This week, ETF Expert Todd Sohn highlights a rare occurrence for publicly traded ETF issuers, an update on financial sector flows, what a “teenage” VIX means, and where levered ETF assets fit into the backdrop.

As of 7/30/2025, the Strategas strategies and/or ETFs held approximately 2% of MO; approximately 2% of GE; approximately 2% of MSFT; and approximately 2% of AAPL.

Strategas Asset Management is not affiliated with Black Rock, State Street or Invesco.

Definitions:

SPY – “The SPDR S&P 500 ETF Trust (SPY), is an exchanged-traded fund (ETF) that tracks the S&P 500 Index.”

VIX – “The CBOE Volatility Index (VIX) is a calculation designed to produce a measure of constant, 30-day expected volatility of the U.S. stock market, derived from real-time, mid-quote prices of the S&P 500 Index (SPY) call and put options.”

SPDR Financials Sector ETF – “The SPDR Financials Sector ETF (XLF) is an exchanged-traded fund that aims to mirror the performance of the Financial Select Sector Index, which, in turn, is designed to represent the financial sector within the S&P 500 Index.”

Standard deviation – “Standard deviation is a measure that quantifies the amount of variation or dispersion of a set of data values. A low standard deviation indicates that the values tend to be close to the mean of the set while a high standard deviation indicates that the values are spread out over a wider range.”

S&P 500 Index – “The S&P 500 is a stock market index tracking the stock performance of 500 leading companies listed on stock exchanges in the U.S.”

Levered Long ETF AUM – “Levered long ETF AUM refers to the total assets under management (AUM) of exchanged-traded funds (ETFs) that aim to provide amplified returns based on the daily performance of an underlying index or asset.”

Inverse ETF AUM- “Inverse ETF assets under management (AUM) represents the total market value of the investment held within inverse exchange-traded funds (ETFs).

This communication was prepared by Strategas (“we,” “us,” or “our”), a brand that offers investment advisory services through Strategas Asset Management, LLC, an SEC Registered Investment Adviser, and provides research to institutional investors through Strategas Securities, LLC, a broker-dealer and FINRA member firm and an SEC Registered Investment Adviser. Information regarding market or economic trends, or the factors influencing historical or future performance, reflects the opinions of management as of the date of this communication, and are subject to change. This communication is provided for informational purposes only and should not be construed as an offer, recommendation, nor solicitation to buy or sell any specific security, strategy, or investment product. The information contained herein has been obtained from sources we believe to be reliable, but no guarantee of accuracy can be made. This communication does not constitute, nor should it be regarded as, investment research or a research report or securities recommendation and it does not provide information reasonably sufficient upon which to base an investment decision. This is not a complete analysis of every material fact regarding any company, industry, or security. Additional analysis would be required to make an investment decision. This communication is not based on the investment objectives, strategies, goals, financial circumstances, needs or risk tolerance of any particular client and is not presented as suitable to any other particular client. Past performance does not guarantee future results. All investments carry some level of risk, including loss of principal.

Strategas Asset Management, LLC and Strategas Securities, LLC are affiliated with Robert W. Baird & Co. Incorporated ("Baird"), a broker-dealer and FINRA member firm, and an SEC Registered Investment Adviser, although the firms conduct separate and distinct businesses.

The ETFs described herein are referenced solely for illustrative purposes and should not be construed as an investment recommendation. An investment in exchange traded funds involves risk, including the possible loss of principal. For important disclosures and risks relating to each ETF referenced herein, see each respective funds’ prospectus or contact your financial professional.