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The fund is considered a fund of funds that seeks to achieve its investment objective by primarily investing in other exchange-traded funds and other exchange traded products including, but not limited to, exchange-traded notes, exchange traded currency trusts, closed-end funds, and real estate investment trusts that offer diversified exposure, including inverse exposure, to global regions, countries, styles and sectors.

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An Asset Allocator&#39;s Momentum ETF

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Multiple Asset Classes In One New ETF

On Jan. 5, President Joe Biden signed the <a href="https://www.benzinga.com/personal-finance/25/01/42935393/millions-of-public-employees-to-see-boosted-social-security-payments-after-biden-signed-social-security-fairness-act-into-law">Social Security Fairness Act</a> into law. This new law, introduced in January 2023, has stirred heavy debate among policymakers, union leaders and financial experts. Those favoring the legislation see it as a step forward, with public worker retirees gaining long-deserved equity. Critics, on the other hand, say that this new law will only jeopardize the future stability of the Social Security program.&nbsp;
What does the law do?&nbsp;
The Social Security Fairness Act repeals two long-standing provisions that previously affected certain public sector employees. These provisions – the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) – reduced benefits for retirees, spouses and survivors who received pensions from government jobs. Eliminating the provisions allows around 2.5 million retirees to receive Social Security benefits that were previously reduced.&nbsp;
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Senate Majority Leader Chuck Schumer praised the move in a post on X, stating it ensures "Americans are not erroneously denied their well-earned social security benefits simply because they chose at some point to work in their careers in public service."
While the act aims to address inequities, its critics highlight the financial implications for the <a href="https://www.benzinga.com/personal-finance/24/09/40817544/report-warns-of-16-500-annual-social-security-benefit-cut-for-dual-income-couples-by-2033">Social Security Trust Fund</a>, which is already under significant strain.
The Congressional Budget Office (CBO) estimates the repeal will cost taxpayers $196 billion over the next decade, plus an additional $37 billion in interest payments. The Social Security Trust Fund is projected to run out by 2033, a date which could be moved up six months without further reform to the program.&nbsp;
See Also: The average 401(k) balance soars to a record-breaking high – <a href="https://www.benzinga.com/money/average-401k-balances-soars-to-record-high">Here's how to know if your nest egg is keeping pace.</a>
Former Social Security Advisory Board chair Sylvester Schieber told Newsweek that the repeal will shorten the timeline for the <a href="https://www.benzinga.com/personal-finance/25/01/42920272/despite-a-modest-50-monthly-increase-in-2025-americans-worry-social-security-may-not-survive-past-2034">fund's depletion</a>, but he said that's not his largest concern. "The larger problem with the legislation is it gives workers who earn salaries not covered by Social Security disproportionately generous benefits compared to workers covered under the system for all their earnings," he said, adding that this group of workers are "claiming to be victims of unfair treatment" to gain favor above other U.S. workers.&nbsp;
Similarly, Andrew Biggs of the American Enterprise Institute told Newsweek that the act does not address a long-running discrepancy like proponents for the act have said. "Rather, the Social Security Fairness Act restores windfall Social Security benefit payments to public sector employees who participate in a government pension plan as a substitute for Social Security," he said, noting that the act is a "massive disappointment."
Trending: <a href="https://www.benzinga.com/money/planning-your-retirement-new-changes-to-social-security-in-2025-could-affect-you">Planning Your Retirement? New Changes To Social Security In 2025 Could Affect You</a>
While this new law will impact millions of Americans nationwide, it varies from state to state. For instance, public employees in 15 states, including California, Illinois and Massachusetts, often work jobs that Social Security doesn't cover. As many critics have pointed out, these retirees stand to gain the most from the repeal. Meanwhile, retirees in states where workers consistently pay into Social Security – like Florida and New York – may feel they are subsidizing others.&nbsp;
Critics of the new law have also stated that the act doesn't address deeper structural issues. Many non-covered workers never qualify for public pensions or face lower benefits than Social Security. The Concord Coalition argues that expanding Social Security coverage to all public employees would be a fairer, long-term solution.
<a href="https://www.benzinga.com/personal-finance/24/11/42217382/bernie-sanders-demands-scrap-the-cap-on-social-security-taxes-its-absurd-a-billionaire-pays-same-amount-as-middle-class-earners">Social Security reform</a> will remain a pressing issue as the depletion dates grow nearer and lawmakers debate the best path forward to improve the program&#8217;s sustainability. For now, retirees and taxpayers in the public sector should stay informed and take the time to understand how this new law impacts them.&nbsp;
Read Next:
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<li>Can you guess how many Americans successfully retire with $1,000,000 saved?<a href="https://www.benzinga.com/money/1milsaved"> The percentage may shock you</a>.</li>
<li>The average American couple has saved this much money for retirement —<a href="http://www.benzinga.com/money/smartasset"> How do you compare</a>?</li>
</ul>

Personal Finance

A $196 Billion Giveaway? Critics Decry The New Social Security 'Fairness' Act

Looking into the current session, Devon Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DVN#NYSE">DVN</a>) shares are trading at $36.77, after a 0.85% increase. Moreover, over the past month, the stock spiked by 18.26%, but in the past year, decreased by 13.68%. Shareholders might be interested in knowing whether the stock is undervalued, even if the company is performing up to par in the current session. 

<img src="https://www.benzinga.com/files/images/story/2025/1737643512_0.png" alt="Past Year Chart" />

<h3>A Look at Devon Energy P/E Relative to Its Competitors</h3>
The P/E ratio is used by long-term shareholders to assess the company's market performance against aggregate market data, historical earnings, and the industry at large. A lower P/E could indicate that shareholders do not expect the stock to perform better in the future or it could mean that the company is undervalued. 
Devon Energy has a lower P/E than the aggregate P/E of 30.06 of the Oil, Gas &amp; Consumable Fuels industry. Ideally, one might believe that the stock might perform worse than its peers, but it's also probable that the stock is undervalued. 

<img src="https://www.benzinga.com/files/images/story/2025/1737643512_1.png" alt="Guage" />

In conclusion, the price-to-earnings ratio is a useful metric for analyzing a company's market performance, but it has its limitations. While a lower P/E can indicate that a company is undervalued, it can also suggest that shareholders do not expect future growth. Additionally, the P/E ratio should not be used in isolation, as other factors such as industry trends and business cycles can also impact a company's stock price. Therefore, investors should use the P/E ratio in conjunction with other financial metrics and qualitative analysis to make informed investment decisions.

Intraday Update

Markets

Price Over Earnings Overview: Devon Energy

CACI International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CACI#NYSE">CACI</a>) has outperformed the market over the past 10 years by 5.92% on an annualized basis producing an average annual return of 17.63%. Currently, CACI International has a market capitalization of $10.42 billion. 
Buying $1000 In CACI: If an investor had bought $1000 of CACI stock 10 years ago, it would be worth $5,073.93 today based on a price of $465.11 for CACI at the time of writing.
<h3>CACI International's Performance Over Last 10 Years</h3>
<img src="https://www.benzinga.com/files/images/story/2025/1737643507_0.png" alt="comp_fig" />
Finally -- what's the point of all this? The key insight to take from this article is to note how much of a difference compounded returns can make in your cash growth over a period of time.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

CACI

$1000 Invested In CACI International 10 Years Ago Would Be Worth This Much Today

Stifel analyst J. Bruce Chan maintains ArcBest (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ARCB#NASDAQ">ARCB</a>) with a Buy and raises the price target from $109 to $125.

Price Target

Analyst Ratings

ARCB

Stifel Maintains Buy on ArcBest, Raises Price Target to $125

<a href="https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20250123">https://www.dfs.ny.gov/reports_and_publications/press_releases/pr20250123</a>
&nbsp;
PayPal's Cybersecurity Failures Led to the Exposure of Customers' Social Security Numbers
January 23, 2025
New York State Department of Financial Services Superintendent Adrienne A. Harris today announced that PayPal, Inc. (PayPal) will pay a $2 million penalty to New York State for violations of DFS's <a href="https://www.dfs.ny.gov/industry_guidance/regulatory_activity/financial_services#final-adoptions">Cybersecurity Regulation</a>. An investigation determined PayPal failed to use qualified personnel to manage key cybersecurity functions and failed to provide adequate training to address cybersecurity risks. These failures led to sensitive customer information, including social security numbers (SSNs), being left unredacted and easily accessible to cybercriminals.&nbsp;

Legal

PYPL

Superintendent Adrienne A. Harris Secures $2M Cybersecurity Settlement with PayPal, Inc.

BWS Financial analyst Hamed Khorsand maintains TriMas (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TRS#NASDAQ">TRS</a>) with a Buy and maintains $40 price target.

BWS Financial Maintains Buy on TriMas, Maintains $40 Price Target

JMP Securities analyst Roy Buchanan reiterates Esperion Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ESPR#NASDAQ">ESPR</a>) with a Market Outperform and maintains $7 price target.

Reiteration

ESPR

JMP Securities Reiterates Market Outperform on Esperion Therapeutics, Maintains $7 Price Target

WIIM

PLXS

Plexus shares are trading lower after the company reported worse-than-expected Q1 sales results and issued Q2 revenue guidance below estimates.

U.S. stocks traded mixed this morning, with the Dow Jones index gaining around 50 points on Thursday.
Following the market opening Thursday, the Dow traded up 0.15% to 44,221.41 while the NASDAQ fell 0.46% to 19,917.03. The S&amp;P 500 also fell, dropping, 0.14% to 6,078.07.
Check This Out: <a href="https://www.benzinga.com/25/01/43156332/this-electronic-arts-analyst-is-no-longer-bullish-here-are-top-5-downgrades-for-thursday">This Electronic Arts Analyst Is No Longer Bullish; Here Are Top 5 Downgrades For Thursday</a>
Leading and Lagging Sectors Energy shares surged by 0.7% on Thursday.
In trading on Thursday, information technology shares fell by 0.7%.
Top Headline
GE Aerospace (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>) reported better-than-expected earnings for its fourth quarter.
The company reported fourth-quarter adjusted revenue growth of 16% year-over-year to $9.879 billion and GAAP revenue of $10.812 billion. The analyst consensus was $9.604 billion. Adjusted EPS for the quarter was $1.32 (+103% Y/Y), beating the consensus of $1.04.
Equities Trading UP &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<ul>
<li>Diginex Limited (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DGNX#NASDAQ">DGNX</a>) shares shot up 125% to $16.90. Diginex announced the pricing of $9.225 million initial public offering of 2.25 million shares at a price of $4.10 per share.</li>
<li>Shares of Vince Holding Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VNCE#NYSE">VNCE</a>)got a boost, surging 81% to $4.2608 after the company announced P180 is acquiring a majority stake in the company.</li>
<li>N2OFF, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NITO#NASDAQ">NITO</a>) shares were also up, gaining 43% to $1.15. N2OFF and Solterra announced a 1-year renewable energy partnership in Albania for solar and battery projects.</li>
</ul>
Equities Trading DOWN
<ul>
<li>Icon Energy Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICON#NASDAQ">ICON</a>) shares dropped 66% to $0.4498 after the company announced a $12 million public offering</li>
<li>Shares of Vertical Aerospace Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EVTL#NASDAQ">EVTL</a>) were down 39% to $5.67 after the company announced a $90 million public offering.</li>
<li>Jupiter Neurosciences, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JUNS#NASDAQ">JUNS</a>) was down, falling 31% to $2.46.</li>
</ul>
Commodities In commodity news, oil traded up 0.1% to $75.45 while gold traded down 0.9% at $2,746.40.
Silver traded down 2.6% to $30.590 on Thursday, while copper fell 0.7% to $4.2710.
Euro zone
European shares were mostly higher today. The eurozone's STOXX 600 gained 0.1%, Germany's DAX 40 rose 0.2% and France's CAC 40 gained 0.4%. Spain's IBEX 35 Index rose 0.2%, while London's FTSE 100 rose 0.1%.
Asia Pacific Markets
Asian markets closed mostly higher on Thursday, with Japan's Nikkei 225 gaining 0.79%, China's Shanghai Composite Index gaining 0.51%, Hong Kong's Hang Seng Index falling 0.40% and India's BSE Sensex gaining 0.15%.
Economics
U.S. initial jobless claims increased by 6,000 from the previous week to 223,000 in the week ending Jan. 18, compared to market estimates of 220,000.
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Earnings

Equities

Eurozone

DGNX

EVTL

ICON

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NITO

VNCE

US Stocks Mixed; GE Aerospace Posts Upbeat Earnings

Jupiter Neurosciences Shares Halted On Circuit Breaker To The Downside, Stock Now Down -41.6%

Diginex Shares Halted On Circuit Breaker To The Upside, Stock Now Up 166.8%

JMP Securities analyst Aaron Hecht reiterates Ellington Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EFC#NYSE">EFC</a>) with a Market Outperform and maintains $14 price target.

JMP Securities Reiterates Market Outperform on Ellington Financial, Maintains $14 Price Target

DXST

Decent Shares Halted On Circuit Breaker to The Downside, Stock Now Up 19.5%

Diginex Shares Resume Trade

JMP Securities analyst Aaron Hecht reiterates Dynex Cap (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DX#NYSE">DX</a>) from Market Perform to Market Perform.

JMP Securities Reiterates Market Perform on Dynex Capto Market Perform

JMP Securities analyst Aaron Hecht reiterates Chimera Investment (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CIM#NYSE">CIM</a>) from Market Perform to Market Perform.

JMP Securities Reiterates Market Perform on Chimera Investmentto Market Perform

JMP Securities analyst Aaron Hecht reiterates Cherry Hill Mortgage (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CHMI#NYSE">CHMI</a>) from Market Perform to Market Perform.

CHMI

JMP Securities Reiterates Market Perform on Cherry Hill Mortgageto Market Perform

JMP Securities analyst Aaron Hecht reiterates ARMOUR Residential REIT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARR#NYSE">ARR</a>) from Market Perform to Market Perform.

JMP Securities Reiterates Market Perform on ARMOUR Residential REITto Market Perform

Options

QBTS

D-Wave Quantum Option Alert: Jan 31 $7 Calls Sweep (8) Near The Ask: 1225 @ $0.55 vs 4782 OI; Ref=$6.65

Founder &amp; CEO of Professional Capital Management Anthony Pompliano on Thursday said &#8220;more than 50%&#8221; of President Donald Trump&#8216;s net worth is now held <a href="https://www.benzinga.com/25/01/43086698/crypto-market-plunges-after-trumps-inaugural-speech-fails-to-mention-digital-assets">in the cryptocurrency market</a>.
This assertion highlights a significant personal financial connection between Trump and digital assets, which Pompliano believes will influence policy.
In an interview with Fox Business, Pompliano went on to <a href="https://x.com/Cointelegraph/status/1882138893203472529">predict </a>that, as a result of this financial exposure, Trump will take steps to establish a &#8220;Strategic Bitcoin Reserve&#8221; <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43096311/exclusive-trump-does-not-establish-bitcoin-reserve-crypto-friendly-policies-on-day-1-and-now">for the United States</a>.
According to Pompliano, "the US government currently holds a lot of gold&#8230; and Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) is pristine collateral. It is gold with wings." 
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43140921/meme-coin-supercycle-dogecoin-trump-bonk-futures-etf-applications-filed">Meme Coin Supercycle? Dogecoin, Trump, Bonk Futures ETF Applications Filed</a>
This reserve, he argued, would signal to the rest of the world that Bitcoin has achieved legitimacy as an asset class. 
&#8220;Donald Trump campaigned as being the first Bitcoin president. And I do think that he is going to establish that strategic Bitcoin reserve,&#8221; he added.
Pompliano also suggested other potential actions Trump could take to benefit the crypto industry. 
He proposed that Trump repeal SAB 121, which would allow banks to hold these assets, and change the tax treatment of cryptocurrencies which currently taxes the sale of goods with Bitcoin with capital gains, calling these moves a &#8220;tailwind for the industry&#8221;.
Pompliano had recently predicted a global race <a href="https://www.benzinga.com/markets/cryptocurrency/24/12/42349063/anthony-pompliano-says-countries-are-going-to-fomo-into-buying-bitcoin">among nations to adopt Bitcoin</a>.
Speaking about its potential as a reserve asset, Pompliano said, "Countries are going to FOMO into buying Bitcoin. The early adopters will have a significant advantage over those who wait." 
Pompliano has also previously pointed out Bitcoin&#8217;s resilience in markets shaped by "cheap money" and monetary policy shifts. "Bitcoin thrives in periods of loose monetary conditions," he explained, citing its deflationary nature and ability to store value as key <a href="https://www.benzinga.com/markets/cryptocurrency/24/09/41044977/anthony-pompliano-says-bitcoin-set-to-be-a-big-winner-in-coming-months-due-to-cheap-money-">drivers for its long-term growth</a>.
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</ul>
Image: Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$BTC

Donald Trump Has 'More Than 50%' Of Net Worth In Crypto, Will Establish Strategic Bitcoin Reserve, Anthony Pompliano Predicts

Asset allocators frequently embrace multiple asset classes. One exchange traded fund that makes that job more efficient is the Cambria Global Momentum ETF (CBOE: GMOM).

GMOM&#39;s asset selection universe includes bonds, commodities, currencies and domestic and international equities.

<h3>What Happened</h3>

The actively managed GMOM is an ETF of ETFs, meaning its holdings are comprised of other ETFs. That methodology can bolster efficiency and minimize costs in multi-asset funds.

GMOM&#39;s &ldquo;structure reduces transaction costs compared with holding the underlying securities directly, as it reduces the number of trades required,&rdquo; <a href="https://www.morningstar.com/articles/921308/momentum-for-asset-allocation.html">said Morningstar in a recent note</a>. &ldquo;It also promotes tax efficiency because the manager can leverage the ETF&#39;s in-kind redemption feature to purge low-cost-basis securities from the portfolio, reducing the likelihood of capital gains distributions. Cambria explicitly seeks to mitigate the tax impact of this strategy and may engage in tax-loss harvesting--selling losers to realize losses that can offset some of the portfolio&#39;s gains.&rdquo;

<h3>Why It&#39;s Important</h3>

There are more than 2,200 ETFs trading in the U.S., but GMOM&#39;s selection universe is far smaller.

GMOM &ldquo;intends to target investing in the top 33% of a target universe of approximately 50 ETFs based on measures of trailing momentum and trend,&rdquo; <a href="https://www.cambriafunds.com/gmom">according to Cambria</a>.

From there, GMOM&#39;s roster is whittled down as highlighted by a current lineup of 17 ETFs. Of GMOM&#39;s top 10 holdings, five are iShares ETFs, three are Vanguard funds and two are Invesco ETFs. Commodities, real estate, utilities stocks and domestic and international bonds are among the asset classes represented among GMOM&#39;s top 10 holdings.

On a monthly basis, Cambria measures the relative performance of its selection space, looking to identify the top third of funds.

&ldquo;This focus on relative performance represents the offensive part of the strategy, designed to deliver market-beating returns,&rdquo; said Morningstar. &ldquo;When the stock market is doing well, the portfolio should favor stocks and riskier areas of the market over high-quality bonds.&rdquo;

<h3>What&#39;s Next</h3>

With GMOM being an actively managed fund, investors should not expect is asset allocations to remain constant over time.

&ldquo;The composition of this portfolio can change significantly over time,&rdquo; said Morningstar. &ldquo;For example, at the end of 2017, about 91% of its assets were invested in stocks, and it did not hold any bond ETFs. By the end of 2018, its stock allocation had fallen to 37%, as stock markets sank, and its bond allocation climbed to 48%.&rdquo;

Eight of GMOM&#39;s 17 holdings are fixed income funds while another four are equity funds with bond-like traits.

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An Asset Allocator's Momentum ETF

Multi-asset exchange traded funds, as the name implies, deliver one-stop access to multiple asset classes. The funds in this category use different methodologies for delivering multi-asset exposure, and some are more efficient than others.

The new Cambria Trinity ETF (CBOE: TRTY), which debuted last week, has the makings of a truly efficient multi-asset fund.

Cambria&#39;s latest fund uses an ETF of ETFs structure, meaning its holdings are other ETFs. The fund&nbsp;follows the Cambria Trinity Index.

&ldquo;The index employs a balanced, systematic approach to asset allocation, focusing on diversification, value investing&nbsp;and trend following,&rdquo; <a href="http://www.cambriafunds.com/trty">according to California-based Cambria</a>. &ldquo;The Cambria Trinity ETF uses a buy and hold stategy that aims to produce a balanced, low-turnover portfolio of investable assets.&rdquo;

<h3>Why It&#39;s Important</h3>

The new ETF holds 18 ETFs with weights ranging from 1.94 percent to 33.53 percent. Its member ETFs hail from nine&nbsp;issuers, including seven Cambria ETFs. The Cambria Global Momentum ETF (NYSE:<a class="ticker" href="/stock/GMOM#NYSE">GMOM</a>) and the Vanguard Intermediate-Term Government Bond ETF (NASDAQ:<a class="ticker" href="/stock/VGIT#NASDAQ">VGIT</a>) are the&nbsp;two largest holdings, combining for over 41 percent of the new ETF&#39;s roster.

In addition to traditional equity and fixed income exposure, the ETF&#39;s roster includes managed futures strategies, international equity funds and domestic and international real estate holdings.

The&nbsp;index &ldquo;allocates approximately 16 percent of its portfolio to equity securities, 24 percent to fixed income securities, 44 percent to trend following strategies and 16 percent to other asset classes such as currencies and real assets, including commodities, listed derivatives and real estate,&rdquo; <a href="https://www.etftrends.com/smart-beta-channel/a-one-stop-multi-asset-etfs-to-instantly-diversify-a-portfolio/">according to ETF Trends</a>.

<h3>What&#39;s Next</h3>

The Trinity ETF charges 0.66 percent per year, or $66 on a $10,000 investment. The fund has no management fee and the aforementioned expense ratio of 0.66 percent is a pass-through resulting from the fund&#39;s underlying holdings.

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<a href="https://www.benzinga.com/trading-ideas/long-ideas/18/09/12326219/vanguard-adds-to-fixed-income-lineup-with-total-world-bond-e">A New Cheap Bond ETF</a>

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