Definitions:

S&P 500 – A widely used stock market index that tracks 500 large-cap U.S. companies across multiple sectors. The S&P 500 defines its industries by classifying its 500+ constituent large-cap U.S. companies into 11 primary sectors based on the Global Industry Classification Standard (GICS).

SPDR S&P 500 ETF Trust (SPY) –designed to track the performance of the S&P 500 Index.

Equity ETF – An ETF that invests primarily in stocks, providing exposure to a broad market or specific sectors.

Fund Flow - Fund flow refers to the net movement of cash into and out of investment vehicles (like mutual funds or ETFs) or the movement of working capital within a company. It tracks investor sentiment and capital allocation, with net inflows indicating popularity and net outflows signaling divestment, independent of the asset's actual performance.

Rolling Sum - A running total or rolling total is the summation of a sequence of numbers which is updated each time a new number is added to the sequence.

% Weight - The S&P 500 % weight is a float-adjusted market capitalization weighting method. It means a company's influence is determined by its total market value of freely tradable shares, not total shares outstanding. A higher market cap results in a larger percentage weight in the index.

Semiconductors - A semiconductor (semi) ETF is an exchange-traded fund that tracks a basket of stocks involved in the design, manufacturing, and supply chain of computer chips.

iShares Core Emerging Markets ETF (IEMG) -The iShares Core MSCI Emerging Markets ETF (IEMG) is a passively managed, low-cost ETF managed by BlackRock, designed to track the MSCI Emerging Markets Investable Market Index.

Industrials Sector - An industrials sector ETF is an exchange-traded fund that tracks an index of companies involved in manufacturing machinery, construction, aerospace/defense, and transportation/logistics. These cyclical funds provide broad exposure to companies building infrastructure and providing business services, often used to profit from economic expansion. 

Infrastructure ETF - An infrastructure ETF is a thematic, exchange-traded fund that invests in companies responsible for building, operating, and maintaining essential public services like transportation (roads, airports), utilities (power grids, water), and communication networks. 

Power ETF - A power-related ETF, commonly known as an Energy ETF, is an exchange-traded fund that tracks a portfolio of companies involved in the production, exploration, refining, or distribution of energy. These funds provide diversified exposure to traditional oil and gas, alternative energy, or utility sectors.

GE Vernova Inc. (GEV) is a publicly traded energy company, spun off from General Electric, focusing on power generation (gas, nuclear, hydro, steam), wind technology, and electrification software. Listed on the NYSE, it serves the global electric power industry, focusing on decarbonization, sustainability, and energy infrastructure

GE stock represents common equity in GE Aerospace (ticker: GE), a pure-play, independent aerospace company focused on jet engines and defense systems following the 2024 split from its energy business. Traded on the NYSE, it represents a legacy of industrial innovation now specialized in aviation propulsion.

South Korea - A South Korea ETF is an exchange-traded fund that tracks a basket of South Korean equities, allowing investors to gain diversified exposure to large- and mid-cap companies on the Korea Exchange.

Taiwan - A Taiwan ETF is a marketable security that tracks a Taiwanese index, sector, or basket of assets, allowing investors to buy shares representing a diversified portfolio of Taiwanese companies. They are traded on major stock exchanges throughout the day, often focusing on technology and, financial sectors. 

China - A China ETF is a passive or active investment fund traded on major stock exchanges that holds a basket of Chinese securities, providing diversified access to the Chinese economy. These funds typically track indices covering A-shares (mainland), H-shares (Hong Kong), or U.S.-listed ADRs, allowing investors to gain exposure to sectors like technology and consumer goods without purchasing individual stocks directly.

Hong Kong - A Hong Kong ETF) is a passively managed, publicly traded investment fund listed on the HKEX that tracks a specific index of Hong Kong equities, such as the Hang Seng Index. 

India - An India ETF is a passive investment vehicle that holds a basket of Indian securities, such as stocks from the NIFTY 50 or MSCI India indexes. These funds trade on major stock exchanges like individual stocks, providing instant diversification, lower costs, and intraday liquidity for investing in the Indian economy.

ChatGPT - ChatGPT is an AI-powered conversational chatbot developed by OpenAI, launched in November 2022. It uses large language models (LLMs) to understand prompts and generate human-like text, code, images, and creative content. Based on the GPT (Generative Pre-trained Transformer) architecture, it acts as an AI assistant, answering questions and engaging in dialogue.

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.