For four decades, State Street Global Advisors has served the world’s governments, institutions and financial advisors. With a rigorous, risk-aware approach built on research, analysis and market-tested experience, we build from a breadth of active and index strategies to create cost-effective solutions. As stewards, we help portfolio companies see that what is fair for people and sustainable for the planet can deliver long-term performance. And, as pioneers in index, ETF, and ESG investing, we are always inventing new ways to invest. As a result, we have become the world’s third largest asset manager with US $3.12 trillion* under our care. *AUM reflects approximately $43.72 billion (as of December 31, 2019), with respect to which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street Global Advisors are affiliated.

State Street Global Advisors

October 18, 2021

2021 Midyear Market Outlook Update

Considering quality, size, and credit exposures may help investors reposition portfolios as the growth tailwinds enjoyed in 2021 may not be the driving force in future returns.

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