BROUGHT TO YOU BY SPY, MDY, AND DIA Inside the mind of the retail investor

Beliefs, behaviors, and the future of finance

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3,000 retail investors. Countless insights.

Explore what their money habits reveal—and uncover fresh perspectives on your own financial mindset.

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Save or invest? Finding the right balance

See how retail investors are managing the trade-offs between protecting their money and pursuing long-term goals.

Confident or concerned? The pulse of investors today

Find out what’s fueling investor optimism—and what’s keeping them up at night.

How beliefs and biases drive money moves

Explore how an investor’s money mindset shapes their financial decisions.

Your playbook for confident investing

Get practical takeaways to help you apply these findings and make more confident investing decisions.

What’s driving retail investor decisions?

In short, a lot! Sneak preview the data.

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Which financial goals matter most to you?

Which statements about saving and investing do you agree with most?

Which financial concerns worry you most?

How would you rate your investment portfolio’s risk tolerance?

Did you know?

One in five (20.5%) of all US equity trades are completed by retail investors—outpacing hedge funds and long-only institutional investors (15%).¹

That means you're not just part of the market. You're helping shape it. But influence is strongest when it's informed. That's why this report is jam-packed with insights that can help you understand your own money habits and equip you to make investment choices with greater confidence, clarity, and control.

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BROUGHT TO YOU BY

Three ETFs that can help you reach your financial goals

SPY

Access the world’s largest economy with the original ETF innovation

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DIA

Gain exposure to blue-chip stability with the only ETF to track the Dow

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MDY

Invest in tomorrow’s leaders today with the original mid-cap ETF

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ZEROING IN

Past events. Future moves.

See how past market events—from shutdowns to bubble fears—shape today’s retail investor decisions.

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getting there starts here

Invest like you're going places. Because you are. Discover how you can take control of your future with State Street SPDR ETFs.

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GETTING THERE STARTS HERE State Street Investment Management

As the creator of many of the world’s first ETFs, one of the world’s largest asset managers, and the company that brought Fearless Girl to Wall Street, we feel a unique responsibility to help anyone with a goal or dream get started.

About us

$5.45T

Assets under management ²

1993

When we helped launch the ETF industry—and democratized investing forever

47 Yrs

Creating trusted investment solutions

#1

World’s most traded ETF ³

Footnotes

Disclosure

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.

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.

The views expressed in this material are the views of State Street Investment Management Center for Investor Research through the period ended October 30, 2025 and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward looking statements. Please note that any such statements are not guarantees of any future performance and actual results or developments may differ materially from those projected.

This communication is not intended to be an investment recommendation or investment advice and should not be relied upon as such.

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.

Equity securities may fluctuate in value and can decline significantly in response to the activities of individual companies and general market and economic conditions.

The trademarks and service marks referenced herein are the property of their respective owners. Third party data providers make no warranties or representations of any kind relating to the accuracy, completeness or timeliness of the data and have no liability for damages of any kind relating to the use of such data.

Frequent trading of ETFs could significantly increase commissions and other costs such that they may offset any savings from low fees or costs.

Diversification does not ensure a profit or guarantee against loss.

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.