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  <div class="sailthru-emco-preheader" style="display: none; max-height: 0px; overflow: hidden;">
   Amid recent market turbulence, retail traders are “skipping the dips, selling into rallies, and positioning more defensively,” writes JPMorgan strategist Arun Jain.
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                   Presented by
                  </p>
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                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   Hey Snackers,
                  </span>
                 </h1>
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                  <p style="margin:0;margin-bottom:16px">
                   While everyone was freaking out last week about how
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     quantum computing could put literally trillions of dollars of cryptocurrency at risk
                    </strong>
                   </a>
                   of future attacks by 2030, hundreds of millions’ worth of crypto was hacked seemingly due to good old social engineering. The over
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     $270 million exploit
                    </strong>
                   </a>
                   on
                   <a rel="noopener" style="text-decoration: underline; color: #5869ff;" target="_blank">
                    <strong>
                     solana
                    </strong>
                   </a>
                   -based trading platform Drift wasn’t because of a bug in the protocol’s smart contracts or supercomputers, but done by exploiting a
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     human weak link
                    </strong>
                   </a>
                   .
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   The S&amp;P 500 and Nasdaq 100
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     eked out gains in the final hour
                    </strong>
                   </a>
                   of the final trading session of last week, while the Russell 2000 outperformed. US oil spiked to over $111 per barrel on Thursday.
                  </p>
                  <p style="margin:0">
                   🧠 Test your mettle with our
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Snacks Seven Quiz
                    </strong>
                   </a>
                   . Here’s the first question:
                  </p>
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                <td class="pad" style="padding-bottom:15px;padding-left:10px;padding-right:10px;padding-top:10px">
                 <div style="margin-left:-20px">
                  <ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    What was the average bonus on Wall Street last year?
                    <br/>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Check your answer.
                     </strong>
                    </a>
                   </li>
                  </ul>
                 </div>
                </td>
               </tr>
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                  <p style="margin:0;margin-bottom:16px">
                   Tonight is the final for the men’s March Madness tournament.
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Who you got?
                    </strong>
                   </a>
                   <strong>
                    *
                   </strong>
                   If your bracket needed some love this year, perhaps you should
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     subscribe to Scoreboard
                    </strong>
                   </a>
                   , the sports newsletter from your crew at Snacks.
                  </p>
                  <p style="margin:0">
                   *Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.
                  </p>
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                  <strong>
                   What’s happening this week:
                  </strong>
                 </h1>
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               <tr>
                <td class="pad" style="padding-bottom:5px;padding-left:10px;padding-right:10px;padding-top:5px">
                 <div style="margin-left:-20px">
                  <ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <strong>
                     Tuesday:
                    </strong>
                    February durable goods orders. Earnings expected from
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Levi Strauss
                     </strong>
                    </a>
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <strong>
                     Wednesday:
                    </strong>
                    Fed meeting minutes. Earnings expected from
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Delta Air Lines
                     </strong>
                    </a>
                    ,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Constellation Brands
                     </strong>
                    </a>
                    , and
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Applied Digital
                     </strong>
                    </a>
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <strong>
                     Thursday:
                    </strong>
                    February PCE (the Fed’s preferred inflation gauge). Q4 GDP (third estimate). Earnings expected from
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Blackberry
                     </strong>
                    </a>
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <strong>
                     Friday:
                    </strong>
                    March CPI
                   </li>
                  </ul>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="divider_block block-4" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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                     <span style="word-break: break-word;">
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                 </div>
                </td>
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             </td>
            </tr>
           </tbody>
          </table>
         </td>
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       </tbody>
      </table>
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              <table border="0" cellpadding="0" cellspacing="0" class="button_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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                 <div align="left" class="alignment">
                  <!--[if mso]>
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                   <span style="word-break: break-word; line-height: 16.8px;">
                    <strong>
                     IT’S SO OVER
                    </strong>
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                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:26px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:31px">
                  <a style="text-decoration: underline; color: #5869ff;">
                   <strong>
                    Retail traders are “skipping the dips” to dash for cash and bet against tech stocks
                   </strong>
                  </a>
                 </h1>
                </td>
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              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-3" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
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                  <p style="margin:0">
                   Amid recent market turbulence, retail traders are “skipping the dips, selling into rallies, and positioning more defensively,”
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     writes JPMorgan strategist Arun Jain
                    </strong>
                   </a>
                   .
                  </p>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="list_block block-4" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word;color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:15px;padding-left:10px;padding-right:10px;padding-top:10px">
                 <div style="margin-left:-20px">
                  <ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Those headline stats understate
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      how cautious the cohort has been of late
                     </strong>
                    </a>
                    . For instance, two products that the retail community stampeded into on Tuesday and Wednesday last week were the
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      ProShares UltraPro Short QQQ
                     </strong>
                    </a>
                    (3x leveraged short the Nasdaq 100) and the
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      iShares 0-3 Month Treasury Bond ETF
                     </strong>
                    </a>
                    (cash, more or less), according to Jain.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    In single stocks,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Tesla
                     </strong>
                    </a>
                    ,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Nvidia
                     </strong>
                    </a>
                    , and
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Microsoft
                     </strong>
                    </a>
                    continue to be bought, but tech more broadly is being sold, with retail positioning in the sector “at its most negative level in six months,” Jain wrote. In particular,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Micron
                     </strong>
                    </a>
                    and
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Sandisk
                     </strong>
                    </a>
                    have been dumped across the past week on concerns
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      over Google’s TurboQuant algorithm
                     </strong>
                    </a>
                    .
                   </li>
                   <li style="Margin:0 0 8px 0">
                    Jain’s spotlighting of the newfound risk aversion among retail investors comes roughly a week after Vanda Research said that retail traders had a session in which they sold single stocks, on net, for the
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      first time since November 2023
                     </strong>
                    </a>
                    .
                   </li>
                  </ul>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-5" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
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                  <p style="margin:0">
                   Retail purchases in March were
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     roughly cut in half
                    </strong>
                   </a>
                   from January and down 40% from February, per JPMorgan.
                  </p>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
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         </td>
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                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   THE TAKEAWAY
                  </span>
                 </h1>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
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                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0;margin-bottom:16px">
                   Zooming out, the speculative fever that dominated price action for much of 2025 looks to have broken. Call volumes traded across US exchanges (which we highlighted as a
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     key chart to watch for 2026
                    </strong>
                   </a>
                   ) peaked in October.
                  </p>
                  <p style="margin:0">
                   That’s also when the
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Invesco QQQ Trust
                    </strong>
                   </a>
                   , Nvidia,
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     bitcoin
                    </strong>
                   </a>
                   , quantum computing stocks, and Goldman Sachs’ basket of stocks beloved by retail traders hit all-time closing (or 52-week) highs.
                  </p>
                 </div>
                </td>
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                   DIA offers cost-efficient, liquid exposure to
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                     30 US blue-chip stocks
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                   . It is the only ETF tracking the Dow, the oldest and most widely quoted indicator of US stock market activity. The mega-caps that comprise the Dow offer revenue exposure to 177 countries and 152 different industries.
                   <sup>
                    1
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                   has been helping investors reach their goals by providing broad exposure to a global market and 30 of the world’s most recognizable companies.
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                   Find out how DIA can help you achieve yours.
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             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
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                    <td class="divider_inner" style="font-size:1px;line-height:1px;border-top:1px solid #5869ff">
                     <span style="word-break: break-word;">
                     </span>
                    </td>
                   </tr>
                  </table>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-10" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" class="button_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="text-align:left">
                 <div align="left" class="alignment">
                  <!--[if mso]>
<v:roundrect xmlns:v="urn:schemas-microsoft-com:vml" xmlns:w="urn:schemas-microsoft-com:office:word"   style="height:20px;width:138px;v-text-anchor:middle;" arcsize="27%" fillcolor="#5869ff">
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<![endif]-->
                  <span class="button" style="background-color: #5869ff; mso-shading: transparent; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-radius: 7px; border-right: 2px solid #000000; border-top: 2px solid #000000; color: #ffffff; display: inline-block; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; font-weight: 400; mso-border-alt: none; padding-bottom: 2px; padding-top: 2px; padding-left: 11px; padding-right: 11px; text-align: center; width: auto; word-break: keep-all; letter-spacing: normal;">
                   <span style="word-break: break-word; line-height: 16.8px;">
                    <strong>
                     I LIKE BIG BATTS
                    </strong>
                   </span>
                  </span>
                  <!--[if mso]></center></v:textbox></v:roundrect><![endif]-->
                 </div>
                </td>
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              <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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                <td class="pad" style="padding-bottom:10px;padding-top:10px;text-align:center;width:100%">
                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:26px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:31px">
                  <a style="text-decoration: underline; color: #5869ff;">
                   <strong>
                    Big batteries are the newest answer to Big Tech’s big energy needs
                   </strong>
                  </a>
                 </h1>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-3" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:10px">
                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0;margin-bottom:16px">
                   Minnesota’s
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Xcel Energy
                    </strong>
                   </a>
                   has been staring down a future of more electricity demand, customer frustration around raising rates, and the constant challenge of providing for
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     power-hungry new data centers
                    </strong>
                   </a>
                   . They’re not alone: the US Energy Information Administration predicts
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     energy use will hit record highs
                    </strong>
                   </a>
                   <strong>
                   </strong>
                   this year.
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   A new deal between Xcel,
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Google
                    </strong>
                   </a>
                   , and Form Energy, a startup focused on developing a novel type of industrial-strength battery, underscores how the energy storage sector can help solve that challenge — and collect on some of the
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     billions of dollars
                    </strong>
                   </a>
                   utilities are spending annually on infrastructure.
                  </p>
                  <p style="margin:0">
                   In other words: bring on
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     the world’s largest storage battery
                    </strong>
                   </a>
                   .
                   <strong>
                   </strong>
                  </p>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="list_block block-4" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word;color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:15px;padding-left:10px;padding-right:10px;padding-top:10px">
                 <div style="margin-left:-20px">
                  <ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Google’s forthcoming Minnesota data center will employ a 300-megawatt iron-air battery that will be able to store 30 gigawatt-hours of energy, enough to power
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      3,000 average US homes for an entire year
                     </strong>
                    </a>
                    .
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    The iron-air batteries will be set inside shipping containers that will be linked together to store power; according to Form, the combined cells
                    <strong>
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      could take up a space
                     </strong>
                    </a>
                    as big as roughly 110 football fields, end zones included,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      depending on where it’s sited
                     </strong>
                    </a>
                    .
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    The battery will, if all goes as planned, power the new data center without raising residential rates.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Additionally, the batteries serve as a distributed energy solution, which stores power during waning usage and allows strained grids to dispatch power during moments of peak demand.
                   </li>
                   <li style="Margin:0 0 8px 0">
                    US battery storage
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      installations rose 30% last year
                     </strong>
                    </a>
                    , and fully two-thirds of the nation’s new capacity last year was installed in red states. Texas has installed so many batteries, it’s about to overtake California in total capacity.
                   </li>
                  </ul>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-5" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:10px">
                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0">
                   Big batteries are big business, too:
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Tesla
                    </strong>
                   </a>
                   made nearly
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     $13 billion
                    </strong>
                   </a>
                   in revenue from energy generation and storage (aka batteries) last year, and the Korean company
                   <strong>
                    LG
                   </strong>
                   is seeing so much increased revenue from large-scale battery sales that it
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     mitigated what would have been serious quarterly losses at the end of last year
                    </strong>
                   </a>
                   .
                   <strong>
                   </strong>
                  </p>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-11" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:8px;padding-top:24px;text-align:center;width:100%">
                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:23px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:28px">
                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   THE TAKEAWAY
                  </span>
                 </h1>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:10px">
                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0;margin-bottom:16px">
                   No matter how much the scales are tilted in favor of fossil fuels due to the Trump administration’s
                   <strong>
                    “
                   </strong>
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     energy dominance
                    </strong>
                   </a>
                   <strong>
                    ”
                   </strong>
                   agenda, the benefits of steady, dispatchable, rechargeable power are sought after by Corporate America.
                  </p>
                  <p style="margin:0">
                   As Big Tech races to build out massive data centers, “distributed energy resources can be deployed much faster than it takes to build a new power plant,” one expert noted. And whether you’re a manufacturing plant or an AI data center, big storage batteries are a form of insurance: how much is the
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     cost of downtime
                    </strong>
                   </a>
                   <strong>
                   </strong>
                   if the power goes out?
                  </p>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="10" cellspacing="0" class="button_block block-3" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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                  <a style="color:#ffffff;text-decoration:none;" target="_blank">
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                      Read more
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                   </span>
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                   <span style="word-break: break-word; line-height: 16.8px;">
                    <strong>
                     THE BEST THING WE READ TODAY
                    </strong>
                   </span>
                  </span>
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                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:25px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:30px">
                  <a style="text-decoration: underline; color: #5869ff;">
                   <strong>
                    The S&amp;P 500 just had its worst quarter in years
                   </strong>
                  </a>
                 </h1>
                </td>
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              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-3" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
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                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0;margin-bottom:16px">
                   The first three months of 2026 were the worst quarter for the S&amp;P 500 since Q3 2022, when Russia’s invasion of Ukraine roiled markets. The index’s 4.6% drop was a sharp reversal from last year’s roughly 18% gain, which marked its third straight year of double-digit returns.
                  </p>
                  <p style="margin:0">
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Biggest winners and losers, visualized
                    </strong>
                   </a>
                  </p>
                 </div>
                </td>
               </tr>
              </table>
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                     <span style="word-break: break-word;">
                     </span>
                    </td>
                   </tr>
                  </table>
                 </div>
                </td>
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              </table>
             </td>
            </tr>
           </tbody>
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         </td>
        </tr>
       </tbody>
      </table>
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       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
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             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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                  <strong>
                   Snacks Shots
                  </strong>
                 </h1>
                </td>
               </tr>
              </table>
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                <td class="pad" style="padding-bottom:5px;padding-left:10px;padding-right:10px">
                 <div style="margin-left:-20px">
                  <ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    🏀
                    <strong>
                     NBA:
                    </strong>
                    While most will be keeping an eye on
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      the other big hoops game
                     </strong>
                    </a>
                    , don’t sleep on Victor Wembanyama’s late surge in the odds for MVP, as the San Antonio Spurs star has pulled off a solid run of superhuman feats as the end of the regular season looms. Tonight he’s taking on Philly, and all eyes will be on Wemby as he tries to advance his case for MVP. Currently he’s got
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      a 20% chance of winning the award
                     </strong>
                    </a>
                    , up from 4% two weeks ago, as he attempts to snatch the recognition from Shai Gilgeous-Alexander.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    🏛️
                    <strong>
                     AG:
                    </strong>
                    With the sudden departure of Attorney General Pam Bondi from the administration, who will be appointed to take the job is an open question. Leading contenders according to prediction markets include
                    <strong>
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      EPA Administrator Lee Zeldin (56%) and Deputy Attorney General Todd Blanche (27%)
                     </strong>
                    </a>
                    .
                   </li>
                   <li style="Margin:0 0 8px 0">
                    <strong>
                     ⛽
                    </strong>
                    <strong>
                     Gas:
                    </strong>
                    Concerns about the Strait of Hormuz remain pretty acute, and with gas prices finishing last week over $4 per gallon for the first time in years, markets are pricing in more pain at the pump by the end of the month. Prediction markets are even rating a 53% chance gas finishes April at
                    <a style="text-decoration: underline; color: #5869ff;" target="_self">
                     <strong>
                      more than $4.50 per gallon
                     </strong>
                    </a>
                    .
                   </li>
                  </ul>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
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           <tbody>
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                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   What else we're Snackin'
                  </span>
                 </h1>
                </td>
               </tr>
              </table>
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               <tr>
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                 <div style="margin-left:-20px">
                  <ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Tesla
                     </strong>
                    </a>
                    <strong>
                    </strong>
                    delivered 358,023 vehicles in the first quarter of 2026,
                    <strong>
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      falling short of expectations
                     </strong>
                    </a>
                    <strong>
                    </strong>
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    On Friday, the FDA clarified its
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      stricter stance
                     </strong>
                    </a>
                    on GLP-1 compounding, prohibiting “routine production” of copycat drugs
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Good news, chocolate lovers:
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Hershey
                     </strong>
                    </a>
                    is bringing back the
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      classic recipe for all Reese’s products
                     </strong>
                    </a>
                    <strong>
                    </strong>
                   </li>
                  </ul>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
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         </td>
        </tr>
       </tbody>
      </table>
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                     </span>
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                  </table>
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                </td>
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           </tbody>
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        </tr>
       </tbody>
      </table>
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         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-size:auto;background-color:#5869ff;border-bottom:30px solid #fff;border-left:30px solid #fff;border-radius:10px;border-right:30px solid #fff;border-top:30px solid #fff;color:#000;width:600px;margin:0 auto" width="600">
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                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   Snack Fact of the Day
                  </span>
                 </h1>
                </td>
               </tr>
              </table>
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                  <p style="margin:0">
                   <a style="text-decoration: underline; color: #ffffff;">
                    <strong>
                     There are currently 10 toilets in outer space.
                    </strong>
                   </a>
                  </p>
                 </div>
                </td>
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              </table>
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                  <p style="margin:0;margin-bottom:16px">
                   <strong>
                    State Street Investment Management Disclosure:
                   </strong>
                   <strong>
                    <br/>
                   </strong>
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   <sup>
                    1
                   </sup>
                   Factset, as of December 31, 2025 based on revenue streams from portfolio holdings.
                   <strong>
                    <br/>
                   </strong>
                   <strong>
                    <br/>
                   </strong>
                   <strong>
                    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
                   </strong>
                   <a style="text-decoration: underline; color: #1d1d1d;" target="_self">
                    www.statestreet.com/im
                    <strong>
                     .
                    </strong>
                   </a>
                   <strong>
                    Read it carefully.
                   </strong>
                   Investing involves risk. ALPS Distributors, Inc. (fund distributor); State Street Global Advisors Funds Distributors, LLC (marketing agent)
                  </p>
                  <p style="margin:0">
                   <strong>
                    <a style="text-decoration: underline; color: #1d1d1d;">
                     State Street Global Advisors (SSGA) is now State Street Investment Management. Please click here for more information
                    </a>
                    .
                    <br/>
                   </strong>
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