... Valuation It's difficult to describe the market cheap by any metric as equity valuations are elevated in absolute terms with the market trading at more than 21x based on trailing 12-month earnings which is above the long-term average of 16x since 1950. On a forward basis, the S&P trades at about 19.5x, which again is above long-term averages. Sentiment ETF flows have accelerated into aggressive territory and survey data reflects more optimistic attitudes. We'd consider these ...

Please Do Not Redistribute See Appendix for Important Disclosures ETF Research Thursday, February 15, 2024 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com FLOWS UPDATE... TECH vs. EVERYONE ELSE Tactical equity ETF flows continue to probe aggressive territory, with Tech sector funds leading the way. While performance has certainly warranted it, since the October '23 market low Tech ETFs have taken in over +$11 Bn, with Discretionary the nearest ...

... Healthcare Energy Materials Staples Utilities Financials Real Estate Industrials Comm Discretionary Tech Sector ETF Flows ($MM) Last 250-Days Since 10/27 S&P Low POCKETS OF ENTHUSIASM... TECH FLOWS HAVE SEPARATED FROM THE PACK Strategas Technical & Macro Research Please Do Not Redistribute 10 2/15/2024 Our very own Todd Sohn is an ace with the flow and ETF data... note the dominance in Tech ETF flows, particularly since the recent October low... something to be mindful of. ...

TECH REVERSALS YESTERDAY, BUT SMALL-CAPS DIDN'T FLINCH Strategas Technical & Macro Research Please Do Not Redistribute 2 2/13/2024 Russell 2000 ETF: IWM 50 & 200-Day MA Overbought/Oversold ... SOME LIFE FROM AIRLINES... Strategas Technical & Macro Research Please Do Not Redistribute 11 2/13/2024 Airline ETF: JETS 50 & 200-Day MA JETS Relative to S&P 500 ✓ ✓ 50-day crossing > 200- day for the Airlines ETF. RETAIL STILL ACTING OK Strategas Technical & Macro Research Please Do ...

Please Do Not Redistribute See Appendix for Important Disclosures ETF Research Tuesday, February 13, 2024 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com TWO IMPORTANT EXTREMES: ... Value's style box struggle is no secret... what stands out in our work though, is that Growth ETF inflows have accelerated and there are major concentration issues brewing. We like to believe large-cap Growth ETFs (e.g. IWF, VUG, IVW) are a cornerstone of core investor ...

Healthcare is arguably in the nascent stages of leadership, where should investors focus? Healthcare sector ETFs have seen more outflows than any sector ... Contrarian Case: Major Outflows From Healthcare ETFs Strategas Securities - Global Asset Allocation & Sector Research Please Do Not Redistribute 6 2/8/2024 Equal-Weight Healthcare ETF (RSPH) Relative Equal-Weight S&P 500 ETF (RSP) 200-Day Average Woefully inconsistent relative profile from Healthcare, but the extreme ...

- Daily Macro Brief 2 ETF Flows Show China Is A Cash Burning Investment The below table is from my colleague Todd Sohn's ETF research report last week, where he showed just how much money investors have lost chasing investments in China. Overall, the five largest China ETFs have seen lifetime flows of $28.2 billion while the current AUM of those products is just $16.5 billion. As he stated, it's challenging to find many ETF categories that have taken in more flows ...

... SOFR Spread To Fed Funds Rate (15-Day Average) 2/7/24 Strategas Research Partners - Fixed Income 5 BOND VOLATILITY RECEDING, STILL ELEVATED ATM implied volatility on major fixed income ETFs is middle of the road versus the past 7 years. ... 100% 0 4 8 12 16 TLT EMB LQD HYG JNK TIP IEF BND AGG MUB IEI SHY 1 Year Percentile Rank ATM Implied Volatility Bond ETF Volatility Metrics Current 2017 - Present Percentile Rank 199 97 109 30 80 130 180 230 Feb-89 Feb-94 Feb-99 Feb-04 ...

... Strong uptrend that never got oversold. GLOBAL RENEWABLES REMAIN VERY WEAK Strategas Technical & Macro Research Please Do Not Redistribute 12 2/7/2024 Renewable Energy Producers ETF (RNRG) 50 & 200-Day MA Overbought / Oversold ✓ ✓ Oversold, but the downtrend continues to exert itself here. TWO EXAMPLES OF COLLAPSE AMONG THE GLOBAL RENEWABLES Strategas Technical & Macro Research Please Do Not Redistribute 13 2/7/2024 RWE GY 50 & 200-Day MA VER AV 50 & 200-Day MA VER AV ...

If something more sinister is brewing we'd expect to see some clear deterioration to credit conditions and a bid to the market's more defensive corners take hold - both largely remain nonexistent for now. Staples and Utes haven't done much of anything to impress, though Healthcare remains the exception in our work - the sector's relative performance continues to inflect, supported with contrarian ETF flows and an attractive long-term risk/reward profile. Also in Today's ...