Disclaimer

Disclaimers and Important Risk Information [2024.01]

This communication is provided only to professional clients or eligible counterparties or their equivalent by State Street Bank and Trust Company or, where applicable and permissible, its bank and non-bank affiliates (“State Street”). State Street Bank and Trust Company is authorized and regulated by the Federal Reserve Board, registered with the Commodity Futures Trading Commission as a Swap Dealer, and is a member of the National Futures Association. State Street Bank International GmbH (“SSBI”) is regulated by the European Central Bank (“ECB”), the German Federal Financial Supervisory Authority (“BaFin”) and the Deutsche Bundesbank. Details about the extent of SSBI’s regulation by the ECB, the BaFin and Deutsche Bundesbank are available from us on request. Products and services described herein may not be available in all jurisdictions or through all State Street entities. Activities described herein may be conducted from offshore. Information provided is of a general nature only and has not been reviewed by any regulatory authority.

This communication is intended for general marketing purposes, and the information contained herein has not been prepared in accordance with legal requirements designed to promote the independence of investment research. It is for clients to determine whether they are permitted to receive research of any nature. Market commentary provided by trading desks is not investment research. This communication is not intended to suggest or recommend any transaction, investment, or investment strategy, does not constitute investment research, nor does it purport to be comprehensive or intended to replace the exercise of an investor’s own careful independent review and judgment regarding any investment decision.

This communication is not intended for retail clients, nor for distribution to, and may not be relied upon by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to applicable law or regulation. This communication or any portion hereof may not be reprinted, sold or redistributed without the prior written consent of State Street. This communication and the information herein does not constitute investment, legal, or tax advice and is not a solicitation to buy or sell securities or any financial instrument nor is it intended to constitute a binding contractual arrangement or commitment by State Street of any kind. The information provided does not take into account any particular investment objectives, strategies, investment horizon or tax status.

The views expressed herein are the views of State Street as of the date specified and are subject to change, without notice, based on market and other conditions. The information provided herein has been obtained from sources believed to be reliable at the time of publication, nonetheless, we make no representations or assurances that the information is complete or accurate, and you should not place any reliance on said information. State Street hereby disclaims any warranty and all liability, whether arising in contract, tort or otherwise, for any losses, liabilities, damages, expenses or costs, either direct, indirect, consequential, special, or punitive, arising from or in connection with any use of this document and/or the information herein.

State Street may from time to time, as principal or agent, for its own account or for those of its clients, have positions in and/or actively trade in financial instruments or other products identical to or economically related to those discussed in this communication. State Street may have a commercial relationship with issuers of financial instruments or other products discussed in this communication.

This communication may contain information deemed to be forward-looking statements. These statements are based on assumptions, analyses and expectations of State Street in light of its experience and perception of historical trends, current conditions, expected future developments and other factors it believes appropriate under the circumstances. All information is subject to change without notice.

Participating in trading any financial instrument, including but not limited to foreign exchange, equities, futures, fixed income or derivative instruments, or investments in non-liquid or emerging markets, or digital assets, or participating in securities lending, repurchase transactions or other collateral services present risks, which may include but are not limited to counterparty, collateral, investment loss, tax, and accounting risks. Where applicable, returns may increase or decrease as a result of currency fluctuations. Derivatives may be more volatile than the underlying instruments. Certain foreign exchange business, including spot and certain forward transactions, may not be regulated in all jurisdictions. Past performance is no guarantee of future results.

Please contact your State Street representative for further information.

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GlobalLink Disclaimer Supplement [2024.01]

Canada: Communications regarding Fund Connect-related products and services, when made available in certain provinces and territories of Canada, are made available by State Street Global Markets Canada Inc., a member of the Canadian Investment Regulatory Organization (“CIRO”).

Japan: This communication is provided by State Street Trust and Banking Co., Ltd. to customers in Japan. State Street Trust and Banking Co., Ltd. acts as liaison to assist communication between the Japanese customers and affiliates overseas providing products and services. Products and services may be offered and provided by State Street Global Link Asia Pacific Ltd. to customers in Japan and State Street Trust and Banking Co., Ltd. is not the contracting party to the products and services.

United Kingdom: State Street Global Markets International Limited (“SSGMIL”) is authorized and regulated by the Financial Conduct Authority. Detail about the extent of an entity’s regulation is available from us on request.

United States: Communications regarding Fund Connect- or Clear Connect-related products and services are distributed in the United States by State Street Global Markets, LLC, which is regulated by the SEC and a member of FINRA, the NYSE, NFA, MSRB and SIPC. Securities products and services are offered through SSGM, LLC.