Core Viewpoint - The Invesco S&P MidCap 400 Pure Value ETF (RFV) is designed to provide broad exposure to the Mid Cap Value segment of the US equity market, with assets exceeding $256.19 million, positioning it as an average-sized ETF in this category [1]. Group 1: Mid Cap Value Characteristics - Mid cap companies, with market capitalizations between $2 billion and $10 billion, are perceived to have higher growth prospects compared to large cap companies and are considered less risky than small cap companies, making them stable and growth-oriented investments [2]. - Value stocks typically exhibit lower price-to-earnings and price-to-book ratios, along with lower sales and earnings growth rates, but have historically outperformed growth stocks in most markets, although they may underperform during strong bull markets [3]. Group 2: Costs and Performance - The annual operating expenses for RFV are 0.35%, which is competitive with most peer products, and it has a 12-month trailing dividend yield of 1.21% [4]. - RFV aims to match the performance of the S&P MidCap 400 Pure Value Index, having gained approximately 1.81% year-to-date and 3.75% over the past year, with a trading range of $97.97 to $131.23 in the last 52 weeks [7]. Group 3: Sector Exposure and Holdings - The ETF has a significant allocation to the Consumer Discretionary sector, comprising about 26% of the portfolio, followed by Industrials and Financials [5]. - Concentrix Corp (CNXC) represents about 4.55% of total assets, with the top 10 holdings accounting for approximately 30.93% of total assets under management [6]. Group 4: Risk and Alternatives - RFV has a beta of 1.17 and a standard deviation of 22.3% over the trailing three-year period, indicating a higher risk profile, but it diversifies company-specific risk with around 84 holdings [8]. - Alternatives to RFV include the iShares Russell Mid-Cap Value ETF (IWS) and the Vanguard Mid-Cap Value ETF (VOE), which have significantly larger asset bases of $13.45 billion and $18.17 billion, respectively, with lower expense ratios of 0.23% and 0.07% [11]. Group 5: Investment Trends - There is a growing trend among retail and institutional investors towards passively managed ETFs due to their low costs, transparency, flexibility, and tax efficiency, making them suitable for long-term investment strategies [12].

Core Viewpoint - The Invesco Dividend Achievers ETF (PFM) offers broad exposure to the Large Cap Value segment of the US equity market, with assets exceeding $710.63 million, making it a competitive option in this space [1] Group 1: Large Cap Value Characteristics - Large cap companies generally have a market capitalization above $10 billion, characterized by stability and predictable cash flows, resulting in lower volatility compared to mid and small cap companies [2] - Value stocks typically exhibit lower price-to-earnings and price-to-book ratios, along with lower sales and earnings growth rates, but have historically outperformed growth stocks in long-term performance [3] Group 2: Costs and Performance - The annual operating expenses for PFM are 0.52%, which is competitive within its peer group, and it has a 12-month trailing dividend yield of 1.48% [4] - PFM aims to match the performance of the NASDAQ US Broad Dividend Achievers Index, with a year-to-date return of approximately 7.25% and a one-year return of about 12.05% as of July 31, 2025 [7] Group 3: Sector Exposure and Holdings - The ETF has a significant allocation to the Information Technology sector, comprising about 24% of the portfolio, followed by Financials and Healthcare [5] - Broadcom Inc (AVGO) represents approximately 4.33% of total assets, with the top 10 holdings accounting for about 31.14% of total assets under management [6] Group 4: Risk Assessment - PFM has a beta of 0.81 and a standard deviation of 13.62% over the trailing three-year period, categorizing it as a medium risk investment with effective diversification across 432 holdings [8] Group 5: Alternatives - The Invesco Dividend Achievers ETF holds a Zacks ETF Rank of 3 (Hold), indicating it is a viable option for investors seeking exposure to the Large Cap Value area, alongside alternatives like Schwab U.S. Dividend Equity ETF (SCHD) and Vanguard Value ETF (VTV) [9][10] Group 6: Market Trends - Passively managed ETFs are gaining popularity among both institutional and retail investors due to their low cost, transparency, flexibility, and tax efficiency, making them suitable for long-term investment strategies [11]

Core Insights - The SPDR S&P 400 Mid Cap Growth ETF (MDYG) is designed to provide exposure to the Mid Cap Growth segment of the US equity market, with assets over $2.37 billion, making it an average-sized ETF in this category [1] - Mid cap companies, with market capitalizations between $2 billion and $10 billion, are noted for having higher growth prospects and lower volatility compared to large and small cap companies [2] - Growth stocks typically exhibit higher sales and earnings growth rates but come with higher valuations and volatility, performing better in strong bull markets [3] Costs - The annual operating expenses for MDYG are 0.15%, positioning it as one of the cheaper options in the ETF space, with a 12-month trailing dividend yield of 0.83% [4] Sector Exposure and Top Holdings - The ETF has a significant allocation to the Industrials sector, comprising about 28.7% of the portfolio, followed by Financials and Consumer Discretionary [5] - Individual holdings include Interactive Brokers Group Cl A (IBKR) at approximately 1.67% of total assets, with the top 10 holdings accounting for about 12.48% of total assets under management [6] Performance and Risk - MDYG aims to match the performance of the S&P MidCap 400 Growth Index, having gained about 4.07% year-to-date and approximately 4.47% over the past year, with a trading range between $70.44 and $94.90 in the last 52 weeks [7] - The ETF has a beta of 1.06 and a standard deviation of 19.96% over the trailing three-year period, indicating a medium risk profile with effective diversification across 245 holdings [7] Alternatives - MDYG holds a Zacks ETF Rank of 2 (Buy), indicating it is a strong option for investors seeking exposure to the Mid Cap Growth segment [9] - Other comparable ETFs include the Vanguard Mid-Cap Growth ETF (VOT) with $17.67 billion in assets and an expense ratio of 0.07%, and the iShares Russell Mid-Cap Growth ETF (IWP) with $20.22 billion in assets and an expense ratio of 0.23% [10] Bottom-Line - Passively managed ETFs like MDYG are increasingly favored by retail and institutional investors for their low costs, transparency, flexibility, and tax efficiency, making them suitable for long-term investment strategies [11]

Core Viewpoint - The Invesco S&P MidCap 400 Revenue ETF (RWK) is designed to provide exposure to the Mid Cap Value segment of the US equity market, with a focus on companies that typically have higher growth prospects than large cap companies and are considered less risky than small cap counterparts [1][2]. Group 1: Fund Overview - RWK is a passively managed ETF launched on February 22, 2008, and has accumulated assets over $854.70 million, positioning it as an average-sized ETF in its category [1]. - The ETF has an annual operating expense ratio of 0.39%, which is competitive with most peer products, and a 12-month trailing dividend yield of 1.21% [4]. Group 2: Investment Characteristics - Mid cap companies, with market capitalizations between $2 billion and $10 billion, are seen as stable investments with growth potential [2]. - Value stocks, which RWK primarily invests in, have lower than average price-to-earnings and price-to-book ratios, and while they have historically outperformed growth stocks in most markets, they may underperform during strong bull markets [3]. Group 3: Sector Exposure and Holdings - The ETF has a significant allocation to the Industrials sector, comprising about 22.8% of the portfolio, followed by Consumer Discretionary and Financials [5]. - Albertsons Cos Inc (ACI) is the largest holding at approximately 3.05% of total assets, with the top 10 holdings accounting for about 18.77% of total assets under management [6]. Group 4: Performance Metrics - RWK aims to match the performance of the OFI Revenue Weighted Mid Cap Index, which re-weights constituents based on revenue, with a maximum weighting of 5% per company [7]. - The ETF has gained approximately 5.75% year-to-date and 7.61% over the past year, with a trading range between $94.80 and $126.49 in the last 52 weeks [8]. Group 5: Alternatives and Market Position - RWK carries a Zacks ETF Rank of 3 (Hold), indicating it is a viable option for investors seeking exposure to the Mid Cap Value segment [10]. - Alternatives include the iShares Russell Mid-Cap Value ETF (IWS) with $13.61 billion in assets and an expense ratio of 0.23%, and the Vanguard Mid-Cap Value ETF (VOE) with $18.34 billion in assets and a lower expense ratio of 0.07% [11]. Group 6: Industry Trends - Passively managed ETFs are gaining popularity among both institutional and retail investors due to their low cost, transparency, flexibility, and tax efficiency, making them suitable for long-term investment strategies [12].

Core Viewpoint - The Vanguard Mid-Cap Value ETF (VOE) is a leading option for investors seeking exposure to the Mid Cap Value segment of the US equity market, with significant assets and low expense ratios [1][4]. Group 1: Fund Overview - The Vanguard Mid-Cap Value ETF was launched on August 17, 2006, and has accumulated over $18.38 billion in assets, making it the largest ETF in its category [1]. - The ETF is passively managed and aims to replicate the performance of the CRSP U.S. Mid Cap Value Index, which focuses on mid-capitalization value stocks [7]. Group 2: Investment Characteristics - Mid-cap companies, with market capitalizations between $2 billion and $10 billion, are perceived to have higher growth potential than large-cap companies while being less risky than small-cap firms, providing a balance of growth and stability [2]. - Value stocks, characterized by lower price-to-earnings and price-to-book ratios, have historically outperformed growth stocks in long-term performance, although growth stocks may excel in strong bull markets [3]. Group 3: Cost and Performance - The ETF has an annual operating expense ratio of 0.07%, making it one of the least expensive options available, and it offers a 12-month trailing dividend yield of 2.19% [4]. - As of July 29, 2025, the ETF has gained approximately 5.91% year-to-date and 9.57% over the past year, with a trading range between $141.87 and $176.18 in the last 52 weeks [7]. Group 4: Sector Exposure and Holdings - The ETF has a significant allocation to the Financials sector, comprising about 17.40% of the portfolio, followed by Industrials and Utilities [5]. - The top holding, Arthur J Gallagher & Co (AJG), represents approximately 1.69% of total assets, with the top 10 holdings accounting for about 5.53% of total assets under management [6]. Group 5: Risk Profile - The ETF has a beta of 0.92 and a standard deviation of 15.98% over the trailing three-year period, indicating a medium risk profile with effective diversification across 191 holdings [8]. Group 6: Alternatives - Other ETFs in the Mid Cap Value space include the First Trust SMID Cap Rising Dividend Achievers ETF (SDVY) and the iShares Russell Mid-Cap Value ETF (IWS), with respective assets of $8.46 billion and $13.61 billion [10].

Core Viewpoint - Investors in the Electronics - Semiconductors sector should consider United Microelectronics Corporation (UMC) and Nova Ltd. (NVMI) for potential value investment opportunities [1] Valuation Metrics - UMC has a forward P/E ratio of 13.77, while NVMI has a forward P/E of 30.55, indicating UMC is more attractively priced [5] - UMC's PEG ratio is 1.56, compared to NVMI's PEG ratio of 2.10, suggesting UMC offers better value relative to its expected earnings growth [5] - UMC's P/B ratio is 1.54, significantly lower than NVMI's P/B of 7.71, further supporting UMC's valuation advantage [6] Analyst Outlook - UMC holds a Zacks Rank of 2 (Buy), indicating a more favorable earnings estimate revision activity compared to NVMI's Zacks Rank of 3 (Hold) [3] - UMC's strong earnings outlook contributes to its Value grade of A, while NVMI has a Value grade of D, highlighting UMC's superior position in terms of value investment [6]

Group 1: Value Stocks Performance - Value stocks have underperformed growth peers in recent quarters, potentially making some companies in the value category more attractive due to deeper discounts relative to intrinsic value [1] - Current market volatility and economic uncertainty may present a favorable opportunity for long-term investors in value stocks [2] Group 2: Tsakos Energy Navigation (TEN) - Tsakos Energy Navigation Ltd. provides sea-based crude oil and petroleum transportation services, with a current stock price of $19.44 and a dividend yield of 6.17% [2][4] - The company reported mixed earnings for Q1, with EPS exceeding analyst predictions but revenue falling short by approximately $0.5 million; however, it has a significant backlog of $3.7 billion with an average contract duration of over 12 years [2][3] - Tsakos is on track to sell six older vessels by year-end, following the sale of 14 vessels, which will free up about $100 million for new builds and dividends [3] - The stock's P/E ratio of 4.5 is substantially lower than the transportation sector average of 13.1, indicating potential undervaluation despite a 12% increase in shares this year [4] Group 3: Gray Media (GTN) - Gray Media Inc. operates in television broadcasting and has recently engaged in a station swap with The E.W. Scripps Co., which is expected to enhance growth by creating a duopoly in certain markets [5] - The company refinanced $700 million in debt, extending maturities to 2032, alleviating near-term financial pressure [6] - GTN shares have surged by approximately 58% YTD, but with a P/E ratio of 2.3 compared to the sector average of 21.6, it may still be considered a value play [7] Group 4: NCR Voyix (VYX) - NCR Voyix Corp. specializes in digital commerce technology, reporting a 13% year-over-year revenue decline in Q1, yet still outperforming analyst expectations [9][10] - The company's annual recurring revenue (ARR) now constitutes two-thirds of total sales, indicating a positive shift towards a subscription model with the upcoming launch of its cloud-native Voyage Commerce Platform [10] - VYX shares have increased by about 9% YTD, supported by stock repurchase actions potentially totaling $200 million, while maintaining an attractive price-to-sales ratio of 0.71 [11]

Core Viewpoint - The SPDR Portfolio S&P 500 Value ETF (SPYV) is a passively managed ETF designed to provide broad exposure to the Large Cap Value segment of the US equity market, with significant assets under management and low operating costs [1][4]. Group 1: Fund Overview - SPYV was launched on September 25, 2000, and is sponsored by State Street Global Advisors, accumulating over $27.48 billion in assets [1]. - The ETF targets large-cap companies, typically those with market capitalizations above $10 billion, which are considered stable investments with lower risk compared to mid and small-cap companies [2]. Group 2: Performance Metrics - SPYV aims to match the performance of the S&P 500 Value Index, which measures large-cap value sector performance in the US equity market [7]. - As of July 28, 2025, SPYV has increased by approximately 5.97% year-to-date and 9.44% over the past year, with a trading range between $45.11 and $55.27 in the last 52 weeks [7]. - The ETF has a beta of 0.87 and a standard deviation of 14.60% over the trailing three-year period, indicating a medium risk profile [8]. Group 3: Cost Structure - The annual operating expenses for SPYV are 0.04%, making it one of the least expensive options in its category, with a 12-month trailing dividend yield of 1.97% [4]. Group 4: Sector Exposure and Holdings - The ETF has a significant allocation to the Information Technology sector, comprising about 24.20% of the portfolio, followed by Financials and Healthcare [5]. - Microsoft Corp (MSFT) represents approximately 7.25% of total assets, with the top 10 holdings accounting for about 28.17% of total assets under management [6]. Group 5: Alternatives and Market Position - SPYV holds a Zacks ETF Rank of 2 (Buy), indicating strong expected performance based on various factors [9]. - Other comparable ETFs include the Schwab U.S. Dividend Equity ETF (SCHD) with $71.33 billion in assets and the Vanguard Value ETF (VTV) with $141.62 billion, both tracking similar indices [10].

Core Viewpoint - The Franklin U.S. Low Volatility High Dividend Index ETF (LVHD) is designed to provide broad exposure to the Large Cap Value segment of the US equity market, with a focus on stable income through investments in profitable U.S. companies with high dividend yields and lower volatility [1][7]. Group 1: Fund Overview - LVHD is a passively managed ETF launched on December 28, 2015, and is sponsored by Franklin Templeton Investments [1]. - The fund has accumulated assets exceeding $579.65 million, positioning it as an average-sized ETF in its category [1]. - The ETF has an annual operating expense ratio of 0.27%, which is competitive within its peer group [4]. Group 2: Investment Characteristics - Large cap companies, typically with market capitalizations above $10 billion, are considered stable investments with lower risk and more reliable cash flows compared to mid and small cap companies [2]. - Value stocks, characterized by lower price-to-earnings and price-to-book ratios, have historically outperformed growth stocks in most markets, although growth stocks tend to perform better in strong bull markets [3]. Group 3: Sector Exposure and Holdings - The ETF has a significant allocation to the Consumer Staples sector, comprising approximately 24.40% of the portfolio, followed by Utilities and Real Estate [5]. - Cisco Systems Inc (CSCO) is the largest individual holding at about 2.65% of total assets, with Chevron Corp (CVX) and Medtronic Plc (MDT) also among the top holdings [6]. - The top 10 holdings collectively account for around 25.11% of total assets under management [6]. Group 4: Performance Metrics - LVHD aims to match the performance of the QS Low Volatility High Dividend Index, which focuses on stable income through investments in high dividend yield stocks with lower volatility [7]. - The ETF has recorded a gain of approximately 7.90% year-to-date and an increase of about 12.48% over the past year as of July 28, 2025 [7]. - Over the past 52 weeks, LVHD has traded within a range of $37.37 to $41.26 [7]. Group 5: Risk and Diversification - The ETF has a beta of 0.66 and a standard deviation of 13.37% over the trailing three-year period, indicating lower volatility compared to the broader market [8]. - With around 122 holdings, LVHD effectively diversifies company-specific risk [8]. Group 6: Alternatives and Market Position - LVHD carries a Zacks ETF Rank of 3 (Hold), indicating a stable position based on expected asset class return, expense ratio, and momentum [9]. - Other comparable ETFs include the Schwab U.S. Dividend Equity ETF (SCHD) and the Vanguard Value ETF (VTV), which have significantly larger asset bases of $71.33 billion and $141.62 billion, respectively [10].

Another close here, David. Another close. Green all over the screen.Uh, David, I was just talking to Lou about this. Look ahead. We just keep kind of melting up here.David, what are your expectations. You know, unfortunately, I think the market right now is probably getting a little bit overextended. When I look at our valuations, the market overall is trading at about a 2 to 3% premium to a composite of our fair values.Yeah, we cover over 700 stocks that trade on US exchanges. So, we compare our intrinsic ...