Core Insights - The "longevity preparedness index" (LPI) indicates that U.S. adults are generally underprepared for aging, scoring an average of "D" [1][2] Group 1: LPI Overview - The LPI measures readiness for thriving in older age across various domains including social connection, finance, daily activities, care, home, community, health, and life transitions [1][2] - U.S. adults scored an average of 60 out of 100 overall, with the weakest areas being care (42), home (56), and health (56) [2] Group 2: Key Findings - Stronger areas include community (70) and social connection (69), indicating better access to recreation spaces and reliable social networks [2] - The LPI aims to redefine preparation for later life, emphasizing the importance of daily routines and assumptions alongside health and wealth security [3] Group 3: Demographic Trends - The U.S. population aged 65 and older is projected to increase from 58 million to 82 million by 2050, highlighting the urgency of addressing aging preparedness [3] - Financial instability is a significant concern, with nearly 40% of individuals expected to face such challenges as they age [3]

Core Insights - The John Hancock Multifactor Mid Cap ETF (JHMM) debuted on September 28, 2015, and provides broad exposure to the Mid Cap Blend category of the market [1] Fund Overview - JHMM is managed by John Hancock and has accumulated over $4.4 billion in assets, positioning it as one of the larger ETFs in its category [5] - The fund aims to match the performance of the John Hancock Dimensional Mid Cap Index, which includes U.S. companies ranked between the 200th and 951st largest by market capitalization [5] Cost Structure - The annual operating expenses for JHMM are 0.42%, which is competitive with most peer products [6] - The fund has a 12-month trailing dividend yield of 0.99% [6] Sector Allocation - JHMM's largest sector allocation is in Industrials, comprising approximately 20.5% of the portfolio, followed by Financials and Information Technology [7] - The top 10 holdings account for about 5.47% of the total assets under management, with United Rentals Inc (URI) being the largest individual holding at 0.73% [8] Performance Metrics - As of September 25, 2025, JHMM has gained about 8.21% year-to-date and approximately 8.35% over the past year [10] - The ETF has traded between $50.32 and $65.26 in the past 52 weeks, with a beta of 1.04 and a standard deviation of 17.64% over the trailing three-year period, indicating medium risk [10] Alternatives - Other ETFs in the mid-cap space include Vanguard Mid-Cap ETF (VO) and iShares Core S&P Mid-Cap ETF (IJH), which have significantly larger assets of $88.19 billion and $99.33 billion respectively [12] - VO has a lower expense ratio of 0.04%, while IJH charges 0.05%, making them potentially more attractive options for cost-conscious investors [12]

Core Insights - The John Hancock Multifactor Large Cap ETF (JHML) debuted on September 28, 2015, and provides broad exposure to the Style Box - Large Cap Blend category of the market [1] Fund Overview - JHML is managed by John Hancock and has accumulated over $1.02 billion in assets, making it one of the larger ETFs in its category [5] - The fund aims to match the performance of the John Hancock Dimensional Large Cap Index, which includes securities from companies with market capitalizations larger than the 801st largest U.S. company [5] Cost Structure - The annual operating expenses for JHML are 0.29%, which is competitive with most peer products [6] - The fund has a 12-month trailing dividend yield of 1.11% [6] Sector Exposure and Holdings - JHML's largest sector allocation is in Information Technology, comprising approximately 25.3% of the portfolio, followed by Financials and Industrials [7] - Microsoft Corp (MSFT) represents about 4.45% of the fund's total assets, with Nvidia Corp (NVDA) and Apple Inc (AAPL) also among the top holdings [8] - The top 10 holdings account for approximately 23.89% of total assets under management [8] Performance Metrics - As of September 2, 2025, JHML has gained roughly 10.12% year-to-date and approximately 13.23% over the past year [10] - The fund has traded between $59.74 and $76.71 in the past 52 weeks, with a beta of 0.98 and a standard deviation of 15.94% over the trailing three-year period, indicating medium risk [10] Alternatives - JHML is positioned as a strong option for investors looking to outperform the Style Box - Large Cap Blend segment, with alternatives like iShares Core S&P 500 ETF (IVV) and Vanguard S&P 500 ETF (VOO) also available [11] - IVV has $661.34 billion in assets and an expense ratio of 0.03%, while VOO has $725.27 billion in assets with the same expense ratio [11]

Core Insights - Ethos has partnered with Lifeforce to provide policyholders access to a comprehensive health optimization platform, which includes biomarker testing, longevity protocols, and health coaching [1][2][3] - The collaboration aims to combine financial protection with health optimization, allowing families to safeguard both their financial future and healthspan [1][3][4] Company Overview - Ethos is a leading life insurance technology company focused on democratizing access to life insurance and enhancing the purchasing experience through a fully digital application process [4][6] - Lifeforce is recognized as the largest longevity medicine platform, offering services such as at-home biomarker testing and access to expert physicians, with a significant number of members reporting health improvements [7] Partnership Details - The partnership provides Ethos policyholders with a $250 benefit towards Lifeforce's Diagnostic offering, which includes personalized treatment protocols and ongoing health coaching [1][2] - Ethos is enhancing its perks program to address policyholders' priorities, complementing its Indexed Universal Life insurance offering and estate planning tools [3][5] Industry Impact - The collaboration is expected to improve accessibility and affordability of life insurance and estate planning for millions of families, supported by industry-leading carriers [5]

Core Viewpoint - The article discusses the recent developments in the U.S. ETF market, highlighting new product launches, fund flows, and performance trends, particularly focusing on innovative strategies and the impact of market conditions on various ETFs [1][4][10]. Group 1: New ETF Products - A total of 15 new ETFs were launched in the U.S. last week, showcasing a diverse range of strategies [1]. - Tortoise launched an AI Infrastructure ETF, actively managed and targeting companies in energy, data centers, and technology, with a total management scale of approximately $9 billion [2]. - Virtus and AlphaSimplex collaborated to issue a global macro hedge ETF aimed at outperforming traditional long equity products [2]. - Direxion expanded its offerings with four leveraged inverse products linked to Shopify and Lockheed Martin, along with other innovative ETFs focusing on volatility and quantum computing [2][3]. Group 2: ETF Fund Flows - There was a notable increase in inflows for both equity and bond ETFs, with gold ETFs also seeing renewed inflows [4][9]. - Vanguard's S&P 500 ETF (VOO) and iShares' S&P 500 ETF (IVV) experienced significant inflows of $3.269 billion and $3.019 billion, respectively, while the Russell 2000 ETF saw a return of inflows after previous outflows [6][9]. - The article lists the top inflow and outflow ETFs, indicating a trend of significant outflows from leveraged ETFs and specific sector funds [6]. Group 3: ETF Performance - The article notes that momentum strategies continue to outperform in the Smart Beta category, with the iShares MSCI USA Momentum Factor ETF (MTUM) showing a year-to-date return of 19.27% [10]. - BlackRock's factor rotation ETF has also performed well, with a year-to-date increase of 11.29%, surpassing the S&P 500's return of 8.6% [10].

Core Viewpoint - The John Hancock Multifactor Small Cap ETF (JHSC) offers broad exposure to the Small Cap Blend segment of the US equity market, with assets exceeding $564.78 million since its launch on November 8, 2017 [1] Group 1: Investment Potential - Small cap companies, defined as those with market capitalizations below $2 billion, present high potential but also come with increased risk [2] - Blend ETFs typically include a mix of growth and value stocks, providing diversified exposure [2] Group 2: Cost Structure - The annual operating expenses for JHSC are 0.42%, which is competitive with most peer products [3] - The ETF has a 12-month trailing dividend yield of 1.07% [3] Group 3: Sector Exposure and Holdings - The ETF has a significant allocation of approximately 22.8% to the Industrials sector, followed by Financials and Consumer Discretionary [4] - Nextracker Inc Cl A (NXT) constitutes about 0.55% of total assets, with the top 10 holdings making up around 5.11% of total assets under management [5] Group 4: Performance Metrics - JHSC aims to match the performance of the JOHN HANCOCK DIMENSIONAL SMALL CAP INDEX, which includes companies smaller than the 750th largest U.S. company, excluding the smallest 4% [6] - The ETF has experienced a loss of about 0.41% year-to-date and a gain of approximately 6.51% over the past year, with a trading range between $32.47 and $43.65 in the last 52 weeks [7] Group 5: Alternatives - JHSC holds a Zacks ETF Rank of 3 (Hold), indicating it is a viable option for investors seeking exposure to the Small Cap Blend market [8] - Other comparable ETFs include the Vanguard Small-Cap ETF (VB) with $63.04 billion in assets and an expense ratio of 0.05%, and the iShares Core S&P Small-Cap ETF (IJR) with $80.38 billion in assets and an expense ratio of 0.06% [9] Group 6: General Insights - Passively managed ETFs like JHSC are increasingly favored by retail and institutional investors due to their low costs, transparency, flexibility, and tax efficiency, making them suitable for long-term investment strategies [10]

Core Insights - The John Hancock Multifactor Small Cap ETF (JHSC) offers investors exposure to the Style Box - Small Cap Blend category, having debuted on November 8, 2017 [1] - Smart beta ETFs, like JHSC, aim to outperform traditional market cap weighted indexes by selecting stocks based on specific fundamental characteristics [3][4] - JHSC is managed by John Hancock and has accumulated over $566.07 million in assets, positioning it as an average-sized ETF in its category [5] Fund Details - JHSC seeks to match the performance of the JOHN HANCOCK DIMENSIONAL SMALL CAP INDEX, which includes U.S. companies with market capitalizations smaller than the 750th largest, excluding the smallest 4% [6] - The fund has an annual operating expense ratio of 0.42% and a 12-month trailing dividend yield of 1.06% [7] - The fund's largest sector allocation is in Industrials at approximately 22.8%, followed by Financials and Consumer Discretionary [8] Holdings and Performance - JHSC's top holdings include Nextracker Inc Cl A (0.55% of total assets), Commvault Systems Inc, and Planet Fitness Inc Cl A, with the top 10 holdings accounting for about 5.11% of total assets [9] - As of August 11, 2025, JHSC has experienced a year-to-date loss of -0.01% and a one-year gain of 6.96%, with a trading range between $32.47 and $43.65 over the past 52 weeks [11] Alternatives - Other ETFs in the small-cap space include Vanguard Small-Cap ETF (VB) and iShares Core S&P Small-Cap ETF (IJR), which have significantly larger assets and lower expense ratios of 0.05% and 0.06%, respectively [13]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - Last week, 15 new products were issued in the US, with a stable issuance and obvious diversification of strategies. BlackRock issued an international version of the factor rotation ETF, and Defiance issued a long - volatility product [1][6]. - In the US, the inflows of equity and bond ETFs increased last week, and gold ETFs re - entered the market following the upward trend. Some leveraged ETFs and Indian ETFs had outflows [1][10]. - Momentum continued to lead Smart Beta in the US. Since the beginning of this year, the US Smart Beta has generally shown a pattern where growth outperforms value, and BlackRock's factor rotation ETF had a better performance than most single - factor products and the S&P 500 [1][15]. - In June 2025, the total amount of non - money public funds in the US increased by $0.78 trillion compared to May. From July 23rd to July 30th, the outflows of domestic stock funds in the US expanded again, while the inflows of bond products further increased [1][16]. 3. Summary According to the Directory 3.1 US ETF Innovation Products: BlackRock Issues International Version of Factor Rotation ETF - Last week, 15 new ETFs were issued in the US, with diversified strategies including AI infrastructure, global macro - hedge, digital currency - related bonds, single - stock leveraged reverse products, and more. BlackRock issued an international version of the factor rotation ETF, which focuses on five major types of factors and deviates from factors according to an optimized model [6][9]. - Defiance issued a long - volatility product composed of 0.75 - 1 times VIX index futures and 1.5 - 2 times S&P 500 shorts, providing a tool for investors to express views under extreme risks [1][7]. 3.2 US ETF Dynamics 3.2.1 US ETF Funds: Inflows of Equity and Bond ETFs Increase - Last week, the inflows of equity and bond ETFs in the US increased, and gold ETFs re - entered the market. Vanguard and BlackRock's S&P 500 ETFs had similar inflows, the Russell 2000 ETF had inflows after continuous outflows, and short - term and corporate bond ETFs also had inflows. Some leveraged ETFs and Indian ETFs entered the top ten of outflows [1][10]. - The top ten inflow and outflow ETFs in the US from August 1st to August 7th are listed, with Vanguard S&P 500 ETF having an inflow of $32.69 billion and Invesco NASDAQ 100 ETF having an outflow of $22.47 billion [12]. 3.2.2 US ETF Performance: Momentum Continues to Lead Smart Beta - Although low - volatility and small - cap stocks rebounded at the beginning of this year, the US Smart Beta has generally shown a pattern where growth outperforms value. Momentum has continued its strong performance since 2024, with the iShares MSCI USA Momentum Factor ETF having a year - to - date return of 19.27% [15]. - BlackRock's factor rotation ETF had a return of 11.29% during the same period, with a scale of over $20 billion, outperforming most single - factor products and the S&P 500 (8.6%) [15]. 3.3 Recent Capital Flows of US Ordinary Public Funds - In June 2025, the total amount of non - money public funds in the US was $22.69 trillion, an increase of $0.78 trillion compared to May. The scale of domestic stock products increased by 4.26%, slightly lower than the stock increase [16]. - From July 23rd to July 30th, the domestic stock funds in the US had a total outflow of about $18 billion, and the inflows of bond products further increased [16].

Financial Data and Key Metrics Changes - Revenue for the second quarter was $528 million, with adjusted EBITDA at $127 million, reflecting an 80 basis point margin increase year-over-year [6][17] - Free cash flow for the first half increased over 30%, reaching $102 million [6][18] - Non-recurring project revenues decreased by $9 million or 20% [17] - A non-cash goodwill impairment charge of $983 million was taken due to current market valuation conditions [19] Business Line Data and Key Metrics Changes - Recurring revenue comprised over 93% of total revenue, amounting to $492 million for the quarter, with participant counts remaining flat [17] - Adjusted gross profit was $205 million, with an adjusted EBITDA margin expansion attributed to prior transformational initiatives [18] Market Data and Key Metrics Changes - The pace of Annual Recurring Revenue (ARR) bookings was slower than expected, with client expansion opportunities taking longer to close [12] - The company updated its expectations for second-half revenue, anticipating a decrease of approximately $45 million at the midpoint [23] Company Strategy and Development Direction - The company is focusing on enhancing client management and delivery capabilities through AI, automation, and strategic partnerships [7][9] - A partnership with Goldman Sachs Asset Management was announced to expand wealth offerings, viewed as a significant revenue growth opportunity [10] - The company is building a management team with both internal and external talent to strengthen competitive advantages [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a transitional year and emphasized the need for improved commercial execution to close deals [6][12] - The company remains confident in its health solutions reporting unit despite current market challenges [19] - Management expects a stronger retention rate in 2026, although they have become more cautious about second-half performance [21] Other Important Information - The company returned $42 million to shareholders through dividends and share repurchases [19] - The cash and cash equivalents balance at quarter-end was $227 million, with total debt at $2 billion [20] Q&A Session Summary Question: Sales cycle and client conversations - Management noted that client conversations are taking longer, impacting revenue timing, but they remain confident in growth opportunities [28][30] Question: Goldman Sachs partnership benefits - The partnership is expected to generate significant revenue in the future and strengthen the company's competitive positioning [33][35] Question: Revenue impact details - The $35 million revenue impact is primarily from smaller client deals being delayed, affecting start dates [40][42] Question: Sales team changes and expertise - Management emphasized the need for deep domain expertise in sales to improve execution and close more deals [44][46] Question: Salesforce hiring plans - The company is focused on hiring specialty expertise and has already brought in new talent to enhance sales capabilities [58] Question: Composition of late-stage deals - Late-stage deals are primarily from existing client relationships, with a focus on large Fortune 500 companies [61][62]

Financial Data and Key Metrics Changes - Revenue for the second quarter was $528 million, with adjusted EBITDA at $127 million, reflecting an 80 basis point margin increase year-over-year [6][17] - Free cash flow for the first half increased by over 30%, reaching $102 million, on track towards an annual target of $250 to $285 million [6][19] - Non-recurring project revenues decreased by $9 million or 20% [17] - A non-cash goodwill impairment charge of $983 million was taken due to current market valuation conditions [20] Business Line Data and Key Metrics Changes - Recurring revenue comprised over 93% of total revenue, amounting to $492 million for the quarter, with participant counts remaining flat [17] - Adjusted gross profit was $205 million, with an adjusted EBITDA margin expansion attributed to prior transformational initiatives [18] Market Data and Key Metrics Changes - The pace of Annual Recurring Revenue (ARR) bookings was slower than expected, with client expansion opportunities taking longer to close [12][22] - The company expects project revenue in the third quarter to align with the second quarter's rate, which was down 20% [23] Company Strategy and Development Direction - The company is focusing on enhancing client management and delivery capabilities through AI, automation, and partnerships, including a significant partnership with Goldman Sachs Asset Management [7][10] - The management team is being strengthened with new hires, including a chief strategy officer and a chief human resources officer, to enhance competitive advantages [15] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a challenging operating environment, with longer sales cycles impacting revenue expectations for the second half of the year [12][22] - The company remains confident in its long-term growth opportunities, particularly through upselling and cross-selling to existing clients [30] Other Important Information - The company returned $42 million to shareholders through dividends and share repurchases during the quarter [20] - The cash and cash equivalents balance at the end of June was $227 million, with total debt at $2 billion [21] Q&A Session Summary Question: Sales cycle and client conversations - Management noted that client conversations are taking longer, impacting revenue for the current year, but expressed confidence in meeting targets for the following year [28][30] Question: Goldman Sachs partnership benefits - The partnership is expected to generate significant revenue in the future and strengthen the company's competitive position in wealth solutions [33][36] Question: Impact of revenue push out - The revenue impact of $35 million is primarily from smaller client deals being delayed, affecting start dates and overall revenue [40][42] Question: Sales team changes and domain expertise - Management emphasized the need for deep domain expertise in sales to improve execution and close more deals [44][48] Question: Salesforce hiring plans - The company is focused on hiring specialty expertise to enhance sales execution and is confident in attracting the right talent [58][60] Question: Composition of late-stage deals - Late-stage deals are primarily from existing client relationships, with a focus on large companies and significant opportunities in navigation and retiree health solutions [62]