A Study to Compare Fluticasone /Formoterol Breath Actuated Inhaler (BAI) and Ultibro in Subjects With Fixed Airflow Obstruction and Elevated Eosinophils

Inclusion Criteria: 1. Male or female subjects aged ≥ 40 years at Screening visit. 2. Adequate contraception: 3. Diagnosis of fixed airflow obstruction with elevated eosinophils 4. Subjects symptomatic at Visit 1 (CAT ≥10) despite currently receiving treatment with either LAMA or LABA monotherapy or LAMA + LABA as a combination inhaler or separate inhalers. 5. Documented history of ≥ 1 moderate or severe respiratory disease exacerbations (requiring treatment with systemic corticosteroids and/or antibiotics and/or hospitalisation) in the previous year. 6. Willing and able to replace current therapy for obstructive lung disease with study medication. 7. Able to demonstrate correct use of a BAI, Breezehaler and pMDI. Exclusion Criteria: 1. Respiratory disease exacerbation between 4 weeks prior to screening and Visit 3 (Randomisation). 2. Previous treatment with ICS. 3. Documented evidence of α1-antitrypsin deficiency. 4. Other active respiratory disease such as active tuberculosis, lung cancer, bronchiectasis, sarcoidosis, lung fibrosis, pulmonary hypertension, interstitial lung disease, cystic fibrosis, bronchiolitis obliterans. 5. Use of long-term oxygen therapy (LTOT) at least 12 hours daily or mechanical ventilation. 6. Chest X-ray or CT scans performed prior to screening which reveal evidence of clinically significant abnormalities reflective of active disease not believed to be due to COPD 7. Evidence of uncontrolled cardiovascular disease. 8. Evidence of clinically significant renal, hepatic, gastrointestinal, or psychiatric disease. 9. Current malignancy or a previous history of cancer which has been in remission for \< 5 years (basal cell or squamous cell carcinoma of the skin which has been resected is not excluded). 10. Clinically significant sleep apnoea requiring use of continuous positive airway pressure (CPAP) device or non-invasive positive pressure ventilation (NIPPV) device. 11. Participation in the acute phase of a pulmonary rehabilitation programme within 4 weeks prior to screening or during the study. 12. Known or suspected history of drug or alcohol abuse in the last 2 years. 13. Requiring treatment with any of the prohibited concomitant medications. 14. Known or suspected hypersensitivity or contraindication to any of the study drugs or excipients. 15. Received an investigational drug within 30 days of the Screening. 16. Received a systemic corticosteroid within 30 days of the Screening visit.