Ryan Grabinski
Portfolio Manager
SAMT Positioning Update
06/23/2026
One notable recent development has been the decline in oil prices without a corresponding drop in short-term Treasury yields. Despite easing energy costs, yields remain elevated, suggesting concerns beyond near-term inflation. While a Warsh-led Federal Reserve rate hike appears unlikely, market pricing implies some probability is still being assigned to tighter policy. Any unexpected shift toward tightening could pressure the equity rally, as bull markets have often struggled historically when central banks restrict financial conditions
As a result, we have been more measured in deploying our elevated cash balance and have maintained it while continuing to evaluate opportunities across our thematic universes. We view cash as both a hedge in a risk-off environment and a source of flexibility to take advantage of more attractive entry points. In the current environment, patience remains important, as we continue to believe the market may provide additional opportunities over time.
Over the past month, we have made several portfolio adjustments, including increasing our healthcare exposure by adding AbbVie (ABBV) and Eli Lilly (LLY) to our Cash Flow Aristocrats theme. We also expanded our exposure to the financial services sector through the addition of Visa, which we view as an attractive AI-related investment given it may benefit from the continued implementation and adoption of artificial intelligence. Our most notable reduction was in the construction and engineering space, where we exited our position in Quanta Services, a long-standing core holding of the fund. While the company continues to benefit from a robust backlog extending into 2030, we believe the risk-reward profile is no longer as compelling as it has been in the past.
Click here for Strategas Macro Thematic Opportunities ETF (SAMT)'s holdings:Strategas ETFS - Strategas Macro Thematic Opportunities ETF
Holdings are subject to change without notice.
This communication was prepared by Strategas Asset Management, LLC ("we" or "us" or “our”). This communication represents our views as of 05/29/2026, which are subject to change. The information contained herein has been obtained from sources we believe to be reliable, but no guarantee of accuracy can be made. 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. 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.
Carefully consider each of the Funds' investment objectives, risk, and charges and expenses. This and other information can be found in the Funds' summary or full prospectus which can be obtained by calling (855) 273-7227 or by visiting strategasetfs.com. Please read the prospectus, carefully before investing.
Strategas Asset Management, LLC serves as the investment advisor for each Fund and Vident Advisory, LLC serves as a sub advisor to each Fund. The Funds are distributed by SEI Investments Distribution Co. (SIDCO), which is not affiliated with Strategas Asset Management, LLC or any of its affiliates, or Vident Advisory, LLC or any of its affiliates.
Shares of any ETF are generally bought and sold at market price (not NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns.
An investment in the Fund involves risk, including possible loss of principal.
In addition to the normal risks associated with investing, the Strategas Global Policy Opportunities ETF (SAGP) is subject to lobbying focused investment risk. The adviser's investment process utilizes lobbying intensity as the primary input when selecting investments for the Fund's portfolio and does not consider an investment's traditional financial metrics. The Fund may underperform other funds that select investments utilizing more traditional investment metrics. The Fund may also focus its investments in a particular country or geographic region outside the U.S. and may be more susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within that country or geographic regions well as risks of increased volatility and lower trading volume.
In addition to the normal risks associated with investing, the Strategas Macro Thematic Opportunities ETF (SAMT) is subject to macro-thematic trend investing strategy risk. Therefore, the value of the Fund may decline if, among other reasons, macro-thematic trends believed to be beneficial to the Fund do not develop as anticipated or maintain over time, or the securities selected for inclusion in the Fund's portfolio do not perform as anticipated.
In addition to the normal risks associated with investing, the Strategas Macro Momentum ETF (SAMM) may invest in smaller companies, heavily in specific sectors, and also invest in gold, all of which can exhibit high volatility. Securities may be difficult or impossible to sell at the time and the price desired. Investments with exposure to international markets may experience capital loss from unfavorable fluctuation in currency values, differences in generally accepted accounting principles, or from social, economic or political instability in other nations. REITs are subject to changes in economic conditions, interest rates, and credit risk. MLPs involve risks related to limited control and limited rights to vote on matters affecting the MLP. MLP common units and other equity securities can be affected by economic and other factors affecting the stock market in general, expectations of interest rates, investor sentiment towards MLPs or the energy sector, changes in a particular issuer's financial condition, or unfavorable or unanticipated poor performance of a particular issuer. MLP investments in the energy industry entail significant risk and volatility.
The Funds may be more heavily invested in particular sectors and may be especially sensitive to factors and economic risks that specifically affect those sectors.
SAMT Positioning Update
Jun 23 2026