INFRASTRUCTURETURE CONTINUES TO HUM ALONG Strategas Technical & Macro Research Please Do Not Redistribute 4 2/27/2024 Global X U.S. Infrastructure ETF: PAVE 50 & 200-Day MA PAVE Relative to S&P 500 Positive / Negative Trend Model Arrows ✓ Infrastructure has been a consistent theme from our Policy team, and the charts continue to support it. Likely short-term overbought, but still buyable into any weakness. BREAKOUT & RELATIVE TREND CHANGE FOR SMALL-CAP BIOTECH Strategas ...

$612,942 $575,515 $718,460 $521,590 $928,242 $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 Equity ETFs Inst. Money Market Retail Money Market Equity ETF vs. Money Market Fund Flows $MM Since Fed Liftoff (3/16/22) Last 12-Months Strategas ETF Research Please Do Not Redistribute See Appendix for Important Disclosures ETF Research Tuesday, February 27, 2024 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com KEY CHARTS ON RETAIL CASH, OFFSIDES TECH, & ...

... Reduced Trade Tensions FDX FedEx Corporation We believe that trade tensions, especially with Mexico - but also Europe and Canada, would be lesser under Biden given Trump's stance on the border and a 10% import tariff. Of note, the 6-year review for USMCA is due in 2025-2026. CP Canadian Pacific Kansas City Ltd EWW iShares MSCI Mexico ETF No Border Adjustable Tax BBY Best Buy Co., Inc. Talk of a border adjustable tax (BAT) in late 2016/early 2017 caused a lobbying frenzy for ...

risk/reward profile, December's euphoria has cooled. 2. Heavy inflows into equity market funds ✓ ✓ X Net inflows into equity mutual funds and ETFs are underwhelming compared to money market funds. ... IT OR NOT, EQUITIES HAVE SEEN NET OUTFLOWS SINCE THE MARCH 2009 LOW Net Flows into Mutual Funds + ETFs ($BN) Domestic Equity International Equity Bond Money Mkt Year MF ETF MF ETF 2009 ($27.6) $30.9 $29.6 $39.6 $417.2 ($539.1) 2010 ($81.1) $46.7 $56.7 $41.5 $262.0 ($525.1) 2011 ...

Healthcare 52-week highs expanded last week to their best level since mid-2021, generally a decent clue of broadening participation. Curiously, Technology 52-week highs are quietly contracting - it's a modest divergence but does suggest some exhaustion for the market's most revered sector (and raises our antenna given Tech's extreme ETF inflows). Sector 12/31/2023 Today Difference Healthcare 58.2% 69.1% 10.9% C. Staples 54.2% 52.4% -1.8% Materials 79.8% 77.1% -2.7% Technology ...

SOON AT TECH'S EXPENSE? Healthcare has been inflecting in our work all year, with internal trends continuing to gather steam, and the sector supported by contrarian ETF flows and a longer-term relative performance profile that we'd describe as "in the go zone." What we're particularly curious about is whether the sector can become a destination for any growth money that leaves Tech. It's too soon to say the HC vs. Tech pair has inflected, but we're watching it more closely ...

... '16 Jan '17 Apr '17 Jul '17 Oct '17 iShares MSCI Mexico ETF Relative S&P 500 & Trump 2016 Odds Of Winning Presidency ... '22 Mar '23 Jun '23 Sep '23 Dec '23 iShares MSCI Mexico ETF Rel S&P 500 & PredictIt Odds Of Democratic President ... '22 Mar '23 Jun '23 Sep '23 Dec '23 iShares MSCI India ETF Rel S&P 500 & PredictIt Odds Of Republican President ... '22 Mar '23 Jun '23 Sep '23 Dec '23 iShares MSCI Germany ETF Rel S&P 500 & PredictIt Odds Of Democratic President ...

... highly unlikely to put a nuclear warhead in space Egypt clearing land, building wall near Gaza border, satellite imagery shows US investors in emerging markets switch to ETFs that exclude China Motorist in England calls police to report he's too drunk to drive NPR WAPO Bloomberg FT Reuters AP Please Do Not Redistribute APPENDIX - IMPORTANT DISCLOSURES This communication was prepared by Strategas Securities, LLC ("we" or "us") and is intended for institutional investors only. ...

Tuesday may have been a shot across the bow, but we suspect the pervasiveness of bullish attitudes will likely need to be challenged at some point. -$15,000 -$10,000 -$5,000 $0 $5,000 $10,000 $15,000 $20,000 Oct-22 Jan-23 Apr-23 Jul-23 Oct-23 Jan-24 Cumulative Sector ETF Flows Since 10/12/22 $MM Tech Healthcare Communications Discretionary Financials Industrials Staples Utilities Real Estate Energy Materials TECH INFLOWS CONTINUE TO ACCELERATE Strategas ETF Research 11 2/16/...

... 60% 36% 59% 36% International 40% 24% 41% 24% 100% 60% 100% 60% Strategas Portfolio Exposures Dev AC Core 28% 17% 30% 18% iShares MSCI EAFE Core ETF (IEFA) US LC Value 20% 12% 19% 11% iShares S&P 500 Value ETF (IVE) US LC Core 16% 10% 15% 9% iShares S&P 500 Core ETF (IVV) US LC Growth 18% 11% 18% 11% iShares S&P 500 Growth ETF (IVW) EM AC Core 12% 7% 11% 7% iShares MSCI EM Core ETF (IEMG) US MC Value 4% 2% 3% 2% iShares S&P Mid-Cap 400 Value ETF (IJJ) US SC Core 1% 1% 1% ...