Midyear Market Outlook: Clarity Amid Complexity

Tightening monetary policy. Fading fiscal stimulus. Supply shocks. Geopolitical uncertainty. Rising rates and surging inflation. Amid the current challenges, how can you position portfolios in the second half of the year?

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Respond to Market Shifts

Equities

May Flash Flows: Feeling the Heat

Elevated cross-asset volatility and shifting macro forces have created a more complex market environment in 2022, leading to a shift in buying behavior. Bond ETFs posted their second best flows ever, and as a result of subdued equity flows, the rolling three-month differential between stock and bond flows has fallen significantly.

June 2, 2022 By Matthew J Bartolini

SPDR Blog

Tax-Loss Harvesting Opportunities Increase as Market Losses Mount

Stocks and bonds are down significantly in 2022, with nearly all ETF strategies trading at a loss this year. While performance is down, tax-loss harvesting could be the silver lining.

May 31, 2022 By Matthew J Bartolini

Fixed Income

Solutions for a New Rate Regime

Access our most comprehensive quarterly report on fixed income flows and holdings, including timely SPDR® ETF implementation ideas to position for a return to policy normalization.

April 21, 2022

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Gold GLDM

SPDR® Gold MiniShares℠ Trust

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Fixed Income SRLN

SPDR® Blackstone Senior Loan ETF

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Equity SPLG

SPDR® Portfolio S&P 500® ETF

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Investment Ideas

ESG Investing: Decarbonizing Portfolios with SPDR MSCI Climate Paris Aligned ETFs

With crisis sparking a collective demand for change, it’s time for ESG investing to move from a check-the-box component of investment portfolios to a must-have for all portfolios.

Fixed Income

Keep More of What You Earn with Fixed Income ETFs

Fixed income ETFs provide low-cost, liquid beta exposure across a broad spectrum of fixed income sectors, enabling institutional investors to efficiently implement their investment objectives.

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Gold

What Can Gold Do for You?

Gold’s investment characteristics may help it to serve multiple roles in an investor’s portfolio — during good times and bad. Get the latest market research from the Gold Strategy Team.

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Low-Cost Core

Build a Low-Cost Core Portfolio

Learn how investors are using low-cost core ETFs to build efficient portfolios that are designed to achieve a variety of investment objectives across the risk spectrum.

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Investing involves risk, and you could lose money on an investment in SPDR® Gold MiniShares^SM Trust (“GLDMSM” or “GLDM”), a series of the World Gold Trust.

Commodities and commodity-index linked securities may be affected by changes in overall market movements, changes in interest rates, and other factors such as weather, disease, embargoes, or political and regulatory developments, as well as trading activity of speculators and arbitrageurs in the underlying commodities.

Investing in commodities entails significant risk and is not appropriate for all investors.
Important Information Relating to GLDM^SM:
The World Gold Trust has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (“SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the World Gold Trust has filed with the SEC for more complete information about GLDM and this offering. Please see the GLDM prospectus for a detailed discussion of the risks of investing in GLDM shares. The GLDM prospectus is available by clicking here. You may get these documents for free by visiting EDGAR on the SEC website at sec.gov or by visiting spdrgoldshares.com. Alternatively, GLDM or any authorized participant will arrange to send you the prospectus if you request it by calling 866.320.4053.

GLDM is not an investment company registered under the Investment Company Act of 1940 (the “1940 Act”) and is not subject to regulation under the Commodity Exchange Act of 1936 (the “CEA”). As a result, shareholders of GLDM do not have the protections associated with ownership of shares in an investment company registered under the 1940 Act or the protections afforded by the CEA.

GLDM shares trade like stocks, are subject to investment risk and will fluctuate in market value. The value of GLDM shares relates directly to the value of the gold held by GLDM (less its expenses), and fluctuations in the price of gold could materially and adversely affect an investment in the shares. The price received upon the sale of the shares, which trade at market price, may be more or less than the value of the gold represented by them. GLDM does not generate any income, and as GLDM regularly sells gold to pay for its ongoing expenses, the amount of gold represented by each Share will decline over time to that extent.

The World Gold Council name and logo are a registered trademark and used with the permission of the World Gold Council pursuant to a license agreement. The World Gold Council is not responsible for the content of, and is not liable for the use of or reliance on, this material. World Gold Council is an affiliate of GLDM’s sponsor.

MiniShares^SM and GLDM^SM are service marks of WGC USA Asset Management Company, LLC used with the permission of WGC USA Asset Management Company, LLC.

For more information, please contact the Marketing Agent for GLDM: State Street Global Advisors Funds Distributors, LLC, One Iron Street, Boston, MA, 02210; T: +1 866 320 4053 spdrgoldshares.com.

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ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.

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.

Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs. ALPS Distributors, Inc., member FINRA, is the distributor for DIA, MDY and SPY, all unit investment trusts. ALPS Portfolio Solutions Distributor, Inc., member FINRA, is the distributor for Select Sector SPDRs. ALPS Distributors, Inc. and ALPS Portfolio Solutions Distributor, Inc. are not affiliated with State Street Global Advisors Funds Distributors, LLC.

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Nothing contained in or on the Site should be construed as a solicitation of an offer to buy or offer, or recommendation, to acquire or dispose of any security, commodity, investment or to engage in any other transaction. SSGA Intermediary Business offers a number of products and services designed specifically for various categories of investors. Not all products will be available to all investors. The information provided on the Site is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation.

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The products and services described on this web site are intended to be made available only to persons in the United States or as otherwise qualified and permissible under local law. The information on this web site is only for such persons. Nothing on this web site shall be considered a solicitation to buy or an offer to sell a security to any person in any jurisdiction where such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction.

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, download a prospectus or summary prospectus now, or talk to your financial advisor. Read it carefully before investing.

Not FDIC Insured * No Bank Guarantee * May Lose Value

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Exp. 01.31.2023

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