Core Viewpoint - SPDR S&P Kensho Intelligent Structures ETF (SIMS) provides targeted exposure to companies involved in the digital modernization of buildings and infrastructure, focusing on automation, sensing, communications, and enabling software and materials [1] Investment Strategy - The ETF aims to capture revenue associated with smarter construction, efficient energy management, connected utilities, and industrial IoT by maintaining a diversified portfolio across hardware, platforms, and specialized inputs [1] - Return drivers are primarily linked to the secular adoption of intelligent systems and periodic upswings in capital-expenditure cycles [1] Risk Factors - The risk profile is more idiosyncratic than broad market beta, influenced by innovation and procurement cycles that affect revenue dispersion [1] - A key risk to monitor is thematic concentration, as narrower revenue sources and smaller issuers may lead to amplified drawdowns during funding or adoption setbacks [1] Portfolio Role - SIMS can serve as a satellite thematic sleeve, a completion tool bridging industrials and technology, or a tactical overlay aligned with infrastructure investment programs [1] - Likely users include allocators building long-horizon innovation mandates and multi-asset managers seeking targeted exposure to modernization trends within a diversified equity portfolio [1]

Core Viewpoint - Fortive Corporation is expected to report a decline in earnings for the fiscal fourth quarter of 2025, with analysts projecting a profit of $0.82 per share, down 29.9% from the previous year [2]. Financial Performance - For the fiscal year 2025, analysts anticipate Fortive will report an EPS of $2.64, representing a 32.1% decrease from $3.89 in fiscal 2024. However, EPS is expected to rebound to $2.83 in fiscal 2026, reflecting a year-over-year increase of 7.2% [3]. - In the most recent quarter, Fortive reported revenue of $1.03 billion, exceeding analyst expectations of $1.01 billion, and its adjusted EPS of $0.68 surpassed estimates by 19.5% [5]. Stock Performance - Fortive's stock has underperformed significantly, with a decline of 26.3% over the past 52 weeks, contrasting with the S&P 500 Index's gain of 19.7% and the Technology Select Sector SPDR Fund's increase of 28.3% during the same period [4]. Analyst Ratings - The consensus opinion among analysts on Fortive's stock is cautious, with a "Hold" rating overall. Out of 20 analysts, two recommend a "Strong Buy," one suggests a "Moderate Buy," 16 give a "Hold," and one advises a "Strong Sell." The average price target for Fortive is $56.88, indicating a potential upside of 2.5% from current levels [6].

Ralliant Spin-Off - Fortive announced the public filing of Form 10 registration statement for the planned spin-off of Ralliant on May 5, 2025[1] - The target separation date for Ralliant is by the end of Q2 2025[8] - Investor Day for Fortive & Ralliant is scheduled for June 10, 2025[6] Ralliant Overview - Ralliant's 2024 revenue was $2.2 billion[16] - Ralliant has a 5-year core revenue CAGR of LSD+ (Low Single Digit plus)[16] - Ralliant serves 90,000 customers across 90+ countries[16] - The estimated market size for Ralliant is $26 billion[16] Ralliant Financials (2024) - Ralliant's Non-GAAP Pro Forma Adjusted Operating Profit for FY 2024 was $525.6 million[21] - The PT Segment Adjusted Operating Profit for FY 2024 was $566 million[21] Ralliant Financials (Q1 2025) - Ralliant's Non-GAAP Pro Forma Adjusted Operating Profit for Q1 2025 was $83.3 million[24] - The PT Segment Adjusted Operating Profit for Q1 2025 was $109.1 million[24]