Core Insights - The Invesco S&P SmallCap Momentum ETF (XSMO US) is based on the S&P SmallCap 600 Momentum Index, which focuses on profitable and liquid U.S. small-cap stocks [1] - The index selects the top 120 securities based on risk-adjusted price momentum, utilizing standardized 6- and 12-month returns with outlier control [1] - Constituents are score-weighted, meaning those with higher momentum scores receive larger weights, while adhering to diversification controls to manage concentration risks [1] - The index undergoes semi-annual reconstitution and rebalancing, typically in June and December, using updated momentum calculations and current S&P 600 membership [1] - The small-cap parent index is maintained by a committee to ensure it reflects U.S. small-caps with sustained profitability, with market-cap guidelines that are below mid-cap and above micro-cap levels [1] Additional Insights - For further analysis of XSMO, an ETF analytics platform is available that provides institutional-grade insights, including performance and risk metrics, correlations, sensitivities, and factor exposure [2]

Core Insights - The WisdomTree Emerging Markets ex-State-Owned Enterprises Index provides broad exposure to emerging markets while excluding state-owned enterprises, defined as those with government ownership exceeding 20% of shares outstanding [1] Group 1: Index Methodology - The index includes major emerging market listing venues, such as Stock Connect A-shares, and is subject to foreign ownership availability [1] - Constituents are float-adjusted and weighted by modified market capitalization [1] - Quarterly capping rules limit any single position from reaching 24% to 20% and restrict the combined weight of constituents above 5% to 40% if that sum exceeds 50% [1] Group 2: Weighting Adjustments - After excluding state-owned enterprises, country weights are scaled back toward pre-exclusion levels with a country factor capped at 3 times [1] - Sector weights are maintained within ±3% of the starting universe [1] - Onshore China exposure is capped at 7.5%, with any excess allocated to H-shares [1] Group 3: Reconstitution - The index undergoes annual reconstitution in October [1]

Core Viewpoint - The Global X S&P 500 Tail Risk ETF (XTR US) employs a portfolio construction methodology that combines large-cap US equity exposure with a systematic protective-put overlay to manage risk effectively [1] Group 1: Portfolio Construction - The underlying Cboe S&P 500 Tail Risk Index targets large-cap US equity exposure while integrating a long position in the S&P 500 Index portfolio [1] - The strategy includes a long three-month SPX put option that is approximately 10% out-of-the-money, which is adjusted quarterly [1] - Options are settled on the third Friday of March, June, September, and December, with new puts purchased based on the S&P 500 leg's notional exposure [1] Group 2: Index Maintenance - The strike for new puts is chosen as the listed level closest to, but not below, 90% of the index value just before 11:00 a.m. on the settlement day [1] - New S&P 500 additions are incorporated into the index according to the parent index schedule, without additional liquidity or size screens [1] - Index maintenance primarily occurs through the quarterly options roll, allowing the equity sleeve to inherit the S&P 500's ongoing rebalancing [1]

Core Insights - The Simplify Target 15 Distribution ETF aims to generate monthly income through a combination of short-duration U.S. government bonds and income-oriented option spread strategies on equity indexes and ETFs [1] Group 1: Investment Strategy - The fund primarily invests in U.S. Treasury bills, notes, and bonds, as well as fixed income ETFs that hold similar securities [1] - The interest-rate sleeve is managed toward an average duration of two years or less, with a focus on maximizing yield within that constraint [1] - The adviser employs partially hedged put spreads using over-the-counter options, swaps, and forwards on large-cap, growth, and small-cap equity references [1] Group 2: Target Distribution and Risk Management - The strategy targets an aspirational annualized distribution rate of 15% [1] - Option strikes, maturities, and notionals are selected using a proprietary risk framework, with positions adjusted as options mature or after significant movements in reference assets [1]

Core Insights - The Global X S&P 500 Covered Call ETF (XYLD US) employs a systematic buy-write strategy on the S&P 500, holding a long position and selling one-month, at-the-money SPX call options [1] - The ETF reinvests option premiums and dividends into the covered portfolio, with short calls held to expiration and cash-settled [1] - The index rebalances monthly, adjusting for S&P 500 constituent changes and using Cboe quotes and VWAP conventions for tradeable option levels [1] Portfolio Construction Methodology - The underlying index targets a buy-write overlay on the S&P 500, with options selected based on the last SPX value before 11:00 a.m. ET on the roll date [1] - Equity weights in the portfolio follow the S&P 500 free float-adjusted market capitalization between rolls [1] - The methodology includes monthly rebalancing on the roll date, resetting the call options and reflecting changes in the S&P 500 constituents [1]

Principal Active High Yield ETF (YLD US) – Portfolio Construction MethodologyThe investment process guiding the actively managed Principal Active High Yield ETF seeks to generate income and total return by allocating primarily to below-investment-grade fixed-income securities across global corporate bond and loan markets. Under normal circumstances the fund invests at least 80% of net assets plus borrowings in high yield bonds and bank loans, complemented by positions in US Treasury securities, investment-g ...

Core Insights - The FT Vest International Equity Moderate Buffer ETF – September aims to provide exposure to developed ex-US large- and mid-cap equities through a structured one-year buffer-and-cap strategy using FLEX options on the iShares MSCI EAFE ETF [1] Investment Strategy - The fund primarily invests in a series of exchange-listed, OCC-cleared European-style call and put FLEX options with a common September expiration, rather than directly holding the underlying equity ETF [1] - Strike selection is performed at the beginning of each outcome period to establish a preset downside buffer through purchased puts, while purchased and written calls determine the upside participation and cap for the period [1] - Residual cash and collateral are allocated to short-term USD money market instruments to ensure margin and operational liquidity, rather than to generate returns [1] - At each September outcome reset, FLEX positions are transitioned into a new one-year options package to renew the buffer, cap, and participation profile [1]

Core Insights - The Amplify High Income ETF (YYY) utilizes the ISE High Income Index, which targets up to 60 US-listed closed-end funds (CEFs) to emphasize portfolio yield while managing liquidity and capacity [1] Group 1: Portfolio Construction Methodology - Eligible CEFs must trade on major exchanges and meet specific criteria, including a minimum of USD 500 million in net assets and a yield at least 1.2 times the CEF-universe median [1] - The selection process ranks funds based on yield (double weight), discount/premium, and average daily trading volume (ADTV), with the top 45 selected first, and Tier 2 funds filling to a total of 60 if necessary [1] - Initial weights assign 3% to the top 30 funds by yield, with the remaining funds equally weighted, and constraints are applied to limit exposure and turnover based on ADTV and net assets [1] - Reconstitution and rebalancing of the portfolio occur semi-annually after the third Friday of January and July [1]