ETF Research Tuesday, November 7, 2023 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com FLOWS SUGGEST LOW BAR FOR EQUITIES; RATE DECLINES OFTEN BULLISH After a 3-month market correction, equity flows have meaningfully reset with the trailing 65-day spread between equity and bond ETF flows nearing ... We're also aware that money market funds took in another $63 Bn last week and over $950 Bn YTD (a 4x multiple to equity ETF inflows). Notably, ...

500 Contribution of 10 Largest Weights During Positive Performance Years Strategas ETF Research Please Do Not Redistribute See Appendix for Important Disclosures ETF Research Tuesday, October 31, 2023 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com SPY TOP 10 CONTRIBUTION ... It's a historically aggressive reading and one exemplified by the continued weakness from non-mega-cap Growth areas of the ETF spectrum (e.g. RSP, IWM, VXF). Notably, while ...

.../2023 STILL RESPECTING THE TREND IN YIELDS Strategas Technical & Macro Research 10 10/27/2023 U.S. 10-Year Yield 20, 50 & 200-Day MA 4.71% 4.44% Lots of attempted reversals for 10s recently, but bond bulls really need to break 4.50% to change the near-term trend. Similar price action a handful of times last year. HUGE LAST FEW DAYS HERE... Strategas Technical & Macro Research 11 10/27/2023 iShares +20-Year Treasury Bond ETF (TLT) 200-Day MA Daily Flows $MM THIS IS A CHANGE... ...

... NTM P/E Two Largest Constituents From Each GICS Sector Ticker # of ETFs With Exposure % of Total Equity ETFs GOOGL 382 16.7% META 387 16.9% AAPL 420 18.3% MSFT 494 21.6% AMZN 370 16.2% NVDA 448 19.6% TSLA 329 14.4% Magnificent 7 ETF Coverage Ratio GOOGL / META Valuations Not Extreme Relative Heavyweight Peers Ex. Communications, GOOGL / META Exposure Well Accounted For 10/26/23 Strategas Securities - Global Asset Allocation & Equity Sector Research PLEASE DO NOT REDISTRIBUTE ...

... LQD & HYG ETF'S Short interest as a percent of equity float is at some of its highest levels since 2015 for the LQD. HYG short interest, while above 50%, remains below historical peaks. 21.2% 0.0% 7.5% 15.0% 22.5% 30.0% Oct-15 Oct-17 Oct-19 Oct-21 Oct-23 LQD ETF Short Interest Percent 51.4% 10% 25% 40% 55% 70% Oct-15 Oct-17 Oct-19 Oct-21 Oct-23 HYG ETF Short Interest Percent 10/26/23 Strategas Research Partners - Fixed Income 6 MANY MAJOR FIXED INCOME ETF'S HAVE SHORT ...

Please Do Not Redistribute See Appendix for Important Disclosures ETF Research Tuesday, October 24, 2023 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com ETF VOLUMES REFLECT MARKET STRESS We believe ETFs serve dual purpose as a vehicle - 1) for low cost, tax efficient long-term asset allocation and 2) to express short-term tactical views and help describe the psychology of market participants. Flows are one reflection of the latter, but volumes are ...

... Apple & Microsoft Weighting in S&P 500 Apple & Microsoft Combined Weighting Energy & Materials Sector Combined Weighting 75 85 95 105 115 125 135 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Source: Strategas, FactSet Strategas Coal Basket Rel. to S&P 500 The Coal ETF halted trading in December of 2020. 10/23/23 Strategas Securities - Quantitative Research PLEASE DO NOT REDISTRIBUTE 5 REASONS WHY ANTICIPATED RECESSION HAS NOT (YET?) OCCURRED 1. Tight ...

-20% -10% 0% 10% 20% 30% 40% -$10,000 -$8,000 -$6,000 -$4,000 -$2,000 $0 $2,000 $4,000 $6,000 Relative S&P Performance Sector Flows ($MM) Sector ETF Flows vs. ... the sector in size; ETF flows have been decidedly weak YTD as the outlook for the economy has improved and the Index has rallied +19% off last October's low. ... Contrarians Note: Second only to Energy, Health Care ETFs have seen the largest negative flows YTD. 10/20/23 Strategas Securities - Global Asset Allocation & ...

ENERGY TREND HAS NOT CHANGED Strategas Technical & Macro Research 8 10/20/2023 U.S. C. Discretionary Relative to Energy Equal Weight Europe C. Discretionary Relative to Energy 50 & 200-Day MA Discretionary was very quick to turn up off last year's low... hasn't happened this time.   NOTE THE LOWER-LOW FOR HYG THIS WEEK Strategas Technical & Macro Research 9 10/20/2023 S&P 500 50 & 200-Day MA High Yield Corporate ETF (HYG) 50 & 200-Day MA Lowest close for HYG since Nov. ...

Strategas Technical & Macro Research Please Do Not Redistribute 2 10/19/2023 S&P 500 50 & 200-Day MA VIX 6-Month High Line Simple, but the VIX closed at 19.22 yesterday... doesn't seem panicky yet. NOTE THE LOWER-LOW FOR HYG Strategas Technical & Macro Research Please Do Not Redistribute 3 10/19/2023 S&P 500 50 & 200-Day MA High Yield Corporate ETF (HYG) 50 & 200-Day MA Lowest close for HYG since Nov. '22. 4 th DISTRIBUTION SIGNAL IN LAST 20 TRADING DAYS Strategas Technical & ...