Sectors: How to Do

More for the Core

Marketing Communication

For Investment Professional use only.

Do not reproduce or reprint without the written permission of State Street Global Advisors.

All the information contained in this presentation is as of date indicated unless otherwise noted.

2388197.3.1.GBL.INST 1

2388197.3.1.GBL.INST 2

Table of Contents

1. The Case for Sector Investing

2. Sector Portfolio Construction

Top-Down

Thematic

Bottom-Up/Fundamental

Technical

3. Considerations for Sector Portfolio Implementation

The Case for Sector

Investing

For Institutional Use Only

2388197.3.1.GBL.INST 3

Source: FactSet, as of December 31, 2018. Diversification does not ensure a profit or guarantee against loss. It is not possible to invest in an index.

Sectors are represented by the corresponding S&P Select Sector Indices.

2388197.3.1.GBL.INST 4

Diversification: Variable Correlations

Among Sectors Correlations between sectors vary markedly, potentially providing another

source of diversification to an equity portfolio

Sector Rolling 90-Day Pair-wise Correlation (January 2016 – December 2018)

-0.1

0.1

0.3

0.5

0.7

0.9

1.1

Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Jul-18

Average Sector Pair-wise 90-Day CorrelationThe shaded area indicates differences among sector pair-wise correlations

+/- 1 Stdv

Source: FactSet, as of December 31, 2018. Diversification does not ensure a profit or guarantee against loss. It is not possible to invest in an index.

Sectors are represented by the corresponding S&P Select Sector Indices.

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Diversification: Variable Correlations

to the Broad Market Sector correlations to the broad market are different and change over time

Sector 90-Day Correlation to the S&P 500 Index ( January 2016 – December 2018)

-0.40

-0.20

0.00

0.20

0.40

0.60

0.80

1.00

1.20

Utilities Telecom Real Estate Cons.Staples

Energy Health Care Financials Materials Industrials Cons. Disc. Tech

Average

Max

Min

Source: FactSet, as of December 31, 2018. Past performance is not a guarantee of future results. Index returns reflect capital gains and losses, income, and the reinvestment of

dividends. Diversification does not ensure a profit or guarantee against loss. Sector dispersions are calculated using the max returns minus min returns among S&P 500 sector indices.

Size & style performance is represented by the S&P 500 Value Index, S&P 500 Growth Index and S&P SmallCap 600 Index.

2388197.3.1.GBL.INST 6

Wide Dispersion and Changing

Winners and Losers Among sectors, there are wide dispersions of returns, providing investors

opportunities to add value by overweighting winners and underweighting losers

Sector Calendar Year Price Returns

Sector Dispersion 29.4 53.1 27.2 26.5 23.9 34.5 28.1 18.8 23.6 40.7 25.2

Size & Style Dispersion 7.2 10.4 12.2 5.1 4.3 10.1 10.5 8.9 17.9 15.7 9.9

Wider dispersions among sectors than among traditional size & styles

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

-17.7 59.9 28.0 14.8 26.3 41.0 26.1 8.4 23.7 36.9 4.7

-24.5 45.2 25.7 10.5 21.9 38.7 24.3 5.2 20.1 21.4 0.5

-31.6 38.8 23.9 10.2 16.2 37.6 23.3 4.3 17.8 21.2 -0.5

-33.6 23.5 19.9 7.9 15.2 33.2 18.2 3.8 16.1 20.0 -1.6

-34.7 20.8 17.9 4.4 13.4 29.6 13.1 1.2 14.1 20.0 -5.6

-35.9 17.3 12.8 2.8 13.2 26.2 12.9 -0.7 12.2 19.4 -6.24

-38.5 17.1 12.3 1.3 12.5 22.7 11.4 -1.7 12.0 18.5 -8.0

-41.5 14.8 10.8 0.8 12.5 22.7 8.1 -3.5 9.5 10.5 -11.2

-43.7 11.3 10.7 0.0 12.2 22.3 7.5 -4.7 4.3 8.3 -14.7

-45.0 11.2 9.1 -2.9 7.5 8.8 4.7 -8.4 2.6 7.2 -15.0

-47.1 6.8 0.9 -11.6 2.3 6.5 -1.9 -10.4 0.0 -3.8 -16.4

-57.0 2.6 0.7 -18.4 -2.9 -1.5 -10.0 -23.6 -4.4 -6.0 -20.5

Cons. Disc.

Cons. Staples

Energy

Financials

Health Care

Industrials

Tech.

Materials

Real Estate

Telecom

Utilities

S&P 500

Source: State Street Global Advisors, FactSet, January 2003 – December 2018.

Performance quoted represents past performance, which is no guarantee of future results. The index returns are unmanaged and do not reflect the deduction of any fees or expenses.

The index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income. It is not possible to invest in an index.

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For Thematic Plays, Sectors May be

Better than Stocks An investor may get the sector call right, but the stock call wrong,

as the odds are historically not in the stock picker's favor

Percentage of S&P 500 Stocks That Outperformed or Underperformed the Sector Average by More Than 10%

34

43

35 31 32

34

30

49

36

30 30 30 29 30 32

36

30 28 27 27 27 25

30

35

28 30 30

23

28 25

31

24

29 31

2003 -2018

Average

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Underperform 10% Outperform 10%More stocks underperformed the sector average significantly than the ones outperforming

Sector Portfolio

Construction

For Institutional Use Only.

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Source: State Street Global Advisors

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Sector Strategy Implementation

Approaches

Top-Down Thematic Bottom-Up Technical

• Survey macro

economic

environment and

analyze business

cycles

• Position according

to changes in

certain macro-

economic variables

• Identify secular

industry trends and

harness a long-

term growth trend

within a particular

segment of the

economy

• Evaluate sector

fundamentals,

such as valuations

and earnings

trends

• Position towards

sectors that show

attractive

valuations and/or

strong sentiment

• Overweight/

underweight

sectors based

on recent

performance

Source: FactSet, as of December 31, 2018. Diversification does not ensure a profit or guarantee against loss. It is not possible to invest in an index.

Sectors are represented by the corresponding S&P Select Sector Indices.

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Research on Sector Performance in

Business Cycles Investment Belief: Business cycles exhibit characteristics that impact

sectors or industries differently Research methodology

1. Divide the economic cycle based on the direction and magnitude of changes of the Conference Board Leading Economic Indicator (LEI) Index

2. Leverage Kenneth French 48 SIC-based (Standard Industrial Classification) industry portfolios to create sector performance history back to 1961, which

covers 7 recessions and recoveries, 12 expansions and 11 slowdowns

3. Assess sector performance and performance consistency

0

0

0

0

0

1

1

1

1

1

1

-25

-20

-15

-10

-5

0

5

10

15

20

1960 1963 1966 1969 1972 1975 1978 1981 1984 1987 1990 1993 1996 1999 2002 2005 2008 2011 2014 2017

LE

I Y

oY

Ch

an

ge (

%)

Recession Recovery Expansion Slowdown Conference Board LEI YoY %

Recession: Declining economic

outputs and aggregate demand;

increasing unemployment; low

consumer expectations; easing

monetary policy

Source: State Street Global Advisors, as of November 30, 2018.

Past performance is not a reliable indicator of future performance. This information should not be considered a recommendation to invest in a particular sector shown.

It is not known whether the sectors shown will be profitable in the future

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Sector Performance in Business Cycles

Recovery: Economy rebounds from

the bottom but below the trend.

Consumer expectations and consumer

spending pick up. Interest rate

remains low.

1.0%

-1.6% -2.9%

-14.8%

-20.3% -21.6% 0%

20%

40%

60%

80%

100%

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

Cons. Staples Utilities Health Care Industrials Tech Real Estate

Top 3 Bottom 3

% o

f ti

mes o

utp

erf

orm

ing

th

e

mark

et

Avg

Retu

rn o

ver

the

Cycle

Avg excess return during the business cycle Market Return % of Times Outperforming

39.2%

33.1% 29.3%

21.4% 18.0%

14.7%

0%

20%

40%

60%

80%

100%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

Real Estate Cons. Disc. Materials Health Care Cons. Staples Utilities

Top 3 Bottom 3

% o

f ti

mes o

utp

erf

orm

ing

th

e

mark

et

Avg

Retu

rn o

ver

the

Cycle

Avg excess return during the business cycle Market Return % of Times Outperforming

Expansion: Economic growth

reaches the cycle peak. Business

confidence improves and business

spending expands. Interest rate starts

increasing from a relatively low level.

Source: State Street Global Advisors, as of November 30, 2018.

Past performance is not a reliable indicator of future performance. This information should not be considered a recommendation to invest in a particular sector shown.

It is not known whether the sectors shown will be profitable in the future

2388197.3.1.GBL.INST 12

Sector Performance in Business Cycles

Slowdown: Economic growth starts

decelerating but remains positive.

The economy is running beyond

its full capacity. Monetary policy

becomes restrictive.

21.0%

18.7% 17.8%

10.8% 10.6%

7.6%

0%

20%

40%

60%

80%

100%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

Tech Financials Real Estate Health Care Cons. Staples Utilities

Top 3 Bottom 3

% o

f ti

mes o

utp

erf

orm

ing

th

e

mark

et

Avg

Retu

rn o

ver

the

Cycle

Average Period Return Market Return % of Times Outperforming

15.0% 14.6% 13.7%

6.5% 5.5%

2.4%

0%

20%

40%

60%

80%

0.0%

4.0%

8.0%

12.0%

16.0%

Health Care Cons. Staples Financials Materials Cons. Disc. Real Estate

Top 3 Bottom 3

% o

f ti

mes o

utp

erf

orm

ing

th

e m

ark

et

Avg

Retu

rn o

ver

the

Cycle

Average Period Return Market Return % of Times Outperforming

Source: State Street Global Advisors, as of December 31, 2018. Double ++/-- signs indicate the top/bottom best performing sectors. Single +/- sign indicate the third best/worst

performing sectors. The information contained above is for illustrative purposes only. It should not be construed as investment advice.

2388197.3.1.GBL.INST 13

Position the Portfolio to Capture Shifts

in Business Cycles As sector performance varies in each phase of the business cycle, investors may tilt towards

sectors which are beneficiaries of the economic environment to position for economic shifts

Expansion Slowdown Recession Recovery

++ ++ ++ ++

Financials, Technology Consumer Staples, Health Care Consumer Staples, Utilities Consumer Discretionary,

Real Estate

+ + + +

Communication Industrials Health Care Materials

Services

- - - -

Consumer Staples Materials Communication Services Health Care

-- -- -- --

Health Care, Utilities Consumer Discretionary,

Real Estate

Real Estate, Technology Consumer Staples, Utilities

Energy: Given the fungibility of the sector outputs and highly connected global commodity market,

energy firms’ profits are more driven by oil supply and demand worldwide. Geopolitical tensions also

introduce more idiosyncratic risks to the sector

Hypothetical Profit & Loss % For Scenario Analysis based on Holdings and Market Levels

As of March 31, 2019

Source: Bloomberg Finance, L.P. As of March 31, 2019. All Risk measures are derived from Bloomberg US Equity Risk Model and are expected risk measures forecast over the next

calendar year. Forward looking risk factors are generated by means of a mathematical formula using the Bloomberg Multi-Asset Global Risk Model which includes historical volatilities,

correlations and sensitivities to interest rates, credit spreads and risk factors and assumes a time horizon of 1 year. It does not reflect actual trading and does not reflect the impact that

material economic and market factors may have on a Portfolio.

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Top-Down Example: Economic

Recession Scenario Analysis Equally allocate to Utilities, Staples and Health Care that historically

performed well during a recession to help navigate market downturns

A Recession Sector Portfolio Weight

-10.39

-1.39

-8.35

-18.08

-8.29

-22.3

Bear Market: SPX Down 20%, Oil down20% and VIX Up 150%

10-Year Treasury Yield Down 100bps US 10-Year Breakeven Inflation down100bps

Recession Sector Portfolio S&P 500 Index

33.3%

Cons. Staples

33.3%

Utilities

33.3%

Health Care

Source: State Street Global Advisors, FactSet, as of March 31, 2019. Beta sensitivity is calculated using weighted average beta of underlying constituents of Select Sector Indices

and S&P Select Industry Indice. Past performance is not a guarantee of future results.

2388197.3.1.GBL.INST 15

Thematic: Changes in Economic

Variables Because sectors are closely aligned to specific economic

variables, they can help investors harness macro trends or

shifts in economic fundamentals

Where are oil prices headed?

Beta Sensitivity to Brent Crude Oil Prices (36M)

Where are we in the rate hike cycle?

Beta Sensitivity to the US 10 Year Yield (36M)

What are the inflation expectations?

Beta Sensitivity to 10 Year Breakeven Inflation Rate (36M)

Industry Sector Broad 0.12

0.78 0.70

0.38

0.05 0.02

-0.01 O&G Eqmt

& SvsO&G Exp &

ProdEnergy Cons.

StaplesHealth Care Utilities

S&P 500 Top 3 Bottom 3

0.06

0.50 0.50 0.48

-0.12 -0.21 -0.22

RegiongalBanks

O&G Eqmt& Svs.

Bank Cons.Staples

Utilities Real Estate

S&P 500 Top 3 Bottom 3

0.15

0.59 0.52

0.44

0.00 -0.05 -0.07

O&G Eqmt& Svs

O&G Exp &Prod

Metals &Mining

Cons.Staples

Real Estate Utilities

S&P 500 Top 3 Bottom 3

Source: FDA, Bloomberg Finance,L.P., as of December 31, 2018.

Past performance is not a guarantee of future results.

2388197.3.1.GBL.INST 16

Thematic: Capture Secular Trends

within Industries Long-term secular trends emerge as economy evolves and may benefit

certain industries

The Boom in Biotech Innovations

0

10

20

30

40

50

60

70

0

1000

2000

3000

4000

5000

6000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

# o

f N

ov

el D

rug

Ap

pro

val

Ind

ex L

ev

el

Novel Drug Approval S&P Biotech Select Index

S&P 500 Index Level S&P 500 Health Care Index

Identify a secular industry trend

Source: Bloomberg Finance,L.P., as of November 28, 2018. World Preview 2018, Outlook to 2012, Evaluate, May 2018

Characteristics are as of the date indicated and should not be relied upon as current thereafter.

2388197.3.1.GBL.INST 17

Thematic Example: Enhance Growth

Potential for Sectors

Biotech-based products increasingly

contribute to overall drug sales

Complement an existing portfolio with a

more targeted exposure

Enhance the growth potential of a

Sector Exposure

9 Stocks Overlap

16.4% of S&P 500 Health Care

13% of the Biotechnology Index

0%

20%

40%

60%

80%

100%

2010 2012 2014 2016 2018 2020 2022 2024

Mark

et

Sh

are

of

Pre

scri

pti

on

&

OT

C S

ale

s Biotechnology Conventional/Unclassified

S&P

Biotechnology

Select Industry

Index

121 Holdings

S&P 500

Health

Care

Sector

62 Holdings

20.45%

11.60%

50% S&P BiotechnologySelect Index + 50% S&P 500

Health Care Index

S&P 500 Health Care Index

Est. 3–5 Year Growth

Bottom-Up: Sector Fundamental Scorecard 1. Aggregate fundamental data of individual securities within the same sector

2. Evaluate sector valuation and earnings sentiment using multiple metrics

3. Calculate a composite score by equally weighting each metric z-score in the same category

4. Sectors with cheaper valuation and higher earnings sentiment are given higher z-scores

5. Overweight sectors with the highest score in one or multiple categories

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Valuation • Absolute valuation: Percentile ranking of

the sector current Price to Earnings, Next

Twelve Month Price to Earnings, Price to

Book and Price to Sales over the past 15

years

• Relative valuation: Percentile ranking of

the current premium/discount relative to

the S&P 500 based on Price to Earnings,

Forward Price to Earnings, Price to Book

and Price relative over the past 15 years

Earnings Sentiment • Earnings revision: 3-month % change in

next twelve month (NTM) EPS Estimates

• Earnings upgrade-to-downgrade ratio

• % of companies with earnings beats

• The magnitude of earnings surprise

Source: State Street Global Advisors, as of March 31, 2019.

S&P 500 Sector Indices are used to calculate fundamental metrics of each sector. Top 3 sectors with least expensive valuations or highest earnings sentiment are highlighted in blue.

Bottom 3 sectors with most expensive valuations or lowest earnings sentiment are highlighted in red.

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Bottom-Up Example: Sector Scorecard For a strategy that looks for sectors that trade at cheap valuations with

improving earnings, one consideration would be to overweight the top 3

Communication Services

topped earnings sentiment

in March, while valuations

remain attractive for

Financials relative to historic

levels and also relative to

the S&P 500

Valuation Composite

Score

Earnings Sentiment

Consumer Discretionary -1.15 0.36

Consumer Staples 0.03 -0.08

Energy 0.37 -0.32

Financials 1.37 -0.53

Health Care -0.02 0.33

Industrials 0.26 0.45

Information Technology -0.72 0.34

Materials 0.65 -0.78

Communication 0.27 1.26

Real Estate -0.10 -0.80

Utilities -0.97 -0.22

Source: Bloomberg Finance L.P., S&P 500 Sector Indices price return, data as of March 31, 2019. All other data annual data.

Past performance is not a guarantee of future results. Index returns reflect capital gains and losses, income, and the reinvestment of dividends.

2388197.3.1.GBL.INST 20

Technical Example: Capture Strong

Performance Trends A momentum strategy seeks to capture the strongest performance trends among sectors.

One of commonly used momentum strategies is to look at cross-sectional price momentum

of different time horizons.

𝒏 − 𝑴𝒐𝒏𝒕𝒉 𝑷𝒓𝒊𝒄𝒆 𝑴𝒐𝒎𝒆𝒏𝒕𝒖𝒎 =𝑷𝑻−𝟏

𝑷𝑻−𝒏−𝟏− 𝟏

Sector Price Momentum as of March 31, 2019 Top and Bottom Momentum Sectors

80

85

90

95

100

105

110

115

120

Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19

S&P 500 Real Estate Index S&P 500 Utilities Index

S&P 500 Energy Index S&P 500 Financials Index

Index Price Level (base = 100) 3M Price

Momentum

6M Price

Momentum

12M Price

Momentum

Composite

Momentum

Z-score

Cons. Disc. 1.57 -6.69 4.80 -0.11

Cons. Staples -2.93 1.46 1.93 -0.24

Communication 2.76 0.01 N/A N/A

Energy -1.33 -12.35 -2.19 -1.05

Financials -1.75 -6.41 -8.27 -0.98

Health Care -3.47 -1.18 8.94 -0.19

Industrials 5.34 -0.84 -0.38 0.47

Tech 4.23 -6.55 4.35 0.19

Materials 0.86 -7.41 -7.74 -0.72

Real Estate 2.81 3.01 15.47 1.03

Utilities 2.43 6.61 16.08 1.23

High Momentum Low Momentum

Source: Bloomberg Finance L.P. as of March 31, 2019. * Benchmark consists of 40% of the Bloomberg Barclays US Aggregated Bond Index, 31% of the Russell 3000 Index, 29% of the

S&P Developed ex-US BMI Index. All Risk measures are derived from Bloomberg US Equity Risk Model and are expected risk measures forecast over the next calendar year. Forward

looking risk factors are generated by means of a mathematical formula using the Bloomberg Multi-Asset Global Risk Model which includes historical volatilities, correlations and

sensitivities to interest rates, credit spreads and risk factors and assumes a time horizon of 1 year. It does not reflect actual trading and does not reflect the impact that material economic

and market factors may have on a Portfolio.

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Do More for the Core With Sectors • Carve out a quarter of the US equity exposure to allocate to the top three sectors based

on fundamentals, macro trends or/and technical analysis

• With an allocation to the highest momentum sectors, the portfolio exhibited similar

expected risks as the benchmark, but with certain sector and style tilts

Portfolio Weight (%)

Active Risk Contribution (%)

Total Expected Risk (Standard Deviation %)

Core + Momentum Sector Portfolio 5.83

Benchmark* 6.17

Active Risk 0.72

81.2

14.2

4.7

Sector Style Non-factor

25

6

29

40

Russell 3000 Index

US Sectors

S&P Developed ex US BMI Index

Bloomberg Barclays US Aggregated Bond Index

2.00

2.00

2.00

S&P 500 Industrial Index

S&P 500 Real Estate Index

S&P 500 Utilities Index

2388197.3.1.GBL.INST 22

Considerations for Sector Portfolio

Implementation

• Examine

embedded factor

exposures within

the sector and

review factor

exposures in the

context of a total

portfolio

• For a frequent/

tactical sector

strategy, evaluate

total cost of

ownership of

sector funds,

instead of focusing

only on a fund total

expense ratio, as

trading costs may

increase

significantly on less

liquid ETFs such

that they could

potentially offset

any savings from

low expense ratio

• Not all industry

funds offer the

same industry

coverage, due to

different weighting

methodologies

• Be cautious of

stock concentration

risk in market-cap

weighted indices

for a narrowly

defined industry,

as well as security

overlaps between

sector and industry

exposures

For Investment Professionals Only. 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.

All asset allocation scenarios are for hypothetical purposes only and are not intended to represent a specific asset allocation strategy or recommend a particular allocation. Each investor’s

situation is unique and asset allocation decisions should be based on an investor’s risk tolerance, time horizon and financial situation.

Non-diversified funds that focus on a relatively small number of securities tend to be more volatile than diversified funds and the market as a whole.

All the index performance results referred to are provided exclusively for comparison purposes only. It should not be assumed that they represent the performance of any

particular investment.

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

Investments in mid/small-sized companies may involve greater risks than in those of larger, better known companies.

Diversification does not ensure a profit or guarantee against loss.

Value stocks can perform differently from the market as a whole. They can remain undervalued by the market for long periods of time.

Growth stocks may underperform stocks in other broad style categories (and the stock market as a whole) over any period of time and may shift in and out of favor with investors generally,

sometimes rapidly.

Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller

market capitalizations. In exchange for this potentially lower risk, the value of the security may not rise as much as companies with smaller market capitalizations.

Because of their narrow focus, sector funds tend to be more volatile than funds that diversify across many sectors and companies. Select Sector SPDR Funds bear higher level of risk

than more broadly diversified funds. All ETFs are subject to risk, including the possible loss of principal. Sector ETFs products are also subject to sector risk and non-diversification risk,

which generally results in greater price fluctuations than the overall market.

Index-based ETFs are passively managed and seek to track an index of securities. Expenses may cause the ETF’s returns to deviate from the returns of the index.

All ETFs are subject to risk, including possible loss of principal. Sector ETF products are also subject to sector risk and non-diversification risk, which generally result in greater price

fluctuations than the overall market. 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.

Important Disclosures

2388197.3.1.GBL.INST 23

Ireland: State Street Global Advisors Ireland Limited is regulated by the Central Bank of Ireland. Registered office address 78 Sir John Rogerson’s Quay, Dublin 2. Registered number

145221. T: +353 (0)1 776 3000

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a branch office of State Street Global Advisors Ireland Limited, registered in Ireland with company number 145221, authorised and regulated by the Central Bank of Ireland, and whose

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81. Registered office: 20 Churchill Place, Canary Wharf, London, E14 5HJ. T: 020 3395 6000

© 2019 State Street Corporation — All Rights Reserved.

Tracking Number: 2388197.3.1.GBL.INST

Expiration Date: 04/30/2020

Important Disclosures

2388197.3.1.GBL.INST 24

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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 respect ive 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.

United States: State Street Global Advisors, One Iron Street, Boston MA, 02210

Abu Dhabi: State Street Global Advisors Limited, Middle East Branch, 42801, 28, Al Khatem Tower, Abu Dhabi Global Market Square, Al Mayah Island, Abu Dhabi, United Arab Emirates.

Telephone: +971 2 245 9000

Australia: State Street Global Advisors, Australia, Limited (ABN 42 003 914 225) is the holder of an Australian Financial Services Licence (AFSL Number 238276). Registered office:

Level 17, 420 George Street, Sydney, NSW 2000, Australia. T: +612 9240-7600

Belgium: State Street Global Advisors Belgium, Chaussée de La Hulpe 120, 1000 , Brussels, Belgium. T: 32 2 663 2036, SSGA Belgium is a branch office of State Street Global Advisors

Limited. State Street Global Advisors Limited is authorised and regulated by the Financial Conduct Authority in the United Kingdom.

Canada: State Street Global Advisors, Ltd., 770 Sherbrooke Street West, Suite 1200 Montreal, Quebec, H3A 1G1, T: +514 282 2400 and 30 Adelaide Street East Suite 500, Toronto,

Ontario M5C 3G6. T: +647 775 5900

Dubai: State Street Global Advisors Limited, DIFC Branch, Central Park Towers, Suite 15-38 (15th floor), P.O Box 26838, Dubai International Financial Centre (DIFC), Dubai, United Arab

Emirates. Telephone: +971 (0)4-4372800, Facsimile: +971 (0)4-4372818

France: State Street Global Advisors Ireland Limited, Paris branch is a branch of State Street Global Advisors Ireland Limited, registered in Ireland with company number 145221,

authorised and regulated by the Central Bank of Ireland, and whose registered office is at 78 Sir John Rogerson’s Quay, Dublin 2. State Street Global Advisors Ireland Limited, Paris

Branch, is registered in France with company number RCS Nanterre 832 734 602 and whose office is at Immeuble Défense Plaza, 23-25 rue Delarivière-Lefoullon, 92064 Paris La

Défense Cedex, France.

T: (+33) 1 44 45 40 00

Germany: State Street Global Advisors GmbH, Brienner Strasse 59, D-80333 Munich. Authorised and regulated by the Bundesanstalt für Finanzdienstleistungsaufsicht (“BaFin”).

Registered with the Register of Commerce Munich HRB 121381. T: +49 (0)89-55878-400

Hong Kong: State Street Global Advisors Asia Limited, 68/F, Two International Finance Centre, 8 Finance Street, Central, Hong Kong. T: +852 2103-0288

Important Disclosures

2388197.3.1.GBL.INST 25