SAGP Is Now Fully Updated For Q1 2026 Lobbying Activity. Strategas’ Global Policy Opportunities ETF (Ticker: SAGP) completed its quarterly rebalance for Q1 2026 lobbying activity on June 12th with the completion of the Small and Mid-Cap sleeve of the fund.

SAGP’s Small and Mid-Cap Segment Is The Best-Performing Sleeve In The Fund Through May 31st. We break SAGP’s 100 constituents into three segments: US Large-Cap; Non-US Large-Cap; and US Small and Mid-Cap.

The US Small and Mid-Cap segment has the smallest weight in SAGP of the three segments, but has had the best return year-to-date through May 2026. The segment is beating its benchmark on both a price-return and total-return basis.   

We believe that several factors contributed to the segment’s strong return, in the first five months of 2026 including:

1. Midterm Election Year Trend: Strategas’ analyses of midterm election year performance have found that Small Cap companies have outperformed Large Cap companies during the first half of midterm election years. In fact, the S&P 600 has outperformed the S&P 500 in five of the past six midterm election years during the first half of the year (2002, 2006, 2010, 2018, and 2022). Of note, this trend historically reverses in the second half of the year, with the S&P 600 underperforming the S&P 500 in four of the six instances.
2. Fed Balance Sheet: Strategas has found a strong relationship for the performance of Small and Mid-Cap stocks relative to Large Cap stocks and the Federal Reserve’s Balance Sheet. When the Fed’s Balance Sheet is increasing, Small and Mid-Cap stocks have outperformed Large Cap stocks. After nearly three years of the Fed’s balance sheet contracting, the Fed reversed course in December 2025 by expanding its balance sheet $40bn per month. Now that April tax season has ended, the Fed will begin to slow its balance sheet expansion down.
3. The Holdings: Strategas uses our proprietary ‘lobbying intensity’ formula to determine constituents in the Fund. Our thesis is that companies that are investing in lobbying are doing so to capture benefits and mitigate risks, allowing them to generate alpha. As shown below, strong returns from names connected with Materials, Communication Services, and Information Technology boosted performance. Health Care names were a drag on performance.

Small and Mid-Cap Segment: Best & Worst Performers:

The five best-performing Small and Mid-Cap companies in SAGP year-to-date (as of 5/31) on a price-return basis in the Fund include:

1. Iridium Communications (IRDM): +197.93%
2. Lattice Semiconductor (LSCC): +99.89%
3. Chemours (CC): +87.96%
4. Materion Corp (MTRN): +76.99%
5. Century Aluminum (CENX): +68.38%

The five worst-performing Small and Mid-Cap companies in SAGP year-to-date (as of 5/31) on a price-return basis in the Fund include:

1. TransMedics (TMDX): -44.76%
2. Myriad Genetics (MYGN): -35.45%
3. MAXIMUS, Inc (MMS): -28.26%
4. Yelp Inc (YELP): -24.98%
5. InterDigital (IDCC): -20.82%

SAGP Q1 2026 Full Rebalance Recap:

• The Q1 2026 rebalance, which began in May 2026, led to 8 companies being added, and removed, from the US Large-Cap segment of the Fund and 13 names being added, and removed, from the US Small and Mid-Cap segment of the Fund.
• As a result of this rebalance, Health Care is now the highest sector weight in SAGP, moving Industrials to second. The Fund is overweight both sectors relative to its benchmark, the All Country World Index.
• Information Technology moved into the third-highest weight, replacing Communication Services, but the Fund remains underweight Technology relative to its benchmark.  
• In the Small and Mid-Cap segment specifically, the Fund’s Materials sector constituents went from seven companies to three companies, which we found notable given the strong performance of the names in this sector year-to-date.
• Below we provide the full list of Q1 2026 changes to the Fund, including the issues that the new additions disclosed lobbying on in their Q1 2026 Lobbying Disclosure Act filings.