C77
ISIN
IE00BKWQ0K51
TER
0.30%
TER
0.30%
Euronext Ticker
STR (EUR)
Euronext Ticker
STK (EUR)
LSE Ticker
CDIS (EUR)
LSE Ticker
ITEC (EUR)
State Street Global Advisors | SPDR ETFs 05
Global Market Outlook 2016
A Domestic Bias with European
Small Caps
European small caps have fairly high exposure to
Consumer Discretionary and Financials, sectors
which are expected to benefit from quantitative
easing as per the previous sector selection.
With close to 12% exposure to Italy, Spain and
Portugal combined, the MSCI Europe Small Cap
Index provides investors with quick, efficient,
diversified exposure should potential
outperformance arise from the ECB’s drive
to foster rapid reforms in these markets.
SPDR® MSCI Europe Small Cap
UCITS ETF
Smart Beta
Investors are looking for new ways to access sources
of return while managing equity market risk. Smart
beta strategies, which seek to isolate factors that
have been shown to outperform standard market
cap-weighted indices over the long term, respond
directly to this demand.
Dividend investing is a potentially effective way to
augment income. The following Dividend Aristocrats
ETF provides exposure to the 40 highest yielding
companies in the eurozone that have paid increasing
or stable dividends for at least 10 consecutive years.
SPDR® S&P® Euro Dividend Aristocrats
UCITS ETF
ISIN
IE00BKWQ0M75
ISIN
IE00B5M1WJ87
TER
0.30%
TER
0.30%
Euronext Ticker
SMC (EUR)
Deutsche Börse Ticker
SPYW (EUR)
LSE Ticker
EUSC (GBP)
LSE Ticker
EUDI (EUR), EUDV (GBP)
Visit spdrseurope.com for our full range of
European exposure ETFs.
State Street Global Advisors | SPDR ETFs 06
About Us
For nearly four decades, State Street Global Advisors has been committed to helping our clients, and the millions 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 $2.2 trillion as of 30 September 2015.
ssga.com
For Investment Professional Use Only.
Not For Use With The Public.
For Investors in Finland: The offering of funds by the Companies has been
notified to the Financial Supervision Authority in accordance with Section 127 of
the Act on Common Funds (29.1.1999/48) and by virtue of confirmation from the
Financial Supervision Authority the Companies may publicly distribute its Shares
in Finland. Certain information and documents that the Companies must publish in
Ireland pursuant to applicable Irish law are translated into Finnish and are available
for Finnish investors by contacting State Street Custodial Services (Ireland) Limited,
78 Sir John Rogerson’s Quay, Dublin 2, Ireland.
For Investors in France: This document does not constitute an offer or request
to purchase shares in the Companies. Any subscription for shares shall be made in
accordance with the terms and conditions specified in the complete Prospectuses,
the KIID, the addenda as well as the Companies’ Supplements. These documents are
available from the Company centralizing correspondent: State Street Banque S.A.,
23-25 rue Delariviere- Lefoullon, 92064 Paris La Defense Cedex or on the French
part of the site spdrseurope.com. The Companies re undertakings for collective
investment in transferable securities (UCITS) governed by Irish law and accredited
by the Central Bank of Ireland as a UCITS n accordance with European Regulations.
European Directive no. 2009/65/CE dated 13 July 2009 on UCITS, as amended,
established common rules pursuant to the cross-border marketing of UCITS
with which they duly comply. This common base does not exclude differentiated
implementation. This is why a European UCITS can be sold in France even though its
activity does not comply with rules identical to those governing the approval of this
type of product in France. The offering of these compartments has been notified to
the Autorité des Marchés Financiers (AMF) in accordance with article L214-2-2 of
the French Monetary and Financial Code.
For Investors in Germany: The offering of SPDR ETFs by the Companies has been
notified to the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) in accordance
with section 312 of the German Investment Act. Prospective investors may obtain
the current sales Prospectuses, the articles of incorporation, the KIIDs as well as
the latest annual and semi-annual report free of charge from State Street Global
Advisors GmbH, Brienner Strasse 59, D-80333 Munich. Telephone +49 (0)89-55878400. Facsimile +49 (0)89-55878-440.
For Investors in Luxembourg: The Companies have been notified to the
Commission de Surveillance du Secteur Financier in Luxembourg in order to market
their shares for sale to the public in Luxembourg and the Companies are notified
Undertakings in Collective Investment for Transferable Securities (UCITS).
For Investors in the Netherlands: This communication is directed at qualified
investors within the meaning of Section 2:72 of the Dutch Financial Markets
Supervision Act (Wet op het financieel toezicht) as amended. The products and
services to which this communication relates are only available to such persons and
persons of any other description should not rely on this communication. Distribution
of this document does not trigger a licence requirement for the Companies or
SSGA in the Netherlands and consequently no prudential and conduct of business
supervision will be exercised over the Companies or SSGA by the Dutch Central
Bank (De Nederlandsche Bank N.V.) and the Dutch Authority for the Financial
Markets (Stichting Autoriteit Financiële Markten). The Companies have completed
their notification to the Authority Financial Markets in the Netherlands in order to
market their shares for sale to the public in the Netherlands and the Companies are,
accordingly, investment institutions (beleggingsinstellingen) according to Section
2:72 Dutch Financial Markets Supervision Act of Investment Institutions.
For Investors in Norway: The offering of SPDR ETFs by the Companies has been
notified to the Financial Supervisory Authority of Norway (Kredittilsynet) in accordance
with applicable Norwegian Securities Funds legislation. By virtue of a confirmation
letter from the Financial Supervisory Authority dated 28 March 2013 (16 October 2013
for umbrella II) the Companies may market and sell their shares in Norway.
For Investors in Spain: SSGA SPDR ETFs Europe I plc and SSGA SPDR ETFs
Europe II plc have been authorised for public distribution in Spain and are registered
with the Spanish Securities Market Commission (Comisión Nacional del Mercado
de Valores) under no.1244 and no.1242. A copy of the Prospectuses and Key Investor
Information Documents, the Marketing Memoranda, the fund rules or instruments
of incorporation as well as the annual and semi-annual reports of SSGA SPDR ETFs
Europe I plc and SSGA SPDR ETFs Europe II plc may be obtained from the Spanish
distributors. The complete lists of the authorised Spanish distributors of SSGA SPDR
ETFs Europe I plc and SSGA SPDR ETFs Europe II plc is available on the website of
the Securities Market Commission (Comisión Nacional del Mercado de Valores).
For Investors in Switzerland: The information provided does not constitute
advice or an offer or solicitation to purchase shares. This document is directed at
qualified investors only, as defined by Article 10(3) of the Swiss Act on Collective
Investment Schemes (CISA) and Article 6 of the Swiss Ordinance on Collective
Investment Schemes (CISO). Certain of the funds are not registered with the Swiss
Financial Market Supervisory Authority (FINMA) which acts as supervisory authority
in investment fund matters. Certain of the funds referenced herein have not been
authorised by the FINMA as a foreign Collective Investment Scheme under Article
120 of the Collective Investment Schemes Act of June 23, 2006. Accordingly,
the shares of these funds may not be offered to the public in or from Switzerland
unless they are placed without public solicitation as such term is defined by FINMA
from time to time. In relation to those funds which are registered with FINMA,
prospective investors may obtain the current sales Prospectuses, the articles of
incorporation, the KIIDs as well as the latest annual and semi-annual reports free
of charge from the Swiss representative, State Street Fund Management Ltd.,
Beethovenstrasse 19, 8027 Zurich, from the Swiss paying agent, State Street Bank
GmbH Munich, Zurich Branch, Beethovenstrasse 19, 8027 Zurich as well as from the
main distributor in Switzerland, State Street Global Advisors AG , Beethovenstrasse
19, 8027 Zurich. Before investing please read the Prospectuses and KIIDs, copies of
which can be obtained from the Swiss representative, or at spdrseurope.com
For Investors in the UK: The Companies are recognised schemes under Section
264 of the Financial Services and Markets Act 2000 (“the Act”) and are directed at
‘professional clients’ in the UK (within the meaning of the rules of the Act) who are
deemed both knowledgeable and experienced in matters relating to investments.
The products and services to which this communication relates are only available
to such persons and persons of any other description should not rely on this
communication. Many of the protections provided by the UK regulatory system do
not apply to the operation of the Companies, and compensation will not be available
under the UK Financial Services Compensation Scheme.
State Street Global Advisors | SPDR ETFs
07
Important Information This document has been issued by State Street Global
Advisors Limited (“SSGA”). Authorised and regulated by the Financial Conduct
Authority. Registered No. 2509928. VAT No. 5776591 81. Registered office:
20 Churchill Place, Canary Wharf, London, E14 5HJ. T: 020 3395 6000.
F: 020 3395 6350 Web: ssga.com
SPDR ETFs is the exchange traded funds (“ETF”) platform of State Street Global
Advisors and is comprised of funds that have been authorised by European
regulatory authorities as open-ended UCITS investment companies (“Companies”).
SSGA SPDR ETFs Europe I plc issue SPDR ETFs, and is an open-ended investment
company with variable capital having segregated liability between its sub-funds.
The Company is organised as an Undertaking for Collective Investments in
Transferable Securities (UCITS) under the laws of Ireland and authorised as a UCITS
by the Central Bank of Ireland.
SSGA SPDR ETFs Europe II plc issue SPDR ETFs, and is an open-ended investment
company with variable capital having segregated liability between its sub-funds.
The Company is organised as an Undertaking for Collective Investments in
Transferable Securities (UCITS) under the laws of Ireland and authorised as a
UCITS by the Central Bank of Ireland.
This document is not, and under no circumstances is to be construed as, an offer
or any other step in furtherance of a public offering in the United States, Canada
or any province or territory thereof, where the Companies are not authorised
or registered for distribution and where the Companies prospectuses have not
been filed with any securities commission or regulatory authority. Neither this
document nor any copy hereof should be taken, transmitted or distributed (directly
or indirectly) into the United States. The Companies have not and will not be
registered under the Investment Company Act of 1940 or qualified under any
applicable state securities statutes.
The views expressed in this material are the views of SSGA’s Economics and
Investment Teams through the period ended 30 November 2015 and are subject
to change based on market and other conditions. This document contains certain
statements that may be deemed forward-looking statements. Please note that any
such statements are not guarantees of any future performance and actual results or
developments may differ materially from those projected. Past performance is not
a guarantee of future results.
The information provided does not constitute investment advice as such
term is defined under the Markets in Financial Instruments Directive
(2004/39/EC) or applicable Swiss regulation and it should not be relied
on as such. It should not be considered a solicitation to buy or an offer to sell
any investment. It does not take into account any investor’s or potential investor’s
particular investment objectives, strategies, tax status, risk appetite or investment
horizon. If you require investment advice you should consult your tax and financial or
other professional advisor. All material has been obtained from sources believed to be
reliable. There is no representation or warranty as to the accuracy of the information
and State Street shall have no liability for decisions based on such information.
Exchange traded-funds (ETFs) trade like stocks, are subject to investment risk and
will fluctuate in market value. The value of the investment can go down as well as up
and the return upon the investment will therefore be variable. Changes in exchange
rates may have an adverse effect on the value, price or income of an investment.
Further, there is no guarantee an ETF will achieve its investment objective.
This communication is directed at professional clients (this includes eligible
counterparties as defined by the Appropriate EU Regulator) who are deemed both
knowledgeable and experienced in matters relating to investments. The products
and services to which this communication relates are only available to such persons
and persons of any other description (including retail clients) should not rely on this
communication.
These investments may have difficulty in liquidating an investment position without
taking a significant discount from current market value, which can be a significant
problem with certain lightly traded securities.
Investing involves risk including the risk of loss of principal.
Diversification does not ensure a profit or guarantee against loss.
The whole or any part of this work may not be reproduced, copied or transmitted or
any of its contents disclosed to third parties without SSGA’s express written consent.
There can be no assurance that a liquid market will be maintained for ETF shares.
Frequent trading of ETFs could significantly increase commissions and other costs
such that they may offset any savings from low fees or costs.
Risks associated with equity investing include stock values which may fluctuate in
response to the activities of individual companies and general market and economic
conditions.
Investments in small-sized companies may involve greater risks than in those of
larger, better known companies.
Select Sector SPDR Funds bear a higher level of risk than more broadly diversified
funds. All ETFs are subject to risk, including the possible loss of principal. Sector
ETFs products are also subject to sector risk and non-diversification risk, which
generally results in greater price fluctuations than the overall market.
Because of their narrow focus, sector investing tends to be more volatile than
investments that diversify across many sectors and companies.
Investing in foreign domiciled securities may involve risk of capital loss from
unfavorable fluctuation in currency values, withholding taxes, from differences in
generally accepted accounting principles or from economic or political instability in
other nations.
The financial products referred to herein are not sponsored, endorsed, or promoted
by MSCI and MSCI bears no liability with respect to any such financial products or
any index on which such financial products are based. The Prospectus contains a
more detailed description of the limited relationship MSCI has with SSGA and any
related financial products.
Standard & Poor’s, S&P and SPDR are registered trademarks of Standard & Poor’s
Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones
Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for
use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes
by State Street Corporation. State Street Corporation’s financial products are not
sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective
affiliates and third party licensors and none of such parties make any representation
regarding the advisability of investing in such product(s) nor do they have any liability
in relation thereto, including for any errors, omissions, or interruptions of any index.
You should obtain and read the Companies’ Prospectuses prior to
investing. Prospective investors may obtain the current Prospectuses, the
articles of incorporation, the Key Investor Information Documents (KIIDs)
as well as the latest annual and semi-annual reports free of charge from
State Street Global Advisors, or from spdrseurope.com
© 2015 State Street Corporation. All Rights Reserved.
IBGE-1986 1215 Exp. Date: 31/12/2016