HANDLS Monthly Income Report: December 2025

HANDLS^™ Monthly Category Total Return:

11/30/2025 - 12/31/2025

_{The graph and table provide return data for major income-oriented asset categories for the month of December 2025 and YTD 2025. Returns for each asset category are based on the returns of the constituent(s) in the Nasdaq HANDLS™ Base Index representing that category. Also included are returns for the Nasdaq 5HANDL™ Index, the Nasdaq 7HANDL™ Index and the Nasdaq 10HANDL™ Index.}

2025’s Real Story: Quality Wins, Yield Holds, and Diversification Delivers

As 2025 drew to a close, markets ended the year with a tone that felt firm; resilient in the face of volatility and increasingly aligned with an evolving interest-rate backdrop. Large Cap Core led with a 19.8% YTD gain, supported by strong earnings and persistent leadership from technology. Growth & Income was not far behind at 18.8%, benefiting from an environment where growth remained rewarded, but yield mattered again. Utilities made a meaningful recovery at 16.0% as rate expectations shifted lower, while Dividend Equity delivered a solid 14.2%, reinforcing the continued appeal of dependable cash flows.

Fixed income also contributed in a way that felt orderly rather than dramatic, with High Yield Bonds returning 8.7% and MBS posting 8.8%. Income assets offered stability as credit spreads behaved and yields stayed competitive. But 2025 was not a uniform experience. The gap between winners and laggards among income categories stretched to more than 17 percentage points, with Large Cap Core on one end and areas like MLPs (5.8%) and REITs (2.2%) on the other. REITs, in particular, felt the weight of rate sensitivity and lingering real estate pressures. The takeaway: the market rewarded selectivity—quality, defensiveness, and disciplined growth did well, while more cyclical exposures struggled to keep pace.

Throughout 2025, policy was the quiet anchor behind the market’s story. The Federal Reserve spent much of the year balancing patience with progress, as cooling inflation, steadier wage trends, and a gradual easing in financial conditions shifted expectations toward a rate-cutting path. That steady transition mattered more than headlines suggested. It helped redefine the investment environment from crisis management to stability management—and it reinforced a theme we believe will continue to matter for investors: income that is repeatable, durable, and insulated from extremes.

_{*The table above provides return data for major income-oriented asset categories since inception of HANDLS Indexes (3/12/2009). Returns for each asset category are based on the returns of the constituent(s) in the Nasdaq HANDLS™ Base Index representing that category. Also included are returns for the Nasdaq 5HANDL™ Index, the Nasdaq 7HANDL™ Index and the Nasdaq 10HANDL™ Index.  Inception dates for MLPs (1/2/2013), Build America Bonds (1/2/2010) and Active Fixed Income (1/2/2014)}

HANDLS™ demonstrates a consistent strategy, maintaining monthly distributions through market downturns. The reset during rising rates supported stable payouts in 2025, enabling recovery without the volatility seen in other high-yield solutions.

Where NAV-linked structures remained hostage to rate swings and rigid withdrawal frameworks ignored real-world shocks, HANDLS™ continued to do what it was built to do: absorb market noise, continuously reset, and recover with purpose—delivering reliable income across a full year.

Looking back, 2025 reinforced something we talk about often: diversified portfolios built around stability and disciplined risk management tend to win the risk-adjusted race. The performance of the Dorsey Wright Explore added a tactical dimension, allowing the allocation to participate in leadership while rotating toward quality income when conditions shifted in order to do the job investors need them to do.

_{Disclosure: Nasdaq® is a registered trademark of Nasdaq, Inc. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular security or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any security or any representation about the financial condition of any company. Statements regarding Nasdaq-listed companies or Nasdaq proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate companies before investing. ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED. © 2026. Nasdaq, Inc. All Rights Reserved}

_{Important Disclosure: HANDLS Indexes receives compensation in connection with licensing its indices to third parties. Any returns or performance provided within are for illustrative purposes only and do not demonstrate actual performance. Past performance is not a guarantee of future investment results. It is not possible to invest directly in an index. Exposure to an asset class is available through investable instruments based on an index. HANDLS Indexes does not sponsor, endorse, sell, promote or manage any investment fund or other vehicle that is offered by third parties and that seeks to provide an investment return based on the returns of any index. There is no assurance that investment products based on an index will accurately track index performance or provide positive investment returns. HANDLS Indexes is not an investment advisor, and HANDLS Indexes makes no representation regarding the advisability of investing in any such investment fund or other vehicle. A decision to invest in any such investment fund or other vehicle should not be made in reliance on any of the statements set forth in this document. Prospective investors are advised to make an investment in any such fund or other vehicle only after carefully considering the risks associated with investing in such funds, as detailed in an offering memorandum or similar document that is prepared by or on behalf of the issuer of the investment fund or other vehicle. Inclusion of a security within an index is not a recommendation by Indexes to buy, sell, or hold such security, nor is it considered to be investment advice. The information contained herein is intended for personal use only and should not be relied upon as the basis for the execution of a security trade. Investors are advised to consult with their broker or other financial representative to verify pricing information for any securities referenced herein. Neither Indexes nor any of its direct or indirect third-party data suppliers or their affiliates shall have any liability for the accuracy or completeness of the information contained herein, nor for any lost profits, indirect, special or consequential damages. Either Indexes or its direct or indirect third-party data suppliers or their affiliates have exclusive proprietary rights in any information contained herein. The information contained herein may not be used for any unauthorized purpose or redistributed without prior written approval from HANDLS Indexes. Copyright © 2026 by HANDLS Indexes. All rights reserved.}