Please Do Not Redistribute See Appendix for Important Disclosures ETF Research Tuesday, January 9, 2024 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com 3 STATS TO KNOW ABOUT MEGA-CAP vs. EQUAL-WEIGHT ETFs Here are three stats you may or may not be aware of: 1) The 10 largest S&P 500 weights ... Equal-weighting the S&P 500 is arguably the simplest solution to mega-cap concentration, although the beauty of the ETF vehicle is the number of solutions ...

... Mexico ETF Rel S&P 500 & PredictIt Odds Of Democratic President iShares Mexico Rel S&P 500, Left PredictIt Dem President Odds, Right 1/8/2024 www.strategasrp.com PLEASE DO NOT REDISTRIBUTE 3 EQUITY MARKET IS PRICING IN THAT TRUMP WILL DE-COUPLE FROM CHINA FASTER THAN BIDEN AND A RADICALLY DIFFERENT GEOPOLITICAL ENVIRONMENT BASED ON THE ELECTION WINNER 42% 47% 52% 57% 62% 92 97 102 107 112 117 122 11/1/2022 2/1/2023 5/1/2023 8/1/2023 11/1/2023 iShares MSCI India ETF Rel S&P ...

Comments 1. Blow-off top ✓ ✓ X While market participants are paying elevated multiples with an underwhelming 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. There still appears to be cash on the sidelines. 3. Big pick-up in M&A activity ✓ ✓ X M&A activity has seen a pickup recently especially in the energy sector. ...

... trends have quietly seen improvement during this sharp run-up. EXTREME OUTFLOWS FOR HEALTHCARE Strategas ETF Research 16 1/5/2024 Healthcare (RSPH) Relative S&P 500 (RSP) - Equal Weight 200-Day Average Healthcare Sector ETF Flows Rolling 1-Year Sum, $MM Covid rally aside, Healthcare has been remarkably frustrating. +2 Standard Deviations -2 Standard Deviations Todd Sohn is Strategas' guru of all things flow and ETF related... note the extreme outflows from Healthcare. ...

Increased Attention On Shipping With Increased Geopolitical Risks Back in 2016, I recall that ships avoided the Suez Canal because fuel prices declined so much that the cost of traveling around Africa saved money by not having to pay canal fees. With the cost of insurance per hull increasing drastically it may make economic sense for ships to avoid the canal once again. The maritime shipping ETF, BOAT, has rallied over the past few weeks with the rise in spot rate container ...

500 Contribution of 10 Largest Weights During Positive Performance Years Strategas ETF Research Please Do Not Redistribute See Appendix for Important Disclosures ETF Research Thursday, January 4, 2024 Strategas ETF Research Todd Sohn, CMT (646) 292-7958 tsohn@strategasrp.com 5 CHARTS FOR CLIENT ... Equity ETFs pulled in a solid +$388 Bn during 2023 (actually down a modest amount vs. 2022), compared to over $1.1 trillion for money market vehicles - that's over 24% Y/Y ...

Healthcare Relative S&P 500 Healthcare Relative S&P 500 ✓ ✓ EXTREME OUTFLOWS FOR HEALTHCARE Strategas ETF Research Please Do Not Redistribute 3 1/4/2024 Healthcare (RSPH) Relative S&P 500 (RSP) - Equal Weight 200-Day Average Healthcare Sector ETF Flows Rolling 1-Year Sum, $MM Covid rally aside, Healthcare has been remarkably frustrating. +2 Standard Deviations -2 Standard Deviations Todd Sohn is Strategas' guru of all things flow and ETF related... note the extreme ...

... 13.4% 13.0% 7.0% 6.6% 5.8% 3.6% 3.3% 52.6% Large-Cap Growth ETF Exposure to Magnificent 7 AAPL / MSFT / GOOGL / AMZN / NVDA / META / ... RELATIVE TO GROWTH MAG 7 MAINTAIN A SIGNIFICANT SHARE IN GROWTH ETFs 1/3/24 0 10 20 30 40 50 60 70 Jan'20 Jul'20 Jan'21 Jul'21 Jan'22 ... 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 ...

... Sentiment is ending 2023 in a different place than where it began... certainly something to stay on top of in 1Q 2024. FLOWS HIGH ON OUR LIST TO WATCH Strategas Technical & Macro Research Please Do Not Redistribute 10 1/3/2024 SPY 50 & 200-Day MA Equity ETF Flows Rolling 65-Day Sum, $MM -2 Standard Deviations +2 Standard Deviations ✓ Our very own Todd Sohn's flow work will be another helpful guide on the sentiment front - there's likely some year-end rebalance issues here, ...

... Please contact your Strategas Representative if you would like to attend. Week of January 1, 2023 0% 10% 20% 30% 40% 50% 60% 70% 70 75 80 85 90 95 100 105 110 Jan '16 Apr '16 Jul '16 Oct '16 Jan '17 Apr '17 Jul '17 Oct '17 iShares MSCI Mexico ETF Relative S&P 500 & Trump 2016 Odds Of Winning Presidency EWW Rel S&P 500 Trump PredictIt Betting Odds, Right (Inverted) 12/30/2023 www.strategasrp.com PLEASE DO NOT REDISTRIBUTE 9 White House: * Vice President Harris will meet with ...