... IT'S BEEN "SELL THE NEWS" FOR BITCOIN SINCE ETF APPROVAL Strategas Technical & Macro Research Please Do Not Redistribute 12 1/23/2024 Bitcoin Present Day Gold 2004 to 2005 Example Sharp -20% correction for Bitcoin following ETF approval. In 2004 when GLD launched, Gold initially corrected, then based, and finally resumed higher in late-2005. Overbought/Oversold Overbought/Oversold The Gold ETF (GLD) debuted on 11/18/04. Gold promptly corrected some -10% following the ETF ...

Please Do Not Redistribute See Appendix for Important Disclosures ETF Research Tuesday, January 23, 2024 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com SEMIS INDEX INFLUENCE AT NEW HIGH Broader equity ETF flows are off to a sluggish start as indices test new highs, but there's still a few ... NVDA has jumped from .05% in 2014 to 3.6% today... said differently, the evolution of the S&P 500 continues. Notably, leveraged long Semi ETF volume (SOXL) is ...

... Discretionary Tech Sector ETF Flows ($MM) Last 250-Days Since 10/27 S&P Low HEALTHCARE RALLYING, BUT STILL A CONTRARIAN FLOW BACKDROP Strategas Technical & Macro Research 14 1/19/2024 Important chart from Todd Sohn's ETF & Flow work ... outflows from Healthcare both in the longer-term and intermediate term remain pronounced. GIVEN HEALTHCARE'S SURGE, KEEPING AN EYE HERE (BUT NOTHING YET) Strategas Technical & Macro Research 15 1/19/2024 S&P C. Staples Sector - Equal Weight 50 ...

... 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% ...

Does Not Appear There Will Be A Quick Resolution In The Red Sea We first wrote about the BOAT ETF two weeks ago as a way to play the rise in freight rates and continue to believe that it still makes sense. With insurance executives ... U.S. Consumer Price Index Y/Y WCI Composite (lhs) CPI Y/Y (rhs) Source: Strategas, Bloomberg $24.0 $27.0 $30.0 $33.0 $36.0 $39.0 Sep '21 Jan '22 May '22 Sep '22 Jan '23 May '23 Sep '23 Jan '24 Sonicshares Global Shipping ETF (BOAT) 1/19/24 ...

... Discretionary Tech Sector ETF Flows ($MM) Last 250-Days Since 10/27 S&P Low HEALTHCARE RALLYING, BUT STILL A CONTRARIAN FLOW BACKDROP Strategas Technical & Macro Research Please Do Not Redistribute 11 1/17/2024 Important chart from Todd Sohn's ETF & Flow work ... outflows from Healthcare both in the longer-term and intermediate term remain pronounced. WEAK START TO THE YEAR FOR EMERGING ASIA Strategas Technical & Macro Research Please Do Not Redistribute 12 1/17/2024 ...

Discretionary Tech Sector ETF Flows ($MM) Last 250-Days Since 10/27 S&P Low Strategas ETF Research Please Do Not Redistribute See Appendix for Important Disclosures ETF Research Tuesday, January 16, 2024 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com THE NEGLECT LIST: JAPAN, HEALTHCARE, ENERGY, GOLD We view ETF flows as an endorsement or neglect of trends towards asset classes, sectors, and themes, as well as a helpful guide on the psychology of ...

... to Cut 20,000 Jobs US FAA launches probe of Boeing 737 MAX 9 after mid-air panel incident Bitcoin ETF Trades Top $3 Billion in 'Ground-Breaking' First Day Fed Posts Largest-Ever Annual Operating Loss IPhone keyboard accessory is making a splash at CES 2024 CNBC Bloomberg WSJ WSJ 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. ...

... Research Partners - Fixed Income 11 DESPITE A RELATIVELY TAME START TO 2024, BOND ETF VOLATILITY ELEVATED VS PAST 6 YEARS Despite what has been an uneventful start to 2024 in bond markets, bond ETF volatility remains elevated across an array of fund types. 0% 25% 50% 75% 100% 0 6 12 18 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 Avg 2017 - Present Percentile Rank 1/12/24 ...

SURVEYS ARE GETTING HOT Strategas Technical & Macro Research 4 1/12/2024 Current Reading 1/1/23 Very Bullish Very Bearish Keep a close eye on sentiment in 1Q'24. We continue to believe complacency is a key risk going forward. RECENT EQUITY FLOWS HAVE SURGED Strategas ETF Research 5 1/12/2024 S&P 500 (SPY) 200-Day Average Equity ETF Flows Rolling 65-Day Sum, $MM Equity ETF Flows Minus Bond ETF Flows Rolling 65-Day Sum, $MM +2 Standard Deviations +2 Standard Deviations -2 ...