Ryan Grabinski
Portfolio Manager
SAMT Update
09/14/2026
Thematic Outlook
Thematic investing has fallen out of favor over the past several months as the market has adjusted to the view that the Fed will raise rates. Of the more than 350 thematic funds in the universe we monitor, the average decline from their 52-week highs has been -15.3%. That’s a sizeable correction and presents a better opportunity for entry. In our view, the market is caught in a tug-of-war among the Fed, the policy backdrop shaped by the midterm elections, and fundamentals, with two of the three forces leaning toward the negative side of the ledger. Policymakers are pushing back against the idea of AI and building data centers as the midterms approach, and uncertainty over the number of Fed rate hikes continues to grow. Many believe the Fed will not raise rates, but inflation is becoming undeniable. Earnings growth expectations remain robust, but after two quarters of 25%+ figures and a third quarter expected, one has to wonder if expectations are too high.
What did we do in the portfolio?
We made two major structural adjustments to the portfolio. First, we integrated the Cash Flow Aristocrats theme into Analog Edge, as our research increasingly revealed significant overlap between the two themes. Concurrently, we have raised cash levels to navigate the ongoing uncertainty surrounding Fed policy, especially as markets price in multiple rate hikes this year. While anecdotes about inflation dominate market commentary, few portfolios are genuinely positioned for a sustained higher-rate environment. Elevated rates inevitably dampen both the capital expenditure required for thematic growth and overall investor enthusiasm, which compresses multiples.
Second, we further narrowed our focus on our highest-conviction themes:
Artificial Intelligence: We expect optics to play an increasingly critical role in data centers over the next 12 to 18 months. Simultaneously, we are prioritizing software companies with deep, entrenched connections to their end customers, making them less vulnerable to disruption.
Deglobalization: Given that geopolitical conflicts are proving more protracted and disruptive than initially anticipated, we are maintaining our exposure to natural resource procurement and cybersecurity. Space also remains a core sub-theme, supported by steady operational progress and robust contract wins.
Industrial Power Renaissance: We have reintroduced nuclear energy to our focus, driven by our strong conviction in the growth of off-grid power generation, while removing some of the industrial companies that played pivotal roles in the initial power generation theme.
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 09/14/2026, 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.
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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 Update
Sep 14 2026