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TOGETHER WITH
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Hi Sarah, here's what you need to know for
<strong>
August 6th
</strong>
in
<strong>
3:15 minutes
</strong>
.
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SoftBank placed huge bets on AI earlier in the year – and they’ve come good since
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OpenAI is everywhere (except the IPO market). Here’s how to add it to your portfolio –
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Read Now
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<span class="font-normal" style="font-weight: 400;">
Aramco ramped up its oil production, but the Saudi-owned firm’s profit still wouldn’t budge
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🏖 When we asked for a big summer blowout, we hoped for a pool party studded with Aperol spritz and luxury daybeds. Our product team went a different direction: our
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Summer Release
</a>
launches
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stock snapshots, extra insights from our expert analysts, and exclusive live events
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<span class="text-heading1 text-black font-black" style="font-weight: 900; color: #283444; font-size: 24px;">
Moore’s Law
</span>
</div>
</td>
</tr>
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<div style="font-family:Helvetica, Arial, sans-serif;;font-size:13px;line-height:1;text-align:left;color:#000000;">
<h4 class="text-body" style="font-family: 'Poppins', Helvetica, arial, -apple-system, sans-serif; font-weight: 700; line-height: 1.25; margin-bottom: 16px; color: #171E27; font-size: 16px; font-family: 'Poppins', Helvetica, arial, -apple-system, sans-serif; margin-top: 0;">
</h4>
<p style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
</p>
<p data-block-key="clsi7" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
<b>
What’s going on here?
</b>
</p>
<p data-block-key="cm7kk" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
Regulatory filings showed that SoftBank doubled down on its AI investments this year… and then some.
</p>
<p data-block-key="2l9ot" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
<b>
What does this mean?
</b>
</p>
<p data-block-key="7rsih" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
– The Japanese group tripled its stash of Nvidia stock in the first quarter, holding $3 billion worth by the end of March. And SoftBank scooped up $330 million of TSMC’s shares, too.
</p>
<p data-block-key="1p9n6" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
🔺 That’s a killer combo:
<b>
Nvidia and TSMC have risen 63% and 40%
</b>
, respectively, since.
</p>
<p data-block-key="55b5i" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
SoftBank also controls 90% of chip designer Arm – and that chunk is now worth over $120 billion with the stock rising 10% this year. (And yet, Arm’s trading at a 40% discount to its “net asset value” – a key indicator of a firm’s actual worth.)
</p>
<p data-block-key="fa079" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
<b>
Why should I care?
</b>
</p>
<p data-block-key="e10s4" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
<b>
<i>
Zooming in:
</i>
</b>
<i>
SoftBank’s not the only one making bank from AI…
</i>
</p>
<p data-block-key="co3il" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
Major tech firms are starting to see AI lead to real revenue. That’s a welcome sight for investors, given the amount of cash these companies have poured into the tech.
</p>
<p data-block-key="eiokd" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
–
<b>
Microsoft’s
</b>
cloud sales were 39% higher last quarter than the same time last year, which helped the firm secure a $4 trillion valuation and a 3.7% stock boost after the results.
</p>
<p data-block-key="9sor3" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
–
<b>
Meta’s
</b>
revenue was up 22%, with AI increasing its customer count, engagement, and ad sales. That’s mainly why its stock jumped 10%.
</p>
<p data-block-key="8j869" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
–
<b>
Palantir’s
</b>
revenue rose 48% – a testament to rampant demand for its AI-powered software services. Investors rewarded the stock with an 8% bump.
</p>
<p data-block-key="e0h8v" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
<b>
<i>
Zooming out:
</i>
</b>
<i>
Privacy’s overrated.
</i>
</p>
<p data-block-key="9id4l" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
To finance all that AI spending, SoftBank’s been selling other stocks – like $5 billion worth of T-Mobile. But the recovering initial public offering (IPO) market could help line the firm’s coffers, too. SoftBank’s sitting on many private firms that could be due for a debut – and the buzz is palpable.
</p>
<p data-block-key="aeeg9" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
▶ Software company
<b>
Figma
</b>
bagged a $43 billion valuation when it went public, with the stock popping 250%. And crypto firm
<b>
Circle
</b>
raised over $1 billion at a valuation above $7 billion – those shares picked up 168% on day one.
</p>
<p style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; margin: 0;">
</p>
</div>
</td>
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<tr>
<td align="left" style="font-size:0px;padding:0;padding-top:24px;padding-bottom:16px;word-break:break-word;">
<div style="font-family:Helvetica, Arial, sans-serif;;font-size:13px;line-height:1;text-align:left;color:#000000;">
<p data-block-key="arelz" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; margin: 0;">
<b>
You might also like:
</b>
<a style="color: #204CE9; text-decoration: underline; font-weight: 500;">
SoftBank is trading cheap, and that could be an opportunity
</a>
.
</p>
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<strong>
Copy to share story:
</strong>
<a class="text-black60 font-normal" style="text-decoration: underline; font-weight: 400; color: #71767B;" target="_blank">
https://app.finimize.com/content/mores-law
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FROM OUR RESEARCH DESK
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OpenAI, Wide Open: Why (And How) To Invest In The ChatGPT Maker
</h2>
<p style="line-height: 1.5; margin-top: 0; margin-bottom: 16px; font-family: Helvetica, Arial, sans-serif; font-size: 14px; color: #FFFFFF; margin: 0;">
Theodora Lee Joseph, CFA
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If you’ve been near a phone, laptop, or mildly curious coworker lately, you’ve heard of
<a style="color: inherit; text-decoration: underline; font-weight: inherit;">
ChatGPT
</a>
. Maybe you’ve used it to write an email, settle a trivia spat, or – admit it – win a dinner party debate about Roman emperors.
</p>
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By early this year, over half a billion people were using it weekly – a growth spurt that puts
<a style="color: inherit; text-decoration: underline; font-weight: inherit;">
OpenAI
</a>
, the private firm behind it, in rarefied air.
</p>
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But unlike private peers like Revolut or Klarna, OpenAI isn’t teasing an IPO. It’s got no plans to go public, even as its value
<a style="color: inherit; text-decoration: underline; font-weight: inherit;">
keeps climbing
</a>
.
</p>
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Still, even without direct access to its shares, there are
<a style="color: inherit; text-decoration: underline; font-weight: inherit;">
ways to benefit
</a>
from its rise. So it’s worth understanding how the company makes money – and how to get exposure to the future it’s shaping.
</p>
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That’s today’s Research:
<a style="color: inherit; text-decoration: underline; font-weight: inherit;">
why (and how) to invest in OpenAI
</a>
.
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Read or listen to the Research here
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Someone had to set the standard…
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When you’re built to lead, others tend to fall in line. Just think of the iPhone, McDonald’s, Google, and Mercedes-Benz — they’re all inventions that set industry standards.
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SPY
</a>
, too: State Street launched the first-ever US ETF in 1993, igniting an entire industry. Now, SPY — the world’s most traded ETF — trades $41 billion a day, on average. That’s over 3 times that of Apple, or more than the trading volumes for Microsoft, Amazon, and Meta combined.¹
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Get to know the original S&P 500 ETF
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Footnote:
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1 Bloomberg Finance, L.P., as of March 31, 2025.
<b>
Average daily trading volume calculated based on a 1-month average.
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See important disclaimers below*
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Well, Well, Well…
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<b>
What’s going on here?
</b>
</p>
<p data-block-key="fe5m0" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
Aramco’s profit fell for the tenth quarter in a row, despite Saudi Arabia’s state-owned energy company drilling for dear life.
</p>
<p data-block-key="ekk0g" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
<b>
What does this mean?
</b>
</p>
<p data-block-key="9gl4l" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
Aramco has been pumping more oil – but with the average barrel fetching around $20 less than last year, that extra effort isn’t bringing in extra profit.
</p>
<p data-block-key="buai5" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
► So even after cutting its performance-linked dividend, the oil producer had to borrow money to pay shareholders last quarter.
<br/>
► That’s partly why Aramco’s debt level reached 6.5% – modest compared to Western rivals like Shell and ExxonMobil, but higher than the 4.5% it boasted at the end of last year.
<br/>
► Between that mounting debt pile and shrinking profit margins, the firm doesn’t have much of a buffer. So if the slippery stuff’s price… uh, slips, then Aramco’s stock might, too.
</p>
<p data-block-key="9m9hp" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
<b>
Why should I care?
</b>
</p>
<p data-block-key="684iq" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
<b>
<i>
For markets:
</i>
</b>
<i>
Stocks could use the fuel.
</i>
</p>
<p data-block-key="ed07" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
🔻 Benchmark oil price Brent crude has fallen from $120 to $70 since 2022 – a result of the pandemic-era supply crunch fading.
</p>
<p data-block-key="d2t7r" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
And now, OPEC+ (the group of oil-producing nations) is pushing even more barrels into a shaky global economy. The International Energy Agency has warned that supply could outstrip demand by two million barrels a day this year – the biggest surplus since Covid.
</p>
<p data-block-key="aajpu" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
🔺 While that could beat up oil stocks, cheaper fuel may well bring down inflation and encourage central banks to trim interest rates. And
<i>
that
</i>
would push along other stocks and bonds.
</p>
<p data-block-key="e1io1" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
<b>
<i>
The bigger picture:
</i>
</b>
<i>
Prepare the piggy banks.
</i>
</p>
<p data-block-key="1a0g4" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
Saudi Arabia – which owns almost all of Aramco – relies on oil money to finance development projects like
<a style="text-decoration: underline; font-weight: 500; color: #3C4857;">
Vision 2030
</a>
. But its leaders won’t be panicking just yet: the International Monetary Fund says the kingdom can make do with an oil price as low as $60, thanks to recent cost-cutting and an ample just-in-case fund.
</p>
<p style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; margin: 0;">
</p>
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<b>
You might also like:
</b>
<a style="color: #204CE9; text-decoration: underline; font-weight: 500;">
The gold-oil ratio is sending a warning sign
</a>
.
</p>
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<strong>
Copy to share story:
</strong>
<a class="text-black60 font-normal" style="text-decoration: underline; font-weight: 400; color: #71767B;" target="_blank">
https://app.finimize.com/content/well-well-well
</a>
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QUOTE OF THE DAY
</div>
</td>
<td class="quote-content-cell" style="padding-left: 10px; vertical-align: top;" valign="top">
<p class="font-heading font-bold text-navy leading-snug mb-2 text-subtitle" data-block-key="cygyq" style="margin-top: 0; font-family: 'Poppins', Helvetica, arial, -apple-system, sans-serif; font-weight: 700; line-height: 1.375; margin-bottom: 8px; color: #0C73EC; font-size: 20px;">
"A somebody was once a nobody who wanted to and did."
</p>
<span class="text-caption font-normal text-blackLight leading-normal" style="font-weight: 400; line-height: 1.5; color: #3C4857; font-size: 12px;">
– John Burroughs (an American naturalist)
</span>
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<table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%">
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<table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%">
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<td align="left" style="font-size:0px;padding:0;word-break:break-word;">
<div style="font-family:Helvetica, Arial, sans-serif;;font-size:13px;line-height:1;text-align:left;color:#000000;">
<p class="content-box-header mb-4" style="line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; font-weight: 900; font-size: 16px; margin-bottom: 16px;">
🎯 On Our Radar
</p>
<p data-block-key="wnzwo" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
1.
<b>
The final frontier.
</b>
If you want to see if you can survive off the land,
<a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
take a trip to the 1880s
</a>
.
</p>
<p data-block-key="9mu9o" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
2.
<b>
Wait, are
</b>
<b>
<i>
we
</i>
</b>
<b>
the Sims?
</b>
Video game characters just realized that they’re code – and
<a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
they freaked out
</a>
.
</p>
<p data-block-key="25pjb" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
3.
<b>
Bottoms up.
</b>
Coca-Cola
<i>
is
</i>
making
<a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
cane sugar cans
</a>
, after all.
</p>
<p data-block-key="1ngnj" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px;">
4.
<b>
There’s more to it than bootleg jeans and big hair.
</b>
<a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
The Dolly Parton effect
</a>
, explained.
</p>
<p data-block-key="97a8f" style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; margin: 0;">
5.
<b>
Finally, an underground scene we can get on board with.
</b>
It’s the perfect time to
<a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
move into a cave
</a>
… apparently.
</p>
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🎙 Get 'em while they're free...
</p>
<a style="color: #204CE9; font-weight: 500; text-decoration: underline;">
<h4 style="font-family: 'Poppins', Helvetica, arial, -apple-system, sans-serif; font-weight: 700; line-height: 1.25; margin-bottom: 16px; color: #171E27; font-size: 20px; font-family: 'Poppins', Helvetica, arial, -apple-system, sans-serif; margin-top: 0;">
<img alt="Modern Investor Summit 2025: December 2nd and 3rd" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FMIS25-SpeakerAnnouncement-email-1000x500_2.original.png%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253D7ec590e298f720b36ad5c690355f19cd/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NTQ0Njc0NzYuNjUwMTg5NH0:1ujZ8W:XQlO87iFYDPLAZ5NVRLWsvC-1is7iqGP6ZleKtnMnVc" width="100%"/>
</h4>
<p style="font-size: 16px; line-height: 1.5; color: #283444; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; margin: 0;">
Modern Investor Summit 2025: December 2nd and 3rd
</p>
</a>
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<td align="left" class="content disclaimer" style="font-size:0px;padding:32px 0 0;word-break:break-word;">
<div style="font-family:Helvetica, Arial, sans-serif;;font-size:13px;line-height:1;text-align:left;color:#000000;">
<p data-block-key="va8l9" style="line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; font-size: 12px; color: #9FA1A5;">
*State Street's Disclaimers
</p>
<p data-block-key="aomoh" style="line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; font-size: 12px; color: #9FA1A5;">
<b>
Important Risk Information
</b>
</p>
<p data-block-key="btfqs" style="line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; font-size: 12px; color: #9FA1A5;">
State Street Global Advisors (SSGA) is now State Street Investment Management. Please click
<a style="font-weight: 500; font-size: 12px; color: #9FA1A5; text-decoration: underline;">
here
</a>
for more information.
</p>
<p data-block-key="fdfsf" style="line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; font-size: 12px; color: #9FA1A5;">
Investing involves risk including the risk of loss of principal.
</p>
<p data-block-key="6s8kq" style="line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; font-size: 12px; color: #9FA1A5;">
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.
</p>
<p data-block-key="844co" style="line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; font-size: 12px; color: #9FA1A5;">
All information is from SSGA unless otherwise noted and has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. There is no representation or warranty as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information and it should not be relied on as such.
</p>
<p data-block-key="51v7r" style="line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; font-size: 12px; color: #9FA1A5;">
In general, ETFs can be expected to move up or down in value with the value of the applicable index. Although ETF shares may be bought and sold on the exchange through any brokerage account, ETF shares are not individually redeemable from the Fund. Investors may acquire ETFs and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details.
</p>
<p data-block-key="dmpag" style="line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; font-size: 12px; color: #9FA1A5;">
The information provided does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. You should consult your tax and financial advisor.
</p>
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Equity securities may fluctuate in value and can decline significantly in response to the activities of individual companies and general market and economic conditions.
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Passively managed funds invest by sampling the index, holding a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. This may cause the fund to experience tracking errors relative to performance of the index.
</p>
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This communication is not intended to be an investment recommendation or investment advice and should not be relied upon as such.
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<p data-block-key="3n8c4" style="line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; font-size: 12px; color: #9FA1A5;">
Frequent trading of ETFs could significantly increase commissions and other costs such that they may offset any savings from low fees or costs.
</p>
<p data-block-key="ekrv" style="line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; font-size: 12px; color: #9FA1A5;">
While the shares of ETFs are tradable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress.
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<p data-block-key="4tr66" style="line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; font-size: 12px; color: #9FA1A5;">
The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on the Fund and its investments.
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<p data-block-key="1fuo4" style="line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; font-size: 12px; color: #9FA1A5;">
The S&P 500® Index is a product of S&P Dow Jones Indices LLC or its affiliates (“S&P DJI”) and have been licensed for use by State Street Global Advisors. S&P®, SPDR®, S&P 500®, US 500 and the 500 are 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 has been licensed for use by S&P Dow Jones Indices; and these trademarks have been licensed for use by S&P DJI and sublicensed for certain purposes by State Street Global Advisors. The fund is not sponsored, endorsed, sold or promoted by S&P DJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of these indices.
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<p data-block-key="f8h41" style="line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; font-size: 12px; color: #9FA1A5;">
ALPS Distributors, Inc., member FINRA, is distributor for SPDR® S&P 500®, SPDR® S&P MidCap 400® and SPDR® Dow Jones Industrial Average, all unit investment trusts. ALPS Distributors, Inc. is not affiliated with State Street Global Advisors Funds Distributors, LLC.
</p>
<p data-block-key="74rij" style="line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; font-size: 12px; color: #9FA1A5;">
<b>
Before investing, consider the funds’ investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 or visit www.ssga.com. Read it carefully.
</b>
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<p data-block-key="464kf" style="line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; font-size: 12px; color: #9FA1A5;">
State Street Global Advisors Funds Distributors, LLC, member
<a style="font-weight: 500; font-size: 12px; color: #9FA1A5; text-decoration: underline;">
FINRA
</a>
,
<a style="font-weight: 500; font-size: 12px; color: #9FA1A5; text-decoration: underline;">
SIPC
</a>
, One Iron Street, Boston, MA 02210.
</p>
<p data-block-key="ckevd" style="line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; font-size: 12px; color: #9FA1A5;">
© 2025 State Street Corporation. All Rights Reserved.
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<b>
Not FDIC Insured – No Bank Guarantee – May Lose Value
</b>
</p>
<p data-block-key="56sio" style="line-height: 1.5; font-family: 'Helvetica Neue', Helvetica, arial, -apple-system, sans-serif; margin-top: 0; margin-bottom: 16px; font-size: 12px; color: #9FA1A5;">
Adtrax Code: 8054380.1.1.AM.RTL SPD003985
</p>
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Expiration date: 07/31/26
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4 weeks, 1 day ago - hello@finimize.com
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