Day Hagan Smart Sector® International Strategy Update February 2026
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Day Hagan Smart Sector® International Strategy Update February 2026 (pdf)
Executive Summary
Global Equity Performance: A Regional Snapshot
International equities broadly outpaced U.S. stocks in January, with markets outside the U.S. advancing at a stronger relative pace than major U.S. benchmarks. Developed foreign markets in Europe and the Pacific generally saw more pronounced gains, while emerging markets also started the year strongly, benefiting from a softer dollar and global diversification flows. By contrast, U.S. equities showed more modest appreciation as investors rotated out of expensive mega-cap tech into value and smaller stocks, and as they reacted to economic data and geopolitical headlines.
The divergence between U.S. and non-U.S. equity performance, growth, and policy paths is often referred to as the “Great Decoupling.” It began in early 2025 as dollar weakness, global easing, and relative U.S. valuation pressures reshaped flows.
The "Great Decoupling" of 2026 is most evident in central bank actions. The Reserve Bank of Australia recently surprised markets with a 25-basis point hike to 3.85%, citing sticky service-sector inflation. Conversely, the European Central Bank (ECB) and the Bank of England are leaning toward further easing. With Eurozone inflation trending below the 2% target, the ECB is expected to lower rates to 1.5% by mid-year to jump-start growth in France and Germany. In Canada, the Bank of Canada has held rates steady at 2.25%, balancing domestic cooling against the threat of 100% U.S. tariffs linked to Canadian-Chinese trade deals.
Global PMIs for February signaled a modest recovery. The U.K. has emerged as a surprise growth leader among developed peers, with manufacturing hitting a 16-month high. Japan also showed resilience, reaching a 45-month high in production output as "Sanaenomics" (the policies of PM Sanae Takaichi) encourages corporate reinvestment. Meanwhile, China’s GDP growth is decelerating to around 4.6%, as the boost from earlier fiscal stimulus begins to wane and the economy grapples with U.S.-led "AI-containment" trade barriers.
Geopolitics remains the primary source of volatility. New U.S. tariff threats against the EU and Canada have caused localized wobbles, though markets have generally remained resilient. Switzerland continues to serve as a defensive haven, benefiting from its neutral stance and stable, albeit low, growth.
From a U.S. perspective, equities in Japan and the U.K. are appearing relatively attractive due to structural corporate reforms and improving cyclical momentum, while the Eurozone remains a "bifurcated" story—with France showing aerospace-led strength while Germany struggles with industrial stagnation.
Holdings
Core: Developed Market Positions (approximately 65% of equity holdings)
Country
Australia
Canada
China
France
Germany
Japan
Switzerland
United Kingdom
Outlook
Underweight
Overweight
Overweight
Underweight
Underweight
Overweight
Underweight
Neutral
Explore: Emerging Market Positions (approximately 35% of equity holdings)
Poland
Hong Kong
Singapore
South Africa
India
Position Details
Core: Developed Market Commentary
Approximately 65% of the strategy is allocated across eight of the largest markets in the ACWI ex-U.S. Index. The fund overweights and underweights the largest non-U.S. equity markets based on macro, fundamental, behavioral, and technical indicators.
Australia: Several indicators point to pockets of relative support for Australian equities. Relative strength versus absolute trend measures, gold, global beta, and relative earnings yield are all constructive, suggesting valuation support and defensive characteristics compared with global peers. These signals indicate that Australia can benefit during risk-diversification phases and periods of commodity- or income-oriented demand. One indicator is neutral, implying limited confirmation from bear-market rebounds. However, the balance of evidence remains unfavorable. Relative strength versus adaptive trend measures, interest rate differentials with the U.S., and the global equity benchmark technical scorecard are all bearish. These signals reflect weak momentum, adverse macroeconomic differentials, and poor technical alignment relative to global equities. Taken together, negative trends and macro signals outweigh the positives, leaving the overall outlook relatively unattractive despite selective areas of support.
Commentary: Australia’s equity market is reflecting a mix of expanding economic activity and tightening monetary policy, with data pointing to continued growth alongside persistent inflation pressures. Recent PMI releases show expansion in both services and composite activity, indicating broadening business momentum and supporting cyclical sectors. GDP growth remains positive year‑over‑year, signaling an economy that is not contracting, while employment indicators show renewed hiring activity in job advertisements, suggesting underlying labor demand. Inflation has risen above the central bank’s target range, prompting the Reserve Bank of Australia to raise interest rates recently after earlier cuts, aiming to bring prices back in line. Higher rates have lifted funding costs and strengthened the Australian dollar, which can moderate import prices but also weigh on exporters and equity valuations. From a technical standpoint, Australian equities have exhibited resilience around key moving averages, though recent central bank tightening has introduced caution. Geopolitically, trade dynamics with China and ongoing global uncertainties — including tariffs and broader risk-off episodes — remain potential headwinds that could influence investor sentiment and market volatility.
Figure 1: Rising gold prices are good for Australia. One of the few sources of support for the region.
Canada: Several indicators present a supportive backdrop for Canadian equities. Relative strength is positive across multiple trend and momentum measures, including diffusion-based signals, mean reversion, and absolute moving average trends. Performance versus the global equity benchmark technical scorecard is also constructive, suggesting broad participation. Together, these signals point to improving momentum, favorable technical conditions, and a market that is increasingly aligned with global risk-taking. Offsetting this strength, select macro-oriented indicators are less supportive. Relative performance versus OECD leading indicators is bearish, signaling softer forward growth expectations. Relative earnings yield is also unfavorable, implying a limited valuation advantage. These headwinds temper enthusiasm but do not overwhelm the picture.
Commentary: Canada’s equity market is navigating mixed but gradually strengthening fundamentals. Recent GDP data show a notable rebound after an earlier contraction, reflecting renewed output and improved trade balance. Core inflation measures have eased toward the Bank of Canada’s target range, prompting the central bank to keep its key rate on hold after a prior rate-cut cycle, balancing inflation control with growth support. Manufacturing PMI recently expanded above the growth threshold for the first time in a year, though the services PMI continued to contract, indicating divergent sector dynamics. Labor market data are softening, adding caution on hiring momentum. Geopolitical trade uncertainty—especially tariff risks with the U.S., Canada’s largest export partner—remains a meaningful risk for trade-linked sectors and investor sentiment. Technical indicators on Canadian equities show consolidation above key moving averages, suggesting moderate trend support amid economic unevenness.
Figure 2: Canada’s equity market is supported by longer-term trend indicators. However, if the indicator reverses back below the top bracket, it will generate a sell signal.
China: Several indicators support a more constructive view on Chinese equities. Relative strength is positive across mean-reversion signals and absolute trend measures, indicating stabilization. Performance versus emerging-market currencies is supportive, suggesting reduced FX headwinds, while relative strength against high-yield credit spreads points to easing financial stress and improving risk tolerance. One indicator tied to bear-market bounce dynamics is neutral, consistent with a transition phase rather than renewed deterioration. Offsetting these positives, momentum remains weak, with relative price momentum still bearish. Macro-sensitive signals linked to purchasing managers’ data are also unfavorable, reflecting uneven economic momentum and lingering growth concerns. While these negatives highlight ongoing structural and cyclical challenges, the balance of signals leans relatively attractive, driven by improving financial conditions, supportive currency dynamics, and early signs of technical stabilization.
Commentary: China’s equity market is supported by a mix of macro stabilization and policy-driven activity, though underlying growth signals remain uneven. Recent official data show GDP growth moderating but still around its target level, indicating the economy continues expanding despite weaker domestic demand and a prolonged property slump. Service activity data point to expansion in the services sector, with improving hiring and new orders, while the official manufacturing PMI recently slipped just below the expansion threshold, reflecting divergent sector conditions. Inflation remains subdued, allowing the People’s Bank of China (PBOC) to maintain accommodative settings. Authorities have resumed government bond purchases and maintained liquidity operations to support financial conditions. The yuan has strengthened moderately, but the PBOC is managing the currency to balance export competitiveness with stability. Technical conditions for Chinese equities have shown resilience in response to policy support and export momentum, with major indexes holding key trend levels. Geopolitical factors, including trade tensions and export dependencies, continue to influence market sentiment, and plans to issue special bonds to recapitalize insurers aim to reduce financial sector stress and support broader market confidence.
Figure 3: Tight credit spreads imply a risk-on environment. This supports EM regions like China.
France: Only a limited number of indicators support French equities. Relative strength versus long-term moving-average breadth is positive, suggesting some underlying participation beneath the surface. Two indicators tied to forward-looking macro signals and ETF fund flows are neutral, indicating neither strong confirmation nor outright deterioration. However, most signals are unfavorable. Relative strength versus moving-average crossovers, global technical benchmarks, and short-term price momentum are all bearish, indicating weak trend persistence and poor momentum relative to global peers. Valuation signals are also negative, with relative dividend yield and global valuation comparisons providing no support. Taken together, weak momentum, unfavorable technical alignment, and limited valuation appeal outweigh the isolated positives. The overall signal set leaves France looking relatively unattractive from a quantitative, cross-market perspective.
Commentary: France’s equity market is trading in the context of modest GDP growth and mixed macro indicators. Recent national data show the French economy expanded, though at a slower pace than in prior quarters, with growth underpinned by foreign trade and investment rather than strong domestic demand. Composite and manufacturing PMI readings suggest activity near the growth threshold, with manufacturing production rising to its best level in years, even as broader PMI measures hover close to contraction levels. The ECB has kept policy rates unchanged, reflecting easing inflation pressures across the euro area, with headline inflation near target and core inflation subdued, reducing the immediate risk of monetary tightening. The Euro’s movement can influence multinational earnings and export competitiveness. Technical conditions for French equities have shown consolidation around key moving averages, indicating limited trend strength. On the geopolitical front, ongoing political debates over the budget and fiscal position add uncertainty, and high public debt ratios remain a structural concern, which can weigh on investor sentiment if fiscal credibility is questioned.
Figure 4: France’s valuation trend continues to worsen relative to the other regions. Currently, there is a headwind. However, a reversal, confirmed by improving technicals, would likely result in an upgrade.
Germany: A limited number of indicators provide support for German equities. Relative strength versus long-term moving average breadth is positive, suggesting some internal participation, while relative performance versus the euro–dollar exchange rate is constructive, indicating currency dynamics are not a near-term headwind. Two indicators, tied to bear-market bounce behavior and ETF fund flows, are neutral and offer little directional confirmation. The majority of signals are negative. Relative strength versus global technical benchmarks and moving average crossovers indicates weak alignment with global equities. Valuation signals based on dividend yield are unfavorable, offering limited compensation for risk. Manufacturing confidence is also bearish, reinforcing concerns around cyclical momentum and Germany’s exposure to global industrial demand. Overall, weak technical trends and macro-sensitive indicators outweigh isolated positives, leaving the market relatively unattractive.
Commentary: Germany’s stock market is trading in an environment of modest economic momentum and mixed signals from macro data. Recent economic reports show that the German composite PMI has moved above the expansion threshold, with services and new business supporting activity, though manufacturing remains fragile and employment trends weaken. This suggests broadening but uneven growth. GDP growth in Germany has been positive recently and has contributed to broader Eurozone expansion, though long-term growth remains subdued relative to pre-recession levels, and private investment remains soft. Inflation in the euro area has dipped below target, allowing the European Central Bank to hold interest rates steady, which supports risk assets but can limit policy flexibility if growth slows further. The value of the dollar and its impact on export competitiveness are ongoing factors affecting multinational earnings. Technical indicators for German equities show consolidation with price action near key moving averages, reflecting balanced sentiment rather than a clear breakout. Geopolitical influences, including trade tensions and broader EU external relations, continue to affect export demand and investor confidence.
Figure 5: German manufacturing confidence continues to roll over.
Japan: The composite indicator set is broadly supportive of Japanese equities. Relative strength is positive across absolute and relative trend measures and versus the global technical scorecard, indicating strong alignment with global equity momentum. Signals tied to the China PMI are constructive, suggesting supportive regional demand s. Valuation comparisons versus global peers are favorable, and sentiment reversal indicators point to improving positioning. Relative strength against the yen is also positive, implying that currency dynamics remain supportive of equity performance. Together, these signals highlight strong technical momentum, supportive valuation, and improving macro and sentiment conditions. The main offsetting signal comes from forward earnings growth, which is currently bearish and suggests profit expectations may lag price momentum. While this tempers near-term optimism, it does not outweigh the broader technical and cross-asset support. Overall, Japan screens as relatively attractive.
Commentary: Japan’s stock market is supported by broadening private‑sector activity and reopening monetary policy normalization. Recent composite PMI data show expansion in both services and manufacturing, with private‑sector activity at its strongest in over two years, contributing to improved business orders and hiring. Inflation trends are moving toward the Bank of Japan’s 2% target, and core price measures are easing from recent highs, which keeps real incomes and consumer demand relevant to valuations. The BOJ has paused after recent rate hikes but signaled readiness to tighten further if growth and inflation remain robust and maintained its policy rate above zero for the first time in many years. The yen remains weak, affecting import costs and exporter earnings, though this also supports global competitiveness. GDP trends are mixed, with output contracting less than expected in earlier quarters and coinciding with strengthened PMI signals. Technical indicators on Japanese equities show support around key trend levels as investors position for cyclical gains. Geopolitical and fiscal developments—such as domestic stimulus packages and trade policy dynamics—add layers of uncertainty but also potential catalysts for market rotation, especially in export-oriented sectors.
Figure 6: Yen weakness is positive for Japan—and the carry trade.
Switzerland: Swiss equities show limited support from several indicators. Relative strength versus long-term moving average breadth, short-term price momentum, and moving average slope are positive, suggesting some trend participation and stabilization. One indicator tied to fund flows is neutral, offering minimal directional guidance. However, most signals are unfavorable. Relative strength versus moving average crossovers, relative dividend yield, and nominal 10-year yields are all bearish, reflecting weak technical alignment, limited valuation support, and sensitivity to rising rates. Overall, negative trend and macro signals outweigh the constructive measures, leaving Switzerland relatively unattractive from a quantitative perspective despite isolated technical stabilization and moderate momentum support.
Commentary: Switzerland’s stock market is trading with a muted macro backdrop and subdued inflationary pressures. Latest data show inflation hovering near zero, keeping the Swiss National Bank’s policy rate at 0%. The SNB emphasizes price stability and its readiness to intervene in foreign exchange markets. Real GDP contracted in the third quarter of 2025 after stronger export-led quarters, with services and other industries posting small gains while industrial output softened. Business surveys, such as the PMI, remain at contractionary levels, indicating modest activity rather than robust expansion. Equity market technical indicators have shown consolidation around key moving averages, consistent with limited conviction as investors weigh low inflation against slower growth prospects. Geopolitical factors, such as tariff adjustments with major trading partners, continue to influence export-related sectors. Overall, Switzerland’s market environment reflects cautious fundamentals and technical conditions with a slight bias toward subdued momentum and downside risk.
Figure 7: Last month, we wrote that relative momentum was picking up for Swiss equities. This month, it appears to be the opposite, with momentum potentially at a peak.
United Kingdom: U.K. equities show mixed signals across key indicators. Positive measures include relative strength versus moving average crossovers, short-term price momentum, and sentiment indicators, suggesting some technical support and improving investor positioning. These factors indicate limited trend stability and moderate risk appetite. Negative signals dominate the macro and valuation context. Relative strength versus the GBP–USD exchange rate, global valuation comparisons, and U.K. option-adjusted spreads are all unfavorable, reflecting currency headwinds, limited valuation support, and elevated credit risk sensitivity. Overall, the balance of positive technical indicators and negative macro and valuation signals results in a relatively neutral outlook. U.K. equities display pockets of support but lack clear directional conviction. We’ve increased the exposure to neutral.
Commentary: Recent PMI data show expansion in the services sector, suggesting activity is strengthening after earlier sluggishness and that business investment has improved, supporting growth expectations. GDP trends remain modest, with the economy growing at a moderate pace compared with historical norms. Inflationary pressures have eased, leading the Bank of England to hold interest rates steady after a narrow vote, with investors increasingly pricing in the possibility of future cuts if disinflation continues. The pound has weakened against major peers following the policy decision, reflecting shifting rate expectations and softer economic momentum. Technical indicators for U.K. equities show consolidation around key trend levels, indicating neither strong positive momentum nor broad weakness. Geopolitical and political factors, including domestic fiscal policy shifts and external trade conditions, remain relevant for investor sentiment. Overall, the market reflects cautious optimism tempered by structural headwinds, subdued growth, and sensitivity to central bank messaging.
Figure 8: U.K. OAS spreads are showing the slightest signs of increasing. A large move would be negative, indicating investors are pricing in a potential financial disruption.
Emerging Market Positions
Approximately 30% of the strategy is allocated across five markets from a pool of more than 20 smaller markets. Selection is based on a multifactor technical ranking system that uses trend and mean-reversion indicators. The process seeks to identify oversold opportunities within the global equity markets that are likely to mean-revert from lower levels and exhibit mild pullbacks from long-term uptrends.
Current Holdings:
Poland
Hong Kong
Singapore
South Africa
India
Explore: Emerging Market Commentary
Equity markets across these regions are reflecting varied but generally constructive fundamentals and improving technical conditions.
Poland’s economy continues to expand at a solid pace, with real GDP growth forecast near the mid‑3% range and inflation moderating toward the central bank’s target. The National Bank of Poland has been cutting rates in response to easing inflation and resilient growth, which supports domestic demand and investment. Broader macro data suggest retail spending, industrial output, and construction are expanding, though markets appear to be in a consolidation phase after recent gains. These conditions create a supportive backdrop for Polish equities, given economic momentum and monetary easing.
Hong Kong’s Hang Seng Index has shown technical resilience, trading above key moving averages, with momentum indicators suggesting a positive trend even amid geopolitical uncertainty and fluctuating activity data. Regional PMI signals in China and delayed tariff concerns have caused periodic softness, but broad technical positioning in Hong Kong remains constructive relative to long‑term trend.
Singapore’s equity benchmark, the Straits Times Index, reflects steady earnings environments and stable macro conditions. The STI’s positioning above short-term technical averages suggests generally positive price momentum as global risk appetite improves.
South Africa’s market is supported by improving domestic activity, with PMI readings stabilizing and manufacturing sentiment lifting off weak readings, indicating potential recovery in business conditions. Inflation has eased toward the lower end of the target range, and the central bank has signaled scope for policy support. However, growth remains modest, and export headwinds are a constraint. Technically, South African indices have shown mixed momentum, but recent stabilizing PMIs and easing inflation provide constructive underpinnings.
India’s equity market benefits from strong GDP growth expectations near mid‑6% levels, supported by continued investment and consumption trends. Forward PMI and service expansions remain favorable, and monetary policy has been accommodative. Technical indicators for Indian benchmarks have shown sustained uptrends, reflecting positive momentum and investor confidence tied to robust macro fundamentals.
Overall, this group of markets shows constructive macroeconomic drivers and favorable technical setups, with growth, easing inflation, and supportive central bank policies contributing to a positive equity market environment.
Catastrophic Stop Model
The Catastrophic Stop model combines time-tested, objective indicators designed to identify high-risk periods for the equity market. The model entered February recommending a fully invested equity allocation relative to the benchmark.
The weight of the evidence suggests that any weakness is unlikely to extend into a significant downtrend at this time. Of course, if our model triggers a sell signal (below 40% for two consecutive days), indicating more substantial problems, we will raise cash immediately.
Figure 9: The Catastrophic Stop model recommends a fully invested equity position (relative to the benchmark). Because the model uses indices to extend its history, it is considered hypothetical.
Hypothetical and historical past performance is not indicative of future results. There can be no assurance that any investment or strategy will achieve its objectives or avoid substantial losses or have comparable results. This information is provided for illustrative purposes only and is not a prediction, projection or guarantee of future performance. Hypothetical results do not reflect actual trading, were derived using the benefit of hindsight, and may not reflect material economic and market events. Actual results vary and depend on many factors and subject to risk and uncertainties.
The Day Hagan Daily Market Sentiment Composite (part of the Catastrophic Stop Model) is neutral, indicating investors are neither overly bullish nor overly bearish. This is viewed as a net positive from a contrary opinion perspective.
Figure 10: Should the Sentiment Composite move back above the 70 level, we would view it as a negative development and a potential short-term headwind.
This strategy uses measures of price, valuation, economic trends, liquidity, and market sentiment to make objective, rational, and unemotional decisions about how much capital to risk and where to allocate it.
For more information, please contact us at:
Day Hagan Asset Management
1000 S. Tamiami Trl
Sarasota, FL 34236
Toll Free: (800) 594-7930
Office Phone: (941) 330-1702
Website: https://dayhagan.com or https://dhfunds.com
© 2026 Day Hagan Asset Management
This material is for educational purposes only. Further distribution is prohibited without prior permission. Please see the information on Disclosures and Fact Sheets here: https://dhfunds.com/literature. Charts with models and return information use indices for performance testing to extend the model histories, and they should be considered hypothetical. All Rights Reserved. (© Copyright 2026 Day Hagan Asset Management.)
Day Hagan Smart Sector® International ETF
Symbol: SSXU
Strategy Description
The Smart Sector® International strategy combines three quantitative investment strategies: Core International, Explore International, and Catastrophic Stop.
The Process Is Based On The Weight Of The Evidence
Core Allocation
The fund begins by overweighting and underweighting the largest non-U.S. equity markets based on proprietary models.
Each of the models utilizes market-specific, weight-of-the-evidence composites of fundamental, economic, technical, and behavioral indicators to determine each area’s probability of outperforming the ACWI, for example. U.S. Markets are weighted accordingly relative to benchmark weightings.
Explore Allocation
To select smaller markets, the fund uses a multi-factor technical ranking system to choose the top markets. The markets with the highest rankings split the non-core model allocation equally.
When Market Risks Become Extraordinarily High — Reduce Your Portfolio Risk
The model remains fully invested unless the Catastrophic model is triggered, whereupon the equity-invested position may be trimmed by up to 50%.
The Catastrophic Stop model combines time-tested, objective indicators designed to identify periods of high risk for the broad U.S. equity market. The model uses price-based, breadth, deviation from trend, fundamental, economic, interest rate, behavioral, and volatility-based indicator composites.
When Market Risks Return To Normal — Put Your Money Back To Work
When the Catastrophic Stop model moves back to bullish levels, indicating lower risk, the strategy will reverse toward being fully invested.
Disclosures
The data and analysis contained within are provided “as is” and without warranty of any kind, either express or implied. The information is based on data believed to be reliable, but it is not guaranteed. Day Hagan DISCLAIMS ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY, OR FITNESS FOR A PARTICULAR PURPOSE OR USE. All performance measures do not reflect tax consequences, execution, commissions, and other trading costs, and as such, investors should consult their tax advisors before making investment decisions, as well as realize that the past performance and results of the model are not a guarantee of future results. The Smart Sector® Strategy is not intended to be the primary basis for investment decisions, and the usage of the model does not address the suitability of any particular investment for any particular investor.
Using any graph, chart, formula, model, or other device to assist in deciding which securities to trade or when to trade them presents many difficulties, and their effectiveness has significant limitations, including that prior patterns may not repeat themselves continuously or on any particular occasion. In addition, market participants using such devices can impact the market in a way that changes the effectiveness of such devices. Day Hagan believes no individual graph, chart, formula, model, or other device should be used as the sole basis for any investment decision and suggests that all market participants consider differing viewpoints and use a weight-of-the-evidence approach that fits their investment needs.
Past performance does not guarantee future results. No current or prospective client should assume future performance of any specific investment or strategy will be profitable or equal to past performance levels. All investment strategies have the potential for profit or loss. Changes in investment strategies, contributions or withdrawals, and economic conditions may materially alter the performance of your portfolio. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment or strategy will be suitable or profitable for a client’s portfolio. Historical performance results for investment indexes and/or categories generally do not reflect the deduction of transaction and/or custodial charges or the deduction of an investment management fee, the incurrence of which would have the effect of decreasing historical performance results. There can be no assurances that a portfolio will match or outperform any particular benchmark. Comparisons to indices are inherently unreliable indicators of future performance. The strategies used to generate the performance vary from those used to generate the returns depicted in the benchmarks. Investors cannot directly invest in an index.
The information contained herein is provided for informational purposes only and should not be construed as investment advice or a recommendation to buy or sell any security. The securities, instruments, or strategies described may not be suitable for all investors, and their value and income may fluctuate. Past performance is not indicative of future results, and there is no guarantee that any investment strategy will achieve its objectives, generate profits, or avoid losses.
This material is intended to provide general market commentary and should not be relied upon as individualized investment advice. Investors should consult with their financial professional before making any investment decisions based on this information.
The material may contain “forward-looking” information that is not purely historical in nature. Such information may include, among other things, projections, forecasts, estimates of market returns, and proposed or expected portfolio composition. Day Hagan Asset Management, its affiliates, employees, or third-party data providers shall not be liable for any loss sustained by any person relying on this information. All opinions and views expressed are subject to change without notice and may differ from those of other investment professionals within Day Hagan Asset Management or Ashton Thomas Private Wealth, LLC.
Accounts managed by Day Hagan Asset Management or its affiliates may hold positions in the securities discussed and may trade such securities without notice.
Day Hagan Asset Management is a division of and doing business as (DBA) Ashton Thomas Private Wealth, LLC, an SEC-registered investment adviser. Registration with the SEC does not imply a certain level of skill or training.
This material is for educational purposes only. Further distribution is prohibited without prior permission. Please see the information on Disclosures and Fact Sheets here: https://dhfunds.com/literature. Charts with models and return information use indices for performance testing to extend the model histories, and they should be considered hypothetical. All Rights Reserved. (© Copyright 2026 Day Hagan Asset Management.)
All hypothetical results are presented for illustrative purposes only. Back-testing and other statistical analysis is provided in use simulated analysis and hypothetical circumstances to estimate how it may have performed prior to its actual existence. The results obtained from "back-testing" information should not be considered indicative of the actual results that might be obtained from an investment or participation in a financial instrument or transaction referencing the Index. The Firm provides no assurance or guarantee that the products/securities linked to the strategy will operate or would have operated in the past in a manner consistent with these materials. The hypothetical historical levels have inherent limitations. Alternative simulations, techniques, modeling or assumptions might produce significantly different results and prove to be more appropriate. Actual results will vary, perhaps materially, from the simulated returns presented.
© 2026 Day Hagan Asset Management