The first half of 2023 saw a strong rebound from 2022 for equities: the S&P 500 ® gained 17% as the U.S. outperformed the S&P Global Ex-U.S. BMI (up 10%). Information Technology led the way across the U.S. cap spectrum, possibly reflecting investors' expectations regarding the potential impact of artificial intelligence. The S&P Composite 1500 ® combines the S&P 500, S&P MidCap 400 ® and S&P SmallCap 600 ®, representing the investable portion of the large-, mid- and small-cap U.S. equity market, respectively. While other index series like the MSCI USA Investable Market Index (IMI), Russell 3000 and CRSP US Total Market aim to measure the U.S. market, differences in index construction can lead to clear distinctions in size and composition, as illustrated by Exhibit 2. S&P DJI U.S. Core Equity Indices underperformed their MSCI USA Index counterparts in H1 2023, typically driven by a lower exposure to Information Technology, which was the best performing sector.