Market Risk & Appetite - Monitor risk appetite, as alternative investments' performance is contingent on it [1] Small-Cap Performance - Observe small-cap follow-through versus fade, noting that trending was 8 out of 10 green (80%) [1] Stablecoin & Incentive Design - Track BNB Chain's stablecoin details and incentive design [1]

Core Viewpoint - The U.S. Federal Reserve has cut interest rates by 25 basis points, which may benefit small-cap investors, prompting a recommendation to consider the VictoryShares Small Cap Free Cash Flow ETF (SFLO) for broader exposure beyond the Russell 2000 Index [1]. Group 1: Investment Opportunity - SFLO provides exposure to high free cash flow (FCF) yielding small-cap companies, which can help investors identify true value within the small-cap sector [2]. - The ETF targets companies with attractive growth prospects that can sustain cash flow operations after capital expenditures [5]. - SFLO's methodology focuses on expected FCF, combining trailing and forward-looking cash flow projections, which may enhance investment decisions [5]. Group 2: Sector Exposure - SFLO's rules-based approach may favor sectors that could benefit from further rate cuts, such as energy and consumer discretionary, with significant tilts towards these sectors compared to the Russell 2000 Value Index [6]. - As of September 30, SFLO has a 22.98% allocation to the energy sector and 16.57% to the health care sector, compared to 6.88% and 9.28% in the Russell 2000 Value Index, respectively [6]. Group 3: Index Methodology - The Victory U.S. Small Cap Free Cash Flow Index selects high-quality companies based on profitability screens and strong FCF yield, rebalancing and reconstituting quarterly [10]. - The index calculates FCF yield by dividing expected free cash flow by enterprise value, providing a comprehensive measure of a company's value [10].

Core Points - The Nasdaq Composite experienced a significant decline, dropping 0.6% as Wall Street moved away from riskier tech and consumer discretionary stocks [1] - The S&P 500 also fell by 0.3%, while the Dow Jones Industrial Average decreased by 100 points, equivalent to a 0.2% drop [1] - Despite the overall decline in major indices, market breadth was positive, with approximately 300 S&P 500 stocks gaining on the day [1]