Strategas Asset Management ETF Strategist Todd Sohn measures equity market emotions through the lens of ETFs and compares the growth of the fund industry today compared to the nadir of financial markets in March 2009.

Definitions:

The Direxion Daily Semiconductor Bull ETF (“SOXL”) is a fund that provides 3x daily exposure to a modified market-cap-weighted index of 30 US-listed semiconductor companies.

Money market funds are a type of mutual fund that invests in highly liquid, near-term instruments. These instruments include cash, cash equivalent securities, and high-credit-rating, debt-based securities with a short-term maturity (such as U.S. Treasuries).

The SPDR S&P 500 ETF Trust (“SPY”) is an exchange-traded fund that seeks to track the performance of the S&P 500 index.

A mutual fund is a type of investment that pools money from many people to invest in a variety of assets like stocks, bonds, or other securities.

Proshares Ultrapro QQQ (“TQQQ”) is a 3x leveraged ETF from ProShares that aims to deliver 3x the daily returns of the NASDAQ 100 Index.

The Nasdaq-100 is a stock market index made up of 101 equity securities issued by 100 of the largest non-financial companies listed on the Nasdaq stock exchange.

A leveraged exchange-traded fund (LETF) is a security that uses financial derivatives and debt to amplify the returns of an underlying index or other assets it tracks.

This communication was prepared by Strategas Asset Management, LLC ("we" or "us" or “our”). This communication represents our views as of 03/12/2024, which are subject to change, and are presented for illustrative purposes only. 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.

Strategas Asset Management, LLC is an SEC Registered Investment Adviser affiliated with Strategas Securities, LLC, a broker-dealer and FINRA member firm, and an SEC Registered Investment Adviser. Both 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.