VIDEO: ETF of the Week: GLDM | ETF Trends On this episode of the "ETF of the Week†podcast, VettaFi's Head of Research Todd Rosenbluth discussed the SPDR Gold MiniShares Trust (GLDM)with Chuck Jaffe of Money Life. The pair discussed several topics related to the fund to give investors a deeper understanding of the ETF. Chuck Jaffe: One fund, on point for today. and the expert to talk about it. Welcome to the ETF of the Week! Yes, this is the ETF of the Week, where we get the latest take from Todd Rosenbluth, ...

沈思逸 A0230521070001 shensy@swsresearch.com 益 量 化 研 究 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 2026 年 03 月 23 日 景顺发行纳指等权 ETF ——海外创新产品周报 20260323 相关研究 证券分析师 沈思逸 A0230521070001 shensy@swsresearch.com 邓虎 A0230520070003 denghu@swsresearch.com 联系人 权 ETP 研 究 - ⚫ 美国 ETF 创新产品：景顺发行纳指等权 ETF。上周美国共 12 只新发产品，景顺上周发行 2 只新产品，1 只为纳斯达克 100 的等权 ETF，通过每季度等权的方式降低集中度，"降 低集中度"也是近两年美国机构投资者比较关心的投资话题；另 1 只为主动红利 ETF，除 了关心股息率、股息增长水平，产品选股时同时关注公司质量、动量指标。 ⚫ 美国 ETF 资金流向：国内股票产品流入明显。过去一周中 ...

State Street strategist still sees three rate cuts in 2026. The market expects zero. - MarketWatch The U.S. central bank voted to hold rates at the current 3.5%-3.75% target at the Federal Open Market Committee's latest meeting on Wednesday. The move was widely expected by Wall Street as oil prices have spiked since the U.S. and Israel first started to strike Iran at the end of February, inflation remains above the Fed's 2% target and the labor market has cooled, with stalling hiring over the past two month ...

State Street Corporation (NYSE: STT) Announces Date for Release of First-Quarter 2026 Financial Results and Conference Call Webcast Mar 18, 2026 4:30 PM Eastern Daylight Time State Street Corporation (NYSE: STT) Announces Date for Release of First-Quarter 2026 Financial Results and Conference Call Webcast Share BOSTON--(BUSINESS WIRE)--State Street Corporation (NYSE: STT) plans to announce its first-quarter 2026 financial results on Friday, April 17, 2026 at approximately 7:30 a.m. ET. A conference call to ...

Based in Boston, Massachusetts, State Street Corporation (STT) stands as one of the world’s leading financial services firms. The company provides custody, fund administration, trading, and investment management services. It also delivers analytics, data management, and integrated technology platforms. With a market cap of approximately $33.8 billion, the company occupies the “large-cap” territory, a category reserved for firms valued above $10 billion. The scale reflects decades of institutional trust a ...

Core Viewpoint - State Street Corporation (NYSE:STT) is identified as one of the most undervalued financial stocks, with expectations for stronger-than-anticipated first-quarter results, despite a dynamic operating environment [1][2]. Group 1: Company Performance - State Street Corporation expects first-quarter results to exceed earlier projections, indicating positive operational performance [1][2]. - An executive mentioned that a weaker dollar will have a neutral effect on overall operating leverage but will impact revenue and expenses by a couple of percentage points year-over-year [1]. - The company remains confident in achieving positive total operating leverage and pre-tax margin expansion across various scenarios for the year [1]. Group 2: Analyst Insights - JPMorgan analyst Vivek Juneja raised the price target for State Street Corporation to $137.50 from $135 while maintaining a Neutral rating on the shares [2]. - The company provides a range of financial products and services to institutional investors, including custody, accounting, and fund administration services [2].

Company Overview - State Street is one of the largest custody banks globally, managing $54 trillion in assets under custody and approximately $5.7 trillion in assets under management [1]. Leadership - Donna Milrod serves as the Chief Product Officer at State Street, leading the strategy and growth of the Investment Services businesses and has over 25 years of experience with the company [1]. - Mark Keating is the Head of State Street's Strategic Finance area, responsible for shaping the firm's financial strategy and long-term performance, and is also a member of the Executive Committee [2].

Summary of State Street Conference Call Company Overview - **Company**: State Street - **Industry**: Custody Banking and Investment Services - **Assets Under Custody**: $54 trillion - **Assets Under Management**: $5.7 trillion - **Key Executives**: - Donna Milrod, Chief Product Officer - Mark Keating, Head of Strategic Finance Core Insights and Arguments Strategic Focus Areas - **Client-Centric Approach**: The company emphasizes understanding client needs and industry trends to shape its product strategy [18][25] - **Innovation and Technology**: State Street is focused on product innovation, particularly in areas like accelerated settlement and robotics in reconciliation processes [19][21] - **Investment in Emerging Technologies**: The company is exploring digital assets, AI, and data analytics as part of its growth strategy [27][28] Digital Asset Strategy - **Hybrid Model**: State Street believes in a coexistence of digital assets and traditional finance, aiming to insulate clients from operational disruptions [29][36] - **Digital Asset Platform**: Launched to digitize the entire value chain from issuance to settlement, offering scalability and security [40][51] - **Tokenization**: The company is focusing on tokenizing money market funds, which could provide significant commercial value and enhance liquidity [57][65] Market Trends and Client Needs - **Demand for Real-Time Solutions**: Clients are increasingly looking for real-time cash management and liquidity solutions, which digital assets can facilitate [31][32] - **Stablecoins and Money Market Funds**: The potential for stablecoins to earn interest through money market funds presents a significant opportunity for growth [59][65] Financial Outlook - **Revenue Growth**: The company expects first-quarter revenues to increase in the low teens year-over-year, driven by strong core servicing and investment management fees [97] - **Operating Leverage**: Anticipated total operating leverage of approximately 400 basis points for the quarter [97] - **Market Conditions**: The operating environment remains supportive, with positive trends in client volumes and volatility benefiting FX trading revenues [96][97] Additional Important Points - **Long-Term Growth Strategy**: Investments are aligned with driving long-term growth, enhancing client experience, and modernizing technology [81] - **Historical Innovation**: State Street has a history of being at the forefront of financial innovation, which it aims to continue with its digital asset strategy [79][83] - **Client Collaboration**: The company is actively co-creating solutions with clients, particularly in the tokenized money market fund space [77][78] Conclusion - **Optimism for Future**: State Street expresses excitement about the pace of change in the market and believes it is well-positioned to capitalize on emerging opportunities [103][105]

Core Insights - The State Street Bridgewater All Weather ETF (ALLW) won three awards at the 2026 ETF.com Awards, including Best New Active ETF, Best New Multi-Asset ETF, and Best New ETF overall [1] - The fund has achieved over $1.1 billion in assets under management (AUM) within less than a year of its launch, indicating strong investor interest [2] - The All Weather strategy, originally created by Ray Dalio, is designed to perform well across various economic conditions, and the ETF version implements a daily model portfolio provided by Bridgewater [2][3] Fund Details - The State Street Bridgewater All Weather ETF has an expense ratio of 0.85% [1] - The portfolio consists of a diversified mix of global stocks, bonds, and commodities, bringing an institutional strategy into the ETF format [3]

Core Viewpoint - The State Street SPDR U.S. Large Cap Low Volatility Index ETF (LGLV) is highlighted as a suitable investment option during periods of market volatility, providing lower risk exposure to large-cap stocks while maintaining equity market participation [1][2]. Group 1: Fund Overview - LGLV is designed to offer exposure to the least volatile stocks among the largest U.S. companies, making it a simple and low-cost option for investors seeking to mitigate risk [1]. - The fund has a historical annualized return of 12.4% over the last ten years, appealing to defensively minded investors [2]. Group 2: Market Context - Recent geopolitical tensions, particularly in the Middle East, have contributed to market sell-offs, prompting investors to consider lower volatility strategies [1]. - The fund has performed well in turbulent market conditions, showing a notable increase of approximately 7% year-to-date, contrasting with the flat performance of broader market indices [1][2]. Group 3: Performance Analysis - LGLV has demonstrated resilience during market downturns, performing better than many peers in years of market stress, such as 2018 and 2022 [2]. - The fund's performance metrics indicate it may lag during strong bull markets but excels in providing defensive equity exposure during volatile periods [2].